{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "taylorwimpeyplc": "http://taylorwimpeyplc.com/20241231", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://taylorwimpeyplc.com/xbrl/2024/21380089BTRXTD8S3R66-2024-12-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "We delivered over 10,000 homes in 2024, making us one of the UK\u2019s leading homebuildersWe operate across \ufb01ve divisions and\u00a0at a local level from 22 regional businesses in the UK, with a small operation in Spain.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ConsolidatedIncomeStatement_Label_001": { "value": "3401200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_002": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_003": { "value": "3401200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_004": { "value": "3514500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_005": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_006": { "value": "3514500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_007": { "value": "2752500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_008": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_009": { "value": "2752500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0010": { "value": "2798000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0011": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0012": { "value": "2798000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0013": { "value": "648700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0014": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0015": { "value": "648700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0016": { "value": "716500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0017": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0018": { "value": "716500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0019": { "value": "232300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0020": { "value": "82500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0021": { "value": "314800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0022": { "value": "248700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0023": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0024": { "value": "248700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0025": { "value": "416400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0026": { "value": "-82500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0027": { "value": "333900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0028": { "value": "467800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0029": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0030": { "value": "467800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0031": { "value": "29700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0032": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0033": { "value": "29700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0034": { "value": "29500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0035": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0036": { "value": "29500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0037": { "value": "27400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0038": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0039": { "value": "27400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0040": { "value": "25900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0041": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0042": { "value": "25900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0043": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0044": { "value": "-15700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0045": { "value": "-15900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0046": { "value": "2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0047": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0048": { "value": "2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0049": { "value": "418500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0050": { "value": "-98200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0051": { "value": "320300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0052": { "value": "473800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0053": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0054": { "value": "473800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0055": { "value": "120900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0056": { "value": "-20200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0057": { "value": "100700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0058": { "value": "124800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0059": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0060": { "value": "124800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0061": { "value": "297600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0062": { "value": "-78000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0063": { "value": "219600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0064": { "value": "349000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:BeforeExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0065": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "taylorwimpeyplc:ConsolidatedIncomeStatementAxis": "taylorwimpeyplc:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0066": { "value": "349000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0067": { "value": "0.062", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0068": { "value": "0.099", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0069": { "value": "0.062", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0070": { "value": "0.099", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0071": { "value": "0.084", "decimals": 3, "dimensions": { "concept": "taylorwimpeyplc:AdjustedBasicEarningsPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0072": { "value": "0.099", "decimals": 3, "dimensions": { "concept": "taylorwimpeyplc:AdjustedBasicEarningsPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0073": { "value": "0.084", "decimals": 3, "dimensions": { "concept": "taylorwimpeyplc:AdjustedDilutedEarningsPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0074": { "value": "0.099", "decimals": 3, "dimensions": { "concept": "taylorwimpeyplc:AdjustedDilutedEarningsPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0075": { "value": "-8800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0076": { "value": "-2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0077": { "value": "3900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0078": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0079": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0080": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0081": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0082": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0083": { "value": "-3900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0084": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0085": { "value": "219600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0086": { "value": "349000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0087": { "value": "215700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0088": { "value": "348400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0089": { "value": "1500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0090": { "value": "2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0091": { "value": "21900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0092": { "value": "22000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0093": { "value": "35900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0094": { "value": "37800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0095": { "value": "26900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0096": { "value": "70500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0097": { "value": "14900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0098": { "value": "28100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_0099": { "value": "10800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00100": { "value": "10300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00101": { "value": "20600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00102": { "value": "23400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00103": { "value": "132500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00104": { "value": "194700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00105": { "value": "5376600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00106": { "value": "5169600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00107": { "value": "130400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00108": { "value": "124400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00109": { "value": "4400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00110": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00111": { "value": "647400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00112": { "value": "764900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00113": { "value": "6158800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00114": { "value": "6058900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00115": { "value": "6291300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00116": { "value": "6253600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00119": { "value": "1083900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00120": { "value": "992800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00121": { "value": "10400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00122": { "value": "8800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00123": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00124": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00125": { "value": "161700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00126": { "value": "124900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedTotalLabel_00155": { "value": "1257600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedTotalLabel_00156": { "value": "1128100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00117": { "value": "4901200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssetsLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00118": { "value": "4930800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssetsLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00127": { "value": "350700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00128": { "value": "295800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00129": { "value": "28000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00130": { "value": "31000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00131": { "value": "82600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00132": { "value": "87000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00133": { "value": "22200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00134": { "value": "26500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00135": { "value": "145000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00136": { "value": "161800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedTotalLabel_00137": { "value": "628500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedTotalLabel_00138": { "value": "602100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedTotalLabel_00139": { "value": "1886100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedTotalLabel_00140": { "value": "1730200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00141": { "value": "4405200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00142": { "value": "4523400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00143": { "value": "291300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00144": { "value": "291300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00145": { "value": "777900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00146": { "value": "777900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00147": { "value": "27600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_NegatedLabel_00148": { "value": "29700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00149": { "value": "539500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00150": { "value": "544400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00151": { "value": "2824100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_Label_00152": { "value": "2939500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00153": { "value": "4405200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedBalanceSheet_TotalLabel_00154": { "value": "4523400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "The consolidated \ufb01nancial statements of Taylor Wimpey plc (registered number: 296805) were
approved by the Board of Directors and authorised for issue on 26 February 2025. They were signed
\n
on its behalf by:
\n
J Daly
C Carney
\n
Director
Director", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00157": { "value": "291300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00158": { "value": "777900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00159": { "value": "-43100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00160": { "value": "545600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00161": { "value": "2930400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00162": { "value": "4502100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00163": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00164": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00165": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00166": { "value": "-1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00167": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00168": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00175": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00176": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00177": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00178": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00179": { "value": "349000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00180": { "value": "349000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00187": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00188": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00189": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00190": { "value": "-1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00191": { "value": "349600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00192": { "value": "348400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00205": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00206": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00207": { "value": "13400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00208": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00209": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00210": { "value": "13400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00217": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00218": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00219": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00220": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00221": { "value": "-12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00222": { "value": "-12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00229": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00230": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00231": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00232": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00233": { "value": "8900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00234": { "value": "8900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00241": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00242": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00243": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00244": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00245": { "value": "-1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00246": { "value": "-1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00253": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00254": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00255": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00256": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00257": { "value": "337900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00258": { "value": "337900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00265": { "value": "291300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00266": { "value": "777900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00267": { "value": "-29700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00268": { "value": "544400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00269": { "value": "2939500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00270": { "value": "4523400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00169": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00170": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00171": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00172": { "value": "-4900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00173": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00174": { "value": "-3900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00181": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00182": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00183": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00184": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00185": { "value": "219600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00186": { "value": "219600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00193": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00194": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00195": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00196": { "value": "-4900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00197": { "value": "220600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00198": { "value": "215700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00199": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "taylorwimpeyplc:OwnSharesAcquired", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00200": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "taylorwimpeyplc:OwnSharesAcquired", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00201": { "value": "-4000000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:OwnSharesAcquired", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00202": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "taylorwimpeyplc:OwnSharesAcquired", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00203": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "taylorwimpeyplc:OwnSharesAcquired", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00204": { "value": "-4000000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:OwnSharesAcquired", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00211": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00212": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00213": { "value": "6100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00214": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00215": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00216": { "value": "6100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00223": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00224": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00225": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00226": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00227": { "value": "-5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00228": { "value": "-5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00235": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00236": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00237": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00238": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00239": { "value": "9200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00240": { "value": "9200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00247": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00248": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00249": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00250": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00251": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00252": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00259": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00260": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00261": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00262": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00263": { "value": "339400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00264": { "value": "339400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00271": { "value": "291300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00272": { "value": "777900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00273": { "value": "-27600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00274": { "value": "539500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00275": { "value": "2824100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00276": { "value": "4405200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00277": { "value": "333900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00278": { "value": "467800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00279": { "value": "14300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00280": { "value": "12700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00281": { "value": "4000000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:AdjustmentsForPensionContributionsInExcessOfChargeToTheIncomeStatement", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00282": { "value": "3800000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:AdjustmentsForPensionContributionsInExcessOfChargeToTheIncomeStatement", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00283": { "value": "9200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00284": { "value": "8900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00285": { "value": "-14500000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:AdjustmentsForLossOnDisposalOfAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00286": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:AdjustmentsForLossOnDisposalOfAssets", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00287": { "value": "53900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00288": { "value": "17300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00289": { "value": "421800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00290": { "value": "503200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00291": { "value": "-86800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00292": { "value": "-148700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00293": { "value": "3800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00294": { "value": "40200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00295": { "value": "-27100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00296": { "value": "-105800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00297": { "value": "311700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00298": { "value": "288900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00299": { "value": "34100000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:PaymentsRelatedToExceptionalChargesClassifiedAsOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00300": { "value": "20800000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:PaymentsRelatedToExceptionalChargesClassifiedAsOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00301": { "value": "102500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00302": { "value": "126500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00303": { "value": "10200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00304": { "value": "12000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00305": { "value": "164900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00306": { "value": "129600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00307": { "value": "28100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00308": { "value": "26400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00309": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00310": { "value": "11700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00311": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00312": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00313": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00314": { "value": "6800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00315": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00316": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00317": { "value": "18500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashReceiptsFromSalesOfInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00318": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCashReceiptsFromSalesOfInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00319": { "value": "30600000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:AmountsReceivedFromInvestedInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00320": { "value": "-3800000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:AmountsReceivedFromInvestedInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00341": { "value": "73900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00342": { "value": "27400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00321": { "value": "9600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00322": { "value": "7900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00323": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00324": { "value": "3000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00325": { "value": "4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00326": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00327": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00328": { "value": "87000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00329": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00330": { "value": "87000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00331": { "value": "339400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00332": { "value": "337900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00333": { "value": "-352300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00334": { "value": "-342800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00335": { "value": "-113500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00336": { "value": "-185800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00337": { "value": "764900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00338": { "value": "952300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00339": { "value": "-4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00340": { "value": "-1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00343": { "value": "647400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00344": { "value": "764900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "1
Material accounting policies
Basis of preparation
The consolidated \ufb01nancial statements have been prepared on a going concern basis and under the
historical cost convention, except as otherwise stated below.
The material accounting policies adopted, which have been applied consistently, except as otherwise
stated, are set out below.
Adoption of new and revised standards
The Group has adopted and applied the following standards and amendments in the year, which are
relevant to its operations, none of which had a material impact on the consolidated \ufb01nancial statements:
\u2022 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 classi\ufb01cation of liabilities as current
or non-current and non-current liabilities with covenants
\u2022 IFRS 16 \u2018Leases\u2019 (amendments) \u2013 lease liability in a sale and leaseback
\u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 and IAS 7 \u2018Statement of Cash Flows\u2019 (amendments) \u2013
supplier \ufb01nance arrangements
At the date of authorisation of these consolidated \ufb01nancial statements, the Group has not applied the
following new or revised standards and interpretations that have been issued but are not yet\u00a0effective:
\u2022 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendments) \u2013 lack of exchangeability
\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 and IFRS 9 \u2018Financial Instruments\u2019 (amendments) \u2013
classi\ufb01cation and measurement of \ufb01nancial instruments
The Directors do not expect that the adoption of the standards, amendments and interpretations
listed above will have a material impact on the consolidated \ufb01nancial statements of the Group.
Going concern
Group forecasts have been prepared that have considered the Group\u2019s current \ufb01nancial position and
current market circumstances. The forecasts were subject to sensitivity analysis including, a severe but
plausible scenario together with the likely effectiveness of mitigating actions.
The assessment considered sensitivity analysis based on a number of realistically possible, but\u00a0severe
and prolonged, changes to principal assumptions. In determining these, the Group\u00a0included
macroeconomic and industry-wide projections, as well as matters speci\ufb01c to\u00a0the Group.
The severe but plausible downside scenario re\ufb02ects the aggregated impact of sensitivities, taking
account of a further decline in customer con\ufb01dence, disposable income and mortgage availability.
To\u00a0arrive at the stress test, the Group has drawn on experience gained managing the business through
previous economic downturns. As a result, the Group has stress tested the business against the
following severe but plausible downside scenario which can be attributed back to the Group\u2019s Principal
Risks that have been identi\ufb01ed as having the most impact on the longer term prospects and viability
of the Group.
The impact of the Principal Risk \u2018Natural resources and climate change\u2019 is not deemed to be material
within the forecast period, as costs associated with the regulatory changes have been included in
the modelling.
\u2022 Volume \u2013 a further decline in total volumes of 10% in 2025 from 2024 levels, before recovering back
to 2024 levels by 2027
\u2022 Price \u2013 a reduction to current selling prices of 5%, remaining at these levels across 2025 and 2026
before recovering to current levels by 2027
\u2022 One-off costs \u2013 a one-off exceptional charge and cash cost of \u00a3150 million for an unanticipated
event, change in government regulations or \ufb01nancial penalty has been included in 2025
Mitigations to this sensitivity analysis include a reduction in land investment, a reduction in the level of
production and work in progress held and optimising the overhead base to ensure it is aligned with the
scale of the operations through the cycle. If this scenario were to occur, the Directors also have a range
of additional options to maintain \ufb01nancial strength, including a more severe reduction in land spend and
work in progress, the sale of assets, reducing the dividend and/or raising debt.At 31 December 2024, the Group had a cash balance of \u00a3647 million and had access to \u00a3600\u00a0million
from a fully undrawn revolving credit facility, together totalling \u00a31,247 million. The\u00a0combination of both
of these is suf\ufb01cient to absorb the \ufb01nancial impact of each of the risks modelled in the stress and
sensitivity analysis, individually and in aggregate.
Based on these forecasts, it is considered that there are suf\ufb01cient resources available for the Group to
conduct its business, and meet its liabilities as they fall due, for at least the next 12\u00a0months from the
date of these consolidated \ufb01nancial statements. Consequently, the consolidated \ufb01nancial statements
have been prepared on a going concern basis.
Basis of accounting
The consolidated \ufb01nancial statements have been prepared in accordance with UK-adopted
international accounting standards as applied in conformity with the provisions of the Companies
Act 2006.
Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and entities
controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved
where the Company:
\u2022 Has power over the investee;
\u2022 Governs the \ufb01nancial and operating policies of the investee;
\u2022 Is exposed, or has rights, to variable return from its involvement with the investee; and
\u2022 Has the ability to use its power to affect its returns.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their
fair value at the date of acquisition. Any excess of the cost of acquisition over the fair value of the
identi\ufb01able net assets acquired is recognised as goodwill. Any de\ufb01ciency of the cost of acquisition
below the fair value of the identi\ufb01able net assets acquired (i.e. discount on acquisition) is credited to
the income statement in the period of acquisition. The interest of non-controlling shareholders is stated
at the non-controlling interest\u2019s proportion of the fair value of the assets and liabilities recognised.
Subsequently, all comprehensive income is attributed to the owners and the non-controlling interests.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
income statement from the effective date of acquisition or up to the effective date of disposal,
as appropriate. Where a subsidiary is disposed of which constituted a major line of business, it is
disclosed as a discontinued operation. Where necessary, adjustments are made to the \ufb01nancial
statements of subsidiaries to bring the accounting policies used into line with those used by the
Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation.
Joint ventures
Undertakings are deemed to be a joint venture when the Group has joint control of the rights and
assets of the undertaking via either voting rights or a formal agreement, which includes that unanimous
consent is required for strategic, \ufb01nancial and operating decisions. Joint ventures are consolidated
under the equity accounting method. Loans to joint ventures form part of the Group\u2019s net investment,
which is assessed for recoverability on a periodic basis or when there is an indication of possible loss.
On transfer of land and/or work in progress to joint ventures, the Group recognises only its share of any
pro\ufb01ts or losses. Joint operations arise where the Group has joint control of an operation but has rights
to only its own assets and obligations related to the operation. These assets and obligations, and the
Group\u2019s share of revenues and costs, are included in the Group\u2019s results.
Joint ventures and joint operations are entered into to develop speci\ufb01c sites. Each arrangement is site
or project speci\ufb01c and once the development or project is complete the arrangement is wound down.
On disposal of a joint venture, a gain or loss is recognised as the difference between proceeds received
and the Group\u2019s net investment in that joint venture at the point of disposal.Segmental reporting
The Group operates in the United Kingdom and Spain. The United Kingdom is split into \ufb01ve
geographical operating segments, each managed by a Divisional Chair who sits on the Group
Management Team. In addition, there are central operations covering the corporate functions and
Strategic Land.
The Group aggregates the UK operations into a single reporting segment on the basis that they share
similar economic characteristics. In addition, each Division builds and delivers residential homes,
uses consistent methods of construction, sells homes to both private customers and local housing
associations, follows a single UK sales process and operating framework, is subject to the same
macroeconomic factors including mortgage availability and has the same cost of capital arising
from the utilisation of central banking and debt facilities.
As a result, the Group has the following reporting segments:
\u2022 United Kingdom
\u2022 Spain
Revenue
Revenue is recognised when the performance obligation associated with the sale is completed.
The transaction price comprises the fair value of the consideration received or receivable, net of value
added tax, rebates and discounts and after eliminating sales within the Group. Revenue and pro\ufb01t
are recognised as follows:
a. Housing and land sales
Revenue is recognised in the income statement when control is transferred to the customer.
This is deemed to be when title of the property passes to the customer on legal completion
and the performance obligation associated with the sale is completed.
Revenue in respect of the sale of residential properties, whether under the Government\u2019s
Help to Buy scheme or not, is recognised at the fair value of the consideration received or
receivable on legal completion.
b. Long term contracts
Revenue arising on contracts which give the customer control over properties as they are constructed,
and for which the Group has a right to payments for work performed, is recognised over time. Revenue
and costs are recognised over time with reference to the stage of completion of the contract activity at
the balance sheet date where the outcome of a long term contract can be estimated reliably. This is
normally measured by surveys of work performed to date. Variations in contract work, claims and
incentive payments are included to the extent that it is highly probable that they will result in revenue
and they are capable of being reliably measured. When land is transferred at the start of a long term
contract, revenue is not recognised until control has been transferred to the customer, which includes
legal title being passed to them.
Where the outcome of a long term contract cannot be estimated reliably, contract revenue where
recoverability is probable is recognised to the extent of contract costs incurred. The costs associated
with ful\ufb01lling a contract are recognised as expenses in the period in which they are incurred. When it is
probable that total contract costs will exceed total contract revenue, the\u00a0expected loss is recognised
as an expense immediately.
c. Part exchange
In certain instances, property may be accepted in part consideration for a sale of a residential property.
The fair value is established by independent surveyors, reduced for costs to sell. Proceeds generated
from the subsequent sale of part exchange properties are recorded as other income and the cost as
other expenses. The original sale is recorded in the normal way, with the fair value of the exchanged
property replacing cash receipts.
d. Cash incentives
The transaction price may include cash incentives. These are considered to be a discount from\u00a0the
purchase price offered to the acquirer and are therefore accounted for as a reduction to revenue.
Cost of sales
The Group determines the value of inventory charged to cost of sales based on the total budgeted
current cost of developing the site. Once the total expected costs of development are\u00a0established,
they are allocated to individual plots to achieve a consistent margin for the site. To the extent that
additional costs or savings are identi\ufb01ed, including experienced in\ufb02ation, as the site progresses,
these are recognised over the remaining plots unless they are speci\ufb01c to a particular plot, in which
case they are recognised in the income statement at the point of sale.Exceptional items
Exceptional items are de\ufb01ned as items of income or expenditure which, in the opinion of the Directors,
are material or unusual in nature or of such signi\ufb01cance that they require separate disclosure on the
face of the income statement in accordance with IAS 1 \u2018Presentation of Financial Statements\u2019.
Should these items be reversed, disclosure of this would also be as exceptional items.
Finance income
Interest income on bank deposits is recognised on an accruals basis. Also included in interest
receivable are interest and interest-related payments the Group receives on other receivables.
Finance costs
Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s
borrowings and lease liabilities. Also included are the amortisation of fees associated with the
arrangement of the \ufb01nancing.
Finance charges, including premiums payable on settlement or redemption, and direct issue costs,
are accounted for on an accruals basis in the income statement using the effective interest method
and are added to the carrying amount of the instrument to the extent that they are not settled in the
period in which they arise.
Capitalised \ufb01nance costs are held in other receivables and amortised over the period of the facility.
Foreign currencies
The individual \ufb01nancial statements of each Group company are presented in the currency of the
primary economic environment in which it operates (its functional currency). Transactions in currencies
other than the functional currency are recorded at the rates of exchange prevailing on the dates of
the transactions. At each balance sheet date, monetary assets and liabilities that are denominated
in foreign currencies other than the functional currency are retranslated at\u00a0the rates prevailing at the
balance sheet date.
Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are
translated at the rates prevailing at the date when the fair value was determined. Gains and losses
arising on retranslation are included in the net pro\ufb01t or loss for the period.
On consolidation, the assets and liabilities of the Group\u2019s overseas operation are translated at
exchange rates prevailing at the balance sheet date. Income and expense items are translated at
an appropriate average rate for the year. Exchange differences arising are recognised within other
comprehensive income and transferred to the Group\u2019s translation reserve. Such translation differences
are recognised as income or expenses in the income statement in the period in which the operation
is disposed of.
The Group uses foreign currency borrowings to hedge its net investment exposure to certain
overseas subsidiaries.
Leases
The Group as a lessee
The Group assesses at inception whether a contract is, or contains, a lease. A lease exists if the
contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange
for consideration. The Group assessment includes whether:
\u2022 The contract involves the use of an identi\ufb01ed asset;
\u2022 The Group has the right to obtain substantially all of the economic bene\ufb01ts from the use of the
asset throughout the contract period; and
\u2022 The Group has the right to direct the use of the asset.
At the commencement of a lease, the Group recognises a right-of-use asset along with a
corresponding lease liability.
The lease liability is initially measured at the present value of the remaining lease payments, discounted
using the Group\u2019s incremental borrowing rate. The lease term comprises the non-cancellable period
of the contract, together with periods covered by an option to extend the lease where the Group
is reasonably certain to exercise that option based on operational needs and contractual terms.
Subsequently, the lease liability is measured at amortised cost by\u00a0increasing the carrying amount
to re\ufb02ect interest on the lease liability and reducing it by the lease payments made. The lease liability
is remeasured when the Group changes its assessment of whether it will exercise an extension or
termination option.Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease
liability adjusted for any lease payments made at or before the commencement date, estimated asset
retirement obligations, lease incentives received and initial direct costs. Subsequently, right-of-use
assets are measured at cost, less any accumulated depreciation and any accumulated impairment
losses, and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated
on a straight-line basis over the length of the lease.
The Group has elected to apply exemptions for short term leases and leases for which the underlying
asset is of low value. For these leases, payments are charged to the income statement on
a straight-line basis over the term of the relevant lease.
Right-of-use assets are presented within non-current assets on the face of the balance sheet,
and lease liabilities are shown separately on the balance sheet in current liabilities and non-current
liabilities depending on the length of the lease term.
Intangible assets
Software
Costs that are directly associated with the acquisition or production of identi\ufb01able and unique software
controlled by the Group, and that generate economic bene\ufb01ts beyond one year, are\u00a0recognised as
intangible assets. Software development costs recognised as assets are amortised on a straight-line
basis over three to \ufb01ve years from the time of implementation and are stated at cost less accumulated
amortisation and any accumulated impairment losses.
Property, plant and equipment
Land and buildings held for use in the production or supply of goods or services, or for administrative
purposes, are stated in the balance sheet at cost less accumulated depreciation and any accumulated
impairment losses. Freehold land is not depreciated. Buildings are depreciated over 50 years.
Plant and equipment is stated at cost less depreciation.
Depreciation is charged to expense the cost or valuation of assets over their estimated useful lives.
Other assets are depreciated using the straight-line method, on the following bases:
\u2022 Plant and equipment: 20-33% per annum
\u2022 Leasehold improvements: over the term of the lease
The gain or loss arising on the disposal or retirement of an asset is determined as the difference
between the sale proceeds, less any selling expenses, and the carrying amount of the asset.
This difference is recognised in the income statement.
Impairment of tangible and intangible assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated to determine the extent
of the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent
from other assets, the Group estimates the recoverable amount of the cash-generating unit to which
the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash \ufb02ows are discounted to their present value, using a pre-tax discount
rate that re\ufb02ects current market assessments and the risks speci\ufb01c to\u00a0the asset.
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying
amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately in the income statement.
Where an impairment loss subsequently reverses, due to a change in circumstances or in the
estimates used to determine the asset\u2019s recoverable amount, the carrying amount of the asset or
cash-generating unit is increased to the revised estimate of its recoverable amount, so long as it
does not exceed the original carrying value prior to the impairment being recognised. A\u00a0reversal of
an impairment loss is recognised as income immediately in the income statement.
Dividends paid
Dividends are charged to retained earnings in the period of payment in respect of an interim dividend,
and in the period in which shareholders\u2019 approval is obtained in respect of the \ufb01nal\u00a0dividend.Financial instruments
Financial assets
Financial assets are initially recognised at fair value and subsequently classi\ufb01ed into one of the following
measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
\u2022 Measured at fair value through other comprehensive income (FVOCI)
The classi\ufb01cation of \ufb01nancial assets depends on the Group\u2019s business model for managing the asset
and the contractual terms of the cash \ufb02ows. Assets that are held for the collection of contractual cash
\ufb02ows that represent solely payments of principal and interest are measured at amortised cost, with
any interest income recognised in the income statement using the effective interest rate method.
Financial assets that do not meet the criteria to be measured at amortised cost are classi\ufb01ed by
the Group as measured at FVTPL. Fair value gains and losses on \ufb01nancial assets measured at
FVTPL are recognised in the income statement and presented within net operating expenses.
The Group currently has no \ufb01nancial assets measured at FVOCI.
Trade and other receivables
Trade and other receivables are measured at amortised cost, less any loss allowance.
Shared equity loans
Shared equity loans were provided to certain customers to facilitate a house purchase. The\u00a0contractual
cash \ufb02ows on shared equity loans are linked to a national house price index. Under IFRS 9, \ufb01nancial
assets with embedded derivatives are considered in their entirety when determining whether their
cash \ufb02ows are solely payment of principal and interest. Accordingly, shared equity loans are classi\ufb01ed
as FVTPL, with fair value gains and losses arising on the remeasurement of the loan presented in the
income statement within net operating expenses.
Cash and cash equivalents
Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an
original maturity of three months or less from inception and are subject to insigni\ufb01cant risk of changes
in value.
Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
Non-derivative \ufb01nancial liabilities are measured at FVTPL when they are considered held for trading
or designated as such on initial recognition. The Group has no non-derivative \ufb01nancial liabilities
measured at FVTPL.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred and subsequently
measured at amortised cost.
Trade and other payables
Trade and other payables are measured at amortised cost. When the acquisition of land has deferred
payment terms a land creditor is recognised. Payables are discounted to present value when
repayment is due more than one year after initial recognition, or the impact is material.
Customer deposits
Customer deposits, measured at amortised cost, are recorded as a liability on receipt and released
to the income statement as revenue upon legal completion.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after
deducting all of its liabilities. Equity instruments issued by the Parent Company are recorded as the
proceeds are received, net of direct issue costs. Derivative \ufb01nancial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to
movements in exchange rates on translation of certain individual \ufb01nancial statements denominated in
foreign currencies other than Sterling, which is the functional currency of the Parent Company.
Derivative \ufb01nancial instruments are measured at fair value. Changes in the fair value of derivative
\ufb01nancial instruments that are designated and effective as hedges of net investments in foreign
operations are recognised directly in other comprehensive income and the ineffective portion,
if\u00a0any, is recognised immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes
in fair value attributable to the risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the
foreign currency component of its carrying amount, are also recognised in the income statement.
Changes in the fair value of derivative \ufb01nancial instruments that do not qualify for hedge accounting
are recognised in the income statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no longer quali\ufb01es for hedge
accounting, at which point any cumulative gain or loss on the hedging instrument accumulated in
other comprehensive income is transferred to the income statement for the period.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
a past event, and it is probable that the Group will be required to settle that obligation. Provisions are
measured at the Directors\u2019 best estimate of the expenditure required to settle the\u00a0obligation at the
balance sheet date and are discounted to present value where the effect is\u00a0material.
Inventories
Inventories are initially stated at cost and held at the lower of this initial amount and net realisable value.
Costs comprise direct materials and, where applicable, direct labour and those overheads that have
been incurred in bringing the inventories to their present location and condition. Net realisable value
represents the estimated selling price less all estimated costs of completion and costs to be incurred
in marketing, selling and distribution. Land is recognised in inventory when the signi\ufb01cant risks and
rewards of ownership have been transferred to the Group.
Non-refundable land option payments are initially recognised in inventory. They are reviewed regularly
and written off to the income statement when it is probable that the option will not be\u00a0exercised.
Taxation
The tax charge represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t differs from pro\ufb01t before
tax as reported in the income statement because it excludes items of income or expense that are
taxable or deductible in other years, and it further excludes items that are never taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted at the balance sheet date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used
in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that
taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from goodwill or
from the initial recognition (other than in a business combination) of other assets and liabilities in
a transaction that affects neither the taxable pro\ufb01t nor the accounting pro\ufb01t.
Deferred tax liabilities are also recognised for taxable temporary differences arising on investments
in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal
of the temporary difference and\u00a0it is probable that the temporary difference will not reverse in the
foreseeable future.Deferred tax is measured on a non-discounted basis using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of
the asset to be recovered. Deferred tax is charged or credited to the income statement, except when
it relates to items charged or credited directly to other comprehensive income or equity, in which case
the deferred tax is also dealt with in other comprehensive income or equity.
Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled
share-based payments are measured at fair value at the date of grant. The fair value is expensed
on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will
vest after adjusting for the effect of non-market vesting conditions.
Employee bene\ufb01ts
For de\ufb01ned bene\ufb01t plans, a \ufb01nance charge is determined on the net de\ufb01ned bene\ufb01t pension liability.
The operating and \ufb01nancing costs of such plans are recognised separately in the income statement;
past service costs are recognised as an expense at the earlier of when the plan is amended or
curtailment occurs, at the same time as which the entity will recognise related restructuring costs
or termination bene\ufb01ts. Certain liability management costs and \ufb01nancing costs are recognised in
the periods in which they arise. Actuarial gains and losses are recognised immediately in the
consolidated statement of comprehensive income.
The retirement bene\ufb01t obligation recognised in the consolidated statement of \ufb01nancial position
represents either the net de\ufb01cit position of the scheme or, should the scheme be in an IAS 19
accounting surplus, the IFRIC 14 liability equal to the present value of future committed
cash contributions.
Payments to de\ufb01ned contribution schemes are charged as an expense as they\u00a0fall due.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "Basis of preparation
The consolidated \ufb01nancial statements have been prepared on a going concern basis and under the
historical cost convention, except as otherwise stated below.
The material accounting policies adopted, which have been applied consistently, except as otherwise
stated, are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Adoption of new and revised standards
The Group has adopted and applied the following standards and amendments in the year, which are
relevant to its operations, none of which had a material impact on the consolidated \ufb01nancial statements:
\u2022 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 classi\ufb01cation of liabilities as current
or non-current and non-current liabilities with covenants
\u2022 IFRS 16 \u2018Leases\u2019 (amendments) \u2013 lease liability in a sale and leaseback
\u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 and IAS 7 \u2018Statement of Cash Flows\u2019 (amendments) \u2013
supplier \ufb01nance arrangements
At the date of authorisation of these consolidated \ufb01nancial statements, the Group has not applied the
following new or revised standards and interpretations that have been issued but are not yet\u00a0effective:
\u2022 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendments) \u2013 lack of exchangeability
\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 and IFRS 9 \u2018Financial Instruments\u2019 (amendments) \u2013
classi\ufb01cation and measurement of \ufb01nancial instruments
The Directors do not expect that the adoption of the standards, amendments and interpretations
listed above will have a material impact on the consolidated \ufb01nancial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "Adoption of new and revised standards
The Group has adopted and applied the following standards and amendments in the year, which are
relevant to its operations, none of which had a material impact on the consolidated \ufb01nancial statements:
\u2022 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 classi\ufb01cation of liabilities as current
or non-current and non-current liabilities with covenants
\u2022 IFRS 16 \u2018Leases\u2019 (amendments) \u2013 lease liability in a sale and leaseback
\u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 and IAS 7 \u2018Statement of Cash Flows\u2019 (amendments) \u2013
supplier \ufb01nance arrangements ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "At the date of authorisation of these consolidated \ufb01nancial statements, the Group has not applied the
following new or revised standards and interpretations that have been issued but are not yet\u00a0effective:
\u2022 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendments) \u2013 lack of exchangeability
\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 and IFRS 9 \u2018Financial Instruments\u2019 (amendments) \u2013
classi\ufb01cation and measurement of \ufb01nancial instruments
The Directors do not expect that the adoption of the standards, amendments and interpretations
listed above will have a material impact on the consolidated \ufb01nancial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "Going concern
Group forecasts have been prepared that have considered the Group\u2019s current \ufb01nancial position and
current market circumstances. The forecasts were subject to sensitivity analysis including, a severe but
plausible scenario together with the likely effectiveness of mitigating actions.
The assessment considered sensitivity analysis based on a number of realistically possible, but\u00a0severe
and prolonged, changes to principal assumptions. In determining these, the Group\u00a0included
macroeconomic and industry-wide projections, as well as matters speci\ufb01c to\u00a0the Group.
The severe but plausible downside scenario re\ufb02ects the aggregated impact of sensitivities, taking
account of a further decline in customer con\ufb01dence, disposable income and mortgage availability.
To\u00a0arrive at the stress test, the Group has drawn on experience gained managing the business through
previous economic downturns. As a result, the Group has stress tested the business against the
following severe but plausible downside scenario which can be attributed back to the Group\u2019s Principal
Risks that have been identi\ufb01ed as having the most impact on the longer term prospects and viability
of the Group.
The impact of the Principal Risk \u2018Natural resources and climate change\u2019 is not deemed to be material
within the forecast period, as costs associated with the regulatory changes have been included in
the modelling.
\u2022 Volume \u2013 a further decline in total volumes of 10% in 2025 from 2024 levels, before recovering back
to 2024 levels by 2027
\u2022 Price \u2013 a reduction to current selling prices of 5%, remaining at these levels across 2025 and 2026
before recovering to current levels by 2027
\u2022 One-off costs \u2013 a one-off exceptional charge and cash cost of \u00a3150 million for an unanticipated
event, change in government regulations or \ufb01nancial penalty has been included in 2025
Mitigations to this sensitivity analysis include a reduction in land investment, a reduction in the level of
production and work in progress held and optimising the overhead base to ensure it is aligned with the
scale of the operations through the cycle. If this scenario were to occur, the Directors also have a range
of additional options to maintain \ufb01nancial strength, including a more severe reduction in land spend and
work in progress, the sale of assets, reducing the dividend and/or raising debt.At 31 December 2024, the Group had a cash balance of \u00a3647 million and had access to \u00a3600\u00a0million
from a fully undrawn revolving credit facility, together totalling \u00a31,247 million. The\u00a0combination of both
of these is suf\ufb01cient to absorb the \ufb01nancial impact of each of the risks modelled in the stress and
sensitivity analysis, individually and in aggregate.
Based on these forecasts, it is considered that there are suf\ufb01cient resources available for the Group to
conduct its business, and meet its liabilities as they fall due, for at least the next 12\u00a0months from the
date of these consolidated \ufb01nancial statements. Consequently, the consolidated \ufb01nancial statements
have been prepared on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "Basis of accounting
The consolidated \ufb01nancial statements have been prepared in accordance with UK-adopted
international accounting standards as applied in conformity with the provisions of the Companies
Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and entities
controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved
where the Company:
\u2022 Has power over the investee;
\u2022 Governs the \ufb01nancial and operating policies of the investee;
\u2022 Is exposed, or has rights, to variable return from its involvement with the investee; and
\u2022 Has the ability to use its power to affect its returns.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their
fair value at the date of acquisition. Any excess of the cost of acquisition over the fair value of the
identi\ufb01able net assets acquired is recognised as goodwill. Any de\ufb01ciency of the cost of acquisition
below the fair value of the identi\ufb01able net assets acquired (i.e. discount on acquisition) is credited to
the income statement in the period of acquisition. The interest of non-controlling shareholders is stated
at the non-controlling interest\u2019s proportion of the fair value of the assets and liabilities recognised.
Subsequently, all comprehensive income is attributed to the owners and the non-controlling interests.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
income statement from the effective date of acquisition or up to the effective date of disposal,
as appropriate. Where a subsidiary is disposed of which constituted a major line of business, it is
disclosed as a discontinued operation. Where necessary, adjustments are made to the \ufb01nancial
statements of subsidiaries to bring the accounting policies used into line with those used by the
Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "Joint ventures
Undertakings are deemed to be a joint venture when the Group has joint control of the rights and
assets of the undertaking via either voting rights or a formal agreement, which includes that unanimous
consent is required for strategic, \ufb01nancial and operating decisions. Joint ventures are consolidated
under the equity accounting method. Loans to joint ventures form part of the Group\u2019s net investment,
which is assessed for recoverability on a periodic basis or when there is an indication of possible loss.
On transfer of land and/or work in progress to joint ventures, the Group recognises only its share of any
pro\ufb01ts or losses. Joint operations arise where the Group has joint control of an operation but has rights
to only its own assets and obligations related to the operation. These assets and obligations, and the
Group\u2019s share of revenues and costs, are included in the Group\u2019s results.
Joint ventures and joint operations are entered into to develop speci\ufb01c sites. Each arrangement is site
or project speci\ufb01c and once the development or project is complete the arrangement is wound down.
On disposal of a joint venture, a gain or loss is recognised as the difference between proceeds received
and the Group\u2019s net investment in that joint venture at the point of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "Joint ventures
Undertakings are deemed to be a joint venture when the Group has joint control of the rights and
assets of the undertaking via either voting rights or a formal agreement, which includes that unanimous
consent is required for strategic, \ufb01nancial and operating decisions. Joint ventures are consolidated
under the equity accounting method. Loans to joint ventures form part of the Group\u2019s net investment,
which is assessed for recoverability on a periodic basis or when there is an indication of possible loss.
On transfer of land and/or work in progress to joint ventures, the Group recognises only its share of any
pro\ufb01ts or losses. Joint operations arise where the Group has joint control of an operation but has rights
to only its own assets and obligations related to the operation. These assets and obligations, and the
Group\u2019s share of revenues and costs, are included in the Group\u2019s results.
Joint ventures and joint operations are entered into to develop speci\ufb01c sites. Each arrangement is site
or project speci\ufb01c and once the development or project is complete the arrangement is wound down.
On disposal of a joint venture, a gain or loss is recognised as the difference between proceeds received
and the Group\u2019s net investment in that joint venture at the point of disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "Segmental reporting
The Group operates in the United Kingdom and Spain. The United Kingdom is split into \ufb01ve
geographical operating segments, each managed by a Divisional Chair who sits on the Group
Management Team. In addition, there are central operations covering the corporate functions and
Strategic Land.
The Group aggregates the UK operations into a single reporting segment on the basis that they share
similar economic characteristics. In addition, each Division builds and delivers residential homes,
uses consistent methods of construction, sells homes to both private customers and local housing
associations, follows a single UK sales process and operating framework, is subject to the same
macroeconomic factors including mortgage availability and has the same cost of capital arising
from the utilisation of central banking and debt facilities.
As a result, the Group has the following reporting segments:
\u2022 United Kingdom
\u2022 Spain", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "Revenue
Revenue is recognised when the performance obligation associated with the sale is completed.
The transaction price comprises the fair value of the consideration received or receivable, net of value
added tax, rebates and discounts and after eliminating sales within the Group. Revenue and pro\ufb01t
are recognised as follows:
a. Housing and land sales
Revenue is recognised in the income statement when control is transferred to the customer.
This is deemed to be when title of the property passes to the customer on legal completion
and the performance obligation associated with the sale is completed.
Revenue in respect of the sale of residential properties, whether under the Government\u2019s
Help to Buy scheme or not, is recognised at the fair value of the consideration received or
receivable on legal completion.
b. Long term contracts
Revenue arising on contracts which give the customer control over properties as they are constructed,
and for which the Group has a right to payments for work performed, is recognised over time. Revenue
and costs are recognised over time with reference to the stage of completion of the contract activity at
the balance sheet date where the outcome of a long term contract can be estimated reliably. This is
normally measured by surveys of work performed to date. Variations in contract work, claims and
incentive payments are included to the extent that it is highly probable that they will result in revenue
and they are capable of being reliably measured. When land is transferred at the start of a long term
contract, revenue is not recognised until control has been transferred to the customer, which includes
legal title being passed to them.
Where the outcome of a long term contract cannot be estimated reliably, contract revenue where
recoverability is probable is recognised to the extent of contract costs incurred. The costs associated
with ful\ufb01lling a contract are recognised as expenses in the period in which they are incurred. When it is
probable that total contract costs will exceed total contract revenue, the\u00a0expected loss is recognised
as an expense immediately.
c. Part exchange
In certain instances, property may be accepted in part consideration for a sale of a residential property.
The fair value is established by independent surveyors, reduced for costs to sell. Proceeds generated
from the subsequent sale of part exchange properties are recorded as other income and the cost as
other expenses. The original sale is recorded in the normal way, with the fair value of the exchanged
property replacing cash receipts.
d. Cash incentives
The transaction price may include cash incentives. These are considered to be a discount from\u00a0the
purchase price offered to the acquirer and are therefore accounted for as a reduction to revenue.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "Cost of sales
The Group determines the value of inventory charged to cost of sales based on the total budgeted
current cost of developing the site. Once the total expected costs of development are\u00a0established,
they are allocated to individual plots to achieve a consistent margin for the site. To the extent that
additional costs or savings are identi\ufb01ed, including experienced in\ufb02ation, as the site progresses,
these are recognised over the remaining plots unless they are speci\ufb01c to a particular plot, in which
case they are recognised in the income statement at the point of sale.", "dimensions": { "concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForCostOfSalesPolicyTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "Exceptional items
Exceptional items are de\ufb01ned as items of income or expenditure which, in the opinion of the Directors,
are material or unusual in nature or of such signi\ufb01cance that they require separate disclosure on the
face of the income statement in accordance with IAS 1 \u2018Presentation of Financial Statements\u2019.
Should these items be reversed, disclosure of this would also be as exceptional items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "Finance income
Interest income on bank deposits is recognised on an accruals basis. Also included in interest
receivable are interest and interest-related payments the Group receives on other receivables.
Finance costs
Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s
borrowings and lease liabilities. Also included are the amortisation of fees associated with the
arrangement of the \ufb01nancing.
Finance charges, including premiums payable on settlement or redemption, and direct issue costs,
are accounted for on an accruals basis in the income statement using the effective interest method
and are added to the carrying amount of the instrument to the extent that they are not settled in the
period in which they arise.
Capitalised \ufb01nance costs are held in other receivables and amortised over the period of the facility.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "value": "Finance income
Interest income on bank deposits is recognised on an accruals basis. Also included in interest
receivable are interest and interest-related payments the Group receives on other receivables.
Finance costs
Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s
borrowings and lease liabilities. Also included are the amortisation of fees associated with the
arrangement of the \ufb01nancing.
Finance charges, including premiums payable on settlement or redemption, and direct issue costs,
are accounted for on an accruals basis in the income statement using the effective interest method
and are added to the carrying amount of the instrument to the extent that they are not settled in the
period in which they arise.
Capitalised \ufb01nance costs are held in other receivables and amortised over the period of the facility.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "Finance costs
Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s
borrowings and lease liabilities. Also included are the amortisation of fees associated with the
arrangement of the \ufb01nancing.
Finance charges, including premiums payable on settlement or redemption, and direct issue costs,
are accounted for on an accruals basis in the income statement using the effective interest method
and are added to the carrying amount of the instrument to the extent that they are not settled in the
period in which they arise.
Capitalised \ufb01nance costs are held in other receivables and amortised over the period of the facility.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "Foreign currencies
The individual \ufb01nancial statements of each Group company are presented in the currency of the
primary economic environment in which it operates (its functional currency). Transactions in currencies
other than the functional currency are recorded at the rates of exchange prevailing on the dates of
the transactions. At each balance sheet date, monetary assets and liabilities that are denominated
in foreign currencies other than the functional currency are retranslated at\u00a0the rates prevailing at the
balance sheet date.
Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are
translated at the rates prevailing at the date when the fair value was determined. Gains and losses
arising on retranslation are included in the net pro\ufb01t or loss for the period.
On consolidation, the assets and liabilities of the Group\u2019s overseas operation are translated at
exchange rates prevailing at the balance sheet date. Income and expense items are translated at
an appropriate average rate for the year. Exchange differences arising are recognised within other
comprehensive income and transferred to the Group\u2019s translation reserve. Such translation differences
are recognised as income or expenses in the income statement in the period in which the operation
is disposed of.
The Group uses foreign currency borrowings to hedge its net investment exposure to certain
overseas subsidiaries. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "Leases
The Group as a lessee
The Group assesses at inception whether a contract is, or contains, a lease. A lease exists if the
contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange
for consideration. The Group assessment includes whether:
\u2022 The contract involves the use of an identi\ufb01ed asset;
\u2022 The Group has the right to obtain substantially all of the economic bene\ufb01ts from the use of the
asset throughout the contract period; and
\u2022 The Group has the right to direct the use of the asset.
At the commencement of a lease, the Group recognises a right-of-use asset along with a
corresponding lease liability.
The lease liability is initially measured at the present value of the remaining lease payments, discounted
using the Group\u2019s incremental borrowing rate. The lease term comprises the non-cancellable period
of the contract, together with periods covered by an option to extend the lease where the Group
is reasonably certain to exercise that option based on operational needs and contractual terms.
Subsequently, the lease liability is measured at amortised cost by\u00a0increasing the carrying amount
to re\ufb02ect interest on the lease liability and reducing it by the lease payments made. The lease liability
is remeasured when the Group changes its assessment of whether it will exercise an extension or
termination option.Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease
liability adjusted for any lease payments made at or before the commencement date, estimated asset
retirement obligations, lease incentives received and initial direct costs. Subsequently, right-of-use
assets are measured at cost, less any accumulated depreciation and any accumulated impairment
losses, and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated
on a straight-line basis over the length of the lease.
The Group has elected to apply exemptions for short term leases and leases for which the underlying
asset is of low value. For these leases, payments are charged to the income statement on
a straight-line basis over the term of the relevant lease.
Right-of-use assets are presented within non-current assets on the face of the balance sheet,
and lease liabilities are shown separately on the balance sheet in current liabilities and non-current
liabilities depending on the length of the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "Intangible assets
Software
Costs that are directly associated with the acquisition or production of identi\ufb01able and unique software
controlled by the Group, and that generate economic bene\ufb01ts beyond one year, are\u00a0recognised as
intangible assets. Software development costs recognised as assets are amortised on a straight-line
basis over three to \ufb01ve years from the time of implementation and are stated at cost less accumulated
amortisation and any accumulated impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "Property, plant and equipment
Land and buildings held for use in the production or supply of goods or services, or for administrative
purposes, are stated in the balance sheet at cost less accumulated depreciation and any accumulated
impairment losses. Freehold land is not depreciated. Buildings are depreciated over 50 years.
Plant and equipment is stated at cost less depreciation.
Depreciation is charged to expense the cost or valuation of assets over their estimated useful lives.
Other assets are depreciated using the straight-line method, on the following bases:
\u2022 Plant and equipment: 20-33% per annum
\u2022 Leasehold improvements: over the term of the lease
The gain or loss arising on the disposal or retirement of an asset is determined as the difference
between the sale proceeds, less any selling expenses, and the carrying amount of the asset.
This difference is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "Impairment of tangible and intangible assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated to determine the extent
of the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent
from other assets, the Group estimates the recoverable amount of the cash-generating unit to which
the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash \ufb02ows are discounted to their present value, using a pre-tax discount
rate that re\ufb02ects current market assessments and the risks speci\ufb01c to\u00a0the asset.
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying
amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately in the income statement.
Where an impairment loss subsequently reverses, due to a change in circumstances or in the
estimates used to determine the asset\u2019s recoverable amount, the carrying amount of the asset or
cash-generating unit is increased to the revised estimate of its recoverable amount, so long as it
does not exceed the original carrying value prior to the impairment being recognised. A\u00a0reversal of
an impairment loss is recognised as income immediately in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "Impairment of tangible and intangible assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated to determine the extent
of the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent
from other assets, the Group estimates the recoverable amount of the cash-generating unit to which
the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash \ufb02ows are discounted to their present value, using a pre-tax discount
rate that re\ufb02ects current market assessments and the risks speci\ufb01c to\u00a0the asset.
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying
amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately in the income statement.
Where an impairment loss subsequently reverses, due to a change in circumstances or in the
estimates used to determine the asset\u2019s recoverable amount, the carrying amount of the asset or
cash-generating unit is increased to the revised estimate of its recoverable amount, so long as it
does not exceed the original carrying value prior to the impairment being recognised. A\u00a0reversal of
an impairment loss is recognised as income immediately in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "Dividends paid
Dividends are charged to retained earnings in the period of payment in respect of an interim dividend,
and in the period in which shareholders\u2019 approval is obtained in respect of the \ufb01nal\u00a0dividend.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "Financial instruments
Financial assets
Financial assets are initially recognised at fair value and subsequently classi\ufb01ed into one of the following
measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
\u2022 Measured at fair value through other comprehensive income (FVOCI)
The classi\ufb01cation of \ufb01nancial assets depends on the Group\u2019s business model for managing the asset
and the contractual terms of the cash \ufb02ows. Assets that are held for the collection of contractual cash
\ufb02ows that represent solely payments of principal and interest are measured at amortised cost, with
any interest income recognised in the income statement using the effective interest rate method.
Financial assets that do not meet the criteria to be measured at amortised cost are classi\ufb01ed by
the Group as measured at FVTPL. Fair value gains and losses on \ufb01nancial assets measured at
FVTPL are recognised in the income statement and presented within net operating expenses.
The Group currently has no \ufb01nancial assets measured at FVOCI.
Trade and other receivables
Trade and other receivables are measured at amortised cost, less any loss allowance.
Shared equity loans
Shared equity loans were provided to certain customers to facilitate a house purchase. The\u00a0contractual
cash \ufb02ows on shared equity loans are linked to a national house price index. Under IFRS 9, \ufb01nancial
assets with embedded derivatives are considered in their entirety when determining whether their
cash \ufb02ows are solely payment of principal and interest. Accordingly, shared equity loans are classi\ufb01ed
as FVTPL, with fair value gains and losses arising on the remeasurement of the loan presented in the
income statement within net operating expenses.
Cash and cash equivalents
Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an
original maturity of three months or less from inception and are subject to insigni\ufb01cant risk of changes
in value.
Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
Non-derivative \ufb01nancial liabilities are measured at FVTPL when they are considered held for trading
or designated as such on initial recognition. The Group has no non-derivative \ufb01nancial liabilities
measured at FVTPL.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred and subsequently
measured at amortised cost.
Trade and other payables
Trade and other payables are measured at amortised cost. When the acquisition of land has deferred
payment terms a land creditor is recognised. Payables are discounted to present value when
repayment is due more than one year after initial recognition, or the impact is material.
Customer deposits
Customer deposits, measured at amortised cost, are recorded as a liability on receipt and released
to the income statement as revenue upon legal completion.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after
deducting all of its liabilities. Equity instruments issued by the Parent Company are recorded as the
proceeds are received, net of direct issue costs.Derivative \ufb01nancial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to
movements in exchange rates on translation of certain individual \ufb01nancial statements denominated in
foreign currencies other than Sterling, which is the functional currency of the Parent Company.
Derivative \ufb01nancial instruments are measured at fair value. Changes in the fair value of derivative
\ufb01nancial instruments that are designated and effective as hedges of net investments in foreign
operations are recognised directly in other comprehensive income and the ineffective portion,
if\u00a0any, is recognised immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes
in fair value attributable to the risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the
foreign currency component of its carrying amount, are also recognised in the income statement.
Changes in the fair value of derivative \ufb01nancial instruments that do not qualify for hedge accounting
are recognised in the income statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no longer quali\ufb01es for hedge
accounting, at which point any cumulative gain or loss on the hedging instrument accumulated in
other comprehensive income is transferred to the income statement for the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "Financial assets
Financial assets are initially recognised at fair value and subsequently classi\ufb01ed into one of the following
measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
\u2022 Measured at fair value through other comprehensive income (FVOCI)
The classi\ufb01cation of \ufb01nancial assets depends on the Group\u2019s business model for managing the asset
and the contractual terms of the cash \ufb02ows. Assets that are held for the collection of contractual cash
\ufb02ows that represent solely payments of principal and interest are measured at amortised cost, with
any interest income recognised in the income statement using the effective interest rate method.
Financial assets that do not meet the criteria to be measured at amortised cost are classi\ufb01ed by
the Group as measured at FVTPL. Fair value gains and losses on \ufb01nancial assets measured at
FVTPL are recognised in the income statement and presented within net operating expenses.
The Group currently has no \ufb01nancial assets measured at FVOCI. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "Trade and other receivables Trade and other receivables are measured at amortised cost, less any loss allowance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "Shared equity loans
Shared equity loans were provided to certain customers to facilitate a house purchase. The\u00a0contractual
cash \ufb02ows on shared equity loans are linked to a national house price index. Under IFRS 9, \ufb01nancial
assets with embedded derivatives are considered in their entirety when determining whether their
cash \ufb02ows are solely payment of principal and interest. Accordingly, shared equity loans are classi\ufb01ed
as FVTPL, with fair value gains and losses arising on the remeasurement of the loan presented in the
income statement within net operating expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an
original maturity of three months or less from inception and are subject to insigni\ufb01cant risk of changes
in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
Non-derivative \ufb01nancial liabilities are measured at FVTPL when they are considered held for trading
or designated as such on initial recognition. The Group has no non-derivative \ufb01nancial liabilities
measured at FVTPL.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred and subsequently
measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "Trade and other payables
Trade and other payables are measured at amortised cost. When the acquisition of land has deferred
payment terms a land creditor is recognised. Payables are discounted to present value when
repayment is due more than one year after initial recognition, or the impact is material.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "Customer deposits
Customer deposits, measured at amortised cost, are recorded as a liability on receipt and released
to the income statement as revenue upon legal completion. ", "dimensions": { "concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForCustomerDepositsPolicyTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after
deducting all of its liabilities. Equity instruments issued by the Parent Company are recorded as the
proceeds are received, net of direct issue costs. ", "dimensions": { "concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForEquityInstrumentsPolicyTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "Derivative \ufb01nancial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to
movements in exchange rates on translation of certain individual \ufb01nancial statements denominated in
foreign currencies other than Sterling, which is the functional currency of the Parent Company.
Derivative \ufb01nancial instruments are measured at fair value. Changes in the fair value of derivative
\ufb01nancial instruments that are designated and effective as hedges of net investments in foreign
operations are recognised directly in other comprehensive income and the ineffective portion,
if\u00a0any, is recognised immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes
in fair value attributable to the risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the
foreign currency component of its carrying amount, are also recognised in the income statement.
Changes in the fair value of derivative \ufb01nancial instruments that do not qualify for hedge accounting
are recognised in the income statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no longer quali\ufb01es for hedge
accounting, at which point any cumulative gain or loss on the hedging instrument accumulated in
other comprehensive income is transferred to the income statement for the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "Derivative \ufb01nancial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to
movements in exchange rates on translation of certain individual \ufb01nancial statements denominated in
foreign currencies other than Sterling, which is the functional currency of the Parent Company.
Derivative \ufb01nancial instruments are measured at fair value. Changes in the fair value of derivative
\ufb01nancial instruments that are designated and effective as hedges of net investments in foreign
operations are recognised directly in other comprehensive income and the ineffective portion,
if\u00a0any, is recognised immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes
in fair value attributable to the risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the
foreign currency component of its carrying amount, are also recognised in the income statement.
Changes in the fair value of derivative \ufb01nancial instruments that do not qualify for hedge accounting
are recognised in the income statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no longer quali\ufb01es for hedge
accounting, at which point any cumulative gain or loss on the hedging instrument accumulated in
other comprehensive income is transferred to the income statement for the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "Derivative \ufb01nancial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to
movements in exchange rates on translation of certain individual \ufb01nancial statements denominated in
foreign currencies other than Sterling, which is the functional currency of the Parent Company.
Derivative \ufb01nancial instruments are measured at fair value. Changes in the fair value of derivative
\ufb01nancial instruments that are designated and effective as hedges of net investments in foreign
operations are recognised directly in other comprehensive income and the ineffective portion,
if\u00a0any, is recognised immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes
in fair value attributable to the risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the
foreign currency component of its carrying amount, are also recognised in the income statement.
Changes in the fair value of derivative \ufb01nancial instruments that do not qualify for hedge accounting
are recognised in the income statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no longer quali\ufb01es for hedge
accounting, at which point any cumulative gain or loss on the hedging instrument accumulated in
other comprehensive income is transferred to the income statement for the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
a past event, and it is probable that the Group will be required to settle that obligation. Provisions are
measured at the Directors\u2019 best estimate of the expenditure required to settle the\u00a0obligation at the
balance sheet date and are discounted to present value where the effect is\u00a0material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "Inventories
Inventories are initially stated at cost and held at the lower of this initial amount and net realisable value.
Costs comprise direct materials and, where applicable, direct labour and those overheads that have
been incurred in bringing the inventories to their present location and condition. Net realisable value
represents the estimated selling price less all estimated costs of completion and costs to be incurred
in marketing, selling and distribution. Land is recognised in inventory when the signi\ufb01cant risks and
rewards of ownership have been transferred to the Group.
Non-refundable land option payments are initially recognised in inventory. They are reviewed regularly
and written off to the income statement when it is probable that the option will not be\u00a0exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "Taxation
The tax charge represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t differs from pro\ufb01t before
tax as reported in the income statement because it excludes items of income or expense that are
taxable or deductible in other years, and it further excludes items that are never taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted at the balance sheet date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used
in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that
taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from goodwill or
from the initial recognition (other than in a business combination) of other assets and liabilities in
a transaction that affects neither the taxable pro\ufb01t nor the accounting pro\ufb01t.
Deferred tax liabilities are also recognised for taxable temporary differences arising on investments
in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal
of the temporary difference and\u00a0it is probable that the temporary difference will not reverse in the
foreseeable future.Deferred tax is measured on a non-discounted basis using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of
the asset to be recovered. Deferred tax is charged or credited to the income statement, except when
it relates to items charged or credited directly to other comprehensive income or equity, in which case
the deferred tax is also dealt with in other comprehensive income or equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Current tax
The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t differs from pro\ufb01t before
tax as reported in the income statement because it excludes items of income or expense that are
taxable or deductible in other years, and it further excludes items that are never taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted at the balance sheet date. ", "dimensions": { "concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForCurrentTaxPolicyTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used
in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that
taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from goodwill or
from the initial recognition (other than in a business combination) of other assets and liabilities in
a transaction that affects neither the taxable pro\ufb01t nor the accounting pro\ufb01t.
Deferred tax liabilities are also recognised for taxable temporary differences arising on investments
in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal
of the temporary difference and\u00a0it is probable that the temporary difference will not reverse in the
foreseeable future.Deferred tax is measured on a non-discounted basis using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of
the asset to be recovered. Deferred tax is charged or credited to the income statement, except when
it relates to items charged or credited directly to other comprehensive income or equity, in which case
the deferred tax is also dealt with in other comprehensive income or equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled
share-based payments are measured at fair value at the date of grant. The fair value is expensed
on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will
vest after adjusting for the effect of non-market vesting conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "Employee bene\ufb01ts
For de\ufb01ned bene\ufb01t plans, a \ufb01nance charge is determined on the net de\ufb01ned bene\ufb01t pension liability.
The operating and \ufb01nancing costs of such plans are recognised separately in the income statement;
past service costs are recognised as an expense at the earlier of when the plan is amended or
curtailment occurs, at the same time as which the entity will recognise related restructuring costs
or termination bene\ufb01ts. Certain liability management costs and \ufb01nancing costs are recognised in
the periods in which they arise. Actuarial gains and losses are recognised immediately in the
consolidated statement of comprehensive income.
The retirement bene\ufb01t obligation recognised in the consolidated statement of \ufb01nancial position
represents either the net de\ufb01cit position of the scheme or, should the scheme be in an IAS 19
accounting surplus, the IFRIC 14 liability equal to the present value of future committed
cash contributions.
Payments to de\ufb01ned contribution schemes are charged as an expense as they\u00a0fall due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "2
Critical accounting judgements and key sources of
estimation\u00a0uncertainty
Preparation of the consolidated \ufb01nancial statements requires management to make signi\ufb01cant
judgements and estimates. Management has considered whether there are any such sources of
estimation or accounting judgements in preparing the consolidated \ufb01nancial statements and highlights
the following areas. In identifying these areas, management has considered the size of the associated
balance and the potential likelihood of changes due to macroeconomic factors.
Critical accounting judgements
Management has not made any individual critical accounting judgements that are material to
the Group.
Key sources of estimation uncertainty
Key sources of estimation uncertainty are those which present a signi\ufb01cant risk of potential material
misstatement to carrying amounts of assets or liabilities within the next \ufb01nancial year.
Employee bene\ufb01ts
The value of the de\ufb01ned bene\ufb01t plan liabilities is determined by using various assumptions, including
discount rate, future rates of in\ufb02ation, growth, yields, returns on investments and mortality rates.
As actual changes in these values may differ from those assumed, this is a key source of estimation
uncertainty within the consolidated \ufb01nancial statements. Changes in these assumptions over time and
differences to the actual outcome will be re\ufb02ected in the consolidated statement of comprehensive
income. Note 21 details the main assumptions in accounting for the Group\u2019s de\ufb01ned bene\ufb01t pension
scheme, along with sensitivities of the liabilities to changes in these assumptions. Other sources of estimation uncertainty
Cost allocation
In order to determine the pro\ufb01t that the Group is able to recognise on its developments in a speci\ufb01c
period, the Group has to allocate site-wide development costs between units built in the current year
and in future years. It also has to estimate costs to complete, including those driven by climate-related
regulation, and make estimates relating to future sales prices and margins on those developments
and units. In making these assessments, there is a degree of inherent uncertainty. The Group has
developed internal controls to assess and review carrying values and the appropriateness of
estimates made.
Cladding \ufb01re safety provision
In 2018, the Group established an exceptional provision for the cost of replacing ACM on a small
number of legacy developments. The provision was increased subsequently to re\ufb02ect guidance issued
as well as the Group signing, in 2022, the Government\u2019s Building Safety Pledge for Developers which
extended the period covered to all buildings constructed by the Group since 1992. The Group
reassessed the remediation costs based on tenders received in the current year; based on this
updated information and enhanced cost appraisal, the expected costs have increased by a net of
\u00a368.9 million (see Note 6). The Group estimates the provision based on the buildings that may require
works and the costs to carry out the identi\ufb01ed works. In determining the total cost of works across
a number of different buildings, management initially used internal quantity surveyor estimates. These
have increasingly been supported by externally sourced quotations, where available, both of which
contain inherent estimation uncertainty. Whilst there is always the possibility for future costs to exceed
management\u2019s best estimates, it is not currently anticipated that any reasonable possible changes
would lead to a material adjustment in the value of the provision. The scope of works may also be
impacted by future industry guidance or regulations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "3
General information
Taylor Wimpey plc is a public company limited by shares, incorporated and domiciled in the
United Kingdom under the Companies Act and is registered in England and Wales. The Company\u2019s
registered of\ufb01ce is Taylor Wimpey plc, Gate House, Turnpike Road, High Wycombe, Buckinghamshire,
HP12 3NR. The nature of the Group\u2019s operations and its principal activities are set out in the
Strategic Report on pages 1 to 101.
These consolidated \ufb01nancial statements are presented in pounds Sterling as the currency of the
primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "Taylor Wimpey plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "Taylor Wimpey plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "Taylor Wimpey plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "Taylor Wimpey plc, Gate House, Turnpike Road, High Wycombe, Buckinghamshire, HP12 3NR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "These consolidated \ufb01nancial statements are presented in pounds Sterling as the currency of the primary economic environment in which the Group operates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "4
Revenue
An analysis of the Group\u2019s continuing revenue is as follows:
2024
2023
\u00a3m
\u00a3m
Private sales
2,960.7
3,103.5
Partnership housing
404.1
395.6
Land and other
36.4
15.4
3,401.2
3,514.5
Other revenue includes income from the sale of commercial properties developed as part of larger
residential developments. The Group\u2019s revenue includes revenue from construction contracts that
are recognised over time by reference to the stage of completion of the contract with the customer.
All other revenue is recognised at a point in time once control of the property is\u00a0transferred to
the customer.
2024
2023
\u00a3m
\u00a3m
Recognised at a point in time
2,935.2
3,101.7
Recognised over time
466.0
412.8
3,401.2
3,514.5
At 31 December 2024, the aggregate amount of the transaction price allocated to unsatis\ufb01ed
performance obligations on construction contracts was \u00a3819.7 million (2023: \u00a3812.4 million),
of\u00a0which approximately 45% is expected to be recognised as revenue during 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "5
Operating segments
The Group operates in two countries, the United Kingdom and Spain, and has two reportable
segments of those countries. Revenue in Spain arises entirely on private sales.
The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies
described in Note 1.
Segment information about these businesses is presented below:
\n \n
2024
2023
UK
Spain
Total
UK
Spain
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
External sales
3,214.6
186.6
3,401.2
3,371.7
142.8
3,514.5
Result
Profit before joint ventures,
finance income/(costs) and
exceptional items
369.0
47.4
416.4
432.5
35.3
467.8
Share of results of joint ventures
before exceptional items
(0.2)
\u2013
(0.2)
2.4
\u2013
2.4
Operating profit (Note 32)
368.8
47.4
416.2
434.9
35.3
470.2
Exceptional items (Note 6)
(98.2)
\u2013
(98.2)
\u2013
\u2013
\u2013
Profit before net finance income
270.6
47.4
318.0
434.9
35.3
470.2
Net finance income
2.3
3.6
Profit before taxation
320.3
473.8
Taxation charge
(100.7)
(124.8)
Profit for the year
219.6
349.0
\n \n
2024
2023
UK
Spain
Total
UK
Spain
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets and liabilities
Segment operating assets
5,355.4
236.6
5,592.0
5,153.2
241.6
5,394.8
Joint ventures
26.9
\u2013
26.9
70.5
\u2013
70.5
Segment operating liabilities
(1,654.8)
(147.1)
(1,801.9)
(1,494.0)
(147.6)
(1,641.6)
Net operating assets
3,727.5
89.5
3,817.0
3,729.7
94.0
3,823.7
Net current taxation
2.8
(1.6)
Net deferred taxation (Note 14)
20.6
23.4
Net cash (Note 27)
564.8
677.9
Net assets
4,405.2
4,523.4
\n \n
2024
2023
UK
Spain
Total
UK
Spain
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other information
Property, plant and
equipment\u00a0additions
3.3
0.1
3.4
6.6
0.2
6.8
Right-of-use asset additions
9.2
0.2
9.4
20.7
0.4
21.1
Software additions
\u2013
\u2013
\u2013
0.1
\u2013
0.1
Property, plant and
equipment\u00a0depreciation
(2.4)
(0.1)
(2.5)
(1.7)
(0.1)
(1.8)
Right-of-use asset depreciation
(10.4)
(0.3)
(10.7)
(8.9)
(0.3)
(9.2)
Amortisation of
intangible assets
(1.1)
\u2013
(1.1)
(1.7)
\u2013
(1.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "6
Net operating expenses and pro\ufb01t on ordinary activities
before \ufb01nancing
Pro\ufb01t on ordinary activities before \ufb01nancing for continuing operations has been arrived at after
charging/(crediting):
2024
2023
\u00a3m
\u00a3m
Administration expenses
242.0
232.7
Other expenses
101.4
101.7
Other income
(111.1)
(85.7)
Exceptional items
82.5
\u2013
Net operating expenses
314.8
248.7
The majority of the other income and other expenses shown above relates to the income and
associated costs arising on the sale of part exchange properties. Also included in other income and
other expenses are pro\ufb01t/loss on the sale of property, plant and equipment, the revaluation of certain
shared equity mortgage receivables and abortive land acquisition costs.
2024
2023
Exceptional items
\u00a3m
\u00a3m
Provision in relation to cladding fire safety
68.9
\u2013
Loss on disposal of joint venture
13.6
\u2013
82.5
\u2013
Share of results of joint ventures
15.7
\u2013
Total exceptional items
98.2
\u2013
Cladding \ufb01re safety
In 2018, the Group established an exceptional provision for the cost of replacing ACM on a small
number of legacy developments. The provision was increased subsequently to re\ufb02ect guidance issued
as well as the Group signing, in 2022, the Government\u2019s Building Safety Pledge for Developers which
extended the period covered to all buildings constructed by the Group since 1992. The Group
has reassessed the remediation costs based on tenders received in the current year; based on
this updated information and enhanced cost appraisal, the expected costs have increased by
\u00a388.0 million, as reported in the Group\u2019s half year results. The increase is due to escalation of costs on
recent tenders, a small number of new buildings being added and increased project delivery administration
costs, including the funding of Building Safety Fund pre-tender costs. Given the detailed assessment
performed based on this information becoming available, the estimation uncertainty has reduced.
In addition, in the second half of the year, one of the Group\u2019s joint ventures has recognised a provision
for remediation works on the buildings it built and as a result \u00a319.1 million has been released from the
provision held by the Group in relation to those buildings. The net impact is a \u00a368.9 million exceptional
expense recognised in 2024 in relation to cladding \ufb01re safety.
Loss on disposal of joint venture
During the year, the Group disposed of its interest in Winstanley and York Road Regeneration LLP
and has recognised a \u00a313.6 million loss arising from the difference between proceeds on disposal
and the Group\u2019s net investment in the joint venture. This expense, being non-recurring, and outside
of the normal operations of the Group, has been recognised as an exceptional item.
Share of results of joint ventures
As noted above, a joint venture of the Group has recognised in the year a provision for remediation costs
on buildings it has built (see Note 13). The Group\u2019s share of that cost, net of tax, has been recognised
as an exceptional item in line with the recognition of the Group\u2019s cladding \ufb01re safety provision.
Pro\ufb01t on ordinary activities before \ufb01nancing has been arrived at after charging:
2024
2023
\u00a3m
\u00a3m
Cost of inventories recognised as an expense in cost of sales
2,635.0
2,646.8
Property, plant and equipment depreciation (Note 12)
2.5
1.8
Right-of-use asset depreciation (Note 19)
10.7
9.2
Amortisation of intangible assets (Note 11)
1.1
1.7
The remuneration paid to the Group\u2019s external Auditors is as follows:
2024
2023
\u00a3m
\u00a3m
Fees payable for the audit of the Company\u2019s annual accounts
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s Auditors and its associates for
other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.0
0.9
Total audit fees
1.2
1.1
Other assurance services
0.2
0.1
Total non-audit fees
0.2
0.1
Total fees
1.4
1.2
Non-audit services in 2024 and 2023 predominantly relate to work undertaken as a result of
PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience
gained as part of the role. In 2024 and 2023, the fees relating to other assurance services primarily
related to the review of the interim statements and also included, in 2024, \u00a365,000 for non-audit
assurance work relating to certain ESG metrics (2023: nil) and in both years \u00a32,000 for a subscription
service providing factual updates and changes to applicable law, regulation or accounting and auditing
standards. In 2024, \u00a31,000 (2023: \u00a32,000) was also incurred for agreed upon procedures work
performed in Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "6
Net operating expenses and pro\ufb01t on ordinary activities
before \ufb01nancing
Pro\ufb01t on ordinary activities before \ufb01nancing for continuing operations has been arrived at after
charging/(crediting):
2024
2023
\u00a3m
\u00a3m
Administration expenses
242.0
232.7
Other expenses
101.4
101.7
Other income
(111.1)
(85.7)
Exceptional items
82.5
\u2013
Net operating expenses
314.8
248.7
The majority of the other income and other expenses shown above relates to the income and
associated costs arising on the sale of part exchange properties. Also included in other income and
other expenses are pro\ufb01t/loss on the sale of property, plant and equipment, the revaluation of certain
shared equity mortgage receivables and abortive land acquisition costs.
2024
2023
Exceptional items
\u00a3m
\u00a3m
Provision in relation to cladding fire safety
68.9
\u2013
Loss on disposal of joint venture
13.6
\u2013
82.5
\u2013
Share of results of joint ventures
15.7
\u2013
Total exceptional items
98.2
\u2013
Cladding \ufb01re safety
In 2018, the Group established an exceptional provision for the cost of replacing ACM on a small
number of legacy developments. The provision was increased subsequently to re\ufb02ect guidance issued
as well as the Group signing, in 2022, the Government\u2019s Building Safety Pledge for Developers which
extended the period covered to all buildings constructed by the Group since 1992. The Group
has reassessed the remediation costs based on tenders received in the current year; based on
this updated information and enhanced cost appraisal, the expected costs have increased by
\u00a388.0 million, as reported in the Group\u2019s half year results. The increase is due to escalation of costs on
recent tenders, a small number of new buildings being added and increased project delivery administration
costs, including the funding of Building Safety Fund pre-tender costs. Given the detailed assessment
performed based on this information becoming available, the estimation uncertainty has reduced.
In addition, in the second half of the year, one of the Group\u2019s joint ventures has recognised a provision
for remediation works on the buildings it built and as a result \u00a319.1 million has been released from the
provision held by the Group in relation to those buildings. The net impact is a \u00a368.9 million exceptional
expense recognised in 2024 in relation to cladding \ufb01re safety.
Loss on disposal of joint venture
During the year, the Group disposed of its interest in Winstanley and York Road Regeneration LLP
and has recognised a \u00a313.6 million loss arising from the difference between proceeds on disposal
and the Group\u2019s net investment in the joint venture. This expense, being non-recurring, and outside
of the normal operations of the Group, has been recognised as an exceptional item.
Share of results of joint ventures
As noted above, a joint venture of the Group has recognised in the year a provision for remediation costs
on buildings it has built (see Note 13). The Group\u2019s share of that cost, net of tax, has been recognised
as an exceptional item in line with the recognition of the Group\u2019s cladding \ufb01re safety provision.
Pro\ufb01t on ordinary activities before \ufb01nancing has been arrived at after charging:
2024
2023
\u00a3m
\u00a3m
Cost of inventories recognised as an expense in cost of sales
2,635.0
2,646.8
Property, plant and equipment depreciation (Note 12)
2.5
1.8
Right-of-use asset depreciation (Note 19)
10.7
9.2
Amortisation of intangible assets (Note 11)
1.1
1.7
The remuneration paid to the Group\u2019s external Auditors is as follows:
2024
2023
\u00a3m
\u00a3m
Fees payable for the audit of the Company\u2019s annual accounts
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s Auditors and its associates for
other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.0
0.9
Total audit fees
1.2
1.1
Other assurance services
0.2
0.1
Total non-audit fees
0.2
0.1
Total fees
1.4
1.2
Non-audit services in 2024 and 2023 predominantly relate to work undertaken as a result of
PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience
gained as part of the role. In 2024 and 2023, the fees relating to other assurance services primarily
related to the review of the interim statements and also included, in 2024, \u00a365,000 for non-audit
assurance work relating to certain ESG metrics (2023: nil) and in both years \u00a32,000 for a subscription
service providing factual updates and changes to applicable law, regulation or accounting and auditing
standards. In 2024, \u00a31,000 (2023: \u00a32,000) was also incurred for agreed upon procedures work
performed in Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "6
Net operating expenses and pro\ufb01t on ordinary activities
before \ufb01nancing
Pro\ufb01t on ordinary activities before \ufb01nancing for continuing operations has been arrived at after
charging/(crediting):
2024
2023
\u00a3m
\u00a3m
Administration expenses
242.0
232.7
Other expenses
101.4
101.7
Other income
(111.1)
(85.7)
Exceptional items
82.5
\u2013
Net operating expenses
314.8
248.7
The majority of the other income and other expenses shown above relates to the income and
associated costs arising on the sale of part exchange properties. Also included in other income and
other expenses are pro\ufb01t/loss on the sale of property, plant and equipment, the revaluation of certain
shared equity mortgage receivables and abortive land acquisition costs.
2024
2023
Exceptional items
\u00a3m
\u00a3m
Provision in relation to cladding fire safety
68.9
\u2013
Loss on disposal of joint venture
13.6
\u2013
82.5
\u2013
Share of results of joint ventures
15.7
\u2013
Total exceptional items
98.2
\u2013
Cladding \ufb01re safety
In 2018, the Group established an exceptional provision for the cost of replacing ACM on a small
number of legacy developments. The provision was increased subsequently to re\ufb02ect guidance issued
as well as the Group signing, in 2022, the Government\u2019s Building Safety Pledge for Developers which
extended the period covered to all buildings constructed by the Group since 1992. The Group
has reassessed the remediation costs based on tenders received in the current year; based on
this updated information and enhanced cost appraisal, the expected costs have increased by
\u00a388.0 million, as reported in the Group\u2019s half year results. The increase is due to escalation of costs on
recent tenders, a small number of new buildings being added and increased project delivery administration
costs, including the funding of Building Safety Fund pre-tender costs. Given the detailed assessment
performed based on this information becoming available, the estimation uncertainty has reduced.
In addition, in the second half of the year, one of the Group\u2019s joint ventures has recognised a provision
for remediation works on the buildings it built and as a result \u00a319.1 million has been released from the
provision held by the Group in relation to those buildings. The net impact is a \u00a368.9 million exceptional
expense recognised in 2024 in relation to cladding \ufb01re safety.
Loss on disposal of joint venture
During the year, the Group disposed of its interest in Winstanley and York Road Regeneration LLP
and has recognised a \u00a313.6 million loss arising from the difference between proceeds on disposal
and the Group\u2019s net investment in the joint venture. This expense, being non-recurring, and outside
of the normal operations of the Group, has been recognised as an exceptional item.
Share of results of joint ventures
As noted above, a joint venture of the Group has recognised in the year a provision for remediation costs
on buildings it has built (see Note 13). The Group\u2019s share of that cost, net of tax, has been recognised
as an exceptional item in line with the recognition of the Group\u2019s cladding \ufb01re safety provision.
Pro\ufb01t on ordinary activities before \ufb01nancing has been arrived at after charging:
2024
2023
\u00a3m
\u00a3m
Cost of inventories recognised as an expense in cost of sales
2,635.0
2,646.8
Property, plant and equipment depreciation (Note 12)
2.5
1.8
Right-of-use asset depreciation (Note 19)
10.7
9.2
Amortisation of intangible assets (Note 11)
1.1
1.7
The remuneration paid to the Group\u2019s external Auditors is as follows:
2024
2023
\u00a3m
\u00a3m
Fees payable for the audit of the Company\u2019s annual accounts
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s Auditors and its associates for
other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.0
0.9
Total audit fees
1.2
1.1
Other assurance services
0.2
0.1
Total non-audit fees
0.2
0.1
Total fees
1.4
1.2
Non-audit services in 2024 and 2023 predominantly relate to work undertaken as a result of
PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience
gained as part of the role. In 2024 and 2023, the fees relating to other assurance services primarily
related to the review of the interim statements and also included, in 2024, \u00a365,000 for non-audit
assurance work relating to certain ESG metrics (2023: nil) and in both years \u00a32,000 for a subscription
service providing factual updates and changes to applicable law, regulation or accounting and auditing
standards. In 2024, \u00a31,000 (2023: \u00a32,000) was also incurred for agreed upon procedures work
performed in Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "6
Net operating expenses and pro\ufb01t on ordinary activities
before \ufb01nancing
Pro\ufb01t on ordinary activities before \ufb01nancing for continuing operations has been arrived at after
charging/(crediting):
2024
2023
\u00a3m
\u00a3m
Administration expenses
242.0
232.7
Other expenses
101.4
101.7
Other income
(111.1)
(85.7)
Exceptional items
82.5
\u2013
Net operating expenses
314.8
248.7
The majority of the other income and other expenses shown above relates to the income and
associated costs arising on the sale of part exchange properties. Also included in other income and
other expenses are pro\ufb01t/loss on the sale of property, plant and equipment, the revaluation of certain
shared equity mortgage receivables and abortive land acquisition costs.
2024
2023
Exceptional items
\u00a3m
\u00a3m
Provision in relation to cladding fire safety
68.9
\u2013
Loss on disposal of joint venture
13.6
\u2013
82.5
\u2013
Share of results of joint ventures
15.7
\u2013
Total exceptional items
98.2
\u2013
Cladding \ufb01re safety
In 2018, the Group established an exceptional provision for the cost of replacing ACM on a small
number of legacy developments. The provision was increased subsequently to re\ufb02ect guidance issued
as well as the Group signing, in 2022, the Government\u2019s Building Safety Pledge for Developers which
extended the period covered to all buildings constructed by the Group since 1992. The Group
has reassessed the remediation costs based on tenders received in the current year; based on
this updated information and enhanced cost appraisal, the expected costs have increased by
\u00a388.0 million, as reported in the Group\u2019s half year results. The increase is due to escalation of costs on
recent tenders, a small number of new buildings being added and increased project delivery administration
costs, including the funding of Building Safety Fund pre-tender costs. Given the detailed assessment
performed based on this information becoming available, the estimation uncertainty has reduced.
In addition, in the second half of the year, one of the Group\u2019s joint ventures has recognised a provision
for remediation works on the buildings it built and as a result \u00a319.1 million has been released from the
provision held by the Group in relation to those buildings. The net impact is a \u00a368.9 million exceptional
expense recognised in 2024 in relation to cladding \ufb01re safety.
Loss on disposal of joint venture
During the year, the Group disposed of its interest in Winstanley and York Road Regeneration LLP
and has recognised a \u00a313.6 million loss arising from the difference between proceeds on disposal
and the Group\u2019s net investment in the joint venture. This expense, being non-recurring, and outside
of the normal operations of the Group, has been recognised as an exceptional item.
Share of results of joint ventures
As noted above, a joint venture of the Group has recognised in the year a provision for remediation costs
on buildings it has built (see Note 13). The Group\u2019s share of that cost, net of tax, has been recognised
as an exceptional item in line with the recognition of the Group\u2019s cladding \ufb01re safety provision.
Pro\ufb01t on ordinary activities before \ufb01nancing has been arrived at after charging:
2024
2023
\u00a3m
\u00a3m
Cost of inventories recognised as an expense in cost of sales
2,635.0
2,646.8
Property, plant and equipment depreciation (Note 12)
2.5
1.8
Right-of-use asset depreciation (Note 19)
10.7
9.2
Amortisation of intangible assets (Note 11)
1.1
1.7
The remuneration paid to the Group\u2019s external Auditors is as follows:
2024
2023
\u00a3m
\u00a3m
Fees payable for the audit of the Company\u2019s annual accounts
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s Auditors and its associates for
other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.0
0.9
Total audit fees
1.2
1.1
Other assurance services
0.2
0.1
Total non-audit fees
0.2
0.1
Total fees
1.4
1.2
Non-audit services in 2024 and 2023 predominantly relate to work undertaken as a result of
PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience
gained as part of the role. In 2024 and 2023, the fees relating to other assurance services primarily
related to the review of the interim statements and also included, in 2024, \u00a365,000 for non-audit
assurance work relating to certain ESG metrics (2023: nil) and in both years \u00a32,000 for a subscription
service providing factual updates and changes to applicable law, regulation or accounting and auditing
standards. In 2024, \u00a31,000 (2023: \u00a32,000) was also incurred for agreed upon procedures work
performed in Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "The remuneration paid to the Group\u2019s external Auditors is as follows:
2024
2023
\u00a3m
\u00a3m
Fees payable for the audit of the Company\u2019s annual accounts
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s Auditors and its associates for
other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.0
0.9
Total audit fees
1.2
1.1
Other assurance services
0.2
0.1
Total non-audit fees
0.2
0.1
Total fees
1.4
1.2
Non-audit services in 2024 and 2023 predominantly relate to work undertaken as a result of
PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience
gained as part of the role. In 2024 and 2023, the fees relating to other assurance services primarily
related to the review of the interim statements and also included, in 2024, \u00a365,000 for non-audit
assurance work relating to certain ESG metrics (2023: nil) and in both years \u00a32,000 for a subscription
service providing factual updates and changes to applicable law, regulation or accounting and auditing
standards. In 2024, \u00a31,000 (2023: \u00a32,000) was also incurred for agreed upon procedures work
performed in Spain. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "7
Staff costs
2024
2023
Number
Number
Monthly average number employed
United Kingdom
4,354
4,618
Spain
104
101
4,458
4,719
2024
2023
\u00a3m
\u00a3m
Remuneration
Wages and salaries
275.2
270.7
Redundancy costs
0.9
6.0
Social security costs
29.6
29.4
Other pension costs
15.0
15.1
320.7
321.2
The information relating to Director and senior management remuneration required by the Companies
Act 2006 and the Listing Rules of the Financial Conduct Authority is contained in Note 30 and pages
136 to 159 in the Remuneration Committee report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "8
Finance income and \ufb01nance costs
2024
2023
Finance income
\u00a3m
\u00a3m
Interest receivable
29.7
29.5
29.7
29.5
2024
2023
Finance costs
\u00a3m
\u00a3m
Interest on bank and other loans
(8.0)
(8.3)
Foreign exchange loss
(0.1)
(0.5)
(8.1)
(8.8)
Unwinding of discount on land creditors and other items
(16.7)
(14.8)
Interest on lease liabilities (Note 19)
(1.5)
(1.0)
Net interest on pension liability (Note 21)
(1.1)
(1.3)
(27.4)
(25.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "8
Finance income and \ufb01nance costs
2024
2023
Finance income
\u00a3m
\u00a3m
Interest receivable
29.7
29.5
29.7
29.5
2024
2023
Finance costs
\u00a3m
\u00a3m
Interest on bank and other loans
(8.0)
(8.3)
Foreign exchange loss
(0.1)
(0.5)
(8.1)
(8.8)
Unwinding of discount on land creditors and other items
(16.7)
(14.8)
Interest on lease liabilities (Note 19)
(1.5)
(1.0)
Net interest on pension liability (Note 21)
(1.1)
(1.3)
(27.4)
(25.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "
2024
2023
Finance income
\u00a3m
\u00a3m
Interest receivable
29.7
29.5
29.7
29.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "
2024
2023
Finance income
\u00a3m
\u00a3m
Interest receivable
29.7
29.5
29.7
29.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "
2024
2023
Finance costs
\u00a3m
\u00a3m
Interest on bank and other loans
(8.0)
(8.3)
Foreign exchange loss
(0.1)
(0.5)
(8.1)
(8.8)
Unwinding of discount on land creditors and other items
(16.7)
(14.8)
Interest on lease liabilities (Note 19)
(1.5)
(1.0)
Net interest on pension liability (Note 21)
(1.1)
(1.3)
(27.4)
(25.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "
2024
2023
Finance costs
\u00a3m
\u00a3m
Interest on bank and other loans
(8.0)
(8.3)
Foreign exchange loss
(0.1)
(0.5)
(8.1)
(8.8)
Unwinding of discount on land creditors and other items
(16.7)
(14.8)
Interest on lease liabilities (Note 19)
(1.5)
(1.0)
Net interest on pension liability (Note 21)
(1.1)
(1.3)
(27.4)
(25.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "9
Taxation charge
Tax (charged)/credited in the income statement is analysed as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Current tax
UK:
Current year
(91.9)
(116.6)
Adjustment in respect of prior years
4.1
1.8
Overseas:
Current year
(11.2)
(6.7)
Adjustment in respect of prior years
\u2013
0.1
(99.0)
(121.4)
Deferred tax
UK:
Current year
(3.8)
(2.5)
Adjustment in respect of prior years
2.7
(0.2)
Overseas:
Current year
(0.6)
(0.7)
Adjustment in respect of prior years
\u2013
\u2013
(1.7)
(3.4)
(100.7)
(124.8)
Corporation tax is calculated at 29.0% (2023: 27.5%) of the estimated assessable pro\ufb01t for the year in
the UK. This includes corporation tax at the rate of 25.0% (2023: 23.5%) for the year and residential
property developer tax at the rate of 4.0% (2023: 4.0%) on pro\ufb01ts arising from residential property
development activities. Taxation outside the UK is calculated at the rates prevailing in the respective
jurisdictions. The tax charge for the year includes an exceptional credit of \u00a320.2 million relating to the
cladding \ufb01re safety provision and other exceptional items (2023: \u00a3nil).
The charge for the year can be reconciled to the pro\ufb01t per the income statement as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Profit before tax
320.3
473.8
Tax at the UK corporation tax rate of 29.0% (2023: 27.5%)
(92.9)
(130.3)
Net over provision in respect of prior years
6.8
1.7
Net impact of items that are not taxable or deductible
(13.7)
0.1
(Derecognition)/recognition of deferred tax assets
(2.8)
1.0
Other rate impacting adjustments
1.9
2.7
Tax charge for the year
(100.7)
(124.8)
Owing to its size and multinational operations, the Group is within the scope of the OECD Pillar
Two model rules, which are designed to ensure that large multinational groups incur a 15% minimum
effective tax rate in each jurisdiction in which they operate. Pillar Two legislation was enacted in the
UK in June 2023 and applies to periods beginning on or after 31 December 2023. The Group applies
the exception to recognising and disclosing information about deferred tax assets and liabilities related
to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
Under the legislation, the Group is liable to pay a top-up tax for the difference between its effective
tax rate per jurisdiction and the 15% minimum rate. It is expected that the Group will meet the safe
harbour provisions, meaning that no additional tax is expected to be due. 14
Deferred tax
\n \n
Temporary
Losses and other
Share-based
Capital
differences on
Retirement benefit
temporary
payments
allowances
overseas provisions
obligations
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
0.6
2.8
6.0
8.6
8.0
26.0
Credit/(charge) to income
0.2
(0.8)
(0.6)
(0.7)
(1.5)
(3.4)
Charge to other comprehensive income
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Credit to statement of changes in equity
1.1
\u2013
\u2013
\u2013
\u2013
1.1
Foreign exchange
\u2013
\u2013
(0.1)
\u2013
\u2013
(0.1)
At 31 December 2023
1.9
2.0
5.3
7.7
6.5
23.4
(Charge)/credit to income
(0.2)
(2.3)
(0.6)
(0.9)
2.3
(1.7)
Charge to other comprehensive income
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
Charge to statement of changes in equity
(0.4)
\u2013
\u2013
\u2013
\u2013
(0.4)
Foreign exchange
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
At 31 December 2024
1.3
(0.3)
4.4
6.4
8.8
20.6
Closing deferred tax on temporary differences has been calculated at the tax rates that are expected to apply for the period when the asset is realised or liability is settled. Accordingly, deferred tax on
UK temporary differences has been calculated at 29% (31 December 2023: 29%). Deferred tax on Spanish temporary differences has been calculated at 25% (31 December 2023: 25%).
The net deferred tax balance is analysed into assets and liabilities as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Deferred tax assets
21.6
25.0
Deferred tax liabilities
(1.0)
(1.6)
20.6
23.4
The Group has not recognised temporary differences relating to tax losses carried forward and other temporary differences amounting to \u00a315.9 million (2023: \u00a32.0 million) in the UK and \u00a318.4 million
(2023: \u00a319.4 million) in Spain. The UK and Spanish temporary differences have not been recognised as insuf\ufb01cient certainty exists as to their future utilisation.
At the balance sheet date, the Group has unused UK capital losses of \u00a3269.7 million (2023: \u00a3269.7 million). No deferred tax asset has been recognised in respect of the capital losses at 31 December 2024
(2023: \u00a3nil) because the Group does not believe that it is probable that these capital losses will be utilised in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "9
Taxation charge
Tax (charged)/credited in the income statement is analysed as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Current tax
UK:
Current year
(91.9)
(116.6)
Adjustment in respect of prior years
4.1
1.8
Overseas:
Current year
(11.2)
(6.7)
Adjustment in respect of prior years
\u2013
0.1
(99.0)
(121.4)
Deferred tax
UK:
Current year
(3.8)
(2.5)
Adjustment in respect of prior years
2.7
(0.2)
Overseas:
Current year
(0.6)
(0.7)
Adjustment in respect of prior years
\u2013
\u2013
(1.7)
(3.4)
(100.7)
(124.8)
Corporation tax is calculated at 29.0% (2023: 27.5%) of the estimated assessable pro\ufb01t for the year in
the UK. This includes corporation tax at the rate of 25.0% (2023: 23.5%) for the year and residential
property developer tax at the rate of 4.0% (2023: 4.0%) on pro\ufb01ts arising from residential property
development activities. Taxation outside the UK is calculated at the rates prevailing in the respective
jurisdictions. The tax charge for the year includes an exceptional credit of \u00a320.2 million relating to the
cladding \ufb01re safety provision and other exceptional items (2023: \u00a3nil).
The charge for the year can be reconciled to the pro\ufb01t per the income statement as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Profit before tax
320.3
473.8
Tax at the UK corporation tax rate of 29.0% (2023: 27.5%)
(92.9)
(130.3)
Net over provision in respect of prior years
6.8
1.7
Net impact of items that are not taxable or deductible
(13.7)
0.1
(Derecognition)/recognition of deferred tax assets
(2.8)
1.0
Other rate impacting adjustments
1.9
2.7
Tax charge for the year
(100.7)
(124.8)
Owing to its size and multinational operations, the Group is within the scope of the OECD Pillar
Two model rules, which are designed to ensure that large multinational groups incur a 15% minimum
effective tax rate in each jurisdiction in which they operate. Pillar Two legislation was enacted in the
UK in June 2023 and applies to periods beginning on or after 31 December 2023. The Group applies
the exception to recognising and disclosing information about deferred tax assets and liabilities related
to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
Under the legislation, the Group is liable to pay a top-up tax for the difference between its effective
tax rate per jurisdiction and the 15% minimum rate. It is expected that the Group will meet the safe
harbour provisions, meaning that no additional tax is expected to be due. 14
Deferred tax
\n \n
Temporary
Losses and other
Share-based
Capital
differences on
Retirement benefit
temporary
payments
allowances
overseas provisions
obligations
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
0.6
2.8
6.0
8.6
8.0
26.0
Credit/(charge) to income
0.2
(0.8)
(0.6)
(0.7)
(1.5)
(3.4)
Charge to other comprehensive income
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Credit to statement of changes in equity
1.1
\u2013
\u2013
\u2013
\u2013
1.1
Foreign exchange
\u2013
\u2013
(0.1)
\u2013
\u2013
(0.1)
At 31 December 2023
1.9
2.0
5.3
7.7
6.5
23.4
(Charge)/credit to income
(0.2)
(2.3)
(0.6)
(0.9)
2.3
(1.7)
Charge to other comprehensive income
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
Charge to statement of changes in equity
(0.4)
\u2013
\u2013
\u2013
\u2013
(0.4)
Foreign exchange
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
At 31 December 2024
1.3
(0.3)
4.4
6.4
8.8
20.6
Closing deferred tax on temporary differences has been calculated at the tax rates that are expected to apply for the period when the asset is realised or liability is settled. Accordingly, deferred tax on
UK temporary differences has been calculated at 29% (31 December 2023: 29%). Deferred tax on Spanish temporary differences has been calculated at 25% (31 December 2023: 25%).
The net deferred tax balance is analysed into assets and liabilities as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Deferred tax assets
21.6
25.0
Deferred tax liabilities
(1.0)
(1.6)
20.6
23.4
The Group has not recognised temporary differences relating to tax losses carried forward and other temporary differences amounting to \u00a315.9 million (2023: \u00a32.0 million) in the UK and \u00a318.4 million
(2023: \u00a319.4 million) in Spain. The UK and Spanish temporary differences have not been recognised as insuf\ufb01cient certainty exists as to their future utilisation.
At the balance sheet date, the Group has unused UK capital losses of \u00a3269.7 million (2023: \u00a3269.7 million). No deferred tax asset has been recognised in respect of the capital losses at 31 December 2024
(2023: \u00a3nil) because the Group does not believe that it is probable that these capital losses will be utilised in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "10
Earnings per share
\n \n
2024
2023
Basic earnings per share
6.2p
9.9p
Diluted earnings per share
6.2p
9.9p
Adjusted basic earnings per share
8.4p
9.9p
Adjusted diluted earnings per share
8.4p
9.9p
Weighted average number of shares for basic earnings per\u00a0share \u2013 million
3,538.5
3,530.4
Weighted average number of shares for diluted earnings per\u00a0share \u2013 million
3,551.9
3,537.5
Adjusted basic and adjusted diluted earnings per share, which exclude the impact of exceptional
items and any associated net tax amounts, are presented to provide a measure of the underlying
performance of the Group. A reconciliation of earnings attributable to equity shareholders used for
basic and diluted earnings per share to that used for adjusted earnings per share is shown below.
\n \n
2024
2023
\u00a3m
\u00a3m
Earnings for basic and diluted earnings per share
219.6
349.0
Adjust for exceptional items (Note 6)
98.2
\u2013
Adjust for tax on exceptional items
(20.2)
\u2013
Earnings for adjusted basic and adjusted diluted earnings per\u00a0share
297.6
349.0
\n \n
2024
2023
Million
Million
Weighted average number of shares for basic earnings per\u00a0share
3,538.5
3,530.4
Dilution from share options
13.4
7.1
Weighted average number of shares for diluted earnings per\u00a0share
3,551.9
3,537.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "11
Intangible assets
\n \n
Brands
Software
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
140.2
23.7
163.9
Additions
\u2013
0.1
0.1
At 31 December 2023
140.2
23.8
164.0
Additions
\u2013
\u2013
\u2013
At 31 December 2024
140.2
23.8
164.0
Accumulated amortisation
At 1 January 2023
(140.2)
(19.5)
(159.7)
Charge for the year
\u2013
(1.7)
(1.7)
At 31 December 2023
(140.2)
(21.2)
(161.4)
Charge for the year
\u2013
(1.1)
(1.1)
At 31 December 2024
(140.2)
(22.3)
(162.5)
Carrying amount
At 31 December 2024
\u2013
1.5
1.5
At 31 December 2023
\u2013
2.6
2.6
The amortisation of software is recognised within administration expenses in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "12
Property, plant and equipment
Freehold
Plant, equipment
land and
and leasehold
buildings
improvements
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
14.3
31.6
45.9
Additions
\u2013
6.8
6.8
Disposals
\u2013
(1.4)
(1.4)
Exchange movements
\u2013
\u2013
\u2013
At 31 December 2023
14.3
37.0
51.3
Additions
\u2013
3.4
3.4
Disposals
(0.1)
(1.3)
(1.4)
Exchange movements
\u2013
(0.1)
(0.1)
At 31 December 2024
14.2
39.0
53.2
Accumulated depreciation
At 1 January 2023
(4.2)
(24.4)
(28.6)
Charge for the year
(0.5)
(1.3)
(1.8)
Disposals
\u2013
1.1
1.1
Exchange movements
\u2013
\u2013
\u2013
At 31 December 2023
(4.7)
(24.6)
(29.3)
Charge for the year
(0.5)
(2.0)
(2.5)
Disposals
\u2013
0.4
0.4
Exchange movements
\u2013
0.1
0.1
At 31 December 2024
(5.2)
(26.1)
(31.3)
Carrying amount
At 31 December 2024
9.0
12.9
21.9
At 31 December 2023
9.6
12.4
22.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "13
Interests in joint ventures
2024
2023
\u00a3m
\u00a3m
Share of net assets
22.8
35.3
Loans to joint ventures
4.1
35.2
Total interests in joint ventures
26.9
70.5
Loans to joint ventures includes nil (2023: \u00a3(9.7) million) relating to the Group\u2019s share of losses
recognised under the equity method in excess of the investment in ordinary shares.
The Group has three (2023: four) material joint ventures whose principal activity is residential
housebuilding or development. The Group considers a joint venture to be material when it is \ufb01nancially or
strategically important to the Group. The Group\u2019s interest in Winstanley and York Road Regeneration LLP
was disposed of in December 2024 and as a result is no longer considered to be a material joint venture.
The particulars of the material joint ventures for 2024 are as follows:
Interest in the
Country of
issued ordinary
Joint venture
incorporation
share capital*
Greenwich Millennium Village Limited
United Kingdom
50%
Whitehill & Bordon Development Company Phase 1a Limited
United Kingdom
50%
Whitehill & Bordon Regeneration Company Limited
United Kingdom
50%
*
Interests held by subsidiary undertakings.
The loss recognised by Greenwich Millennium Village Limited in the year re\ufb02ects its recognition of an
exceptional provision for remedial works on buildings it built (see Note 6). Further information on the
particulars of joint ventures can be found on pages 230 to 231. The following two tables show summary \ufb01nancial information for the material joint ventures and in total for the immaterial joint ventures. Unless speci\ufb01cally indicated, this information represents 100% of the
joint venture before intercompany eliminations.
Whitehill
& Bordon
Whitehill
Greenwich
Development
& Bordon
Millennium
Company
Regeneration
Immaterial
Village
Phase 1a
Company
joint ventures
Total
2024
2024
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
3.2
\u2013
62.5
1.7
67.4
Current assets excluding cash
78.4
28.2
5.8
31.6
144.0
Cash and cash equivalents
8.5
0.4
0.1
3.4
12.4
Current financial liabilities
(47.8)
(12.7)
(21.1)
(1.4)
(83.0)
Current other liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
Non-current financial liabilities*
(1.4)
(12.9)
(44.1)
(36.3)
(94.7)
Net assets/(liabilities) (100%)
40.9
3.0
3.2
(1.0)
46.1
Group share of net assets/(liabilities)
20.5
1.5
1.6
(0.8)
22.8
Loans to joint ventures
\u2013
\u2013
2.5
1.6
4.1
Total interests in joint ventures
20.5
1.5
4.1
0.8
26.9
Revenue
78.0
16.4
21.7
4.7
120.8
Interest (expense)/income
(0.1)
(1.4)
0.4
(7.9)
(9.0)
Income tax credit/(expense)
7.4
(0.1)
0.1
0.9
8.3
(Loss)/profit for the year
(22.1)
0.4
(0.1)
(9.8)
(31.6)
Group share of (loss)/profit for the year
(11.1)
0.2
(0.1)
(4.9)
(15.9)
*
Non-current \ufb01nancial liabilities include amounts owed to joint venture partners.
Whitehill
& Bordon
Whitehill
Greenwich
Winstanley and
Development
& Bordon
Millennium
York Road
Company
Regeneration
Immaterial
Village
Regeneration
Phase 1a
Company
joint ventures
Total
2023
2023
2023
2023
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
\u2013
4.5
0.1
53.3
0.8
58.7
Current assets excluding cash
50.7
82.2
29.1
6.3
24.6
192.9
Cash and cash equivalents
22.6
2.1
0.2
\u2013
4.5
29.4
Current financial liabilities
(6.2)
(3.5)
(2.0)
(24.7)
(13.2)
(49.6)
Current other liabilities
(1.3)
\u2013
\u2013
\u2013
\u2013
(1.3)
Non-current financial liabilities*
(2.6)
(104.6)
(24.6)
(31.7)
(14.7)
(178.2)
Net assets/(liabilities) (100%)
63.2
(19.3)
2.8
3.2
2.0
51.9
Group share of net assets/(liabilities)
31.6
(9.7)
1.4
1.6
0.7
25.6
Loans to joint ventures
\u2013
43.2
\u2013
0.1
1.6
44.9
Total interests in joint ventures
31.6
33.5
1.4
1.7
2.3
70.5
Revenue
50.9
27.9
0.9
15.1
6.9
101.7
Interest expense
\u2013
(4.9)
(0.2)
(0.3)
(1.7)
(7.1)
Income tax (expense)/credit
(2.6)
\u2013
0.1
0.1
0.4
(2.0)
Profit/(loss) for the year
8.6
(2.2)
(0.2)
(0.2)
(1.1)
4.9
Group share of profit/(loss) for the year
4.3
(1.1)
(0.1)
(0.1)
(0.6)
2.4
*
Non-current \ufb01nancial liabilities include amounts owed to joint venture partners.
During the current and prior year, no entity charged depreciation or amortisation. No entity had discontinued operations or items of other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "15
Inventories
\n \n
2024
2023
\u00a3m
\u00a3m
Land
3,387.5
3,269.5
Development and construction costs
1,949.3
1,871.0
Part exchange and other
39.8
29.1
5,376.6
5,169.6
The markets in our core geographies, which are the primary drivers of our business, continue to
trade positively. At 31 December 2024, the Group completed a net realisable value assessment of
inventory, considering each site individually and based on estimates of sales price, costs to complete
and costs to sell. At 31 December 2024, the provision held in the United Kingdom was \u00a325.1 million
(2023: \u00a326.5 million) and \u00a328.0 million in Spain (2023: \u00a332.4 million). The table below details the
movements on the inventory provision recorded in the year.
\n \n
2024
2023
\u00a3m
\u00a3m
1 January
58.9
51.5
Net (utilised)/additions
(4.2)
8.0
Foreign exchange
(1.6)
(0.6)
31 December
53.1
58.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "16
Other \ufb01nancial assets
Trade and other receivables
\n \n
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
79.7
82.5
10.1
21.7
Other receivables
50.7
41.9
4.8
6.4
130.4
124.4
14.9
28.1
Included within trade receivables are mortgage receivables of \u00a35.2 million (2023:\u00a0\u00a36.3 million),
including shared equity loans which are measured at fair value through pro\ufb01t or loss. Included within
trade receivables is \u00a319.0 million (2023: \u00a333.0 million) of contract assets arising on construction
contracts. Other receivables is comprised of recoverable VAT and other sundry items.
Cash and cash equivalents
\n \n
2024
2023
\u00a3m
\u00a3m
Cash and cash equivalents
647.4
764.9
\u00a316.0 million (2023: \u00a315.7 million) of cash and cash equivalents held in Spain from customer
deposits can only be used for development expenditure on the sites to which the deposits relate.
Further information on \ufb01nancial assets can be found in Note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "Trade and other receivables \n \n
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
79.7
82.5
10.1
21.7
Other receivables
50.7
41.9
4.8
6.4
130.4
124.4
14.9
28.1
Included within trade receivables are mortgage receivables of \u00a35.2 million (2023:\u00a0\u00a36.3 million),
including shared equity loans which are measured at fair value through pro\ufb01t or loss. Included within
trade receivables is \u00a319.0 million (2023: \u00a333.0 million) of contract assets arising on construction
contracts. Other receivables is comprised of recoverable VAT and other sundry items.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "Cash and cash equivalents \n \n
2024
2023
\u00a3m
\u00a3m
Cash and cash equivalents
647.4
764.9
\u00a316.0 million (2023: \u00a315.7 million) of cash and cash equivalents held in Spain from customer
deposits can only be used for development expenditure on the sites to which the deposits relate.
Further information on \ufb01nancial assets can be found in Note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "17
Bank and other loans
\n \n
2024
2023
\u00a3m
\u00a3m
\u20ac100.0 million 5.08% Senior Loan Notes 2030
82.6
87.0
82.6
87.0
\n \n
2024
2023
\u00a3m
\u00a3m
Amount due for settlement after one year
82.6
87.0
82.6
87.0
Further information on loan facilities can be found in Note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "17
Bank and other loans
\n \n
2024
2023
\u00a3m
\u00a3m
\u20ac100.0 million 5.08% Senior Loan Notes 2030
82.6
87.0
82.6
87.0
\n \n
2024
2023
\u00a3m
\u00a3m
Amount due for settlement after one year
82.6
87.0
82.6
87.0
Further information on loan facilities can be found in Note 20.20
Financial instruments and fair value disclosures
Capital management
The Group\u2019s policy is to maintain a strong balance sheet and to have an appropriate funding structure.
Shareholders\u2019 equity and term debt are used to \ufb01nance non-current assets and the medium to
long term inventories. Revolving credit facilities are used to \ufb01nance net current assets, including
development and construction costs. The Group\u2019s \ufb01nancing facilities contain the usual \ufb01nancial
covenants, including minimum interest cover and maximum gearing. The Group met these
requirements throughout the year and up to the date of the approval of the consolidated \ufb01nancial
statements. The Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually,
which will be at least \u00a3250 million per annum, in two equal instalments.
Financial assets and \ufb01nancial liabilities
Categories of \ufb01nancial assets and \ufb01nancial liabilities are as follows:
Carrying value
Fair value
31 December
31 December
31 December
31 December
Fair value
2024
2023
2024
2023
Financial assets
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
a
647.4
764.9
647.4
764.9
Land receivables
a
1.8
2.8
1.8
2.8
Other financial assets
a
10.8
10.3
10.8
10.3
Trade and other receivables
a
98.3
100.1
98.3
100.1
Mortgage receivables
b
5.2
6.3
5.2
6.3
763.5
884.4
763.5
884.4
a. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
b. Mortgage receivables relate to sales incentives, including shared equity loans, and are measured at fair value through
pro\ufb01t or loss. The fair value is established based on a publicly available national house price index, being signi\ufb01cant other
observable inputs (level 2).
Land receivables and trade and other receivables are included in the balance sheet as trade and other
receivables for current and non-current amounts. Current and non-current trade and other receivables,
as disclosed in Note 16, include \u00a340.0 million (2023: \u00a343.3 million) of non-\ufb01nancial assets.
Carrying value
Fair value
31 December
31 December
31 December
31 December
Fair value
2024
2023
2024
2023
Financial liabilities
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank and other loans
a
82.6
87.0
84.8
84.6
Land creditors
b
627.9
516.1
627.9
516.1
Trade and other payables
b
648.2
608.4
648.2
608.4
Lease liabilities
b
38.4
39.8
38.4
39.8
1,397.1
1,251.3
1,399.3
1,248.9
a. The fair value of the \u20ac100 million \ufb01xed rate loan notes has been determined by reference to external interest rates and the
Directors\u2019 assessment of the margin for credit risk (level 2).
b. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
Land creditors and trade and other payables are included in the balance sheet as trade and other
payables for current and non-current amounts. Current and non-current trade and other payables,
as disclosed in Note 18, include \u00a3158.5 million (2023: \u00a3164.1 million) of non-\ufb01nancial liabilities.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2023: \u20ac79.0 million) as a net investment hedge, equating to \u00a382.6 million (2023: \u00a368.7 million).
The Group has no \ufb01nancial instruments with fair values that are determined by reference to signi\ufb01cant
unobservable inputs (level 3), nor have there been any transfers of assets or liabilities between levels
of the fair value hierarchy. There are no non-recurring fair value measurements.
No forward contracts were entered into at the end of the current year. At the end of 2023, contracts
were in place to offset the foreign exchange movements on intra-Group loans to buy/(sell) against
Sterling: \u20ac30.5 million, equivalent to \u00a326.5 million. The fair value of the forward contracts was not
material as they were entered into on or near 31 December 2023 and matured less than one month
later, hence the value of the derivative was negligible. Market risk
The Group\u2019s activities expose it to the \ufb01nancial risks of changes in both foreign currency exchange
rates and interest rates. The Group aims to manage the exposure to these risks using \ufb01xed or
variable rate borrowings, foreign currency borrowings and derivative \ufb01nancial instruments.
(a) Interest rate risk management
The Group can be exposed to interest rate risk as the Group borrows funds, when required, at\u00a0variable
interest rates. The exposure to variable rate borrowings can \ufb02uctuate during the year due to the
seasonal nature of cash \ufb02ows relating to housing sales and the less certain timing of land payments.
Group policy is to manage the volatility risk of interest rates on borrowings by a\u00a0combination of \ufb01xed
rate borrowings and interest rate swaps such that the sensitivity to potential changes in variable rates
is within acceptable levels. Group policy does not allow the use of derivatives to speculate against
changes to future interest rates and they are only used to manage exposure to volatility. Interest rate
hedging using derivatives has not taken place in the current or previous year. This policy has not
changed during the year.
To measure the risk, variable rate borrowings and the expected interest cost for the year are forecast
monthly and compared to budget using management\u2019s expectations of a possible change in interest
rates. Interest expense volatility remained within acceptable limits throughout the year.
Interest rate sensitivity
The effect on both income and equity, based on exposure to non-derivative \ufb02oating rate instruments
and cash and cash equivalents at the balance sheet date, is shown in the table below. The Group
does not currently have any outstanding interest rate derivatives. The 0.50% (2023: 1.00%) change
represents a reasonably possible change in interest rates over the next \ufb01nancial year. The table
assumes all other variables remain constant in accordance with IFRS 7.
Income
Equity
Income
Equity
sensitivity
sensitivity
sensitivity
sensitivity
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
0.50% (2023: 1.00%) increase in interest rates
3.2
3.2
7.6
7.6
0.50% (2023: 1.00%) decrease in interest rates
(3.2)
(3.2)
(7.6)
(7.6)
(b) Foreign currency risk management
The Group\u2019s overseas activities expose it to the \ufb01nancial risks of changes in foreign currency exchange
rates. Its Spanish subsidiary is the only foreign operation of the Group.
The Group is not materially exposed to transaction risks as all Group companies conduct their
business in their respective functional currencies. Group policy requires that transaction risks are
hedged to the functional currency of the subsidiary using foreign currency borrowings or derivatives
where appropriate.
The Group is exposed to the translation risk from accounting for both the income and the net
investment held in a functional currency other than Sterling. The net investment risk may be hedged
using foreign currency borrowings and derivatives. Assets and liabilities denominated in non-functional
currencies are retranslated each month using the latest exchange rates. Income is also measured
monthly using the latest exchange rates and compared with a budget held at historical exchange rates.
Other than the natural hedge provided by foreign currency borrowings, the translation risk of income
is not hedged using derivatives. The policy is kept under periodic review and has not changed during
the year.
Hedge accounting
Hedging activities are evaluated periodically to ensure that they are in line with Group policy.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2023: \u20ac79.0 million) held at the balance sheet date as a net investment hedge of part of the
Group\u2019s investment in Euro-denominated assets, equating to \u00a382.6 million (2023: \u00a368.7 million).
The change in the carrying value of \u00a3(3.9) million (2023: \u00a3(1.2) million) of the borrowings designated
as a net investment hedge offset the exchange movement on the foreign currency net investments
and are presented in the consolidated statement of comprehensive income.Foreign currency sensitivity
The Group is exposed to the Euro due to its Spanish operations. The following table details how the
Group\u2019s income and equity would increase/(decrease) on a before tax basis following a 5% (2023: 5%)
change in the currency\u2019s value against Sterling, all other variables remaining constant. The 5% change
represents a reasonably possible change in the speci\ufb01ed Euro exchange rates in relation to Sterling.
Income
Equity
Income
Equity
sensitivity
sensitivity
sensitivity
sensitivity
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Euro weakens against Sterling
\u2013
3.9
(0.4)
2.9
Euro strengthens against Sterling
\u2013
(4.3)
0.5
(3.2)
Credit risk
Credit risk is the risk of \ufb01nancial loss where counterparties are not able to meet their obligations.
Group policy is that surplus cash, when not used to repay borrowings, is placed on deposit with
the Group\u2019s main relationship banks and with other banks or money market funds based on a
minimum credit rating and maximum exposure. There is no signi\ufb01cant concentration of risk to any
single counterparty.
Land receivables arise from sales of surplus land on deferred terms. If the credit risk is not acceptable,
then the deferred payment must have adequate security, either by an appropriate guarantee or
a charge over the land. The fair value of any land held as security is considered by management
to be suf\ufb01cient in relation to the carrying amount of the receivable to which it relates.
Trade and other receivables comprise mainly amounts receivable from various housing associations,
other housebuilders and corporate investors. Management considers that the credit quality of
the various receivables is good in respect of the amounts outstanding and therefore credit risk
is considered to be low. There is no signi\ufb01cant concentration of risk.
Mortgage receivables, including shared equity loans, are in connection with various historical
sales promotion schemes and are measured at fair value through pro\ufb01t or loss. The mortgages
are secured by a second charge over the property with a low level of experienced credit losses
due to non-payment.
The carrying amount of \ufb01nancial assets, as detailed above, represents the Group\u2019s maximum exposure
to credit risk at the reporting date assuming that any security held has no value.
Liquidity risk
Liquidity risk is the risk that the Group does not have suf\ufb01cient \ufb01nancial resources available to meet its
obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and
actual cash \ufb02ows, matching the expected cash \ufb02ow timings of \ufb01nancial assets and liabilities with the
use of cash and cash equivalents, borrowings, overdrafts and committed revolving credit facilities
with a minimum of 12 months to maturity. Future borrowing requirements are forecast monthly
and funding headroom is maintained above forecast peak requirements to meet unforeseen events.
At 31 December 2024, the Group\u2019s borrowings and facilities had a range of maturities with a weighted
average life of 4.6 years (2023: 4.8 years).
In addition to the \u20ac100.0 million 5.08% senior loan notes maturing June 2030, the Group has
access to a committed \u00a3600.0 million revolving credit facility expiring July 2029, having agreed in
2024 to extend the revolving credit facility by one year. The Group has the option to request an
extension to the revolving credit facility for a further year. The borrowings and facilities contain \ufb01nancial
covenants based on minimum tangible net worth, maximum gearing and minimum interest cover. The
revolving credit facility contains sustainability-linked performance targets based on reducing emissions
and wastage. At the balance sheet date, the total unused committed amount was \u00a3600.0 million
(2023: \u00a3600.0 million) and cash and cash equivalents were \u00a3647.4 million (2023: \u00a3764.9 million).The maturity pro\ufb01le of the anticipated future cash \ufb02ows including interest, using the latest applicable
relevant rate, based on the earliest date on which the Group can be required to pay \ufb01nancial liabilities
on an undiscounted basis, is as follows:
Trade
Bank and
Land
and\u00a0other
Lease
other loans
creditors
payables
liabilities
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.2
366.5
613.0
11.8
995.5
More than one year and
less\u00a0than two years
4.2
158.7
21.0
10.6
194.5
More than two years and
less than five years
12.6
106.8
10.8
13.5
143.7
More than five years
84.7
27.9
3.4
7.1
123.1
31 December 2024
105.7
659.9
648.2
43.0
1,456.8
Trade
Bank and
Land
and\u00a0other
Lease
other loans
creditors
payables
liabilities
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.4
307.7
577.4
10.1
899.6
More than one year and
less\u00a0than two years
4.4
139.2
15.2
9.8
168.6
More than two years and
less than five years
13.3
58.1
12.0
15.4
98.8
More than five years
93.5
30.5
3.8
9.7
137.5
31 December 2023
115.6
535.5
608.4
45.0
1,304.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "18
Trade and other payables
\n \n
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
322.7
299.9
23.1
21.8
Land creditors
355.9
301.2
272.0
214.9
Social security and other taxes
7.9
8.3
\u2013
\u2013
Customer deposits
90.7
80.3
6.8
11.8
Accruals
246.8
266.4
4.8
1.7
Deferred income
16.4
25.5
36.6
38.1
Other payables
43.5
11.2
7.4
7.5
1,083.9
992.8
350.7
295.8
Revenue recognised in the current year that was included in the customer deposit balance brought
forward at the beginning of the period was \u00a380.3 million (2023: \u00a389.7 million). Other payables include
\u00a38.1 million (2023: \u00a39.2 million) of repayable grants and \u00a333.0 million (2023: nil) of short term cash
transfer from a joint venture (see Note 30).
Land creditors are denominated as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Sterling
587.0
478.2
Euros
40.9
37.9
627.9
516.1
Land creditors of \u00a3608.9 million (2023: \u00a3397.4 million) are secured against land acquired for development.
Further information on \ufb01nancial liabilities can be found in Note 20. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "18
Trade and other payables
\n \n
Current
Non-current
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
322.7
299.9
23.1
21.8
Land creditors
355.9
301.2
272.0
214.9
Social security and other taxes
7.9
8.3
\u2013
\u2013
Customer deposits
90.7
80.3
6.8
11.8
Accruals
246.8
266.4
4.8
1.7
Deferred income
16.4
25.5
36.6
38.1
Other payables
43.5
11.2
7.4
7.5
1,083.9
992.8
350.7
295.8
Revenue recognised in the current year that was included in the customer deposit balance brought
forward at the beginning of the period was \u00a380.3 million (2023: \u00a389.7 million). Other payables include
\u00a38.1 million (2023: \u00a39.2 million) of repayable grants and \u00a333.0 million (2023: nil) of short term cash
transfer from a joint venture (see Note 30).
Land creditors are denominated as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Sterling
587.0
478.2
Euros
40.9
37.9
627.9
516.1
Land creditors of \u00a3608.9 million (2023: \u00a3397.4 million) are secured against land acquired for development.
Further information on \ufb01nancial liabilities can be found in Note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "19
Leases
The Group as a lessee
The Group\u2019s leases consist primarily of premises and equipment.
\n \n
Premises
Equipment
Total
Right-of-use assets
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
25.7
12.1
37.8
At 31 December 2024
22.0
13.9
35.9
Additions during the year
1.0
8.4
9.4
\n \n
2024
2023
Lease liabilities
\u00a3m
\u00a3m
At 1 January
39.8
27.0
Additions
9.4
21.1
Disposals
(1.2)
(0.5)
Interest charge
1.5
1.0
Payments
(11.1)
(8.9)
Foreign exchange
\u2013
0.1
At 31 December
38.4
39.8
Current
10.4
8.8
Non-current
28.0
31.0
Total
38.4
39.8
\n \n
2024
2023
Amounts recognised in the income statement
\u00a3m
\u00a3m
Depreciation charged on right-of-use premises
4.7
4.0
Depreciation charged on right-of-use equipment
6.0
5.2
Interest on lease liabilities
1.5
1.0
Total
12.2
10.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "20
Financial instruments and fair value disclosures
Capital management
The Group\u2019s policy is to maintain a strong balance sheet and to have an appropriate funding structure.
Shareholders\u2019 equity and term debt are used to \ufb01nance non-current assets and the medium to
long term inventories. Revolving credit facilities are used to \ufb01nance net current assets, including
development and construction costs. The Group\u2019s \ufb01nancing facilities contain the usual \ufb01nancial
covenants, including minimum interest cover and maximum gearing. The Group met these
requirements throughout the year and up to the date of the approval of the consolidated \ufb01nancial
statements. The Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually,
which will be at least \u00a3250 million per annum, in two equal instalments.
Financial assets and \ufb01nancial liabilities
Categories of \ufb01nancial assets and \ufb01nancial liabilities are as follows:
Carrying value
Fair value
31 December
31 December
31 December
31 December
Fair value
2024
2023
2024
2023
Financial assets
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
a
647.4
764.9
647.4
764.9
Land receivables
a
1.8
2.8
1.8
2.8
Other financial assets
a
10.8
10.3
10.8
10.3
Trade and other receivables
a
98.3
100.1
98.3
100.1
Mortgage receivables
b
5.2
6.3
5.2
6.3
763.5
884.4
763.5
884.4
a. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
b. Mortgage receivables relate to sales incentives, including shared equity loans, and are measured at fair value through
pro\ufb01t or loss. The fair value is established based on a publicly available national house price index, being signi\ufb01cant other
observable inputs (level 2).
Land receivables and trade and other receivables are included in the balance sheet as trade and other
receivables for current and non-current amounts. Current and non-current trade and other receivables,
as disclosed in Note 16, include \u00a340.0 million (2023: \u00a343.3 million) of non-\ufb01nancial assets.
Carrying value
Fair value
31 December
31 December
31 December
31 December
Fair value
2024
2023
2024
2023
Financial liabilities
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank and other loans
a
82.6
87.0
84.8
84.6
Land creditors
b
627.9
516.1
627.9
516.1
Trade and other payables
b
648.2
608.4
648.2
608.4
Lease liabilities
b
38.4
39.8
38.4
39.8
1,397.1
1,251.3
1,399.3
1,248.9
a. The fair value of the \u20ac100 million \ufb01xed rate loan notes has been determined by reference to external interest rates and the
Directors\u2019 assessment of the margin for credit risk (level 2).
b. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
Land creditors and trade and other payables are included in the balance sheet as trade and other
payables for current and non-current amounts. Current and non-current trade and other payables,
as disclosed in Note 18, include \u00a3158.5 million (2023: \u00a3164.1 million) of non-\ufb01nancial liabilities.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2023: \u20ac79.0 million) as a net investment hedge, equating to \u00a382.6 million (2023: \u00a368.7 million).
The Group has no \ufb01nancial instruments with fair values that are determined by reference to signi\ufb01cant
unobservable inputs (level 3), nor have there been any transfers of assets or liabilities between levels
of the fair value hierarchy. There are no non-recurring fair value measurements.
No forward contracts were entered into at the end of the current year. At the end of 2023, contracts
were in place to offset the foreign exchange movements on intra-Group loans to buy/(sell) against
Sterling: \u20ac30.5 million, equivalent to \u00a326.5 million. The fair value of the forward contracts was not
material as they were entered into on or near 31 December 2023 and matured less than one month
later, hence the value of the derivative was negligible. Market risk
The Group\u2019s activities expose it to the \ufb01nancial risks of changes in both foreign currency exchange
rates and interest rates. The Group aims to manage the exposure to these risks using \ufb01xed or
variable rate borrowings, foreign currency borrowings and derivative \ufb01nancial instruments.
(a) Interest rate risk management
The Group can be exposed to interest rate risk as the Group borrows funds, when required, at\u00a0variable
interest rates. The exposure to variable rate borrowings can \ufb02uctuate during the year due to the
seasonal nature of cash \ufb02ows relating to housing sales and the less certain timing of land payments.
Group policy is to manage the volatility risk of interest rates on borrowings by a\u00a0combination of \ufb01xed
rate borrowings and interest rate swaps such that the sensitivity to potential changes in variable rates
is within acceptable levels. Group policy does not allow the use of derivatives to speculate against
changes to future interest rates and they are only used to manage exposure to volatility. Interest rate
hedging using derivatives has not taken place in the current or previous year. This policy has not
changed during the year.
To measure the risk, variable rate borrowings and the expected interest cost for the year are forecast
monthly and compared to budget using management\u2019s expectations of a possible change in interest
rates. Interest expense volatility remained within acceptable limits throughout the year.
Interest rate sensitivity
The effect on both income and equity, based on exposure to non-derivative \ufb02oating rate instruments
and cash and cash equivalents at the balance sheet date, is shown in the table below. The Group
does not currently have any outstanding interest rate derivatives. The 0.50% (2023: 1.00%) change
represents a reasonably possible change in interest rates over the next \ufb01nancial year. The table
assumes all other variables remain constant in accordance with IFRS 7.
Income
Equity
Income
Equity
sensitivity
sensitivity
sensitivity
sensitivity
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
0.50% (2023: 1.00%) increase in interest rates
3.2
3.2
7.6
7.6
0.50% (2023: 1.00%) decrease in interest rates
(3.2)
(3.2)
(7.6)
(7.6)
(b) Foreign currency risk management
The Group\u2019s overseas activities expose it to the \ufb01nancial risks of changes in foreign currency exchange
rates. Its Spanish subsidiary is the only foreign operation of the Group.
The Group is not materially exposed to transaction risks as all Group companies conduct their
business in their respective functional currencies. Group policy requires that transaction risks are
hedged to the functional currency of the subsidiary using foreign currency borrowings or derivatives
where appropriate.
The Group is exposed to the translation risk from accounting for both the income and the net
investment held in a functional currency other than Sterling. The net investment risk may be hedged
using foreign currency borrowings and derivatives. Assets and liabilities denominated in non-functional
currencies are retranslated each month using the latest exchange rates. Income is also measured
monthly using the latest exchange rates and compared with a budget held at historical exchange rates.
Other than the natural hedge provided by foreign currency borrowings, the translation risk of income
is not hedged using derivatives. The policy is kept under periodic review and has not changed during
the year.
Hedge accounting
Hedging activities are evaluated periodically to ensure that they are in line with Group policy.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2023: \u20ac79.0 million) held at the balance sheet date as a net investment hedge of part of the
Group\u2019s investment in Euro-denominated assets, equating to \u00a382.6 million (2023: \u00a368.7 million).
The change in the carrying value of \u00a3(3.9) million (2023: \u00a3(1.2) million) of the borrowings designated
as a net investment hedge offset the exchange movement on the foreign currency net investments
and are presented in the consolidated statement of comprehensive income.Foreign currency sensitivity
The Group is exposed to the Euro due to its Spanish operations. The following table details how the
Group\u2019s income and equity would increase/(decrease) on a before tax basis following a 5% (2023: 5%)
change in the currency\u2019s value against Sterling, all other variables remaining constant. The 5% change
represents a reasonably possible change in the speci\ufb01ed Euro exchange rates in relation to Sterling.
Income
Equity
Income
Equity
sensitivity
sensitivity
sensitivity
sensitivity
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Euro weakens against Sterling
\u2013
3.9
(0.4)
2.9
Euro strengthens against Sterling
\u2013
(4.3)
0.5
(3.2)
Credit risk
Credit risk is the risk of \ufb01nancial loss where counterparties are not able to meet their obligations.
Group policy is that surplus cash, when not used to repay borrowings, is placed on deposit with
the Group\u2019s main relationship banks and with other banks or money market funds based on a
minimum credit rating and maximum exposure. There is no signi\ufb01cant concentration of risk to any
single counterparty.
Land receivables arise from sales of surplus land on deferred terms. If the credit risk is not acceptable,
then the deferred payment must have adequate security, either by an appropriate guarantee or
a charge over the land. The fair value of any land held as security is considered by management
to be suf\ufb01cient in relation to the carrying amount of the receivable to which it relates.
Trade and other receivables comprise mainly amounts receivable from various housing associations,
other housebuilders and corporate investors. Management considers that the credit quality of
the various receivables is good in respect of the amounts outstanding and therefore credit risk
is considered to be low. There is no signi\ufb01cant concentration of risk.
Mortgage receivables, including shared equity loans, are in connection with various historical
sales promotion schemes and are measured at fair value through pro\ufb01t or loss. The mortgages
are secured by a second charge over the property with a low level of experienced credit losses
due to non-payment.
The carrying amount of \ufb01nancial assets, as detailed above, represents the Group\u2019s maximum exposure
to credit risk at the reporting date assuming that any security held has no value.
Liquidity risk
Liquidity risk is the risk that the Group does not have suf\ufb01cient \ufb01nancial resources available to meet its
obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and
actual cash \ufb02ows, matching the expected cash \ufb02ow timings of \ufb01nancial assets and liabilities with the
use of cash and cash equivalents, borrowings, overdrafts and committed revolving credit facilities
with a minimum of 12 months to maturity. Future borrowing requirements are forecast monthly
and funding headroom is maintained above forecast peak requirements to meet unforeseen events.
At 31 December 2024, the Group\u2019s borrowings and facilities had a range of maturities with a weighted
average life of 4.6 years (2023: 4.8 years).
In addition to the \u20ac100.0 million 5.08% senior loan notes maturing June 2030, the Group has
access to a committed \u00a3600.0 million revolving credit facility expiring July 2029, having agreed in
2024 to extend the revolving credit facility by one year. The Group has the option to request an
extension to the revolving credit facility for a further year. The borrowings and facilities contain \ufb01nancial
covenants based on minimum tangible net worth, maximum gearing and minimum interest cover. The
revolving credit facility contains sustainability-linked performance targets based on reducing emissions
and wastage. At the balance sheet date, the total unused committed amount was \u00a3600.0 million
(2023: \u00a3600.0 million) and cash and cash equivalents were \u00a3647.4 million (2023: \u00a3764.9 million).The maturity pro\ufb01le of the anticipated future cash \ufb02ows including interest, using the latest applicable
relevant rate, based on the earliest date on which the Group can be required to pay \ufb01nancial liabilities
on an undiscounted basis, is as follows:
Trade
Bank and
Land
and\u00a0other
Lease
other loans
creditors
payables
liabilities
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.2
366.5
613.0
11.8
995.5
More than one year and
less\u00a0than two years
4.2
158.7
21.0
10.6
194.5
More than two years and
less than five years
12.6
106.8
10.8
13.5
143.7
More than five years
84.7
27.9
3.4
7.1
123.1
31 December 2024
105.7
659.9
648.2
43.0
1,456.8
Trade
Bank and
Land
and\u00a0other
Lease
other loans
creditors
payables
liabilities
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.4
307.7
577.4
10.1
899.6
More than one year and
less\u00a0than two years
4.4
139.2
15.2
9.8
168.6
More than two years and
less than five years
13.3
58.1
12.0
15.4
98.8
More than five years
93.5
30.5
3.8
9.7
137.5
31 December 2023
115.6
535.5
608.4
45.0
1,304.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "Capital management
The Group\u2019s policy is to maintain a strong balance sheet and to have an appropriate funding structure.
Shareholders\u2019 equity and term debt are used to \ufb01nance non-current assets and the medium to
long term inventories. Revolving credit facilities are used to \ufb01nance net current assets, including
development and construction costs. The Group\u2019s \ufb01nancing facilities contain the usual \ufb01nancial
covenants, including minimum interest cover and maximum gearing. The Group met these
requirements throughout the year and up to the date of the approval of the consolidated \ufb01nancial
statements. The Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually,
which will be at least \u00a3250 million per annum, in two equal instalments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "Financial assets and \ufb01nancial liabilities
Categories of \ufb01nancial assets and \ufb01nancial liabilities are as follows:
Carrying value
Fair value
31 December
31 December
31 December
31 December
Fair value
2024
2023
2024
2023
Financial assets
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
a
647.4
764.9
647.4
764.9
Land receivables
a
1.8
2.8
1.8
2.8
Other financial assets
a
10.8
10.3
10.8
10.3
Trade and other receivables
a
98.3
100.1
98.3
100.1
Mortgage receivables
b
5.2
6.3
5.2
6.3
763.5
884.4
763.5
884.4
a. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
b. Mortgage receivables relate to sales incentives, including shared equity loans, and are measured at fair value through
pro\ufb01t or loss. The fair value is established based on a publicly available national house price index, being signi\ufb01cant other
observable inputs (level 2).
Land receivables and trade and other receivables are included in the balance sheet as trade and other
receivables for current and non-current amounts. Current and non-current trade and other receivables,
as disclosed in Note 16, include \u00a340.0 million (2023: \u00a343.3 million) of non-\ufb01nancial assets.
Carrying value
Fair value
31 December
31 December
31 December
31 December
Fair value
2024
2023
2024
2023
Financial liabilities
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank and other loans
a
82.6
87.0
84.8
84.6
Land creditors
b
627.9
516.1
627.9
516.1
Trade and other payables
b
648.2
608.4
648.2
608.4
Lease liabilities
b
38.4
39.8
38.4
39.8
1,397.1
1,251.3
1,399.3
1,248.9
a. The fair value of the \u20ac100 million \ufb01xed rate loan notes has been determined by reference to external interest rates and the
Directors\u2019 assessment of the margin for credit risk (level 2).
b. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
Land creditors and trade and other payables are included in the balance sheet as trade and other
payables for current and non-current amounts. Current and non-current trade and other payables,
as disclosed in Note 18, include \u00a3158.5 million (2023: \u00a3164.1 million) of non-\ufb01nancial liabilities.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2023: \u20ac79.0 million) as a net investment hedge, equating to \u00a382.6 million (2023: \u00a368.7 million).
The Group has no \ufb01nancial instruments with fair values that are determined by reference to signi\ufb01cant
unobservable inputs (level 3), nor have there been any transfers of assets or liabilities between levels
of the fair value hierarchy. There are no non-recurring fair value measurements.
No forward contracts were entered into at the end of the current year. At the end of 2023, contracts
were in place to offset the foreign exchange movements on intra-Group loans to buy/(sell) against
Sterling: \u20ac30.5 million, equivalent to \u00a326.5 million. The fair value of the forward contracts was not
material as they were entered into on or near 31 December 2023 and matured less than one month
later, hence the value of the derivative was negligible. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "Market risk
The Group\u2019s activities expose it to the \ufb01nancial risks of changes in both foreign currency exchange
rates and interest rates. The Group aims to manage the exposure to these risks using \ufb01xed or
variable rate borrowings, foreign currency borrowings and derivative \ufb01nancial instruments.
(a) Interest rate risk management
The Group can be exposed to interest rate risk as the Group borrows funds, when required, at\u00a0variable
interest rates. The exposure to variable rate borrowings can \ufb02uctuate during the year due to the
seasonal nature of cash \ufb02ows relating to housing sales and the less certain timing of land payments.
Group policy is to manage the volatility risk of interest rates on borrowings by a\u00a0combination of \ufb01xed
rate borrowings and interest rate swaps such that the sensitivity to potential changes in variable rates
is within acceptable levels. Group policy does not allow the use of derivatives to speculate against
changes to future interest rates and they are only used to manage exposure to volatility. Interest rate
hedging using derivatives has not taken place in the current or previous year. This policy has not
changed during the year.
To measure the risk, variable rate borrowings and the expected interest cost for the year are forecast
monthly and compared to budget using management\u2019s expectations of a possible change in interest
rates. Interest expense volatility remained within acceptable limits throughout the year.
Interest rate sensitivity
The effect on both income and equity, based on exposure to non-derivative \ufb02oating rate instruments
and cash and cash equivalents at the balance sheet date, is shown in the table below. The Group
does not currently have any outstanding interest rate derivatives. The 0.50% (2023: 1.00%) change
represents a reasonably possible change in interest rates over the next \ufb01nancial year. The table
assumes all other variables remain constant in accordance with IFRS 7.
Income
Equity
Income
Equity
sensitivity
sensitivity
sensitivity
sensitivity
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
0.50% (2023: 1.00%) increase in interest rates
3.2
3.2
7.6
7.6
0.50% (2023: 1.00%) decrease in interest rates
(3.2)
(3.2)
(7.6)
(7.6)
(b) Foreign currency risk management
The Group\u2019s overseas activities expose it to the \ufb01nancial risks of changes in foreign currency exchange
rates. Its Spanish subsidiary is the only foreign operation of the Group.
The Group is not materially exposed to transaction risks as all Group companies conduct their
business in their respective functional currencies. Group policy requires that transaction risks are
hedged to the functional currency of the subsidiary using foreign currency borrowings or derivatives
where appropriate.
The Group is exposed to the translation risk from accounting for both the income and the net
investment held in a functional currency other than Sterling. The net investment risk may be hedged
using foreign currency borrowings and derivatives. Assets and liabilities denominated in non-functional
currencies are retranslated each month using the latest exchange rates. Income is also measured
monthly using the latest exchange rates and compared with a budget held at historical exchange rates.
Other than the natural hedge provided by foreign currency borrowings, the translation risk of income
is not hedged using derivatives. The policy is kept under periodic review and has not changed during
the year.
Hedge accounting
Hedging activities are evaluated periodically to ensure that they are in line with Group policy.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2023: \u20ac79.0 million) held at the balance sheet date as a net investment hedge of part of the
Group\u2019s investment in Euro-denominated assets, equating to \u00a382.6 million (2023: \u00a368.7 million).
The change in the carrying value of \u00a3(3.9) million (2023: \u00a3(1.2) million) of the borrowings designated
as a net investment hedge offset the exchange movement on the foreign currency net investments
and are presented in the consolidated statement of comprehensive income.Foreign currency sensitivity
The Group is exposed to the Euro due to its Spanish operations. The following table details how the
Group\u2019s income and equity would increase/(decrease) on a before tax basis following a 5% (2023: 5%)
change in the currency\u2019s value against Sterling, all other variables remaining constant. The 5% change
represents a reasonably possible change in the speci\ufb01ed Euro exchange rates in relation to Sterling.
Income
Equity
Income
Equity
sensitivity
sensitivity
sensitivity
sensitivity
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Euro weakens against Sterling
\u2013
3.9
(0.4)
2.9
Euro strengthens against Sterling
\u2013
(4.3)
0.5
(3.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "Credit risk
Credit risk is the risk of \ufb01nancial loss where counterparties are not able to meet their obligations.
Group policy is that surplus cash, when not used to repay borrowings, is placed on deposit with
the Group\u2019s main relationship banks and with other banks or money market funds based on a
minimum credit rating and maximum exposure. There is no signi\ufb01cant concentration of risk to any
single counterparty.
Land receivables arise from sales of surplus land on deferred terms. If the credit risk is not acceptable,
then the deferred payment must have adequate security, either by an appropriate guarantee or
a charge over the land. The fair value of any land held as security is considered by management
to be suf\ufb01cient in relation to the carrying amount of the receivable to which it relates.
Trade and other receivables comprise mainly amounts receivable from various housing associations,
other housebuilders and corporate investors. Management considers that the credit quality of
the various receivables is good in respect of the amounts outstanding and therefore credit risk
is considered to be low. There is no signi\ufb01cant concentration of risk.
Mortgage receivables, including shared equity loans, are in connection with various historical
sales promotion schemes and are measured at fair value through pro\ufb01t or loss. The mortgages
are secured by a second charge over the property with a low level of experienced credit losses
due to non-payment.
The carrying amount of \ufb01nancial assets, as detailed above, represents the Group\u2019s maximum exposure
to credit risk at the reporting date assuming that any security held has no value.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "Liquidity risk
Liquidity risk is the risk that the Group does not have suf\ufb01cient \ufb01nancial resources available to meet its
obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and
actual cash \ufb02ows, matching the expected cash \ufb02ow timings of \ufb01nancial assets and liabilities with the
use of cash and cash equivalents, borrowings, overdrafts and committed revolving credit facilities
with a minimum of 12 months to maturity. Future borrowing requirements are forecast monthly
and funding headroom is maintained above forecast peak requirements to meet unforeseen events.
At 31 December 2024, the Group\u2019s borrowings and facilities had a range of maturities with a weighted
average life of 4.6 years (2023: 4.8 years).
In addition to the \u20ac100.0 million 5.08% senior loan notes maturing June 2030, the Group has
access to a committed \u00a3600.0 million revolving credit facility expiring July 2029, having agreed in
2024 to extend the revolving credit facility by one year. The Group has the option to request an
extension to the revolving credit facility for a further year. The borrowings and facilities contain \ufb01nancial
covenants based on minimum tangible net worth, maximum gearing and minimum interest cover. The
revolving credit facility contains sustainability-linked performance targets based on reducing emissions
and wastage. At the balance sheet date, the total unused committed amount was \u00a3600.0 million
(2023: \u00a3600.0 million) and cash and cash equivalents were \u00a3647.4 million (2023: \u00a3764.9 million).The maturity pro\ufb01le of the anticipated future cash \ufb02ows including interest, using the latest applicable
relevant rate, based on the earliest date on which the Group can be required to pay \ufb01nancial liabilities
on an undiscounted basis, is as follows:
Trade
Bank and
Land
and\u00a0other
Lease
other loans
creditors
payables
liabilities
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.2
366.5
613.0
11.8
995.5
More than one year and
less\u00a0than two years
4.2
158.7
21.0
10.6
194.5
More than two years and
less than five years
12.6
106.8
10.8
13.5
143.7
More than five years
84.7
27.9
3.4
7.1
123.1
31 December 2024
105.7
659.9
648.2
43.0
1,456.8
Trade
Bank and
Land
and\u00a0other
Lease
other loans
creditors
payables
liabilities
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.4
307.7
577.4
10.1
899.6
More than one year and
less\u00a0than two years
4.4
139.2
15.2
9.8
168.6
More than two years and
less than five years
13.3
58.1
12.0
15.4
98.8
More than five years
93.5
30.5
3.8
9.7
137.5
31 December 2023
115.6
535.5
608.4
45.0
1,304.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "21
Retirement bene\ufb01t obligations
Total retirement bene\ufb01t obligations of \u00a322.2 million (2023: \u00a326.5 million) comprise a de\ufb01ned bene\ufb01t
pension liability of \u00a322.0 million (2023: \u00a326.3 million) and a post-retirement healthcare liability of
\u00a30.2 million (2023: \u00a30.2 million).
The Group operates the Taylor Wimpey Pension Scheme (TWPS), a de\ufb01ned bene\ufb01t pension scheme,
which is closed to both new members and to future accrual. The Group also operates de\ufb01ned
contribution pension arrangements in the UK, which are available to new and existing UK employees.
De\ufb01ned contribution pension plan
A de\ufb01ned contribution plan is an arrangement under which the Group pays contributions to an
independently administered fund or policy; such contributions are based on a \ufb01xed percentage of
employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the
fund/policy once the contributions have been paid. Employees\u2019 bene\ufb01ts are determined by the amount
of contributions paid by the Group and the employee, together with investment returns earned on the
contributions arising from the performance of each individual\u2019s chosen investments and the type of
pension the employee chooses to buy at retirement. As a result, actuarial risk (that bene\ufb01ts will be
lower than expected) and investment risk (that invested assets will not perform in line with expectations)
fall on the employee.
The Group\u2019s contributions are recognised as an employee bene\ufb01t expense when they are due.
Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in
the future payments is available.
The Group\u2019s de\ufb01ned contribution plan, the Taylor Wimpey Personal Choice Plan (TWPCP), is offered
to all new and existing monthly paid employees and is provided by Scottish Widows. The People\u2019s
Pension is used for auto enrolment purposes for all weekly paid employees and those monthly
paid employees not participating in the TWPCP. The People\u2019s Pension is provided by People\u2019s
Partnership, one of the UK\u2019s largest providers of \ufb01nancial bene\ufb01ts to construction industry employers
and individuals.
The Group made contributions to its de\ufb01ned contribution arrangements of \u00a315.0 million in the year
(2023: \u00a315.1 million), which is included in the income statement charge.De\ufb01ned bene\ufb01t pension scheme
The Group\u2019s de\ufb01ned bene\ufb01t pension scheme in the UK is the TWPS. The TWPS is a funded de\ufb01ned
bene\ufb01t pension scheme which provides bene\ufb01ts to bene\ufb01ciaries in the form of a guaranteed level of
pension payable for life. The level of bene\ufb01ts provided depends on an individual member\u2019s length of
service and their salary in the \ufb01nal years leading up to retirement or date of ceasing active accrual if
earlier. Pension payments are generally increased in line with in\ufb02ation subject to caps speci\ufb01ed in
the TWPS rules. The TWPS is closed to new members and future accrual.
The Group operates the TWPS under the UK regulatory framework. Bene\ufb01ts are paid to members
from a Trustee-administered fund and the Trustee is responsible for ensuring that the TWPS is well
managed and that members\u2019 bene\ufb01ts are secure. Scheme assets are held in trust.
The TWPS Trustee\u2019s other duties include managing the investment of scheme assets, administration of
scheme bene\ufb01ts and exercising of discretionary powers. The Group works closely with the Trustee to
manage the TWPS. The Trustee of the TWPS owes \ufb01duciary duties to the TWPS\u2019 bene\ufb01ciaries. The
appointment of the Directors to the Trustee Board is determined by the TWPS trust documentation.
The most recent triennial valuation of the TWPS was undertaken with a reference date of 31\u00a0December
2022. The table below sets out the key assumptions agreed as part of this\u00a0valuation.
Assumptions
Discount rate
2.35% per annum above the yield on the nominal gilt yield curve.
(pre-retirement)
Discount rate
0.50% per annum above the yield on the nominal gilt yield curve.
(post-retirement)
RPI inflation
Implied inflation gilt yield curve.
CPI inflation
Prior to 2030: RPI less 0.8%. 2030 onwards: Equal to RPI.
Mortality
104% of S3PxA tables, CMI_2022 improvements with 1.50% long term trend rate,
a smoothing factor of 7 and an initial addition parameter of 0.5%, w2020, w2021 and
w2022 parameters set at 0%, 0% and 25% respectively.
The result of this valuation was a Technical Provisions surplus at 31 December 2022 of \u00a355\u00a0million.
As a result, no de\ufb01cit contributions were required to be paid to the TWPS or to the escrow account
established following the 2019 valuation. On an IAS 19 accounting basis, the underlying surplus in
the TWPS at 31 December 2024 was \u00a390.2 million (2023: \u00a376.7 million). The terms of the TWPS are
such that the Group does not have an unconditional right to a refund of surplus. As a result, the Group
recognised an adjustment to the underlying surplus in the TWPS on an IAS 19 accounting basis of
\u00a3112.2 million (2023:\u00a0\u00a3103.0 million), resulting in an IFRIC 14 de\ufb01cit of \u00a322.0 million (2023: \u00a326.3 million),
which represented the present value of future contributions under the funding plan.
The TWPS Trustee holds a \ufb01xed charge over the escrow account, established following the 2019
valuation, that is recognised in other \ufb01nancial assets and at 31 December 2024 held \u00a310.8 million
(31 December 2023: \u00a310.3 million), with interest earned by the escrow account being retained within
the escrow account. Transfers out of the escrow account (either to the TWPS or the Group) are subject
to the 2019 triennial funding arrangement entered into between the Group and the Trustee and as
such the funds are restricted from use by the Group for other purposes and are therefore not classi\ufb01ed
as cash or cash equivalents. The escrow account will be in place until 30 June 2028, at which point
a funding test will be conducted and funds will either be paid to the TWPS or returned to the Group.
In 2013, the Group introduced a \u00a3100.0 million Pension Funding Partnership (PFP) that utilises the
Group\u2019s show homes, as well as six of\ufb01ces, in a sale and leaseback structure. This provides an
additional \u00a35.1 million of annual funding for the TWPS. In March 2024, the Group reached agreement
with the Trustee to restructure the PFP. The restructure retained the existing contributions payable until
2029 but replaced the payment of up to \u00a3100 million that may have been due in 2029, with seven
annual payments of up to \u00a312.5 million each from 2029 to 2035. These are only payable if the TWPS
has a de\ufb01cit on its Technical Provisions funding basis at the prior 31 December. The assets held within
the PFP do not affect the IAS 19 \ufb01gures (before IFRIC 14) as they remain assets of the Group, and are
not assets of the TWPS. At 31 December 2024, there was \u00a375.1\u00a0million of property and \u00a337.6 million
of cash held within the structure (2023: \u00a379.9 million of property and \u00a332.7 million of cash).The Group continues to work closely with the Trustee in managing pension risks, including
management of interest rate, in\ufb02ation and longevity risks. The TWPS assets are approximately
102% (2023: 98%) hedged against changes in both interest rates and in\ufb02ation expectations on
the scheme\u2019s long term funding basis that is currently used for investment strategy purposes.
The TWPS also bene\ufb01ts from a bulk annuity contract which covers some of the largest liabilities
in the scheme, providing protection against interest rate, in\ufb02ation and longevity risk.
The weighted average duration of the de\ufb01ned bene\ufb01t obligation at the end of the year is approximately
11 years (2023: approximately 12 years).
In July 2024, the Court of Appeal upheld a High Court decision from June 2023 in Virgin Media Limited
v NTL Pension Trustees II Limited, which ruled that certain historic amendments made to salary-related
contracted-out pension schemes were invalid if the requirement to obtain written actuarial con\ufb01rmation
(a section 37 con\ufb01rmation) was not prepared for those amendments. This ruling affects amendments
made to contracted-out salary-related schemes between 6 April 1997 and 5 April 2016.
The Trustee of the TWPS has commenced a review of the Scheme\u2019s historic amendments in light of
this ruling. The review is ongoing and it is currently not possible to assess with any certainty what,
if any, the impact would be on the Scheme.
Accounting assumptions
The assumptions used in calculating the accounting costs and obligations of the TWPS, as detailed
below, are set by the Directors after consultation with independent actuaries. The basis for these
assumptions is prescribed by IAS 19 and they do not re\ufb02ect the assumptions that may be used
in future funding valuations of the TWPS.
The discount rate used to determine the present value of the obligations is set by reference to\u00a0
market yields on high-quality corporate bonds with regard for the duration to the TWPS liabilities.
The assumption for RPI in\ufb02ation is set by reference to the Bank of England\u2019s implied in\ufb02ation curve
with regard to the duration of the TWPS liabilities, with appropriate adjustments to re\ufb02ect distortions
due to supply and demand for in\ufb02ation-linked securities. CPI in\ufb02ation is set\u00a0by reference to RPI in\ufb02ation
as no CPI-linked bonds exist to render implied CPI in\ufb02ation directly observable.
The mortality assumption is based on 102% of S3PxA tables, CMI_2023 improvements with a 1%
long term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25%, a w2020 and
w2021 parameter of 0% and a w2022 and w2023 parameter of 100%. The mortality assumption
used in 2023 was 102% of S3PxA tables, CMI_2022 improvements with a 1% long term trend rate,
a smoothing factor of 7, an initial addition parameter of 0.25%, a w2020 and w2021 parameter of
10% and a w2022 parameter of 35%.
Accounting valuation assumptions
2024
2023
At 31 December:
Discount rate for scheme liabilities
5.35%
4.60%
General pay inflation
n/a
n/a
Deferred pension increases
2.30%
2.15%
Pension increases*
1.95%-3.70%
1.90%-3.70%
*
Pension increases depend on the section of the TWPS of which each member is a part.
The current life expectancies (in years) underlying the value of the accrued liabilities for the TWPS are:
2024
2023
Life expectancy
Male
Female
Male
Female
Member currently aged 65
86
89
86
89
Member currently aged 45
87
90
87
90
The table below shows the impact to the present value of scheme liabilities of movements in key
assumptions, measured using the same method as the de\ufb01ned bene\ufb01t scheme.
Impact on
scheme
Impact on
liabilities
Assumption
Change in assumption
scheme liabilities
(%)
Discount rate
Decrease by 0.5% p.a.
Increase by \u00a375m
4.9
Rate of inflation*
Increase by 0.5% p.a.
Increase by \u00a341m
2.7
Life expectancy
Members live 1 year longer
Increase by \u00a362m
4.0
*
Assumed to affect deferred revaluation and pensioner increases in payment.
The sensitivity of increasing life expectancy has been reduced by the medically underwritten buy-in.
See the section on risks and risk management at the end of this note.
31 December 2024
Level 1
Level 2
Level 3
Total
Percentage of total
Fair value of scheme assets of the TWPS
\u00a3m
\u00a3m
\u00a3m
\u00a3m
scheme assets
Equity
(a)
\u2013
29.1
\u2013
29.1
1.9%
Diversified growth funds
(b)
\u2013
224.3
\u2013
224.3
14.7%
Multi-asset credit
0.2
253.2
\u2013
253.4
16.7%
Direct lending
1.0
\u2013
117.4
118.4
7.8%
Fixed income
2.5
187.6
\u2013
190.1
12.5%
Liability driven investment
(c)
39.2
535.0
\u2013
574.2
37.7%
Insurance policies in respect of certain members
\u2013
\u2013
124.0
124.0
8.1%
Cash
8.8
\u2013
\u2013
8.8
0.6%
51.7
1,229.2
241.4
1,522.3
100.0%
31 December 2023
Level 1
Level 2
Level 3
Total
Percentage of total
Fair value of scheme assets of the TWPS
\u00a3m
\u00a3m
\u00a3m
\u00a3m
scheme assets
Equity
(a)
\u2013
76.4
\u2013
76.4
4.6%
Diversified growth funds
(b)
\u2013
228.5
\u2013
228.5
13.8%
Multi-asset credit
6.5
202.3
\u2013
208.8
12.6%
Direct lending
3.9
\u2013
124.5
128.4
7.8%
Fixed income
2.8
193.3
\u2013
196.1
11.9%
Liability driven investment
(c)
56.6
615.7
\u2013
672.3
40.7%
Insurance policies in respect of certain members
\u2013
\u2013
136.0
136.0
8.2%
Cash
7.0
\u2013
\u2013
7.0
0.4%
76.8
1,316.2
260.5
1,653.5
100.0%
(a) This amount relates to Volatility Controlled Equities. This fund has 2.5 \u2013 8x leverage exposure, with a target of 4x. The leverage at 31 December 2024 was 3.7x (31 December 2023: 3.5x).
(b) This amount relates to the Scheme\u2019s Diversi\ufb01ed Risk Premia (DRP) allocation. The net leverage on the two funds in the DRP allocation at 31 December 2024 was 0.5x (31 December 2023: 1.0x) and 0.7x (31 December 2023: 1.4x).
(c) The bespoke Liability Driven Investment (LDI) fund is designed to protect the Scheme against movements in interest rates and in\ufb02ation. The overall leverage on the LDI fund at 31 December 2024 was approximately 3.0x (31 December 2023: 2.8x).
The value of the annuities held by the TWPS are set equal to the value of the liabilities which these annuities match. All other fair values are provided by the fund managers and collated by Northern Trust
as custodian, who independently price the securities from their preferred vendor sources where the data is publicly available and rely on investment manager data where this information is not available.
Where available, the fair values are quoted prices (e.g. listed equity). Unlisted investments (e.g. private equity) are included at values provided by the fund manager in\u00a0accordance with relevant guidance.
Other signi\ufb01cant assets are valued based on observable inputs.
There are no investments in respect of the Group\u2019s own securities.The table below details the movements in the TWPS pension liability and assets recorded through the income statement and other comprehensive income.
2024
2023
Asset/(liability)
Asset/(liability)
Present value
Fair value of
recognised on
Present value
Fair value of
recognised on
of obligation
scheme assets
balance sheet
of obligation
scheme assets
balance sheet
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(1,679.8)
1,653.5
(26.3)
(1,675.9)
1,646.3
(29.6)
Administration expenses
\u2013
(3.1)
(3.1)
\u2013
(3.3)
(3.3)
Interest (expense)/income
(74.7)
73.6
(1.1)
(80.3)
79.0
(1.3)
Total amount recognised in income statement
(74.7)
70.5
(4.2)
(80.3)
75.7
(4.6)
Remeasurement (loss)/gain on scheme assets
\u2013
(98.5)
(98.5)
\u2013
29.7
29.7
Change in demographic assumptions
(1.0)
\u2013
(1.0)
27.1
\u2013
27.1
Change in financial assumptions
104.1
\u2013
104.1
(34.9)
\u2013
(34.9)
Experience gain
1.3
\u2013
1.3
(29.5)
\u2013
(29.5)
Adjustment to liabilities for IFRIC 14
(4.5)
\u2013
(4.5)
8.4
\u2013
8.4
Total remeasurements in other comprehensive income
99.9
(98.5)
1.4
(28.9)
29.7
0.8
Employer contributions
\u2013
7.1
7.1
\u2013
7.1
7.1
Employee contributions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Benefit payments
110.3
(110.3)
\u2013
105.3
(105.3)
\u2013
At 31 December
(1,544.3)
1,522.3
(22.0)
(1,679.8)
1,653.5
(26.3)
2024
2023
Accounting valuation
\u00a3m
\u00a3m
Fair value of scheme assets
1,522.3
1,653.5
Present value of scheme obligations
(1,432.1)
(1,576.8)
Surplus in scheme
90.2
76.7
IFRIC 14 limitation on recognition of surplus
(112.2)
(103.0)
Deficit after IFRIC 14 adjustment
(22.0)
(26.3)
Risks and risk management
The TWPS, in common with the majority of such de\ufb01ned bene\ufb01t pension schemes in the UK, has a number of areas of risk. These areas of risk, and the ways in which the Group has sought to manage them,
are set out in the table below.
The risks are considered from both a funding perspective, which drives the cash commitments of the Group, and from an accounting perspective, i.e. the extent to which such risks affect the amounts recorded
in the consolidated \ufb01nancial statements.
Although investment decisions in the UK are the responsibility of the TWPS Trustee, the Group takes an active interest to ensure that the pension scheme risks are managed ef\ufb01ciently. The Group has regular
meetings with the Trustee to discuss investment performance, regulatory changes and proposals to actively manage the position of the TWPS.
Risk
Description
Asset volatility
The TWPS strategy remains well diversified through its exposure to a range of asset classes, including volatility-controlled equities, direct loans, government bonds and a broad spectrum of corporate bonds
and other fixed income exposures. The TWPS invests across a number of managers to reduce manager concentration risk.
The TWPS does not target a specific asset allocation but instead bases its strategic asset allocation on the return objectives and risk constraints agreed upon by the Trustee. In response to the significant
increases in bond yields over 2022, the Trustee took prudent steps to ensure that the TWPS continued to have sufficient collateral in support of the liability-hedging programme. During the course of 2023 and
2024, the Company and Trustee rebalanced the portfolio into more liquid assets with the appointment of three new managers during the period, with all three having daily dealing terms and which are reflected
in the asset allocation at the end of the reporting period.
Changes in
Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in bond and liability-matching derivatives offers a significant degree of matching, i.e. the movement in assets
bond\u00a0yields
arising from changes in bond yields substantially matches the movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced.
Investing in
To maintain appropriate diversification of investments within the TWPS assets and to take advantage of overseas investment returns, a proportion of the underlying investment portfolio is invested overseas.
foreign currency
To balance the risk of investing in foreign currencies while having an obligation to settle benefits in Sterling, a currency hedging programme, using forward foreign exchange contracts, has been put in place
to reduce the currency exposure of these overseas investments to the targeted level.
Asset/liability
In order to manage the TWPS\u2019 economic exposure to interest rates and inflation rates, a liability-hedging programme has been put in place. Derivatives are used to hedge changes in the TWPS\u2019 assets from
mismatch
changes in its liabilities, substantially reducing asset/liability mismatch risk. However, it is only possible to target matching of the assets with the liabilities assessed on one measure. Due to its relevance in driving
Company contributions, the current policy is to assess the matching against the TWPS\u2019 long term funding basis. This can lead to a slight mismatch between the assets and the liabilities assessed on the
Company\u2019s accounting basis, in particular if\u00a0there is a change in corporate bond yield spreads.
Risk
Description
Liquidity
The TWPS requires sufficient liquidity to meet benefit payments, and to ensure sufficient collateral to support the liability-hedging programme. In response to the market volatility experienced in Q3/Q4 2022,
the Trustee updated its processes to ensure that the TWPS holds sufficient assets within the liability-hedging programme to cover the impact of a further 4.0% increase in yields. The manager of the
liability-hedging programme also has direct access to further liquid assets should they be required.
Across the portfolio, the TWPS has liquid assets which could be sold at short notice if required. In particular, 67% are managed in either segregated accounts or daily/weekly dealt pooled funds and can be
realised within a few business days under normal market conditions, and 16% are invested in pooled funds with monthly redemption dates. Of the remaining assets, 1% could be redeemed within
approximately six to nine months of notification in normal market conditions, and the rest are made up of illiquid assets including insurance policies and illiquid debt (which includes direct lending bonds).
Life expectancy
The majority of the TWPS obligations are to provide a pension for the life of the member on retirement, so increases in life expectancy will result in an increase in the TWPS\u2019 liabilities. The inflation-linked nature
of the majority of benefit payments from the TWPS increases the sensitivity of the liabilities to changes in life expectancy. During 2014, the Group reached agreement with Partnership Life Assurance Company
Limited (now Just Group plc) to insure the benefits of 10% of members with the greatest anticipated liabilities through a medically underwritten buy-in. By insuring these members, the Group has removed more
than 10% of longevity risk from the TWPS by significantly reducing the longevity risk in relation to a large proportion of the liabilities.
Climate risk
The TWPS Trustee recognises that climate change is a financial risk affecting the TWPS assets. The TWPS Trustee integrates the monitoring of appropriate climate risk metrics into its risk management
framework and considers these metrics when making investment decisions. The TWPS Trustee requires its appointed investment managers to integrate climate change risks and opportunities into their
investment processes as applied to the assets of the TWPS.
Responsible
The TWPS Trustee recognises that environmental, social and governance (ESG) risks can be financially material risks and should be considered as part of the TWPS\u2019 investment strategy. The TWPS Trustee
investment
has adopted a responsible investment policy and considers ESG risks when making investment decisions. The TWPS Trustee also has a programme of regular dialogue with its investment managers, with
a particular focus on the TWPS Trustee\u2019s key themes of Climate Change and Diversity, Equity and Inclusion. The TWPS Trustee expects its investment managers to have robust ESG, climate change and
stewardship policies and processes in place and challenges its managers where deficiencies or areas for further improvement are identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "De\ufb01ned contribution pension plan
A de\ufb01ned contribution plan is an arrangement under which the Group pays contributions to an
independently administered fund or policy; such contributions are based on a \ufb01xed percentage of
employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the
fund/policy once the contributions have been paid. Employees\u2019 bene\ufb01ts are determined by the amount
of contributions paid by the Group and the employee, together with investment returns earned on the
contributions arising from the performance of each individual\u2019s chosen investments and the type of
pension the employee chooses to buy at retirement. As a result, actuarial risk (that bene\ufb01ts will be
lower than expected) and investment risk (that invested assets will not perform in line with expectations)
fall on the employee.
The Group\u2019s contributions are recognised as an employee bene\ufb01t expense when they are due.
Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in
the future payments is available.
The Group\u2019s de\ufb01ned contribution plan, the Taylor Wimpey Personal Choice Plan (TWPCP), is offered
to all new and existing monthly paid employees and is provided by Scottish Widows. The People\u2019s
Pension is used for auto enrolment purposes for all weekly paid employees and those monthly
paid employees not participating in the TWPCP. The People\u2019s Pension is provided by People\u2019s
Partnership, one of the UK\u2019s largest providers of \ufb01nancial bene\ufb01ts to construction industry employers
and individuals.
The Group made contributions to its de\ufb01ned contribution arrangements of \u00a315.0 million in the year
(2023: \u00a315.1 million), which is included in the income statement charge.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "De\ufb01ned bene\ufb01t pension scheme
The Group\u2019s de\ufb01ned bene\ufb01t pension scheme in the UK is the TWPS. The TWPS is a funded de\ufb01ned
bene\ufb01t pension scheme which provides bene\ufb01ts to bene\ufb01ciaries in the form of a guaranteed level of
pension payable for life. The level of bene\ufb01ts provided depends on an individual member\u2019s length of
service and their salary in the \ufb01nal years leading up to retirement or date of ceasing active accrual if
earlier. Pension payments are generally increased in line with in\ufb02ation subject to caps speci\ufb01ed in
the TWPS rules. The TWPS is closed to new members and future accrual.
The Group operates the TWPS under the UK regulatory framework. Bene\ufb01ts are paid to members
from a Trustee-administered fund and the Trustee is responsible for ensuring that the TWPS is well
managed and that members\u2019 bene\ufb01ts are secure. Scheme assets are held in trust.
The TWPS Trustee\u2019s other duties include managing the investment of scheme assets, administration of
scheme bene\ufb01ts and exercising of discretionary powers. The Group works closely with the Trustee to
manage the TWPS. The Trustee of the TWPS owes \ufb01duciary duties to the TWPS\u2019 bene\ufb01ciaries. The
appointment of the Directors to the Trustee Board is determined by the TWPS trust documentation.
The most recent triennial valuation of the TWPS was undertaken with a reference date of 31\u00a0December
2022. The table below sets out the key assumptions agreed as part of this\u00a0valuation.
Assumptions
Discount rate
2.35% per annum above the yield on the nominal gilt yield curve.
(pre-retirement)
Discount rate
0.50% per annum above the yield on the nominal gilt yield curve.
(post-retirement)
RPI inflation
Implied inflation gilt yield curve.
CPI inflation
Prior to 2030: RPI less 0.8%. 2030 onwards: Equal to RPI.
Mortality
104% of S3PxA tables, CMI_2022 improvements with 1.50% long term trend rate,
a smoothing factor of 7 and an initial addition parameter of 0.5%, w2020, w2021 and
w2022 parameters set at 0%, 0% and 25% respectively.
The result of this valuation was a Technical Provisions surplus at 31 December 2022 of \u00a355\u00a0million.
As a result, no de\ufb01cit contributions were required to be paid to the TWPS or to the escrow account
established following the 2019 valuation. On an IAS 19 accounting basis, the underlying surplus in
the TWPS at 31 December 2024 was \u00a390.2 million (2023: \u00a376.7 million). The terms of the TWPS are
such that the Group does not have an unconditional right to a refund of surplus. As a result, the Group
recognised an adjustment to the underlying surplus in the TWPS on an IAS 19 accounting basis of
\u00a3112.2 million (2023:\u00a0\u00a3103.0 million), resulting in an IFRIC 14 de\ufb01cit of \u00a322.0 million (2023: \u00a326.3 million),
which represented the present value of future contributions under the funding plan.
The TWPS Trustee holds a \ufb01xed charge over the escrow account, established following the 2019
valuation, that is recognised in other \ufb01nancial assets and at 31 December 2024 held \u00a310.8 million
(31 December 2023: \u00a310.3 million), with interest earned by the escrow account being retained within
the escrow account. Transfers out of the escrow account (either to the TWPS or the Group) are subject
to the 2019 triennial funding arrangement entered into between the Group and the Trustee and as
such the funds are restricted from use by the Group for other purposes and are therefore not classi\ufb01ed
as cash or cash equivalents. The escrow account will be in place until 30 June 2028, at which point
a funding test will be conducted and funds will either be paid to the TWPS or returned to the Group.
In 2013, the Group introduced a \u00a3100.0 million Pension Funding Partnership (PFP) that utilises the
Group\u2019s show homes, as well as six of\ufb01ces, in a sale and leaseback structure. This provides an
additional \u00a35.1 million of annual funding for the TWPS. In March 2024, the Group reached agreement
with the Trustee to restructure the PFP. The restructure retained the existing contributions payable until
2029 but replaced the payment of up to \u00a3100 million that may have been due in 2029, with seven
annual payments of up to \u00a312.5 million each from 2029 to 2035. These are only payable if the TWPS
has a de\ufb01cit on its Technical Provisions funding basis at the prior 31 December. The assets held within
the PFP do not affect the IAS 19 \ufb01gures (before IFRIC 14) as they remain assets of the Group, and are
not assets of the TWPS. At 31 December 2024, there was \u00a375.1\u00a0million of property and \u00a337.6 million
of cash held within the structure (2023: \u00a379.9 million of property and \u00a332.7 million of cash).The Group continues to work closely with the Trustee in managing pension risks, including
management of interest rate, in\ufb02ation and longevity risks. The TWPS assets are approximately
102% (2023: 98%) hedged against changes in both interest rates and in\ufb02ation expectations on
the scheme\u2019s long term funding basis that is currently used for investment strategy purposes.
The TWPS also bene\ufb01ts from a bulk annuity contract which covers some of the largest liabilities
in the scheme, providing protection against interest rate, in\ufb02ation and longevity risk.
The weighted average duration of the de\ufb01ned bene\ufb01t obligation at the end of the year is approximately
11 years (2023: approximately 12 years).
In July 2024, the Court of Appeal upheld a High Court decision from June 2023 in Virgin Media Limited
v NTL Pension Trustees II Limited, which ruled that certain historic amendments made to salary-related
contracted-out pension schemes were invalid if the requirement to obtain written actuarial con\ufb01rmation
(a section 37 con\ufb01rmation) was not prepared for those amendments. This ruling affects amendments
made to contracted-out salary-related schemes between 6 April 1997 and 5 April 2016.
The Trustee of the TWPS has commenced a review of the Scheme\u2019s historic amendments in light of
this ruling. The review is ongoing and it is currently not possible to assess with any certainty what,
if any, the impact would be on the Scheme.
Accounting assumptions
The assumptions used in calculating the accounting costs and obligations of the TWPS, as detailed
below, are set by the Directors after consultation with independent actuaries. The basis for these
assumptions is prescribed by IAS 19 and they do not re\ufb02ect the assumptions that may be used
in future funding valuations of the TWPS.
The discount rate used to determine the present value of the obligations is set by reference to\u00a0
market yields on high-quality corporate bonds with regard for the duration to the TWPS liabilities.
The assumption for RPI in\ufb02ation is set by reference to the Bank of England\u2019s implied in\ufb02ation curve
with regard to the duration of the TWPS liabilities, with appropriate adjustments to re\ufb02ect distortions
due to supply and demand for in\ufb02ation-linked securities. CPI in\ufb02ation is set\u00a0by reference to RPI in\ufb02ation
as no CPI-linked bonds exist to render implied CPI in\ufb02ation directly observable.
The mortality assumption is based on 102% of S3PxA tables, CMI_2023 improvements with a 1%
long term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25%, a w2020 and
w2021 parameter of 0% and a w2022 and w2023 parameter of 100%. The mortality assumption
used in 2023 was 102% of S3PxA tables, CMI_2022 improvements with a 1% long term trend rate,
a smoothing factor of 7, an initial addition parameter of 0.25%, a w2020 and w2021 parameter of
10% and a w2022 parameter of 35%.
Accounting valuation assumptions
2024
2023
At 31 December:
Discount rate for scheme liabilities
5.35%
4.60%
General pay inflation
n/a
n/a
Deferred pension increases
2.30%
2.15%
Pension increases*
1.95%-3.70%
1.90%-3.70%
*
Pension increases depend on the section of the TWPS of which each member is a part.
The current life expectancies (in years) underlying the value of the accrued liabilities for the TWPS are:
2024
2023
Life expectancy
Male
Female
Male
Female
Member currently aged 65
86
89
86
89
Member currently aged 45
87
90
87
90
The table below shows the impact to the present value of scheme liabilities of movements in key
assumptions, measured using the same method as the de\ufb01ned bene\ufb01t scheme.
Impact on
scheme
Impact on
liabilities
Assumption
Change in assumption
scheme liabilities
(%)
Discount rate
Decrease by 0.5% p.a.
Increase by \u00a375m
4.9
Rate of inflation*
Increase by 0.5% p.a.
Increase by \u00a341m
2.7
Life expectancy
Members live 1 year longer
Increase by \u00a362m
4.0
*
Assumed to affect deferred revaluation and pensioner increases in payment.
The sensitivity of increasing life expectancy has been reduced by the medically underwritten buy-in.
See the section on risks and risk management at the end of this note.
31 December 2024
Level 1
Level 2
Level 3
Total
Percentage of total
Fair value of scheme assets of the TWPS
\u00a3m
\u00a3m
\u00a3m
\u00a3m
scheme assets
Equity
(a)
\u2013
29.1
\u2013
29.1
1.9%
Diversified growth funds
(b)
\u2013
224.3
\u2013
224.3
14.7%
Multi-asset credit
0.2
253.2
\u2013
253.4
16.7%
Direct lending
1.0
\u2013
117.4
118.4
7.8%
Fixed income
2.5
187.6
\u2013
190.1
12.5%
Liability driven investment
(c)
39.2
535.0
\u2013
574.2
37.7%
Insurance policies in respect of certain members
\u2013
\u2013
124.0
124.0
8.1%
Cash
8.8
\u2013
\u2013
8.8
0.6%
51.7
1,229.2
241.4
1,522.3
100.0%
31 December 2023
Level 1
Level 2
Level 3
Total
Percentage of total
Fair value of scheme assets of the TWPS
\u00a3m
\u00a3m
\u00a3m
\u00a3m
scheme assets
Equity
(a)
\u2013
76.4
\u2013
76.4
4.6%
Diversified growth funds
(b)
\u2013
228.5
\u2013
228.5
13.8%
Multi-asset credit
6.5
202.3
\u2013
208.8
12.6%
Direct lending
3.9
\u2013
124.5
128.4
7.8%
Fixed income
2.8
193.3
\u2013
196.1
11.9%
Liability driven investment
(c)
56.6
615.7
\u2013
672.3
40.7%
Insurance policies in respect of certain members
\u2013
\u2013
136.0
136.0
8.2%
Cash
7.0
\u2013
\u2013
7.0
0.4%
76.8
1,316.2
260.5
1,653.5
100.0%
(a) This amount relates to Volatility Controlled Equities. This fund has 2.5 \u2013 8x leverage exposure, with a target of 4x. The leverage at 31 December 2024 was 3.7x (31 December 2023: 3.5x).
(b) This amount relates to the Scheme\u2019s Diversi\ufb01ed Risk Premia (DRP) allocation. The net leverage on the two funds in the DRP allocation at 31 December 2024 was 0.5x (31 December 2023: 1.0x) and 0.7x (31 December 2023: 1.4x).
(c) The bespoke Liability Driven Investment (LDI) fund is designed to protect the Scheme against movements in interest rates and in\ufb02ation. The overall leverage on the LDI fund at 31 December 2024 was approximately 3.0x (31 December 2023: 2.8x).
The value of the annuities held by the TWPS are set equal to the value of the liabilities which these annuities match. All other fair values are provided by the fund managers and collated by Northern Trust
as custodian, who independently price the securities from their preferred vendor sources where the data is publicly available and rely on investment manager data where this information is not available.
Where available, the fair values are quoted prices (e.g. listed equity). Unlisted investments (e.g. private equity) are included at values provided by the fund manager in\u00a0accordance with relevant guidance.
Other signi\ufb01cant assets are valued based on observable inputs.
There are no investments in respect of the Group\u2019s own securities.The table below details the movements in the TWPS pension liability and assets recorded through the income statement and other comprehensive income.
2024
2023
Asset/(liability)
Asset/(liability)
Present value
Fair value of
recognised on
Present value
Fair value of
recognised on
of obligation
scheme assets
balance sheet
of obligation
scheme assets
balance sheet
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(1,679.8)
1,653.5
(26.3)
(1,675.9)
1,646.3
(29.6)
Administration expenses
\u2013
(3.1)
(3.1)
\u2013
(3.3)
(3.3)
Interest (expense)/income
(74.7)
73.6
(1.1)
(80.3)
79.0
(1.3)
Total amount recognised in income statement
(74.7)
70.5
(4.2)
(80.3)
75.7
(4.6)
Remeasurement (loss)/gain on scheme assets
\u2013
(98.5)
(98.5)
\u2013
29.7
29.7
Change in demographic assumptions
(1.0)
\u2013
(1.0)
27.1
\u2013
27.1
Change in financial assumptions
104.1
\u2013
104.1
(34.9)
\u2013
(34.9)
Experience gain
1.3
\u2013
1.3
(29.5)
\u2013
(29.5)
Adjustment to liabilities for IFRIC 14
(4.5)
\u2013
(4.5)
8.4
\u2013
8.4
Total remeasurements in other comprehensive income
99.9
(98.5)
1.4
(28.9)
29.7
0.8
Employer contributions
\u2013
7.1
7.1
\u2013
7.1
7.1
Employee contributions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Benefit payments
110.3
(110.3)
\u2013
105.3
(105.3)
\u2013
At 31 December
(1,544.3)
1,522.3
(22.0)
(1,679.8)
1,653.5
(26.3)
2024
2023
Accounting valuation
\u00a3m
\u00a3m
Fair value of scheme assets
1,522.3
1,653.5
Present value of scheme obligations
(1,432.1)
(1,576.8)
Surplus in scheme
90.2
76.7
IFRIC 14 limitation on recognition of surplus
(112.2)
(103.0)
Deficit after IFRIC 14 adjustment
(22.0)
(26.3)
Risks and risk management
The TWPS, in common with the majority of such de\ufb01ned bene\ufb01t pension schemes in the UK, has a number of areas of risk. These areas of risk, and the ways in which the Group has sought to manage them,
are set out in the table below.
The risks are considered from both a funding perspective, which drives the cash commitments of the Group, and from an accounting perspective, i.e. the extent to which such risks affect the amounts recorded
in the consolidated \ufb01nancial statements.
Although investment decisions in the UK are the responsibility of the TWPS Trustee, the Group takes an active interest to ensure that the pension scheme risks are managed ef\ufb01ciently. The Group has regular
meetings with the Trustee to discuss investment performance, regulatory changes and proposals to actively manage the position of the TWPS.
Risk
Description
Asset volatility
The TWPS strategy remains well diversified through its exposure to a range of asset classes, including volatility-controlled equities, direct loans, government bonds and a broad spectrum of corporate bonds
and other fixed income exposures. The TWPS invests across a number of managers to reduce manager concentration risk.
The TWPS does not target a specific asset allocation but instead bases its strategic asset allocation on the return objectives and risk constraints agreed upon by the Trustee. In response to the significant
increases in bond yields over 2022, the Trustee took prudent steps to ensure that the TWPS continued to have sufficient collateral in support of the liability-hedging programme. During the course of 2023 and
2024, the Company and Trustee rebalanced the portfolio into more liquid assets with the appointment of three new managers during the period, with all three having daily dealing terms and which are reflected
in the asset allocation at the end of the reporting period.
Changes in
Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in bond and liability-matching derivatives offers a significant degree of matching, i.e. the movement in assets
bond\u00a0yields
arising from changes in bond yields substantially matches the movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced.
Investing in
To maintain appropriate diversification of investments within the TWPS assets and to take advantage of overseas investment returns, a proportion of the underlying investment portfolio is invested overseas.
foreign currency
To balance the risk of investing in foreign currencies while having an obligation to settle benefits in Sterling, a currency hedging programme, using forward foreign exchange contracts, has been put in place
to reduce the currency exposure of these overseas investments to the targeted level.
Asset/liability
In order to manage the TWPS\u2019 economic exposure to interest rates and inflation rates, a liability-hedging programme has been put in place. Derivatives are used to hedge changes in the TWPS\u2019 assets from
mismatch
changes in its liabilities, substantially reducing asset/liability mismatch risk. However, it is only possible to target matching of the assets with the liabilities assessed on one measure. Due to its relevance in driving
Company contributions, the current policy is to assess the matching against the TWPS\u2019 long term funding basis. This can lead to a slight mismatch between the assets and the liabilities assessed on the
Company\u2019s accounting basis, in particular if\u00a0there is a change in corporate bond yield spreads.
Risk
Description
Liquidity
The TWPS requires sufficient liquidity to meet benefit payments, and to ensure sufficient collateral to support the liability-hedging programme. In response to the market volatility experienced in Q3/Q4 2022,
the Trustee updated its processes to ensure that the TWPS holds sufficient assets within the liability-hedging programme to cover the impact of a further 4.0% increase in yields. The manager of the
liability-hedging programme also has direct access to further liquid assets should they be required.
Across the portfolio, the TWPS has liquid assets which could be sold at short notice if required. In particular, 67% are managed in either segregated accounts or daily/weekly dealt pooled funds and can be
realised within a few business days under normal market conditions, and 16% are invested in pooled funds with monthly redemption dates. Of the remaining assets, 1% could be redeemed within
approximately six to nine months of notification in normal market conditions, and the rest are made up of illiquid assets including insurance policies and illiquid debt (which includes direct lending bonds).
Life expectancy
The majority of the TWPS obligations are to provide a pension for the life of the member on retirement, so increases in life expectancy will result in an increase in the TWPS\u2019 liabilities. The inflation-linked nature
of the majority of benefit payments from the TWPS increases the sensitivity of the liabilities to changes in life expectancy. During 2014, the Group reached agreement with Partnership Life Assurance Company
Limited (now Just Group plc) to insure the benefits of 10% of members with the greatest anticipated liabilities through a medically underwritten buy-in. By insuring these members, the Group has removed more
than 10% of longevity risk from the TWPS by significantly reducing the longevity risk in relation to a large proportion of the liabilities.
Climate risk
The TWPS Trustee recognises that climate change is a financial risk affecting the TWPS assets. The TWPS Trustee integrates the monitoring of appropriate climate risk metrics into its risk management
framework and considers these metrics when making investment decisions. The TWPS Trustee requires its appointed investment managers to integrate climate change risks and opportunities into their
investment processes as applied to the assets of the TWPS.
Responsible
The TWPS Trustee recognises that environmental, social and governance (ESG) risks can be financially material risks and should be considered as part of the TWPS\u2019 investment strategy. The TWPS Trustee
investment
has adopted a responsible investment policy and considers ESG risks when making investment decisions. The TWPS Trustee also has a programme of regular dialogue with its investment managers, with
a particular focus on the TWPS Trustee\u2019s key themes of Climate Change and Diversity, Equity and Inclusion. The TWPS Trustee expects its investment managers to have robust ESG, climate change and
stewardship policies and processes in place and challenges its managers where deficiencies or areas for further improvement are identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "22
Provisions
Cladding
fire safety
Leasehold
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
208.7
23.5
58.1
290.3
Additions
\u2013
\u2013
24.3
24.3
Utilisation
(16.8)
(4.0)
(7.0)
(27.8)
Released
\u2013
\u2013
\u2013
\u2013
Foreign exchange
\u2013
\u2013
(0.1)
(0.1)
At 31 December 2023
191.9
19.5
75.3
286.7
Additions
88.0
\u2013
5.8
93.8
Utilisation
(28.5)
(5.6)
(7.7)
(41.8)
Released
(19.1)
\u2013
(12.7)
(31.8)
Foreign exchange
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2024
232.3
13.9
60.5
306.7
2024
2023
\u00a3m
\u00a3m
Current
161.7
124.9
Non-current
145.0
161.8
31 December
306.7
286.7
In 2018, the Group established an exceptional provision for the cost of replacing ACM on a small
number of legacy developments, which has been increased since then to re\ufb02ect the latest estimates
of costs to complete the planned works as well as the requirements of the Government\u2019s Building
Safety Pledge for Developers (see Note 6). It is expected that around 45% of the remaining provision
will be utilised over the next 12 months.
In 2017, the Group launched a leasehold assistance scheme to help certain customers restructure
their ground rent agreements with their freeholder and established an associated provision of
\u00a3130.0 million to fund this. Following the agreement of voluntary undertakings with the CMA, the
Group expects that the majority of the remaining provision will be utilised within the next 12 months.
Other provisions consist of a remedial work provision covering various obligations on a limited
number of sites across the Group. Other provisions also include amounts for legal claims and other
contract-related costs associated with various matters arising across the Group, the majority of
which are anticipated to be settled within a three-year period; however, there is some uncertainty
regarding the timing of these out\ufb02ows due to the nature of the claims and the length of time it can
take to reach settlement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "23
Share capital
2024
2023
\u00a3m
\u00a3m
Authorised:
22,200,819,176 (2023: 22,200,819,176) ordinary shares of 1p\u00a0each
222.0
222.0
1,158,299,201 (2023: 1,158,299,201) deferred ordinary shares of\u00a024p each
278.0
278.0
31 December
500.0
500.0
Number of
Number of deferred
ordinary shares
ordinary shares
\u00a3m
Issued and fully paid:
31 December 2023
3,556,985,103
1,065,566,274
291.3
31 December 2024
3,556,985,103
1,065,566,274
291.3
During the year, the Company issued nil (2023: nil) ordinary shares to satisfy option exercises.
The Company has two classes of shares:
\u2022 Ordinary shares of 1p, each of which carries the right to one vote at general meetings of
the\u00a0Company and such other rights and obligations as are set out in the Company\u2019s Articles
of Association.
\u2022 Deferred ordinary shares of 24p, which carry no voting rights and no entitlement to any dividend.
The deferred ordinary shares were issued as part of a capital reorganisation in 2009 and have not
subsequently changed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "23
Share capital
2024
2023
\u00a3m
\u00a3m
Authorised:
22,200,819,176 (2023: 22,200,819,176) ordinary shares of 1p\u00a0each
222.0
222.0
1,158,299,201 (2023: 1,158,299,201) deferred ordinary shares of\u00a024p each
278.0
278.0
31 December
500.0
500.0
Number of
Number of deferred
ordinary shares
ordinary shares
\u00a3m
Issued and fully paid:
31 December 2023
3,556,985,103
1,065,566,274
291.3
31 December 2024
3,556,985,103
1,065,566,274
291.3
During the year, the Company issued nil (2023: nil) ordinary shares to satisfy option exercises.
The Company has two classes of shares:
\u2022 Ordinary shares of 1p, each of which carries the right to one vote at general meetings of
the\u00a0Company and such other rights and obligations as are set out in the Company\u2019s Articles
of Association.
\u2022 Deferred ordinary shares of 24p, which carry no voting rights and no entitlement to any dividend.
The deferred ordinary shares were issued as part of a capital reorganisation in 2009 and have not
subsequently changed. 24
Share premium
2024
2023
\u00a3m
\u00a3m
At 1 January
777.9
777.9
Shares issued in year
\u2013
\u2013
At 31 December
777.9
777.9
25
Other reserves
Capital
redemption
Translation
Total other
reserve
reserve
Other
reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2023
32.4
9.2
504.0
545.6
Exchange differences on
translation of foreign operations
\u2013
(2.4)
\u2013
(2.4)
Movement in fair value of
hedging instruments
\u2013
1.2
\u2013
1.2
Balance at 31 December 2023
32.4
8.0
504.0
544.4
Exchange differences on
translation of foreign operations
\u2013
(8.8)
\u2013
(8.8)
Movement in fair value of
hedging instruments
\u2013
3.9
\u2013
3.9
Balance at 31 December 2024
32.4
3.1
504.0
539.5
Capital redemption reserve
The capital redemption reserve arose on a redemption of the Company\u2019s shares and is
not distributable.
Translation reserve
The translation reserve consists of exchange differences arising on the translation of overseas
operations. It also includes changes in the fair value of hedging instruments where such
instruments are designated and effective as hedges of investment in overseas operations.
Other reserves
\u00a3499.1 million of other reserves arose on the cash box placing that occurred in June 2020
and quali\ufb01ed for merger relief under Section 612 of the Companies Act 2006.26
Own shares
\u00a3m
Balance at 1 January 2023
43.1
Disposed of on exercise of options
(13.4)
Balance at 31 December 2023
29.7
Own shares acquired
4.0
Disposed of on exercise of options
(6.1)
Balance at 31 December 2024
27.6
The own shares reserve represents the cost of shares in Taylor Wimpey plc purchased in the market,
those held as treasury shares and those held by the Taylor Wimpey Employee Share Ownership Trusts
(ESOTs) to satisfy options and conditional share awards under the Group\u2019s share plans.
2024
2023
Number
Number
Ordinary shares held in trust and treasury for bonus,
option and performance award plans
20.6m
21.9m
During the year, Taylor Wimpey plc purchased 3.2 million of its own shares to be held in the ESOTs
(2023: none). The market value of the shares held in the ESOTs and treasury at 31 December 2024
was \u00a325.1 million (2023: \u00a332.2 million) and their nominal value was \u00a30.2 million (2023: \u00a30.2 million).
Dividends on these shares have been waived except for a nominal aggregate amount in pence.
ESOTs are used to hold the Company\u2019s shares which have been acquired on the market. These shares
and those held in treasury are used to meet the valid exercise of options and/or vesting of conditional
awards and/or award of shares under the Executive Incentive Scheme, Bonus Deferral Plan,
Performance Share Plan, Savings-Related Share Option Scheme and the matching award of shares
under the Share Incentive Plan.
The ESOTs\u2019 entire holding of shares and those held in treasury at 31 December 2024 and
31 December 2023 were covered by outstanding options and conditional awards over shares
at those dates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "24
Share premium
2024
2023
\u00a3m
\u00a3m
At 1 January
777.9
777.9
Shares issued in year
\u2013
\u2013
At 31 December
777.9
777.9
", "dimensions": { "concept": "taylorwimpeyplc:DisclosureOfSharePremiumTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "25
Other reserves
Capital
redemption
Translation
Total other
reserve
reserve
Other
reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2023
32.4
9.2
504.0
545.6
Exchange differences on
translation of foreign operations
\u2013
(2.4)
\u2013
(2.4)
Movement in fair value of
hedging instruments
\u2013
1.2
\u2013
1.2
Balance at 31 December 2023
32.4
8.0
504.0
544.4
Exchange differences on
translation of foreign operations
\u2013
(8.8)
\u2013
(8.8)
Movement in fair value of
hedging instruments
\u2013
3.9
\u2013
3.9
Balance at 31 December 2024
32.4
3.1
504.0
539.5
Capital redemption reserve
The capital redemption reserve arose on a redemption of the Company\u2019s shares and is
not distributable.
Translation reserve
The translation reserve consists of exchange differences arising on the translation of overseas
operations. It also includes changes in the fair value of hedging instruments where such
instruments are designated and effective as hedges of investment in overseas operations.
Other reserves
\u00a3499.1 million of other reserves arose on the cash box placing that occurred in June 2020
and quali\ufb01ed for merger relief under Section 612 of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "26
Own shares
\u00a3m
Balance at 1 January 2023
43.1
Disposed of on exercise of options
(13.4)
Balance at 31 December 2023
29.7
Own shares acquired
4.0
Disposed of on exercise of options
(6.1)
Balance at 31 December 2024
27.6
The own shares reserve represents the cost of shares in Taylor Wimpey plc purchased in the market,
those held as treasury shares and those held by the Taylor Wimpey Employee Share Ownership Trusts
(ESOTs) to satisfy options and conditional share awards under the Group\u2019s share plans.
2024
2023
Number
Number
Ordinary shares held in trust and treasury for bonus,
option and performance award plans
20.6m
21.9m
During the year, Taylor Wimpey plc purchased 3.2 million of its own shares to be held in the ESOTs
(2023: none). The market value of the shares held in the ESOTs and treasury at 31 December 2024
was \u00a325.1 million (2023: \u00a332.2 million) and their nominal value was \u00a30.2 million (2023: \u00a30.2 million).
Dividends on these shares have been waived except for a nominal aggregate amount in pence.
ESOTs are used to hold the Company\u2019s shares which have been acquired on the market. These shares
and those held in treasury are used to meet the valid exercise of options and/or vesting of conditional
awards and/or award of shares under the Executive Incentive Scheme, Bonus Deferral Plan,
Performance Share Plan, Savings-Related Share Option Scheme and the matching award of shares
under the Share Incentive Plan.
The ESOTs\u2019 entire holding of shares and those held in treasury at 31 December 2024 and
31 December 2023 were covered by outstanding options and conditional awards over shares
at those dates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "27
Notes to the cash \ufb02ow statement
Cash and cash equivalents comprise cash at bank and other short term highly liquid investments with
an original maturity of three months or less.
Movement in net cash
Cash and cash
Bank and
Total
equivalents
other loans
net cash
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2023
952.3
(88.5)
863.8
Net cash flow
(185.8)
\u2013
(185.8)
Foreign exchange
(1.6)
1.5
(0.1)
Balance at 31 December 2023
764.9
(87.0)
677.9
Net cash flow
(113.5)
\u2013
(113.5)
Foreign exchange
(4.0)
4.4
0.4
Balance at 31 December 2024
647.4
(82.6)
564.8
For movements in lease liabilities in the year see Note 19. Inventory working capital movements in the
cash \ufb02ow statement include the related movements in land debtors and land\u00a0creditors. ", "dimensions": { "concept": "taylorwimpeyplc:DisclosureOfMovementInNetCashTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "28
Contingent liabilities and capital commitments
The Group in the normal course of business has given guarantees and entered into counter-indemnities
in respect of bonds relating to the Group\u2019s own contracts and has given guarantees in respect of
the Group\u2019s share of certain contractual obligations of joint ventures. The possibility of any out\ufb02ow
in settlement for these is considered to be remote.
The Group has entered into counter-indemnities in the normal course of business in respect of
performance bonds.
Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions
in progress. The Group takes legal advice as to the likelihood of success of claims and actions
and no provision is made where the Directors consider, based on that advice, that the action is
unlikely to succeed.
The Group has no material contingent liabilities or capital commitments at 31 December 2024
(2023: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "29
Share-based payments
Equity-settled share option plan
Details of equity-settled share-based payment arrangements are set out in the Remuneration Committee report on pages 136 to 159. The tables below show the movements in the schemes in the year as well
as their weighted average exercise price (WAEP).
2024
2023
Sharesave (SAYE)
Options
WAEP (in \u00a3)
Options
WAEP (in \u00a3)
Outstanding at the beginning of the year
25,913,136
0.91
29,408,740
0.95
Granted during the year
3,809,591
1.25
7,746,227
0.91
Forfeited during the year
(2,727,832)
0.94
(7,516,682)
1.03
Exercised during the year
(2,173,207)
0.99
(3,725,149)
0.98
Outstanding at the end of the year
24,821,688
0.96
25,913,136
0.91
Exercisable at the end of the year
1,128,215
1.33
2,294,076
1.00
The remaining Sharesave options outstanding at 31 December 2024 had a range of exercise prices from \u00a30.83 to \u00a31.42 (2023: \u00a30.83 to \u00a31.42) and a weighted average remaining contractual life of 2.44 years
(2023: 2.91 years).
2024
2023
Share Incentive Plan (SIP)
Options
WAEP (in \u00a3)
Options
WAEP (in \u00a3)
Outstanding at the beginning of the year
7,275,770
\u2013
7,288,698
\u2013
Granted during the year
1,459,860
\u2013
1,866,218
\u2013
Forfeited during the year
(511,476)
\u2013
(883,601)
\u2013
Exercised during the year
(804,526)
\u2013
(995,545)
\u2013
Outstanding at the end of the year
7,419,628
\u2013
7,275,770
\u2013
Exercisable at the end of the year
3,444,567
\u2013
3,419,633
\u2013
The table above represents shares that are granted to employees on a matching basis; when the employee joins the scheme, purchased shares are matched on a 1:1 basis and these awards do not expire.
2024
2023
Performance Share Plan (PSP)
Options
WAEP (in \u00a3)
Options
WAEP (in \u00a3)
Outstanding at the beginning of the year
5,878,715
\u2013
10,543,277
\u2013
Granted during the year
1,853,039
\u2013
2,019,637
\u2013
Forfeited during the year
(1,325,810)
\u2013
(4,845,594)
\u2013
Exercised during the year
(642,003)
\u2013
(1,838,605)
\u2013
Outstanding at the end of the year
5,763,941
\u2013
5,878,715
\u2013
Exercisable at the end of the year
\u2013
\u2013
\u2013
\u2013
The conditional awards outstanding at 31 December 2024 had a weighted average remaining contractual life of 1.75 years (2023: 1.77 years).
The average share price at the date of exercise across all options exercised during the period was \u00a31.42 (2023: \u00a31.25). For share plans granted during the current and preceding year, the fair value of the
awards at the grant date was determined as follows:
Share awards with
Share awards with
no market conditions
market conditions
2024
2023
2024
2023
Model
Binomial
Binomial
Monte Carlo
Monte Carlo
Weighted average share price
\u00a31.58
\u00a31.17
\u00a31.39
\u00a31.28
Weighted average exercise price
\u00a30.97
\u00a30.79
Nil
Nil
Expected volatility
31%
36%
31%
42%
Expected life
3/5 years
3/5 years
3 years
3 years
Risk-free rate
3.8%
4.4%
4.09%
3.79%
Expected dividend yield
5.79%
7.65%
0.0%
0.0%
Weighted average fair value of options granted in year
\u00a30.64
\u00a30.42
\u00a30.54
\u00a30.76
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the expected term. The expected life used in the model was based on historical exercise patterns.
The Group recognised a share-based payment expense of \u00a312.1 million in the year (2023: \u00a311.1 million), which was composed of \u00a39.2 million in relation to equity settled schemes and \u00a32.9 million in relation to
cash settled elements (2023: \u00a38.9 million and \u00a32.2 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "30
Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been
eliminated on consolidation and are not disclosed in this note. The pension schemes of the Group are
related parties. Arrangements between the Group and its pension schemes are disclosed in Note 21.
Transactions between the Group and its joint ventures are disclosed below. The Group has loans with
joint ventures that are detailed in Note 13.
Taylor Wimpey Scottish Limited Partnership (the \u2018Partnership\u2019) is fully consolidated into these \ufb01nancial
statements and the Group has taken advantage of the exemption available under the Partnerships
(Accounts) Regulations 2008 to not \ufb01le separate accounts for the Partnership.
Trading transactions
During the year, Group sales to joint ventures totalled \u00a326.9 million (2023: \u00a35.2 million) and purchases
totalled \u00a36.3 million (2023: \u00a37.0 million). Interest received from joint ventures was\u00a0\u00a32.1\u00a0million
(2023: \u00a32.0 million). At 31 December 2024, receivables from joint ventures were\u00a0\u00a35.0\u00a0million
(31 December 2023: \u00a345.7 million) and payables were \u00a333.5 million (31\u00a0December 2023: \u00a30.2 million).
Included within the payables balance is \u00a333.0 million (2023: nil) of a cash transfer that occurred in
the year from a joint venture due to that joint venture having a short term excess of cash beyond that
required for its immediate operational purposes, it is returnable to the joint venture on demand and
no interest is due on the balance.
Remuneration of key management personnel
The key management personnel of the Group are the members of the Group Management Team
(GMT) as presented on page 107.
The remuneration information for the Executive Directors is set out in the Remuneration Committee
report on page 146. The aggregate compensation for the other members of the GMT is as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Short term employee benefits
5.0
4.5
Post-employment benefits
0.3
0.3
Total (excluding share-based payments charge)
5.3
4.8
In addition to the amounts above, a share-based payment charge of \u00a31.8 million (2023: \u00a31.0\u00a0million)
related to share options held by members of the GMT.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "Remuneration of key management personnel
The key management personnel of the Group are the members of the Group Management Team
(GMT) as presented on page 107.
The remuneration information for the Executive Directors is set out in the Remuneration Committee
report on page 146. The aggregate compensation for the other members of the GMT is as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Short term employee benefits
5.0
4.5
Post-employment benefits
0.3
0.3
Total (excluding share-based payments charge)
5.3
4.8
In addition to the amounts above, a share-based payment charge of \u00a31.8 million (2023: \u00a31.0\u00a0million)
related to share options held by members of the GMT.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "31
Dividends
\n \n
2024
2023
\u00a3m
\u00a3m
Proposed
Interim dividend 2024: 4.80p (2023: 4.79p) per ordinary share of\u00a01p each
169.9
169.1
Final dividend 2024: 4.66p (2023: 4.79p) per ordinary share of\u00a01p each
165.0
169.4
334.9
338.5
Amounts recognised as distributions to equity holders
Paid
Final dividend 2023: 4.79p (2022: 4.78p) per ordinary share of\u00a01p each
169.5
168.8
Interim dividend 2024: 4.80p (2023: 4.79p) per ordinary share of\u00a01p each
169.9
169.1
339.4
337.9
The Directors recommend a \ufb01nal dividend for the year ended 31 December 2024 of 4.66 pence per
share (2023: 4.79 pence per share) subject to shareholder approval at the Annual General Meeting,
with an equivalent \ufb01nal dividend charge of c.\u00a3165 million based on the number of shares in issue at the
end of the year (2023: \u00a3169.5 million). The \ufb01nal dividend will be paid on 9 May 2025 to all shareholders
registered at the close of business on 28 March 2025.
In accordance with IAS 10 \u2018Events after the Reporting Period\u2019, the proposed \ufb01nal dividend has not
been accrued as a liability at 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "32
Alternative performance measures
The Group uses a number of alternative performance measures (APMs) which are not de\ufb01ned
within UK-adopted international accounting standards. The Directors use these measures in order
to assess the underlying operational performance of the Group and, as such, these measures should
be considered alongside statutory measures. The following APMs are referred to throughout the year
end results.
Pro\ufb01t before taxation and exceptional items and pro\ufb01t for the period before
exceptional items
The Directors consider the removal of exceptional items from the reported results provides more clarity
on the performance of the Group. They are reconciled to pro\ufb01t before tax and pro\ufb01t for the period on
the face of the consolidated income statement.
Operating pro\ufb01t and operating pro\ufb01t margin
Throughout the Annual Report and Accounts, operating pro\ufb01t is used as one of the main measures of
performance. Operating pro\ufb01t is de\ufb01ned as pro\ufb01t on ordinary activities before \ufb01nancing, exceptional
items and tax, after share of results of joint ventures. The Directors consider this to be an important
measure of the underlying performance of the Group. Operating pro\ufb01t margin is calculated as
operating pro\ufb01t divided by total revenue.
2024
2023
Profit on ordinary activities before financing (\u00a3m)
333.9
467.8
Adjusted for:
Share of results of joint ventures (\u00a3m) (Note 13)
(15.9)
2.4
Exceptional items (\u00a3m) (Note 6)
98.2
\u2013
Operating profit (\u00a3m)
416.2
470.2
Revenue (\u00a3m) (Note 4)
3,401.2
3,514.5
Operating profit margin
12.2%
13.4%
Net operating assets
Net operating assets is de\ufb01ned as basic net assets less net cash, excluding net taxation balances
and accrued dividends. Average net operating assets is the average of the opening and closing net
operating assets of the 12-month period. With return on net operating assets, the Directors consider
this to be an important measure of the underlying operating ef\ufb01ciency and performance of the Group.
2024
2023
2022
Basic net assets (\u00a3m)
4,405.2
4,523.4
4,502.1
Adjusted for:
Cash (\u00a3m) (Note 16)
(647.4)
(764.9)
(952.3)
Borrowings (\u00a3m) (Note 17)
82.6
87.0
88.5
Net taxation (\u00a3m)
(23.4)
(21.8)
(18.8)
Accrued dividends (\u00a3m)
\u2013
\u2013
\u2013
Net operating assets (\u00a3m)
3,817.0
3,823.7
3,619.5
Average basic net assets (\u00a3m)
4,464.3
4,512.8
Average net operating assets (\u00a3m)
3,820.4
3,721.6
Return on net operating assets
Return on net operating assets is de\ufb01ned as rolling 12-month operating pro\ufb01t divided by the average of
opening and closing net operating assets. The Directors consider this to be an important measure of
the underlying operating ef\ufb01ciency and performance of the Group.
2024
2023
Operating profit (\u00a3m)
416.2
470.2
Average net operating assets (\u00a3m)
3,820.4
3,721.6
Return on net operating assets
10.9%
12.6%
Tangible net assets per share
This is calculated as net assets before any accrued dividends, excluding intangible assets, divided
by the number of ordinary shares in issue at the end of the period. The Directors consider this to be
a good measure of the value intrinsic within each ordinary share.
2024
2023
Basic net assets (\u00a3m)
4,405.2
4,523.4
Adjusted for:
Intangible assets (\u00a3m) (Note 11)
(1.5)
(2.6)
Tangible net assets (\u00a3m)
4,403.7
4,520.8
Ordinary shares in issue (millions)
3,557.0
3,557.0
Tangible net assets per share (pence)
123.8
127.1
Adjusted basic and diluted earnings per share
This is calculated as earnings attributed to shareholders of the Parent, excluding exceptional items and
tax on exceptional items, divided by the weighted average number of shares in issue during the period.
The Directors consider this provides an important measure of the underlying earnings capacity of the
Group. Note 10 shows a reconciliation from basic and diluted earnings per share to adjusted basic
and diluted earnings per share.
Net operating asset turn
This is de\ufb01ned as 12-month rolling total revenue divided by the average of opening and closing net
operating assets. The Directors consider this to be a good indicator of how ef\ufb01ciently the Group is
utilising its assets to generate value for shareholders.
2024
2023
Revenue (\u00a3m) (Note 4)
3,401.2
3,514.5
Average net operating assets (\u00a3m)
3,820.4
3,721.6
Net operating asset turn
0.89
0.94
Net cash
Net cash is de\ufb01ned as total cash less total borrowings (bank and other loans). This is considered by the
Directors to be the best indicator of the \ufb01nancing position of the Group. This\u00a0is reconciled in Note 27.
Cash conversion
This is de\ufb01ned as cash generated from operations, which excludes payments relating to exceptional
charges, divided by operating pro\ufb01t on a rolling 12-month basis. The Directors consider this measure
to be a good indication of how ef\ufb01ciently the Group is turning pro\ufb01t into\u00a0cash.
2024
2023
Cash generated from operations (\u00a3m)
311.7
288.9
Operating profit (\u00a3m)
416.2
470.2
Cash conversion
74.9%
61.4%
Adjusted gearing
This is de\ufb01ned as adjusted net debt divided by basic net assets. The Directors consider this to be
a more representative measure of the Group\u2019s gearing levels. Adjusted net debt is de\ufb01ned as net cash
less land creditors.
2024
2023
Cash (\u00a3m) (Note 16)
647.4
764.9
Loans (\u00a3m) (Note 17)
(82.6)
(87.0)
Net cash (\u00a3m)
564.8
677.9
Land creditors (\u00a3m) (Note 18)
(627.9)
(516.1)
Adjusted net debt (\u00a3m)
(63.1)
161.8
Basic net assets (\u00a3m)
4,405.2
4,523.4
Adjusted gearing
1.4%
(3.6)%
", "dimensions": { "concept": "taylorwimpeyplc:DisclosureOfAlternativePerformanceMeasuresTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "33
Post balance sheet events
There were no material subsequent events affecting the Group after 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }