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},
"f21353": {
"value": "Other reserves Other reserves include:
\n\ue001
Capital redemption reserve of \u00a30.6m (2021: \u00a30.6m) which was created on the redemption of
\npreference shares in 2003.
\n\ue001
Hedging reserve of (\u00a30.8m) (2021: (\u00a30.8m)) arising under cash \ufb02ow hedge accounting. Movements
\non the e\ufb00ective portion of hedges are recognised through the hedging reserve, while any
\nine\ufb00ectiveness is taken to the income statement.
\n\ue001
Translation reserve of \u00a31.3m (2021: (\u00a30.8m)) arising on the translation of overseas operations into
\nthe Group\u2019s functional currency.
\nRetained earnings
\nRetained earnings include shares in Morgan Sindall Group plc purchased in the market and held
\nby the Morgan Sindall Employee Bene\ufb01t Trust (\u2018the Trust\u2019) to satisfy options under the Company\u2019s
\nshare incentive schemes. The number of shares held by the Trust at 31 December 2022 was
\n1,135,131 (2021: 1,051,664) with a cost of \u00a326.1m (2021: \u00a325.3m). All of the shares held by the Trust
\nwere unallocated at the year end and dividends on these shares have been waived. Based on the
\nCompany\u2019s share price at 31 December 2022 of \u00a315.30 (2021: \u00a325.20), the market value of the
\nshares was \u00a317.4m (2021: \u00a326.5m).",
"dimensions": {
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"language": "en",
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}
},
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}
},
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},
"f21365": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReserveOfCashFlowHedges",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f21366": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReserveOfCashFlowHedges",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f21371": {
"value": "1300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f21372": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f21375": {
"value": "Retained earnings Retained earnings include shares in Morgan Sindall Group plc purchased in the market and held
\nby the Morgan Sindall Employee Bene\ufb01t Trust (\u2018the Trust\u2019) to satisfy options under the Company\u2019s
\nshare incentive schemes. The number of shares held by the Trust at 31 December 2022 was
\n1,135,131 (2021: 1,051,664) with a cost of \u00a326.1m (2021: \u00a325.3m). All of the shares held by the Trust
\nwere unallocated at the year end and dividends on these shares have been waived. Based on the
\nCompany\u2019s share price at 31 December 2022 of \u00a315.30 (2021: \u00a325.20), the market value of the
shares was \u00a317.4m (2021: \u00a326.5m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21381": {
"value": "1135131",
"decimals": 0,
"dimensions": {
"concept": "mgns:NumberOfSharesHeldByTheTrust",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2023-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"f21382": {
"value": "1051664",
"decimals": 0,
"dimensions": {
"concept": "mgns:NumberOfSharesHeldByTheTrust",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"f21383": {
"value": "26100000",
"decimals": -5,
"dimensions": {
"concept": "mgns:CostOfSharesHeldByTrust",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f21384": {
"value": "25300000",
"decimals": -5,
"dimensions": {
"concept": "mgns:CostOfSharesHeldByTrust",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f21387": {
"value": "0.153",
"dimensions": {
"concept": "mgns:SharePrice",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f21388": {
"value": "0.252",
"dimensions": {
"concept": "mgns:SharePrice",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f21392": {
"value": "17400000",
"decimals": -5,
"dimensions": {
"concept": "mgns:MarketValueOfShares",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f21393": {
"value": "26500000",
"decimals": -5,
"dimensions": {
"concept": "mgns:MarketValueOfShares",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f21410": {
"value": "Reporting entity Morgan Sindall Group plc (the \u2018Group\u2019 or \u2018Company\u2019) is domiciled and incorporated in the United
\nKingdom. The nature of the Group\u2019s operations and its principal activities are set out in note 2 and
\nin the strategic report on pages 7 and 9.
\nBasis of preparation
\n(a) Statement of compliance
\nThe consolidated \ufb01nancial statements have been prepared on the going concern basis as set out
\non page 96 and in accordance with UK-adopted International Accounting Standards (\u2018UK IAS\u2019).
\n(b) Basis of accounting
\nThe consolidated \ufb01nancial statements have been prepared under the historical cost convention,
\nexcept where otherwise indicated.
\n(c) Going concern
\nIn determining the appropriate basis of preparation of the \ufb01nancial statements, the directors are
\nrequired to consider whether the Group and Company can continue in operational existence
\nduring the going concern period, which the directors have de\ufb01ned as the date of approval of the
\n31 December 2022 \ufb01nancial statements through to 29 February 2024.
\nAs at 31 December 2022, the Group held cash of \u00a3431.7m, including \u00a338.0m which is the Group\u2019s
\nshare of cash held within jointly controlled operations, and total overdrafts repayable on demand
\nof \u00a377.1m (together net cash of \u00a3354.6m). Should further funding be required, the Group has
\nsigni\ufb01cant committed \ufb01nancial resources available including unutilised bank facilities of \u00a3180m, of
\nwhich \u00a3165m matures in October 2025 and \u00a315m matures in March 2024. The Group\u2019s secured
\norder book at 31 December 2022 is \u00a38.5bn (2021: \u00a38.6bn), of which \u00a33.2bn relates to the 12 months
\nended 31 December 2023.
\nThe directors have reviewed the Group\u2019s forecasts and projections for the going concern period,
\nincluding sensitivity analysis (detailed on pages 97 and 98), including reduced revenues, margins,
\na working capital deterioration and project delays) to assess the Group\u2019s resilience to the potential
\n\ufb01nancial impact on the Group of any plausible losses of revenue or operating pro\ufb01t which could arise
\nfrom one of the principal risks to the business occurring (these risks are discussed on pages 67 to 77
\nand include the directors\u2019 assessment of the impact of climate change). The analysis also includes a
\nreasonable worst-case scenario in which the Group\u2019s principal risks manifest in aggregate to a severe
\nbut plausible level involving the aggregation of the impacts of a number of these risks. The modelling
\nshowed that the Group would remain pro\ufb01table throughout the going concern period and there is
\nconsiderable headroom above lending facilities such that there would be no expected requirement
\nfor the Group to utilise the bank facility, which underpins the going concern assumption on which
\nthese \ufb01nancial statements have been prepared. As part of the sensitivity analysis the directors
\nalso modelled a scenario that stress tests the Group\u2019s forecasts and projections, to determine the
\nscenario in which the headroom above the committed bank facility would be exceeded. This model
\nshowed that the Group\u2019s operating pro\ufb01t would need to deteriorate substantially for the headroom
\nto exceed the committed bank facility. The directors consider there is no plausible scenario where
\ncash in\ufb02ows would deteriorate this signi\ufb01cantly. However, as part of their analysis, the Board
\nalso considered further mitigating actions at their discretion, such as a reduction in investments
\nin working capital, to improve the position identi\ufb01ed by the reasonable worst-case scenario. In
\nall scenarios, including the reasonable worst case, the Group is able to comply with its \ufb01nancial
\ncovenants, operate within its current facilities, and meet its liabilities as they fall due.
\nAccordingly, the directors consider there to be no material uncertainties that may cast signi\ufb01cant
\ndoubt on the Group\u2019s ability to continue to operate as a going concern. They have formed a
\njudgement that there is a reasonable expectation that the Group and Company have adequate
\nresources to continue in operational existence for the going concern period. For this reason,
\nthey continue to adopt the going concern basis in the preparation of these \ufb01nancial statements.
\nThe period from the date of signing of these \ufb01nancial statements to 29 February 2024 has been
\nassessed following consideration of the budgeting cycles and typical contract lengths undertaken
\nacross the Group.
\n(d) Functional and presentation currency
\nThese consolidated \ufb01nancial statements are presented in pounds sterling which is the Group\u2019s
\npresentational currency and the Company\u2019s functional currency. All \ufb01nancial information, unless
\notherwise stated, has been rounded to the nearest \u00a30.1m.
\nSIGNIFICANT ACCOUNTING POLICIES
\nfor the year ended 31 December 2022
\nGovernance
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\n188
Morgan Sindall Group plc
Annual Report 2022
(e) Climate change risk
\nWhile the Group is committed to achieve its net zero emissions target by 2030, the governmental
\nand societal responses to climate change risks are still developing and therefore the Group is
\ncurrently unable to determine the full future economic impact of climate change risks on their
\nbusiness model to achieve this. As such, the potential impacts of climate change risk are not fully
\nincorporated in these \ufb01nancial statements.
\n(f) Adoption of new and amended standards and interpretations
\n(i) New and amended accounting standards adopted by the Group
\nDuring the year, the Group has adopted the following new and amended standards and
\ninterpretations. Their adoption has not had any signi\ufb01cant impact on the accounts or disclosures
\nin these \ufb01nancial statements.
\n\ue001
Amendments to IFRS 3 \u2018Reference to the Conceptual Framework\u2019
\n\ue001
Amendments to IAS 16 \u2018Property, Plant and Equipment \u2013 Proceeds before Intended Use\u2019
\n\ue001
Amendments to IAS 37 \u2018Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract\u2019
\n\ue001
Annual Improvements to IFRS Accounting Standards 2018\u20132020 cycle
\n(ii) New and amended accounting standards and interpretations which were in
\nissue but were not yet e\ufb00ective and have not been adopted early by the Group
\nAt the date of the \ufb01nancial statements, the Company has not applied the following new and revised
\nIFRSs that have been issued but are not yet e\ufb00ective:
\n\ue001
IFRS 17 \u2018Insurance Contracts\u2019
\n\ue001
IFRS 10 and IAS 28 (amendments) \u2018Sale or Contribution of Assets between an Investor and its
\nAssociate or Joint Venture\u2019
\n\ue001
Amendments to IAS 1 \u2018Classi\ufb01cation of Liabilities as Current or Non-current\u2019
\n\ue001
Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2
\n\u2018Making Materiality Judgements \u2013 Disclosure of Accounting Policies\u2019
\n\ue001
Amendments to IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors \u2013
\nDe\ufb01nition of Accounting Estimates\u2019
\n\ue001
Amendments to IAS 12 \u2018Income Taxes \u2013 Deferred Tax Related to Assets and Liabilities Arising
\nfrom a Single Transaction\u2019
\n\ue001
Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019
\nThe Group is currently assessing the impact of these new and revised standards but does not
\nexpect that the adoption of the standards listed above will have a material impact on the \ufb01nancial
\nstatements of the Company in future periods.
\nThe accounting policies as set out below have been applied consistently to all periods presented
\nin these consolidated \ufb01nancial statements.
\nBasis of consolidation
\nThe consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and the
\nentities controlled by the Company, together with the Group\u2019s share of the results of joint ventures
\nmade up to 31 December each year. Control is achieved when the Company: (i) has the power over
\nthe investee; (ii) is exposed, or has rights, to variable returns from its involvement with the investee;
\nand (iii) has the ability to use its power to a\ufb00ect its returns. The Company reassesses whether or not
\nit controls an investee if facts and circumstances indicate that there are changes to one or more
\nof the three elements of control listed above. Business combinations are accounted for using the
\nacquisition method.
\n(a) Subsidiaries
\nSubsidiaries are entities that are controlled by the Group. The \ufb01nancial statements of subsidiaries
\nare included in the consolidated \ufb01nancial statements of the Group from the date that control is
\nobtained to the date that control ceases. The accounting policies of new subsidiaries are changed
\nwhere necessary to align them with those of the Group.
\nIf the Group loses control over a subsidiary, it derecognises the related assets (including goodwill),
\nliabilities, non-controlling interest and other components of equity, while any resultant gain or loss
\nis recognised in the income statement. Any investment retained is recognised at fair value.
\n(b) Joint arrangements
\nA joint arrangement is a contractual arrangement whereby two or more parties undertake an
\neconomic activity that is subject to joint control, which requires unanimous consent for strategic,
\n\ufb01nancial and operating decisions.
\nSIGNIFICANT ACCOUNTING POLICIES
continued
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SIGNIFICANT ACCOUNTING POLICIES
continued
\n(i) Joint ventures
\nA joint venture generally involves the establishment of a corporation, partnership or other entity in
\nwhich each venturer has rights to the net assets of the joint venture and joint control over strategic,
\n\ufb01nancial and operating decisions. The results, assets and liabilities of jointly controlled entities are
\nincorporated in the \ufb01nancial statements using the equity method of accounting.
\nGoodwill relating to a joint venture which is acquired directly is included in the carrying amount of
\nthe investment and is not amortised. After application of the equity method, the Group\u2019s investments
\nin joint ventures are reviewed to determine whether any additional impairment loss in relation to the
\nnet investment in the joint venture is required, and if so, it is written o\ufb00 in the period in which those
\ncircumstances are identi\ufb01ed. When there is a change recognised directly in the equity of the joint
\nventure, the Group recognises its share of any change and discloses this, where applicable, in the
\nstatement of comprehensive income.
\nWhere the Group\u2019s share of losses exceeds its equity-accounted investment in a joint venture,
\nthe carrying amount of the equity interest is reduced to nil and the recognition of further losses
\nis discontinued except to the extent that the Group has incurred legal or constructive obligations.
\nAppropriate adjustment is made to the results of joint ventures where material di\ufb00erences exist
\nbetween a joint venture\u2019s accounting policies and those of the Group.
\nDividend income from investments is recognised when the shareholders\u2019 rights to receive payment
\nhave been established.
\n(ii) Joint operations
\nConstruction contracts carried out as a joint arrangement without the establishment of a legal
\nentity are joint operations. The Group\u2019s share of the results and net assets of these joint operations
\nare included under each relevant heading in the income statement and the statement of \ufb01nancial
\nposition.
\n(c) Transactions eliminated on consolidation
\nIntra-Group balances and transactions, and any unrealised income and expense arising from
\nintra-Group transactions, are eliminated in preparing the consolidated \ufb01nancial statements.
\nUnrealised gains arising from transactions with equity-accounted investments are eliminated to
\nthe extent of the Group\u2019s interest in that investment. Unrealised losses are eliminated in the same
\nway as unrealised gains, but only to the extent that there is no evidence of impairment.
\nRevenue and margin recognition
\nRevenue and margin are recognised as follows:
\n(a) Construction and infrastructure contracts
\nA signi\ufb01cant portion of the Group\u2019s revenue is derived from construction and infrastructure services
\ncontracts. These services are provided to customers across a wide variety of sectors and the size and
\nduration of the contracts can vary signi\ufb01cantly from a few weeks to more than 10 years.
\nThe majority of contracts are considered to contain only one performance obligation for the
\npurposes of recognising revenue. While the scope of works may include a number of di\ufb00erent
\ncomponents, in the context of construction and infrastructure services activities, these are usually
\nhighly interrelated and produce a combined output for the customer.
\nContracts are typically satis\ufb01ed over time. For \ufb01xed price construction contracts, progress is
\nmeasured through a valuation of the works undertaken by a professional quantity surveyor,
\nincluding an assessment of any elements for which a price has not yet been agreed such as changes
\nin scope. For cost reimbursable infrastructure services contracts, progress is measured based on
\nthe costs incurred to date as a proportion of the estimated total cost and an assessment of the \ufb01nal
\ncontract price payable.
\nVariations are not included in the estimated total contract price until the customer has agreed the
\nrevised scope of work.
\nWhere the scope has been agreed but the corresponding change in price has not yet been agreed,
\nonly the amount that is considered highly probable not to reverse in the future is included in the
\nestimated total contract price. Where delays to the programme of works are anticipated and
\nliquidated damages would be contractually due, the estimated total contract price is reduced
\naccordingly. This is only mitigated by expected extensions of time or commercial resolution being
\nachieved where it is highly probable that this will not lead to a signi\ufb01cant reversal in the future.
\nFor cost-reimbursable contracts, expected pain share is recognised in the estimated total contract
\nprice immediately while anticipated gain share and performance bonuses are only recognised at the
\npoint that they are agreed by the customer.
\nIn order to recognise the pro\ufb01t over time, it is necessary to estimate the total costs of the contract.
\nThese estimates take account of any uncertainties in the cost of work packages which have not yet
\nbeen let and materials which have not yet been procured, the expected cost of any acceleration of or
\ndelays to the programme or changes in the scope of works and the expected cost of any recti\ufb01cation
\nworks during the defects liability period.
\nGovernance
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Morgan Sindall Group plc
Annual Report 2022
Once the outcome of a construction contract can be estimated reliably, margin is recognised in the
\nincome statement in line with the corresponding stage of completion. Where a contract is forecast
\nto be loss-making, the full loss is recognised immediately in the income statement.
\n(b) Service contracts
\nService contracts include design, maintenance and management services. Contracts are typically
\nsatis\ufb01ed over time and revenue is measured through an assessment of time incurred and materials
\nutilised as a proportion of the total expected or percentage of completion depending upon the
\nnature of the service.
\n(c) Sale of land and development properties
\nThe Group derives a signi\ufb01cant portion of revenue from the sale of land, and the development and
\nsale of residential and commercial properties.
\nContracts are typically satis\ufb01ed at a point in time. This is usually deemed to be legal completion as
\nthis is the point at which the Group has an enforceable right to payment. The only exception to this is
\npre-let forward sold developments where the customer controls the work in progress as it is created;
\nor where the Group is unable to put the asset being constructed to an alternative use due to legal or
\npractical limitations and has an enforceable right to payment for the work completed to date. Where
\nthese conditions are met, the contract is accounted for as a construction contract in accordance with
\nparagraph (a) above.
\nRevenue from the sale of land, residential and commercial properties is measured at the transaction
\nprice agreed in the contract with the customer. While deferred payment terms may be agreed in
\nrare circumstances, the deferral never exceeds 12 months. The transaction price is therefore not
\nadjusted for the e\ufb00ects of a signi\ufb01cant \ufb01nancing component. The Group no longer utilises shared
\nequity loan schemes for the sale of residential properties.
\nIn order to recognise the pro\ufb01t, it is necessary to estimate the total costs of a development. These
\nestimates take account of any uncertainties in the cost of work packages which have not yet been
\nlet and materials which have not yet been procured and the expected cost of any recti\ufb01cation works
\nduring the defects liability period which is 12 months for commercial property and 24 months for
\nresidential property.
\nPro\ufb01t is recognised by allocating the total costs of a scheme to each unit at a consistent margin.
\nFor mixed-tenure schemes which also incorporate a construction contract, the margin recognised
\nfor the open market units is consistent with the construction contract element of the development.
\n(d) Contract balances
\nContract assets
\nContract assets primarily relate to the Group\u2019s right to consideration for construction work
\ncompleted but not invoiced at the balance sheet date. The contract assets are transferred to trade
\nreceivables when the amounts are certi\ufb01ed by the customer. On most contracts, certi\ufb01cates are
\nissued by the customer on a monthly basis.
\nContract liabilities
\nContract liabilities primarily relate to the advance consideration received from customers in respect
\nof performance obligations which have not yet been fully satis\ufb01ed and for which revenue has not
\nbeen recognised. Contract liabilities are recognised as revenue when performance obligation to the
\ncustomer has been satis\ufb01ed.
\n(e) Contract costs
\nCosts to obtain a contract are expensed unless they are incremental, i.e. they would not have been
\nincurred if the contract had not been obtained, and the contract is expected to be su\ufb03ciently
\npro\ufb01table for them to be recovered.
\nCosts to ful\ufb01l a contract are expensed unless they relate to an identi\ufb01ed contract, generate or
\nenhance resources that will be used to satisfy the obligations under the contract in future years and
\nthe contract is expected to be su\ufb03ciently pro\ufb01table for them to be recovered, in which case they are
\ncapitalised to the extent they will be recovered in future periods.
\nWhere costs are capitalised, they are amortised over the shorter of the period for which revenue
\nand pro\ufb01t can be forecast with reasonable certainty and the duration of the contract, except where
\nthe contract becomes loss-making. If the contract becomes loss-making, all capitalised costs related
\nto that contract are immediately expensed.
\nSIGNIFICANT ACCOUNTING POLICIES
continued
\nGovernance
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Strategic report
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Annual Report 2022
SIGNIFICANT ACCOUNTING POLICIES
continued
\n(f) Government grants
\nFunding received in respect of developer grants, where funding is awarded to encourage the
\nbuilding and renovation of a\ufb00ordable housing, is recognised as a deduction from related expenses
\non a stage of completion basis over the life of the project to which the funding relates.
\nFunding received to support the construction of housing where current market prices would
\notherwise make a scheme \ufb01nancially unviable is recognised as income on a legal completion basis
\nwhen the properties to which it relates are sold.
\nGovernment grants are initially recognised as deferred income at fair value when there is reasonable
\nassurance that the Group will comply with the conditions attached and the grants will be received.
\nLeases
\nWhere the Company is a lessee, a right-of-use asset and lease liability are recognised at the outset
\nof the lease other than those that are less than one year in duration or of a low value.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid
\nat that date based on the Group\u2019s expectations of the likelihood of lease extension or break options
\nbeing exercised. In calculating the present value of lease payments, the Group uses its incremental
\nborrowing rate at the lease commencement date because the interest rate implicit in the lease is
\nnot readily determinable.
\nThe lease liability is subsequently adjusted to re\ufb02ect imputed interest, payments made to the lessor
\nand any lease modi\ufb01cations.
\nThe right-of-use asset is initially measured at cost, which comprises the amount of the lease liability,
\nany lease payments made at or before the commencement date, less any lease incentives received,
\nany initial direct costs incurred by the Group and an estimate of any costs that are expected to be
\nincurred at the end of the lease to dismantle or restore the asset.
\nThe right-of-use assets are presented within the property, plant and equipment line in the statement
\nof \ufb01nancial position and depreciated in accordance with the Group\u2019s accounting policy on property,
\nplant and equipment. The amount charged to the income statement comprises the depreciation of
\nthe right-of-use asset and the imputed interest on the lease liability.
\nLease payments on short-term leases and leases of low-value assets are recognised as expense
\non a straight-line basis over the lease term.
\nFinance income and expense
\nFinance income and expense is recognised using the e\ufb00ective interest method.
\nIncome tax
\nThe income tax expense represents the current and deferred tax charges. Income tax is recognised
\nin the income statement, except to the extent that it relates to items recognised directly in equity.
\nCurrent tax is the Group\u2019s expected tax liability on taxable pro\ufb01t for the year using tax rates enacted
\nor substantively enacted at the reporting date and any adjustments to tax payable in respect of
\nprevious years.
\nTaxable pro\ufb01t di\ufb00ers from that reported in the income statement because it is adjusted for items
\nof income or expense that are assessable or deductible in other years and is adjusted for items that
\nare never assessable or deductible.
\nCurrent tax relating to items recognised directly in equity is recognised in equity and not in the
\nincome statement.
\nDeferred tax is recognised using the liability method, providing for temporary di\ufb00erences between
\nthe carrying amount of assets and liabilities for \ufb01nancial reporting purposes and the corresponding
\ntax bases used in tax computations. Deferred tax is not recognised for the initial recognition of
\nassets or liabilities in a transaction that is not a business combination and a\ufb00ects neither accounting
\nnor taxable pro\ufb01t, or di\ufb00erences relating to investments in subsidiaries and joint ventures to the
\nextent that it is probable that they will not reverse in the foreseeable future. Deferred tax is not
\nrecognised for taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
\nDeferred tax is recognised on temporary di\ufb00erences which result in an obligation at the reporting
\ndate to pay more tax, or a right to pay less tax, at a future date, at the tax rates expected to apply
\nwhen they reverse, based on the laws that have been enacted or substantively enacted at the
\nreporting date. Deferred tax assets are recognised to the extent that it is regarded as more likely
\nthan not that they will be recovered. Deferred tax assets and liabilities are not discounted and are
\nonly o\ufb00set where there is a legally enforceable right to o\ufb00set current tax assets and liabilities.
\nGovernance
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\n192
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Annual Report 2022
Goodwill and other intangible assets
\nGoodwill arises on business combinations and represents the excess of the cost of an acquisition
\nover the Group\u2019s share of the identi\ufb01able net assets of the acquiree at the acquisition date. The
\nconsideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred,
\nthe liabilities incurred and equity interests issued by the Group in exchange for control of the
\nacquiree. Consideration transferred also includes the fair value of any asset or liability resulting from
\na contingent consideration arrangement. Acquisition-related costs are expensed in administrative
\nexpenses as incurred. All identi\ufb01able assets and liabilities acquired and contingent liabilities assumed
\nare initially measured at their fair values at the acquisition date.
\nWhere the cost is less than the Group\u2019s share of the identi\ufb01able net assets, the di\ufb00erence is
\nimmediately recognised in the income statement as a gain from a bargain purchase.
\nGoodwill arising on acquisitions before the date of transition to IFRS has been retained at the
\nprevious UK GAAP (Generally Accepted Accounting Principles) amounts, subject to being tested for
\nimpairment at that date.
\nOther intangible assets identi\ufb01ed on acquisition by the Group that have \ufb01nite useful lives are
\nrecognised at fair value and measured at cost less accumulated amortisation and impairment losses.
\nThose that are acquired separately, such as software, are recognised at cost less accumulated
\namortisation and impairment losses. Amortisation is recognised on a straight-line basis over their
\nestimated useful lives. The estimated useful life and amortisation method are reviewed at the
\nend of each reporting period, with the e\ufb00ect of any changes in estimate being accounted for on a
\nprospective basis. The estimated useful lives for the Group\u2019s \ufb01nite life intangible assets are three years.
\nProperty, plant and equipment
\nProperty, plant and equipment are stated at cost less accumulated depreciation and any recognised
\nimpairment loss. Depreciation is charged over their estimated useful lives using the straight-line
\nmethod on the following basis:
\n\ue001
freehold land
not depreciated
\n\ue001
plant and equipment
between 8.3% and 33% per year
\n\ue001
\ufb01xtures and \ufb01ttings
over the period of the lease
\n\ue001
right-of-use assets
over the period of the lease
\nResidual values of property, plant and equipment are reviewed and updated annually.
\nGains and losses on disposal are determined by comparing the proceeds from disposal against the
\ncarrying amount and are recognised in the income statement.
\nInvestment property
\nInvestment property, which is property held to earn rentals and/or capital appreciation, is stated at
\nits fair value at the reporting date. Gains or losses arising from changes in the fair value of investment
\nproperty are included in the income statement for the period in which they arise.
\nShared equity loan receivables
\nThe Group has granted loans under shared equity home ownership schemes allowing qualifying
\nhome buyers to defer payment of part of the agreed sales price, up to a maximum of 25%, until the
\nearlier of the loan term (10 or 25 years depending upon the scheme), remortgage or resale of the
\nproperty. On occurrence of one of these events, the Group will receive a repayment based on its
\ncontributed equity percentage and the applicable market value of the property as determined by a
\nmember of the Royal Institution of Chartered Surveyors. Early or part repayment is allowable under
\nthe scheme and amounts are secured by way of a second charge over the property. The loans are
\nnon-interest bearing.
\nThe shared equity receivable balance is designated as at fair value through pro\ufb01t and loss (FVTPL)
\nunder IFRS 9. Fair value movements are recognised in operating pro\ufb01t and include accreted interest.
\nThere have been no transfers between categories in the fair value hierarchy in the current and
\npreceding year.
\nSIGNIFICANT ACCOUNTING POLICIES
continued
\nGovernance
Financial statements
Strategic report
\n193
Morgan Sindall Group plc
Annual Report 2022
SIGNIFICANT ACCOUNTING POLICIES
continued
\nInventories
\nInventories are stated at the lower of cost and net realisable value. The cost of work in progress
\ncomprises raw materials, direct labour, other direct costs and related overheads. Net realisable
\nvalue is the estimated selling price less applicable costs.
\nImpairment of non-\ufb01nancial assets
\nThe Group assesses at each reporting date whether there is an indication that an asset may be
\nimpaired. If any indication exists, or when annual impairment testing for an asset is required,
\nthe Group estimates the asset\u2019s recoverable amount. When the carrying amount of an asset
\nexceeds its recoverable amount, the asset is considered impaired and is written down to its
\nrecoverable amount.
\nFurther disclosures relating to the impairment of non-\ufb01nancial assets are provided in note 10 \u2013
\ngoodwill and other intangible assets.
\nTrade receivables
\nTrade receivables are initially recognised at fair value and are subsequently measured at amortised
\ncost using the e\ufb00ective interest rate method with an appropriate allowance for estimated
\nirrecoverable amounts recognised in the income statement.
\nCash and cash equivalents
\nCash and cash equivalents can include cash in hand, demand deposits and other short-term,
\nhighly liquid investments that are readily convertible to a known amount of cash and are subject
\nto an insigni\ufb01cant risk of changes in value. The carrying amount of these assets approximates to
\ntheir fair value.
\nBank borrowings are generally considered to be \ufb01nancing activities. However, bank overdrafts
\nwhich are repayable on demand form an integral part of an entity\u2019s cash management. In these
\ncircumstances, bank overdrafts are included as a component of cash and cash equivalents for the
\npurpose of presentation in the consolidated cash \ufb02ow statement. A characteristic of such banking
\narrangements is that the bank balance often \ufb02uctuates from being positive to overdrawn.
\nTrade payables
\nTrade payables are recognised initially at fair value and are subsequently measured at amortised
\ncost using the e\ufb00ective interest rate method.
\nRetirement bene\ufb01t schemes
\n(a) De\ufb01ned contribution plan
\nA de\ufb01ned contribution plan is a post-retirement bene\ufb01t plan under which the Group pays \ufb01xed
\ncontributions to a separate entity and has no legal or constructive obligation to pay further amounts.
\nThe Group recognises payments to de\ufb01ned contribution pension plans as sta\ufb00 costs in the income
\nstatement as and when they fall due. Prepaid contributions are recognised as an asset to the extent
\nthat a cash refund or reduction on future payments is available.
\n(b) De\ufb01ned bene\ufb01t plan
\nA de\ufb01ned bene\ufb01t plan is any post-retirement plan other than a de\ufb01ned contribution plan. For de\ufb01ned
\nbene\ufb01t retirement bene\ufb01t schemes, the cost of providing bene\ufb01ts is determined using the projected
\nunit credit method, with actuarial valuations being carried out at the end of each reporting period.
\nRemeasurement comprising actuarial gains and losses, the e\ufb00ect of the asset ceiling (if applicable)
\nand the return on scheme assets (excluding interest) are recognised immediately in the statement
\nof \ufb01nancial position with a charge or credit to the statement of comprehensive income in the
\nperiod in which they occur. Remeasurement recorded in the statement of comprehensive income
\nis not recycled. Past service cost is recognised in the income statement when the plan amendment
\nor curtailment occurs, or when the Group recognises related restructuring costs or termination
\nbene\ufb01ts, if earlier. Gains or losses on settlement of a de\ufb01ned bene\ufb01t plan are recognised when the
\nsettlement occurs. Net interest is calculated by applying a discount rate to the net de\ufb01ned bene\ufb01t
\nliability or asset. De\ufb01ned bene\ufb01t costs are split into three categories: (i) service costs, which include
\ncurrent service cost, past service cost and gains and losses on curtailments and settlements;
\n(ii) net interest expense or income; and (iii) remeasurements.
\nThe Group presents service costs within cost of sales and administrative expenses in its consolidated
\nincome statement. Net interest expense or income is recognised within \ufb01nance costs.
\nThe retirement bene\ufb01t obligation recognised in the consolidated statement of \ufb01nancial position
\nrepresents the de\ufb01cit or surplus in the Group\u2019s de\ufb01ned bene\ufb01t schemes. Any surplus resulting
\nfrom this calculation is limited to the present value of any economic bene\ufb01ts available in the form
\nof refunds from the schemes or reductions in future contributions to the schemes.
\nGovernance
Financial statements
Strategic report
\n194
Morgan Sindall Group plc
Annual Report 2022
Provisions
\nProvisions are recognised when the Group has a present legal or constructive obligation as a result
\nof a past event, it is probable that an out\ufb02ow of resources will be required to settle the obligation and
\nthe amount of the obligation can be estimated reliably. Provisions are recognised for events covered
\nby the Group\u2019s captive or self-insurance arrangements, legal claims and restructuring.
\nWhen the Group expects some or all of a provision to be reimbursed, for example under an
\ninsurance contract, the reimbursement is recognised as a separate asset, but only when the
\nreimbursement is virtually certain. The expense relating to a provision is presented in the income
\nstatement net of any reimbursement where the reimbursement has met the virtually certain
\nrecognition criteria.
\nIf the e\ufb00ect of the time value of money is material, provisions are discounted using a current pre-tax
\nrate that re\ufb02ects, when appropriate, the risks speci\ufb01c to the liability. When discounting is used, the
\nincrease in the provision due to the passage of time is recognised as a \ufb01nance cost.
\nImpairment of \ufb01nancial assets
\nThe Group always recognises lifetime expected credit losses for trade receivables, contract assets
\nand loans to joint ventures. The expected credit losses on these \ufb01nancial assets are estimated using
\na provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that
\nare speci\ufb01c to the debtors, general economic conditions and an assessment of both the current
\nas well as the forecast direction of conditions at the reporting date, including time value of money
\nwhere appropriate.
\nShare-based payments
\nEquity-settled share-based payments to employees are measured at the fair value of the equity
\ninstruments at the grant date. The fair value is expensed in employee bene\ufb01ts expenses on a
\nstraight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that
\nwill eventually vest.
\nAt each reporting date, the Group revises its estimate of the number of equity instruments expected
\nto vest as a result of the e\ufb00ect of non-market-based vesting conditions. The impact of the revision
\nof the original estimates, if any, is recognised in the income statement such that the cumulative
\nexpense re\ufb02ects the revised estimate, with a corresponding adjustment to equity reserves.
\nNo expense is recognised for awards that do not ultimately vest because non-market performance
\nand/or service conditions have not been met. Where awards include a market or non-vesting
\ncondition, the transactions are treated as vested irrespective of whether the market or non-vesting
\ncondition is satis\ufb01ed, provided that all other performance and/or service conditions are satis\ufb01ed.
\nThe dilutive e\ufb00ect of outstanding options is re\ufb02ected as additional share dilution in the computation
\nof diluted earnings per share (further details are given in note 24).
\nDerivative \ufb01nancial instruments and hedge accounting
\nDerivative \ufb01nancial instruments may be used in joint ventures to hedge long-term \ufb02oating interest
\nrate and Retail Price Index (RPI) exposures and in Group companies to manage their exposure to
\nforeign exchange rate risk.
\nInterest rate swaps, RPI swaps and foreign exchange forward contracts are stated in the statement
\nof \ufb01nancial position at fair value. At the inception of the hedge relationship, the entity documents the
\nrelationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception
\nof the hedge and on an ongoing basis, the Group documents whether the hedging instruments that
\nare used in hedging transactions are highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows
\nof hedged items.
\nWhere \ufb01nancial instruments are designated as cash \ufb02ow hedges and are deemed to be e\ufb00ective,
\ngains and losses on remeasurement relating to the e\ufb00ective portion are recognised in equity,
\nand gains and losses on the ine\ufb00ective portion are recognised in the income statement.
\nNet investment hedges may be used to hedge exposure on translation of net investments in
\nforeign operations. Any gain or loss on the hedging instrument relating to the e\ufb00ective portion
\nof the hedge is recognised in other comprehensive income; the gain or loss relating to the ine\ufb00ective
\nportion is recognised immediately in the income statement. In the event of disposal of a foreign
\noperation, the gains and losses accumulated in other comprehensive income are recognised in the
\nincome statement.
\nThere have been no transfers between categories in the fair value hierarchy in the current and
\npreceding year.",
"dimensions": {
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"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21413": {
"value": "plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21414": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21415": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21421": {
"value": "Basis of preparation (a) Statement of compliance
\nThe consolidated \ufb01nancial statements have been prepared on the going concern basis as set out
\non page 96 and in accordance with UK-adopted International Accounting Standards (\u2018UK IAS\u2019).
\n(b) Basis of accounting
\nThe consolidated \ufb01nancial statements have been prepared under the historical cost convention,
\nexcept where otherwise indicated.
\n(c) Going concern
\nIn determining the appropriate basis of preparation of the \ufb01nancial statements, the directors are
\nrequired to consider whether the Group and Company can continue in operational existence
\nduring the going concern period, which the directors have de\ufb01ned as the date of approval of the
\n31 December 2022 \ufb01nancial statements through to 29 February 2024.
\nAs at 31 December 2022, the Group held cash of \u00a3431.7m, including \u00a338.0m which is the Group\u2019s
\nshare of cash held within jointly controlled operations, and total overdrafts repayable on demand
\nof \u00a377.1m (together net cash of \u00a3354.6m). Should further funding be required, the Group has
\nsigni\ufb01cant committed \ufb01nancial resources available including unutilised bank facilities of \u00a3180m, of
\nwhich \u00a3165m matures in October 2025 and \u00a315m matures in March 2024. The Group\u2019s secured
\norder book at 31 December 2022 is \u00a38.5bn (2021: \u00a38.6bn), of which \u00a33.2bn relates to the 12 months
\nended 31 December 2023.
\nThe directors have reviewed the Group\u2019s forecasts and projections for the going concern period,
\nincluding sensitivity analysis (detailed on pages 97 and 98), including reduced revenues, margins,
\na working capital deterioration and project delays) to assess the Group\u2019s resilience to the potential
\n\ufb01nancial impact on the Group of any plausible losses of revenue or operating pro\ufb01t which could arise
\nfrom one of the principal risks to the business occurring (these risks are discussed on pages 67 to 77
\nand include the directors\u2019 assessment of the impact of climate change). The analysis also includes a
\nreasonable worst-case scenario in which the Group\u2019s principal risks manifest in aggregate to a severe
\nbut plausible level involving the aggregation of the impacts of a number of these risks. The modelling
\nshowed that the Group would remain pro\ufb01table throughout the going concern period and there is
\nconsiderable headroom above lending facilities such that there would be no expected requirement
\nfor the Group to utilise the bank facility, which underpins the going concern assumption on which
\nthese \ufb01nancial statements have been prepared. As part of the sensitivity analysis the directors
\nalso modelled a scenario that stress tests the Group\u2019s forecasts and projections, to determine the
\nscenario in which the headroom above the committed bank facility would be exceeded. This model
\nshowed that the Group\u2019s operating pro\ufb01t would need to deteriorate substantially for the headroom
\nto exceed the committed bank facility. The directors consider there is no plausible scenario where
\ncash in\ufb02ows would deteriorate this signi\ufb01cantly. However, as part of their analysis, the Board
\nalso considered further mitigating actions at their discretion, such as a reduction in investments
\nin working capital, to improve the position identi\ufb01ed by the reasonable worst-case scenario. In
\nall scenarios, including the reasonable worst case, the Group is able to comply with its \ufb01nancial
\ncovenants, operate within its current facilities, and meet its liabilities as they fall due.
\nAccordingly, the directors consider there to be no material uncertainties that may cast signi\ufb01cant
\ndoubt on the Group\u2019s ability to continue to operate as a going concern. They have formed a
\njudgement that there is a reasonable expectation that the Group and Company have adequate
\nresources to continue in operational existence for the going concern period. For this reason,
\nthey continue to adopt the going concern basis in the preparation of these \ufb01nancial statements.
\nThe period from the date of signing of these \ufb01nancial statements to 29 February 2024 has been
\nassessed following consideration of the budgeting cycles and typical contract lengths undertaken
\nacross the Group.
\n(d) Functional and presentation currency
\nThese consolidated \ufb01nancial statements are presented in pounds sterling which is the Group\u2019s
\npresentational currency and the Company\u2019s functional currency. All \ufb01nancial information, unless
\notherwise stated, has been rounded to the nearest \u00a30.1m.
\nSIGNIFICANT ACCOUNTING POLICIES
\nfor the year ended 31 December 2022
\nGovernance
Financial statements
Strategic report
\n188
Morgan Sindall Group plc
Annual Report 2022
(e) Climate change risk
\nWhile the Group is committed to achieve its net zero emissions target by 2030, the governmental
\nand societal responses to climate change risks are still developing and therefore the Group is
\ncurrently unable to determine the full future economic impact of climate change risks on their
\nbusiness model to achieve this. As such, the potential impacts of climate change risk are not fully
\nincorporated in these \ufb01nancial statements.
\n(f) Adoption of new and amended standards and interpretations
\n(i) New and amended accounting standards adopted by the Group
\nDuring the year, the Group has adopted the following new and amended standards and
\ninterpretations. Their adoption has not had any signi\ufb01cant impact on the accounts or disclosures
\nin these \ufb01nancial statements.
\n\ue001
Amendments to IFRS 3 \u2018Reference to the Conceptual Framework\u2019
\n\ue001
Amendments to IAS 16 \u2018Property, Plant and Equipment \u2013 Proceeds before Intended Use\u2019
\n\ue001
Amendments to IAS 37 \u2018Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract\u2019
\n\ue001
Annual Improvements to IFRS Accounting Standards 2018\u20132020 cycle
\n(ii) New and amended accounting standards and interpretations which were in
\nissue but were not yet e\ufb00ective and have not been adopted early by the Group
\nAt the date of the \ufb01nancial statements, the Company has not applied the following new and revised
\nIFRSs that have been issued but are not yet e\ufb00ective:
\n\ue001
IFRS 17 \u2018Insurance Contracts\u2019
\n\ue001
IFRS 10 and IAS 28 (amendments) \u2018Sale or Contribution of Assets between an Investor and its
\nAssociate or Joint Venture\u2019
\n\ue001
Amendments to IAS 1 \u2018Classi\ufb01cation of Liabilities as Current or Non-current\u2019
\n\ue001
Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2
\n\u2018Making Materiality Judgements \u2013 Disclosure of Accounting Policies\u2019
\n\ue001
Amendments to IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors \u2013
\nDe\ufb01nition of Accounting Estimates\u2019
\n\ue001
Amendments to IAS 12 \u2018Income Taxes \u2013 Deferred Tax Related to Assets and Liabilities Arising
\nfrom a Single Transaction\u2019
\n\ue001
Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019
\nThe Group is currently assessing the impact of these new and revised standards but does not
\nexpect that the adoption of the standards listed above will have a material impact on the \ufb01nancial
\nstatements of the Company in future periods.
\nThe accounting policies as set out below have been applied consistently to all periods presented
\nin these consolidated \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21424": {
"value": "(a) Statement of compliance The consolidated \ufb01nancial statements have been prepared on the going concern basis as set out
\non page 96 and in accordance with UK-adopted International Accounting Standards (\u2018UK IAS\u2019).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21433": {
"value": "(c) Going concern In determining the appropriate basis of preparation of the \ufb01nancial statements, the directors are
\nrequired to consider whether the Group and Company can continue in operational existence
\nduring the going concern period, which the directors have de\ufb01ned as the date of approval of the
\n31 December 2022 \ufb01nancial statements through to 29 February 2024.
\nAs at 31 December 2022, the Group held cash of \u00a3431.7m, including \u00a338.0m which is the Group\u2019s
\nshare of cash held within jointly controlled operations, and total overdrafts repayable on demand
\nof \u00a377.1m (together net cash of \u00a3354.6m). Should further funding be required, the Group has
\nsigni\ufb01cant committed \ufb01nancial resources available including unutilised bank facilities of \u00a3180m, of
\nwhich \u00a3165m matures in October 2025 and \u00a315m matures in March 2024. The Group\u2019s secured
\norder book at 31 December 2022 is \u00a38.5bn (2021: \u00a38.6bn), of which \u00a33.2bn relates to the 12 months
\nended 31 December 2023.
\nThe directors have reviewed the Group\u2019s forecasts and projections for the going concern period,
\nincluding sensitivity analysis (detailed on pages 97 and 98), including reduced revenues, margins,
\na working capital deterioration and project delays) to assess the Group\u2019s resilience to the potential
\n\ufb01nancial impact on the Group of any plausible losses of revenue or operating pro\ufb01t which could arise
\nfrom one of the principal risks to the business occurring (these risks are discussed on pages 67 to 77
\nand include the directors\u2019 assessment of the impact of climate change). The analysis also includes a
\nreasonable worst-case scenario in which the Group\u2019s principal risks manifest in aggregate to a severe
\nbut plausible level involving the aggregation of the impacts of a number of these risks. The modelling
\nshowed that the Group would remain pro\ufb01table throughout the going concern period and there is
\nconsiderable headroom above lending facilities such that there would be no expected requirement
\nfor the Group to utilise the bank facility, which underpins the going concern assumption on which
\nthese \ufb01nancial statements have been prepared. As part of the sensitivity analysis the directors
\nalso modelled a scenario that stress tests the Group\u2019s forecasts and projections, to determine the
\nscenario in which the headroom above the committed bank facility would be exceeded. This model
\nshowed that the Group\u2019s operating pro\ufb01t would need to deteriorate substantially for the headroom
\nto exceed the committed bank facility. The directors consider there is no plausible scenario where
\ncash in\ufb02ows would deteriorate this signi\ufb01cantly. However, as part of their analysis, the Board
\nalso considered further mitigating actions at their discretion, such as a reduction in investments
\nin working capital, to improve the position identi\ufb01ed by the reasonable worst-case scenario. In
\nall scenarios, including the reasonable worst case, the Group is able to comply with its \ufb01nancial
\ncovenants, operate within its current facilities, and meet its liabilities as they fall due.
\nAccordingly, the directors consider there to be no material uncertainties that may cast signi\ufb01cant
\ndoubt on the Group\u2019s ability to continue to operate as a going concern. They have formed a
\njudgement that there is a reasonable expectation that the Group and Company have adequate
\nresources to continue in operational existence for the going concern period. For this reason,
\nthey continue to adopt the going concern basis in the preparation of these \ufb01nancial statements.
\nThe period from the date of signing of these \ufb01nancial statements to 29 February 2024 has been
\nassessed following consideration of the budgeting cycles and typical contract lengths undertaken
\nacross the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"f21434": {
"value": "(c) Going concern In determining the appropriate basis of preparation of the \ufb01nancial statements, the directors are
\nrequired to consider whether the Group and Company can continue in operational existence
\nduring the going concern period, which the directors have de\ufb01ned as the date of approval of the
\n31 December 2022 \ufb01nancial statements through to 29 February 2024.
\nAs at 31 December 2022, the Group held cash of \u00a3431.7m, including \u00a338.0m which is the Group\u2019s
\nshare of cash held within jointly controlled operations, and total overdrafts repayable on demand
\nof \u00a377.1m (together net cash of \u00a3354.6m). Should further funding be required, the Group has
\nsigni\ufb01cant committed \ufb01nancial resources available including unutilised bank facilities of \u00a3180m, of
\nwhich \u00a3165m matures in October 2025 and \u00a315m matures in March 2024. The Group\u2019s secured
\norder book at 31 December 2022 is \u00a38.5bn (2021: \u00a38.6bn), of which \u00a33.2bn relates to the 12 months
\nended 31 December 2023.
\nThe directors have reviewed the Group\u2019s forecasts and projections for the going concern period,
\nincluding sensitivity analysis (detailed on pages 97 and 98), including reduced revenues, margins,
\na working capital deterioration and project delays) to assess the Group\u2019s resilience to the potential
\n\ufb01nancial impact on the Group of any plausible losses of revenue or operating pro\ufb01t which could arise
\nfrom one of the principal risks to the business occurring (these risks are discussed on pages 67 to 77
\nand include the directors\u2019 assessment of the impact of climate change). The analysis also includes a
\nreasonable worst-case scenario in which the Group\u2019s principal risks manifest in aggregate to a severe
\nbut plausible level involving the aggregation of the impacts of a number of these risks. The modelling
\nshowed that the Group would remain pro\ufb01table throughout the going concern period and there is
\nconsiderable headroom above lending facilities such that there would be no expected requirement
\nfor the Group to utilise the bank facility, which underpins the going concern assumption on which
\nthese \ufb01nancial statements have been prepared. As part of the sensitivity analysis the directors
\nalso modelled a scenario that stress tests the Group\u2019s forecasts and projections, to determine the
\nscenario in which the headroom above the committed bank facility would be exceeded. This model
\nshowed that the Group\u2019s operating pro\ufb01t would need to deteriorate substantially for the headroom
\nto exceed the committed bank facility. The directors consider there is no plausible scenario where
\ncash in\ufb02ows would deteriorate this signi\ufb01cantly. However, as part of their analysis, the Board
\nalso considered further mitigating actions at their discretion, such as a reduction in investments
\nin working capital, to improve the position identi\ufb01ed by the reasonable worst-case scenario. In
\nall scenarios, including the reasonable worst case, the Group is able to comply with its \ufb01nancial
\ncovenants, operate within its current facilities, and meet its liabilities as they fall due.
\nAccordingly, the directors consider there to be no material uncertainties that may cast signi\ufb01cant
\ndoubt on the Group\u2019s ability to continue to operate as a going concern. They have formed a
\njudgement that there is a reasonable expectation that the Group and Company have adequate
\nresources to continue in operational existence for the going concern period. For this reason,
\nthey continue to adopt the going concern basis in the preparation of these \ufb01nancial statements.
\nThe period from the date of signing of these \ufb01nancial statements to 29 February 2024 has been
\nassessed following consideration of the budgeting cycles and typical contract lengths undertaken
\nacross the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21447": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21481": {
"value": "(d) Functional and presentation currency These consolidated \ufb01nancial statements are presented in pounds sterling which is the Group\u2019s
\npresentational currency and the Company\u2019s functional currency. All \ufb01nancial information, unless
\notherwise stated, has been rounded to the nearest \u00a30.1m.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"f21507": {
"value": "(e) Climate change risk While the Group is committed to achieve its net zero emissions target by 2030, the governmental
\nand societal responses to climate change risks are still developing and therefore the Group is
\ncurrently unable to determine the full future economic impact of climate change risks on their
\nbusiness model to achieve this. As such, the potential impacts of climate change risk are not fully
\nincorporated in these \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21557": {
"value": "Basis of consolidation The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and the
\nentities controlled by the Company, together with the Group\u2019s share of the results of joint ventures
\nmade up to 31 December each year. Control is achieved when the Company: (i) has the power over
\nthe investee; (ii) is exposed, or has rights, to variable returns from its involvement with the investee;
\nand (iii) has the ability to use its power to a\ufb00ect its returns. The Company reassesses whether or not
\nit controls an investee if facts and circumstances indicate that there are changes to one or more
\nof the three elements of control listed above. Business combinations are accounted for using the
\nacquisition method.
\n(a) Subsidiaries
\nSubsidiaries are entities that are controlled by the Group. The \ufb01nancial statements of subsidiaries
\nare included in the consolidated \ufb01nancial statements of the Group from the date that control is
\nobtained to the date that control ceases. The accounting policies of new subsidiaries are changed
\nwhere necessary to align them with those of the Group.
\nIf the Group loses control over a subsidiary, it derecognises the related assets (including goodwill),
\nliabilities, non-controlling interest and other components of equity, while any resultant gain or loss
\nis recognised in the income statement. Any investment retained is recognised at fair value.
\n(b) Joint arrangements
\nA joint arrangement is a contractual arrangement whereby two or more parties undertake an
\neconomic activity that is subject to joint control, which requires unanimous consent for strategic,
\n\ufb01nancial and operating decisions.
\nSIGNIFICANT ACCOUNTING POLICIES
continued
\nGovernance
Financial statements
Strategic report
\n189
Morgan Sindall Group plc
Annual Report 2022
SIGNIFICANT ACCOUNTING POLICIES
continued
\n(i) Joint ventures
\nA joint venture generally involves the establishment of a corporation, partnership or other entity in
\nwhich each venturer has rights to the net assets of the joint venture and joint control over strategic,
\n\ufb01nancial and operating decisions. The results, assets and liabilities of jointly controlled entities are
\nincorporated in the \ufb01nancial statements using the equity method of accounting.
\nGoodwill relating to a joint venture which is acquired directly is included in the carrying amount of
\nthe investment and is not amortised. After application of the equity method, the Group\u2019s investments
\nin joint ventures are reviewed to determine whether any additional impairment loss in relation to the
\nnet investment in the joint venture is required, and if so, it is written o\ufb00 in the period in which those
\ncircumstances are identi\ufb01ed. When there is a change recognised directly in the equity of the joint
\nventure, the Group recognises its share of any change and discloses this, where applicable, in the
\nstatement of comprehensive income.
\nWhere the Group\u2019s share of losses exceeds its equity-accounted investment in a joint venture,
\nthe carrying amount of the equity interest is reduced to nil and the recognition of further losses
\nis discontinued except to the extent that the Group has incurred legal or constructive obligations.
\nAppropriate adjustment is made to the results of joint ventures where material di\ufb00erences exist
\nbetween a joint venture\u2019s accounting policies and those of the Group.
\nDividend income from investments is recognised when the shareholders\u2019 rights to receive payment
\nhave been established.
\n(ii) Joint operations
\nConstruction contracts carried out as a joint arrangement without the establishment of a legal
\nentity are joint operations. The Group\u2019s share of the results and net assets of these joint operations
\nare included under each relevant heading in the income statement and the statement of \ufb01nancial
\nposition.
\n(c) Transactions eliminated on consolidation
\nIntra-Group balances and transactions, and any unrealised income and expense arising from
\nintra-Group transactions, are eliminated in preparing the consolidated \ufb01nancial statements.
\nUnrealised gains arising from transactions with equity-accounted investments are eliminated to
\nthe extent of the Group\u2019s interest in that investment. Unrealised losses are eliminated in the same
\nway as unrealised gains, but only to the extent that there is no evidence of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21568": {
"value": "(a) Subsidiaries Subsidiaries are entities that are controlled by the Group. The \ufb01nancial statements of subsidiaries
\nare included in the consolidated \ufb01nancial statements of the Group from the date that control is
\nobtained to the date that control ceases. The accounting policies of new subsidiaries are changed
\nwhere necessary to align them with those of the Group.
\nIf the Group loses control over a subsidiary, it derecognises the related assets (including goodwill),
\nliabilities, non-controlling interest and other components of equity, while any resultant gain or loss
\nis recognised in the income statement. Any investment retained is recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21604": {
"value": "(i) Joint ventures A joint venture generally involves the establishment of a corporation, partnership or other entity in
\nwhich each venturer has rights to the net assets of the joint venture and joint control over strategic,
\n\ufb01nancial and operating decisions. The results, assets and liabilities of jointly controlled entities are
\nincorporated in the \ufb01nancial statements using the equity method of accounting.
\nGoodwill relating to a joint venture which is acquired directly is included in the carrying amount of
\nthe investment and is not amortised. After application of the equity method, the Group\u2019s investments
\nin joint ventures are reviewed to determine whether any additional impairment loss in relation to the
\nnet investment in the joint venture is required, and if so, it is written o\ufb00 in the period in which those
\ncircumstances are identi\ufb01ed. When there is a change recognised directly in the equity of the joint
\nventure, the Group recognises its share of any change and discloses this, where applicable, in the
\nstatement of comprehensive income.
\nWhere the Group\u2019s share of losses exceeds its equity-accounted investment in a joint venture,
\nthe carrying amount of the equity interest is reduced to nil and the recognition of further losses
\nis discontinued except to the extent that the Group has incurred legal or constructive obligations.
\nAppropriate adjustment is made to the results of joint ventures where material di\ufb00erences exist
\nbetween a joint venture\u2019s accounting policies and those of the Group.
\nDividend income from investments is recognised when the shareholders\u2019 rights to receive payment
\nhave been established.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21605": {
"value": "(i) Joint ventures A joint venture generally involves the establishment of a corporation, partnership or other entity in
\nwhich each venturer has rights to the net assets of the joint venture and joint control over strategic,
\n\ufb01nancial and operating decisions. The results, assets and liabilities of jointly controlled entities are
\nincorporated in the \ufb01nancial statements using the equity method of accounting.
\nGoodwill relating to a joint venture which is acquired directly is included in the carrying amount of
\nthe investment and is not amortised. After application of the equity method, the Group\u2019s investments
\nin joint ventures are reviewed to determine whether any additional impairment loss in relation to the
\nnet investment in the joint venture is required, and if so, it is written o\ufb00 in the period in which those
\ncircumstances are identi\ufb01ed. When there is a change recognised directly in the equity of the joint
\nventure, the Group recognises its share of any change and discloses this, where applicable, in the
\nstatement of comprehensive income.
\nWhere the Group\u2019s share of losses exceeds its equity-accounted investment in a joint venture,
\nthe carrying amount of the equity interest is reduced to nil and the recognition of further losses
\nis discontinued except to the extent that the Group has incurred legal or constructive obligations.
\nAppropriate adjustment is made to the results of joint ventures where material di\ufb00erences exist
\nbetween a joint venture\u2019s accounting policies and those of the Group.
\nDividend income from investments is recognised when the shareholders\u2019 rights to receive payment
\nhave been established.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21641": {
"value": "Revenue and margin recognition Revenue and margin are recognised as follows:
\n(a) Construction and infrastructure contracts
\nA signi\ufb01cant portion of the Group\u2019s revenue is derived from construction and infrastructure services
\ncontracts. These services are provided to customers across a wide variety of sectors and the size and
\nduration of the contracts can vary signi\ufb01cantly from a few weeks to more than 10 years.
\nThe majority of contracts are considered to contain only one performance obligation for the
\npurposes of recognising revenue. While the scope of works may include a number of di\ufb00erent
\ncomponents, in the context of construction and infrastructure services activities, these are usually
\nhighly interrelated and produce a combined output for the customer.
\nContracts are typically satis\ufb01ed over time. For \ufb01xed price construction contracts, progress is
\nmeasured through a valuation of the works undertaken by a professional quantity surveyor,
\nincluding an assessment of any elements for which a price has not yet been agreed such as changes
\nin scope. For cost reimbursable infrastructure services contracts, progress is measured based on
\nthe costs incurred to date as a proportion of the estimated total cost and an assessment of the \ufb01nal
\ncontract price payable.
\nVariations are not included in the estimated total contract price until the customer has agreed the
\nrevised scope of work.
\nWhere the scope has been agreed but the corresponding change in price has not yet been agreed,
\nonly the amount that is considered highly probable not to reverse in the future is included in the
\nestimated total contract price. Where delays to the programme of works are anticipated and
\nliquidated damages would be contractually due, the estimated total contract price is reduced
\naccordingly. This is only mitigated by expected extensions of time or commercial resolution being
\nachieved where it is highly probable that this will not lead to a signi\ufb01cant reversal in the future.
\nFor cost-reimbursable contracts, expected pain share is recognised in the estimated total contract
\nprice immediately while anticipated gain share and performance bonuses are only recognised at the
\npoint that they are agreed by the customer.
\nIn order to recognise the pro\ufb01t over time, it is necessary to estimate the total costs of the contract.
\nThese estimates take account of any uncertainties in the cost of work packages which have not yet
\nbeen let and materials which have not yet been procured, the expected cost of any acceleration of or
\ndelays to the programme or changes in the scope of works and the expected cost of any recti\ufb01cation
\nworks during the defects liability period.
\nGovernance
Financial statements
Strategic report
\n190
Morgan Sindall Group plc
Annual Report 2022
Once the outcome of a construction contract can be estimated reliably, margin is recognised in the
\nincome statement in line with the corresponding stage of completion. Where a contract is forecast
\nto be loss-making, the full loss is recognised immediately in the income statement.
\n(b) Service contracts
\nService contracts include design, maintenance and management services. Contracts are typically
\nsatis\ufb01ed over time and revenue is measured through an assessment of time incurred and materials
\nutilised as a proportion of the total expected or percentage of completion depending upon the
\nnature of the service.
\n(c) Sale of land and development properties
\nThe Group derives a signi\ufb01cant portion of revenue from the sale of land, and the development and
\nsale of residential and commercial properties.
\nContracts are typically satis\ufb01ed at a point in time. This is usually deemed to be legal completion as
\nthis is the point at which the Group has an enforceable right to payment. The only exception to this is
\npre-let forward sold developments where the customer controls the work in progress as it is created;
\nor where the Group is unable to put the asset being constructed to an alternative use due to legal or
\npractical limitations and has an enforceable right to payment for the work completed to date. Where
\nthese conditions are met, the contract is accounted for as a construction contract in accordance with
\nparagraph (a) above.
\nRevenue from the sale of land, residential and commercial properties is measured at the transaction
\nprice agreed in the contract with the customer. While deferred payment terms may be agreed in
\nrare circumstances, the deferral never exceeds 12 months. The transaction price is therefore not
\nadjusted for the e\ufb00ects of a signi\ufb01cant \ufb01nancing component. The Group no longer utilises shared
\nequity loan schemes for the sale of residential properties.
\nIn order to recognise the pro\ufb01t, it is necessary to estimate the total costs of a development. These
\nestimates take account of any uncertainties in the cost of work packages which have not yet been
\nlet and materials which have not yet been procured and the expected cost of any recti\ufb01cation works
\nduring the defects liability period which is 12 months for commercial property and 24 months for
\nresidential property.
\nPro\ufb01t is recognised by allocating the total costs of a scheme to each unit at a consistent margin.
\nFor mixed-tenure schemes which also incorporate a construction contract, the margin recognised
\nfor the open market units is consistent with the construction contract element of the development.
\n(d) Contract balances
\nContract assets
\nContract assets primarily relate to the Group\u2019s right to consideration for construction work
\ncompleted but not invoiced at the balance sheet date. The contract assets are transferred to trade
\nreceivables when the amounts are certi\ufb01ed by the customer. On most contracts, certi\ufb01cates are
\nissued by the customer on a monthly basis.
\nContract liabilities
\nContract liabilities primarily relate to the advance consideration received from customers in respect
\nof performance obligations which have not yet been fully satis\ufb01ed and for which revenue has not
\nbeen recognised. Contract liabilities are recognised as revenue when performance obligation to the
\ncustomer has been satis\ufb01ed.
\n(e) Contract costs
\nCosts to obtain a contract are expensed unless they are incremental, i.e. they would not have been
\nincurred if the contract had not been obtained, and the contract is expected to be su\ufb03ciently
\npro\ufb01table for them to be recovered.
\nCosts to ful\ufb01l a contract are expensed unless they relate to an identi\ufb01ed contract, generate or
\nenhance resources that will be used to satisfy the obligations under the contract in future years and
\nthe contract is expected to be su\ufb03ciently pro\ufb01table for them to be recovered, in which case they are
\ncapitalised to the extent they will be recovered in future periods.
\nWhere costs are capitalised, they are amortised over the shorter of the period for which revenue
\nand pro\ufb01t can be forecast with reasonable certainty and the duration of the contract, except where
\nthe contract becomes loss-making. If the contract becomes loss-making, all capitalised costs related
\nto that contract are immediately expensed.
\nSIGNIFICANT ACCOUNTING POLICIES
continued
\nGovernance
Financial statements
Strategic report
\n191
Morgan Sindall Group plc
Annual Report 2022
SIGNIFICANT ACCOUNTING POLICIES
continued
\n(f) Government grants
\nFunding received in respect of developer grants, where funding is awarded to encourage the
\nbuilding and renovation of a\ufb00ordable housing, is recognised as a deduction from related expenses
\non a stage of completion basis over the life of the project to which the funding relates.
\nFunding received to support the construction of housing where current market prices would
\notherwise make a scheme \ufb01nancially unviable is recognised as income on a legal completion basis
\nwhen the properties to which it relates are sold.
\nGovernment grants are initially recognised as deferred income at fair value when there is reasonable
\nassurance that the Group will comply with the conditions attached and the grants will be received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21642": {
"value": "Revenue and margin recognition Revenue and margin are recognised as follows:
\n(a) Construction and infrastructure contracts
\nA signi\ufb01cant portion of the Group\u2019s revenue is derived from construction and infrastructure services
\ncontracts. These services are provided to customers across a wide variety of sectors and the size and
\nduration of the contracts can vary signi\ufb01cantly from a few weeks to more than 10 years.
\nThe majority of contracts are considered to contain only one performance obligation for the
\npurposes of recognising revenue. While the scope of works may include a number of di\ufb00erent
\ncomponents, in the context of construction and infrastructure services activities, these are usually
\nhighly interrelated and produce a combined output for the customer.
\nContracts are typically satis\ufb01ed over time. For \ufb01xed price construction contracts, progress is
\nmeasured through a valuation of the works undertaken by a professional quantity surveyor,
\nincluding an assessment of any elements for which a price has not yet been agreed such as changes
\nin scope. For cost reimbursable infrastructure services contracts, progress is measured based on
\nthe costs incurred to date as a proportion of the estimated total cost and an assessment of the \ufb01nal
\ncontract price payable.
\nVariations are not included in the estimated total contract price until the customer has agreed the
\nrevised scope of work.
\nWhere the scope has been agreed but the corresponding change in price has not yet been agreed,
\nonly the amount that is considered highly probable not to reverse in the future is included in the
\nestimated total contract price. Where delays to the programme of works are anticipated and
\nliquidated damages would be contractually due, the estimated total contract price is reduced
\naccordingly. This is only mitigated by expected extensions of time or commercial resolution being
\nachieved where it is highly probable that this will not lead to a signi\ufb01cant reversal in the future.
\nFor cost-reimbursable contracts, expected pain share is recognised in the estimated total contract
\nprice immediately while anticipated gain share and performance bonuses are only recognised at the
\npoint that they are agreed by the customer.
\nIn order to recognise the pro\ufb01t over time, it is necessary to estimate the total costs of the contract.
\nThese estimates take account of any uncertainties in the cost of work packages which have not yet
\nbeen let and materials which have not yet been procured, the expected cost of any acceleration of or
\ndelays to the programme or changes in the scope of works and the expected cost of any recti\ufb01cation
\nworks during the defects liability period.
\nGovernance
Financial statements
Strategic report
\n190
Morgan Sindall Group plc
Annual Report 2022
Once the outcome of a construction contract can be estimated reliably, margin is recognised in the
\nincome statement in line with the corresponding stage of completion. Where a contract is forecast
\nto be loss-making, the full loss is recognised immediately in the income statement.
\n(b) Service contracts
\nService contracts include design, maintenance and management services. Contracts are typically
\nsatis\ufb01ed over time and revenue is measured through an assessment of time incurred and materials
\nutilised as a proportion of the total expected or percentage of completion depending upon the
\nnature of the service.
\n(c) Sale of land and development properties
\nThe Group derives a signi\ufb01cant portion of revenue from the sale of land, and the development and
\nsale of residential and commercial properties.
\nContracts are typically satis\ufb01ed at a point in time. This is usually deemed to be legal completion as
\nthis is the point at which the Group has an enforceable right to payment. The only exception to this is
\npre-let forward sold developments where the customer controls the work in progress as it is created;
\nor where the Group is unable to put the asset being constructed to an alternative use due to legal or
\npractical limitations and has an enforceable right to payment for the work completed to date. Where
\nthese conditions are met, the contract is accounted for as a construction contract in accordance with
\nparagraph (a) above.
\nRevenue from the sale of land, residential and commercial properties is measured at the transaction
\nprice agreed in the contract with the customer. While deferred payment terms may be agreed in
\nrare circumstances, the deferral never exceeds 12 months. The transaction price is therefore not
\nadjusted for the e\ufb00ects of a signi\ufb01cant \ufb01nancing component. The Group no longer utilises shared
\nequity loan schemes for the sale of residential properties.
\nIn order to recognise the pro\ufb01t, it is necessary to estimate the total costs of a development. These
\nestimates take account of any uncertainties in the cost of work packages which have not yet been
\nlet and materials which have not yet been procured and the expected cost of any recti\ufb01cation works
\nduring the defects liability period which is 12 months for commercial property and 24 months for
\nresidential property.
\nPro\ufb01t is recognised by allocating the total costs of a scheme to each unit at a consistent margin.
\nFor mixed-tenure schemes which also incorporate a construction contract, the margin recognised
\nfor the open market units is consistent with the construction contract element of the development.
\n(d) Contract balances
\nContract assets
\nContract assets primarily relate to the Group\u2019s right to consideration for construction work
\ncompleted but not invoiced at the balance sheet date. The contract assets are transferred to trade
\nreceivables when the amounts are certi\ufb01ed by the customer. On most contracts, certi\ufb01cates are
\nissued by the customer on a monthly basis.
\nContract liabilities
\nContract liabilities primarily relate to the advance consideration received from customers in respect
\nof performance obligations which have not yet been fully satis\ufb01ed and for which revenue has not
\nbeen recognised. Contract liabilities are recognised as revenue when performance obligation to the
\ncustomer has been satis\ufb01ed.
\n(e) Contract costs
\nCosts to obtain a contract are expensed unless they are incremental, i.e. they would not have been
\nincurred if the contract had not been obtained, and the contract is expected to be su\ufb03ciently
\npro\ufb01table for them to be recovered.
\nCosts to ful\ufb01l a contract are expensed unless they relate to an identi\ufb01ed contract, generate or
\nenhance resources that will be used to satisfy the obligations under the contract in future years and
\nthe contract is expected to be su\ufb03ciently pro\ufb01table for them to be recovered, in which case they are
\ncapitalised to the extent they will be recovered in future periods.
\nWhere costs are capitalised, they are amortised over the shorter of the period for which revenue
\nand pro\ufb01t can be forecast with reasonable certainty and the duration of the contract, except where
\nthe contract becomes loss-making. If the contract becomes loss-making, all capitalised costs related
\nto that contract are immediately expensed.
\nSIGNIFICANT ACCOUNTING POLICIES
continued
\nGovernance
Financial statements
Strategic report
\n191
Morgan Sindall Group plc
Annual Report 2022
SIGNIFICANT ACCOUNTING POLICIES
continued
\n(f) Government grants
\nFunding received in respect of developer grants, where funding is awarded to encourage the
\nbuilding and renovation of a\ufb00ordable housing, is recognised as a deduction from related expenses
\non a stage of completion basis over the life of the project to which the funding relates.
\nFunding received to support the construction of housing where current market prices would
\notherwise make a scheme \ufb01nancially unviable is recognised as income on a legal completion basis
\nwhen the properties to which it relates are sold.
\nGovernment grants are initially recognised as deferred income at fair value when there is reasonable
\nassurance that the Group will comply with the conditions attached and the grants will be received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21773": {
"value": "(f) Government grants Funding received in respect of developer grants, where funding is awarded to encourage the
\nbuilding and renovation of a\ufb00ordable housing, is recognised as a deduction from related expenses
\non a stage of completion basis over the life of the project to which the funding relates.
\nFunding received to support the construction of housing where current market prices would
\notherwise make a scheme \ufb01nancially unviable is recognised as income on a legal completion basis
\nwhen the properties to which it relates are sold.
\nGovernment grants are initially recognised as deferred income at fair value when there is reasonable
assurance that the Group will comply with the conditions attached and the grants will be received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21787": {
"value": "Leases Where the Company is a lessee, a right-of-use asset and lease liability are recognised at the outset
\nof the lease other than those that are less than one year in duration or of a low value.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid
\nat that date based on the Group\u2019s expectations of the likelihood of lease extension or break options
\nbeing exercised. In calculating the present value of lease payments, the Group uses its incremental
\nborrowing rate at the lease commencement date because the interest rate implicit in the lease is
\nnot readily determinable.
\nThe lease liability is subsequently adjusted to re\ufb02ect imputed interest, payments made to the lessor
\nand any lease modi\ufb01cations.
\nThe right-of-use asset is initially measured at cost, which comprises the amount of the lease liability,
\nany lease payments made at or before the commencement date, less any lease incentives received,
\nany initial direct costs incurred by the Group and an estimate of any costs that are expected to be
\nincurred at the end of the lease to dismantle or restore the asset.
\nThe right-of-use assets are presented within the property, plant and equipment line in the statement
\nof \ufb01nancial position and depreciated in accordance with the Group\u2019s accounting policy on property,
\nplant and equipment. The amount charged to the income statement comprises the depreciation of
\nthe right-of-use asset and the imputed interest on the lease liability.
\nLease payments on short-term leases and leases of low-value assets are recognised as expense
\non a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21810": {
"value": "Finance income and expense Finance income and expense is recognised using the e\ufb00ective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21811": {
"value": "Finance income and expense Finance income and expense is recognised using the e\ufb00ective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21812": {
"value": "Finance income and expense Finance income and expense is recognised using the e\ufb00ective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21813": {
"value": "Finance income and expense Finance income and expense is recognised using the e\ufb00ective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21820": {
"value": "Income tax The income tax expense represents the current and deferred tax charges. Income tax is recognised
\nin the income statement, except to the extent that it relates to items recognised directly in equity.
\nCurrent tax is the Group\u2019s expected tax liability on taxable pro\ufb01t for the year using tax rates enacted
\nor substantively enacted at the reporting date and any adjustments to tax payable in respect of
\nprevious years.
\nTaxable pro\ufb01t di\ufb00ers from that reported in the income statement because it is adjusted for items
\nof income or expense that are assessable or deductible in other years and is adjusted for items that
\nare never assessable or deductible.
\nCurrent tax relating to items recognised directly in equity is recognised in equity and not in the
\nincome statement.
\nDeferred tax is recognised using the liability method, providing for temporary di\ufb00erences between
\nthe carrying amount of assets and liabilities for \ufb01nancial reporting purposes and the corresponding
\ntax bases used in tax computations. Deferred tax is not recognised for the initial recognition of
\nassets or liabilities in a transaction that is not a business combination and a\ufb00ects neither accounting
\nnor taxable pro\ufb01t, or di\ufb00erences relating to investments in subsidiaries and joint ventures to the
\nextent that it is probable that they will not reverse in the foreseeable future. Deferred tax is not
\nrecognised for taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
\nDeferred tax is recognised on temporary di\ufb00erences which result in an obligation at the reporting
\ndate to pay more tax, or a right to pay less tax, at a future date, at the tax rates expected to apply
\nwhen they reverse, based on the laws that have been enacted or substantively enacted at the
\nreporting date. Deferred tax assets are recognised to the extent that it is regarded as more likely
\nthan not that they will be recovered. Deferred tax assets and liabilities are not discounted and are
\nonly o\ufb00set where there is a legally enforceable right to o\ufb00set current tax assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21833": {
"value": "Deferred tax is recognised using the liability method, providing for temporary di\ufb00erences between the carrying amount of assets and liabilities for \ufb01nancial reporting purposes and the corresponding
\ntax bases used in tax computations. Deferred tax is not recognised for the initial recognition of
\nassets or liabilities in a transaction that is not a business combination and a\ufb00ects neither accounting
\nnor taxable pro\ufb01t, or di\ufb00erences relating to investments in subsidiaries and joint ventures to the
\nextent that it is probable that they will not reverse in the foreseeable future. Deferred tax is not
\nrecognised for taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
\nDeferred tax is recognised on temporary di\ufb00erences which result in an obligation at the reporting
\ndate to pay more tax, or a right to pay less tax, at a future date, at the tax rates expected to apply
\nwhen they reverse, based on the laws that have been enacted or substantively enacted at the
\nreporting date. Deferred tax assets are recognised to the extent that it is regarded as more likely
\nthan not that they will be recovered. Deferred tax assets and liabilities are not discounted and are
only o\ufb00set where there is a legally enforceable right to o\ufb00set current tax assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21865": {
"value": "Goodwill and other intangible assets Goodwill arises on business combinations and represents the excess of the cost of an acquisition
\nover the Group\u2019s share of the identi\ufb01able net assets of the acquiree at the acquisition date. The
\nconsideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred,
\nthe liabilities incurred and equity interests issued by the Group in exchange for control of the
\nacquiree. Consideration transferred also includes the fair value of any asset or liability resulting from
\na contingent consideration arrangement. Acquisition-related costs are expensed in administrative
\nexpenses as incurred. All identi\ufb01able assets and liabilities acquired and contingent liabilities assumed
\nare initially measured at their fair values at the acquisition date.
\nWhere the cost is less than the Group\u2019s share of the identi\ufb01able net assets, the di\ufb00erence is
\nimmediately recognised in the income statement as a gain from a bargain purchase.
\nGoodwill arising on acquisitions before the date of transition to IFRS has been retained at the
\nprevious UK GAAP (Generally Accepted Accounting Principles) amounts, subject to being tested for
\nimpairment at that date.
\nOther intangible assets identi\ufb01ed on acquisition by the Group that have \ufb01nite useful lives are
\nrecognised at fair value and measured at cost less accumulated amortisation and impairment losses.
\nThose that are acquired separately, such as software, are recognised at cost less accumulated
\namortisation and impairment losses. Amortisation is recognised on a straight-line basis over their
\nestimated useful lives. The estimated useful life and amortisation method are reviewed at the
\nend of each reporting period, with the e\ufb00ect of any changes in estimate being accounted for on a
\nprospective basis. The estimated useful lives for the Group\u2019s \ufb01nite life intangible assets are three years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21866": {
"value": "Goodwill and other intangible assets Goodwill arises on business combinations and represents the excess of the cost of an acquisition
\nover the Group\u2019s share of the identi\ufb01able net assets of the acquiree at the acquisition date. The
\nconsideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred,
\nthe liabilities incurred and equity interests issued by the Group in exchange for control of the
\nacquiree. Consideration transferred also includes the fair value of any asset or liability resulting from
\na contingent consideration arrangement. Acquisition-related costs are expensed in administrative
\nexpenses as incurred. All identi\ufb01able assets and liabilities acquired and contingent liabilities assumed
\nare initially measured at their fair values at the acquisition date.
\nWhere the cost is less than the Group\u2019s share of the identi\ufb01able net assets, the di\ufb00erence is
\nimmediately recognised in the income statement as a gain from a bargain purchase.
\nGoodwill arising on acquisitions before the date of transition to IFRS has been retained at the
\nprevious UK GAAP (Generally Accepted Accounting Principles) amounts, subject to being tested for
\nimpairment at that date.
\nOther intangible assets identi\ufb01ed on acquisition by the Group that have \ufb01nite useful lives are
\nrecognised at fair value and measured at cost less accumulated amortisation and impairment losses.
\nThose that are acquired separately, such as software, are recognised at cost less accumulated
\namortisation and impairment losses. Amortisation is recognised on a straight-line basis over their
\nestimated useful lives. The estimated useful life and amortisation method are reviewed at the
\nend of each reporting period, with the e\ufb00ect of any changes in estimate being accounted for on a
\nprospective basis. The estimated useful lives for the Group\u2019s \ufb01nite life intangible assets are three years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21867": {
"value": "Goodwill and other intangible assets Goodwill arises on business combinations and represents the excess of the cost of an acquisition
\nover the Group\u2019s share of the identi\ufb01able net assets of the acquiree at the acquisition date. The
\nconsideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred,
\nthe liabilities incurred and equity interests issued by the Group in exchange for control of the
\nacquiree. Consideration transferred also includes the fair value of any asset or liability resulting from
\na contingent consideration arrangement. Acquisition-related costs are expensed in administrative
\nexpenses as incurred. All identi\ufb01able assets and liabilities acquired and contingent liabilities assumed
\nare initially measured at their fair values at the acquisition date.
\nWhere the cost is less than the Group\u2019s share of the identi\ufb01able net assets, the di\ufb00erence is
\nimmediately recognised in the income statement as a gain from a bargain purchase.
\nGoodwill arising on acquisitions before the date of transition to IFRS has been retained at the
\nprevious UK GAAP (Generally Accepted Accounting Principles) amounts, subject to being tested for
\nimpairment at that date.
\nOther intangible assets identi\ufb01ed on acquisition by the Group that have \ufb01nite useful lives are
\nrecognised at fair value and measured at cost less accumulated amortisation and impairment losses.
\nThose that are acquired separately, such as software, are recognised at cost less accumulated
\namortisation and impairment losses. Amortisation is recognised on a straight-line basis over their
\nestimated useful lives. The estimated useful life and amortisation method are reviewed at the
\nend of each reporting period, with the e\ufb00ect of any changes in estimate being accounted for on a
\nprospective basis. The estimated useful lives for the Group\u2019s \ufb01nite life intangible assets are three years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21868": {
"value": "Goodwill and other intangible assets Goodwill arises on business combinations and represents the excess of the cost of an acquisition
\nover the Group\u2019s share of the identi\ufb01able net assets of the acquiree at the acquisition date. The
\nconsideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred,
\nthe liabilities incurred and equity interests issued by the Group in exchange for control of the
\nacquiree. Consideration transferred also includes the fair value of any asset or liability resulting from
\na contingent consideration arrangement. Acquisition-related costs are expensed in administrative
\nexpenses as incurred. All identi\ufb01able assets and liabilities acquired and contingent liabilities assumed
\nare initially measured at their fair values at the acquisition date.
\nWhere the cost is less than the Group\u2019s share of the identi\ufb01able net assets, the di\ufb00erence is
\nimmediately recognised in the income statement as a gain from a bargain purchase.
\nGoodwill arising on acquisitions before the date of transition to IFRS has been retained at the
\nprevious UK GAAP (Generally Accepted Accounting Principles) amounts, subject to being tested for
\nimpairment at that date.
\nOther intangible assets identi\ufb01ed on acquisition by the Group that have \ufb01nite useful lives are
\nrecognised at fair value and measured at cost less accumulated amortisation and impairment losses.
\nThose that are acquired separately, such as software, are recognised at cost less accumulated
\namortisation and impairment losses. Amortisation is recognised on a straight-line basis over their
\nestimated useful lives. The estimated useful life and amortisation method are reviewed at the
\nend of each reporting period, with the e\ufb00ect of any changes in estimate being accounted for on a
\nprospective basis. The estimated useful lives for the Group\u2019s \ufb01nite life intangible assets are three years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21898": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any recognised
\nimpairment loss. Depreciation is charged over their estimated useful lives using the straight-line
\nmethod on the following basis:
\n\ue001
freehold land
not depreciated
\n\ue001
plant and equipment
between 8.3% and 33% per year
\n\ue001
\ufb01xtures and \ufb01ttings
over the period of the lease
\n\ue001
right-of-use assets
over the period of the lease
\nResidual values of property, plant and equipment are reviewed and updated annually.
\nGains and losses on disposal are determined by comparing the proceeds from disposal against the
\ncarrying amount and are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21899": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any recognised
\nimpairment loss. Depreciation is charged over their estimated useful lives using the straight-line
\nmethod on the following basis:
\n\ue001
freehold land
not depreciated
\n\ue001
plant and equipment
between 8.3% and 33% per year
\n\ue001
\ufb01xtures and \ufb01ttings
over the period of the lease
\n\ue001
right-of-use assets
over the period of the lease
\nResidual values of property, plant and equipment are reviewed and updated annually.
\nGains and losses on disposal are determined by comparing the proceeds from disposal against the
\ncarrying amount and are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21923": {
"value": "Investment property Investment property, which is property held to earn rentals and/or capital appreciation, is stated at
\nits fair value at the reporting date. Gains or losses arising from changes in the fair value of investment
\nproperty are included in the income statement for the period in which they arise.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21930": {
"value": "Shared equity loan receivables The Group has granted loans under shared equity home ownership schemes allowing qualifying
\nhome buyers to defer payment of part of the agreed sales price, up to a maximum of 25%, until the
\nearlier of the loan term (10 or 25 years depending upon the scheme), remortgage or resale of the
\nproperty. On occurrence of one of these events, the Group will receive a repayment based on its
\ncontributed equity percentage and the applicable market value of the property as determined by a
\nmember of the Royal Institution of Chartered Surveyors. Early or part repayment is allowable under
\nthe scheme and amounts are secured by way of a second charge over the property. The loans are
\nnon-interest bearing.
\nThe shared equity receivable balance is designated as at fair value through pro\ufb01t and loss (FVTPL)
\nunder IFRS 9. Fair value movements are recognised in operating pro\ufb01t and include accreted interest.
\nThere have been no transfers between categories in the fair value hierarchy in the current and
\npreceding year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21965": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. The cost of work in progress
\ncomprises raw materials, direct labour, other direct costs and related overheads. Net realisable
\nvalue is the estimated selling price less applicable costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21972": {
"value": "Impairment of non-\ufb01nancial assets The Group assesses at each reporting date whether there is an indication that an asset may be
\nimpaired. If any indication exists, or when annual impairment testing for an asset is required,
\nthe Group estimates the asset\u2019s recoverable amount. When the carrying amount of an asset
\nexceeds its recoverable amount, the asset is considered impaired and is written down to its
\nrecoverable amount.
\nFurther disclosures relating to the impairment of non-\ufb01nancial assets are provided in note 10 \u2013
\ngoodwill and other intangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21973": {
"value": "Impairment of non-\ufb01nancial assetsThe Group assesses at each reporting date whether there is an indication that an asset may be
\nimpaired. If any indication exists, or when annual impairment testing for an asset is required,
\nthe Group estimates the asset\u2019s recoverable amount. When the carrying amount of an asset
\nexceeds its recoverable amount, the asset is considered impaired and is written down to its
\nrecoverable amount.
\nFurther disclosures relating to the impairment of non-\ufb01nancial assets are provided in note 10 \u2013
\ngoodwill and other intangible assets.
Impairment of \ufb01nancial assets The Group always recognises lifetime expected credit losses for trade receivables, contract assets
\nand loans to joint ventures. The expected credit losses on these \ufb01nancial assets are estimated using
\na provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that
\nare speci\ufb01c to the debtors, general economic conditions and an assessment of both the current
\nas well as the forecast direction of conditions at the reporting date, including time value of money
\nwhere appropriate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21985": {
"value": "Trade receivables Trade receivables are initially recognised at fair value and are subsequently measured at amortised
\ncost using the e\ufb00ective interest rate method with an appropriate allowance for estimated
\nirrecoverable amounts recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21992": {
"value": "Cash and cash equivalents Cash and cash equivalents can include cash in hand, demand deposits and other short-term,
\nhighly liquid investments that are readily convertible to a known amount of cash and are subject
\nto an insigni\ufb01cant risk of changes in value. The carrying amount of these assets approximates to
\ntheir fair value.
\nBank borrowings are generally considered to be \ufb01nancing activities. However, bank overdrafts
\nwhich are repayable on demand form an integral part of an entity\u2019s cash management. In these
\ncircumstances, bank overdrafts are included as a component of cash and cash equivalents for the
\npurpose of presentation in the consolidated cash \ufb02ow statement. A characteristic of such banking
\narrangements is that the bank balance often \ufb02uctuates from being positive to overdrawn.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21993": {
"value": "Cash and cash equivalents Cash and cash equivalents can include cash in hand, demand deposits and other short-term,
\nhighly liquid investments that are readily convertible to a known amount of cash and are subject
\nto an insigni\ufb01cant risk of changes in value. The carrying amount of these assets approximates to
\ntheir fair value.
\nBank borrowings are generally considered to be \ufb01nancing activities. However, bank overdrafts
\nwhich are repayable on demand form an integral part of an entity\u2019s cash management. In these
\ncircumstances, bank overdrafts are included as a component of cash and cash equivalents for the
\npurpose of presentation in the consolidated cash \ufb02ow statement. A characteristic of such banking
\narrangements is that the bank balance often \ufb02uctuates from being positive to overdrawn.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22008": {
"value": "Trade payables Trade payables are recognised initially at fair value and are subsequently measured at amortised
\ncost using the e\ufb00ective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22014": {
"value": "Retirement bene\ufb01t schemes (a) De\ufb01ned contribution plan
\nA de\ufb01ned contribution plan is a post-retirement bene\ufb01t plan under which the Group pays \ufb01xed
\ncontributions to a separate entity and has no legal or constructive obligation to pay further amounts.
\nThe Group recognises payments to de\ufb01ned contribution pension plans as sta\ufb00 costs in the income
\nstatement as and when they fall due. Prepaid contributions are recognised as an asset to the extent
\nthat a cash refund or reduction on future payments is available.
\n(b) De\ufb01ned bene\ufb01t plan
\nA de\ufb01ned bene\ufb01t plan is any post-retirement plan other than a de\ufb01ned contribution plan. For de\ufb01ned
\nbene\ufb01t retirement bene\ufb01t schemes, the cost of providing bene\ufb01ts is determined using the projected
\nunit credit method, with actuarial valuations being carried out at the end of each reporting period.
\nRemeasurement comprising actuarial gains and losses, the e\ufb00ect of the asset ceiling (if applicable)
\nand the return on scheme assets (excluding interest) are recognised immediately in the statement
\nof \ufb01nancial position with a charge or credit to the statement of comprehensive income in the
\nperiod in which they occur. Remeasurement recorded in the statement of comprehensive income
\nis not recycled. Past service cost is recognised in the income statement when the plan amendment
\nor curtailment occurs, or when the Group recognises related restructuring costs or termination
\nbene\ufb01ts, if earlier. Gains or losses on settlement of a de\ufb01ned bene\ufb01t plan are recognised when the
\nsettlement occurs. Net interest is calculated by applying a discount rate to the net de\ufb01ned bene\ufb01t
\nliability or asset. De\ufb01ned bene\ufb01t costs are split into three categories: (i) service costs, which include
\ncurrent service cost, past service cost and gains and losses on curtailments and settlements;
\n(ii) net interest expense or income; and (iii) remeasurements.
\nThe Group presents service costs within cost of sales and administrative expenses in its consolidated
\nincome statement. Net interest expense or income is recognised within \ufb01nance costs.
\nThe retirement bene\ufb01t obligation recognised in the consolidated statement of \ufb01nancial position
\nrepresents the de\ufb01cit or surplus in the Group\u2019s de\ufb01ned bene\ufb01t schemes. Any surplus resulting
\nfrom this calculation is limited to the present value of any economic bene\ufb01ts available in the form
\nof refunds from the schemes or reductions in future contributions to the schemes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22060": {
"value": "Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result
\nof a past event, it is probable that an out\ufb02ow of resources will be required to settle the obligation and
\nthe amount of the obligation can be estimated reliably. Provisions are recognised for events covered
\nby the Group\u2019s captive or self-insurance arrangements, legal claims and restructuring.
\nWhen the Group expects some or all of a provision to be reimbursed, for example under an
\ninsurance contract, the reimbursement is recognised as a separate asset, but only when the
\nreimbursement is virtually certain. The expense relating to a provision is presented in the income
\nstatement net of any reimbursement where the reimbursement has met the virtually certain
\nrecognition criteria.
\nIf the e\ufb00ect of the time value of money is material, provisions are discounted using a current pre-tax
\nrate that re\ufb02ects, when appropriate, the risks speci\ufb01c to the liability. When discounting is used, the
\nincrease in the provision due to the passage of time is recognised as a \ufb01nance cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22076": {
"value": "Impairment of \ufb01nancial assets The Group always recognises lifetime expected credit losses for trade receivables, contract assets
\nand loans to joint ventures. The expected credit losses on these \ufb01nancial assets are estimated using
\na provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that
\nare speci\ufb01c to the debtors, general economic conditions and an assessment of both the current
\nas well as the forecast direction of conditions at the reporting date, including time value of money
\nwhere appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22088": {
"value": "Share-based payments Equity-settled share-based payments to employees are measured at the fair value of the equity
\ninstruments at the grant date. The fair value is expensed in employee bene\ufb01ts expenses on a
\nstraight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that
\nwill eventually vest.
\nAt each reporting date, the Group revises its estimate of the number of equity instruments expected
\nto vest as a result of the e\ufb00ect of non-market-based vesting conditions. The impact of the revision
\nof the original estimates, if any, is recognised in the income statement such that the cumulative
\nexpense re\ufb02ects the revised estimate, with a corresponding adjustment to equity reserves.
\nNo expense is recognised for awards that do not ultimately vest because non-market performance
\nand/or service conditions have not been met. Where awards include a market or non-vesting
\ncondition, the transactions are treated as vested irrespective of whether the market or non-vesting
\ncondition is satis\ufb01ed, provided that all other performance and/or service conditions are satis\ufb01ed.
\nThe dilutive e\ufb00ect of outstanding options is re\ufb02ected as additional share dilution in the computation
\nof diluted earnings per share (further details are given in note 24). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22106": {
"value": "Derivative \ufb01nancial instruments and hedge accounting Derivative \ufb01nancial instruments may be used in joint ventures to hedge long-term \ufb02oating interest
\nrate and Retail Price Index (RPI) exposures and in Group companies to manage their exposure to
\nforeign exchange rate risk.
\nInterest rate swaps, RPI swaps and foreign exchange forward contracts are stated in the statement
\nof \ufb01nancial position at fair value. At the inception of the hedge relationship, the entity documents the
\nrelationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception
\nof the hedge and on an ongoing basis, the Group documents whether the hedging instruments that
\nare used in hedging transactions are highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows
\nof hedged items.
\nWhere \ufb01nancial instruments are designated as cash \ufb02ow hedges and are deemed to be e\ufb00ective,
\ngains and losses on remeasurement relating to the e\ufb00ective portion are recognised in equity,
\nand gains and losses on the ine\ufb00ective portion are recognised in the income statement.
\nNet investment hedges may be used to hedge exposure on translation of net investments in
\nforeign operations. Any gain or loss on the hedging instrument relating to the e\ufb00ective portion
\nof the hedge is recognised in other comprehensive income; the gain or loss relating to the ine\ufb00ective
\nportion is recognised immediately in the income statement. In the event of disposal of a foreign
\noperation, the gains and losses accumulated in other comprehensive income are recognised in the
\nincome statement.
\nThere have been no transfers between categories in the fair value hierarchy in the current and
preceding year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22107": {
"value": "Derivative \ufb01nancial instruments and hedge accounting Derivative \ufb01nancial instruments may be used in joint ventures to hedge long-term \ufb02oating interest
\nrate and Retail Price Index (RPI) exposures and in Group companies to manage their exposure to
\nforeign exchange rate risk.
\nInterest rate swaps, RPI swaps and foreign exchange forward contracts are stated in the statement
\nof \ufb01nancial position at fair value. At the inception of the hedge relationship, the entity documents the
\nrelationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception
\nof the hedge and on an ongoing basis, the Group documents whether the hedging instruments that
\nare used in hedging transactions are highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows
\nof hedged items.
\nWhere \ufb01nancial instruments are designated as cash \ufb02ow hedges and are deemed to be e\ufb00ective,
\ngains and losses on remeasurement relating to the e\ufb00ective portion are recognised in equity,
\nand gains and losses on the ine\ufb00ective portion are recognised in the income statement.
\nNet investment hedges may be used to hedge exposure on translation of net investments in
\nforeign operations. Any gain or loss on the hedging instrument relating to the e\ufb00ective portion
\nof the hedge is recognised in other comprehensive income; the gain or loss relating to the ine\ufb00ective
\nportion is recognised immediately in the income statement. In the event of disposal of a foreign
\noperation, the gains and losses accumulated in other comprehensive income are recognised in the
\nincome statement.
\nThere have been no transfers between categories in the fair value hierarchy in the current and
preceding year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22108": {
"value": "Derivative \ufb01nancial instruments and hedge accounting Derivative \ufb01nancial instruments may be used in joint ventures to hedge long-term \ufb02oating interest
\nrate and Retail Price Index (RPI) exposures and in Group companies to manage their exposure to
\nforeign exchange rate risk.
\nInterest rate swaps, RPI swaps and foreign exchange forward contracts are stated in the statement
\nof \ufb01nancial position at fair value. At the inception of the hedge relationship, the entity documents the
\nrelationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception
\nof the hedge and on an ongoing basis, the Group documents whether the hedging instruments that
\nare used in hedging transactions are highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows
\nof hedged items.
\nWhere \ufb01nancial instruments are designated as cash \ufb02ow hedges and are deemed to be e\ufb00ective,
\ngains and losses on remeasurement relating to the e\ufb00ective portion are recognised in equity,
\nand gains and losses on the ine\ufb00ective portion are recognised in the income statement.
\nNet investment hedges may be used to hedge exposure on translation of net investments in
\nforeign operations. Any gain or loss on the hedging instrument relating to the e\ufb00ective portion
\nof the hedge is recognised in other comprehensive income; the gain or loss relating to the ine\ufb00ective
\nportion is recognised immediately in the income statement. In the event of disposal of a foreign
\noperation, the gains and losses accumulated in other comprehensive income are recognised in the
\nincome statement.
\nThere have been no transfers between categories in the fair value hierarchy in the current and
preceding year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22109": {
"value": "Derivative \ufb01nancial instruments and hedge accounting Derivative \ufb01nancial instruments may be used in joint ventures to hedge long-term \ufb02oating interest
\nrate and Retail Price Index (RPI) exposures and in Group companies to manage their exposure to
\nforeign exchange rate risk.
\nInterest rate swaps, RPI swaps and foreign exchange forward contracts are stated in the statement
\nof \ufb01nancial position at fair value. At the inception of the hedge relationship, the entity documents the
\nrelationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception
\nof the hedge and on an ongoing basis, the Group documents whether the hedging instruments that
\nare used in hedging transactions are highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows
\nof hedged items.
\nWhere \ufb01nancial instruments are designated as cash \ufb02ow hedges and are deemed to be e\ufb00ective,
\ngains and losses on remeasurement relating to the e\ufb00ective portion are recognised in equity,
\nand gains and losses on the ine\ufb00ective portion are recognised in the income statement.
\nNet investment hedges may be used to hedge exposure on translation of net investments in
\nforeign operations. Any gain or loss on the hedging instrument relating to the e\ufb00ective portion
\nof the hedge is recognised in other comprehensive income; the gain or loss relating to the ine\ufb00ective
\nportion is recognised immediately in the income statement. In the event of disposal of a foreign
\noperation, the gains and losses accumulated in other comprehensive income are recognised in the
\nincome statement.
\nThere have been no transfers between categories in the fair value hierarchy in the current and
preceding year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22110": {
"value": "Derivative \ufb01nancial instruments and hedge accounting Derivative \ufb01nancial instruments may be used in joint ventures to hedge long-term \ufb02oating interest
\nrate and Retail Price Index (RPI) exposures and in Group companies to manage their exposure to
\nforeign exchange rate risk.
\nInterest rate swaps, RPI swaps and foreign exchange forward contracts are stated in the statement
\nof \ufb01nancial position at fair value. At the inception of the hedge relationship, the entity documents the
\nrelationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception
\nof the hedge and on an ongoing basis, the Group documents whether the hedging instruments that
\nare used in hedging transactions are highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows
\nof hedged items.
\nWhere \ufb01nancial instruments are designated as cash \ufb02ow hedges and are deemed to be e\ufb00ective,
\ngains and losses on remeasurement relating to the e\ufb00ective portion are recognised in equity,
\nand gains and losses on the ine\ufb00ective portion are recognised in the income statement.
\nNet investment hedges may be used to hedge exposure on translation of net investments in
\nforeign operations. Any gain or loss on the hedging instrument relating to the e\ufb00ective portion
\nof the hedge is recognised in other comprehensive income; the gain or loss relating to the ine\ufb00ective
\nportion is recognised immediately in the income statement. In the event of disposal of a foreign
\noperation, the gains and losses accumulated in other comprehensive income are recognised in the
\nincome statement.
\nThere have been no transfers between categories in the fair value hierarchy in the current and
preceding year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22161": {
"value": "The preparation of \ufb01nancial statements under IFRS requires the Company\u2019s management to make judgements, assumptions and estimates that a\ufb00ect the application of accounting policies and the
\nreported amounts of assets, liabilities, income and expense. Actual results may di\ufb00er from these
\nestimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
\nto accounting estimates are recognised in the period in which the estimate is revised if the revision
\na\ufb00ects only that period, or in the period of the revision and future periods if the revision a\ufb00ects both
\ncurrent and future periods.
\nCritical judgements and estimates in applying
\nthe Group\u2019s accounting policies
\nThe following are the critical judgements and estimates that the directors have made in the process
\nof applying the Group\u2019s accounting policies and that have a signi\ufb01cant e\ufb00ect on the amounts
\nrecognised in the \ufb01nancial statements:
\n\ue001
Revenue recognition \u2013 mixed-use schemes (judgement)
\nThe Group acts as developer and/or contractor on a number of mixed-use schemes. In some
\ninstances, judgement is required to determine whether the revenue on a particular element of the
\nscheme should be recognised as work progresses (recognised over time) or upon legal completion
\n(recognised at a point in time). A detailed assessment is performed of the contractual agreements
\nwith the customer as well as the substance of the transaction to determine performance obligations
\nhave been satis\ufb01ed. Relevant factors that are considered include the point at which legal ownership
\nof the land passes to the customer, the degree to which the customer can specify the major
\nstructural elements of the design prior to construction work commencing and the degree to which
\nthe customer can specify modi\ufb01cations to the major structural elements of the building during
\nconstruction.
\n\ue001
Revenue and pro\ufb01t recognition for long-term contracts (judgement and estimate)
\nIn order to determine the revenue and pro\ufb01t recognition in respect of the Group\u2019s construction
\ncontracts, the Group has to estimate the total costs to deliver the contract as well as the \ufb01nal
\ncontract value. The Group has to allocate total expected costs between the amount incurred on
\nthe contract to the end of the reporting period and the proportion to complete in a future period.
\nThe assessment of the total costs to be incurred and \ufb01nal contract value requires a degree of
\njudgement and estimation.
\nThe \ufb01nal contract value may include assessments of the recovery of variations which have yet to be
\nagreed with the client, as well as additional compensation claim amounts. The amount of variations
\nand claims are often not fully agreed with the customer due to timing and requirements of the
\nnormal contractual process. Therefore, assessments are based on judgement and estimates of
\nthe potential cost impact of the compensation claims, and the revenue recognised is constrained
\nto amounts where the Group believes it is highly probable that a signi\ufb01cant reversal will not occur.
\nThe estimation of costs to complete is based on all available relevant information and may include
\njudgements and estimates of any potential defect liabilities or liquidated damages for unagreed
\nscope or timing variations. Costs incurred in advance of the contract, or contract ful\ufb01lment costs that
\nare directly attributable to the contract, may also be included as part of the total costs to complete
\nthe contract. Judgement is required to consider when any pre-contract costs or contract ful\ufb01lment
\ncosts are directly attributable to a speci\ufb01c contract and the recognition of the related costs over the
\nlife of the contract.
\nThe reference to estimates above is not intended to comply with the requirements of paragraph
\n125 of IAS 1, \u2018Presentation of Financial Statements\u2019, as it is not expected there is a signi\ufb01cant risk
\nof a material adjustment to the carrying amount of assets and liabilities within the next \ufb01nancial
\nyear. The above is presented as additional disclosure in order to give more detail on the process
\nfor revenue and pro\ufb01t recognition for long-term contracts.
\n\ue001
Building safety provisions (estimate)
\nManagement have reviewed legal and constructive obligations with regard to remedial work to
\nrectify legacy building safety issues. Where obligations exist, these have been evaluated for the likely
\ncost to address, including repayments of the Building Safety Fund, and an appropriate provision has
\nbeen created.
\nThe ongoing legislative and regulatory changes in respect of legacy building safety issues create
\nuncertainty around the extent of remediation required for legacy buildings, the liability for such
\nremediation, recoveries from other parties (which would only be recognised when virtually certain to
\nbe received) and the time to be considered. This implies inherent uncertainty as to the precise future
\nobligations of the Group in respect of building \ufb01re safety issues.
\nManagement has recognised a provision based on its best estimate of the future obligations.
\nHowever, should the costs of remediation increase by 5%, due to factors such as higher-than-expected
\nin\ufb02ation, the impact on the remediation costs would be \u00a31m.
\nPlease see note 20 for further detail.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22170": {
"value": "Critical judgements and estimates in applying the Group\u2019s accounting policies
\nThe following are the critical judgements and estimates that the directors have made in the process
\nof applying the Group\u2019s accounting policies and that have a signi\ufb01cant e\ufb00ect on the amounts
\nrecognised in the \ufb01nancial statements:
\n\ue001
Revenue recognition \u2013 mixed-use schemes (judgement)
\nThe Group acts as developer and/or contractor on a number of mixed-use schemes. In some
\ninstances, judgement is required to determine whether the revenue on a particular element of the
\nscheme should be recognised as work progresses (recognised over time) or upon legal completion
\n(recognised at a point in time). A detailed assessment is performed of the contractual agreements
\nwith the customer as well as the substance of the transaction to determine performance obligations
\nhave been satis\ufb01ed. Relevant factors that are considered include the point at which legal ownership
\nof the land passes to the customer, the degree to which the customer can specify the major
\nstructural elements of the design prior to construction work commencing and the degree to which
\nthe customer can specify modi\ufb01cations to the major structural elements of the building during
\nconstruction.
\n\ue001
Revenue and pro\ufb01t recognition for long-term contracts (judgement and estimate)
\nIn order to determine the revenue and pro\ufb01t recognition in respect of the Group\u2019s construction
\ncontracts, the Group has to estimate the total costs to deliver the contract as well as the \ufb01nal
\ncontract value. The Group has to allocate total expected costs between the amount incurred on
\nthe contract to the end of the reporting period and the proportion to complete in a future period.
\nThe assessment of the total costs to be incurred and \ufb01nal contract value requires a degree of
\njudgement and estimation.
\nThe \ufb01nal contract value may include assessments of the recovery of variations which have yet to be
\nagreed with the client, as well as additional compensation claim amounts. The amount of variations
\nand claims are often not fully agreed with the customer due to timing and requirements of the
\nnormal contractual process. Therefore, assessments are based on judgement and estimates of
\nthe potential cost impact of the compensation claims, and the revenue recognised is constrained
\nto amounts where the Group believes it is highly probable that a signi\ufb01cant reversal will not occur.
\nThe estimation of costs to complete is based on all available relevant information and may include
\njudgements and estimates of any potential defect liabilities or liquidated damages for unagreed
\nscope or timing variations. Costs incurred in advance of the contract, or contract ful\ufb01lment costs that
\nare directly attributable to the contract, may also be included as part of the total costs to complete
\nthe contract. Judgement is required to consider when any pre-contract costs or contract ful\ufb01lment
\ncosts are directly attributable to a speci\ufb01c contract and the recognition of the related costs over the
\nlife of the contract.
\nThe reference to estimates above is not intended to comply with the requirements of paragraph
\n125 of IAS 1, \u2018Presentation of Financial Statements\u2019, as it is not expected there is a signi\ufb01cant risk
\nof a material adjustment to the carrying amount of assets and liabilities within the next \ufb01nancial
\nyear. The above is presented as additional disclosure in order to give more detail on the process
\nfor revenue and pro\ufb01t recognition for long-term contracts.
\n\ue001
Building safety provisions (estimate)
\nManagement have reviewed legal and constructive obligations with regard to remedial work to
\nrectify legacy building safety issues. Where obligations exist, these have been evaluated for the likely
\ncost to address, including repayments of the Building Safety Fund, and an appropriate provision has
\nbeen created.
\nThe ongoing legislative and regulatory changes in respect of legacy building safety issues create
\nuncertainty around the extent of remediation required for legacy buildings, the liability for such
\nremediation, recoveries from other parties (which would only be recognised when virtually certain to
\nbe received) and the time to be considered. This implies inherent uncertainty as to the precise future
\nobligations of the Group in respect of building \ufb01re safety issues.
\nManagement has recognised a provision based on its best estimate of the future obligations.
\nHowever, should the costs of remediation increase by 5%, due to factors such as higher-than-expected
\nin\ufb02ation, the impact on the remediation costs would be \u00a31m.
Please see note 20 for further detail.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"f22171": {
"value": "Critical judgements and estimates in applying the Group\u2019s accounting policies
\nThe following are the critical judgements and estimates that the directors have made in the process
\nof applying the Group\u2019s accounting policies and that have a signi\ufb01cant e\ufb00ect on the amounts
\nrecognised in the \ufb01nancial statements:
\n\ue001
Revenue recognition \u2013 mixed-use schemes (judgement)
\nThe Group acts as developer and/or contractor on a number of mixed-use schemes. In some
\ninstances, judgement is required to determine whether the revenue on a particular element of the
\nscheme should be recognised as work progresses (recognised over time) or upon legal completion
\n(recognised at a point in time). A detailed assessment is performed of the contractual agreements
\nwith the customer as well as the substance of the transaction to determine performance obligations
\nhave been satis\ufb01ed. Relevant factors that are considered include the point at which legal ownership
\nof the land passes to the customer, the degree to which the customer can specify the major
\nstructural elements of the design prior to construction work commencing and the degree to which
\nthe customer can specify modi\ufb01cations to the major structural elements of the building during
\nconstruction.
\n\ue001
Revenue and pro\ufb01t recognition for long-term contracts (judgement and estimate)
\nIn order to determine the revenue and pro\ufb01t recognition in respect of the Group\u2019s construction
\ncontracts, the Group has to estimate the total costs to deliver the contract as well as the \ufb01nal
\ncontract value. The Group has to allocate total expected costs between the amount incurred on
\nthe contract to the end of the reporting period and the proportion to complete in a future period.
\nThe assessment of the total costs to be incurred and \ufb01nal contract value requires a degree of
\njudgement and estimation.
\nThe \ufb01nal contract value may include assessments of the recovery of variations which have yet to be
\nagreed with the client, as well as additional compensation claim amounts. The amount of variations
\nand claims are often not fully agreed with the customer due to timing and requirements of the
\nnormal contractual process. Therefore, assessments are based on judgement and estimates of
\nthe potential cost impact of the compensation claims, and the revenue recognised is constrained
\nto amounts where the Group believes it is highly probable that a signi\ufb01cant reversal will not occur.
\nThe estimation of costs to complete is based on all available relevant information and may include
\njudgements and estimates of any potential defect liabilities or liquidated damages for unagreed
\nscope or timing variations. Costs incurred in advance of the contract, or contract ful\ufb01lment costs that
\nare directly attributable to the contract, may also be included as part of the total costs to complete
\nthe contract. Judgement is required to consider when any pre-contract costs or contract ful\ufb01lment
\ncosts are directly attributable to a speci\ufb01c contract and the recognition of the related costs over the
\nlife of the contract.
\nThe reference to estimates above is not intended to comply with the requirements of paragraph
\n125 of IAS 1, \u2018Presentation of Financial Statements\u2019, as it is not expected there is a signi\ufb01cant risk
\nof a material adjustment to the carrying amount of assets and liabilities within the next \ufb01nancial
\nyear. The above is presented as additional disclosure in order to give more detail on the process
\nfor revenue and pro\ufb01t recognition for long-term contracts.
\n\ue001
Building safety provisions (estimate)
\nManagement have reviewed legal and constructive obligations with regard to remedial work to
\nrectify legacy building safety issues. Where obligations exist, these have been evaluated for the likely
\ncost to address, including repayments of the Building Safety Fund, and an appropriate provision has
\nbeen created.
\nThe ongoing legislative and regulatory changes in respect of legacy building safety issues create
\nuncertainty around the extent of remediation required for legacy buildings, the liability for such
\nremediation, recoveries from other parties (which would only be recognised when virtually certain to
\nbe received) and the time to be considered. This implies inherent uncertainty as to the precise future
\nobligations of the Group in respect of building \ufb01re safety issues.
\nManagement has recognised a provision based on its best estimate of the future obligations.
\nHowever, should the costs of remediation increase by 5%, due to factors such as higher-than-expected
\nin\ufb02ation, the impact on the remediation costs would be \u00a31m.
Please see note 20 for further detail.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"f22172": {
"value": "Critical judgements and estimates in applying the Group\u2019s accounting policies \nThe following are the critical judgements and estimates that the directors have made in the process \nof applying the Group\u2019s accounting policies and that have a signi\ufb01cant e\ufb00ect on the amounts \nrecognised in the \ufb01nancial statements: \n\ue001 Revenue recognition \u2013 mixed-use schemes (judgement) \nThe Group acts as developer and/or contractor on a number of mixed-use schemes. In some \ninstances, judgement is required to determine whether the revenue on a particular element of the \nscheme should be recognised as work progresses (recognised over time) or upon legal completion \n(recognised at a point in time). A detailed assessment is performed of the contractual agreements \nwith the customer as well as the substance of the transaction to determine performance obligations \nhave been satis\ufb01ed. Relevant factors that are considered include the point at which legal ownership \nof the land passes to the customer, the degree to which the customer can specify the major \nstructural elements of the design prior to construction work commencing and the degree to which \nthe customer can specify modi\ufb01cations to the major structural elements of the building during \nconstruction. \n\ue001 Revenue and pro\ufb01t recognition for long-term contracts (judgement and estimate) \nIn order to determine the revenue and pro\ufb01t recognition in respect of the Group\u2019s construction \ncontracts, the Group has to estimate the total costs to deliver the contract as well as the \ufb01nal \ncontract value. The Group has to allocate total expected costs between the amount incurred on \nthe contract to the end of the reporting period and the proportion to complete in a future period. \nThe assessment of the total costs to be incurred and \ufb01nal contract value requires a degree of \njudgement and estimation. \nThe \ufb01nal contract value may include assessments of the recovery of variations which have yet to be \nagreed with the client, as well as additional compensation claim amounts. The amount of variations \nand claims are often not fully agreed with the customer due to timing and requirements of the \nnormal contractual process. Therefore, assessments are based on judgement and estimates of \nthe potential cost impact of the compensation claims, and the revenue recognised is constrained \nto amounts where the Group believes it is highly probable that a signi\ufb01cant reversal will not occur. \nThe estimation of costs to complete is based on all available relevant information and may include \njudgements and estimates of any potential defect liabilities or liquidated damages for unagreed \nscope or timing variations. Costs incurred in advance of the contract, or contract ful\ufb01lment costs that \nare directly attributable to the contract, may also be included as part of the total costs to complete \nthe contract. Judgement is required to consider when any pre-contract costs or contract ful\ufb01lment \ncosts are directly attributable to a speci\ufb01c contract and the recognition of the related costs over the \nlife of the contract. \nThe reference to estimates above is not intended to comply with the requirements of paragraph \n125 of IAS 1, \u2018Presentation of Financial Statements\u2019, as it is not expected there is a signi\ufb01cant risk \nof a material adjustment to the carrying amount of assets and liabilities within the next \ufb01nancial \nyear. The above is presented as additional disclosure in order to give more detail on the process \nfor revenue and pro\ufb01t recognition for long-term contracts. \n\ue001 Building safety provisions (estimate) \nManagement have reviewed legal and constructive obligations with regard to remedial work to \nrectify legacy building safety issues. Where obligations exist, these have been evaluated for the likely \ncost to address, including repayments of the Building Safety Fund, and an appropriate provision has \nbeen created. \nThe ongoing legislative and regulatory changes in respect of legacy building safety issues create \nuncertainty around the extent of remediation required for legacy buildings, the liability for such \nremediation, recoveries from other parties (which would only be recognised when virtually certain to \nbe received) and the time to be considered. This implies inherent uncertainty as to the precise future \nobligations of the Group in respect of building \ufb01re safety issues. \nManagement has recognised a provision based on its best estimate of the future obligations. \nHowever, should the costs of remediation increase by 5%, due to factors such as higher-than-expected \nin\ufb02ation, the impact on the remediation costs would be \u00a31m. Please see note 20 for further detail.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22173": {
"value": "Critical judgements and estimates in applying the Group\u2019s accounting policies
\nThe following are the critical judgements and estimates that the directors have made in the process
\nof applying the Group\u2019s accounting policies and that have a signi\ufb01cant e\ufb00ect on the amounts
\nrecognised in the \ufb01nancial statements:
\n\ue001
Revenue recognition \u2013 mixed-use schemes (judgement)
\nThe Group acts as developer and/or contractor on a number of mixed-use schemes. In some
\ninstances, judgement is required to determine whether the revenue on a particular element of the
\nscheme should be recognised as work progresses (recognised over time) or upon legal completion
\n(recognised at a point in time). A detailed assessment is performed of the contractual agreements
\nwith the customer as well as the substance of the transaction to determine performance obligations
\nhave been satis\ufb01ed. Relevant factors that are considered include the point at which legal ownership
\nof the land passes to the customer, the degree to which the customer can specify the major
\nstructural elements of the design prior to construction work commencing and the degree to which
\nthe customer can specify modi\ufb01cations to the major structural elements of the building during
\nconstruction.
\n\ue001
Revenue and pro\ufb01t recognition for long-term contracts (judgement and estimate)
\nIn order to determine the revenue and pro\ufb01t recognition in respect of the Group\u2019s construction
\ncontracts, the Group has to estimate the total costs to deliver the contract as well as the \ufb01nal
\ncontract value. The Group has to allocate total expected costs between the amount incurred on
\nthe contract to the end of the reporting period and the proportion to complete in a future period.
\nThe assessment of the total costs to be incurred and \ufb01nal contract value requires a degree of
\njudgement and estimation.
\nThe \ufb01nal contract value may include assessments of the recovery of variations which have yet to be
\nagreed with the client, as well as additional compensation claim amounts. The amount of variations
\nand claims are often not fully agreed with the customer due to timing and requirements of the
\nnormal contractual process. Therefore, assessments are based on judgement and estimates of
\nthe potential cost impact of the compensation claims, and the revenue recognised is constrained
\nto amounts where the Group believes it is highly probable that a signi\ufb01cant reversal will not occur.
\nThe estimation of costs to complete is based on all available relevant information and may include
\njudgements and estimates of any potential defect liabilities or liquidated damages for unagreed
\nscope or timing variations. Costs incurred in advance of the contract, or contract ful\ufb01lment costs that
\nare directly attributable to the contract, may also be included as part of the total costs to complete
\nthe contract. Judgement is required to consider when any pre-contract costs or contract ful\ufb01lment
\ncosts are directly attributable to a speci\ufb01c contract and the recognition of the related costs over the
\nlife of the contract.
\nThe reference to estimates above is not intended to comply with the requirements of paragraph
\n125 of IAS 1, \u2018Presentation of Financial Statements\u2019, as it is not expected there is a signi\ufb01cant risk
\nof a material adjustment to the carrying amount of assets and liabilities within the next \ufb01nancial
\nyear. The above is presented as additional disclosure in order to give more detail on the process
\nfor revenue and pro\ufb01t recognition for long-term contracts.
\n\ue001
Building safety provisions (estimate)
\nManagement have reviewed legal and constructive obligations with regard to remedial work to
\nrectify legacy building safety issues. Where obligations exist, these have been evaluated for the likely
\ncost to address, including repayments of the Building Safety Fund, and an appropriate provision has
\nbeen created.
\nThe ongoing legislative and regulatory changes in respect of legacy building safety issues create
\nuncertainty around the extent of remediation required for legacy buildings, the liability for such
\nremediation, recoveries from other parties (which would only be recognised when virtually certain to
\nbe received) and the time to be considered. This implies inherent uncertainty as to the precise future
\nobligations of the Group in respect of building \ufb01re safety issues.
\nManagement has recognised a provision based on its best estimate of the future obligations.
\nHowever, should the costs of remediation increase by 5%, due to factors such as higher-than-expected
\nin\ufb02ation, the impact on the remediation costs would be \u00a31m.
Please see note 20 for further detail.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22254": {
"value": "1 Revenue An analysis of the Group\u2019s revenue is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nConstruction contracts
2,409.3
2,203.9
\nOther services
267.1
234.2
\nConstruction activities revenue
2,676.4
2,438.1
\nRegeneration activities revenue
935.8
774.7
\nTotal revenue
3,612.2
3,212.8
\n2022
2021
\nRecognised on
\nperformance
\nobligations
\nsatis\ufb01ed
\nover time
\n\u00a3m
\nRecognised on
\nperformance
\nobligations
\nsatis\ufb01ed at a
\npoint in time
\n\u00a3m
\nTotal
\nRevenue
\n\u00a3m
\nRecognised
\non
\nperformance
\nobligations
\nsatis\ufb01ed
\nover time
\n\u00a3m
\nRecognised
\non
\nperformance
\nobligations
\nsatis\ufb01ed at a
\npoint in time
\n\u00a3m
\nTotal
\nrevenue
\n\u00a3m
\nConstruction
808.1
\u2013
808.1
693.5
\u2013
693.5
\nInfrastructure and
\ndesign
760.5
\u2013
760.5
826.1
\u2013
826.1
\nConstruction &
\nInfrastructure
1,568.6
\u2013
1,568.6
1,519.6
\u2013
1,519.6
\nTraditional \ufb01t out
844.3
\u2013
844.3
634.7
\u2013
634.7
\nDesign and build
123.2
\u2013
123.2
160.7
\u2013
160.7
\nFit Out
967.5
\u2013
967.5
795.4
\u2013
795.4
\nProperty Services
163.5
\u2013
163.5
133.8
\u2013
133.8
\nContracting
329.1
\u2013
329.1
249.2
\u2013
249.2
\nMixed tenure
105.2
261.9
367.1
55.1
267.9
323.0
\nPartnership Housing
434.3
261.9
696.2
304.3
267.9
572.2
\nUrban Regeneration
175.6
68.4
244.0
154.9
47.6
202.5
\nInter-segment revenue
(27.6)
\u2013
(27.6)
(10.7)
\u2013
(10.7)
\nTotal revenue
3,281.9
330.3
3,612.2
2,897.3
315.5
3,212.8
\nFinance income of \u00a32.3m (2021: \u00a30.6m) is excluded from the table above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22255": {
"value": "1 Revenue An analysis of the Group\u2019s revenue is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nConstruction contracts
2,409.3
2,203.9
\nOther services
267.1
234.2
\nConstruction activities revenue
2,676.4
2,438.1
\nRegeneration activities revenue
935.8
774.7
\nTotal revenue
3,612.2
3,212.8
\n2022
2021
\nRecognised on
\nperformance
\nobligations
\nsatis\ufb01ed
\nover time
\n\u00a3m
\nRecognised on
\nperformance
\nobligations
\nsatis\ufb01ed at a
\npoint in time
\n\u00a3m
\nTotal
\nRevenue
\n\u00a3m
\nRecognised
\non
\nperformance
\nobligations
\nsatis\ufb01ed
\nover time
\n\u00a3m
\nRecognised
\non
\nperformance
\nobligations
\nsatis\ufb01ed at a
\npoint in time
\n\u00a3m
\nTotal
\nrevenue
\n\u00a3m
\nConstruction
808.1
\u2013
808.1
693.5
\u2013
693.5
\nInfrastructure and
\ndesign
760.5
\u2013
760.5
826.1
\u2013
826.1
\nConstruction &
\nInfrastructure
1,568.6
\u2013
1,568.6
1,519.6
\u2013
1,519.6
\nTraditional \ufb01t out
844.3
\u2013
844.3
634.7
\u2013
634.7
\nDesign and build
123.2
\u2013
123.2
160.7
\u2013
160.7
\nFit Out
967.5
\u2013
967.5
795.4
\u2013
795.4
\nProperty Services
163.5
\u2013
163.5
133.8
\u2013
133.8
\nContracting
329.1
\u2013
329.1
249.2
\u2013
249.2
\nMixed tenure
105.2
261.9
367.1
55.1
267.9
323.0
\nPartnership Housing
434.3
261.9
696.2
304.3
267.9
572.2
\nUrban Regeneration
175.6
68.4
244.0
154.9
47.6
202.5
\nInter-segment revenue
(27.6)
\u2013
(27.6)
(10.7)
\u2013
(10.7)
\nTotal revenue
3,281.9
330.3
3,612.2
2,897.3
315.5
3,212.8
\nFinance income of \u00a32.3m (2021: \u00a30.6m) is excluded from the table above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22425": {
"value": "2 Business segments For management purposes, the Group is organised into \ufb01ve operating divisions: Construction &
\nInfrastructure, Fit Out, Property Services, Partnership Housing and Urban Regeneration, and this
\nis the structure of segment information reviewed by the Chief Operating Decision Maker (CODM).
\nThe CODM is determined to be the Board of directors and reporting provided to the Board is in
\nline with these \ufb01ve divisions, which have been considered to be the Group\u2019s operating segments.
\nAdditional information is included in the strategic report related to the Group\u2019s Construction &
\nInfrastructure division where this is considered useful to the Group\u2019s stakeholders.
\nThe \ufb01ve operating divisions\u2019 activities are as follows:
\n\ue001
Construction & Infrastructure: Morgan Sindall Construction & Infrastructure Ltd focuses on the
\neducation, healthcare, commercial, industrial, leisure and retail markets in Construction; and
\nhighways, rail, energy, water and nuclear markets in Infrastructure. Infrastructure also includes
\nthe BakerHicks design activities based out of the UK and Switzerland.
\n\ue001
Fit Out: Overbury plc is focused on \ufb01t out and refurbishment in commercial, central and local
\ngovernment o\ufb03ces, as well as further education; Morgan Lovell plc provides o\ufb03ce interior design
\nand build services direct to occupiers.
\n\ue001
Property Services: Morgan Sindall Property Services Limited provides response and planned
\nmaintenance activities for social housing and the wider public sector.
\n\ue001
Partnership Housing: Lovell Partnerships Limited is focused on working in partnerships with local
\nauthorities and housing associations. Activities include mixed-tenure developments, building and
\ndeveloping homes for open market sale and for social/a\ufb00ordable rent, design and build house
\ncontracting and planned maintenance and refurbishment.
\n\ue001
Urban Regeneration: Muse Places Limited is focused on transforming the urban landscape
\nthrough partnership working and the development of multi-phase sites and mixed-use regeneration.
\nGroup activities represent costs and income arising from corporate activities which cannot be
\nmeaningfully allocated to the operating segments. These include the costs of the Group Board,
\ntreasury management, corporate tax coordination, Group \ufb01nance and internal audit, insurance
\nmanagement, company secretarial services, Group general counsel services, information technology
\nservices, interest revenue and interest expense.
\nThe Group reports its segmental information as presented below:
\nYear ended
\n31 December
\n2022
\nConstruction &
\nInfrastructure
\n\u00a3m
\nFit Out
\n\u00a3m
\nProperty
\nServices
\n\u00a3m
\nPartnership
\nHousing
\n\u00a3m
\nUrban
\nRegeneration
\n\u00a3m
\nGroup
\nactivities
\n\u00a3m
\nElimi-
\nnations
\n\u00a3m
\nTotal
\n\u00a3m
\nExternal
\nrevenue
1,545.4
967.5
163.5
691.8
244.0
\u2013
\u2013
3,612.2
\nInter-segment
\nrevenue
23.2
\u2013
\u2013
4.4
\u2013
\u2013
(27.6)
\u2013
\nTotal revenue
1,568.6
967.5
163.5
696.2
244.0
\u2013
(27.6)
3,612.2
\nAdjusted
\noperating
\npro\ufb01t/(loss)
\n(note 28)
52.1
52.2
4.3
37.4
18.9
(25.7)
\u2013
139.2
\nAmortisation of
\nintangible assets
\u2013
\u2013
(2.0)
\u2013
\u2013
\u2013
\u2013
(2.0)
\nExceptional
\noperating items
\u2013
\u2013
\u2013
(5.5)
(43.4)
\u2013
\u2013
(48.9)
\nOperating
\npro\ufb01t/(loss)
52.1
52.2
2.3
31.9
(24.5)
(25.7)
\u2013
88.3
\nFinance income
2.3
\nFinance expense
(5.3)
\nPro\ufb01t before
\ntax
85.3
\nOther
\ninformation:
\nDepreciation
(13.8)
(3.1)
(1.5)
(2.7)
(0.9)
(0.9)
(22.9)
\nAverage
\nnumber of
\nemployees
4,091
962
949
1,002
93
106
7,203
\nGovernance
Financial statements
Strategic report
\n198
Morgan Sindall Group plc
Annual Report 2022
2 Business segments continued
\nYear ended
\n31 December
\n2021
\nConstruction &
\nInfrastructure
\n\u00a3m
\nFit Out
\n\u00a3m
\nProperty
\nServices
\n\u00a3m
\nPartnership
\nHousing
\n\u00a3m
\nUrban
\nRegeneration
\n\u00a3m
\nGroup
\nactivities
\n\u00a3m
\nElimi-
\nnations
\n\u00a3m
\nTotal
\n\u00a3m
\nExternal
\nrevenue
1,509.0
795.3
133.8
572.2
202.5
\u2013
\u2013
3,212.8
\nInter-segment
\nrevenue
10.6
0.1
\u2013
\u2013
\u2013
\u2013
(10.7)
\u2013
\nTotal revenue
1,519.6
795.4
133.8
572.2
202.5
\u2013
(10.7)
3,212.8
\nAdjusted
\noperating
\npro\ufb01t/(loss)
\n(note 28)
58.1
44.2
4.1
33.2
12.1
(20.4)
\u2013
131.3
\nAmortisation of
\nintangible assets
\u2013
\u2013
(1.5)
\u2013
\u2013
\u2013
\u2013
(1.5)
\nOperating
\npro\ufb01t/(loss)
58.1
44.2
2.6
33.2
12.1
(20.4)
\u2013
129.8
\nFinance income
0.6
\nFinance expense
(4.2)
\nPro\ufb01t before
\ntax
126.2
\nOther
\ninformation:
\nDepreciation
(12.3)
(3.0)
(1.0)
(2.4)
(0.8)
(1.0)
(20.5)
\nAverage
\nnumber of
\nemployees
3,966
839
786
884
88
103
6,666
\nSegment assets and liabilities are not presented as these are not reported to the CODM.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22716": {
"value": "3 Pro\ufb01t for the year Pro\ufb01t before tax for the year is stated after charging/(crediting):
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDepreciation charge:
\nPlant, equipment, \ufb01xtures and \ufb01ttings
7.1
7.0
\nRight-of-use assets
15.8
13.5
\nGovernment grants received
(15.9)
(12.4)
\nAmortisation of intangible assets
2.0
1.5
\nImpairment of investments
0.9
1.2
\nAuditor\u2019s remuneration
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAudit of the Company\u2019s annual report
0.4
0.3
\nAudit of the Company\u2019s subsidiaries and joint ventures
1.6
1.2
\nTotal audit fees
2.0
1.5
\nTotal non-audit fees
\u2013
\u2013
\nTotal audit and non-audit fees
2.0
1.5
\nNon-audit fees totalled \u00a3nil for the year ended 31 December 2022 (2021: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22717": {
"value": "3 Pro\ufb01t for the year Pro\ufb01t before tax for the year is stated after charging/(crediting):
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDepreciation charge:
\nPlant, equipment, \ufb01xtures and \ufb01ttings
7.1
7.0
\nRight-of-use assets
15.8
13.5
\nGovernment grants received
(15.9)
(12.4)
\nAmortisation of intangible assets
2.0
1.5
\nImpairment of investments
0.9
1.2
\nAuditor\u2019s remuneration
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAudit of the Company\u2019s annual report
0.4
0.3
\nAudit of the Company\u2019s subsidiaries and joint ventures
1.6
1.2
\nTotal audit fees
2.0
1.5
\nTotal non-audit fees
\u2013
\u2013
\nTotal audit and non-audit fees
2.0
1.5
\nNon-audit fees totalled \u00a3nil for the year ended 31 December 2022 (2021: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22718": {
"value": "3 Pro\ufb01t for the year Pro\ufb01t before tax for the year is stated after charging/(crediting):
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDepreciation charge:
\nPlant, equipment, \ufb01xtures and \ufb01ttings
7.1
7.0
\nRight-of-use assets
15.8
13.5
\nGovernment grants received
(15.9)
(12.4)
\nAmortisation of intangible assets
2.0
1.5
\nImpairment of investments
0.9
1.2
\nAuditor\u2019s remuneration
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAudit of the Company\u2019s annual report
0.4
0.3
\nAudit of the Company\u2019s subsidiaries and joint ventures
1.6
1.2
\nTotal audit fees
2.0
1.5
\nTotal non-audit fees
\u2013
\u2013
\nTotal audit and non-audit fees
2.0
1.5
\nNon-audit fees totalled \u00a3nil for the year ended 31 December 2022 (2021: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22744": {
"value": "Auditor\u2019s remuneration 2022
\n\u00a3m
\n2021
\n\u00a3m
\nAudit of the Company\u2019s annual report
0.4
0.3
\nAudit of the Company\u2019s subsidiaries and joint ventures
1.6
1.2
\nTotal audit fees
2.0
1.5
\nTotal non-audit fees
\u2013
\u2013
\nTotal audit and non-audit fees
2.0
1.5
Non-audit fees totalled \u00a3nil for the year ended 31 December 2022 (2021: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22788": {
"value": "4 Exceptional building safety charge Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nExceptional building safety provisions recognised
20
39.1
\u2013
\nExceptional building safety charges within
\njoint ventures
13
9.8
\u2013
\nTotal exceptional building safety charge
48.9
\u2013
\nDuring 2022 the Partnership Housing division signed the Pledge with the DLUHC setting out
\nthe principles under which life-critical \ufb01re safety issues on buildings that they have developed of
\n11 metres and above are to be remediated. A letter was also received from DLUHC in July 2022
\nrequesting information to assess whether it may be appropriate for Urban Regeneration to also
\ncommit to the principles of the Pledge as part of its commitment to support the remediation of
\nhistoric cladding and \ufb01re safety defects over and above its obligations under the new Building
\nSafety Act.
\nThe \ufb01nal-form legal contract was issued in January 2023 and both Partnership Housing and Urban
\nRegeneration have con\ufb01rmed in writing to DLUHC their intention to sign and execute the contract
\non or before the stipulated date of 13 March 2023.
\nA comprehensive review has been completed during the year to identify legal and constructive
\nobligations related to the Pledge, including reimbursement of grants provided by the Building Safety
\nFund. As a result of this review and the obligations arising as a result of the Pledge, provisions were
\nrecognised totalling \u00a348.9m and these have been presented as exceptional charges due to their
\nmateriality and irregular nature.
\nIncluded in the \u00a348.9m total exceptional building safety charge is \u00a39.8m that has been recognised in
\nrespect of the Group\u2019s share of constructive and legal obligations to remediate legacy building safety
\nissues within joint ventures, and this has been recognised within the Group\u2019s share of net pro\ufb01t of
\njoint ventures. The remaining \u00a339.1m charge has been recognised in cost of sales.",
"dimensions": {
"concept": "mgns:DisclosureOfExceptionalBuildingSafetyChargeExplanatoryTextBlock",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22828": {
"value": "5 Sta\ufb00 costs Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nWages and salaries
507.3
468.6
\nSocial security costs
62.2
54.3
\nOther pension costs
19
22.9
20.8
\nShare-based payments
24
9.7
12.1
\n602.1
555.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22829": {
"value": "5 Sta\ufb00 costs Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nWages and salaries
507.3
468.6
\nSocial security costs
62.2
54.3
\nOther pension costs
19
22.9
20.8
\nShare-based payments
24
9.7
12.1
\n602.1
555.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22856": {
"value": "6 Finance income and expense Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest receivable from joint ventures
\u2013
0.6
\nOther interest income
2.3
\u2013
\nFinance income
2.3
0.6
\nInterest expense on lease liabilities
21
(1.9)
(1.5)
\nLoan arrangement and commitment fees
(2.2)
(2.5)
\nOther interest expense
(1.2)
(0.2)
\nFinance expense
(5.3)
(4.2)
\nNet \ufb01nance expense
(3.0)
(3.6)
\nIncluded within other interest expense is \u00a31.2m discount unwind on deferred land payments
\n(2021: \u00a30.2m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22857": {
"value": "6 Finance income and expense Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest receivable from joint ventures
\u2013
0.6
\nOther interest income
2.3
\u2013
\nFinance income
2.3
0.6
\nInterest expense on lease liabilities
21
(1.9)
(1.5)
\nLoan arrangement and commitment fees
(2.2)
(2.5)
\nOther interest expense
(1.2)
(0.2)
\nFinance expense
(5.3)
(4.2)
\nNet \ufb01nance expense
(3.0)
(3.6)
\nIncluded within other interest expense is \u00a31.2m discount unwind on deferred land payments
\n(2021: \u00a30.2m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22858": {
"value": "6 Finance income and expense Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest receivable from joint ventures
\u2013
0.6
\nOther interest income
2.3
\u2013
\nFinance income
2.3
0.6
\nInterest expense on lease liabilities
21
(1.9)
(1.5)
\nLoan arrangement and commitment fees
(2.2)
(2.5)
\nOther interest expense
(1.2)
(0.2)
\nFinance expense
(5.3)
(4.2)
\nNet \ufb01nance expense
(3.0)
(3.6)
\nIncluded within other interest expense is \u00a31.2m discount unwind on deferred land payments
\n(2021: \u00a30.2m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22859": {
"value": "6 Finance income and expense Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest receivable from joint ventures
\u2013
0.6
\nOther interest income
2.3
\u2013
\nFinance income
2.3
0.6
\nInterest expense on lease liabilities
21
(1.9)
(1.5)
\nLoan arrangement and commitment fees
(2.2)
(2.5)
\nOther interest expense
(1.2)
(0.2)
\nFinance expense
(5.3)
(4.2)
\nNet \ufb01nance expense
(3.0)
(3.6)
\nIncluded within other interest expense is \u00a31.2m discount unwind on deferred land payments
\n(2021: \u00a30.2m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22860": {
"value": "6 Finance income and expense Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest receivable from joint ventures
\u2013
0.6
\nOther interest income
2.3
\u2013
\nFinance income
2.3
0.6
\nInterest expense on lease liabilities
21
(1.9)
(1.5)
\nLoan arrangement and commitment fees
(2.2)
(2.5)
\nOther interest expense
(1.2)
(0.2)
\nFinance expense
(5.3)
(4.2)
\nNet \ufb01nance expense
(3.0)
(3.6)
\nIncluded within other interest expense is \u00a31.2m discount unwind on deferred land payments
\n(2021: \u00a30.2m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22861": {
"value": "6 Finance income and expense Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest receivable from joint ventures
\u2013
0.6
\nOther interest income
2.3
\u2013
\nFinance income
2.3
0.6
\nInterest expense on lease liabilities
21
(1.9)
(1.5)
\nLoan arrangement and commitment fees
(2.2)
(2.5)
\nOther interest expense
(1.2)
(0.2)
\nFinance expense
(5.3)
(4.2)
\nNet \ufb01nance expense
(3.0)
(3.6)
\nIncluded within other interest expense is \u00a31.2m discount unwind on deferred land payments
\n(2021: \u00a30.2m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22862": {
"value": "6 Finance income and expense Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest receivable from joint ventures
\u2013
0.6
\nOther interest income
2.3
\u2013
\nFinance income
2.3
0.6
\nInterest expense on lease liabilities
21
(1.9)
(1.5)
\nLoan arrangement and commitment fees
(2.2)
(2.5)
\nOther interest expense
(1.2)
(0.2)
\nFinance expense
(5.3)
(4.2)
\nNet \ufb01nance expense
(3.0)
(3.6)
\nIncluded within other interest expense is \u00a31.2m discount unwind on deferred land payments
\n(2021: \u00a30.2m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22923": {
"value": "7 Tax Tax expense for the year
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent tax:
\nCurrent year
25.0
22.9
\nAdjustment in respect of prior years
8.5
(0.3)
\n33.5
22.6
\nDeferred tax:
\nCurrent year
\u2013
1.7
\nE\ufb00ect of change in tax rate used to calculate deferred
\ntax balances
\u2013
5.1
\nAdjustment in respect of prior years
(9.1)
(1.1)
\n(9.1)
5.7
\nTax expense for the year
24.4
28.3
\nUK corporation tax is calculated at 19.00% (2021: 19.00%) of the estimated taxable pro\ufb01t for the year.
\nThe table below reconciles the tax charge for the year to tax at the UK statutory rate:
\nNotes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPro\ufb01t before tax
85.3
126.2
\nLess: underlying post-tax share of pro\ufb01ts from
\njoint ventures
13
(14.3)
(5.4)
\n71.0
120.8
\nUK corporation tax rate
19.00%
19.00%
\nIncome tax expense at UK corporation tax rate
13.5
23.0
\nTax e\ufb00ect of:
\nAdjustments in respect of prior years:
\nChange to tax base cost of goodwill
(1.1)
\u2013
\nOther
0.5
(1.4)
\nExpenses for which no tax relief is recognised:
\nProportion of exceptional items
7.0
\u2013
\nProportion of share-based payments
1.6
\u2013
\nOther non-deductible expenses
0.5
0.3
\nTax liability upon joint venture pro\ufb01ts
\n1
\n2.6
0.7
\nResidential property developer tax
0.3
\u2013
\nChange in tax rate used to calculate deferred
\ntax balances
\u2013
5.1
\nOther
(0.5)
0.6
\nTax expense for the year
24.4
28.3
\n1 Certain of the Group\u2019s joint ventures are partnerships for which pro\ufb01ts are taxed within the Group rather than within
\nthe joint venture.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n201
Morgan Sindall Group plc
Annual Report 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\n7 Tax continued
\nDeferred tax assets/(liabilities)
\nAsset amortisation
\nand depreciation
\n\u00a3m
\nTax losses and
\nshort-term timing
\ndi\ufb00erences
\n\u00a3m
\nShare-based
\npayments
\n\u00a3m
\nTotal
\n\u00a3m
\n1 January 2021
(16.4)
1.5
2.4
(12.5)
\n(Charge)/credit to
\nincome statement
(0.6)
1.0
(1.0)
(0.6)
\nCredit to equity
\u2013
\u2013
8.2
8.2
\nE\ufb00ect of change in
\ntax rate:
\nCharge to income
\nstatement
(5.1)
\u2013
\u2013
(5.1)
\n1 January 2022
(22.1)
2.5
9.6
(10.0)
\nCredit/(charge) to
\nincome statement
3.6
7.0
(1.5)
9.1
\nCharge to equity
\u2013
\u2013
(5.9)
(5.9)
\n31 December 2022
(18.5)
9.5
2.2
(6.8)
\nCertain deferred tax assets and liabilities, as shown above, have been o\ufb00set as the Group has a
\nlegally enforceable right to do so.
\nDuring 2021 it was announced that the UK statutory tax rate will increase from 19% to 25% from
\n1 April 2023. Consequently the applicable tax rate for the Group (taking into account our December
\nyear end) is expected to be 23.5% in 2023 and 25% in 2024 (and beyond). Deferred taxes at the
\nbalance sheet date are measured at the enacted rates that are expected to apply to the unwind
\nof each asset or liability. Accordingly, deferred tax balances as at 31 December 2022 have been
\ncalculated at a mix of 23.5% and 25%. Deferred tax balances as at 31 December 2021 were
\ncalculated at a mix of 19%, 23.5% and 25%.
\nOn 1 April 2022, Residential Property Developer Tax (RPDT) was introduced at a rate of 4% (for a full
\nyear), on pro\ufb01ts arising from residential property development. A \u00a325m annual tax-free allowance
\napplies in aggregate for the Group. A portion of the pro\ufb01ts of the Group\u2019s Partnership Housing and
\nUrban Regeneration businesses are subject to RPDT, and a liability of \u00a30.3m has been accrued for
\nthe Group for 2022.
\nAt 31 December 2022, the Group had unused tax losses of \u00a342.7m (2021: \u00a35.0m) available for o\ufb00set
\nagainst future pro\ufb01ts. A deferred tax asset of \u00a36.3m (2021: \u00a3nil) has been recognised in respect of
\n\u00a326.9m (2021: \u00a3nil) of these losses. For these \u00a326.9m of losses on which a deferred tax asset has
\nbeen recognised, the Group\u2019s current intention is to delay o\ufb00setting the losses against its other
\npro\ufb01ts until 2023. No deferred tax asset has been recognised in respect of the remaining \u00a315.8m
\nof losses as these losses can only be utilised against pro\ufb01ts from particular sources, and there are
\nno probable future pro\ufb01ts from these sources. The losses may be carried forward inde\ufb01nitely.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22924": {
"value": "7 Tax Tax expense for the year
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent tax:
\nCurrent year
25.0
22.9
\nAdjustment in respect of prior years
8.5
(0.3)
\n33.5
22.6
\nDeferred tax:
\nCurrent year
\u2013
1.7
\nE\ufb00ect of change in tax rate used to calculate deferred
\ntax balances
\u2013
5.1
\nAdjustment in respect of prior years
(9.1)
(1.1)
\n(9.1)
5.7
\nTax expense for the year
24.4
28.3
\nUK corporation tax is calculated at 19.00% (2021: 19.00%) of the estimated taxable pro\ufb01t for the year.
\nThe table below reconciles the tax charge for the year to tax at the UK statutory rate:
\nNotes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPro\ufb01t before tax
85.3
126.2
\nLess: underlying post-tax share of pro\ufb01ts from
\njoint ventures
13
(14.3)
(5.4)
\n71.0
120.8
\nUK corporation tax rate
19.00%
19.00%
\nIncome tax expense at UK corporation tax rate
13.5
23.0
\nTax e\ufb00ect of:
\nAdjustments in respect of prior years:
\nChange to tax base cost of goodwill
(1.1)
\u2013
\nOther
0.5
(1.4)
\nExpenses for which no tax relief is recognised:
\nProportion of exceptional items
7.0
\u2013
\nProportion of share-based payments
1.6
\u2013
\nOther non-deductible expenses
0.5
0.3
\nTax liability upon joint venture pro\ufb01ts
\n1
\n2.6
0.7
\nResidential property developer tax
0.3
\u2013
\nChange in tax rate used to calculate deferred
\ntax balances
\u2013
5.1
\nOther
(0.5)
0.6
\nTax expense for the year
24.4
28.3
\n1 Certain of the Group\u2019s joint ventures are partnerships for which pro\ufb01ts are taxed within the Group rather than within
\nthe joint venture.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n201
Morgan Sindall Group plc
Annual Report 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\n7 Tax continued
\nDeferred tax assets/(liabilities)
\nAsset amortisation
\nand depreciation
\n\u00a3m
\nTax losses and
\nshort-term timing
\ndi\ufb00erences
\n\u00a3m
\nShare-based
\npayments
\n\u00a3m
\nTotal
\n\u00a3m
\n1 January 2021
(16.4)
1.5
2.4
(12.5)
\n(Charge)/credit to
\nincome statement
(0.6)
1.0
(1.0)
(0.6)
\nCredit to equity
\u2013
\u2013
8.2
8.2
\nE\ufb00ect of change in
\ntax rate:
\nCharge to income
\nstatement
(5.1)
\u2013
\u2013
(5.1)
\n1 January 2022
(22.1)
2.5
9.6
(10.0)
\nCredit/(charge) to
\nincome statement
3.6
7.0
(1.5)
9.1
\nCharge to equity
\u2013
\u2013
(5.9)
(5.9)
\n31 December 2022
(18.5)
9.5
2.2
(6.8)
\nCertain deferred tax assets and liabilities, as shown above, have been o\ufb00set as the Group has a
\nlegally enforceable right to do so.
\nDuring 2021 it was announced that the UK statutory tax rate will increase from 19% to 25% from
\n1 April 2023. Consequently the applicable tax rate for the Group (taking into account our December
\nyear end) is expected to be 23.5% in 2023 and 25% in 2024 (and beyond). Deferred taxes at the
\nbalance sheet date are measured at the enacted rates that are expected to apply to the unwind
\nof each asset or liability. Accordingly, deferred tax balances as at 31 December 2022 have been
\ncalculated at a mix of 23.5% and 25%. Deferred tax balances as at 31 December 2021 were
\ncalculated at a mix of 19%, 23.5% and 25%.
\nOn 1 April 2022, Residential Property Developer Tax (RPDT) was introduced at a rate of 4% (for a full
\nyear), on pro\ufb01ts arising from residential property development. A \u00a325m annual tax-free allowance
\napplies in aggregate for the Group. A portion of the pro\ufb01ts of the Group\u2019s Partnership Housing and
\nUrban Regeneration businesses are subject to RPDT, and a liability of \u00a30.3m has been accrued for
\nthe Group for 2022.
\nAt 31 December 2022, the Group had unused tax losses of \u00a342.7m (2021: \u00a35.0m) available for o\ufb00set
\nagainst future pro\ufb01ts. A deferred tax asset of \u00a36.3m (2021: \u00a3nil) has been recognised in respect of
\n\u00a326.9m (2021: \u00a3nil) of these losses. For these \u00a326.9m of losses on which a deferred tax asset has
\nbeen recognised, the Group\u2019s current intention is to delay o\ufb00setting the losses against its other
\npro\ufb01ts until 2023. No deferred tax asset has been recognised in respect of the remaining \u00a315.8m
\nof losses as these losses can only be utilised against pro\ufb01ts from particular sources, and there are
\nno probable future pro\ufb01ts from these sources. The losses may be carried forward inde\ufb01nitely.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23040": {
"value": "Deferred tax assets/(liabilities) Asset amortisation
\nand depreciation
\n\u00a3m
\nTax losses and
\nshort-term timing
\ndi\ufb00erences
\n\u00a3m
\nShare-based
\npayments
\n\u00a3m
\nTotal
\n\u00a3m
\n1 January 2021
(16.4)
1.5
2.4
(12.5)
\n(Charge)/credit to
\nincome statement
(0.6)
1.0
(1.0)
(0.6)
\nCredit to equity
\u2013
\u2013
8.2
8.2
\nE\ufb00ect of change in
\ntax rate:
\nCharge to income
\nstatement
(5.1)
\u2013
\u2013
(5.1)
\n1 January 2022
(22.1)
2.5
9.6
(10.0)
\nCredit/(charge) to
\nincome statement
3.6
7.0
(1.5)
9.1
\nCharge to equity
\u2013
\u2013
(5.9)
(5.9)
\n31 December 2022
(18.5)
9.5
2.2
(6.8)
\nCertain deferred tax assets and liabilities, as shown above, have been o\ufb00set as the Group has a
\nlegally enforceable right to do so.
\nDuring 2021 it was announced that the UK statutory tax rate will increase from 19% to 25% from
\n1 April 2023. Consequently the applicable tax rate for the Group (taking into account our December
\nyear end) is expected to be 23.5% in 2023 and 25% in 2024 (and beyond). Deferred taxes at the
\nbalance sheet date are measured at the enacted rates that are expected to apply to the unwind
\nof each asset or liability. Accordingly, deferred tax balances as at 31 December 2022 have been
\ncalculated at a mix of 23.5% and 25%. Deferred tax balances as at 31 December 2021 were
\ncalculated at a mix of 19%, 23.5% and 25%.
\nOn 1 April 2022, Residential Property Developer Tax (RPDT) was introduced at a rate of 4% (for a full
\nyear), on pro\ufb01ts arising from residential property development. A \u00a325m annual tax-free allowance
\napplies in aggregate for the Group. A portion of the pro\ufb01ts of the Group\u2019s Partnership Housing and
\nUrban Regeneration businesses are subject to RPDT, and a liability of \u00a30.3m has been accrued for
\nthe Group for 2022.
\nAt 31 December 2022, the Group had unused tax losses of \u00a342.7m (2021: \u00a35.0m) available for o\ufb00set
\nagainst future pro\ufb01ts. A deferred tax asset of \u00a36.3m (2021: \u00a3nil) has been recognised in respect of
\n\u00a326.9m (2021: \u00a3nil) of these losses. For these \u00a326.9m of losses on which a deferred tax asset has
\nbeen recognised, the Group\u2019s current intention is to delay o\ufb00setting the losses against its other
\npro\ufb01ts until 2023. No deferred tax asset has been recognised in respect of the remaining \u00a315.8m
\nof losses as these losses can only be utilised against pro\ufb01ts from particular sources, and there are
no probable future pro\ufb01ts from these sources. The losses may be carried forward inde\ufb01nitely.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23124": {
"value": "8 Dividends Amounts recognised as distributions to equity holders in the year:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFinal dividend for the year ended 31 December 2021 of
\n62.0p per share
28.3
\nFinal dividend for the year ended 31 December 2020 of
\n40.0p per share
\u2013
18.5
\nInterim dividend for the year ended 31 December 2022 of
\n33.0p per share
15.2
\nInterim dividend for the year ended 31 December 2021 of
\n30.0p per share
\u2013
13.8
\n43.5
32.3
\nThe proposed \ufb01nal dividend for the year ended 31 December 2022 of 68.0p per share is
\nsubject to approval by shareholders at the AGM and has not been included as a liability in these
\n\ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23133": {
"value": "62",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f23149": {
"value": "0.68",
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f23167": {
"value": "9 Earnings per share 2022
\n\u00a3m
\n2021
\n\u00a3m
\nPro\ufb01t attributable to the owners of the Company
60.9
97.9
\nAdjustments:
\nExceptional operating items net of tax
46.7
\u2013
\nAmortisation of intangible assets net of tax
1.6
1.2
\nDeferred tax charge arising due to change in
\nUK corporation tax rates
\u2013
5.1
\nAdjusted earnings
109.2
104.2
\n2022
\nNumber of shares
\n(millions)
\n2021
\nNumber of shares
\n(millions)
\nBasic weighted average number of ordinary shares
45.9
46.1
\nDilutive e\ufb00ect of share options and conditional shares
\nnot vested
0.8
1.8
\nDiluted weighted average number of ordinary shares
46.7
47.9
\nBasic earnings per share
132.7p
212.4p
\nDiluted earnings per share
130.4p
204.4p
\nAdjusted earnings per share
237.9p
226.0p
\nDiluted adjusted earnings per share
233.8p
217.5p
\nThe average market value of the Company\u2019s shares for the purpose of calculating the dilutive e\ufb00ect
\nof share options and long-term incentive plan shares was based on quoted market prices for the
\nyear. The average share price for the year was \u00a319.12 (2021: \u00a321.39).
\nA total of 681,571 share options that could potentially dilute earnings per share in the future
\nwere excluded from the above calculations because they were anti-dilutive at 31 December 2022
\n(2021: 865,271).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23226": {
"value": "10 Goodwill and other intangible assets Goodwill
\n\u00a3m
\nOther intangible
\nassets
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\n1 January 2021
217.7
40.8
258.5
\nAdditions
\u2013
1.3
1.3
\n1 January 2022
217.7
42.1
259.8
\nAdditions
\u2013
1.3
1.3
\nDisposals
\u2013
(2.0)
(2.0)
\n31 December 2022
217.7
41.4
259.1
\nAccumulated amortisation
\n1 January 2021
\u2013
(36.4)
(36.4)
\nAmortisation
\u2013
(1.5)
(1.5)
\n1 January 2022
\u2013
(37.9)
(37.9)
\nAmortisation
\u2013
(2.0)
(2.0)
\nDisposals
\u2013
2.0
2.0
\n31 December 2022
\u2013
(37.9)
(37.9)
\nNet book value at 31 December 2022
217.7
3.5
221.2
\nNet book value at 31 December 2021
217.7
4.2
221.9
\nGoodwill represents the value of people, track record and expertise acquired within acquisitions that
\nare not capable of being individually identi\ufb01ed and separately recognised. Goodwill is allocated at
\nacquisition to the cash-generating units that are expected to bene\ufb01t from the business combination.
\nThe allocation is as follows: Construction & Infrastructure \u00a3151.1m (2021: \u00a3151.1m); Partnership
\nHousing \u00a350.6m (2021: \u00a350.6m); and Urban Regeneration \u00a316.0m (2021: \u00a316.0m).
\nOther intangible assets relate to internally generated software in Property Services \u00a33.5m (2021: \u00a34.2m).
\nThe cost and accumulated amortisation amounts for acquired intangible assets (excluding goodwill)
\nthat are fully written down at 31 December 2022 are \u00a335.3m and (\u00a335.3m) respectively.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n203
Morgan Sindall Group plc
Annual Report 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\n10 Goodwill and other intangible assets continued
\nThe Group tests goodwill annually for impairment, or more frequently if there are indications that
\ngoodwill might be impaired. In testing goodwill and other intangible assets for impairment, the
\nrecoverable amount of each cash-generating unit has been estimated from value-in-use calculations.
\nThe key assumptions for the value-in-use calculations are those regarding the forecast revenue and
\nmargin, discount rates and long-term growth rates by market sector. Forecast revenue and margin
\nare based on past performance, secured workload and workload likely to be achievable in the short
\nto medium term, given trends in the relevant market sector as well as macroeconomic factors.
\nCash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three
\nyears. Cash \ufb02ows beyond three years have been extrapolated into perpetuity using an estimated
\nnominal growth rate of 1.2% (2021: 2.1%). This growth rate does not exceed the long-term average
\nfor the relevant markets.
\nDiscount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money
\nand the risks speci\ufb01c to the cash-generating units. The risk-adjusted nominal rates used for the
\ncash-generating units with goodwill balances are 12.0% (2021: 10.7%) for Construction & Infrastructure,
\n13.0% (2021: 10.7%) for Partnership Housing and 13.0% (2021: 10.7%) for Urban Regeneration.
\nIn carrying out this exercise, no impairment of goodwill or other intangible assets has been identi\ufb01ed.
\nNo reasonably foreseeable change in the assumptions used within the value-in-use calculations
\nwould cause an impairment in any of the segments.
\nConsideration of the impact of climate change
\nIn terms of the possible impacts of climate change, the two key assumptions that could be sensitive
\nto this are the growth rate and discount rates noted above. If climate change has a negative impact
\non revenues and/or the operating costs of the Group, there could be a potential impact on the
\ndiscounted cash \ufb02ow growth rates used within the valuation model. Lower future growth rates
\nwould reduce the level of the discounted cash \ufb02ow valuation and hence the amount of headroom
\navailable to the Group above an impairment trigger. At present, the material short- to medium-term
\nrisks presented by possible climate change impacts are considered to be factored into the growth
\nand discount rates where they are known and can be quanti\ufb01ed.
\nUsing the current assumptions, no reasonably foreseeable change in the assumptions used
\nwithin the value-in-use calculations would cause an impairment in any of the segments. Therefore,
\nat present, changes in the long-term assumptions due to the impact of climate change would also
\nnot be expected to trigger an impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23227": {
"value": "10 Goodwill and other intangible assets Goodwill
\n\u00a3m
\nOther intangible
\nassets
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\n1 January 2021
217.7
40.8
258.5
\nAdditions
\u2013
1.3
1.3
\n1 January 2022
217.7
42.1
259.8
\nAdditions
\u2013
1.3
1.3
\nDisposals
\u2013
(2.0)
(2.0)
\n31 December 2022
217.7
41.4
259.1
\nAccumulated amortisation
\n1 January 2021
\u2013
(36.4)
(36.4)
\nAmortisation
\u2013
(1.5)
(1.5)
\n1 January 2022
\u2013
(37.9)
(37.9)
\nAmortisation
\u2013
(2.0)
(2.0)
\nDisposals
\u2013
2.0
2.0
\n31 December 2022
\u2013
(37.9)
(37.9)
\nNet book value at 31 December 2022
217.7
3.5
221.2
\nNet book value at 31 December 2021
217.7
4.2
221.9
\nGoodwill represents the value of people, track record and expertise acquired within acquisitions that
\nare not capable of being individually identi\ufb01ed and separately recognised. Goodwill is allocated at
\nacquisition to the cash-generating units that are expected to bene\ufb01t from the business combination.
\nThe allocation is as follows: Construction & Infrastructure \u00a3151.1m (2021: \u00a3151.1m); Partnership
\nHousing \u00a350.6m (2021: \u00a350.6m); and Urban Regeneration \u00a316.0m (2021: \u00a316.0m).
\nOther intangible assets relate to internally generated software in Property Services \u00a33.5m (2021: \u00a34.2m).
\nThe cost and accumulated amortisation amounts for acquired intangible assets (excluding goodwill)
\nthat are fully written down at 31 December 2022 are \u00a335.3m and (\u00a335.3m) respectively.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n203
Morgan Sindall Group plc
Annual Report 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\n10 Goodwill and other intangible assets continued
\nThe Group tests goodwill annually for impairment, or more frequently if there are indications that
\ngoodwill might be impaired. In testing goodwill and other intangible assets for impairment, the
\nrecoverable amount of each cash-generating unit has been estimated from value-in-use calculations.
\nThe key assumptions for the value-in-use calculations are those regarding the forecast revenue and
\nmargin, discount rates and long-term growth rates by market sector. Forecast revenue and margin
\nare based on past performance, secured workload and workload likely to be achievable in the short
\nto medium term, given trends in the relevant market sector as well as macroeconomic factors.
\nCash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three
\nyears. Cash \ufb02ows beyond three years have been extrapolated into perpetuity using an estimated
\nnominal growth rate of 1.2% (2021: 2.1%). This growth rate does not exceed the long-term average
\nfor the relevant markets.
\nDiscount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money
\nand the risks speci\ufb01c to the cash-generating units. The risk-adjusted nominal rates used for the
\ncash-generating units with goodwill balances are 12.0% (2021: 10.7%) for Construction & Infrastructure,
\n13.0% (2021: 10.7%) for Partnership Housing and 13.0% (2021: 10.7%) for Urban Regeneration.
\nIn carrying out this exercise, no impairment of goodwill or other intangible assets has been identi\ufb01ed.
\nNo reasonably foreseeable change in the assumptions used within the value-in-use calculations
\nwould cause an impairment in any of the segments.
\nConsideration of the impact of climate change
\nIn terms of the possible impacts of climate change, the two key assumptions that could be sensitive
\nto this are the growth rate and discount rates noted above. If climate change has a negative impact
\non revenues and/or the operating costs of the Group, there could be a potential impact on the
\ndiscounted cash \ufb02ow growth rates used within the valuation model. Lower future growth rates
\nwould reduce the level of the discounted cash \ufb02ow valuation and hence the amount of headroom
\navailable to the Group above an impairment trigger. At present, the material short- to medium-term
\nrisks presented by possible climate change impacts are considered to be factored into the growth
\nand discount rates where they are known and can be quanti\ufb01ed.
\nUsing the current assumptions, no reasonably foreseeable change in the assumptions used
\nwithin the value-in-use calculations would cause an impairment in any of the segments. Therefore,
\nat present, changes in the long-term assumptions due to the impact of climate change would also
\nnot be expected to trigger an impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23228": {
"value": "10 Goodwill and other intangible assets Goodwill
\n\u00a3m
\nOther intangible
\nassets
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\n1 January 2021
217.7
40.8
258.5
\nAdditions
\u2013
1.3
1.3
\n1 January 2022
217.7
42.1
259.8
\nAdditions
\u2013
1.3
1.3
\nDisposals
\u2013
(2.0)
(2.0)
\n31 December 2022
217.7
41.4
259.1
\nAccumulated amortisation
\n1 January 2021
\u2013
(36.4)
(36.4)
\nAmortisation
\u2013
(1.5)
(1.5)
\n1 January 2022
\u2013
(37.9)
(37.9)
\nAmortisation
\u2013
(2.0)
(2.0)
\nDisposals
\u2013
2.0
2.0
\n31 December 2022
\u2013
(37.9)
(37.9)
\nNet book value at 31 December 2022
217.7
3.5
221.2
\nNet book value at 31 December 2021
217.7
4.2
221.9
\nGoodwill represents the value of people, track record and expertise acquired within acquisitions that
\nare not capable of being individually identi\ufb01ed and separately recognised. Goodwill is allocated at
\nacquisition to the cash-generating units that are expected to bene\ufb01t from the business combination.
\nThe allocation is as follows: Construction & Infrastructure \u00a3151.1m (2021: \u00a3151.1m); Partnership
\nHousing \u00a350.6m (2021: \u00a350.6m); and Urban Regeneration \u00a316.0m (2021: \u00a316.0m).
\nOther intangible assets relate to internally generated software in Property Services \u00a33.5m (2021: \u00a34.2m).
\nThe cost and accumulated amortisation amounts for acquired intangible assets (excluding goodwill)
\nthat are fully written down at 31 December 2022 are \u00a335.3m and (\u00a335.3m) respectively.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n203
Morgan Sindall Group plc
Annual Report 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\n10 Goodwill and other intangible assets continued
\nThe Group tests goodwill annually for impairment, or more frequently if there are indications that
\ngoodwill might be impaired. In testing goodwill and other intangible assets for impairment, the
\nrecoverable amount of each cash-generating unit has been estimated from value-in-use calculations.
\nThe key assumptions for the value-in-use calculations are those regarding the forecast revenue and
\nmargin, discount rates and long-term growth rates by market sector. Forecast revenue and margin
\nare based on past performance, secured workload and workload likely to be achievable in the short
\nto medium term, given trends in the relevant market sector as well as macroeconomic factors.
\nCash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three
\nyears. Cash \ufb02ows beyond three years have been extrapolated into perpetuity using an estimated
\nnominal growth rate of 1.2% (2021: 2.1%). This growth rate does not exceed the long-term average
\nfor the relevant markets.
\nDiscount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money
\nand the risks speci\ufb01c to the cash-generating units. The risk-adjusted nominal rates used for the
\ncash-generating units with goodwill balances are 12.0% (2021: 10.7%) for Construction & Infrastructure,
\n13.0% (2021: 10.7%) for Partnership Housing and 13.0% (2021: 10.7%) for Urban Regeneration.
\nIn carrying out this exercise, no impairment of goodwill or other intangible assets has been identi\ufb01ed.
\nNo reasonably foreseeable change in the assumptions used within the value-in-use calculations
\nwould cause an impairment in any of the segments.
\nConsideration of the impact of climate change
\nIn terms of the possible impacts of climate change, the two key assumptions that could be sensitive
\nto this are the growth rate and discount rates noted above. If climate change has a negative impact
\non revenues and/or the operating costs of the Group, there could be a potential impact on the
\ndiscounted cash \ufb02ow growth rates used within the valuation model. Lower future growth rates
\nwould reduce the level of the discounted cash \ufb02ow valuation and hence the amount of headroom
\navailable to the Group above an impairment trigger. At present, the material short- to medium-term
\nrisks presented by possible climate change impacts are considered to be factored into the growth
\nand discount rates where they are known and can be quanti\ufb01ed.
\nUsing the current assumptions, no reasonably foreseeable change in the assumptions used
\nwithin the value-in-use calculations would cause an impairment in any of the segments. Therefore,
\nat present, changes in the long-term assumptions due to the impact of climate change would also
\nnot be expected to trigger an impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23232": {
"value": "Goodwill
\n\u00a3m
\nOther intangible
\nassets
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\n1 January 2021
217.7
40.8
258.5
\nAdditions
\u2013
1.3
1.3
\n1 January 2022
217.7
42.1
259.8
\nAdditions
\u2013
1.3
1.3
\nDisposals
\u2013
(2.0)
(2.0)
\n31 December 2022
217.7
41.4
259.1
\nAccumulated amortisation
\n1 January 2021
\u2013
(36.4)
(36.4)
\nAmortisation
\u2013
(1.5)
(1.5)
\n1 January 2022
\u2013
(37.9)
(37.9)
\nAmortisation
\u2013
(2.0)
(2.0)
\nDisposals
\u2013
2.0
2.0
\n31 December 2022
\u2013
(37.9)
(37.9)
\nNet book value at 31 December 2022
217.7
3.5
221.2
\nNet book value at 31 December 2021
217.7
4.2
221.9
Goodwill represents the value of people, track record and expertise acquired within acquisitions that
\nare not capable of being individually identi\ufb01ed and separately recognised. Goodwill is allocated at
\nacquisition to the cash-generating units that are expected to bene\ufb01t from the business combination.
\nThe allocation is as follows: Construction & Infrastructure \u00a3151.1m (2021: \u00a3151.1m); Partnership
\nHousing \u00a350.6m (2021: \u00a350.6m); and Urban Regeneration \u00a316.0m (2021: \u00a316.0m).
\nOther intangible assets relate to internally generated software in Property Services \u00a33.5m (2021: \u00a34.2m).
\nThe cost and accumulated amortisation amounts for acquired intangible assets (excluding goodwill)
\nthat are fully written down at 31 December 2022 are \u00a335.3m and (\u00a335.3m) respectively.
The Group tests goodwill annually for impairment, or more frequently if there are indications that
\ngoodwill might be impaired. In testing goodwill and other intangible assets for impairment, the
\nrecoverable amount of each cash-generating unit has been estimated from value-in-use calculations.
\nThe key assumptions for the value-in-use calculations are those regarding the forecast revenue and
\nmargin, discount rates and long-term growth rates by market sector. Forecast revenue and margin
\nare based on past performance, secured workload and workload likely to be achievable in the short
\nto medium term, given trends in the relevant market sector as well as macroeconomic factors.
\nCash \ufb02ow forecasts have been determined by using Board-approved budgets for the next three
\nyears. Cash \ufb02ows beyond three years have been extrapolated into perpetuity using an estimated
\nnominal growth rate of 1.2% (2021: 2.1%). This growth rate does not exceed the long-term average
\nfor the relevant markets.
\nDiscount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money
\nand the risks speci\ufb01c to the cash-generating units. The risk-adjusted nominal rates used for the
\ncash-generating units with goodwill balances are 12.0% (2021: 10.7%) for Construction & Infrastructure,
\n13.0% (2021: 10.7%) for Partnership Housing and 13.0% (2021: 10.7%) for Urban Regeneration.
\nIn carrying out this exercise, no impairment of goodwill or other intangible assets has been identi\ufb01ed.
\nNo reasonably foreseeable change in the assumptions used within the value-in-use calculations
\nwould cause an impairment in any of the segments.
\nConsideration of the impact of climate change
\nIn terms of the possible impacts of climate change, the two key assumptions that could be sensitive
\nto this are the growth rate and discount rates noted above. If climate change has a negative impact
\non revenues and/or the operating costs of the Group, there could be a potential impact on the
\ndiscounted cash \ufb02ow growth rates used within the valuation model. Lower future growth rates
\nwould reduce the level of the discounted cash \ufb02ow valuation and hence the amount of headroom
\navailable to the Group above an impairment trigger. At present, the material short- to medium-term
\nrisks presented by possible climate change impacts are considered to be factored into the growth
\nand discount rates where they are known and can be quanti\ufb01ed.
\nUsing the current assumptions, no reasonably foreseeable change in the assumptions used
\nwithin the value-in-use calculations would cause an impairment in any of the segments. Therefore,
\nat present, changes in the long-term assumptions due to the impact of climate change would also
\nnot be expected to trigger an impairment.
Freehold
\nproperty
\nand land
\n\u00a3m
\nPlant,
\nequipment,
\n\ufb01xtures
\nand \ufb01ttings
\n\u00a3m
\nRight-of-use assets
\nTotal
\n\u00a3m
\nLeasehold
\nproperty
\n\u00a3m
\nPlant and
\nequipment
\n\u00a3m
\nCost
\n1 January 2021
2.4
50.3
55.4
21.6
129.7
\nAdditions
\u2013
6.7
3.6
12.3
22.6
\nDisposals
\u2013
(7.9)
(3.6)
(6.4)
(17.9)
\n1 January 2022
2.4
49.1
55.4
27.5
134.4
\nAdditions
\u2013
10.5
7.4
14.8
32.7
\nForeign exchange adjustments
\u2013
1.1
0.6
\u2013
1.7
\nDisposals
\u2013
(7.5)
(4.5)
(6.5)
(18.5)
\n31 December 2022
2.4
53.2
58.9
35.8
150.3
\nAccumulated depreciation
\n1 January 2021
\u2013
(35.3)
(17.8)
(10.8)
(63.9)
\nDepreciation charge
\u2013
(7.0)
(7.2)
(6.3)
(20.5)
\nDisposals
\u2013
7.0
3.3
6.3
16.6
\n1 January 2022
\u2013
(35.3)
(21.7)
(10.8)
(67.8)
\nDepreciation charge
\u2013
(7.1)
(8.0)
(7.8)
(22.9)
\nForeign exchange adjustments
\u2013
(0.7)
(0.2)
\u2013
(0.9)
\nDisposals
\u2013
7.4
2.6
6.1
16.1
\n31 December 2022
\u2013
(35.7)
(27.3)
(12.5)
(75.5)
\nNet book value at 31 December 2022
2.4
17.5
31.6
23.3
74.8
\nNet book value at 31 December 2021
2.4
13.8
33.7
16.7
66.6
\nThe Group holds some plant, property and equipment that is fully depreciated. The cost and
\naccumulated depreciation amounts of this fully written down plant, property and equipment
\nat 31 December 2022 are \u00a316.2m and (\u00a316.2m) respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23370": {
"value": "11 Property, plant and equipment Freehold
\nproperty
\nand land
\n\u00a3m
\nPlant,
\nequipment,
\n\ufb01xtures
\nand \ufb01ttings
\n\u00a3m
\nRight-of-use assets
\nTotal
\n\u00a3m
\nLeasehold
\nproperty
\n\u00a3m
\nPlant and
\nequipment
\n\u00a3m
\nCost
\n1 January 2021
2.4
50.3
55.4
21.6
129.7
\nAdditions
\u2013
6.7
3.6
12.3
22.6
\nDisposals
\u2013
(7.9)
(3.6)
(6.4)
(17.9)
\n1 January 2022
2.4
49.1
55.4
27.5
134.4
\nAdditions
\u2013
10.5
7.4
14.8
32.7
\nForeign exchange adjustments
\u2013
1.1
0.6
\u2013
1.7
\nDisposals
\u2013
(7.5)
(4.5)
(6.5)
(18.5)
\n31 December 2022
2.4
53.2
58.9
35.8
150.3
\nAccumulated depreciation
\n1 January 2021
\u2013
(35.3)
(17.8)
(10.8)
(63.9)
\nDepreciation charge
\u2013
(7.0)
(7.2)
(6.3)
(20.5)
\nDisposals
\u2013
7.0
3.3
6.3
16.6
\n1 January 2022
\u2013
(35.3)
(21.7)
(10.8)
(67.8)
\nDepreciation charge
\u2013
(7.1)
(8.0)
(7.8)
(22.9)
\nForeign exchange adjustments
\u2013
(0.7)
(0.2)
\u2013
(0.9)
\nDisposals
\u2013
7.4
2.6
6.1
16.1
\n31 December 2022
\u2013
(35.7)
(27.3)
(12.5)
(75.5)
\nNet book value at 31 December 2022
2.4
17.5
31.6
23.3
74.8
\nNet book value at 31 December 2021
2.4
13.8
33.7
16.7
66.6
\nThe Group holds some plant, property and equipment that is fully depreciated. The cost and
\naccumulated depreciation amounts of this fully written down plant, property and equipment
\nat 31 December 2022 are \u00a316.2m and (\u00a316.2m) respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23521": {
"value": "12 Investment property 2022
\n\u00a3m
\n2021
\n\u00a3m
\nValuation
\n1 January
0.8
2.7
\nDisposals
\u2013
(1.9)
\n31 December
0.8
0.8
\nInvestment properties comprise certain residential properties constructed by the Group as part
\nof larger mixed-tenure projects for rental to social or private residential clients.
\nThe fair value of the Group\u2019s investment property at 31 December 2022 is based on a valuation
\ncarried out at that date by the directors. The valuation, which conforms to International Valuation
\nStandards, was determined based on the market comparable approach that re\ufb02ects recent
\ntransaction prices for similar properties. The fair value measurement is classi\ufb01ed as Level 3
\nas de\ufb01ned by IFRS 13 \u2018Fair Value Measurement\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23546": {
"value": "13 Investments in joint ventures The Group has interests in the following joint ventures:
\nAnthem Lovell LLP 50% partner
\nAnthem Lovell LLP is a joint venture with Anthem Homes Limited (a subsidiary of Walsall Housing
\nGroup Limited) carrying out a strategic development project of a residential nature.
\nBrentwood Development Partnership LLP 50% partner
\nBrentwood Development Partnership LLP is a partnership with Seven Arches Investments Limited
\n(a wholly owned subsidiary of Brentwood Borough Council) which is developing a series of sites
\nin Brentwood over a 30-year period.
\nChalkdene Developments LLP 50% partner
\nChalkdene Developments LLP is a partnership with Herts Living Ltd (a wholly owned subsidiary
\nof Hertfordshire County Council) which is developing a series of sites across Hertfordshire over
\na 15-year period.
\nClaymore Roads (Holdings) Limited 50% share
\nClaymore Roads (Holdings) Limited is a joint venture with Infrastructure Investments (Roads) Limited
\nand is responsible for the upgrade and operation of the A92 between Dundee and Arbroath in
\nScotland.
\nEdmundham Developments LLP 50% partner
\nEdmundham Developments LLP is a joint venture with Su\ufb00olk County Council, which has been
\nestablished to progress the initial development of c3,000 residential homes across \ufb01ve sites,
\ninclusive of associated infrastructure, local centres, employment land, education land and extra
\ncare provision.
\nEnglish Cities Fund Limited Partnership 22.9% share
\nEnglish Cities Fund is a limited partnership with Homes England and Legal & General to develop
\nmixed-use regeneration schemes in assisted areas. Joint control is exercised through the board of
\nthe general partner at which each partner is represented by two directors and no decision can be
\ntaken without the agreement of a director representing each partner.
\nHealth Innovation Partners Limited 50% share
\nThrough the Health Innovation Partners joint venture with Arcadis BAC Limited, the Group has a
\n25% interest in The Oxleas Property Partnership LLP (TOPP), a joint venture with the Oxleas NHS
\nFoundation Trust. TOPP is a partnership that has been developing the Trust\u2019s estate and surplus
\nassets, helping to reduce costs and maximise revenue for the Trust. In agreement with our partners,
\nthe partnership is expected to be dissolved and the joint venture wound up during 2023.
\nhub West Scotland Limited 54% share
\nhub West Scotland Limited is a joint venture between Wellspring Partnership Limited (itself
\na joint venture between Morgan Sindall Investments Limited and Apollo (Hub West) Limited),
\nScottish Futures Trust Investments Limited, East Dunbartonshire Council, East Renfrewshire Council,
\nWest Dunbartonshire Council, Glasgow City Council, NHS Greater Glasgow Health Board, The Board
\nof Strathclyde Fire and Rescue, Strathclyde Joint Police Board and Clydebank Property Company
\nLimited. The joint venture is delivering a pipeline of public sector health, education, and community
\nprojects in the Glasgow area.
\nLaurus Lovell LLP 50% partner
\nLaurus Lovell LLP is a joint venture with THT Developments Limited (subsidiary of Tra\ufb00ord Housing
\nLimited) established to carry out a strategic development project of a residential nature in the
\nNorth West of England.
\nGovernance
Financial statements
Strategic report
\n205
Morgan Sindall Group plc
Annual Report 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\n13 Investments in joint ventures continued
\nLingley Mere Business Park Development Company Limited 50% share
\nLingley Mere Business Park Development Company Limited is a joint venture with United Utilities
\nProperty Services Limited (a wholly owned subsidiary of United Utilities PLC) delivering development
\nat a site in Warrington.
\nLovell Flagship LLP 50% partner
\nLovell Flagship LLP is a joint venture with Flagship Housing Developments Limited (a subsidiary of
\nFlagship Housing Group Limited) established to carry out strategic development and/or regeneration
\nprojects of a primarily residential nature.
\nLovell Latimer LLP 50% partner
\nLovell Latimer LLP is a joint venture with Latimer Developments Limited (a subsidiary of Clarion
\nHousing Group) established to carry out a strategic development project of a residential nature
\nin the north west of England.
\nLovell Together LLP 50% partner
\nLovell Together LLP is a joint venture with Together Commercial Limited (a subsidiary of Together
\nHousing Group Limited) carrying out three strategic development projects of a residential nature
\nin Eastern England.
\nLovell/Abri Weymouth LLP 50% partner
\nLovell/Abri Weymouth LLP is a joint venture with Radian Developments Limited (a subsidiary of
\nAbri Group Limited) carrying out a strategic development project of a residential nature.
\nLovell Together (Pendleton) LLP 50% partner
\nLovell Together (Pendleton) LLP is a joint venture with Together Commercial Limited (a subsidiary
\nof Together Housing Group Limited) established to carry out a strategic development project of
\na residential nature in the north west of England.
\nMorgan-Vinci Limited 50% share
\nMorgan-Vinci Limited is a joint venture with Vinci Newport DBFO Limited and is responsible for
\nthe construction and operation of the Newport Southern Distributor Road.
\nSlough Urban Renewal LLP 50% partner
\nSlough Urban Renewal LLP is a partnership with Slough Borough Council which is developing
\na series of sites in Slough over an initial term of 15 years, extendable by 10 years.
\nThe Bournemouth Development Company LLP 50% partner
\nThe Bournemouth Development Company LLP is a partnership with Bournemouth, Christchurch
\nand Poole Council which is developing a series of sites in Bournemouth over a 20-year period.
\nThe Compendium Group Limited 50% share
\nThe Compendium Group Limited is a joint venture with The Riverside Group Limited and is a
\ncompany formed to carry out strategic development and regeneration projects of a primarily
\nresidential nature.
\nThe Prestwich Regeneration LLP 50% partner
\nThe Prestwich Regeneration LLP is a joint venture with Bury Metropolitan Borough Council and was
\nset up to undertake the redevelopment of the Long\ufb01eld Shopping Centre in Prestwich, located in the
\nMetropolitan Borough of Bury, Greater Manchester.
\nWaterside Places (General Partner) Limited 50% share
\nWaterside Places (General Partner) is a joint venture with The Canal and River Trust to undertake
\nregeneration of waterside sites.
\nWapping Wharf (Alpha) LLP 50% partner
\nWapping Wharf (Alpha) LLP is a joint venture with Wapping Wharf (Umberslade) Limited which
\nhas completed development of the \ufb01rst phase of residential apartments within the Harbourside
\nRegeneration Area of Bristol.
\nWapping Wharf (Beta) LLP 40% partner
\nWapping Wharf (Beta) LLP is a joint venture with Wapping Wharf (Umberslade) Limited which will
\ndevelop the second phase of residential apartments within the Harbourside Regeneration Area
\nof Bristol.
\nWest Sussex Property Development LLP 50% partner
\nWest Sussex Property Development LLP is a joint venture with Edes Estates Limited (a subsidiary of
\nWest Sussex County Council) established to carry out strategic developments of residential homes,
\ntown centre regeneration and extra care provision across West Sussex.
\nWirral Growth Company LLP 50% partner
\nWirral Growth Company LLP is a joint venture with Wirral Borough Council and was set up to
\nundertake regeneration of numerous sites in the Wirral region of North West England.
\nGovernance
Financial statements
Strategic report
\n206
Morgan Sindall Group plc
Annual Report 2022
13 Investments in joint ventures continued
\nInvestments in equity-accounted joint ventures are as follows:
\nNotes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n1 January
94.1
91.4
\nEquity-accounted share of net pro\ufb01ts:
\nUnderlying share of net pro\ufb01ts
14.3
5.4
\nExceptional building safety charge
4
(9.8)
\u2013
\n4.5
5.4
\nLoans advanced to joint ventures
18.3
28.1
\nLoans repaid by joint ventures
(34.6)
(29.6)
\nNon-cash impairment
(0.9)
(1.2)
\nDividends received
(1.4)
\u2013
\nReclassi\ufb01cation to funding obligations payable
18
4.0
\u2013
\n31 December
84.0
94.1
\nDuring 2022, an exceptional building safety charge of \u00a39.8m has been recognised in respect of the
\nGroup\u2019s share of constructive and legal obligations to remediate legacy building safety issues within
\njoint ventures. These obligations create potential funding obligations within joint ventures of \u00a34.0m
\nwhere the obligations recognised are in excess of the carrying values of investments. These funding
\nobligations have been presented in amounts owed to joint ventures as discussed in note 18.
\nDuring 2021, a \u00a35.6m non-cash impairment was recognised in the Group\u2019s investment in
\nThe Bournemouth Development Company LLP, a joint venture with Bournemouth, Christchurch
\nand Poole Council. The impairment related to one speci\ufb01c scheme within the joint venture
\nwhere construction cost in\ufb02ation as well as other factors challenged the viability of the scheme.
\nThe impairment was reported through both the equity-accounted share of net pro\ufb01ts and
\nnon-cash impairment lines in the table above.
\nSummarised \ufb01nancial information related to equity-accounted joint ventures that are not individually
\nmaterial is set out below.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current assets (100%)
231.9
241.5
\nCurrent assets (100%)
496.5
448.8
\nCurrent liabilities (100%)
(118.5)
(187.4)
\nNon-current liabilities (100%)
(368.5)
(389.3)
\nNet assets reported by equity-accounted
\njoint ventures (100%)
241.4
113.6
\nRevenue (100%)
453.4
315.0
\nExpenses (100%)
(440.2)
(298.0)
\nNet pro\ufb01t (100%)
13.2
17.0
\nResults of equity-accounted joint ventures:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nGroup share of pro\ufb01t before tax
14.4
5.6
\nGroup share of tax
(0.1)
(0.2)
\nExceptional building safety charge
(9.8)
\u2013
\nGroup share of pro\ufb01t after tax
4.5
5.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23547": {
"value": "13 Investments in joint ventures The Group has interests in the following joint ventures:
\nAnthem Lovell LLP 50% partner
\nAnthem Lovell LLP is a joint venture with Anthem Homes Limited (a subsidiary of Walsall Housing
\nGroup Limited) carrying out a strategic development project of a residential nature.
\nBrentwood Development Partnership LLP 50% partner
\nBrentwood Development Partnership LLP is a partnership with Seven Arches Investments Limited
\n(a wholly owned subsidiary of Brentwood Borough Council) which is developing a series of sites
\nin Brentwood over a 30-year period.
\nChalkdene Developments LLP 50% partner
\nChalkdene Developments LLP is a partnership with Herts Living Ltd (a wholly owned subsidiary
\nof Hertfordshire County Council) which is developing a series of sites across Hertfordshire over
\na 15-year period.
\nClaymore Roads (Holdings) Limited 50% share
\nClaymore Roads (Holdings) Limited is a joint venture with Infrastructure Investments (Roads) Limited
\nand is responsible for the upgrade and operation of the A92 between Dundee and Arbroath in
\nScotland.
\nEdmundham Developments LLP 50% partner
\nEdmundham Developments LLP is a joint venture with Su\ufb00olk County Council, which has been
\nestablished to progress the initial development of c3,000 residential homes across \ufb01ve sites,
\ninclusive of associated infrastructure, local centres, employment land, education land and extra
\ncare provision.
\nEnglish Cities Fund Limited Partnership 22.9% share
\nEnglish Cities Fund is a limited partnership with Homes England and Legal & General to develop
\nmixed-use regeneration schemes in assisted areas. Joint control is exercised through the board of
\nthe general partner at which each partner is represented by two directors and no decision can be
\ntaken without the agreement of a director representing each partner.
\nHealth Innovation Partners Limited 50% share
\nThrough the Health Innovation Partners joint venture with Arcadis BAC Limited, the Group has a
\n25% interest in The Oxleas Property Partnership LLP (TOPP), a joint venture with the Oxleas NHS
\nFoundation Trust. TOPP is a partnership that has been developing the Trust\u2019s estate and surplus
\nassets, helping to reduce costs and maximise revenue for the Trust. In agreement with our partners,
\nthe partnership is expected to be dissolved and the joint venture wound up during 2023.
\nhub West Scotland Limited 54% share
\nhub West Scotland Limited is a joint venture between Wellspring Partnership Limited (itself
\na joint venture between Morgan Sindall Investments Limited and Apollo (Hub West) Limited),
\nScottish Futures Trust Investments Limited, East Dunbartonshire Council, East Renfrewshire Council,
\nWest Dunbartonshire Council, Glasgow City Council, NHS Greater Glasgow Health Board, The Board
\nof Strathclyde Fire and Rescue, Strathclyde Joint Police Board and Clydebank Property Company
\nLimited. The joint venture is delivering a pipeline of public sector health, education, and community
\nprojects in the Glasgow area.
\nLaurus Lovell LLP 50% partner
\nLaurus Lovell LLP is a joint venture with THT Developments Limited (subsidiary of Tra\ufb00ord Housing
\nLimited) established to carry out a strategic development project of a residential nature in the
\nNorth West of England.
\nGovernance
Financial statements
Strategic report
\n205
Morgan Sindall Group plc
Annual Report 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\n13 Investments in joint ventures continued
\nLingley Mere Business Park Development Company Limited 50% share
\nLingley Mere Business Park Development Company Limited is a joint venture with United Utilities
\nProperty Services Limited (a wholly owned subsidiary of United Utilities PLC) delivering development
\nat a site in Warrington.
\nLovell Flagship LLP 50% partner
\nLovell Flagship LLP is a joint venture with Flagship Housing Developments Limited (a subsidiary of
\nFlagship Housing Group Limited) established to carry out strategic development and/or regeneration
\nprojects of a primarily residential nature.
\nLovell Latimer LLP 50% partner
\nLovell Latimer LLP is a joint venture with Latimer Developments Limited (a subsidiary of Clarion
\nHousing Group) established to carry out a strategic development project of a residential nature
\nin the north west of England.
\nLovell Together LLP 50% partner
\nLovell Together LLP is a joint venture with Together Commercial Limited (a subsidiary of Together
\nHousing Group Limited) carrying out three strategic development projects of a residential nature
\nin Eastern England.
\nLovell/Abri Weymouth LLP 50% partner
\nLovell/Abri Weymouth LLP is a joint venture with Radian Developments Limited (a subsidiary of
\nAbri Group Limited) carrying out a strategic development project of a residential nature.
\nLovell Together (Pendleton) LLP 50% partner
\nLovell Together (Pendleton) LLP is a joint venture with Together Commercial Limited (a subsidiary
\nof Together Housing Group Limited) established to carry out a strategic development project of
\na residential nature in the north west of England.
\nMorgan-Vinci Limited 50% share
\nMorgan-Vinci Limited is a joint venture with Vinci Newport DBFO Limited and is responsible for
\nthe construction and operation of the Newport Southern Distributor Road.
\nSlough Urban Renewal LLP 50% partner
\nSlough Urban Renewal LLP is a partnership with Slough Borough Council which is developing
\na series of sites in Slough over an initial term of 15 years, extendable by 10 years.
\nThe Bournemouth Development Company LLP 50% partner
\nThe Bournemouth Development Company LLP is a partnership with Bournemouth, Christchurch
\nand Poole Council which is developing a series of sites in Bournemouth over a 20-year period.
\nThe Compendium Group Limited 50% share
\nThe Compendium Group Limited is a joint venture with The Riverside Group Limited and is a
\ncompany formed to carry out strategic development and regeneration projects of a primarily
\nresidential nature.
\nThe Prestwich Regeneration LLP 50% partner
\nThe Prestwich Regeneration LLP is a joint venture with Bury Metropolitan Borough Council and was
\nset up to undertake the redevelopment of the Long\ufb01eld Shopping Centre in Prestwich, located in the
\nMetropolitan Borough of Bury, Greater Manchester.
\nWaterside Places (General Partner) Limited 50% share
\nWaterside Places (General Partner) is a joint venture with The Canal and River Trust to undertake
\nregeneration of waterside sites.
\nWapping Wharf (Alpha) LLP 50% partner
\nWapping Wharf (Alpha) LLP is a joint venture with Wapping Wharf (Umberslade) Limited which
\nhas completed development of the \ufb01rst phase of residential apartments within the Harbourside
\nRegeneration Area of Bristol.
\nWapping Wharf (Beta) LLP 40% partner
\nWapping Wharf (Beta) LLP is a joint venture with Wapping Wharf (Umberslade) Limited which will
\ndevelop the second phase of residential apartments within the Harbourside Regeneration Area
\nof Bristol.
\nWest Sussex Property Development LLP 50% partner
\nWest Sussex Property Development LLP is a joint venture with Edes Estates Limited (a subsidiary of
\nWest Sussex County Council) established to carry out strategic developments of residential homes,
\ntown centre regeneration and extra care provision across West Sussex.
\nWirral Growth Company LLP 50% partner
\nWirral Growth Company LLP is a joint venture with Wirral Borough Council and was set up to
\nundertake regeneration of numerous sites in the Wirral region of North West England.
\nGovernance
Financial statements
Strategic report
\n206
Morgan Sindall Group plc
Annual Report 2022
13 Investments in joint ventures continued
\nInvestments in equity-accounted joint ventures are as follows:
\nNotes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n1 January
94.1
91.4
\nEquity-accounted share of net pro\ufb01ts:
\nUnderlying share of net pro\ufb01ts
14.3
5.4
\nExceptional building safety charge
4
(9.8)
\u2013
\n4.5
5.4
\nLoans advanced to joint ventures
18.3
28.1
\nLoans repaid by joint ventures
(34.6)
(29.6)
\nNon-cash impairment
(0.9)
(1.2)
\nDividends received
(1.4)
\u2013
\nReclassi\ufb01cation to funding obligations payable
18
4.0
\u2013
\n31 December
84.0
94.1
\nDuring 2022, an exceptional building safety charge of \u00a39.8m has been recognised in respect of the
\nGroup\u2019s share of constructive and legal obligations to remediate legacy building safety issues within
\njoint ventures. These obligations create potential funding obligations within joint ventures of \u00a34.0m
\nwhere the obligations recognised are in excess of the carrying values of investments. These funding
\nobligations have been presented in amounts owed to joint ventures as discussed in note 18.
\nDuring 2021, a \u00a35.6m non-cash impairment was recognised in the Group\u2019s investment in
\nThe Bournemouth Development Company LLP, a joint venture with Bournemouth, Christchurch
\nand Poole Council. The impairment related to one speci\ufb01c scheme within the joint venture
\nwhere construction cost in\ufb02ation as well as other factors challenged the viability of the scheme.
\nThe impairment was reported through both the equity-accounted share of net pro\ufb01ts and
\nnon-cash impairment lines in the table above.
\nSummarised \ufb01nancial information related to equity-accounted joint ventures that are not individually
\nmaterial is set out below.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current assets (100%)
231.9
241.5
\nCurrent assets (100%)
496.5
448.8
\nCurrent liabilities (100%)
(118.5)
(187.4)
\nNon-current liabilities (100%)
(368.5)
(389.3)
\nNet assets reported by equity-accounted
\njoint ventures (100%)
241.4
113.6
\nRevenue (100%)
453.4
315.0
\nExpenses (100%)
(440.2)
(298.0)
\nNet pro\ufb01t (100%)
13.2
17.0
\nResults of equity-accounted joint ventures:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nGroup share of pro\ufb01t before tax
14.4
5.6
\nGroup share of tax
(0.1)
(0.2)
\nExceptional building safety charge
(9.8)
\u2013
\nGroup share of pro\ufb01t after tax
4.5
5.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23804": {
"value": "14 Shared equity loan receivables
\nThe Group has granted loans under shared equity home ownership schemes allowing qualifying
\nhome buyers to defer payment of part of the agreed sales price, up to a maximum of 25%, until
\nthe earlier of the loan term (10 or 25 years depending upon the scheme), remortgage or resale
\nof the property.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n1 January
1.5
5.5
\nNet change in fair value recognised in the income statement
0.4
(1.9)
\nRepayments by borrowers
(1.5)
(2.1)
\n31 December
0.4
1.5
\nCurrent
0.4
1.5
\n31 December
0.4
1.5
\nThe Group\u2019s maximum credit exposure is limited to the carrying value of the shared equity
\nloan receivables granted. The Group\u2019s credit risk is partially mitigated as the shared equity loan
\nreceivables are secured by way of a second charge over the property. There were no defaults
\nduring the year (2021: no defaults).
\nBasis of valuation and assumptions made
\nThere is no directly observable fair value for individual loans arising from the sale of properties
\nunder the scheme. Therefore the Group has developed a model for determining the fair value of
\nthe portfolio of loans based on national property prices, expected property price increases, expected
\nloan defaults and a discount factor which re\ufb02ects the interest rate expected on an instrument of
\nsimilar risk and duration in the market.
\nThe fair value measurement for shared equity loan receivables is classi\ufb01ed as Level 3 as de\ufb01ned
\nby IFRS 7 \u2018Financial Instruments: Disclosures\u2019.
16 Contract assets and liabilities 2022
\n\u00a3m
\n2021
\n\u00a3m
\nContract assets
294.6
232.6
\nContract liabilities
(74.2)
(78.5)
\nThe contract assets primarily relate to the Group\u2019s right to consideration for construction work
\ncompleted but not invoiced at the balance sheet date. The contract assets are transferred to trade
\nreceivables when the amounts are certi\ufb01ed by the customer. On most contracts, certi\ufb01cates are
\nissued by the customer on a monthly basis. All contract assets held at 31 December 2022 are
\nexpected to be invoiced and transferred to trade receivables within the next 12 months.
\nThe Group has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately
\nexpense the incremental costs of obtaining contracts where the amortisation period of the assets
\nwould have been one year or less.
\nThe contract liabilities primarily relate to the advance consideration received from customers in
\nrespect of performance obligations which have not yet been fully satis\ufb01ed and for which revenue
\nhas not been recognised. All contract liabilities held at 31 December 2022 are expected to satisfy
\nperformance obligations in the next 12 months.
Signi\ufb01cant changes in the contract assets and the contract liabilities during the period are as follows: 2022
2021
\nContract assets
\n\u00a3m
\nContract liabilities
\n\u00a3m
\nContract assets
\n\u00a3m
\nContract liabilities
\n\u00a3m
\n1 January
232.6
(78.5)
171.8
(55.6)
\nRevenue recognised:
\n\u2013 performance
\nobligations satis\ufb01ed in
\nthe current year
3,533.7
78.5
3,157.2
55.6
\n\u2013 adjustments
\nto performance
\nobligations satis\ufb01ed in
\nprevious years
\u2013
\u2013
\u2013
\u2013
\nCash received
\nfor performance
\nobligations not yet
\nsatis\ufb01ed
\u2013
(74.2)
\u2013
(78.5)
\nAmounts transferred to
\ntrade receivables
(3,471.7)
\u2013
(3,096.4)
\u2013
\n31 December
294.6
(74.2)
232.6
(78.5)
\nThe Group secured workload is the sum of the construction secured order book and the
\nregeneration secured order book, less any inter-divisional eliminations. The \u2018secured order book\u2019
\nis the sum of the \u2018committed order book\u2019, the \u2018framework order book\u2019 and (for the regeneration
\nbusinesses only) the Group\u2019s share of the gross development value of secured schemes (including
\nthe development value of open market housing schemes). The \u2018committed order book\u2019 represents
\nthe Group\u2019s share of future revenue that will be derived from signed contracts or letters of intent.
\nThe \u2018framework order book\u2019 represents the Group\u2019s expected share of revenue from the frameworks
\non which the Group has been appointed. This excludes prospects where con\ufb01rmation has been
\nreceived as preferred bidder only, with no formal contract or letter of intent in place.
The following table sets out the Group secured workload by operating segment which is deemed to
\nbe the revenue expected to be recognised in the future related to performance obligations that are
\nunsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date:
\n2023
\n\u00a3m
\n2024
\n\u00a3m
\n2025+
\n\u00a3m
\nTotal
\n\u00a3m
\nConstruction &
\nInfrastructure
1,382.7
1,194.4
23.6
2,600.7
\nFit Out
590.9
204.5
46.0
841.4
\nProperty Services
150.4
148.3
905.7
1,204.4
\nPartnership Housing
784.7
490.8
708.4
1,983.9
\nUrban Regeneration
310.9
219.7
1,316.9
1,847.5
\nEliminations
(19.0)
\u2013
\u2013
(19.0)
\n3,200.6
2,257.7
3,000.6
8,458.9
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23806": {
"value": "14 Shared equity loan receivablesThe Group has granted loans under shared equity home ownership schemes allowing qualifying
\nhome buyers to defer payment of part of the agreed sales price, up to a maximum of 25%, until
\nthe earlier of the loan term (10 or 25 years depending upon the scheme), remortgage or resale
\nof the property.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n1 January
1.5
5.5
\nNet change in fair value recognised in the income statement
0.4
(1.9)
\nRepayments by borrowers
(1.5)
(2.1)
\n31 December
0.4
1.5
\nCurrent
0.4
1.5
\n31 December
0.4
1.5
\nThe Group\u2019s maximum credit exposure is limited to the carrying value of the shared equity
\nloan receivables granted. The Group\u2019s credit risk is partially mitigated as the shared equity loan
\nreceivables are secured by way of a second charge over the property. There were no defaults
\nduring the year (2021: no defaults).
\nBasis of valuation and assumptions made
\nThere is no directly observable fair value for individual loans arising from the sale of properties
\nunder the scheme. Therefore the Group has developed a model for determining the fair value of
\nthe portfolio of loans based on national property prices, expected property price increases, expected
\nloan defaults and a discount factor which re\ufb02ects the interest rate expected on an instrument of
\nsimilar risk and duration in the market.
\nThe fair value measurement for shared equity loan receivables is classi\ufb01ed as Level 3 as de\ufb01ned
\nby IFRS 7 \u2018Financial Instruments: Disclosures\u2019.
16 Contract assets and liabilities 2022
\n\u00a3m
\n2021
\n\u00a3m
\nContract assets
294.6
232.6
\nContract liabilities
(74.2)
(78.5)
\nThe contract assets primarily relate to the Group\u2019s right to consideration for construction work
\ncompleted but not invoiced at the balance sheet date. The contract assets are transferred to trade
\nreceivables when the amounts are certi\ufb01ed by the customer. On most contracts, certi\ufb01cates are
\nissued by the customer on a monthly basis. All contract assets held at 31 December 2022 are
\nexpected to be invoiced and transferred to trade receivables within the next 12 months.
\nThe Group has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately
\nexpense the incremental costs of obtaining contracts where the amortisation period of the assets
\nwould have been one year or less.
\nThe contract liabilities primarily relate to the advance consideration received from customers in
\nrespect of performance obligations which have not yet been fully satis\ufb01ed and for which revenue
\nhas not been recognised. All contract liabilities held at 31 December 2022 are expected to satisfy
\nperformance obligations in the next 12 months.
Signi\ufb01cant changes in the contract assets and the contract liabilities during the period are as follows: 2022
2021
\nContract assets
\n\u00a3m
\nContract liabilities
\n\u00a3m
\nContract assets
\n\u00a3m
\nContract liabilities
\n\u00a3m
\n1 January
232.6
(78.5)
171.8
(55.6)
\nRevenue recognised:
\n\u2013 performance
\nobligations satis\ufb01ed in
\nthe current year
3,533.7
78.5
3,157.2
55.6
\n\u2013 adjustments
\nto performance
\nobligations satis\ufb01ed in
\nprevious years
\u2013
\u2013
\u2013
\u2013
\nCash received
\nfor performance
\nobligations not yet
\nsatis\ufb01ed
\u2013
(74.2)
\u2013
(78.5)
\nAmounts transferred to
\ntrade receivables
(3,471.7)
\u2013
(3,096.4)
\u2013
\n31 December
294.6
(74.2)
232.6
(78.5)
\nThe Group secured workload is the sum of the construction secured order book and the
\nregeneration secured order book, less any inter-divisional eliminations. The \u2018secured order book\u2019
\nis the sum of the \u2018committed order book\u2019, the \u2018framework order book\u2019 and (for the regeneration
\nbusinesses only) the Group\u2019s share of the gross development value of secured schemes (including
\nthe development value of open market housing schemes). The \u2018committed order book\u2019 represents
\nthe Group\u2019s share of future revenue that will be derived from signed contracts or letters of intent.
\nThe \u2018framework order book\u2019 represents the Group\u2019s expected share of revenue from the frameworks
\non which the Group has been appointed. This excludes prospects where con\ufb01rmation has been
\nreceived as preferred bidder only, with no formal contract or letter of intent in place.
The following table sets out the Group secured workload by operating segment which is deemed to
\nbe the revenue expected to be recognised in the future related to performance obligations that are
\nunsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date:
\n2023
\n\u00a3m
\n2024
\n\u00a3m
\n2025+
\n\u00a3m
\nTotal
\n\u00a3m
\nConstruction &
\nInfrastructure
1,382.7
1,194.4
23.6
2,600.7
\nFit Out
590.9
204.5
46.0
841.4
\nProperty Services
150.4
148.3
905.7
1,204.4
\nPartnership Housing
784.7
490.8
708.4
1,983.9
\nUrban Regeneration
310.9
219.7
1,316.9
1,847.5
\nEliminations
(19.0)
\u2013
\u2013
(19.0)
\n3,200.6
2,257.7
3,000.6
8,458.9
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23847": {
"value": "15 Inventories 2022
\n\u00a3m
\n2021
\n\u00a3m
\nWork in progress
333.9
288.5
\nWork in progress comprises land and housing, commercial and mixed-use developments in the
\ncourse of construction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23860": {
"value": "16 Contract assets and liabilities 2022
\n\u00a3m
\n2021
\n\u00a3m
\nContract assets
294.6
232.6
\nContract liabilities
(74.2)
(78.5)
\nThe contract assets primarily relate to the Group\u2019s right to consideration for construction work
\ncompleted but not invoiced at the balance sheet date. The contract assets are transferred to trade
\nreceivables when the amounts are certi\ufb01ed by the customer. On most contracts, certi\ufb01cates are
\nissued by the customer on a monthly basis. All contract assets held at 31 December 2022 are
\nexpected to be invoiced and transferred to trade receivables within the next 12 months.
\nThe Group has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately
\nexpense the incremental costs of obtaining contracts where the amortisation period of the assets
\nwould have been one year or less.
\nThe contract liabilities primarily relate to the advance consideration received from customers in
\nrespect of performance obligations which have not yet been fully satis\ufb01ed and for which revenue
\nhas not been recognised. All contract liabilities held at 31 December 2022 are expected to satisfy
\nperformance obligations in the next 12 months.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n208
Morgan Sindall Group plc
Annual Report 2022
16 Contract assets and liabilities continued
\nSigni\ufb01cant changes in the contract assets and the contract liabilities during the period are as follows:
\n2022
2021
\nContract assets
\n\u00a3m
\nContract liabilities
\n\u00a3m
\nContract assets
\n\u00a3m
\nContract liabilities
\n\u00a3m
\n1 January
232.6
(78.5)
171.8
(55.6)
\nRevenue recognised:
\n\u2013 performance
\nobligations satis\ufb01ed in
\nthe current year
3,533.7
78.5
3,157.2
55.6
\n\u2013 adjustments
\nto performance
\nobligations satis\ufb01ed in
\nprevious years
\u2013
\u2013
\u2013
\u2013
\nCash received
\nfor performance
\nobligations not yet
\nsatis\ufb01ed
\u2013
(74.2)
\u2013
(78.5)
\nAmounts transferred to
\ntrade receivables
(3,471.7)
\u2013
(3,096.4)
\u2013
\n31 December
294.6
(74.2)
232.6
(78.5)
\nThe Group secured workload is the sum of the construction secured order book and the
\nregeneration secured order book, less any inter-divisional eliminations. The \u2018secured order book\u2019
\nis the sum of the \u2018committed order book\u2019, the \u2018framework order book\u2019 and (for the regeneration
\nbusinesses only) the Group\u2019s share of the gross development value of secured schemes (including
\nthe development value of open market housing schemes). The \u2018committed order book\u2019 represents
\nthe Group\u2019s share of future revenue that will be derived from signed contracts or letters of intent.
\nThe \u2018framework order book\u2019 represents the Group\u2019s expected share of revenue from the frameworks
\non which the Group has been appointed. This excludes prospects where con\ufb01rmation has been
\nreceived as preferred bidder only, with no formal contract or letter of intent in place.
\nThe following table sets out the Group secured workload by operating segment which is deemed to
\nbe the revenue expected to be recognised in the future related to performance obligations that are
\nunsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date:
\n2023
\n\u00a3m
\n2024
\n\u00a3m
\n2025+
\n\u00a3m
\nTotal
\n\u00a3m
\nConstruction &
\nInfrastructure
1,382.7
1,194.4
23.6
2,600.7
\nFit Out
590.9
204.5
46.0
841.4
\nProperty Services
150.4
148.3
905.7
1,204.4
\nPartnership Housing
784.7
490.8
708.4
1,983.9
\nUrban Regeneration
310.9
219.7
1,316.9
1,847.5
\nEliminations
(19.0)
\u2013
\u2013
(19.0)
\n3,200.6
2,257.7
3,000.6
8,458.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23861": {
"value": "16 Contract assets and liabilities 2022
\n\u00a3m
\n2021
\n\u00a3m
\nContract assets
294.6
232.6
\nContract liabilities
(74.2)
(78.5)
\nThe contract assets primarily relate to the Group\u2019s right to consideration for construction work
\ncompleted but not invoiced at the balance sheet date. The contract assets are transferred to trade
\nreceivables when the amounts are certi\ufb01ed by the customer. On most contracts, certi\ufb01cates are
\nissued by the customer on a monthly basis. All contract assets held at 31 December 2022 are
\nexpected to be invoiced and transferred to trade receivables within the next 12 months.
\nThe Group has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately
\nexpense the incremental costs of obtaining contracts where the amortisation period of the assets
\nwould have been one year or less.
\nThe contract liabilities primarily relate to the advance consideration received from customers in
\nrespect of performance obligations which have not yet been fully satis\ufb01ed and for which revenue
\nhas not been recognised. All contract liabilities held at 31 December 2022 are expected to satisfy
\nperformance obligations in the next 12 months.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n208
Morgan Sindall Group plc
Annual Report 2022
16 Contract assets and liabilities continued
\nSigni\ufb01cant changes in the contract assets and the contract liabilities during the period are as follows:
\n2022
2021
\nContract assets
\n\u00a3m
\nContract liabilities
\n\u00a3m
\nContract assets
\n\u00a3m
\nContract liabilities
\n\u00a3m
\n1 January
232.6
(78.5)
171.8
(55.6)
\nRevenue recognised:
\n\u2013 performance
\nobligations satis\ufb01ed in
\nthe current year
3,533.7
78.5
3,157.2
55.6
\n\u2013 adjustments
\nto performance
\nobligations satis\ufb01ed in
\nprevious years
\u2013
\u2013
\u2013
\u2013
\nCash received
\nfor performance
\nobligations not yet
\nsatis\ufb01ed
\u2013
(74.2)
\u2013
(78.5)
\nAmounts transferred to
\ntrade receivables
(3,471.7)
\u2013
(3,096.4)
\u2013
\n31 December
294.6
(74.2)
232.6
(78.5)
\nThe Group secured workload is the sum of the construction secured order book and the
\nregeneration secured order book, less any inter-divisional eliminations. The \u2018secured order book\u2019
\nis the sum of the \u2018committed order book\u2019, the \u2018framework order book\u2019 and (for the regeneration
\nbusinesses only) the Group\u2019s share of the gross development value of secured schemes (including
\nthe development value of open market housing schemes). The \u2018committed order book\u2019 represents
\nthe Group\u2019s share of future revenue that will be derived from signed contracts or letters of intent.
\nThe \u2018framework order book\u2019 represents the Group\u2019s expected share of revenue from the frameworks
\non which the Group has been appointed. This excludes prospects where con\ufb01rmation has been
\nreceived as preferred bidder only, with no formal contract or letter of intent in place.
\nThe following table sets out the Group secured workload by operating segment which is deemed to
\nbe the revenue expected to be recognised in the future related to performance obligations that are
\nunsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date:
\n2023
\n\u00a3m
\n2024
\n\u00a3m
\n2025+
\n\u00a3m
\nTotal
\n\u00a3m
\nConstruction &
\nInfrastructure
1,382.7
1,194.4
23.6
2,600.7
\nFit Out
590.9
204.5
46.0
841.4
\nProperty Services
150.4
148.3
905.7
1,204.4
\nPartnership Housing
784.7
490.8
708.4
1,983.9
\nUrban Regeneration
310.9
219.7
1,316.9
1,847.5
\nEliminations
(19.0)
\u2013
\u2013
(19.0)
\n3,200.6
2,257.7
3,000.6
8,458.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23911": {
"value": "Signi\ufb01cant changes in the contract assets and the contract liabilities during the period are as follows: 2022
2021
\nContract assets
\n\u00a3m
\nContract liabilities
\n\u00a3m
\nContract assets
\n\u00a3m
\nContract liabilities
\n\u00a3m
\n1 January
232.6
(78.5)
171.8
(55.6)
\nRevenue recognised:
\n\u2013 performance
\nobligations satis\ufb01ed in
\nthe current year
3,533.7
78.5
3,157.2
55.6
\n\u2013 adjustments
\nto performance
\nobligations satis\ufb01ed in
\nprevious years
\u2013
\u2013
\u2013
\u2013
\nCash received
\nfor performance
\nobligations not yet
\nsatis\ufb01ed
\u2013
(74.2)
\u2013
(78.5)
\nAmounts transferred to
\ntrade receivables
(3,471.7)
\u2013
(3,096.4)
\u2013
\n31 December
294.6
(74.2)
232.6
(78.5)
\nThe Group secured workload is the sum of the construction secured order book and the
\nregeneration secured order book, less any inter-divisional eliminations. The \u2018secured order book\u2019
\nis the sum of the \u2018committed order book\u2019, the \u2018framework order book\u2019 and (for the regeneration
\nbusinesses only) the Group\u2019s share of the gross development value of secured schemes (including
\nthe development value of open market housing schemes). The \u2018committed order book\u2019 represents
\nthe Group\u2019s share of future revenue that will be derived from signed contracts or letters of intent.
\nThe \u2018framework order book\u2019 represents the Group\u2019s expected share of revenue from the frameworks
\non which the Group has been appointed. This excludes prospects where con\ufb01rmation has been
\nreceived as preferred bidder only, with no formal contract or letter of intent in place.
The following table sets out the Group secured workload by operating segment which is deemed to
\nbe the revenue expected to be recognised in the future related to performance obligations that are
\nunsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date:
\n2023
\n\u00a3m
\n2024
\n\u00a3m
\n2025+
\n\u00a3m
\nTotal
\n\u00a3m
\nConstruction &
\nInfrastructure
1,382.7
1,194.4
23.6
2,600.7
\nFit Out
590.9
204.5
46.0
841.4
\nProperty Services
150.4
148.3
905.7
1,204.4
\nPartnership Housing
784.7
490.8
708.4
1,983.9
\nUrban Regeneration
310.9
219.7
1,316.9
1,847.5
\nEliminations
(19.0)
\u2013
\u2013
(19.0)
\n3,200.6
2,257.7
3,000.6
8,458.9",
"dimensions": {
"concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24031": {
"value": "17 Trade and other receivables Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAmounts falling due within one year
\nTrade receivables
26
243.6
200.3
\nAmounts owed by joint ventures
25
9.2
13.5
\nPrepayments
13.0
13.2
\nInsurance receivables
4.8
30.4
\nOther receivables
36.0
21.0
\n306.6
278.4
\nAmounts falling due after more than one year
\nTrade receivables
26
46.4
49.9
\n46.4
49.9
\nTrade and other receivables
353.0
328.3
\nThe directors consider that the carrying amount of trade and other receivables approximates to
\ntheir fair value.
\nTrade receivables are stated after provisions for impairment losses of \u00a32.5m (2021: \u00a31.2m).
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n209
Morgan Sindall Group plc
Annual Report 2022
17 Trade and other receivables continued
\nRetentions held by customers for contract work included within trade receivables at 31 December 2022
\nwere \u00a396.8m (2021: \u00a391.0m). These will be collected in the normal operating cycle of the Company.
\nThe Company manages the collection of retentions through its post-completion project monitoring
\nprocedures and ongoing contact with clients to ensure that potential issues that could lead to the
\nnon-payment of retentions are identi\ufb01ed and addressed promptly.
\nThe Group holds third-party insurances that may mitigate the contract and legal liabilities described
\nin note 20 \u2013 provisions and note 22 \u2013 contingent liabilities. Insurance receivables are recognised
\nwhen reimbursement from insurers is virtually certain.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24032": {
"value": "17 Trade and other receivables Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAmounts falling due within one year
\nTrade receivables
26
243.6
200.3
\nAmounts owed by joint ventures
25
9.2
13.5
\nPrepayments
13.0
13.2
\nInsurance receivables
4.8
30.4
\nOther receivables
36.0
21.0
\n306.6
278.4
\nAmounts falling due after more than one year
\nTrade receivables
26
46.4
49.9
\n46.4
49.9
\nTrade and other receivables
353.0
328.3
\nThe directors consider that the carrying amount of trade and other receivables approximates to
\ntheir fair value.
\nTrade receivables are stated after provisions for impairment losses of \u00a32.5m (2021: \u00a31.2m).
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n209
Morgan Sindall Group plc
Annual Report 2022
17 Trade and other receivables continued
\nRetentions held by customers for contract work included within trade receivables at 31 December 2022
\nwere \u00a396.8m (2021: \u00a391.0m). These will be collected in the normal operating cycle of the Company.
\nThe Company manages the collection of retentions through its post-completion project monitoring
\nprocedures and ongoing contact with clients to ensure that potential issues that could lead to the
\nnon-payment of retentions are identi\ufb01ed and addressed promptly.
\nThe Group holds third-party insurances that may mitigate the contract and legal liabilities described
\nin note 20 \u2013 provisions and note 22 \u2013 contingent liabilities. Insurance receivables are recognised
\nwhen reimbursement from insurers is virtually certain.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24104": {
"value": "18 Trade and other payables Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade payables
165.4
157.6
\nAmounts owed to joint ventures
25
4.2
0.2
\nOther tax and social security
107.0
107.5
\nAccrued expenses
637.7
602.7
\nDeferred income
5.8
8.9
\nLand creditors
30.8
8.9
\nOther payables
12.3
5.6
\nCurrent
963.2
891.4
\nLand creditors
30.9
32.6
\nOther payables
6.4
\u2013
\nNon-current
37.3
32.6
\nThe directors consider that the carrying amount of trade payables approximates to their fair
\nvalue. No interest was incurred on outstanding balances. Non-current other payables have been
\ndiscounted by \u00a32.2m (2021: \u00a33.3m) to re\ufb02ect the time value of money.
\nRetentions withheld from subcontractors included in trade payables amount to \u00a380.9m (2021: \u00a375.4m).
\nFunding obligations to joint ventures included within amounts owed to joint ventures are \u00a34.0m
\n(2021: \u00a3nil) as described in note 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24105": {
"value": "18 Trade and other payables Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade payables
165.4
157.6
\nAmounts owed to joint ventures
25
4.2
0.2
\nOther tax and social security
107.0
107.5
\nAccrued expenses
637.7
602.7
\nDeferred income
5.8
8.9
\nLand creditors
30.8
8.9
\nOther payables
12.3
5.6
\nCurrent
963.2
891.4
\nLand creditors
30.9
32.6
\nOther payables
6.4
\u2013
\nNon-current
37.3
32.6
\nThe directors consider that the carrying amount of trade payables approximates to their fair
\nvalue. No interest was incurred on outstanding balances. Non-current other payables have been
\ndiscounted by \u00a32.2m (2021: \u00a33.3m) to re\ufb02ect the time value of money.
\nRetentions withheld from subcontractors included in trade payables amount to \u00a380.9m (2021: \u00a375.4m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24106": {
"value": "18 Trade and other payables Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade payables
165.4
157.6
\nAmounts owed to joint ventures
25
4.2
0.2
\nOther tax and social security
107.0
107.5
\nAccrued expenses
637.7
602.7
\nDeferred income
5.8
8.9
\nLand creditors
30.8
8.9
\nOther payables
12.3
5.6
\nCurrent
963.2
891.4
\nLand creditors
30.9
32.6
\nOther payables
6.4
\u2013
\nNon-current
37.3
32.6
\nThe directors consider that the carrying amount of trade payables approximates to their fair
\nvalue. No interest was incurred on outstanding balances. Non-current other payables have been
\ndiscounted by \u00a32.2m (2021: \u00a33.3m) to re\ufb02ect the time value of money.
\nRetentions withheld from subcontractors included in trade payables amount to \u00a380.9m (2021: \u00a375.4m).
\nFunding obligations to joint ventures included within amounts owed to joint ventures are \u00a34.0m
\n(2021: \u00a3nil) as described in note 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24159": {
"value": "19 Retirement bene\ufb01t schemes De\ufb01ned contribution plan
\nThe Morgan Sindall Retirement Bene\ufb01ts Plan (\u2018the Retirement Plan\u2019) was established on 31 May 1995
\nand currently operates on de\ufb01ned contribution principles for employees of the Group. The assets
\nof the Retirement Plan are held separately from those of the Group in funds under the control of
\nthe Trustees of the Retirement Plan. The total cost charged to the income statement of \u00a322.9m
\n(2021: \u00a321.1m) represents contributions payable to the de\ufb01ned contribution section of the
\nRetirement Plan by the Group.
\nAs at 31 December 2022, contributions of \u00a33.3m (2021: \u00a32.6m) were due in respect of December\u2019s
\ncontribution not paid over to the Retirement Plan.
\nDe\ufb01ned bene\ufb01t plan
\nThe Retirement Plan includes a de\ufb01ned bene\ufb01t section comprising liabilities and transfers of funds
\nrepresenting the accrued bene\ufb01t rights of active and deferred members and pensioners of pension
\nplans of companies which are now part of the Group. These include salary-related bene\ufb01ts for
\nmembers in respect of bene\ufb01ts accrued before 31 May 1995 (and bene\ufb01ts transferred in from
\nThe Snape Group Limited Retirement Bene\ufb01ts Scheme accrued up to 1 August 1997). No further
\nde\ufb01ned bene\ufb01t membership rights can accrue after those dates. The scheme duration is an
\nindicator of the weighted average time until bene\ufb01t payments are expected to be made. For the
\nscheme as a whole, the duration is around 11 years.
\nOn 23 May 2018, the Trustees of the Retirement Plan completed a buy-in transaction with Aviva
\nto insure the bene\ufb01ts of the de\ufb01ned bene\ufb01t members. The buy-in policy is an asset of the Plan that
\nprovides payments that are an exact match to the pension payments made to the de\ufb01ned bene\ufb01t
\nmembers covered by the policy.
\nDuring the year ended 31 December 2020, additional liabilities were recognised due to a court
\nruling on 20 November 2020 in respect of Guaranteed Minimum Pension (GMP) equalisation for
\npast transfers out. The additional liability recognised as a result of this ruling at 31 December 2022
\nis \u00a30.2m (2021: \u00a30.2m).
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n210
Morgan Sindall Group plc
Annual Report 2022
19 Retirement bene\ufb01t schemes continued
\nThe present value of the de\ufb01ned bene\ufb01t liabilities was measured using the projected unit credit
\nmethod. The following table shows the key assumptions used:
\nKey assumptions used:
2022
2021
\nDiscount rate (%)
4.8
1.9
\nRate of in\ufb02ation (%)
3.3
3.1
\nRate of future pension increases
\n(a)
\n(%)
3.0\u20133.5
3.0\u20133.5
\nAverage life expectancy for pensioner retiring now at
\nage 65 years (years)
87.1
87.3
\nAverage life expectancy for pensioner retiring in 20 years
\nat age 65 years (years)
88.9
89.1
\n(a) Depending on their date of joining, members receive pension increases of 3.0% or 3.5%.
\n2022
2021
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nTotal
\n\u00a3m
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nTotal
\n\u00a3m
\n1 January
10.1
(10.3)
(0.2)
12.7
(12.9)
(0.2)
\nFinance income/(expense)
0.2
(0.2)
\u2013
0.1
(0.1)
\u2013
\nActuarial (loss)/gain
(3.0)
3.0
\u2013
(0.8)
0.8
\u2013
\nBene\ufb01ts paid
(0.7)
0.7
\u2013
(1.9)
1.9
\u2013
\n31 December
6.6
(6.8)
(0.2)
10.1
(10.3)
(0.2)
\nSensitivity analysis
\nAs the buy-in policy is valued in line with the corresponding liability value, there would be a
\ncorresponding change in assets and liabilities for any change in assumptions used to value the
\nliabilities, with no impact on the net position.
\nThere was no actuarial gain or loss recognised in the statement of comprehensive income during
\nthe current or prior year.
\nFor IAS 19 purposes, the buy-in asset is valued as equal to the accounting value of the liabilities
\ncovered. This results in the total plan assets being equal to the IAS 19 liabilities, excluding the \u00a30.2m
\nGMP equalisation liability.
\nNo contributions are expected to be paid to the de\ufb01ned bene\ufb01t section of the Retirement Plan
\nduring 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24171": {
"value": "De\ufb01ned bene\ufb01t plan The Retirement Plan includes a de\ufb01ned bene\ufb01t section comprising liabilities and transfers of funds
\nrepresenting the accrued bene\ufb01t rights of active and deferred members and pensioners of pension
\nplans of companies which are now part of the Group. These include salary-related bene\ufb01ts for
\nmembers in respect of bene\ufb01ts accrued before 31 May 1995 (and bene\ufb01ts transferred in from
\nThe Snape Group Limited Retirement Bene\ufb01ts Scheme accrued up to 1 August 1997). No further
\nde\ufb01ned bene\ufb01t membership rights can accrue after those dates. The scheme duration is an
\nindicator of the weighted average time until bene\ufb01t payments are expected to be made. For the
\nscheme as a whole, the duration is around 11 years.
\nOn 23 May 2018, the Trustees of the Retirement Plan completed a buy-in transaction with Aviva
\nto insure the bene\ufb01ts of the de\ufb01ned bene\ufb01t members. The buy-in policy is an asset of the Plan that
\nprovides payments that are an exact match to the pension payments made to the de\ufb01ned bene\ufb01t
\nmembers covered by the policy.
\nDuring the year ended 31 December 2020, additional liabilities were recognised due to a court
\nruling on 20 November 2020 in respect of Guaranteed Minimum Pension (GMP) equalisation for
\npast transfers out. The additional liability recognised as a result of this ruling at 31 December 2022
\nis \u00a30.2m (2021: \u00a30.2m).
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n210
Morgan Sindall Group plc
Annual Report 2022
19 Retirement bene\ufb01t schemes continued
\nThe present value of the de\ufb01ned bene\ufb01t liabilities was measured using the projected unit credit
\nmethod. The following table shows the key assumptions used:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24296": {
"value": "20 Provisions
\nBuilding
\nsafety
\nSelf-
\ninsurance
\n\u00a3m
\nContract and
\nlegal
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\n1 January 2021
\u2013
22.8
\u2013
8.1
30.9
\nUtilised
\u2013
(1.6)
\u2013
(5.0)
(6.6)
\nAdditions
\u2013
4.5
22.7
0.2
27.4
\nReclassi\ufb01cations
\u2013
\u2013
10.7
\u2013
10.7
\nReleased
\u2013
(4.5)
\u2013
(0.6)
(5.1)
\n1 January 2022
\u2013
21.2
33.4
2.7
57.3
\nUtilised
(0.8)
(1.0)
(6.5)
(0.2)
(8.5)
\nAdditions
39.1
4.0
13.2
1.3
57.6
\nReleased
\u2013
(4.4)
(24.4)
(0.7)
(29.5)
\n31 December 2022
38.3
19.8
15.7
3.1
76.9
\nCurrent
38.3
\u2013
15.7
1.1
55.1
\nNon-current
\u2013
19.8
\u2013
2.0
21.8
\n31 December 2022
38.3
19.8
15.7
3.1
76.9
\nBuilding safety provisions
\nDuring 2022, Partnership Housing signed the Pledge with the DLUHC setting out the principles
\nunder which life-critical \ufb01re safety issues on buildings that they have developed of 11 metres and
\nabove are to be remediated. A letter was also received from DLUHC requesting information to
\nassess whether it may be appropriate for Urban Regeneration to also commit to the principles of
\nthe Pledge as part of its commitment to support the remediation of historic cladding and \ufb01re safety
\ndefects over and above its obligations under the new Building Safety Act.
\nThe \ufb01nal-form legal contract was issued in January 2023 and both Partnership Housing and Urban
\nRegeneration have con\ufb01rmed in writing to DLUHC their intention to sign and execute the contract
\non or before the stipulated date of 13 March 2023.
Management have reviewed legal and constructive obligations with regard to remedial work to
\nrectify legacy building safety issues. Where obligations exist, these have been evaluated for the
\nlikely cost to address, including repayments of the Building Safety Fund. As a result of this review,
\nprovisions were recognised, excluding those recognised in joint ventures, totalling \u00a339.1m, of which
\n\u00a30.8m has been utilised during the period.
\nNote 22 includes details of contingent liabilities related to building safety.
\nSelf-insurance provisions
\nSelf-insurance provisions comprise the Group\u2019s self-insurance of certain risks and include \u00a311.1m
\n(2021: \u00a310.8m) held in the Group\u2019s captive insurance company, Newman Insurance Company
\nLimited (\u2018the captive\u2019).
\nThe Group makes provisions in respect of speci\ufb01c types of claims incurred but not reported
\n(IBNR). The valuation of IBNR considers past claims experience and the risk pro\ufb01le of the Group.
\nThese are reviewed periodically and are intended to provide a best estimate of the most likely
\nor expected outcome.
\nContract and legal provisions
\nContract and legal provisions include liabilities, loss provisions, defect and warranty provisions
\non contracts that have reached completion.
\nThe Group also holds third-party insurances that may mitigate the liabilities. Third-party insurance
\nreimbursement is recognised as a separate asset, but only when the reimbursement is virtually
\ncertain. See note 17 for details of mitigating insurance receivables recognised at the period end.
\nNote 22 includes details of contingent liabilities related to claims.
\nOther provisions
\nOther provisions include property dilapidations and other personnel-related provisions.
\nThe majority of the provisions are expected to be utilised within 10 years.
22 Contingent liabilities
\nGroup banking facilities and surety bond facilities are supported by cross guarantees given by
\nthe Company and participating companies in the Group. There are contingent liabilities in respect
\nof surety bond facilities, guarantees and claims under contracting and other arrangements,
\nincluding joint arrangements and joint ventures entered into in the normal course of business.
\nAs at 31 December 2022, contract bonds in issue under uncommitted facilities covered \u00a3148.3m
\nof contract commitments of the Group, of which \u00a325.7m related to joint arrangements and \u00a30.1m
\nto joint ventures (2021: \u00a3137.2m, of which \u00a325.6m related to joint arrangements and \u00a30.6m to
\njoint ventures).
\nContingent liabilities may also arise in respect of subcontractor and other third-party claims made
\nagainst the Group in the normal course of trading. These claims can include those relating to
\ncladding/legacy \ufb01re safety matters, and defects. A provision for such claims is only recognised
\nto the extent that the directors believe that the Group has a legal or constructive obligation as a
\nresult of a past event and it is probable that an out\ufb02ow of economic bene\ufb01t will be required to
\nsettle the obligation. However, such claims are predominantly covered by the Group\u2019s insurance
\narrangements. Recoveries under insurance arrangements are recognised as insurance receivables
\nwhen they are considered virtually certain.
\nBuilding safety
\nAt 31 December 2022, the Group held provisions totalling \u00a348.1m, including those related to joint
\nventures, in respect of liabilities arising from commitments made under the Pledge. This represents
\nmanagement\u2019s best estimate of the cost and timing of remedial works required and repayments
\nto the Building Safety Fund.
\nThe ongoing legislative and regulatory changes in respect of legacy building safety issues create
\nuncertainty around the extent of remediation required for legacy buildings, the liability for such
\nremediation, recoveries from other parties and the time to be considered. It is possible that as
\nremediation work proceeds, additional remedial works are required that may not have been
\nidenti\ufb01ed from the reviews and physical inspections undertaken to date. The scope of buildings
\nand remediation works to be considered may also change as legislation and regulations continue
\nto evolve.
\nUncertainties also exist in respect of the timing and extent of expected recoveries from other third
\nparties involved in developments for which no assets have been recognised at 31 December 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24298": {
"value": "20 Provisions Building
\nsafety
\nSelf-
\ninsurance
\n\u00a3m
\nContract and
\nlegal
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\n1 January 2021
\u2013
22.8
\u2013
8.1
30.9
\nUtilised
\u2013
(1.6)
\u2013
(5.0)
(6.6)
\nAdditions
\u2013
4.5
22.7
0.2
27.4
\nReclassi\ufb01cations
\u2013
\u2013
10.7
\u2013
10.7
\nReleased
\u2013
(4.5)
\u2013
(0.6)
(5.1)
\n1 January 2022
\u2013
21.2
33.4
2.7
57.3
\nUtilised
(0.8)
(1.0)
(6.5)
(0.2)
(8.5)
\nAdditions
39.1
4.0
13.2
1.3
57.6
\nReleased
\u2013
(4.4)
(24.4)
(0.7)
(29.5)
\n31 December 2022
38.3
19.8
15.7
3.1
76.9
\nCurrent
38.3
\u2013
15.7
1.1
55.1
\nNon-current
\u2013
19.8
\u2013
2.0
21.8
\n31 December 2022
38.3
19.8
15.7
3.1
76.9
\nBuilding safety provisions
\nDuring 2022, Partnership Housing signed the Pledge with the DLUHC setting out the principles
\nunder which life-critical \ufb01re safety issues on buildings that they have developed of 11 metres and
\nabove are to be remediated. A letter was also received from DLUHC requesting information to
\nassess whether it may be appropriate for Urban Regeneration to also commit to the principles of
\nthe Pledge as part of its commitment to support the remediation of historic cladding and \ufb01re safety
\ndefects over and above its obligations under the new Building Safety Act.
\nThe \ufb01nal-form legal contract was issued in January 2023 and both Partnership Housing and Urban
\nRegeneration have con\ufb01rmed in writing to DLUHC their intention to sign and execute the contract
\non or before the stipulated date of 13 March 2023.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n211
Morgan Sindall Group plc
Annual Report 2022
20 Provisions continued
\nManagement have reviewed legal and constructive obligations with regard to remedial work to
\nrectify legacy building safety issues. Where obligations exist, these have been evaluated for the
\nlikely cost to address, including repayments of the Building Safety Fund. As a result of this review,
\nprovisions were recognised, excluding those recognised in joint ventures, totalling \u00a339.1m, of which
\n\u00a30.8m has been utilised during the period.
\nNote 22 includes details of contingent liabilities related to building safety.
\nSelf-insurance provisions
\nSelf-insurance provisions comprise the Group\u2019s self-insurance of certain risks and include \u00a311.1m
\n(2021: \u00a310.8m) held in the Group\u2019s captive insurance company, Newman Insurance Company
\nLimited (\u2018the captive\u2019).
\nThe Group makes provisions in respect of speci\ufb01c types of claims incurred but not reported
\n(IBNR). The valuation of IBNR considers past claims experience and the risk pro\ufb01le of the Group.
\nThese are reviewed periodically and are intended to provide a best estimate of the most likely
\nor expected outcome.
\nContract and legal provisions
\nContract and legal provisions include liabilities, loss provisions, defect and warranty provisions
\non contracts that have reached completion.
\nThe Group also holds third-party insurances that may mitigate the liabilities. Third-party insurance
\nreimbursement is recognised as a separate asset, but only when the reimbursement is virtually
\ncertain. See note 17 for details of mitigating insurance receivables recognised at the period end.
\nNote 22 includes details of contingent liabilities related to claims.
\nOther provisions
\nOther provisions include property dilapidations and other personnel-related provisions.
\nThe majority of the provisions are expected to be utilised within 10 years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24443": {
"value": "Other provisions Other provisions include property dilapidations and other personnel-related provisions.
The majority of the provisions are expected to be utilised within 10 years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24450": {
"value": "21 Lease liabilities The Group leases several assets including the buildings, plant and vehicles to enable the Group to
\ncarry out its day-to-day operations. The average lease term is \ufb01ve years. There are no variable terms
\nto any of the leases. The maturity pro\ufb01le for the lease liabilities at 31 December 2022 is set out below:
\n2022
2021
\nProperty
\n\u00a3m
\nPlant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nProperty
\n\u00a3m
\nPlant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nWithin one year
8.6
9.2
17.8
8.4
6.5
14.9
\nWithin two to \ufb01ve years
22.7
15.2
37.9
22.5
10.4
32.9
\nAfter more than
\n\ufb01ve years
7.2
\u2013
7.2
9.2
\u2013
9.2
\nTotal undiscounted
\ncash \ufb02ows
38.5
24.4
62.9
40.1
16.9
57.0
\nDeduct impact of
\ndiscounting
(4.5)
(1.5)
(6.0)
(3.5)
(0.7)
(4.2)
\n31 December
34.0
22.9
56.9
36.6
16.2
52.8
\n2022
2021
\nProperty
\n\u00a3m
\nPlant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nProperty
\n\u00a3m
\nPlant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\n1 January
36.6
16.2
52.8
41.0
10.0
51.0
\nAdditions
7.0
15.0
22.0
3.5
12.5
16.0
\nTerminations
(2.1)
(0.5)
(2.6)
(0.3)
(0.2)
(0.5)
\nRepayments
(8.8)
(8.4)
(17.2)
(8.7)
(6.5)
(15.2)
\nInterest expense
\n(note 6)
1.3
0.6
1.9
1.1
0.4
1.5
\n31 December
34.0
22.9
56.9
36.6
16.2
52.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24593": {
"value": "22 Contingent liabilities Group banking facilities and surety bond facilities are supported by cross guarantees given by
\nthe Company and participating companies in the Group. There are contingent liabilities in respect
\nof surety bond facilities, guarantees and claims under contracting and other arrangements,
\nincluding joint arrangements and joint ventures entered into in the normal course of business.
\nAs at 31 December 2022, contract bonds in issue under uncommitted facilities covered \u00a3148.3m
\nof contract commitments of the Group, of which \u00a325.7m related to joint arrangements and \u00a30.1m
\nto joint ventures (2021: \u00a3137.2m, of which \u00a325.6m related to joint arrangements and \u00a30.6m to
\njoint ventures).
\nContingent liabilities may also arise in respect of subcontractor and other third-party claims made
\nagainst the Group in the normal course of trading. These claims can include those relating to
\ncladding/legacy \ufb01re safety matters, and defects. A provision for such claims is only recognised
\nto the extent that the directors believe that the Group has a legal or constructive obligation as a
\nresult of a past event and it is probable that an out\ufb02ow of economic bene\ufb01t will be required to
\nsettle the obligation. However, such claims are predominantly covered by the Group\u2019s insurance
\narrangements. Recoveries under insurance arrangements are recognised as insurance receivables
\nwhen they are considered virtually certain.
\nBuilding safety
\nAt 31 December 2022, the Group held provisions totalling \u00a348.1m, including those related to joint
\nventures, in respect of liabilities arising from commitments made under the Pledge. This represents
\nmanagement\u2019s best estimate of the cost and timing of remedial works required and repayments
\nto the Building Safety Fund.
\nThe ongoing legislative and regulatory changes in respect of legacy building safety issues create
\nuncertainty around the extent of remediation required for legacy buildings, the liability for such
\nremediation, recoveries from other parties and the time to be considered. It is possible that as
\nremediation work proceeds, additional remedial works are required that may not have been
\nidenti\ufb01ed from the reviews and physical inspections undertaken to date. The scope of buildings
\nand remediation works to be considered may also change as legislation and regulations continue
\nto evolve.
\nUncertainties also exist in respect of the timing and extent of expected recoveries from other third
\nparties involved in developments for which no assets have been recognised at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24594": {
"value": "22 Contingent liabilities Group banking facilities and surety bond facilities are supported by cross guarantees given by
\nthe Company and participating companies in the Group. There are contingent liabilities in respect
\nof surety bond facilities, guarantees and claims under contracting and other arrangements,
\nincluding joint arrangements and joint ventures entered into in the normal course of business.
\nAs at 31 December 2022, contract bonds in issue under uncommitted facilities covered \u00a3148.3m
\nof contract commitments of the Group, of which \u00a325.7m related to joint arrangements and \u00a30.1m
\nto joint ventures (2021: \u00a3137.2m, of which \u00a325.6m related to joint arrangements and \u00a30.6m to
\njoint ventures).
\nContingent liabilities may also arise in respect of subcontractor and other third-party claims made
\nagainst the Group in the normal course of trading. These claims can include those relating to
\ncladding/legacy \ufb01re safety matters, and defects. A provision for such claims is only recognised
\nto the extent that the directors believe that the Group has a legal or constructive obligation as a
\nresult of a past event and it is probable that an out\ufb02ow of economic bene\ufb01t will be required to
\nsettle the obligation. However, such claims are predominantly covered by the Group\u2019s insurance
\narrangements. Recoveries under insurance arrangements are recognised as insurance receivables
\nwhen they are considered virtually certain.
\nBuilding safety
\nAt 31 December 2022, the Group held provisions totalling \u00a348.1m, including those related to joint
\nventures, in respect of liabilities arising from commitments made under the Pledge. This represents
\nmanagement\u2019s best estimate of the cost and timing of remedial works required and repayments
\nto the Building Safety Fund.
\nThe ongoing legislative and regulatory changes in respect of legacy building safety issues create
\nuncertainty around the extent of remediation required for legacy buildings, the liability for such
\nremediation, recoveries from other parties and the time to be considered. It is possible that as
\nremediation work proceeds, additional remedial works are required that may not have been
\nidenti\ufb01ed from the reviews and physical inspections undertaken to date. The scope of buildings
\nand remediation works to be considered may also change as legislation and regulations continue
\nto evolve.
\nUncertainties also exist in respect of the timing and extent of expected recoveries from other third
\nparties involved in developments for which no assets have been recognised at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24630": {
"value": "23 Share capital 2022
2021
\nNumber
\u00a3m
Number
\u00a3m
\nIssued and fully paid
\nordinary shares of 5p each:
\n1 January
46,374,873
2.3
46,353,338
2.3
\nExercise of
\nshare options
975,731
0.1
21,535
\u2013
\n31 December
47,350,604
2.4
46,374,873
2.3
\nAll issued ordinary shares are fully paid. Ordinary shares are entitled to dividends when declared and
\neach share carries the right to one vote at a meeting of the Company.
\nDuring 2022, 975,731 shares were issued in respect of options exercised under the Group\u2019s SAYE for
\na total consideration of \u00a310.2m (2021: 21,535 shares were issued for a total consideration of \u00a30.3m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24631": {
"value": "23 Share capital2022
2021
\nNumber
\u00a3m
Number
\u00a3m
\nIssued and fully paid
\nordinary shares of 5p each:
\n1 January
46,374,873
2.3
46,353,338
2.3
\nExercise of
\nshare options
975,731
0.1
21,535
\u2013
\n31 December
47,350,604
2.4
46,374,873
2.3
\nAll issued ordinary shares are fully paid. Ordinary shares are entitled to dividends when declared and
\neach share carries the right to one vote at a meeting of the Company.
\nDuring 2022, 975,731 shares were issued in respect of options exercised under the Group\u2019s SAYE for
\na total consideration of \u00a310.2m (2021: 21,535 shares were issued for a total consideration of \u00a30.3m).
Other reserves Other reserves include:
\n\ue001
Capital redemption reserve of \u00a30.6m (2021: \u00a30.6m) which was created on the redemption of
\npreference shares in 2003.
\n\ue001
Hedging reserve of (\u00a30.8m) (2021: (\u00a30.8m)) arising under cash \ufb02ow hedge accounting. Movements
\non the e\ufb00ective portion of hedges are recognised through the hedging reserve, while any
\nine\ufb00ectiveness is taken to the income statement.
\n\ue001
Translation reserve of \u00a31.3m (2021: (\u00a30.8m)) arising on the translation of overseas operations into
\nthe Group\u2019s functional currency.
\nRetained earnings
\nRetained earnings include shares in Morgan Sindall Group plc purchased in the market and held
\nby the Morgan Sindall Employee Bene\ufb01t Trust (\u2018the Trust\u2019) to satisfy options under the Company\u2019s
\nshare incentive schemes. The number of shares held by the Trust at 31 December 2022 was
\n1,135,131 (2021: 1,051,664) with a cost of \u00a326.1m (2021: \u00a325.3m). All of the shares held by the Trust
\nwere unallocated at the year end and dividends on these shares have been waived. Based on the
\nCompany\u2019s share price at 31 December 2022 of \u00a315.30 (2021: \u00a325.20), the market value of the
\nshares was \u00a317.4m (2021: \u00a326.5m).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24679": {
"value": "24 Share-based payments The Group recognised a share-based payment expense of \u00a39.7m (2021: \u00a312.1m) related to
\nequity-settled share-based payment transactions. The Group has four share option schemes
\nwith unvested options or awards at 31 December 2022:
\n\ue001
Share Option Plan (\u20182014 SOP\u2019) for eligible employees across the Group. Options can be exercised
\nif any applicable EPS performance conditions are met over a three-year maturity period. If the
\noptions remain unexercised after a period of 10 years from the date of grant, the options lapse.
\nIf employees are not deemed to be good leavers under the rules of the 2014 SOP, their options
\nwill be forfeited if they leave the Group before the end of the option maturity period.
\n\ue001
Savings-Related Share Option Plan (\u2018SAYE\u2019) for all employees that are employed by the Group
\nat the relevant invitation date. There are no performance criteria for the SAYE and options are
\nissued to participants in accordance with HMRC rules.
\n\ue001
Long-Term Incentive Plan (\u20182014 LTIP\u2019). Details of the performance conditions and other
\ninformation in respect of the 2014 LTIP are set out in the directors\u2019 remuneration report on
\npages 161 and 162.
\n\ue001
Deferred bonus plan nil-cost options (\u2018deferred bonus plan\u2019). Information in respect of the
\ndeferred bonus plan is set out in the directors\u2019 remuneration report on page 139 and 143.
\nThe Group also has options which are outstanding at 31 December 2022 under the Employee
\nShare Option Plan 2007 (\u2018ESOP 2007\u2019) that have vested but the employees have not elected to
\nexercise their options. The outstanding options under the ESOP 2007 must be exercised by
\n27 November 2024.
\nDetails of the share awards and options granted during the year and the valuation methodology are
\nas follows:
\nShare awards under 2014 LTIP
\nShare options
\nunder 2014 SOP
\nAwards with
\nTSR condition
\nAwards with
\nEPS condition
\nNumber of awards
\nor options granted
65,346
130,691
712,103
\nWeighted average fair
\nvalue at date of grant
\n(per share)
\u00a311.45
\u00a317.25
\u00a33.91
\nWeighted average share
\nprice at date of grant
\u00a320.45
\u00a320.45
\u00a320.40
\nWeighted average
\nexercise price
n/a
n/a
\u00a322.86
\nValuation model
Monte\u2013Carlo
Black\u2013Scholes
Black\u2013Scholes
\nExpected term
\n(from date of grant)
3.0 years
3.0 years
6.5 years
\nExpected volatility
(a)
44.4%
48.9%
36.7%
\nExpected dividend yield
(b)
n/a
n/a
4.6%
\nRisk-free rate
1.2%
1.2%
1.1%
\n(a) Volatility has been calculated over the period of time commensurate with the expected award
\nterm immediately prior to the date of grant.
\n(b) Under the 2014 LTIP, award holders may receive the value of any dividends paid during the
\nvesting period in respect of their vested shares at the end of the vesting period. Consequently,
\nthe fair value is not discounted for value lost in respect of dividends.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n214
Morgan Sindall Group plc
Annual Report 2022
24 Share-based payments continued
\nThe following table provides a summary of the options granted under the Company\u2019s employee
\nshare option schemes during the current and comparative year:
\n2022
2021
\nNumber of
\nshare options
\nWeighted average
\nexercise price
\n(\u00a3)
\nNumber of
\nshare options
\nWeighted average
\nexercise price
\n(\u00a3)
\nOutstanding at
\n1 January
4,598,162
14.19
4,481,179
12.43
\nGranted during the year
728,166
22.35
1,780,274
16.08
\nLapsed during the year
(216,270)
16.41
(790,781)
12.75
\nExercised during
\nthe year
(1,440,152)
10.81
(872,510)
10.28
\nOutstanding at
\n31 December
3,669,906
16.81
4,598,162
14.19
\nExercisable at
\n31 December
732,706
11.79
284,443
9.75
\nWeighted average
\nremaining
\ncontractual life
6.4 years
5.4 years
\nThe weighted average share price at the date of exercise for share options exercised during the year
\nwas \u00a320.36 (2021: \u00a320.15).
\nThe options outstanding at 31 December 2022 had exercise prices ranging from \u00a3nil to \u00a322.94. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24839": {
"value": "25 Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been
\neliminated on consolidation and are not disclosed in this note. During the year, Group companies
\nentered into transactions to provide construction and property development services with related
\nparties, all of which were joint ventures, not members of the Group, amounting to \u00a3105.0m
\n(2021: \u00a3124.0m). At 31 December 2022, amounts owed to the Group by joint ventures was \u00a39.2m
\n(2021: \u00a313.5m) and amounts owed by the Group to joint ventures was \u00a34.2m (2021: \u00a30.2m)
\nincluding joint venture funding obligations as described in note 13.
\nRemuneration of key management personnel
\nThe Group considers key management personnel to be the members of the Group management
\nteam, and sets out below in aggregate remuneration for each of the categories speci\ufb01ed in IAS 24
\n\u2018Related Party Disclosures\u2019.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nShort-term employee bene\ufb01ts
9.8
10.3
\nPost-employment bene\ufb01ts
0.1
0.1
\nShare-based payments
4.4
4.9
\n14.3
15.3
\nDetails of directors\u2019 remuneration are set out in the directors\u2019 remuneration report on pages 152 to 156.
\nDirectors\u2019 transactions
\nThere have been no related party transactions with any director in the year or in the subsequent
\nperiod to 22 February 2023.
\nDirectors\u2019 material interests in contracts with the Company
\nNo director held any material interest in any contract with the Company or any Group company
\nin the year or in the subsequent period to 22 February 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24849": {
"value": "Remuneration of key management personnel The Group considers key management personnel to be the members of the Group management
\nteam, and sets out below in aggregate remuneration for each of the categories speci\ufb01ed in IAS 24
\n\u2018Related Party Disclosures\u2019.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nShort-term employee bene\ufb01ts
9.8
10.3
\nPost-employment bene\ufb01ts
0.1
0.1
\nShare-based payments
4.4
4.9
\n14.3
15.3
\nDetails of directors\u2019 remuneration are set out in the directors\u2019 remuneration report on pages 152 to 156.
\nDirectors\u2019 transactions
\nThere have been no related party transactions with any director in the year or in the subsequent
\nperiod to 22 February 2023.
\nDirectors\u2019 material interests in contracts with the Company
\nNo director held any material interest in any contract with the Company or any Group company
in the year or in the subsequent period to 22 February 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24894": {
"value": "26 Financial instruments Net cash
\nNet cash is de\ufb01ned as cash and cash equivalents less borrowings and non-recourse project
\n\ufb01nancing as shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash and cash equivalents
431.7
468.6
\nBank overdrafts presented as borrowings due within one year
(77.1)
(110.2)
\nCash and cash equivalents reported in the
\nconsolidated cash \ufb02ow statement
354.6
358.4
\nBorrowings due between two and \ufb01ve years
\u2013
(0.4)
\nNet cash
354.6
358.0
\nIncluded within cash and cash equivalents is \u00a338.0m (2021: \u00a355.7m) which is the Group\u2019s share
\nof cash held within jointly controlled operations. There is \u00a311.1m included within cash and cash
\nequivalents that is held for future payment to designated suppliers (2021: \u00a36.4m).
\nThe Group has \u00a3180m of committed loan facilities maturing more than one year from the balance
\nsheet date, of which \u00a315m matures in March 2024 and \u00a3165m in October 2025. These facilities are
\nundrawn at 31 December 2022.
\nAverage daily net cash during 2022 was \u00a3256.3m (2021: \u00a3291.4m). Average daily net cash is de\ufb01ned
\nas the average of the 365 end-of-day balances of the net cash (as de\ufb01ned above) over the course
\nof a reporting period. Management use this as a key metric in monitoring the performance of
\nthe business.
\nFinancial risks and management
\nThe Group has exposure to a variety of \ufb01nancial risks through the conduct of its operations. Risk
\nmanagement is governed by the Group\u2019s operational policies, which are subject to periodic review by
\nthe Group\u2019s internal audit team and twice-yearly review by management. The policies include written
\nprinciples for the Group\u2019s risk management as well as speci\ufb01c policies, guidelines and authorisation
\nprocedures in respect of speci\ufb01c risk mitigation techniques such as the use of derivative \ufb01nancial
\ninstruments. The Group does not enter into derivative \ufb01nancial instruments for speculative purposes.
\nThe following represent the key \ufb01nancial risks resulting from the Group\u2019s use of \ufb01nancial instruments:
\n\ue001
credit risk
\n\ue001
liquidity risk
\n\ue001
market risk
\n(a) Credit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a client or counterparty to a \ufb01nancial instrument
\nfails to meet its contractual obligations and arises primarily in respect of the Group\u2019s trade
\nreceivables and contract assets.
\nThe degree to which the Group is exposed to this credit risk depends on the individual
\ncharacteristics of the contract counterparty and the nature of the project. The Group\u2019s credit risk
\nis also in\ufb02uenced by general macroeconomic conditions. The Group does not have any signi\ufb01cant
\nconcentration risk in respect of contract assets or trade receivable balances at the reporting date
\nwith receivables spread across a wide range of clients. Due to the nature of the Group\u2019s operations,
\nit is normal practice for clients to hold retentions in respect of contracts completed. Retentions held
\nby clients at 31 December 2022 were \u00a396.8m (2021: \u00a391.0m). These will be collected in the normal
\noperating cycle of the Group.
\nThe Group manages its exposure to credit risk through the application of its credit risk management
\npolicies which specify the minimum requirements in respect of the creditworthiness of potential
\ncustomers, assessed through reports from credit agencies, and the timing and extent of progress
\npayments in respect of contracts.
\nThe risk management policies of the Group also specify procedures in respect of obtaining Parent
\nCompany guarantees or, in certain circumstances, use of escrow accounts which, in the event of
\ndefault, mean that the Group may have a secure claim. The Group does not require collateral in
\nrespect of contract assets or trade receivables.
\nThe Group manages the collection of retentions through its post-completion project monitoring
\nprocedures and ongoing contact with clients to ensure that potential issues that could lead to the
\nnon-payment of retentions are identi\ufb01ed and addressed promptly. The directors always estimate
\nthe loss allowance on contract assets and trade receivables at the end of the reporting period at an
\namount equal to lifetime expected credit losses.
\nNone of the contract assets at the end of the reporting period are past due, and, taking into account
\nthe historical default experience and the future prospects in the industry, the directors consider that
\nno contract assets are impaired.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n216
Morgan Sindall Group plc
Annual Report 2022
26 Financial instruments continued
\nThe expected credit losses on trade receivables are estimated using a provision matrix by reference
\nto past default experience of the debtor and an analysis of the debtor\u2019s current \ufb01nancial position,
\nadjusted for factors that are speci\ufb01c to the debtors, general economic conditions of the industry in
\nwhich the debtors operate and an assessment of both the current as well as the forecast direction
\nof conditions at the reporting date.
\nThe ageing of trade receivables at the reporting date was as follows:
\n2022
2021
\nGross trade
\nreceivables
\n\u00a3m
\nProvision for
\nexpected
\ncredit losses
\n\u00a3m
\nGross trade
\nreceivables
\n\u00a3m
\nProvision for
\nexpected
\ncredit losses
\n\u00a3m
\nNot past due
244.7
0.5
219.5
\u2013
\nPast due 1 to 30 days
22.9
\u2013
10.9
\u2013
\nPast due 31 to 120 days
10.4
\u2013
9.3
\u2013
\nPast due 121 to 365
\ndays
6.1
\u2013
7.0
0.4
\nPast due greater than
\none year
8.4
2.0
4.7
0.8
\n292.5
2.5
251.4
1.2
\nThe following table shows the movement in lifetime expected credit losses that has been recognised
\nfor trade and other receivables in accordance with the simpli\ufb01ed approach set out in IFRS 9:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n1 January
1.2
1.2
\nNet increase in loss allowance arising from new amounts
\nrecognised in current year, net of those derecognised
\nupon billing
1.3
\u2013
\n31 December
2.5
1.2
\nThere has not been any signi\ufb01cant change in the gross amounts of contract assets that has a\ufb00ected
\nthe estimation of the loss allowance.
\nThe average credit period on revenue is 29 days (2021: 28 days). No interest is charged on the trade
\nreceivables outstanding balance. Trade receivables overdue are provided for based on estimated
\nirrecoverable amounts.
\nIncluded in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u00a345.8m
\n(2021: \u00a330.7m) which are past due at the reporting date, for which the Group has not provided as
\nthere has not been a signi\ufb01cant change in credit quality and the Group considers that the amounts
\nare still recoverable. The average age of these receivables is 108 days (2021: 108 days).
\nIn determining the recoverability of trade receivables, the Group considers any change in the credit
\nquality of the trade receivable from the date credit was initially granted up to the reporting date.
\nThe concentration of credit risk is limited due to the customer base being large and spread across
\nthe Group\u2019s operating segments. Accordingly, the directors believe that there is no further credit
\nprovision required in excess of the provision for impairment losses.
\nAt the reporting date, there were no trade and other receivables which have had renegotiated terms
\nthat would otherwise have been past due.
\n(b) Liquidity risk
\nLiquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as and when
\nthey fall due. The ultimate responsibility for liquidity risk rests with the Board.
\nThe Group aims to manage liquidity by ensuring that it will always have su\ufb03cient liquidity to meet
\nits liabilities when due, under both normal and stress conditions.
\nLiquidity is provided through cash balances and committed bank loan facilities. Additional project
\n\ufb01nance borrowings may be used to fund speci\ufb01c projects. These project \ufb01nance borrowings are
\nwithout recourse to the remainder of the Group\u2019s assets.
\nThe Group reports cash balances daily and invests surplus cash to maximise income while
\npreserving liquidity and credit quality. The Group prepares weekly short-term and monthly
\nmedium-term cash forecasts, which are used to assess the Group\u2019s expected cash performance
\nand compare with the facilities available to the Group and the Group\u2019s covenants.
\nKey risks to liquidity and cash balances are a downturn in contracting volumes, a reduction in the
\npro\ufb01tability of work, delayed receipt of cash from customers and the risk that major clients or
\nsuppliers su\ufb00er \ufb01nancial distress leading to non-payment of debts or costly and time-consuming
\nreallocation and rescheduling of work. Certain measures and KPIs are continually monitored
\nthroughout the Group and used to quickly identify issues as they arise, enabling the Group to
\naddress them promptly.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n217
Morgan Sindall Group plc
Annual Report 2022
26 Financial instruments continued
\nKey among these are continual monitoring of the secured order book, including: the status of orders
\nand likely timescales for realisation so that contracting volumes are well understood; monitoring of
\noverhead levels to ensure they remain appropriate to contracting volumes; continual monitoring of
\nworking capital exceptions (overdue debts and conversion of work performed into certi\ufb01cates and
\ninvoices); continual review of levels of current and forecast pro\ufb01tability on contracts; review of client
\nand supplier credit references; and approval of credit terms with clients and suppliers to ensure they
\nare appropriate.
\nThe Group does not have any material derivative or non-derivative \ufb01nancial liabilities with the
\nexception of trade and other payables, borrowings and lease liabilities. Trade and other payables
\nare generally non-interest bearing and, therefore, have no weighted average e\ufb00ective interest rates.
\nLease liabilities are carried at the present value of the minimum lease payments. Trade and other
\npayables are due to be settled in the Group\u2019s normal operating cycle.
\n(c) Market risk
\nMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates
\nor equity prices, will a\ufb00ect the Group\u2019s income or the carrying amount of its holdings of \ufb01nancial
\ninstruments. The objective of market risk management is to achieve a level of market risk that is
\nwithin acceptable parameters as set out in the Group risk management framework.
\nInterest rate risk
\nThe Group is not exposed to signi\ufb01cant interest rate risk as it does not have signi\ufb01cant interest-
\nbearing liabilities and its only interest-bearing asset is cash invested on a short-term basis.
\nCertain of the Group\u2019s equity-accounted joint ventures have entered into interest rate swaps to
\nmanage their exposure to interest rate risk arising on \ufb02oating rate bank borrowings.
\nThe Group\u2019s share of joint ventures\u2019 interest rate swap contracts have a nominal value of \u00a311.6m
\n(2021: \u00a312.2m) and \ufb01xed interest payments at an average rate of 5.1% (2021: 5.1%) for periods
\nup until 2033.
\nCurrency risk
\nThe majority of the Group\u2019s operations are carried out in the UK and the Group has a low level of
\nexposure to currency risk on sales and purchases. The Group\u2019s policy is to hedge foreign currency
\ntransactions where they are material, at which point derivative \ufb01nancial instruments are entered
\ninto so as to hedge forecast or actual foreign currency exposures.
\nCapital management
\nThe Board aims to maintain a strong capital base so as to maintain investor, creditor and market
\ncon\ufb01dence and to sustain the future development of the business, and its approach to capital
\nmanagement is explained fully in the \ufb01nancial review on pages 45 and 46.
\nThe capital structure of the Group consists of cash and cash equivalents and equity attributable
\nto equity holders of the Company, comprising issued capital, reserves and retained earnings as
\ndisclosed in the consolidated statement of changes in equity. The cash and cash equivalents are
\nsupplemented by \u00a3180m of committed bank facilities, of which \u00a315m expires in March 2024 and
\n\u00a3165m expires in October 2025. In order to manage its capital structure, the Group may adjust
\nthe amounts of dividends paid to shareholders, return capital to shareholders, issue new shares
\nor sell assets.
\nThere were no changes in the Group\u2019s approach to capital management during the year and the
\nGroup is not subject to any capital requirements imposed by regulatory authorities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24897": {
"value": "Net cash Net cash is de\ufb01ned as cash and cash equivalents less borrowings and non-recourse project
\n\ufb01nancing as shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash and cash equivalents
431.7
468.6
\nBank overdrafts presented as borrowings due within one year
(77.1)
(110.2)
\nCash and cash equivalents reported in the
\nconsolidated cash \ufb02ow statement
354.6
358.4
\nBorrowings due between two and \ufb01ve years
\u2013
(0.4)
\nNet cash
354.6
358.0
\nIncluded within cash and cash equivalents is \u00a338.0m (2021: \u00a355.7m) which is the Group\u2019s share
\nof cash held within jointly controlled operations. There is \u00a311.1m included within cash and cash
\nequivalents that is held for future payment to designated suppliers (2021: \u00a36.4m).
\nThe Group has \u00a3180m of committed loan facilities maturing more than one year from the balance
\nsheet date, of which \u00a315m matures in March 2024 and \u00a3165m in October 2025. These facilities are
\nundrawn at 31 December 2022.
\nAverage daily net cash during 2022 was \u00a3256.3m (2021: \u00a3291.4m). Average daily net cash is de\ufb01ned
\nas the average of the 365 end-of-day balances of the net cash (as de\ufb01ned above) over the course
\nof a reporting period. Management use this as a key metric in monitoring the performance of
\nthe business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24898": {
"value": "Net cash Net cash is de\ufb01ned as cash and cash equivalents less borrowings and non-recourse project
\n\ufb01nancing as shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash and cash equivalents
431.7
468.6
\nBank overdrafts presented as borrowings due within one year
(77.1)
(110.2)
\nCash and cash equivalents reported in the
\nconsolidated cash \ufb02ow statement
354.6
358.4
\nBorrowings due between two and \ufb01ve years
\u2013
(0.4)
\nNet cash
354.6
358.0
\nIncluded within cash and cash equivalents is \u00a338.0m (2021: \u00a355.7m) which is the Group\u2019s share
\nof cash held within jointly controlled operations. There is \u00a311.1m included within cash and cash
\nequivalents that is held for future payment to designated suppliers (2021: \u00a36.4m).
\nThe Group has \u00a3180m of committed loan facilities maturing more than one year from the balance
\nsheet date, of which \u00a315m matures in March 2024 and \u00a3165m in October 2025. These facilities are
\nundrawn at 31 December 2022.
\nAverage daily net cash during 2022 was \u00a3256.3m (2021: \u00a3291.4m). Average daily net cash is de\ufb01ned
\nas the average of the 365 end-of-day balances of the net cash (as de\ufb01ned above) over the course
\nof a reporting period. Management use this as a key metric in monitoring the performance of
\nthe business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24924": {
"value": "Included within cash and cash equivalents is \u00a338.0m (2021: \u00a355.7m) which is the Group\u2019s share of cash held within jointly controlled operations. There is \u00a311.1m included within cash and cash
\nequivalents that is held for future payment to designated suppliers (2021: \u00a36.4m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24939": {
"value": "Financial risks and management The Group has exposure to a variety of \ufb01nancial risks through the conduct of its operations. Risk
\nmanagement is governed by the Group\u2019s operational policies, which are subject to periodic review by
\nthe Group\u2019s internal audit team and twice-yearly review by management. The policies include written
\nprinciples for the Group\u2019s risk management as well as speci\ufb01c policies, guidelines and authorisation
\nprocedures in respect of speci\ufb01c risk mitigation techniques such as the use of derivative \ufb01nancial
\ninstruments. The Group does not enter into derivative \ufb01nancial instruments for speculative purposes.
\nThe following represent the key \ufb01nancial risks resulting from the Group\u2019s use of \ufb01nancial instruments:
\n\ue001
credit risk
\n\ue001
liquidity risk
\n\ue001
market risk
\n(a) Credit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a client or counterparty to a \ufb01nancial instrument
\nfails to meet its contractual obligations and arises primarily in respect of the Group\u2019s trade
\nreceivables and contract assets.
\nThe degree to which the Group is exposed to this credit risk depends on the individual
\ncharacteristics of the contract counterparty and the nature of the project. The Group\u2019s credit risk
\nis also in\ufb02uenced by general macroeconomic conditions. The Group does not have any signi\ufb01cant
\nconcentration risk in respect of contract assets or trade receivable balances at the reporting date
\nwith receivables spread across a wide range of clients. Due to the nature of the Group\u2019s operations,
\nit is normal practice for clients to hold retentions in respect of contracts completed. Retentions held
\nby clients at 31 December 2022 were \u00a396.8m (2021: \u00a391.0m). These will be collected in the normal
\noperating cycle of the Group.
\nThe Group manages its exposure to credit risk through the application of its credit risk management
\npolicies which specify the minimum requirements in respect of the creditworthiness of potential
\ncustomers, assessed through reports from credit agencies, and the timing and extent of progress
\npayments in respect of contracts.
\nThe risk management policies of the Group also specify procedures in respect of obtaining Parent
\nCompany guarantees or, in certain circumstances, use of escrow accounts which, in the event of
\ndefault, mean that the Group may have a secure claim. The Group does not require collateral in
\nrespect of contract assets or trade receivables.
\nThe Group manages the collection of retentions through its post-completion project monitoring
\nprocedures and ongoing contact with clients to ensure that potential issues that could lead to the
\nnon-payment of retentions are identi\ufb01ed and addressed promptly. The directors always estimate
\nthe loss allowance on contract assets and trade receivables at the end of the reporting period at an
\namount equal to lifetime expected credit losses.
\nNone of the contract assets at the end of the reporting period are past due, and, taking into account
\nthe historical default experience and the future prospects in the industry, the directors consider that
\nno contract assets are impaired.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n216
Morgan Sindall Group plc
Annual Report 2022
26 Financial instruments continued
\nThe expected credit losses on trade receivables are estimated using a provision matrix by reference
\nto past default experience of the debtor and an analysis of the debtor\u2019s current \ufb01nancial position,
\nadjusted for factors that are speci\ufb01c to the debtors, general economic conditions of the industry in
\nwhich the debtors operate and an assessment of both the current as well as the forecast direction
\nof conditions at the reporting date.
\nThe ageing of trade receivables at the reporting date was as follows:
\n2022
2021
\nGross trade
\nreceivables
\n\u00a3m
\nProvision for
\nexpected
\ncredit losses
\n\u00a3m
\nGross trade
\nreceivables
\n\u00a3m
\nProvision for
\nexpected
\ncredit losses
\n\u00a3m
\nNot past due
244.7
0.5
219.5
\u2013
\nPast due 1 to 30 days
22.9
\u2013
10.9
\u2013
\nPast due 31 to 120 days
10.4
\u2013
9.3
\u2013
\nPast due 121 to 365
\ndays
6.1
\u2013
7.0
0.4
\nPast due greater than
\none year
8.4
2.0
4.7
0.8
\n292.5
2.5
251.4
1.2
\nThe following table shows the movement in lifetime expected credit losses that has been recognised
\nfor trade and other receivables in accordance with the simpli\ufb01ed approach set out in IFRS 9:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n1 January
1.2
1.2
\nNet increase in loss allowance arising from new amounts
\nrecognised in current year, net of those derecognised
\nupon billing
1.3
\u2013
\n31 December
2.5
1.2
\nThere has not been any signi\ufb01cant change in the gross amounts of contract assets that has a\ufb00ected
\nthe estimation of the loss allowance.
\nThe average credit period on revenue is 29 days (2021: 28 days). No interest is charged on the trade
\nreceivables outstanding balance. Trade receivables overdue are provided for based on estimated
\nirrecoverable amounts.
\nIncluded in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u00a345.8m
\n(2021: \u00a330.7m) which are past due at the reporting date, for which the Group has not provided as
\nthere has not been a signi\ufb01cant change in credit quality and the Group considers that the amounts
\nare still recoverable. The average age of these receivables is 108 days (2021: 108 days).
\nIn determining the recoverability of trade receivables, the Group considers any change in the credit
\nquality of the trade receivable from the date credit was initially granted up to the reporting date.
\nThe concentration of credit risk is limited due to the customer base being large and spread across
\nthe Group\u2019s operating segments. Accordingly, the directors believe that there is no further credit
\nprovision required in excess of the provision for impairment losses.
\nAt the reporting date, there were no trade and other receivables which have had renegotiated terms
\nthat would otherwise have been past due.
\n(b) Liquidity risk
\nLiquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as and when
\nthey fall due. The ultimate responsibility for liquidity risk rests with the Board.
\nThe Group aims to manage liquidity by ensuring that it will always have su\ufb03cient liquidity to meet
\nits liabilities when due, under both normal and stress conditions.
\nLiquidity is provided through cash balances and committed bank loan facilities. Additional project
\n\ufb01nance borrowings may be used to fund speci\ufb01c projects. These project \ufb01nance borrowings are
\nwithout recourse to the remainder of the Group\u2019s assets.
\nThe Group reports cash balances daily and invests surplus cash to maximise income while
\npreserving liquidity and credit quality. The Group prepares weekly short-term and monthly
\nmedium-term cash forecasts, which are used to assess the Group\u2019s expected cash performance
\nand compare with the facilities available to the Group and the Group\u2019s covenants.
\nKey risks to liquidity and cash balances are a downturn in contracting volumes, a reduction in the
\npro\ufb01tability of work, delayed receipt of cash from customers and the risk that major clients or
\nsuppliers su\ufb00er \ufb01nancial distress leading to non-payment of debts or costly and time-consuming
\nreallocation and rescheduling of work. Certain measures and KPIs are continually monitored
\nthroughout the Group and used to quickly identify issues as they arise, enabling the Group to
\naddress them promptly.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n217
Morgan Sindall Group plc
Annual Report 2022
26 Financial instruments continued
\nKey among these are continual monitoring of the secured order book, including: the status of orders
\nand likely timescales for realisation so that contracting volumes are well understood; monitoring of
\noverhead levels to ensure they remain appropriate to contracting volumes; continual monitoring of
\nworking capital exceptions (overdue debts and conversion of work performed into certi\ufb01cates and
\ninvoices); continual review of levels of current and forecast pro\ufb01tability on contracts; review of client
\nand supplier credit references; and approval of credit terms with clients and suppliers to ensure they
\nare appropriate.
\nThe Group does not have any material derivative or non-derivative \ufb01nancial liabilities with the
\nexception of trade and other payables, borrowings and lease liabilities. Trade and other payables
\nare generally non-interest bearing and, therefore, have no weighted average e\ufb00ective interest rates.
\nLease liabilities are carried at the present value of the minimum lease payments. Trade and other
\npayables are due to be settled in the Group\u2019s normal operating cycle.
\n(c) Market risk
\nMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates
\nor equity prices, will a\ufb00ect the Group\u2019s income or the carrying amount of its holdings of \ufb01nancial
\ninstruments. The objective of market risk management is to achieve a level of market risk that is
\nwithin acceptable parameters as set out in the Group risk management framework.
\nInterest rate risk
\nThe Group is not exposed to signi\ufb01cant interest rate risk as it does not have signi\ufb01cant interest-
\nbearing liabilities and its only interest-bearing asset is cash invested on a short-term basis.
\nCertain of the Group\u2019s equity-accounted joint ventures have entered into interest rate swaps to
\nmanage their exposure to interest rate risk arising on \ufb02oating rate bank borrowings.
\nThe Group\u2019s share of joint ventures\u2019 interest rate swap contracts have a nominal value of \u00a311.6m
\n(2021: \u00a312.2m) and \ufb01xed interest payments at an average rate of 5.1% (2021: 5.1%) for periods
\nup until 2033.
\nCurrency risk
\nThe majority of the Group\u2019s operations are carried out in the UK and the Group has a low level of
\nexposure to currency risk on sales and purchases. The Group\u2019s policy is to hedge foreign currency
\ntransactions where they are material, at which point derivative \ufb01nancial instruments are entered
\ninto so as to hedge forecast or actual foreign currency exposures.
\nCapital management
\nThe Board aims to maintain a strong capital base so as to maintain investor, creditor and market
\ncon\ufb01dence and to sustain the future development of the business, and its approach to capital
\nmanagement is explained fully in the \ufb01nancial review on pages 45 and 46.
\nThe capital structure of the Group consists of cash and cash equivalents and equity attributable
\nto equity holders of the Company, comprising issued capital, reserves and retained earnings as
\ndisclosed in the consolidated statement of changes in equity. The cash and cash equivalents are
\nsupplemented by \u00a3180m of committed bank facilities, of which \u00a315m expires in March 2024 and
\n\u00a3165m expires in October 2025. In order to manage its capital structure, the Group may adjust
\nthe amounts of dividends paid to shareholders, return capital to shareholders, issue new shares
\nor sell assets.
\nThere were no changes in the Group\u2019s approach to capital management during the year and the
\nGroup is not subject to any capital requirements imposed by regulatory authorities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24955": {
"value": "(a) Credit risk Credit risk is the risk of \ufb01nancial loss to the Group if a client or counterparty to a \ufb01nancial instrument
\nfails to meet its contractual obligations and arises primarily in respect of the Group\u2019s trade
\nreceivables and contract assets.
\nThe degree to which the Group is exposed to this credit risk depends on the individual
\ncharacteristics of the contract counterparty and the nature of the project. The Group\u2019s credit risk
\nis also in\ufb02uenced by general macroeconomic conditions. The Group does not have any signi\ufb01cant
\nconcentration risk in respect of contract assets or trade receivable balances at the reporting date
\nwith receivables spread across a wide range of clients. Due to the nature of the Group\u2019s operations,
\nit is normal practice for clients to hold retentions in respect of contracts completed. Retentions held
\nby clients at 31 December 2022 were \u00a396.8m (2021: \u00a391.0m). These will be collected in the normal
\noperating cycle of the Group.
\nThe Group manages its exposure to credit risk through the application of its credit risk management
\npolicies which specify the minimum requirements in respect of the creditworthiness of potential
\ncustomers, assessed through reports from credit agencies, and the timing and extent of progress
\npayments in respect of contracts.
\nThe risk management policies of the Group also specify procedures in respect of obtaining Parent
\nCompany guarantees or, in certain circumstances, use of escrow accounts which, in the event of
\ndefault, mean that the Group may have a secure claim. The Group does not require collateral in
\nrespect of contract assets or trade receivables.
\nThe Group manages the collection of retentions through its post-completion project monitoring
\nprocedures and ongoing contact with clients to ensure that potential issues that could lead to the
\nnon-payment of retentions are identi\ufb01ed and addressed promptly. The directors always estimate
\nthe loss allowance on contract assets and trade receivables at the end of the reporting period at an
\namount equal to lifetime expected credit losses.
\nNone of the contract assets at the end of the reporting period are past due, and, taking into account
\nthe historical default experience and the future prospects in the industry, the directors consider that
\nno contract assets are impaired.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n216
Morgan Sindall Group plc
Annual Report 2022
26 Financial instruments continued
\nThe expected credit losses on trade receivables are estimated using a provision matrix by reference
\nto past default experience of the debtor and an analysis of the debtor\u2019s current \ufb01nancial position,
\nadjusted for factors that are speci\ufb01c to the debtors, general economic conditions of the industry in
\nwhich the debtors operate and an assessment of both the current as well as the forecast direction
\nof conditions at the reporting date.
\nThe ageing of trade receivables at the reporting date was as follows:
\n2022
2021
\nGross trade
\nreceivables
\n\u00a3m
\nProvision for
\nexpected
\ncredit losses
\n\u00a3m
\nGross trade
\nreceivables
\n\u00a3m
\nProvision for
\nexpected
\ncredit losses
\n\u00a3m
\nNot past due
244.7
0.5
219.5
\u2013
\nPast due 1 to 30 days
22.9
\u2013
10.9
\u2013
\nPast due 31 to 120 days
10.4
\u2013
9.3
\u2013
\nPast due 121 to 365
\ndays
6.1
\u2013
7.0
0.4
\nPast due greater than
\none year
8.4
2.0
4.7
0.8
\n292.5
2.5
251.4
1.2
\nThe following table shows the movement in lifetime expected credit losses that has been recognised
\nfor trade and other receivables in accordance with the simpli\ufb01ed approach set out in IFRS 9:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n1 January
1.2
1.2
\nNet increase in loss allowance arising from new amounts
\nrecognised in current year, net of those derecognised
\nupon billing
1.3
\u2013
\n31 December
2.5
1.2
\nThere has not been any signi\ufb01cant change in the gross amounts of contract assets that has a\ufb00ected
\nthe estimation of the loss allowance.
\nThe average credit period on revenue is 29 days (2021: 28 days). No interest is charged on the trade
\nreceivables outstanding balance. Trade receivables overdue are provided for based on estimated
\nirrecoverable amounts.
\nIncluded in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u00a345.8m
\n(2021: \u00a330.7m) which are past due at the reporting date, for which the Group has not provided as
\nthere has not been a signi\ufb01cant change in credit quality and the Group considers that the amounts
\nare still recoverable. The average age of these receivables is 108 days (2021: 108 days).
\nIn determining the recoverability of trade receivables, the Group considers any change in the credit
\nquality of the trade receivable from the date credit was initially granted up to the reporting date.
\nThe concentration of credit risk is limited due to the customer base being large and spread across
\nthe Group\u2019s operating segments. Accordingly, the directors believe that there is no further credit
\nprovision required in excess of the provision for impairment losses.
\nAt the reporting date, there were no trade and other receivables which have had renegotiated terms
\nthat would otherwise have been past due.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25013": {
"value": "2022 2021
\nGross trade
\nreceivables
\n\u00a3m
\nProvision for
\nexpected
\ncredit losses
\n\u00a3m
\nGross trade
\nreceivables
\n\u00a3m
\nProvision for
\nexpected
\ncredit losses
\n\u00a3m
\nNot past due
244.7
0.5
219.5
\u2013
\nPast due 1 to 30 days
22.9
\u2013
10.9
\u2013
\nPast due 31 to 120 days
10.4
\u2013
9.3
\u2013
\nPast due 121 to 365
\ndays
6.1
\u2013
7.0
0.4
\nPast due greater than
\none year
8.4
2.0
4.7
0.8
\n292.5
2.5
251.4
1.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25097": {
"value": "(b) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as and when
\nthey fall due. The ultimate responsibility for liquidity risk rests with the Board.
\nThe Group aims to manage liquidity by ensuring that it will always have su\ufb03cient liquidity to meet
\nits liabilities when due, under both normal and stress conditions.
\nLiquidity is provided through cash balances and committed bank loan facilities. Additional project
\n\ufb01nance borrowings may be used to fund speci\ufb01c projects. These project \ufb01nance borrowings are
\nwithout recourse to the remainder of the Group\u2019s assets.
\nThe Group reports cash balances daily and invests surplus cash to maximise income while
\npreserving liquidity and credit quality. The Group prepares weekly short-term and monthly
\nmedium-term cash forecasts, which are used to assess the Group\u2019s expected cash performance
\nand compare with the facilities available to the Group and the Group\u2019s covenants.
\nKey risks to liquidity and cash balances are a downturn in contracting volumes, a reduction in the
\npro\ufb01tability of work, delayed receipt of cash from customers and the risk that major clients or
\nsuppliers su\ufb00er \ufb01nancial distress leading to non-payment of debts or costly and time-consuming
\nreallocation and rescheduling of work. Certain measures and KPIs are continually monitored
\nthroughout the Group and used to quickly identify issues as they arise, enabling the Group to
\naddress them promptly.
\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n217
Morgan Sindall Group plc
Annual Report 2022
26 Financial instruments continued
\nKey among these are continual monitoring of the secured order book, including: the status of orders
\nand likely timescales for realisation so that contracting volumes are well understood; monitoring of
\noverhead levels to ensure they remain appropriate to contracting volumes; continual monitoring of
\nworking capital exceptions (overdue debts and conversion of work performed into certi\ufb01cates and
\ninvoices); continual review of levels of current and forecast pro\ufb01tability on contracts; review of client
\nand supplier credit references; and approval of credit terms with clients and suppliers to ensure they
\nare appropriate.
\nThe Group does not have any material derivative or non-derivative \ufb01nancial liabilities with the
\nexception of trade and other payables, borrowings and lease liabilities. Trade and other payables
\nare generally non-interest bearing and, therefore, have no weighted average e\ufb00ective interest rates.
\nLease liabilities are carried at the present value of the minimum lease payments. Trade and other
\npayables are due to be settled in the Group\u2019s normal operating cycle.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25152": {
"value": "(c) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates
\nor equity prices, will a\ufb00ect the Group\u2019s income or the carrying amount of its holdings of \ufb01nancial
\ninstruments. The objective of market risk management is to achieve a level of market risk that is
\nwithin acceptable parameters as set out in the Group risk management framework.
\nInterest rate risk
\nThe Group is not exposed to signi\ufb01cant interest rate risk as it does not have signi\ufb01cant interest-
\nbearing liabilities and its only interest-bearing asset is cash invested on a short-term basis.
\nCertain of the Group\u2019s equity-accounted joint ventures have entered into interest rate swaps to
\nmanage their exposure to interest rate risk arising on \ufb02oating rate bank borrowings.
\nThe Group\u2019s share of joint ventures\u2019 interest rate swap contracts have a nominal value of \u00a311.6m
\n(2021: \u00a312.2m) and \ufb01xed interest payments at an average rate of 5.1% (2021: 5.1%) for periods
\nup until 2033.
\nCurrency risk
\nThe majority of the Group\u2019s operations are carried out in the UK and the Group has a low level of
\nexposure to currency risk on sales and purchases. The Group\u2019s policy is to hedge foreign currency
\ntransactions where they are material, at which point derivative \ufb01nancial instruments are entered
\ninto so as to hedge forecast or actual foreign currency exposures.
\nCapital management
\nThe Board aims to maintain a strong capital base so as to maintain investor, creditor and market
\ncon\ufb01dence and to sustain the future development of the business, and its approach to capital
\nmanagement is explained fully in the \ufb01nancial review on pages 45 and 46.
\nThe capital structure of the Group consists of cash and cash equivalents and equity attributable
\nto equity holders of the Company, comprising issued capital, reserves and retained earnings as
\ndisclosed in the consolidated statement of changes in equity. The cash and cash equivalents are
\nsupplemented by \u00a3180m of committed bank facilities, of which \u00a315m expires in March 2024 and
\n\u00a3165m expires in October 2025. In order to manage its capital structure, the Group may adjust
\nthe amounts of dividends paid to shareholders, return capital to shareholders, issue new shares
\nor sell assets.
\nThere were no changes in the Group\u2019s approach to capital management during the year and the
Group is not subject to any capital requirements imposed by regulatory authorities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25153": {
"value": "(c) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates
\nor equity prices, will a\ufb00ect the Group\u2019s income or the carrying amount of its holdings of \ufb01nancial
\ninstruments. The objective of market risk management is to achieve a level of market risk that is
\nwithin acceptable parameters as set out in the Group risk management framework.
\nInterest rate risk
\nThe Group is not exposed to signi\ufb01cant interest rate risk as it does not have signi\ufb01cant interest-
\nbearing liabilities and its only interest-bearing asset is cash invested on a short-term basis.
\nCertain of the Group\u2019s equity-accounted joint ventures have entered into interest rate swaps to
\nmanage their exposure to interest rate risk arising on \ufb02oating rate bank borrowings.
\nThe Group\u2019s share of joint ventures\u2019 interest rate swap contracts have a nominal value of \u00a311.6m
\n(2021: \u00a312.2m) and \ufb01xed interest payments at an average rate of 5.1% (2021: 5.1%) for periods
\nup until 2033.
\nCurrency risk
\nThe majority of the Group\u2019s operations are carried out in the UK and the Group has a low level of
\nexposure to currency risk on sales and purchases. The Group\u2019s policy is to hedge foreign currency
\ntransactions where they are material, at which point derivative \ufb01nancial instruments are entered
\ninto so as to hedge forecast or actual foreign currency exposures.
\nCapital management
\nThe Board aims to maintain a strong capital base so as to maintain investor, creditor and market
\ncon\ufb01dence and to sustain the future development of the business, and its approach to capital
\nmanagement is explained fully in the \ufb01nancial review on pages 45 and 46.
\nThe capital structure of the Group consists of cash and cash equivalents and equity attributable
\nto equity holders of the Company, comprising issued capital, reserves and retained earnings as
\ndisclosed in the consolidated statement of changes in equity. The cash and cash equivalents are
\nsupplemented by \u00a3180m of committed bank facilities, of which \u00a315m expires in March 2024 and
\n\u00a3165m expires in October 2025. In order to manage its capital structure, the Group may adjust
\nthe amounts of dividends paid to shareholders, return capital to shareholders, issue new shares
\nor sell assets.
\nThere were no changes in the Group\u2019s approach to capital management during the year and the
Group is not subject to any capital requirements imposed by regulatory authorities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25161": {
"value": "Interest rate risk The Group is not exposed to signi\ufb01cant interest rate risk as it does not have signi\ufb01cant interest-
\nbearing liabilities and its only interest-bearing asset is cash invested on a short-term basis.
\nCertain of the Group\u2019s equity-accounted joint ventures have entered into interest rate swaps to
\nmanage their exposure to interest rate risk arising on \ufb02oating rate bank borrowings.
\nThe Group\u2019s share of joint ventures\u2019 interest rate swap contracts have a nominal value of \u00a311.6m
\n(2021: \u00a312.2m) and \ufb01xed interest payments at an average rate of 5.1% (2021: 5.1%) for periods
\nup until 2033.
\nCurrency risk
\nThe majority of the Group\u2019s operations are carried out in the UK and the Group has a low level of
\nexposure to currency risk on sales and purchases. The Group\u2019s policy is to hedge foreign currency
\ntransactions where they are material, at which point derivative \ufb01nancial instruments are entered
\ninto so as to hedge forecast or actual foreign currency exposures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25162": {
"value": "Interest rate risk The Group is not exposed to signi\ufb01cant interest rate risk as it does not have signi\ufb01cant interest-
\nbearing liabilities and its only interest-bearing asset is cash invested on a short-term basis.
\nCertain of the Group\u2019s equity-accounted joint ventures have entered into interest rate swaps to
\nmanage their exposure to interest rate risk arising on \ufb02oating rate bank borrowings.
\nThe Group\u2019s share of joint ventures\u2019 interest rate swap contracts have a nominal value of \u00a311.6m
\n(2021: \u00a312.2m) and \ufb01xed interest payments at an average rate of 5.1% (2021: 5.1%) for periods
\nup until 2033.
\nCurrency risk
\nThe majority of the Group\u2019s operations are carried out in the UK and the Group has a low level of
\nexposure to currency risk on sales and purchases. The Group\u2019s policy is to hedge foreign currency
\ntransactions where they are material, at which point derivative \ufb01nancial instruments are entered
\ninto so as to hedge forecast or actual foreign currency exposures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25163": {
"value": "Interest rate risk The Group is not exposed to signi\ufb01cant interest rate risk as it does not have signi\ufb01cant interest-
\nbearing liabilities and its only interest-bearing asset is cash invested on a short-term basis.
\nCertain of the Group\u2019s equity-accounted joint ventures have entered into interest rate swaps to
\nmanage their exposure to interest rate risk arising on \ufb02oating rate bank borrowings.
\nThe Group\u2019s share of joint ventures\u2019 interest rate swap contracts have a nominal value of \u00a311.6m
\n(2021: \u00a312.2m) and \ufb01xed interest payments at an average rate of 5.1% (2021: 5.1%) for periods
\nup until 2033.
\nCurrency risk
\nThe majority of the Group\u2019s operations are carried out in the UK and the Group has a low level of
\nexposure to currency risk on sales and purchases. The Group\u2019s policy is to hedge foreign currency
\ntransactions where they are material, at which point derivative \ufb01nancial instruments are entered
\ninto so as to hedge forecast or actual foreign currency exposures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25183": {
"value": "Capital management The Board aims to maintain a strong capital base so as to maintain investor, creditor and market
\ncon\ufb01dence and to sustain the future development of the business, and its approach to capital
\nmanagement is explained fully in the \ufb01nancial review on pages 45 and 46.
\nThe capital structure of the Group consists of cash and cash equivalents and equity attributable
\nto equity holders of the Company, comprising issued capital, reserves and retained earnings as
\ndisclosed in the consolidated statement of changes in equity. The cash and cash equivalents are
\nsupplemented by \u00a3180m of committed bank facilities, of which \u00a315m expires in March 2024 and
\n\u00a3165m expires in October 2025. In order to manage its capital structure, the Group may adjust
\nthe amounts of dividends paid to shareholders, return capital to shareholders, issue new shares
\nor sell assets.
\nThere were no changes in the Group\u2019s approach to capital management during the year and the
Group is not subject to any capital requirements imposed by regulatory authorities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25203": {
"value": "27 Subsequent events There were no subsequent events that a\ufb00ected the \ufb01nancial statements of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25222": {
"value": "28 Adjusted performance measures In addition to monitoring and reviewing the \ufb01nancial performance of the operating segments and
\nthe Group on a statutory basis, management also use adjusted performance measures which
\nare also disclosed in the annual report. These measures are not an alternative or substitute to
\nstatutory IFRS measures but are seen by management as useful in assessing the performance of the
\nbusiness on a comparable basis. These \ufb01nancial measures are also aligned to the measures used
\ninternally to assess business performance in the Group\u2019s budgeting process and when determining
\ncompensation. The Group also uses other non-statutory measures which cannot be derived
\ndirectly from the \ufb01nancial statements. There are four alternative performance measures used by
\nmanagement and disclosure in the annual report which are:
\n\u2018Adjusted\u2019
In all cases the term \u2018adjusted\u2019 excludes the impact of intangible amortisation and
\nexceptional items. This is used to improve the comparability of information between reporting periods
\nto aid the use of the annual report in understanding the activities across the Group\u2019s portfolio.
\nBelow is a reconciliation between the reported gross pro\ufb01t, operating pro\ufb01t and pro\ufb01t before tax
\nmeasures on a statutory basis and the adjustment made to calculate adjusted gross pro\ufb01t, adjusted
\noperating pro\ufb01t and adjusted pro\ufb01t before tax.
\nAdjusted basic earnings per share and adjusted diluted earnings per share is the statutory measure
\nexcluding the post-tax impact of intangible amortisation and exceptional items, and the deferred tax
\ncharge arising due to changes in UK corporation tax rates. See note 9 for a detailed reconciliation of
\nthe adjusted EPS measures.
\nGross pro\ufb01t
Operating pro\ufb01t
Pro\ufb01t before tax
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nReported
370.9
382.8
88.3
129.8
85.3
126.2
\nAdd back: exceptional
\nbuilding safety charge
\n1
\n39.1
\u2013
48.9
\u2013
48.9
\u2013
\nAdd back: amortisation
\nof intangible assets
\u2013
\u2013
2.0
1.5
2.0
1.5
\nAdjusted
410.0
382.8
139.2
131.3
136.2
127.7
\n1
The exceptional building safety charge includes items recognised in cost of sales (\u00a339.1m) and share of net pro\ufb01t of
\njoint ventures (\u00a39.8m) (see note 4).
\n\u2018Net cash\u2019
Net cash is de\ufb01ned as cash and cash equivalents less borrowings and non-recourse
\nproject \ufb01nancing. Lease liabilities are not deducted from net cash. A reconciliation of this number
\nat the reporting date can be found in note 26. In addition, management monitor and review average
\ndaily net cash as good discipline in managing capital. Average daily net cash is de\ufb01ned as the average
\nof the 365 end-of-day balances of the net cash over the course of a reporting period.
\n\u2018Operating cash \ufb02ow\u2019
Management use an adjusted measure for operating cash \ufb02ow as it
\nencompasses other cash \ufb02ows that are key to the ongoing operations of the Group, such as
\nrepayments of lease liabilities, investment in property, plant and equipment, investment in intangible
\nassets, and returns from equity-accounted joint ventures. Operating cash \ufb02ow can be derived from
\nthe cash in\ufb02ow from operations reported in the consolidated cash \ufb02ow statement as shown below.
\nOperating cash \ufb02ow conversion is operating cash \ufb02ow divided by adjusted operating pro\ufb01t as
\nde\ufb01ned above.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash in\ufb02ow from operations \u2013 reported
75.0
138.8
\nInterest received from joint ventures
\n1
\n\u2013
0.6
\nDividends from joint ventures
1.4
\u2013
\nProceeds on disposal of property, plant and equipment
0.6
1.4
\nPurchases of property, plant and equipment
(10.5)
(6.7)
\nPurchases of intangible \ufb01xed assets
(1.3)
(1.3)
\nRepayments of lease liabilities
(17.2)
(15.2)
\nOperating cash \ufb02ow
48.0
117.6
\n1
Interest received from joint ventures in 2022 was \u00a3nil (2021: \u00a30.6m). Note 6 provides a breakdown of \ufb01nance income
\nin the year.
\n\u2018Return on capital employed\u2019
Management use return on capital employed (ROCE) in assessing
\nthe performance and e\ufb03cient use of capital within the regeneration activities. ROCE is calculated
\nas adjusted operating pro\ufb01t plus interest received from joint ventures divided by adjusted average
\ncapital employed. Adjusted average capital employed is the 12-month average of total assets
\n(excluding goodwill, other intangible assets and cash) less total liabilities (excluding corporation tax,
\ndeferred tax, inter-company \ufb01nancing, overdrafts and exceptional building safety items).",
"dimensions": {
"concept": "mgns:DisclosureOfAdjustedPerformanceMeasuresExplanatoryTextBlock",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25300": {
"value": "\u2018Operating cash \ufb02ow\u2019 Management use an adjusted measure for operating cash \ufb02ow as it
\nencompasses other cash \ufb02ows that are key to the ongoing operations of the Group, such as
\nrepayments of lease liabilities, investment in property, plant and equipment, investment in intangible
\nassets, and returns from equity-accounted joint ventures. Operating cash \ufb02ow can be derived from
\nthe cash in\ufb02ow from operations reported in the consolidated cash \ufb02ow statement as shown below.
\nOperating cash \ufb02ow conversion is operating cash \ufb02ow divided by adjusted operating pro\ufb01t as
\nde\ufb01ned above.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash in\ufb02ow from operations \u2013 reported
75.0
138.8
\nInterest received from joint ventures
\n1
\n\u2013
0.6
\nDividends from joint ventures
1.4
\u2013
\nProceeds on disposal of property, plant and equipment
0.6
1.4
\nPurchases of property, plant and equipment
(10.5)
(6.7)
\nPurchases of intangible \ufb01xed assets
(1.3)
(1.3)
\nRepayments of lease liabilities
(17.2)
(15.2)
\nOperating cash \ufb02ow
48.0
117.6
\n1
Interest received from joint ventures in 2022 was \u00a3nil (2021: \u00a30.6m). Note 6 provides a breakdown of \ufb01nance income
\nin the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25503": {
"value": "COMPANY STATEMENT OF FINANCIAL POSITION
\nat 31 December 2022
Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAssets
\nProperty, plant and equipment
4.0
3.5
\nInvestments
2
459.6
459.6
\nDeferred tax asset
\n1
\n9.7
9.8
\nAmounts owed by subsidiary undertakings
15.4
15.4
\nNon-current assets
488.7
488.3
\nTrade receivables
0.7
0.7
\nAmounts owed by subsidiary undertakings
144.5
117.2
\nCurrent tax asset
\u2013
5.0
\nPrepayments
5.1
5.1
\nOther receivables
5.0
3.5
\nCash and cash equivalents
158.1
160.1
\nCurrent assets
313.4
291.6
\nTotal assets
802.1
779.9
\nLiabilities
\nBank overdrafts
(56.8)
(94.6)
\nLease liabilities
(0.4)
(0.5)
\nTrade payables
(1.6)
(1.1)
\nAmounts owed to subsidiary undertakings
(536.5)
(520.5)
\nCurrent tax liabilities
(2.6)
\u2013
\nOther tax and social security
(0.8)
(0.7)
\nRetirement bene\ufb01t obligation
(0.2)
(0.2)
\nAccrued expenses
(9.9)
(8.5)
\nOther payables
(1.5)
(1.3)
\nProvisions
3
(2.5)
\u2013
\nCurrent liabilities
(612.8)
(627.4)
Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNet current liabilities
(299.4)
(335.8)
\nTotal assets less current liabilities
189.3
152.5
\nLease liabilities
(1.1)
(1.5)
\nProvisions
3
(9.0)
(10.7)
\nNon-current liabilities
(10.1)
(12.2)
\nNet assets
179.2
140.3
\nEquity
\nShare capital
2.4
2.3
\nShare premium account
55.9
45.8
\nCapital redemption reserve
0.6
0.6
\nSpecial reserve
13.7
13.7
\nRetained earnings
106.6
77.9
\nTotal equity
179.2
140.3
\n1
We have reclassi\ufb01ed the deferred tax asset to non-current in line with IAS 1. This reclassi\ufb01cation has no impact on the
\nCompany income statement or the Company statement of changes in equity.
\nThe Company reported a pro\ufb01t for the \ufb01nancial year ended 31 December 2022 of \u00a379.9m
\n(2021: pro\ufb01t of \u00a393.5m).
\nThe \ufb01nancial statements of the Company (company number: 00521970) were approved by the
\nBoard and authorised for issue on 22 February 2023 and signed on its behalf by:
\nJohn Morgan
Steve Crummett
\nChief Executive
Finance Director
COMPANY STATEMENT OF CHANGES IN EQUITY
\nat 31 December 2022
Share
\ncapital
\n\u00a3m
\nShare
\npremium
\naccount
\n\u00a3m
\nCapital
\nredemption
\nreserve
\n\u00a3m
\nSpecial
\nreserve
\n\u00a3m
\nPro\ufb01t
\nand loss
\naccount
\n\u00a3m
\nShareholders\u2019
\nfunds
\n\u00a3m
\n1 January 2021
2.3
45.5
0.6
13.7
28.3
90.4
\nPro\ufb01t for the year
\u2013
\u2013
\u2013
\u2013
93.5
93.5
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nTotal comprehensive expense
\u2013
\u2013
\u2013
\u2013
93.5
93.5
\nShare-based payments
\u2013
\u2013
\u2013
\u2013
12.1
12.1
\nIssue of shares at a premium
\u2013
0.3
\u2013
\u2013
\u2013
0.3
\nTax relating to
\nshare-based payments
\u2013
\u2013
\u2013
\u2013
8.2
8.2
\nPurchase of shares in the
\nCompany by the Trust
\u2013
\u2013
\u2013
\u2013
(33.6)
(33.6)
\nExercise of share options
\u2013
\u2013
\u2013
\u2013
1.7
1.7
\nDividends paid
\u2013
\u2013
\u2013
\u2013
(32.3)
(32.3)
\n1 January 2022
2.3
45.8
0.6
13.7
77.9
140.3
\nPro\ufb01t for the year
\u2013
\u2013
\u2013
\u2013
79.9
79.9
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\nTotal comprehensive income
\u2013
\u2013
\u2013
\u2013
79.9
79.9
\nShare-based payments
\u2013
\u2013
\u2013
\u2013
9.7
9.7
\nTax relating to
\nshare-based payments
\u2013
\u2013
\u2013
\u2013
(3.3)
(3.3)
\nIssue of shares at a premium
0.1
10.1
\u2013
\u2013
\u2013
10.2
\nPurchase of shares in the
\nCompany by the Trust
\u2013
\u2013
\u2013
\u2013
(15.7)
(15.7)
\nExercise of share options
\u2013
\u2013
\u2013
\u2013
1.6
1.6
\nDividends paid
\u2013
\u2013
\u2013
\u2013
(43.5)
(43.5)
\n31 December 2022
2.4
55.9
0.6
13.7
106.6
179.2
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25770": {
"value": "2 Investments Subsidiary
\nundertakings
\n\u00a3m
\nCost
\n1 January 2022
459.6
\n31 December 2022
459.6
\nNet book value at 31 December 2022
459.6
\nNet book value at 31 December 2021
459.6
\nA list of all subsidiary, associated undertakings and signi\ufb01cant holdings owned by the Group at
\n31 December 2022 is shown below:
\nConstruction & Infrastructure
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMorgan Sindall Construction & Infrastructure Ltd
Indirect
100
\nBluestone Limited
Indirect
100
\nMagnor Plant Hire Limited
Direct
100
\nMorgan Sindall All Together Cumbria CIC
\n(6)
\nIndirect
100
\nMorgan Sindall Engineering Solutions Limited
Indirect
100
\nMorgan Sindall Holdings Limited
Direct
100
\nMorgan Utilities Limited
Indirect
100
\nMS (MEST) Limited
Indirect
100
\nNewman Insurance Company Limited
\n*(l)
\nIndirect
100
\nBaker Hicks Limited
Direct
100
\nBaker Hicks Europe Holdings Limited (formerly Morgan Sindall
\nProfessional Services (Switzerland) Ltd)
Indirect
100
\nBakerHicks AG
\n*(e)
\nIndirect
100
\nBakerHicks Aps
\n*(q)
\nIndirect
100
\nBakerHicks GmbH
\n*(f)(g)
\nIndirect
100
\nBakerHicks SA
\n*(r)
\nIndirect
100
\nFit Out
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nOverbury plc
Direct
100
\nMorgan Lovell plc
Direct
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
\nGovernance
Financial statements
Strategic report
\n223
Morgan Sindall Group plc
Annual Report 2022
2 Investments continued
\nProperty Services
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMorgan Sindall Property Services Limited
Direct
100
\nGolden i Limited
Indirect
100
\nLovell Powerminster Limited
Indirect
100
\nManchester Energy Company Limited
Indirect
100
\nPartnership Housing
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nLovell Partnerships Limited
Direct
100
\n345 Park Place Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nAbbey Walk Management Company Limited
\n(a)(2)
\nIndirect
100
\nAH Burnholme Limited
Indirect
100
\nAll Saints Green Residents Management Company Limited
\n(s)(2)
\nIndirect
100
\nAnthem Lovell LLP
\n(1)
\nIndirect
50
\nBlossom\ufb01eld (Thorp Arch) Management Company Limited
\n(a)(2)
\nIndirect
100
\nCaldon Quay Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nChalkdene Developments LLP
\n(1)
\nIndirect
50
\nCherry Pie Meadow Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nClaymore Roads (Holdings) Limited
\n(c)
\nIndirect
50
\nCommunity Solutions for Education Limited
Indirect
100
\nCommunity Solutions for Regeneration Limited
Indirect
100
\nCommunity Solutions for Regeneration (Hertfordshire) Limited
Indirect
100
\nCommunity Solutions Living Limited
Indirect
100
\nCommunity Solutions Management Services Limited
Indirect
100
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nCommunity Solutions Management Services (Hub) Limited
Indirect
100
\nCommunity Solutions Partnership Services Limited
Indirect
100
\nCrosse Courts (Basildon) Management Company Limited
\n(a)(2)
\nIndirect
100
\nCrown Meadows Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nDrummond Park (Ludgershall) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nEden Park (Bonscale Crescent) Residents Management Company
\nLimited
\n(a)(2)
\nIndirect
100
\nEden Valley Management Company Limited
\n(a)(2)
\nIndirect
100
\nEdmundham Developments LLP
\n(1)
\n(formerly Su\ufb00olk Housing JV LLP)
Indirect
50
\nElectric Quarter Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nExford Drive Management Company Limited
\n(a)(2)
\nIndirect
100
\nFair\ufb01elds Management Company Limited
\n(a)(2)
\nIndirect
100
\nFirs Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nFountain Court Residents Company Limited
\n(a)(2)
\nIndirect
100
\nFoxglove Meadows Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nGallus Fields Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nGolwg Y Bryn Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nHamsard 3134 Limited
Indirect
100
\nHamsard 3135 Limited
Indirect
100
\nHealth Innovation Partners Limited
Indirect
50
\nHeath Farm Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nhub West Scotland Limited
\n(d)
\nIndirect
54
\nIngleby View Management Company Limited
\n(a)(2)
\nIndirect
100
\nKeepers Gate (WSM) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nKensington Gardens Management Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n224
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nKings Reach (Snaith) Residents Management Company
\n(a)(2)
\nIndirect
100
\nLaurus Lovell Whalley LLP
\n(1)
\nIndirect
50
\nLaxton Close Management Company Limited
\n(a)(2)
\nIndirect
100
\nLockside Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nLovell Bow Limited
Indirect
100
\nLovell Director Limited
Indirect
100
\nLovell Flagship LLP
\n(1)
\nIndirect
50
\nLovell Guf Limited
Indirect
100
\nLovell Later Living LLP
\n(1)
\nIndirect
100
\nLovell Latimer LLP
\n(1)
\nIndirect
50
\nLovell Plus Limited
Indirect
100
\nLovell Property Rental Limited
Indirect
100
\nLovell Together (Pendleton) LLP
\n(1)
\nIndirect
50
\nLovell Together LLP
\n(1)
\nIndirect
50
\nLovell/Abri Weymouth LLP
\n(1)
\nIndirect
50
\nLymington Mews Management Company Limited
\n(a)(2)
\nIndirect
100
\nMeggeson Management Company Limited
\n(a)(2)
\nIndirect
100
\nMinshull Way Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nMorgan Sindall Consortium LLP
\n(1)
\nIndirect
100
\nMorgan Sindall Investments (Newport SDR) Limited
Indirect
100
\nMorgan-Vinci Limited
Indirect
50
\nMorris Walk North Management Company Limited
\n(a)(2)
\nIndirect
100
\nMorris Walk South Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nMount View (Melton Mowbray) Residents Company Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nOak\ufb01eld Grange (Llantarnam) Residents Management
\nCompany Ltd
\n(a)(2)
\nIndirect
100
\nOaktree Grange Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nOriel View Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nPich Management Company Limited
\n(a)(2)
\nIndirect
100
\nPool House Wombourne Ltd
Indirect
100
\nPrincipal Point Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nQueensbury Park Management Company Limited
\n(a)(2)
\nIndirect
100
\nRMC The Meadows, Clifton-upon-Teme Limited
\n(a)(2)
\nIndirect
100
\nRomsey Extra Care Limited
Indirect
100
\nRuby Brook Estate Management Company Limited
\n(a)(2)
\nIndirect
100
\nRuby Brook Management Company Limited
\n(a)(2)
\nIndirect
100
\nSaddlers Grange (Howden) Management Company Limited
\n(a)(2)
\nIndirect
100
\nSaints Quarter (Steelhouse Lane) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nSaredon Gardens Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nShawbrook Manor (Residents) Management Company Limited
\n(a)(2)
\nIndirect
100
\nSomerford Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nSt Mary\u2019s View (Residents) Management Company Limited
\n(a)(2)
\nIndirect
100
\nStation Fields Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nStation House (Stourbridge) Management Company Limited
\n(a)(2)
\nIndirect
100
\nStoke Development Limited (formerly HB Villages
\nDevelopments (Stoke) Ltd)
Indirect
100
\nTennyson Fields (Phase 2) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nTennyson Fields Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Acorns (Walsham Le Willows) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n225
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nThe Compendium Group Limited
Indirect
50
\nThe East Avenue 2 Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe East Avenue Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Junction Apartments Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nThe Junction Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Laureates Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Mill (Site 1) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Mill (Site 2) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Spires Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Sycamores (Kirk Ella) Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 1) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 2) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 3) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 4) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 5) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 6) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 7) Management Limited
\n(a)(2)
\nIndirect
100
\nTixall View Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nTowcester Regeneration Limited
Indirect
100
\nTrinity Walk Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nVictoria Court (Newport No 1) Residents Management
\nCompany Limited
\n(p)(2)
\nIndirect
50
\nVictoria Court (Newport No 2) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nWaterside Quay Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWellspring Finance Company Limited
Indirect
49.5
\nWellspring Partnerships Limited
\n(b)
\nIndirect
90
\nWensum Grange Management Company Limited
\n(a)(2)
\nIndirect
100
\nWest Sussex Property Development LLP
\n(1)
\nIndirect
50
\nWestcroft 12 Management Company Limited
\n(a)(2)
\nIndirect
100
\nWeston Woods Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWeymouth Community Sports LLP
\n(1)
\nIndirect
100
\nWild Walk Donnington Wood Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nWilliam\u2019s Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWillow Grange (Lakeside) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nWoodlark Chase (Warren Drive) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nYMYL YR Afon Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nUrban Regeneration
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMuse Places Limited (formerly Muse Developments Limited)
Direct
100
\nAlexandria Business Park Management Company Limited
\n(5)
\nIndirect
100
\nAshton Moss Developments Limited
Indirect
50
\nBrentwood Development Partnership LLP
\n(1)
\nIndirect
50
\nBromley Park (Holdings) Limited
Indirect
50
\nChatham Place (Building 1) Limited
Indirect
100
\nChatham Place Building 1 (Commercial) Limited
Indirect
100
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n226
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nChatham Square Limited
Indirect
100
\nCheadle Royal Management Company Limited
\n(h)(3)
\nIndirect
27.9
\nCommunity Solutions for Regeneration (Bournemouth) Limited
Indirect
100
\nCommunity Solutions for Regeneration (Brentwood) Limited
Indirect
100
\nCommunity Solutions for Regeneration (Slough) Limited
Indirect
100
\nECF (General Partner) Limited
\n(i)
\nIndirect
33.3
\nEnglish Cities Fund
\n(i)(4)
\nIndirect
22.9
\nEurocentral Partnership Limited
Indirect
99
\nEPL Contractor (Plot B West) Limited
Indirect
99
\nEPL Contractor (Plot F East) Limited
Indirect
99
\nEPL Contractor (Plot F West) Limited
Indirect
99
\nEPL Developer (Plot B West) Limited
Indirect
99
\nEPL Developer (Plot F East) Limited
Indirect
99
\nEPL Developer (Plot F West) Limited
Indirect
99
\nHarrier Park Management Company Limited
\n(2)
\nIndirect
100
\nICIAN Developments Limited
Indirect
100
\nIntercity Developments Limited
Indirect
50
\nIvor House (Brixton) Management Company Limited
\n(n)(2)
\nIndirect
100
\nLewisham Gateway Developments (Holdings) Limited
Indirect
100
\nLewisham Gateway Developments Limited
Indirect
100
\nLingley Mere Business Park Development Company Limited
\n(j)
\nIndirect
50
\nLogic Leeds Management Company Limited
\n(2)
\nIndirect
50
\nMuse Aberdeen Limited
Indirect
100
\nMuse (Brixton) Limited
Indirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMuse (ECF) Partner Limited
Indirect
100
\nMuse (Warp 4) Partner Limited
Indirect
100
\nMuse Brixton (Phase 2) Limited
Indirect
100
\nMuse Chester Limited
Indirect
100
\nMuse Developments (Northwich) Limited
Indirect
100
\nMuse Properties Limited
Indirect
100
\nNorth Shore Development Partnership Limited
Indirect
100
\nNorthshore Management Company Limited
\n(2)
\nIndirect
50
\nOlive Morris House (Brixton) Management Company Limited
\n(o)(2)
\nIndirect
100
\nRail Link Europe Limited
Indirect
100
\nSlough Urban Renewal LLP
\n(1)
\nIndirect
50
\nSovereign Leeds Limited
Indirect
100
\nSt Andrews Brae Developments Limited
Indirect
50
\nThe Bournemouth Development Company LLP
\n(1)
\nIndirect
50
\nThe Prestwich Regeneration LLP
\n(1)
\nIndirect
50
\nWapping Wharf (Alpha) LLP
\n(1)
\nIndirect
50
\nWapping Wharf (Beta) LLP
\n(1)
\nIndirect
40
\nWarp 4 General Partner Limited
Indirect
100
\nWarp 4 General Partner Nominees Limited
Indirect
100
\nWarp 4 Limited Partnership
\n(4)
\nIndirect
100
\nWaterside Places (General Partner) Limited
\n(k)
\nIndirect
50
\nWaterside Places Limited Partnership
\n(k)(4)
\nIndirect
50
\nWirral Growth Company LLP
\n(m)(1)
\nIndirect
50
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n227
Morgan Sindall Group plc
Annual Report 2022
2 Investments continued
\nMorgan Sindall Group
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nBarnes & Elliott Limited
Direct
100
\nBluebell Printing Limited
Direct
100
\nHinkins & Frewin Limited
Direct
100
\nLovell Partnerships (Northern) Limited
Direct
100
\nLovell Partnerships (Southern) Limited
Direct
100
\nMorgan Est (Scotland) Limited
\n(b)
\nDirect
100
\nMorgan Beton And Monierbau Limited
\n(b)
\nIndirect
50
\nMorgan Lovell London Limited (formerly Muse Places Limited)
Direct
100
\nMorgan Sindall Investments Limited
Direct
100
\nMorgan Sindall Trustee Company Limited
Direct
100
\nMorgan Utilities Group Limited
Direct
100
\nMuse Developments Limited (incorporated 17 February 2023)
Direct
100
\nRoberts Construction Limited
Direct
100
\nSindall Eastern Limited
Indirect
100
\nSnape Design & Build Limited
Indirect
100
\nStansell Limited
Direct
100
\nT J Braybon & Son Limited
Direct
100
\nThe Snape Group Limited
Direct
100
\nUnderground Professional Services Limited
Direct
100
\nWheatley Construction Limited
Direct
100
\n*
With the exception of Newman Insurance Company Limited, registered and operating in Guernsey, BakerHicks AG,
\nregistered and operating in Switzerland, BakerHicks Aps, registered and operating in Denmark, BakerHicks GmbH,
\nregistered and operating in Austria and Germany, and BakerHicks SA, registered and operating in Denmark, all
\nundertakings are registered in England and Wales or Scotland and the principal place of business is the UK.
\nUnless otherwise stated, the registered o\ufb03ce address for each of the above is Kent House, 14\u201317 Market Place,
\nLondon, W1W 8AJ.
\nRegistered o\ufb03ce classi\ufb01cation key:
\n(a)
One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
\n(b)
1 Rutland Court, Edinburgh, EH3 8EY
\n(c)
Cannon Place, 78 Cannon Street, London, EC4N 6AF
\n(d)
The Lighthouse, 2nd Floor, 11 Mitchell Lane, Glasgow, G1 3NU
\n(e)
Badenstrasse 3, 4057, Basel, Switzerland
\n(f)
Albert-Nestler-Strasse 26, 76131 Karlsruhe, Germany
\n(g)
Am Euro Platz 3, 1120 Wien, Austria
\n(h)
2 New Bailey, 6 Stanley Street, Salford, Greater Manchester, M3 5GS
\n(i)
One Coleman Street, London, EC2R 5AA
\n(j)
Haweswater House, Lingley Mere Business Park, Lingley Green Avenue, Great Sankey, Warrington, WA5 3LP
\n(k)
National Waterways Museum, Ellesmere Port, South Pier Road, Ellesmere Port, Cheshire, CH65 4FW
\n(l)
Willis Management (Guernsey) Limited, Suite 1 North, First Floor, Albert House, South Esplanade, St Peter Port,
\nGuernsey, GY1 1AJ
\n(m)
C/o Head of Legal Wirral Borough Council, Town Hall, Brighton Street, Wallasey, Wirral, CH44 8ED
\n(n)
c/o Rendall and Rittner Limited, 13b St George Wharf, London, SW8 2LE
\n(o)
Riverside House, Irwell Street, Salford, M3 5EN
\n(p)
7 Neptune Court, Vanguard Way, Cardi\ufb00, CF24 5PJ
\n(q)
C/o Bech-Bruun Advokatpartnerselskab, Langelinie All\u00e9 35, 2100 K\u00f8benhavn \u00d8, Denmark
\n(r)
Boulevard Louis Schmidt 29 15, 1040 Etterbeek, Belgium
\n(s)
100 Avebury Boulevard, Milton Keynes, MK9 1FH
\nUnless otherwise stated, the Group\u2019s interest is in the ordinary shares issued (or the equivalent of ordinary shares issued
\nin the relevant country of issue).
\nRegistered o\ufb03ce classi\ufb01cation key:
\n(1)
Limited Liability Partnership.
\n(2)
Limited by guarantee.
\n(3)
Holding of ordinary and special shares.
\n(4)
Limited Partnership.
\n(5)
Holding of special shares.
\n(6)
Community Interest Company.
\nThe proportion of ownership interest is the same as the proportion of voting power held except English Cities Fund and
\nhub West Scotland, details of which are shown in note 13 of the consolidated \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25771": {
"value": "2 Investments Subsidiary
\nundertakings
\n\u00a3m
\nCost
\n1 January 2022
459.6
\n31 December 2022
459.6
\nNet book value at 31 December 2022
459.6
\nNet book value at 31 December 2021
459.6
\nA list of all subsidiary, associated undertakings and signi\ufb01cant holdings owned by the Group at
\n31 December 2022 is shown below:
\nConstruction & Infrastructure
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMorgan Sindall Construction & Infrastructure Ltd
Indirect
100
\nBluestone Limited
Indirect
100
\nMagnor Plant Hire Limited
Direct
100
\nMorgan Sindall All Together Cumbria CIC
\n(6)
\nIndirect
100
\nMorgan Sindall Engineering Solutions Limited
Indirect
100
\nMorgan Sindall Holdings Limited
Direct
100
\nMorgan Utilities Limited
Indirect
100
\nMS (MEST) Limited
Indirect
100
\nNewman Insurance Company Limited
\n*(l)
\nIndirect
100
\nBaker Hicks Limited
Direct
100
\nBaker Hicks Europe Holdings Limited (formerly Morgan Sindall
\nProfessional Services (Switzerland) Ltd)
Indirect
100
\nBakerHicks AG
\n*(e)
\nIndirect
100
\nBakerHicks Aps
\n*(q)
\nIndirect
100
\nBakerHicks GmbH
\n*(f)(g)
\nIndirect
100
\nBakerHicks SA
\n*(r)
\nIndirect
100
\nFit Out
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nOverbury plc
Direct
100
\nMorgan Lovell plc
Direct
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
\nGovernance
Financial statements
Strategic report
\n223
Morgan Sindall Group plc
Annual Report 2022
2 Investments continued
\nProperty Services
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMorgan Sindall Property Services Limited
Direct
100
\nGolden i Limited
Indirect
100
\nLovell Powerminster Limited
Indirect
100
\nManchester Energy Company Limited
Indirect
100
\nPartnership Housing
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nLovell Partnerships Limited
Direct
100
\n345 Park Place Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nAbbey Walk Management Company Limited
\n(a)(2)
\nIndirect
100
\nAH Burnholme Limited
Indirect
100
\nAll Saints Green Residents Management Company Limited
\n(s)(2)
\nIndirect
100
\nAnthem Lovell LLP
\n(1)
\nIndirect
50
\nBlossom\ufb01eld (Thorp Arch) Management Company Limited
\n(a)(2)
\nIndirect
100
\nCaldon Quay Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nChalkdene Developments LLP
\n(1)
\nIndirect
50
\nCherry Pie Meadow Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nClaymore Roads (Holdings) Limited
\n(c)
\nIndirect
50
\nCommunity Solutions for Education Limited
Indirect
100
\nCommunity Solutions for Regeneration Limited
Indirect
100
\nCommunity Solutions for Regeneration (Hertfordshire) Limited
Indirect
100
\nCommunity Solutions Living Limited
Indirect
100
\nCommunity Solutions Management Services Limited
Indirect
100
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nCommunity Solutions Management Services (Hub) Limited
Indirect
100
\nCommunity Solutions Partnership Services Limited
Indirect
100
\nCrosse Courts (Basildon) Management Company Limited
\n(a)(2)
\nIndirect
100
\nCrown Meadows Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nDrummond Park (Ludgershall) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nEden Park (Bonscale Crescent) Residents Management Company
\nLimited
\n(a)(2)
\nIndirect
100
\nEden Valley Management Company Limited
\n(a)(2)
\nIndirect
100
\nEdmundham Developments LLP
\n(1)
\n(formerly Su\ufb00olk Housing JV LLP)
Indirect
50
\nElectric Quarter Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nExford Drive Management Company Limited
\n(a)(2)
\nIndirect
100
\nFair\ufb01elds Management Company Limited
\n(a)(2)
\nIndirect
100
\nFirs Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nFountain Court Residents Company Limited
\n(a)(2)
\nIndirect
100
\nFoxglove Meadows Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nGallus Fields Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nGolwg Y Bryn Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nHamsard 3134 Limited
Indirect
100
\nHamsard 3135 Limited
Indirect
100
\nHealth Innovation Partners Limited
Indirect
50
\nHeath Farm Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nhub West Scotland Limited
\n(d)
\nIndirect
54
\nIngleby View Management Company Limited
\n(a)(2)
\nIndirect
100
\nKeepers Gate (WSM) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nKensington Gardens Management Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n224
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nKings Reach (Snaith) Residents Management Company
\n(a)(2)
\nIndirect
100
\nLaurus Lovell Whalley LLP
\n(1)
\nIndirect
50
\nLaxton Close Management Company Limited
\n(a)(2)
\nIndirect
100
\nLockside Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nLovell Bow Limited
Indirect
100
\nLovell Director Limited
Indirect
100
\nLovell Flagship LLP
\n(1)
\nIndirect
50
\nLovell Guf Limited
Indirect
100
\nLovell Later Living LLP
\n(1)
\nIndirect
100
\nLovell Latimer LLP
\n(1)
\nIndirect
50
\nLovell Plus Limited
Indirect
100
\nLovell Property Rental Limited
Indirect
100
\nLovell Together (Pendleton) LLP
\n(1)
\nIndirect
50
\nLovell Together LLP
\n(1)
\nIndirect
50
\nLovell/Abri Weymouth LLP
\n(1)
\nIndirect
50
\nLymington Mews Management Company Limited
\n(a)(2)
\nIndirect
100
\nMeggeson Management Company Limited
\n(a)(2)
\nIndirect
100
\nMinshull Way Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nMorgan Sindall Consortium LLP
\n(1)
\nIndirect
100
\nMorgan Sindall Investments (Newport SDR) Limited
Indirect
100
\nMorgan-Vinci Limited
Indirect
50
\nMorris Walk North Management Company Limited
\n(a)(2)
\nIndirect
100
\nMorris Walk South Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nMount View (Melton Mowbray) Residents Company Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nOak\ufb01eld Grange (Llantarnam) Residents Management
\nCompany Ltd
\n(a)(2)
\nIndirect
100
\nOaktree Grange Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nOriel View Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nPich Management Company Limited
\n(a)(2)
\nIndirect
100
\nPool House Wombourne Ltd
Indirect
100
\nPrincipal Point Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nQueensbury Park Management Company Limited
\n(a)(2)
\nIndirect
100
\nRMC The Meadows, Clifton-upon-Teme Limited
\n(a)(2)
\nIndirect
100
\nRomsey Extra Care Limited
Indirect
100
\nRuby Brook Estate Management Company Limited
\n(a)(2)
\nIndirect
100
\nRuby Brook Management Company Limited
\n(a)(2)
\nIndirect
100
\nSaddlers Grange (Howden) Management Company Limited
\n(a)(2)
\nIndirect
100
\nSaints Quarter (Steelhouse Lane) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nSaredon Gardens Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nShawbrook Manor (Residents) Management Company Limited
\n(a)(2)
\nIndirect
100
\nSomerford Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nSt Mary\u2019s View (Residents) Management Company Limited
\n(a)(2)
\nIndirect
100
\nStation Fields Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nStation House (Stourbridge) Management Company Limited
\n(a)(2)
\nIndirect
100
\nStoke Development Limited (formerly HB Villages
\nDevelopments (Stoke) Ltd)
Indirect
100
\nTennyson Fields (Phase 2) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nTennyson Fields Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Acorns (Walsham Le Willows) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n225
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nThe Compendium Group Limited
Indirect
50
\nThe East Avenue 2 Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe East Avenue Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Junction Apartments Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nThe Junction Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Laureates Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Mill (Site 1) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Mill (Site 2) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Spires Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Sycamores (Kirk Ella) Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 1) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 2) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 3) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 4) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 5) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 6) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 7) Management Limited
\n(a)(2)
\nIndirect
100
\nTixall View Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nTowcester Regeneration Limited
Indirect
100
\nTrinity Walk Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nVictoria Court (Newport No 1) Residents Management
\nCompany Limited
\n(p)(2)
\nIndirect
50
\nVictoria Court (Newport No 2) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nWaterside Quay Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWellspring Finance Company Limited
Indirect
49.5
\nWellspring Partnerships Limited
\n(b)
\nIndirect
90
\nWensum Grange Management Company Limited
\n(a)(2)
\nIndirect
100
\nWest Sussex Property Development LLP
\n(1)
\nIndirect
50
\nWestcroft 12 Management Company Limited
\n(a)(2)
\nIndirect
100
\nWeston Woods Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWeymouth Community Sports LLP
\n(1)
\nIndirect
100
\nWild Walk Donnington Wood Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nWilliam\u2019s Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWillow Grange (Lakeside) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nWoodlark Chase (Warren Drive) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nYMYL YR Afon Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nUrban Regeneration
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMuse Places Limited (formerly Muse Developments Limited)
Direct
100
\nAlexandria Business Park Management Company Limited
\n(5)
\nIndirect
100
\nAshton Moss Developments Limited
Indirect
50
\nBrentwood Development Partnership LLP
\n(1)
\nIndirect
50
\nBromley Park (Holdings) Limited
Indirect
50
\nChatham Place (Building 1) Limited
Indirect
100
\nChatham Place Building 1 (Commercial) Limited
Indirect
100
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n226
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nChatham Square Limited
Indirect
100
\nCheadle Royal Management Company Limited
\n(h)(3)
\nIndirect
27.9
\nCommunity Solutions for Regeneration (Bournemouth) Limited
Indirect
100
\nCommunity Solutions for Regeneration (Brentwood) Limited
Indirect
100
\nCommunity Solutions for Regeneration (Slough) Limited
Indirect
100
\nECF (General Partner) Limited
\n(i)
\nIndirect
33.3
\nEnglish Cities Fund
\n(i)(4)
\nIndirect
22.9
\nEurocentral Partnership Limited
Indirect
99
\nEPL Contractor (Plot B West) Limited
Indirect
99
\nEPL Contractor (Plot F East) Limited
Indirect
99
\nEPL Contractor (Plot F West) Limited
Indirect
99
\nEPL Developer (Plot B West) Limited
Indirect
99
\nEPL Developer (Plot F East) Limited
Indirect
99
\nEPL Developer (Plot F West) Limited
Indirect
99
\nHarrier Park Management Company Limited
\n(2)
\nIndirect
100
\nICIAN Developments Limited
Indirect
100
\nIntercity Developments Limited
Indirect
50
\nIvor House (Brixton) Management Company Limited
\n(n)(2)
\nIndirect
100
\nLewisham Gateway Developments (Holdings) Limited
Indirect
100
\nLewisham Gateway Developments Limited
Indirect
100
\nLingley Mere Business Park Development Company Limited
\n(j)
\nIndirect
50
\nLogic Leeds Management Company Limited
\n(2)
\nIndirect
50
\nMuse Aberdeen Limited
Indirect
100
\nMuse (Brixton) Limited
Indirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMuse (ECF) Partner Limited
Indirect
100
\nMuse (Warp 4) Partner Limited
Indirect
100
\nMuse Brixton (Phase 2) Limited
Indirect
100
\nMuse Chester Limited
Indirect
100
\nMuse Developments (Northwich) Limited
Indirect
100
\nMuse Properties Limited
Indirect
100
\nNorth Shore Development Partnership Limited
Indirect
100
\nNorthshore Management Company Limited
\n(2)
\nIndirect
50
\nOlive Morris House (Brixton) Management Company Limited
\n(o)(2)
\nIndirect
100
\nRail Link Europe Limited
Indirect
100
\nSlough Urban Renewal LLP
\n(1)
\nIndirect
50
\nSovereign Leeds Limited
Indirect
100
\nSt Andrews Brae Developments Limited
Indirect
50
\nThe Bournemouth Development Company LLP
\n(1)
\nIndirect
50
\nThe Prestwich Regeneration LLP
\n(1)
\nIndirect
50
\nWapping Wharf (Alpha) LLP
\n(1)
\nIndirect
50
\nWapping Wharf (Beta) LLP
\n(1)
\nIndirect
40
\nWarp 4 General Partner Limited
Indirect
100
\nWarp 4 General Partner Nominees Limited
Indirect
100
\nWarp 4 Limited Partnership
\n(4)
\nIndirect
100
\nWaterside Places (General Partner) Limited
\n(k)
\nIndirect
50
\nWaterside Places Limited Partnership
\n(k)(4)
\nIndirect
50
\nWirral Growth Company LLP
\n(m)(1)
\nIndirect
50
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n227
Morgan Sindall Group plc
Annual Report 2022
2 Investments continued
\nMorgan Sindall Group
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nBarnes & Elliott Limited
Direct
100
\nBluebell Printing Limited
Direct
100
\nHinkins & Frewin Limited
Direct
100
\nLovell Partnerships (Northern) Limited
Direct
100
\nLovell Partnerships (Southern) Limited
Direct
100
\nMorgan Est (Scotland) Limited
\n(b)
\nDirect
100
\nMorgan Beton And Monierbau Limited
\n(b)
\nIndirect
50
\nMorgan Lovell London Limited (formerly Muse Places Limited)
Direct
100
\nMorgan Sindall Investments Limited
Direct
100
\nMorgan Sindall Trustee Company Limited
Direct
100
\nMorgan Utilities Group Limited
Direct
100
\nMuse Developments Limited (incorporated 17 February 2023)
Direct
100
\nRoberts Construction Limited
Direct
100
\nSindall Eastern Limited
Indirect
100
\nSnape Design & Build Limited
Indirect
100
\nStansell Limited
Direct
100
\nT J Braybon & Son Limited
Direct
100
\nThe Snape Group Limited
Direct
100
\nUnderground Professional Services Limited
Direct
100
\nWheatley Construction Limited
Direct
100
\n*
With the exception of Newman Insurance Company Limited, registered and operating in Guernsey, BakerHicks AG,
\nregistered and operating in Switzerland, BakerHicks Aps, registered and operating in Denmark, BakerHicks GmbH,
\nregistered and operating in Austria and Germany, and BakerHicks SA, registered and operating in Denmark, all
\nundertakings are registered in England and Wales or Scotland and the principal place of business is the UK.
\nUnless otherwise stated, the registered o\ufb03ce address for each of the above is Kent House, 14\u201317 Market Place,
\nLondon, W1W 8AJ.
\nRegistered o\ufb03ce classi\ufb01cation key:
\n(a)
One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
\n(b)
1 Rutland Court, Edinburgh, EH3 8EY
\n(c)
Cannon Place, 78 Cannon Street, London, EC4N 6AF
\n(d)
The Lighthouse, 2nd Floor, 11 Mitchell Lane, Glasgow, G1 3NU
\n(e)
Badenstrasse 3, 4057, Basel, Switzerland
\n(f)
Albert-Nestler-Strasse 26, 76131 Karlsruhe, Germany
\n(g)
Am Euro Platz 3, 1120 Wien, Austria
\n(h)
2 New Bailey, 6 Stanley Street, Salford, Greater Manchester, M3 5GS
\n(i)
One Coleman Street, London, EC2R 5AA
\n(j)
Haweswater House, Lingley Mere Business Park, Lingley Green Avenue, Great Sankey, Warrington, WA5 3LP
\n(k)
National Waterways Museum, Ellesmere Port, South Pier Road, Ellesmere Port, Cheshire, CH65 4FW
\n(l)
Willis Management (Guernsey) Limited, Suite 1 North, First Floor, Albert House, South Esplanade, St Peter Port,
\nGuernsey, GY1 1AJ
\n(m)
C/o Head of Legal Wirral Borough Council, Town Hall, Brighton Street, Wallasey, Wirral, CH44 8ED
\n(n)
c/o Rendall and Rittner Limited, 13b St George Wharf, London, SW8 2LE
\n(o)
Riverside House, Irwell Street, Salford, M3 5EN
\n(p)
7 Neptune Court, Vanguard Way, Cardi\ufb00, CF24 5PJ
\n(q)
C/o Bech-Bruun Advokatpartnerselskab, Langelinie All\u00e9 35, 2100 K\u00f8benhavn \u00d8, Denmark
\n(r)
Boulevard Louis Schmidt 29 15, 1040 Etterbeek, Belgium
\n(s)
100 Avebury Boulevard, Milton Keynes, MK9 1FH
\nUnless otherwise stated, the Group\u2019s interest is in the ordinary shares issued (or the equivalent of ordinary shares issued
\nin the relevant country of issue).
\nRegistered o\ufb03ce classi\ufb01cation key:
\n(1)
Limited Liability Partnership.
\n(2)
Limited by guarantee.
\n(3)
Holding of ordinary and special shares.
\n(4)
Limited Partnership.
\n(5)
Holding of special shares.
\n(6)
Community Interest Company.
\nThe proportion of ownership interest is the same as the proportion of voting power held except English Cities Fund and
\nhub West Scotland, details of which are shown in note 13 of the consolidated \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25772": {
"value": "2 Investments Subsidiary
\nundertakings
\n\u00a3m
\nCost
\n1 January 2022
459.6
\n31 December 2022
459.6
\nNet book value at 31 December 2022
459.6
\nNet book value at 31 December 2021
459.6
\nA list of all subsidiary, associated undertakings and signi\ufb01cant holdings owned by the Group at
\n31 December 2022 is shown below:
\nConstruction & Infrastructure
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMorgan Sindall Construction & Infrastructure Ltd
Indirect
100
\nBluestone Limited
Indirect
100
\nMagnor Plant Hire Limited
Direct
100
\nMorgan Sindall All Together Cumbria CIC
\n(6)
\nIndirect
100
\nMorgan Sindall Engineering Solutions Limited
Indirect
100
\nMorgan Sindall Holdings Limited
Direct
100
\nMorgan Utilities Limited
Indirect
100
\nMS (MEST) Limited
Indirect
100
\nNewman Insurance Company Limited
\n*(l)
\nIndirect
100
\nBaker Hicks Limited
Direct
100
\nBaker Hicks Europe Holdings Limited (formerly Morgan Sindall
\nProfessional Services (Switzerland) Ltd)
Indirect
100
\nBakerHicks AG
\n*(e)
\nIndirect
100
\nBakerHicks Aps
\n*(q)
\nIndirect
100
\nBakerHicks GmbH
\n*(f)(g)
\nIndirect
100
\nBakerHicks SA
\n*(r)
\nIndirect
100
\nFit Out
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nOverbury plc
Direct
100
\nMorgan Lovell plc
Direct
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
\nGovernance
Financial statements
Strategic report
\n223
Morgan Sindall Group plc
Annual Report 2022
2 Investments continued
\nProperty Services
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMorgan Sindall Property Services Limited
Direct
100
\nGolden i Limited
Indirect
100
\nLovell Powerminster Limited
Indirect
100
\nManchester Energy Company Limited
Indirect
100
\nPartnership Housing
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nLovell Partnerships Limited
Direct
100
\n345 Park Place Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nAbbey Walk Management Company Limited
\n(a)(2)
\nIndirect
100
\nAH Burnholme Limited
Indirect
100
\nAll Saints Green Residents Management Company Limited
\n(s)(2)
\nIndirect
100
\nAnthem Lovell LLP
\n(1)
\nIndirect
50
\nBlossom\ufb01eld (Thorp Arch) Management Company Limited
\n(a)(2)
\nIndirect
100
\nCaldon Quay Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nChalkdene Developments LLP
\n(1)
\nIndirect
50
\nCherry Pie Meadow Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nClaymore Roads (Holdings) Limited
\n(c)
\nIndirect
50
\nCommunity Solutions for Education Limited
Indirect
100
\nCommunity Solutions for Regeneration Limited
Indirect
100
\nCommunity Solutions for Regeneration (Hertfordshire) Limited
Indirect
100
\nCommunity Solutions Living Limited
Indirect
100
\nCommunity Solutions Management Services Limited
Indirect
100
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nCommunity Solutions Management Services (Hub) Limited
Indirect
100
\nCommunity Solutions Partnership Services Limited
Indirect
100
\nCrosse Courts (Basildon) Management Company Limited
\n(a)(2)
\nIndirect
100
\nCrown Meadows Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nDrummond Park (Ludgershall) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nEden Park (Bonscale Crescent) Residents Management Company
\nLimited
\n(a)(2)
\nIndirect
100
\nEden Valley Management Company Limited
\n(a)(2)
\nIndirect
100
\nEdmundham Developments LLP
\n(1)
\n(formerly Su\ufb00olk Housing JV LLP)
Indirect
50
\nElectric Quarter Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nExford Drive Management Company Limited
\n(a)(2)
\nIndirect
100
\nFair\ufb01elds Management Company Limited
\n(a)(2)
\nIndirect
100
\nFirs Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nFountain Court Residents Company Limited
\n(a)(2)
\nIndirect
100
\nFoxglove Meadows Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nGallus Fields Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nGolwg Y Bryn Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nHamsard 3134 Limited
Indirect
100
\nHamsard 3135 Limited
Indirect
100
\nHealth Innovation Partners Limited
Indirect
50
\nHeath Farm Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nhub West Scotland Limited
\n(d)
\nIndirect
54
\nIngleby View Management Company Limited
\n(a)(2)
\nIndirect
100
\nKeepers Gate (WSM) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nKensington Gardens Management Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n224
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nKings Reach (Snaith) Residents Management Company
\n(a)(2)
\nIndirect
100
\nLaurus Lovell Whalley LLP
\n(1)
\nIndirect
50
\nLaxton Close Management Company Limited
\n(a)(2)
\nIndirect
100
\nLockside Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nLovell Bow Limited
Indirect
100
\nLovell Director Limited
Indirect
100
\nLovell Flagship LLP
\n(1)
\nIndirect
50
\nLovell Guf Limited
Indirect
100
\nLovell Later Living LLP
\n(1)
\nIndirect
100
\nLovell Latimer LLP
\n(1)
\nIndirect
50
\nLovell Plus Limited
Indirect
100
\nLovell Property Rental Limited
Indirect
100
\nLovell Together (Pendleton) LLP
\n(1)
\nIndirect
50
\nLovell Together LLP
\n(1)
\nIndirect
50
\nLovell/Abri Weymouth LLP
\n(1)
\nIndirect
50
\nLymington Mews Management Company Limited
\n(a)(2)
\nIndirect
100
\nMeggeson Management Company Limited
\n(a)(2)
\nIndirect
100
\nMinshull Way Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nMorgan Sindall Consortium LLP
\n(1)
\nIndirect
100
\nMorgan Sindall Investments (Newport SDR) Limited
Indirect
100
\nMorgan-Vinci Limited
Indirect
50
\nMorris Walk North Management Company Limited
\n(a)(2)
\nIndirect
100
\nMorris Walk South Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nMount View (Melton Mowbray) Residents Company Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nOak\ufb01eld Grange (Llantarnam) Residents Management
\nCompany Ltd
\n(a)(2)
\nIndirect
100
\nOaktree Grange Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nOriel View Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nPich Management Company Limited
\n(a)(2)
\nIndirect
100
\nPool House Wombourne Ltd
Indirect
100
\nPrincipal Point Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nQueensbury Park Management Company Limited
\n(a)(2)
\nIndirect
100
\nRMC The Meadows, Clifton-upon-Teme Limited
\n(a)(2)
\nIndirect
100
\nRomsey Extra Care Limited
Indirect
100
\nRuby Brook Estate Management Company Limited
\n(a)(2)
\nIndirect
100
\nRuby Brook Management Company Limited
\n(a)(2)
\nIndirect
100
\nSaddlers Grange (Howden) Management Company Limited
\n(a)(2)
\nIndirect
100
\nSaints Quarter (Steelhouse Lane) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nSaredon Gardens Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nShawbrook Manor (Residents) Management Company Limited
\n(a)(2)
\nIndirect
100
\nSomerford Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nSt Mary\u2019s View (Residents) Management Company Limited
\n(a)(2)
\nIndirect
100
\nStation Fields Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nStation House (Stourbridge) Management Company Limited
\n(a)(2)
\nIndirect
100
\nStoke Development Limited (formerly HB Villages
\nDevelopments (Stoke) Ltd)
Indirect
100
\nTennyson Fields (Phase 2) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nTennyson Fields Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Acorns (Walsham Le Willows) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n225
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nThe Compendium Group Limited
Indirect
50
\nThe East Avenue 2 Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe East Avenue Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Junction Apartments Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nThe Junction Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Laureates Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Mill (Site 1) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Mill (Site 2) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Spires Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Sycamores (Kirk Ella) Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 1) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 2) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 3) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 4) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 5) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 6) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 7) Management Limited
\n(a)(2)
\nIndirect
100
\nTixall View Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nTowcester Regeneration Limited
Indirect
100
\nTrinity Walk Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nVictoria Court (Newport No 1) Residents Management
\nCompany Limited
\n(p)(2)
\nIndirect
50
\nVictoria Court (Newport No 2) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nWaterside Quay Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWellspring Finance Company Limited
Indirect
49.5
\nWellspring Partnerships Limited
\n(b)
\nIndirect
90
\nWensum Grange Management Company Limited
\n(a)(2)
\nIndirect
100
\nWest Sussex Property Development LLP
\n(1)
\nIndirect
50
\nWestcroft 12 Management Company Limited
\n(a)(2)
\nIndirect
100
\nWeston Woods Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWeymouth Community Sports LLP
\n(1)
\nIndirect
100
\nWild Walk Donnington Wood Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nWilliam\u2019s Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWillow Grange (Lakeside) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nWoodlark Chase (Warren Drive) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nYMYL YR Afon Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nUrban Regeneration
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMuse Places Limited (formerly Muse Developments Limited)
Direct
100
\nAlexandria Business Park Management Company Limited
\n(5)
\nIndirect
100
\nAshton Moss Developments Limited
Indirect
50
\nBrentwood Development Partnership LLP
\n(1)
\nIndirect
50
\nBromley Park (Holdings) Limited
Indirect
50
\nChatham Place (Building 1) Limited
Indirect
100
\nChatham Place Building 1 (Commercial) Limited
Indirect
100
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n226
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nChatham Square Limited
Indirect
100
\nCheadle Royal Management Company Limited
\n(h)(3)
\nIndirect
27.9
\nCommunity Solutions for Regeneration (Bournemouth) Limited
Indirect
100
\nCommunity Solutions for Regeneration (Brentwood) Limited
Indirect
100
\nCommunity Solutions for Regeneration (Slough) Limited
Indirect
100
\nECF (General Partner) Limited
\n(i)
\nIndirect
33.3
\nEnglish Cities Fund
\n(i)(4)
\nIndirect
22.9
\nEurocentral Partnership Limited
Indirect
99
\nEPL Contractor (Plot B West) Limited
Indirect
99
\nEPL Contractor (Plot F East) Limited
Indirect
99
\nEPL Contractor (Plot F West) Limited
Indirect
99
\nEPL Developer (Plot B West) Limited
Indirect
99
\nEPL Developer (Plot F East) Limited
Indirect
99
\nEPL Developer (Plot F West) Limited
Indirect
99
\nHarrier Park Management Company Limited
\n(2)
\nIndirect
100
\nICIAN Developments Limited
Indirect
100
\nIntercity Developments Limited
Indirect
50
\nIvor House (Brixton) Management Company Limited
\n(n)(2)
\nIndirect
100
\nLewisham Gateway Developments (Holdings) Limited
Indirect
100
\nLewisham Gateway Developments Limited
Indirect
100
\nLingley Mere Business Park Development Company Limited
\n(j)
\nIndirect
50
\nLogic Leeds Management Company Limited
\n(2)
\nIndirect
50
\nMuse Aberdeen Limited
Indirect
100
\nMuse (Brixton) Limited
Indirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMuse (ECF) Partner Limited
Indirect
100
\nMuse (Warp 4) Partner Limited
Indirect
100
\nMuse Brixton (Phase 2) Limited
Indirect
100
\nMuse Chester Limited
Indirect
100
\nMuse Developments (Northwich) Limited
Indirect
100
\nMuse Properties Limited
Indirect
100
\nNorth Shore Development Partnership Limited
Indirect
100
\nNorthshore Management Company Limited
\n(2)
\nIndirect
50
\nOlive Morris House (Brixton) Management Company Limited
\n(o)(2)
\nIndirect
100
\nRail Link Europe Limited
Indirect
100
\nSlough Urban Renewal LLP
\n(1)
\nIndirect
50
\nSovereign Leeds Limited
Indirect
100
\nSt Andrews Brae Developments Limited
Indirect
50
\nThe Bournemouth Development Company LLP
\n(1)
\nIndirect
50
\nThe Prestwich Regeneration LLP
\n(1)
\nIndirect
50
\nWapping Wharf (Alpha) LLP
\n(1)
\nIndirect
50
\nWapping Wharf (Beta) LLP
\n(1)
\nIndirect
40
\nWarp 4 General Partner Limited
Indirect
100
\nWarp 4 General Partner Nominees Limited
Indirect
100
\nWarp 4 Limited Partnership
\n(4)
\nIndirect
100
\nWaterside Places (General Partner) Limited
\n(k)
\nIndirect
50
\nWaterside Places Limited Partnership
\n(k)(4)
\nIndirect
50
\nWirral Growth Company LLP
\n(m)(1)
\nIndirect
50
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n227
Morgan Sindall Group plc
Annual Report 2022
2 Investments continued
\nMorgan Sindall Group
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nBarnes & Elliott Limited
Direct
100
\nBluebell Printing Limited
Direct
100
\nHinkins & Frewin Limited
Direct
100
\nLovell Partnerships (Northern) Limited
Direct
100
\nLovell Partnerships (Southern) Limited
Direct
100
\nMorgan Est (Scotland) Limited
\n(b)
\nDirect
100
\nMorgan Beton And Monierbau Limited
\n(b)
\nIndirect
50
\nMorgan Lovell London Limited (formerly Muse Places Limited)
Direct
100
\nMorgan Sindall Investments Limited
Direct
100
\nMorgan Sindall Trustee Company Limited
Direct
100
\nMorgan Utilities Group Limited
Direct
100
\nMuse Developments Limited (incorporated 17 February 2023)
Direct
100
\nRoberts Construction Limited
Direct
100
\nSindall Eastern Limited
Indirect
100
\nSnape Design & Build Limited
Indirect
100
\nStansell Limited
Direct
100
\nT J Braybon & Son Limited
Direct
100
\nThe Snape Group Limited
Direct
100
\nUnderground Professional Services Limited
Direct
100
\nWheatley Construction Limited
Direct
100
\n*
With the exception of Newman Insurance Company Limited, registered and operating in Guernsey, BakerHicks AG,
\nregistered and operating in Switzerland, BakerHicks Aps, registered and operating in Denmark, BakerHicks GmbH,
\nregistered and operating in Austria and Germany, and BakerHicks SA, registered and operating in Denmark, all
\nundertakings are registered in England and Wales or Scotland and the principal place of business is the UK.
\nUnless otherwise stated, the registered o\ufb03ce address for each of the above is Kent House, 14\u201317 Market Place,
\nLondon, W1W 8AJ.
\nRegistered o\ufb03ce classi\ufb01cation key:
\n(a)
One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
\n(b)
1 Rutland Court, Edinburgh, EH3 8EY
\n(c)
Cannon Place, 78 Cannon Street, London, EC4N 6AF
\n(d)
The Lighthouse, 2nd Floor, 11 Mitchell Lane, Glasgow, G1 3NU
\n(e)
Badenstrasse 3, 4057, Basel, Switzerland
\n(f)
Albert-Nestler-Strasse 26, 76131 Karlsruhe, Germany
\n(g)
Am Euro Platz 3, 1120 Wien, Austria
\n(h)
2 New Bailey, 6 Stanley Street, Salford, Greater Manchester, M3 5GS
\n(i)
One Coleman Street, London, EC2R 5AA
\n(j)
Haweswater House, Lingley Mere Business Park, Lingley Green Avenue, Great Sankey, Warrington, WA5 3LP
\n(k)
National Waterways Museum, Ellesmere Port, South Pier Road, Ellesmere Port, Cheshire, CH65 4FW
\n(l)
Willis Management (Guernsey) Limited, Suite 1 North, First Floor, Albert House, South Esplanade, St Peter Port,
\nGuernsey, GY1 1AJ
\n(m)
C/o Head of Legal Wirral Borough Council, Town Hall, Brighton Street, Wallasey, Wirral, CH44 8ED
\n(n)
c/o Rendall and Rittner Limited, 13b St George Wharf, London, SW8 2LE
\n(o)
Riverside House, Irwell Street, Salford, M3 5EN
\n(p)
7 Neptune Court, Vanguard Way, Cardi\ufb00, CF24 5PJ
\n(q)
C/o Bech-Bruun Advokatpartnerselskab, Langelinie All\u00e9 35, 2100 K\u00f8benhavn \u00d8, Denmark
\n(r)
Boulevard Louis Schmidt 29 15, 1040 Etterbeek, Belgium
\n(s)
100 Avebury Boulevard, Milton Keynes, MK9 1FH
\nUnless otherwise stated, the Group\u2019s interest is in the ordinary shares issued (or the equivalent of ordinary shares issued
\nin the relevant country of issue).
\nRegistered o\ufb03ce classi\ufb01cation key:
\n(1)
Limited Liability Partnership.
\n(2)
Limited by guarantee.
\n(3)
Holding of ordinary and special shares.
\n(4)
Limited Partnership.
\n(5)
Holding of special shares.
\n(6)
Community Interest Company.
\nThe proportion of ownership interest is the same as the proportion of voting power held except English Cities Fund and
\nhub West Scotland, details of which are shown in note 13 of the consolidated \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25773": {
"value": "2 Investments Subsidiary
\nundertakings
\n\u00a3m
\nCost
\n1 January 2022
459.6
\n31 December 2022
459.6
\nNet book value at 31 December 2022
459.6
\nNet book value at 31 December 2021
459.6
\nA list of all subsidiary, associated undertakings and signi\ufb01cant holdings owned by the Group at
\n31 December 2022 is shown below:
\nConstruction & Infrastructure
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMorgan Sindall Construction & Infrastructure Ltd
Indirect
100
\nBluestone Limited
Indirect
100
\nMagnor Plant Hire Limited
Direct
100
\nMorgan Sindall All Together Cumbria CIC
\n(6)
\nIndirect
100
\nMorgan Sindall Engineering Solutions Limited
Indirect
100
\nMorgan Sindall Holdings Limited
Direct
100
\nMorgan Utilities Limited
Indirect
100
\nMS (MEST) Limited
Indirect
100
\nNewman Insurance Company Limited
\n*(l)
\nIndirect
100
\nBaker Hicks Limited
Direct
100
\nBaker Hicks Europe Holdings Limited (formerly Morgan Sindall
\nProfessional Services (Switzerland) Ltd)
Indirect
100
\nBakerHicks AG
\n*(e)
\nIndirect
100
\nBakerHicks Aps
\n*(q)
\nIndirect
100
\nBakerHicks GmbH
\n*(f)(g)
\nIndirect
100
\nBakerHicks SA
\n*(r)
\nIndirect
100
\nFit Out
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nOverbury plc
Direct
100
\nMorgan Lovell plc
Direct
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
\nGovernance
Financial statements
Strategic report
\n223
Morgan Sindall Group plc
Annual Report 2022
2 Investments continued
\nProperty Services
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMorgan Sindall Property Services Limited
Direct
100
\nGolden i Limited
Indirect
100
\nLovell Powerminster Limited
Indirect
100
\nManchester Energy Company Limited
Indirect
100
\nPartnership Housing
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nLovell Partnerships Limited
Direct
100
\n345 Park Place Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nAbbey Walk Management Company Limited
\n(a)(2)
\nIndirect
100
\nAH Burnholme Limited
Indirect
100
\nAll Saints Green Residents Management Company Limited
\n(s)(2)
\nIndirect
100
\nAnthem Lovell LLP
\n(1)
\nIndirect
50
\nBlossom\ufb01eld (Thorp Arch) Management Company Limited
\n(a)(2)
\nIndirect
100
\nCaldon Quay Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nChalkdene Developments LLP
\n(1)
\nIndirect
50
\nCherry Pie Meadow Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nClaymore Roads (Holdings) Limited
\n(c)
\nIndirect
50
\nCommunity Solutions for Education Limited
Indirect
100
\nCommunity Solutions for Regeneration Limited
Indirect
100
\nCommunity Solutions for Regeneration (Hertfordshire) Limited
Indirect
100
\nCommunity Solutions Living Limited
Indirect
100
\nCommunity Solutions Management Services Limited
Indirect
100
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nCommunity Solutions Management Services (Hub) Limited
Indirect
100
\nCommunity Solutions Partnership Services Limited
Indirect
100
\nCrosse Courts (Basildon) Management Company Limited
\n(a)(2)
\nIndirect
100
\nCrown Meadows Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nDrummond Park (Ludgershall) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nEden Park (Bonscale Crescent) Residents Management Company
\nLimited
\n(a)(2)
\nIndirect
100
\nEden Valley Management Company Limited
\n(a)(2)
\nIndirect
100
\nEdmundham Developments LLP
\n(1)
\n(formerly Su\ufb00olk Housing JV LLP)
Indirect
50
\nElectric Quarter Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nExford Drive Management Company Limited
\n(a)(2)
\nIndirect
100
\nFair\ufb01elds Management Company Limited
\n(a)(2)
\nIndirect
100
\nFirs Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nFountain Court Residents Company Limited
\n(a)(2)
\nIndirect
100
\nFoxglove Meadows Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nGallus Fields Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nGolwg Y Bryn Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nHamsard 3134 Limited
Indirect
100
\nHamsard 3135 Limited
Indirect
100
\nHealth Innovation Partners Limited
Indirect
50
\nHeath Farm Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nhub West Scotland Limited
\n(d)
\nIndirect
54
\nIngleby View Management Company Limited
\n(a)(2)
\nIndirect
100
\nKeepers Gate (WSM) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nKensington Gardens Management Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nGovernance
Financial statements
Strategic report
\n224
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nKings Reach (Snaith) Residents Management Company
\n(a)(2)
\nIndirect
100
\nLaurus Lovell Whalley LLP
\n(1)
\nIndirect
50
\nLaxton Close Management Company Limited
\n(a)(2)
\nIndirect
100
\nLockside Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nLovell Bow Limited
Indirect
100
\nLovell Director Limited
Indirect
100
\nLovell Flagship LLP
\n(1)
\nIndirect
50
\nLovell Guf Limited
Indirect
100
\nLovell Later Living LLP
\n(1)
\nIndirect
100
\nLovell Latimer LLP
\n(1)
\nIndirect
50
\nLovell Plus Limited
Indirect
100
\nLovell Property Rental Limited
Indirect
100
\nLovell Together (Pendleton) LLP
\n(1)
\nIndirect
50
\nLovell Together LLP
\n(1)
\nIndirect
50
\nLovell/Abri Weymouth LLP
\n(1)
\nIndirect
50
\nLymington Mews Management Company Limited
\n(a)(2)
\nIndirect
100
\nMeggeson Management Company Limited
\n(a)(2)
\nIndirect
100
\nMinshull Way Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nMorgan Sindall Consortium LLP
\n(1)
\nIndirect
100
\nMorgan Sindall Investments (Newport SDR) Limited
Indirect
100
\nMorgan-Vinci Limited
Indirect
50
\nMorris Walk North Management Company Limited
\n(a)(2)
\nIndirect
100
\nMorris Walk South Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nMount View (Melton Mowbray) Residents Company Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nOak\ufb01eld Grange (Llantarnam) Residents Management
\nCompany Ltd
\n(a)(2)
\nIndirect
100
\nOaktree Grange Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nOriel View Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nPich Management Company Limited
\n(a)(2)
\nIndirect
100
\nPool House Wombourne Ltd
Indirect
100
\nPrincipal Point Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nQueensbury Park Management Company Limited
\n(a)(2)
\nIndirect
100
\nRMC The Meadows, Clifton-upon-Teme Limited
\n(a)(2)
\nIndirect
100
\nRomsey Extra Care Limited
Indirect
100
\nRuby Brook Estate Management Company Limited
\n(a)(2)
\nIndirect
100
\nRuby Brook Management Company Limited
\n(a)(2)
\nIndirect
100
\nSaddlers Grange (Howden) Management Company Limited
\n(a)(2)
\nIndirect
100
\nSaints Quarter (Steelhouse Lane) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nSaredon Gardens Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nShawbrook Manor (Residents) Management Company Limited
\n(a)(2)
\nIndirect
100
\nSomerford Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nSt Mary\u2019s View (Residents) Management Company Limited
\n(a)(2)
\nIndirect
100
\nStation Fields Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nStation House (Stourbridge) Management Company Limited
\n(a)(2)
\nIndirect
100
\nStoke Development Limited (formerly HB Villages
\nDevelopments (Stoke) Ltd)
Indirect
100
\nTennyson Fields (Phase 2) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nTennyson Fields Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Acorns (Walsham Le Willows) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n225
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nThe Compendium Group Limited
Indirect
50
\nThe East Avenue 2 Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe East Avenue Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Junction Apartments Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nThe Junction Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Laureates Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Mill (Site 1) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Mill (Site 2) Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Spires Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Sycamores (Kirk Ella) Management Company Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 1) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 2) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 3) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 4) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 5) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 6) Management Limited
\n(a)(2)
\nIndirect
100
\nThe Way Beswick (Zone 7) Management Limited
\n(a)(2)
\nIndirect
100
\nTixall View Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nTowcester Regeneration Limited
Indirect
100
\nTrinity Walk Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nVictoria Court (Newport No 1) Residents Management
\nCompany Limited
\n(p)(2)
\nIndirect
50
\nVictoria Court (Newport No 2) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nWaterside Quay Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWellspring Finance Company Limited
Indirect
49.5
\nWellspring Partnerships Limited
\n(b)
\nIndirect
90
\nWensum Grange Management Company Limited
\n(a)(2)
\nIndirect
100
\nWest Sussex Property Development LLP
\n(1)
\nIndirect
50
\nWestcroft 12 Management Company Limited
\n(a)(2)
\nIndirect
100
\nWeston Woods Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWeymouth Community Sports LLP
\n(1)
\nIndirect
100
\nWild Walk Donnington Wood Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nWilliam\u2019s Park Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nWillow Grange (Lakeside) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nWoodlark Chase (Warren Drive) Residents Management
\nCompany Limited
\n(a)(2)
\nIndirect
100
\nYMYL YR Afon Residents Management Company Limited
\n(a)(2)
\nIndirect
100
\nUrban Regeneration
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMuse Places Limited (formerly Muse Developments Limited)
Direct
100
\nAlexandria Business Park Management Company Limited
\n(5)
\nIndirect
100
\nAshton Moss Developments Limited
Indirect
50
\nBrentwood Development Partnership LLP
\n(1)
\nIndirect
50
\nBromley Park (Holdings) Limited
Indirect
50
\nChatham Place (Building 1) Limited
Indirect
100
\nChatham Place Building 1 (Commercial) Limited
Indirect
100
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n226
Morgan Sindall Group plc
Annual Report 2022
Name of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nChatham Square Limited
Indirect
100
\nCheadle Royal Management Company Limited
\n(h)(3)
\nIndirect
27.9
\nCommunity Solutions for Regeneration (Bournemouth) Limited
Indirect
100
\nCommunity Solutions for Regeneration (Brentwood) Limited
Indirect
100
\nCommunity Solutions for Regeneration (Slough) Limited
Indirect
100
\nECF (General Partner) Limited
\n(i)
\nIndirect
33.3
\nEnglish Cities Fund
\n(i)(4)
\nIndirect
22.9
\nEurocentral Partnership Limited
Indirect
99
\nEPL Contractor (Plot B West) Limited
Indirect
99
\nEPL Contractor (Plot F East) Limited
Indirect
99
\nEPL Contractor (Plot F West) Limited
Indirect
99
\nEPL Developer (Plot B West) Limited
Indirect
99
\nEPL Developer (Plot F East) Limited
Indirect
99
\nEPL Developer (Plot F West) Limited
Indirect
99
\nHarrier Park Management Company Limited
\n(2)
\nIndirect
100
\nICIAN Developments Limited
Indirect
100
\nIntercity Developments Limited
Indirect
50
\nIvor House (Brixton) Management Company Limited
\n(n)(2)
\nIndirect
100
\nLewisham Gateway Developments (Holdings) Limited
Indirect
100
\nLewisham Gateway Developments Limited
Indirect
100
\nLingley Mere Business Park Development Company Limited
\n(j)
\nIndirect
50
\nLogic Leeds Management Company Limited
\n(2)
\nIndirect
50
\nMuse Aberdeen Limited
Indirect
100
\nMuse (Brixton) Limited
Indirect
100
\nNOTES TO THE COMPANY FINANCIAL STATEMENTS
continued
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nMuse (ECF) Partner Limited
Indirect
100
\nMuse (Warp 4) Partner Limited
Indirect
100
\nMuse Brixton (Phase 2) Limited
Indirect
100
\nMuse Chester Limited
Indirect
100
\nMuse Developments (Northwich) Limited
Indirect
100
\nMuse Properties Limited
Indirect
100
\nNorth Shore Development Partnership Limited
Indirect
100
\nNorthshore Management Company Limited
\n(2)
\nIndirect
50
\nOlive Morris House (Brixton) Management Company Limited
\n(o)(2)
\nIndirect
100
\nRail Link Europe Limited
Indirect
100
\nSlough Urban Renewal LLP
\n(1)
\nIndirect
50
\nSovereign Leeds Limited
Indirect
100
\nSt Andrews Brae Developments Limited
Indirect
50
\nThe Bournemouth Development Company LLP
\n(1)
\nIndirect
50
\nThe Prestwich Regeneration LLP
\n(1)
\nIndirect
50
\nWapping Wharf (Alpha) LLP
\n(1)
\nIndirect
50
\nWapping Wharf (Beta) LLP
\n(1)
\nIndirect
40
\nWarp 4 General Partner Limited
Indirect
100
\nWarp 4 General Partner Nominees Limited
Indirect
100
\nWarp 4 Limited Partnership
\n(4)
\nIndirect
100
\nWaterside Places (General Partner) Limited
\n(k)
\nIndirect
50
\nWaterside Places Limited Partnership
\n(k)(4)
\nIndirect
50
\nWirral Growth Company LLP
\n(m)(1)
\nIndirect
50
\n2 Investments continued
\nGovernance
Financial statements
Strategic report
\n227
Morgan Sindall Group plc
Annual Report 2022
2 Investments continued
\nMorgan Sindall Group
\nName of undertaking
\nDirect or
\nindirect holding
\nGroup interest in
\nallotted capital
\n(%)
\nBarnes & Elliott Limited
Direct
100
\nBluebell Printing Limited
Direct
100
\nHinkins & Frewin Limited
Direct
100
\nLovell Partnerships (Northern) Limited
Direct
100
\nLovell Partnerships (Southern) Limited
Direct
100
\nMorgan Est (Scotland) Limited
\n(b)
\nDirect
100
\nMorgan Beton And Monierbau Limited
\n(b)
\nIndirect
50
\nMorgan Lovell London Limited (formerly Muse Places Limited)
Direct
100
\nMorgan Sindall Investments Limited
Direct
100
\nMorgan Sindall Trustee Company Limited
Direct
100
\nMorgan Utilities Group Limited
Direct
100
\nMuse Developments Limited (incorporated 17 February 2023)
Direct
100
\nRoberts Construction Limited
Direct
100
\nSindall Eastern Limited
Indirect
100
\nSnape Design & Build Limited
Indirect
100
\nStansell Limited
Direct
100
\nT J Braybon & Son Limited
Direct
100
\nThe Snape Group Limited
Direct
100
\nUnderground Professional Services Limited
Direct
100
\nWheatley Construction Limited
Direct
100
\n*
With the exception of Newman Insurance Company Limited, registered and operating in Guernsey, BakerHicks AG,
\nregistered and operating in Switzerland, BakerHicks Aps, registered and operating in Denmark, BakerHicks GmbH,
\nregistered and operating in Austria and Germany, and BakerHicks SA, registered and operating in Denmark, all
\nundertakings are registered in England and Wales or Scotland and the principal place of business is the UK.
\nUnless otherwise stated, the registered o\ufb03ce address for each of the above is Kent House, 14\u201317 Market Place,
\nLondon, W1W 8AJ.
\nRegistered o\ufb03ce classi\ufb01cation key:
\n(a)
One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
\n(b)
1 Rutland Court, Edinburgh, EH3 8EY
\n(c)
Cannon Place, 78 Cannon Street, London, EC4N 6AF
\n(d)
The Lighthouse, 2nd Floor, 11 Mitchell Lane, Glasgow, G1 3NU
\n(e)
Badenstrasse 3, 4057, Basel, Switzerland
\n(f)
Albert-Nestler-Strasse 26, 76131 Karlsruhe, Germany
\n(g)
Am Euro Platz 3, 1120 Wien, Austria
\n(h)
2 New Bailey, 6 Stanley Street, Salford, Greater Manchester, M3 5GS
\n(i)
One Coleman Street, London, EC2R 5AA
\n(j)
Haweswater House, Lingley Mere Business Park, Lingley Green Avenue, Great Sankey, Warrington, WA5 3LP
\n(k)
National Waterways Museum, Ellesmere Port, South Pier Road, Ellesmere Port, Cheshire, CH65 4FW
\n(l)
Willis Management (Guernsey) Limited, Suite 1 North, First Floor, Albert House, South Esplanade, St Peter Port,
\nGuernsey, GY1 1AJ
\n(m)
C/o Head of Legal Wirral Borough Council, Town Hall, Brighton Street, Wallasey, Wirral, CH44 8ED
\n(n)
c/o Rendall and Rittner Limited, 13b St George Wharf, London, SW8 2LE
\n(o)
Riverside House, Irwell Street, Salford, M3 5EN
\n(p)
7 Neptune Court, Vanguard Way, Cardi\ufb00, CF24 5PJ
\n(q)
C/o Bech-Bruun Advokatpartnerselskab, Langelinie All\u00e9 35, 2100 K\u00f8benhavn \u00d8, Denmark
\n(r)
Boulevard Louis Schmidt 29 15, 1040 Etterbeek, Belgium
\n(s)
100 Avebury Boulevard, Milton Keynes, MK9 1FH
\nUnless otherwise stated, the Group\u2019s interest is in the ordinary shares issued (or the equivalent of ordinary shares issued
\nin the relevant country of issue).
\nRegistered o\ufb03ce classi\ufb01cation key:
\n(1)
Limited Liability Partnership.
\n(2)
Limited by guarantee.
\n(3)
Holding of ordinary and special shares.
\n(4)
Limited Partnership.
\n(5)
Holding of special shares.
\n(6)
Community Interest Company.
\nThe proportion of ownership interest is the same as the proportion of voting power held except English Cities Fund and
\nhub West Scotland, details of which are shown in note 13 of the consolidated \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26791": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26985": {
"value": "Morgan Sindall Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26986": {
"value": "Morgan Sindall Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26987": {
"value": "Morgan Sindall Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26990": {
"value": "Kent House, 14\u201317 Market Place, London, W1W 8AJ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138008339ULDGZRB345",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}