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"value": "1. ACCOUNTING POLICIES GENERAL INFORMATION Watches of Switzerland Group PLC (the \u2018Company\u2019) is a public limited company, limited by shares, which is listed on the London Stock Exchange and incorporated and domiciled in England and Wales. The address of the registered office is Aurum House, 2 Elland Road, Braunstone, Leicester, LE3 1TT. The Company and its subsidiaries together form the Group. The principal activity of the Group is the retailing of luxury watches and jewellery, both in showrooms and online. At the balance sheet date, the Group was trading from 146 UK and Europe based showrooms, and 47 US based showrooms. The Group mainly trades under five prestigious brands: Watches of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK), Mayors (US) and Betteridge (US), with a complementary jewellery offering. The Consolidated Financial Statements are presented in Pounds Sterling (\u00a3), which is the Group\u2019s presentational currency, and are shown in \u00a3millions to one decimal place. BASIS OF PREPARATION The Consolidated Financial Statements include the financial statements of the Company and its subsidiary undertakings made up to 30 April 2023. A subsidiary is an entity that is controlled by the parent. The financial year represents the 52 weeks to 30 April 2023 (prior financial year 52 weeks to 1 May 2022). The financial year-end date is determined to be the Sunday closest to 30 April each year. The Financial Statements are prepared in accordance with UK adopted international accounting standards. The Consolidated Financial Statements have been prepared under the historical cost convention except for pension assets which are measured at fair value. GOING CONCERN The Directors consider that the Group has, at the time of approving the Consolidated Financial Statements, adequate resources to remain in operation for the foreseeable future and have therefore continued to adopt the going concern basis in preparing the consolidated information. At the balance sheet date, the Group had a total of \u00a3170.0 million in available committed facilities, of which \u00a3120.0 million was drawn down. Net cash at this date was \u00a316.4 million with liquidity headroom (defined as unrestricted cash plus undrawn available facilities) of \u00a3171.6 million. The $60.0 million US Asset Backed Loan (ABL) expired in April 2023, and the main UK bank facility of \u00a3170.0 million was due to expire in June 2024. Refinancing On 9 May 2023 the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid and extinguished on this date. As a result, the going concern assessment has been carried out using the new \u00a3225.0 million facility now in place. The key covenant tests attached to the Group\u2019s facilities, are a measure of net debt to EBITDA and the Fixed Charge Cover Ratio (FCCR) at each April and October. The new \u00a3225.0 million facility covenants are in line with those previously used, notably on a pre-IFRS 16 basis and excluding share-based payment costs. Net debt to EBITDA is defined as the ratio of total net debt at the reporting date to the last 12 months Adjusted EBITDA. This ratio must not exceed 3. The FCCR is the ratio of Adjusted EBITDA plus rent to the total finance charge and rent for the 12 months to the reporting date. This ratio must exceed 1.6. At 30 April 2023 the Group comfortably satisfied the covenant tests with net debt to EBITDA being less than 3 and the FCCR exceeding 1.6. In assessing whether the going concern basis of accounting is appropriate, the Directors have reviewed various trading scenarios for the period to 31 October 2024 from the date of this report. These included: \u2013 The budget approved by the Board in May 2023. The budget assumes that the more challenging trading environment of the second half of FY23 will continue into the first half of FY24. Further key assumptions include: \u2013 A continued strong luxury watch market in the UK and US \u2013 Revenue forecast supported by expected luxury watch supply \u2013 Increased cost base in line with macroeconomic environment and environmental targets The budget aligns to the Guidance given on page 12. Under this budget, the Group has significant liquidity and comfortably complies with all covenant tests to 31 October 2024. \u2013 Reverse stress-testing of cash flows during the going concern period was performed. This determined what level of reduced EBITDA and worst case cash flows would result in a breach of the liquidity or covenant tests. The likelihood of this level of reduced EBITDA is considered remote. \u2013 Severe but plausible scenarios of: \u2013 10% reduction in sales against the budget due to reduced consumer confidence and lower disposable income due to the cost-of-living crisis. This scenario did not include cost mitigations which are given below \u2013 The realisation of material risks detailed within the Principal Risks and Uncertainties on pages 116 to 121 and environmental risks highlighted on pages 98 to 101 Under these scenarios the net debt to EBITDA and the FCCR covenants would be complied with. Should trading be worse than the outlined severe but plausible scenarios, the Group has the following mitigating actions within management\u2019s control: \u2013 Reduction of marketing spend \u2013 Reduction in the level of stock purchases \u2013 Restructuring of the business with headcount and showroom operations savings \u2013 Redundancies and pay freezes \u2013 Reducing the level of planned capex and potential acquisition spend As a result of the above analysis, including potential severe but plausible scenarios, the Board believes that the Group is able to adequately manage its financing and principal risks, and that the Group will be able to operate within the level of its facilities and meet the required covenants for the period to 31 October 2024. For this reason, the Board considers it appropriate for the Group to adopt the going concern basis in preparing the Consolidated Group Financial Statements. CLIMATE CHANGE In preparing the Consolidated Financial Statements management has considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to 31 October 2024 nor the viability of the Group over the next three years (refer to the Viability Statement on page 123). EXCEPTIONAL ITEMS The Group presents as exceptional items on the face of the Consolidated Income Statement those material items of income and expense which, because of the nature or the expected infrequency of the events giving rise to them, merit separate presentation to provide a better understanding of the elements of financial performance in the financial period, so as to assess trends in financial performance. Further details on exceptional items are given within note 4. The presentational format of Exceptional Items has changed since the prior period. Exceptional items are no longer presented in a columnar format in the Consolidated Financial Statements. 1. ACCOUNTING POLICIES (CONTINUED) ALTERNATIVE PERFORMANCE MEASURES (APMS) The Group has identified certain measures that it believes will assist the understanding of the performance of the business. These APMs are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional useful information on the underlying trends, performance and position of the Group and are consistent with how business performance is measured internally. The APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs. The key APMs that the Group uses include: Net margin, Adjusted EBITDA, Adjusted EBIT and Adjusted Earnings Per Share. These APMs are set out in the Glossary on pages 230 to 231, including explanations of how they are calculated and how they are reconciled to a statutory measure where relevant. The Group makes certain adjustments to the statutory profit measures in order to derive many of these APMs. The Group\u2019s policy is to exclude items that are considered non-underlying and exceptional due to their size, nature or incidence, and are not considered to be part of the normal operating costs of the Group. Treatment as an adjusting item provides stakeholders with additional useful information to assess the year-on-year trading performance of the Group but should not be considered in isolation of statutory measures. FOREIGN CURRENCIES The Consolidated Financial Statements are presented in Pounds Sterling (\u00a3), which is the Group\u2019s presentational currency, and are shown in \u00a3millions to one decimal place. The Group includes foreign entities whose functional currencies are not Pounds Sterling (\u00a3). On consolidation, the assets and liabilities of those entities are translated at the exchange rates at the balance sheet date and income and expenses are translated at average rates during the period. Translation differences are recognised in other comprehensive income. Transactions in currencies other than an entity\u2019s functional currency are recorded at the exchange rate on the transaction date, whilst assets and liabilities are translated at exchange rates at the balance sheet date. Exchange differences are recognised in the Consolidated Income Statement. SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Makers (CODMs). The CODMs, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as the Chief Executive Officer and Chief Financial Officer of the Group. The CODMs review the key profit measures Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) and Adjusted Earnings Before Interest and Tax (EBIT), both shown pre-exceptional items and IFRS 16. REVENUE The Group is in the business of selling luxury watches and jewellery and providing ongoing services to our customers, such as repairs and servicing. Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has concluded that it is the principal in its revenue arrangements because it controls the goods or services before transferring them to the customer. In determining the transaction price for the sale of goods, the Group considers the existence of significant financing components. Sale of goods Revenue from sale of goods is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Sale of goods \u2013 retail Sales of goods are recognised when a Group entity sells a product to the customer and control of the goods is transferred to the customer. Retail sales are usually settled in cash or by card. It is the Group\u2019s policy to sell its products to the retail customer with a right to return within 14 days for a cash refund and 30 days for a product exchange. The Group does not operate any loyalty programmes. Service and non-service performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. No expense is recognised for awards that do not ultimately vest because of non-market performance and/or service conditions that have not been met. The social security contributions payable in connection with the award of the share options is determined at each balance sheet date as a liability with the total cost recognised in the Consolidated Income Statement over the vesting period. Own shares held Own shares represent the shares of Watches of Switzerland Group PLC that are held in an Employee Benefit Trust which has been set up for this purpose. The Company adopts a \u2018look-through\u2019 approach which, in substance, accounts for the trust as an extension of the Company. Own shares are recorded at cost and are deducted from equity. Taxation Taxation, comprised of current and deferred tax, is charged or credited to the Consolidated Income Statement unless it relates to items recognised in other comprehensive income or directly in equity. In such cases, the related tax is also recognised in other comprehensive income or directly in equity. Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is not recognised in respect of investments in subsidiaries where the reversal of any taxable temporary differences can be controlled and are unlikely to reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 \u2018Financial Instruments\u2019, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Where sales are made on credit provided by a third party, revenue is recognised immediately on sale of the product and control has been passed to the customer. The Group offers Interest Free Credit on certain goods and the cost of this product is netted against revenue. Sale of goods \u2013 online Revenue from the sale of goods on the internet is recognised at the point that control has passed to the customer, which is the point of delivery. Transactions are settled by credit or payment card. Where sales are made on credit provided by a third party, revenue is recognised when control has been passed to the customer, on delivery. Rendering of services Revenue from a contract to provide services, such as product repairs and servicing, is recognised in the period in which the services are provided. Revenue is recognised when the following conditions are satisfied: \u2013 The amount of revenue can be measured reliably \u2013 It is probable that the Group will receive the consideration due under the contract \u2013 The service has been completed and \u2013 Control of the good is passed back to the customer Contract balances \u2013 customer deposits and gift cards A customer deposit or gift card liability is the obligation to transfer goods or services to a customer for which the Group has received consideration. If consideration is received before the Group transfers goods or services to the customer, revenue is deferred and a customer deposit or gift card liability is recognised. Customer deposits and gift cards are recognised as revenue when the customer is passed control of the goods. Gift card redemptions are estimated on the basis of historical redemptions and are reviewed regularly and updated to reflect management\u2019s best estimate of patterns of redemption. The estimated non-redemption is recognised in revenue based on historical redemptions. Cost of sales Included within cost of sales are any items which are directly attributable to the sale of goods and services. This includes the cost of bringing inventory into a condition to sell, wages and salaries, depreciation on land and buildings and fittings and equipment and other costs directly attributable to the cost of selling goods and services. Insurance contracts The Group issues contracts that transfer insurance risk which are classified as insurance contracts. This activity is completed through the Aurum Insurance (Guernsey) Limited subsidiary which is fully consolidated. The Group manages its risk via its underwriting strategy within its overall risk management framework. Commission income is earned in showrooms through the sale of insurance policies by Watches of Switzerland Company Limited. Premiums are earned from the date of the attachment of risk, over the indemnity period, based on the pattern of risks underwritten. The earned portion of premiums written is recognised as revenue. Unearned premium represents the proportion of premiums written which is estimated to be earned in future financial years, calculated separately for each insurance contract using the daily pro-rata method. Claims and claims handling expenses are recognised as incurred based on the estimated cost of settling all liabilities arising on events occurring up to the balance sheet date. Share-based payments Some employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The fair value of the equity-settled awards is calculated at grant date using a Black-Scholes model. The resulting cost is charged in the Consolidated Income Statement over the vesting period of the option or award and is regularly reviewed and adjusted for the expected and actual number of options or awards vesting. This applies to LTIP Awards, Deferred Share Bonus Schemes, Share Saving Schemes, and Free Share Awards. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amount to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Intangible assets Research and development Expenditure on research activities is recognised in the Consolidated Income Statement as an expense as incurred. Other intangible assets Expenditure on internally generated goodwill and brands is recognised in the Consolidated Income Statement as an expense as incurred. Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and accumulated impairment losses. The cost of intangible assets acquired in a business combination is capitalised separately from goodwill if the fair value can be measured reliably at the acquisition date. Acquired computer software licences are capitalised based on the costs incurred to acquire and bring to use the specific software. Software is measured initially at acquisition cost or costs incurred to develop the asset. Following initial recognition, software is carried at cost less accumulated amortisation. Assets are amortised on a straight-line basis over their estimated useful lives of three to five years. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Consolidated Income Statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the Consolidated Income Statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Amortisation Amortisation is charged to the Consolidated Income Statement on a straight-line basis over the estimated useful lives of intangible assets. Amortisation is recognised wholly within cost of sales. Intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows: Computer software 3 to 5 years Brands 5 to 30 years Agency agreements 10 years The bases for choosing these useful lives are: \u2013 Brand longevity considering brand history and market awareness \u2013 Agency agreements considering the longevity of the agreements in place with a major supplier The Group reviews the amortisation period and method when events and circumstances indicate that the useful life may have changed since the last reporting date. 1. ACCOUNTING POLICIES (CONTINUED) Property, plant and equipment Management accounts for property, plant and equipment under the cost basis of IAS 16 \u2018Property, plant and equipment\u2019, rather than applying the alternative (revaluation) treatment. The cost of property, plant and equipment includes directly attributable costs. Depreciation is provided on the cost of all other assets (except assets in the course of construction), so as to write off the cost, less residual value, on a straight-line basis over the expected useful economic life of the assets concerned, as follows: Land and buildings Lease period Fittings and equipment 3 to 10 years Useful lives and residual values are reviewed at each balance sheet date and revised where expectations are significantly different from previous estimates. In such cases, the depreciation charge for current and future periods is adjusted accordingly. The impact of climate change on asset lives has also been considered in the period. Asset lives are not affected by climate actions taking place. Impairment of non-financial assets The carrying values of non-financial assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any impairment loss arises, the asset is adjusted to its estimated recoverable amount and the difference is recognised in the Income Statement. Property, plant and equipment and other non-current assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit (CGU) is not recoverable. A CGU is the smallest identifiable group of assets that generate independent cash flows which are monitored by management and the CODMs. The Group consider this to be an individual showroom location or office. CGUs are grouped for the purposes of allocating goodwill where the CGU group is expected to benefit from synergies, such as sharing of centralised functions and management. Goodwill allocated to groups of CGUs is tested annually for impairment and whenever there is an indication that the goodwill may be impaired. Impairment testing is performed at several levels and applied in the order set out by IAS 36 \u2018Impairment of assets\u2019. Impairment testing is first applied to the assets within a CGU where the value of assets held by the CGU are compared to the recoverable value. Impairment testing is then performed at a higher level which compares the value of goodwill to the recoverable value of the associated group of CGUs. Trade and other receivables Trade receivables represent outstanding customer balances less an allowance for Expected Credit Losses (ECLs). Trade receivables are recognised when the Group becomes party to the contract which happens when the goods are received and controlled by the end user. They are derecognised when the rights to receive the cash flows have expired e.g. due to the settlement of the outstanding amount or where the Group has transferred substantially all the risks and rewards associated with that contract. Other receivables are stated at invoice value less an allowance for ECLs. Trade and other receivables are subsequently measured at amortised cost as the business model is to collect contractual cash flows and the debt meets the Solely Payment of Principal and Interest (SPPI) criterion. Expected credit losses The Group recognises an allowance for ECLs for customer and other receivables. IFRS 9 \u2018Financial instruments\u2019 requires a provision to be recognised on origination of a customer advance, based on its ECL. The Directors have taken the simplification available under IFRS 9 5.5.15 which allows the loss amount in relation to a trade receivable to be measured at initial recognition and throughout its life at an amount equal to lifetime ECL. This simplification is permitted where there is either no significant financing component (such as customer receivables where the customer is expected to repay the balance in full prior to interest accruing) or where there is a significant financing component (such as where the customer expects to repay only the minimum amount each month), but the Directors make an accounting policy choice to adopt the simplification. Adoption of The current service cost of the defined benefit scheme, recognised in the Consolidated Income Statement in employee benefit expense, reflects the increase in the defined benefit obligation resulting from employee service in the current period, benefit changes, curtailments and settlements. Past-service costs are recognised immediately in the Consolidated Income Statement. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of scheme assets. This cost is included in employee benefit expense in the Consolidated Income Statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited in other comprehensive income in the period in which they arise. Where the Group has an unconditional right to a refund, it recognises an asset measured as the amount of the surplus at the balance sheet date that is has a right to receive as a refund. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity. The Group does not hold any derivative instruments in either the current or prior period. Financial assets Initial recognition and measurement Financial assets are classified at initial recognition, and subsequently measured at amortised cost, Fair Value through Other Comprehensive Income (FVOCI) or Fair Value through Profit or Loss (FVPL). The classification is based on two criteria: \u2013 The Group\u2019s business model for managing the assets; and \u2013 Whether the instruments\u2019 contractual cash flows represent \u2018Solely Payments of Principal and Interest\u2019 on the principal amount outstanding (the SPPI criterion) A summary of the Group\u2019s financial assets is as follows: Financial assets Classification under IFRS 9 Trade and other receivables (excluding prepayments) Amortised cost \u2013 held to collect as business model and SPPI met Cash and short-term deposits Amortised cost Under IFRS 9 the Group initially measures a financial asset at its fair value plus directly attributable transaction costs, unless the asset is classified as FVPL. Transactional costs of financial assets carried at FVPL are expensed in the Consolidated Income Statement. Subsequent measurement Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest rate (EIR) method. The amortised cost is reduced by impairment losses. Interest income, impairment or gain or loss on derecognition are recognised in profit or loss. Derecognition A financial asset is derecognised primarily when: \u2013 The rights to receive cash flows from the asset have expired; or \u2013 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. this approach means that Significant Increase in Credit Risk (SICR) and Date of Initial Recognition (DOIR) concepts are not applicable to the Group\u2019s ECL calculations. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery, which is the Group\u2019s definition of default. The assessment of credit risk and the estimation of ECL are required to be unbiased, probability-weighted and should incorporate all available information relevant to the assessment, including information about past events, current conditions and reasonable and supportable forecasts of economic conditions at the reporting date. The forward looking aspect of IFRS 9 requires considerable judgement as to how changes in economic factors affect ECLs. ECL charges in respect of customer receivables are recognised in the Consolidated Income Statement within cost of sales. Inventories Inventories are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Raw materials, consumables and goods for resale are recognised on an average cost basis. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Cash and cash equivalents In the Consolidated Balance Sheet, cash and cash equivalents includes cash in hand, cash in transit, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Cash in transit largely comprises amounts receivable on credit cards where the transaction has been authorised but the funds have yet to clear the bank. These balances are considered to be highly liquid, with minimal risk of default, and are typically received in less than three days. Provisions Provisions are recognised when: \u2013 The Group has a present legal or constructive obligation as a result of past events \u2013 It is probable that an outflow of resources will be required to settle the obligation and \u2013 The amount has been reliably estimated. Provisions are not recognised for future operating losses Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as an interest expense. Post-employment benefit obligations The Group operates various post-employment schemes, including both defined benefit schemes and defined contribution pension plans. Typically, defined benefit schemes define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The amount recognised in the Consolidated Balance Sheet in respect of the defined benefit pension scheme is the present value of the defined benefit obligation at the end of the reporting period less the fair value of scheme assets. The defined benefit obligation is calculated by a full yield-curve independent actuarial valuation. The present value of the defined benefit amount is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Impairment The Group recognises an allowance for ECLs for all debt instruments not held at FVPL. The most significant financial assets of the Group are its trade receivables. ECLs are calculated in accordance with the accounting policies set out above. Financial liabilities Initial recognition and measurement The Group has classified its financial liabilities as follows: Financial liabilities Classification under IFRS 9 Interest-bearing loans and borrowings Amortised cost Trade and other payables (excluding accrued income) Amortised cost All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement A summary of the subsequent measurement of financial liabilities is set out below: Financial liabilities at FVPL Subsequently measured at fair value. Gains and losses are recognised in the Consolidated Income Statement Interest-bearing loans and borrowings Subsequently measured at amortised cost using the EIR method. The EIR amortisation is included in finance costs in the Income Statement Trade and other payables (excluding accrued income) Subsequently measured at amortised cost Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Consolidated Income Statement. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention and ability to settle on a net basis, to realise the assets and settle the liabilities simultaneously. Leases The Group\u2019s lease portfolio is principally comprised of property leases in relation to Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors and Betteridge showrooms, mono-brand boutiques and central offices. The leases typically run for terms between five and 20 years and may include break clauses or options to renew beyond the non-cancellable periods. The majority of the Group\u2019s lease payments are subject to market review, usually every five years, with a number of leases which have annual increases dependent on economic indices. Some lease agreements include rental payments which are contingent on the turnover of the property to which it relates. These payments are excluded from the calculation of the lease liabilities under IFRS 16 \u2018Leases\u2019. Definition of a lease The Group assesses whether a contract is or contains a lease based on the definition of a lease under IFRS 16. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. 1. ACCOUNTING POLICIES (CONTINUED) Leases (continued) Lease liability \u2013 initial recognition The Group recognises right-of-use assets and lease liabilities at the lease commencement date. The lease liabilities are initially measured at the present value of the lease payments that are not yet paid at the commencement date, less any incentives receivable, discounted using the determined incremental borrowing rate applicable to the lease. Lease payments in the measurement of the lease liability comprise: \u2013 Fixed lease payments (including in-substance fixed payments), less any lease incentives \u2013 Variable lease payments such as those that depend on an index or rate (such as RPI), initially measured using the index or rate at the commencement date; and \u2013 Penalty payments for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease The Group discount lease payments to their present value, using its Incremental Borrowing Rate (IBR) at the lease commencement date. IBR applied to each lease is determined by taking into account: \u2013 The risk-free rate based on country specific swap markets \u2013 A credit risk adjustment based on country specific corporate indices; and \u2013 A Group specific adjustment to reflect the Group\u2019s specific borrowing conditions The IBR applied to individual leases ranged from 2.1% to 7.4%. Lease liability \u2013 subsequent measurement Lease liabilities are subsequently measured at amortised cost and are increased to reflect interest on the lease liability (using the effective interest method) and decreased by the lease payments made. Lease liability \u2013 remeasurement Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or market rental review, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a renewal option is reasonably certain to be exercised or a break clause is reasonably certain to be exercised. When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset, unless its carrying amount is reduced to \u00a3nil, in which case any remaining amount is recognised in profit or loss. The Group has applied judgement to determine the lease term for those lease contracts that include a renewal or break option. The assessment of whether the Group is reasonably certain to exercise a renewal option or reasonably certain not to exercise a break option significantly impacts the value of lease liabilities and right-of- use assets recognised on the Balance Sheet and the Consolidated Income Statement. Right-of-use assets \u2013 initial recognition Right-of-use assets are initially measured at cost, which is an amount equal to the corresponding lease liabilities adjusted for any lease payments made at or before the commencement date, dilapidation provisions required, less any lease incentives received. The Group has elected to apply the exemption for short-term leases (leases with a term of less than one year) and low-value assets under IFRS 16, as such not recognising a right-of-use asset and lease liability on the Balance Sheet, but recognising lease payments associated with those leases as an expense on a straight-line basis over the lease term. Where the Group has an obligation for costs to restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019. The estimated costs are included in the related right-of-use asset. Initial direct costs (lease acquisition costs), incurred subsequently to the initial date of application, have been included within the right-of-use asset. Net realisable value of inventories Inventories are stated at the lower of cost and net realisable value, on a weighted average cost basis. Provisions are recognised where the net realisable value is assessed to be lower than cost. The calculation of this provision requires estimation of the eventual sales price and sell-through of goods to customers in the future. A 20% reduction in the showroom sell-through of slow moving stock would impact the net realisable value by c.\u00a33.4m. Impairment of property, plant and equipment and right-of-use assets Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. For the impairment test, the value-in-use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the strategic plan period, the long-term growth rate to be applied beyond this period and the risk-adjusted pre-tax discount rate used to discount those cash flows. The key assumptions relate to sales growth rates and discount rates used to discount the cash flows. Climate risk and near-term environmental actions that the Group is taking, have been considered in future cash flows used in the impairment review. This includes unavoidable future costs such as price increases, together with the cost of mitigating climate risks, and consideration of quantified climate-related risks on future cash flows. Showroom related property, plant and equipment and right-of-use assets are tested for impairment at a showroom-by-showroom level, including an allocation of overheads related to showroom operations. Sensitivity of the key assumptions in relation to impairment are included in note 11. Significant judgements The following are the critical judgements, apart from those involving estimations, that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the Financial Statements: Classification of exceptional items and presentation of non-GAAP measures The Directors exercise their judgement in the classification of certain items as exceptional and outside the Group\u2019s underlying results. The determination of whether an item should be separately disclosed as an exceptional item, non- underlying or non-trading requires judgement on its materiality, nature and incidence, as well as whether it provides clarity on the Group\u2019s underlying trading performance. In exercising this judgement, the Directors take appropriate regard of IAS 1 \u2018Presentation of financial statements\u2019 as well as guidance from the Financial Reporting Council and the European Securities Market Authority on the reporting of exceptional items and APMs. The overall goal of the Directors is to present the Group\u2019s underlying performance without distortion from one-off or non-trading events regardless of whether they are favourable or unfavourable to the underlying result. Further details on exceptional items are provided in note 4. Lease term (IFRS 16) IFRS 16 defines the lease term as the non-cancellable period of a lease together with the options to extend or terminate a lease, if the lessee were reasonably certain to exercise that option. Where a lease includes the option for the Group to terminate the lease before the term end, the Group makes a judgement as to whether it is reasonably certain that the option will or will not be taken. On entering into a lease, the Group assesses how reasonably certain it is to exercise these options. The default position is that the Group will determine that the lease term is to the end of the lease (i.e. will not include break-clauses or options to extend) unless there is clear evidence to the contrary. Right-of-use assets \u2013 subsequent measurement Right-of-use assets are subsequently measured at cost less any accumulated depreciation and impairment losses, adjusted for certain remeasurements of the lease liabilities. Depreciation is calculated on a straight-line basis over the expected useful economic life of a lease which is taken as the lease term. NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS The following standards, amendments and interpretations were applicable for the period beginning 2 May 2022 and were adopted by the Group for the 52-week period ended 30 April 2023. They have not had a significant impact on the Group\u2019s profit for the year, equity or disclosures: \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 The following are new accounting standards and amendments to existing standards that have been published and are applicable for the Group\u2019s accounting periods beginning 1 May 2023 onwards, which the Group has adopted early: \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 The following are new accounting standards and amendments to existing standards that have been published and are applicable for the Group\u2019s accounting periods beginning 1 May 2023 onwards, which the Group has not adopted early: \u2013 IFRS 17 \u2018Insurance Contracts\u2019 \u2013 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2013 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 IFRS 17 \u2018Insurance Contracts\u2019 applies to the Group in relation to the reinsurance of contracts to Aurum Insurance (Guernsey) Limited. A materiality assessment is taking place, however it is not anticipated that the standard will have a material impact on the Group\u2019s Consolidated Financial Statements. The adoption of other standards and amendments noted is not expected to have a material impact on the Group\u2019s Consolidated Financial Statements. Major sources of estimation uncertainty and judgement The preparation of consolidated financial information requires the Group to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Actual results may differ from these estimates. Significant estimates Estimates and underlying assumptions are reviewed by management on an ongoing basis, with revisions recognised in the period in which the estimates are revised and in any future period affected. The areas involving significant risk resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial period are as follows: Post-employment benefit obligations The Group\u2019s accounting policy for the defined benefit pension scheme requires management to make judgements as to the nature of benefits provided by each scheme and thereby determine the classification of each scheme. For the defined benefit scheme, management is required to make annual estimates and assumptions about future returns on classes of scheme assets, future remuneration changes, employee attrition rates, administration costs, changes in benefits, inflation rates, life expectancy and expected remaining periods of service of employees and the determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of these assumptions. Differences arising from actual experiences or future changes in assumptions will be reflected in subsequent periods. Sensitivity of the Group\u2019s defined benefit scheme to movements in key assumptions is set out in note 19. The lease term of each lease is reassessed if there is specific evidence of a change in circumstance such as: \u2013 A decision has been made by the business to exercise a break or option \u2013 The trading performance significantly changes \u2013 Planned future capital expenditure suggests that the option to extend will be taken Discount rates (IFRS 16) The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. Management uses the rate implicit in the lease in relation to the Group\u2019s \u2018Other\u2019 leases and the lessee\u2019s incremental borrowing rate for all property leases. Incremental borrowing rates are determined on entering a lease and depend on the term, country, currency and start date of the lease. The incremental borrowing rate used is calculated based on a series of inputs including: \u2013 The risk-free rate based on country specific swap markets \u2013 A credit risk adjustment based on country specific corporate indices; and \u2013 A Group specific adjustment to reflect the Group\u2019s specific borrowing conditions As a result, reflecting the breadth of the Group\u2019s lease portfolio, judgements on the lease terms and the international spread of the portfolio, there are a large number of discount rates applied to the leases within the range of 2.1% to 7.4%. Substantive substitution rights (IFRS 16) The Group has applied judgement to three (2022: three) contractual agreements and has judged that they do not meet the definition of a lease under IFRS 16. In these cases, the Group has judged that the lessor has a substantive right to substitute the asset and as such, there is no asset identified within the contract. The Group judges that the lessor has the practical ability to substitute; the Group cannot prevent the lessor from proposing the substitution; and the costs of substitution are assessed to be low. If substituted, the lessor is able to give 14 days\u2019 written notice to the Group indicating that the sales area will be changed and the costs incurred to move the sales area would be low to the lessor. As a result, the Group has deemed that the lessor has a substantive right to substitute the asset and as such there is no asset identified within the contract. Given this, the Group does not recognise lease liabilities or right-of-use assets in relation to these leases and continues to account for these on a straight-line basis. Other areas of estimation and judgement include estimation around expected supplier incentives receivable from third parties. Estimates are based on underlying and forecast sales data to anticipate the level of incentive receivable based on targets to be met in the future. Sensitivities to the assumptions for this are not expected to result in a material change in the carrying amount. The amount recognised as a receivable is reviewed regularly and updated to reflect management\u2019s latest best estimate. 2. SEGMENT REPORTING
The key Group performance measures are Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (Adjusted EBITDA) and Adjusted Earnings Before
Interest and Tax (Adjusted EBIT), both shown pre-exceptional items, as detailed below. The segment reporting is disclosed on a pre-IFRS 16 basis reflecting how results
are reported to the Chief Operating Decision Makers (CODMs) and how they are measured for the purposes of covenant testing. Both Adjusted EBITDA and Adjusted
EBIT are APMs and these measures provide stakeholders with additional useful information to assess the year-on-year trading performance of the Group but should not
be considered in isolation of statutory measures.
Adjusted EBITDA represents profit for the period before finance costs, finance income, taxation, depreciation, amortisation, exceptional items presented in the Group\u2019s
Consolidated Income Statement (consisting of exceptional administrative expenses, exceptional finance costs and exceptional impairment) on a pre-IFRS 16 basis. UK
and Europe operating segments are aggregated into one reporting segment, which is reflective of the management structure in place.
52 week period ended 30 April 2023
UK and Europe US Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue 889.9 652.9 \u2013 1,542.8
Net margin 330.0 246.3 \u2013 576.3
Less:
Showroom costs (153.6) (125.6) \u2013 (279.2)
Overheads (47.8) (30.9) (5.4) (84.1)
Showroom opening and closing costs (7.3) (3.4) (0.9) (11.6)
Adjusted EBITDA 121.3 86.4 (6.3) 201.4
Depreciation, amortisation, impairment and loss on disposal of assets (23.2) (13.1) \u2013 (36.3)
Segment profit/(loss)* 98.1 73.3 (6.3) 165.1
Impact of IFRS 16 (excluding interest on leases) 13.7
Net finance costs (23.1)
Exceptional finance costs (note 4) (0.7)
Exceptional reversal of impairment of assets (note 4) 0.7
Exceptional administrative costs (note 4) (0.9)
Profit before taxation for the financial period 154.8
* Segment profit/(loss) is defined as being Earnings Before Interest, Tax, exceptional items and IFRS 16 adjustments (Adjusted EBIT). The segment reporting comparative has been updated to show the new UK and
Europe segment.
52 week period ended 1 May 2022
UK and Europe US Corporate Tot al
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue 809.6 428.4 \u2013 1,238.0
Net margin 306.8 163.8 \u2013 470.6
Less:
Showroom costs (145.3) (81.4) \u2013 (226.7)
Overheads (41.7) (22.6) (9.0) (73.3)
Showroom opening and closing costs (5.3) (3.1) \u2013 (8.4)
Adjusted EBITDA 114.5 56.7 (9.0) 162.2
Depreciation, amortisation, impairment and loss on disposal of assets (23.2) (8.7) \u2013 (31.9)
Segment profit/(loss)* 91.3 48.0 (9.0) 130.3
Impact of IFRS 16 (excluding interest on leases) 13.4
Net finance costs (15.9)
Exceptional reversal of impairment of assets (note 4) 0.4
Exceptional administrative costs (note 4) (2.0)
Profit before taxation for the financial period 126.2
* Segment profit/(loss) is defined as being Earnings Before Interest, Tax, exceptional items and IFRS 16 adjustments (Adjusted EBIT). The segment reporting comparative has been updated to show the new UK and
Europe segment.
Entity-wide revenue disclosures
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
\u00a3m \u00a3m
UK AND EUROPE
Luxury watches 749.6 663.9
Luxury jewellery 67.8 72.4
Other/services 72.5 73.3
Total 889.9 809.6
US
Luxury watches 586.5 382.6
Luxury jewellery 51.4 36.4
Other/services 15.0 9.4
Total 652.9 428.4
GROUP
Luxury watches 1,336.1 1,046.5
Luxury jewellery 119.2 108.8
Other/services 87.5 82.7
Total 1,542.8 1,238.0
\u2018Other/services\u2019 consists of the sale of fashion and classic watches and jewellery, the sale of gifts, servicing, repairs and product insurance.
Information regarding geographical areas, including revenue from external customers, is disclosed above.
No single customer accounted for more than 10% of revenue in any of the financial periods noted above.
2. SEGMENT REPORTING (CONTINUED) Entity-wide non-current asset disclosures 30 April 2023 1 May 2022 \u00a3m \u00a3m UK AND EUROPE Goodwill 121.6 121.6 Intangible assets 5.0 4.8 Property, plant and equipment 100.2 68.7 Right-of-use assets 244.0 191.0 Total 470.8 386.1 US Goodwill 61.2 43.5 Intangible assets 12.6 13.3 Property, plant and equipment 54.2 43.8 Right-of-use assets 115.1 102.6 Total 243.1 203.2 GROUP Goodwill 182.8 165.1 Intangible assets 17.6 18.1 Property, plant and equipment 154.4 112.5 Right-of-use assets 359.1 293.6 Total 713.9 589.3 The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers, Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24. 3. REVENUE The Group\u2019s disaggregated revenue recognised under contracts with customers relates to the following categories and operating segments: 52 week period ended 30 April 2023 Sale of goods Rendering of services Tota \u00a3m \u00a3m \u00a3m UK and Europe 855.4 34.5 889.9 US 641.2 11.7 652.9 Total 1,496.6 46.2 1,542.8 52 week period ended 1 May 2022 Sale of goods Rendering of services Tota \u00a3m \u00a3m \u00a3m UK and Europe 777.5 32.1 809.6 US 420.1 8.3 428.4 Total 1,197.6 40.4 1,238.0 4. EXCEPTIONAL ITEMS Exceptional items are those that in the judgement of the Directors need to be separately disclosed by virtue of their size, nature or incidence, in order to draw the attention of the reader and to show the underlying business performance of the Group. Such items are included within the Income Statement caption to which they relate and are separately disclosed on the face of the Consolidated Income Statement. 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m EXCEPTIONAL IMPAIRMENT OF ASSETS Reversal of impairment of property, plant and equipment (note 11) (i) 0.5 0.4 Reversal of impairment of right-of-use assets (note 12) (i) 0.2 \u2013 Total exceptional reversal of impairment of assets 0.7 0.4 EXCEPTIONAL ADMINISTRATIVE EXPENSES Professional and legal expenses on business combinations (ii) (0.9) (0.5) EXCEPTIONAL ITEMS FOR IPO Share-based payment in respect of the Chief Executive Officer (iii) \u2013 (1.5) Total exceptional administrative costs (0.9) (2.0) EXCEPTIONAL FINANCE COSTS Amortisation of capitalised transaction costs (iv) (0.7) \u2013 Total exceptional items (0.9) (1.6) (i) Reversal of impairment of property, plant and equipment and right-of-use assets During FY23 the estimated \u2018value-in-use\u2019 recoverable amounts were reassessed taking into account FY23 performance and the latest discounted cash flow for each showroom. As a result of improved trading of showrooms previously impaired through exceptional items, an impairment reversal of \u00a30.7m has been made at the year-end. (ii) Professional and legal expenses on business combinations Professional and legal expenses on business combinations completed during the periods have been expensed to the Consolidated Income Statement as an exceptional cost as they are regarded as non-trading, non-underlying costs and are considered to be material by nature. (iii) Exceptional items for IPO Prior to the IPO on 31 May 2019, the CEO was granted a one-off share option award by the principal selling shareholder, over a portion of their shareholding, in recognition of his contribution to the Company up to Admission and to ensure ongoing incentivisation and retention in his role following the IPO. (iv) Amortisation of capitalised transaction costs On 9 May 2023 the Group entered into a new financing arrangement by way of a \u00a3225.0 million multicurrency revolving loan facility. On this date the existing \u00a3120.0 million UK Term Loan and UK RCF of \u00a350.0 million were extinguished. The capitalised transaction fees in relation to the existing facilities have been accelerated through exceptional items. All of these items are considered exceptional as they are linked to unique non-recurring events and do not form part of the underlying trading of the Group. ST 5. OPERATING PROFIT
Group operating profit for continuing operations is stated after charging the below items:
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
\u00a3m \u00a3m
Depreciation of property, plant and equipment (note 11) (32.3) (27.6)
Amortisation of intangible assets (note 10) (3.2) (2.5)
Depreciation of right-of-use assets (note 12) (50.3) (40.6)
Impairment of property, plant and equipment (note 11) (0.4) \u2013
Reversal of impairment of property, plant and equipment \u2013 exceptional items (note 11) 0.5 0.4
Reversal of impairment of right-of-use assets \u2013 exceptional items (note 12) 0.2 \u2013
Inventory recognised as an expense (972.2) (774.4)
Write down of inventories to net realisable value (2.2) (0.9)
FEES PAYABLE TO THE GROUP\u2019S EXTERNAL AUDITOR AND ITS ASSOCIATES IN RESPECT OF:
Audit of these financial statements (0.6) (0.5)
Audit related assurance services (0.1) (0.1)
(0.7) (0.6)
6. EMPLOYEES AND DIRECTORS
Staff costs for continuing operations recognised in operating profit for the Group during the period:
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
\u00a3m \u00a3m
Wages and salaries 126.2 104.7
Social security costs 10.4 8.6
Share-based payments including exceptional costs (note 21) 3.5 3.2
Share-based payments social security costs 0.5 1.1
Pensions costs \u2013 defined contribution schemes (note 19) 3.1 2.1
Pensions costs \u2013 defined benefit scheme (note 19) 0.2 0.2
Total 143.9 119.9
Average number of people (including Executive Directors) employed:
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
Retail staff 2,010 1,756
Services staff 103 94
Administrative staff 665 583
Total 2,778 2,433
Average Full Time Equivalents (FTE) (including Executive Directors) employed:
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
Retail staff 1,898 1,604
Services staff 99 91
Administrative staff 646 558
Total 2,643 2,253
Further disclosure of the amounts paid to key management is included within note 23.
7. FINANCE COSTS AND INCOME
52 week period
ended
30 April 2023
\u00a3m
52 week period
ended
1 May 2022
\u00a3m
FINANCE COSTS
Interest payable on long-term borrowings (5.6) (2.9)
Interest payable on short-term borrowings (0.4) (0.1)
Amortisation of capitalised transaction costs (0.8) (0.7)
Interest on lease liabilities (note 12) (17.2) (12.2)
Net interest expense on net defined benefit liabilities (note 19) \u2013 (0.1)
Total finance costs (24.0) (16.0)
FINANCE INCOME
Bank interest receivable 0.9 \u2013
Net foreign exchange gain on financing activities \u2013 0.1
Total finance income 0.9 0.1
Total net finance cost excluding exceptional items (23.1) (15.9)
On 4 June 2019, the Group entered into a facility consisting of a Term Loan for \u00a3120.0m and a RCF of \u00a350.0m. Interest on the Term Loan, which was fully drawn as at 30
April 2023, was charged at SONIA plus a Credit Adjustment Swap (CAS) charge to compensate for the LIBOR change to SONIA plus 1.75% margin (PY: LIBOR plus
1.75%). The Group is charged at SONIA plus CAS plus 1.50% on the RCF if the facility was drawn down (PY: LIBOR plus 1.50%). The margin on the Term Loan ranges
from 1.75% to 2.80% and the RCF ranges from 1.50% to 2.55% based on the leverage of the Group. The Term Loan facility is unsecured and is cross guaranteed by
subsidiary entities.
Short-term borrowings consist of the RCF noted above and a $60.0m asset backed lending (ABL) facility held in US Dollars. The ABL facility expired in April 2023 and
during the period, interest was charged at US LIBOR plus the margin which ranged from 1.25% to 1.75%. At 30 April 2023 amounts outstanding on the UK revolving
credit facility totalled \u00a3nil (2022: \u00a3nil).
After the period end, on 9 May 2023, the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid
and extinguished on this date.
8. TAXATION
Tax charge for the period
The tax charge for the period is shown below. Tax is made up of current and deferred tax. Current tax is the amount payable on the taxable income in the period and
any adjustments to tax payable in previous periods.
52 week period
ended
30 April 2023
\u00a3m
52 week period
ended
1 May 2022
\u00a3m
CURRENT TAX:
Current UK tax on profits for the period 13.0 14.2
Current US tax on profits for the period 16.5 7.0
Adjustments in respect of prior periods \u2013 UK (1.8) (0.4)
Adjustments in respect of prior periods \u2013 US 0.2 0.2
Total current tax 27.9 21.0
DEFERRED TAX:
Origination and reversal of temporary differences 5.7 5.8
Impact of change in tax rate (0.5) (1.5)
Adjustments in respect of prior periods (0.1) (0.1)
Total deferred tax 5.1 4.2
Tax expense reported in the Income Statement 33.0 25.2
8. TAXATION (CONTINUED)
Factors affecting the tax charge in the period
The tax rate for the current period varied from the standard rate of corporation tax in the UK due to the following factors:
52 week period
ended 30 April 2023
\u00a3m
52 week period
ended 1 May 2022
\u00a3m
Profit before taxation 154.8 126.2
Notional taxation at standard UK corporation tax rate of 19.5% (2022: 19%) 30.2 24.0
Non-deductible expenses 1.4 1.3
Super-deduction on fixed assets (1.9) (0.7)
Overseas tax differentials 4.6 2.4
Current/deferred tax rate difference on current year movements* 0.9 \u2013
Adjustments due to deferred tax rate change** (0.5) (1.5)
Adjustments in respect of prior periods (1.7) (0.3)
Tax expense reported in the Income Statement 33.0 25.2
*This relates to an increase in the current year deferred tax movement as compared to the estimate included in FY22.
**The deferred tax rate change arose due to the blended US state tax increasing in FY23 (to 7.0% from 4.3%). In FY22 the difference arose due to the increase in the UK rate of corporation tax (to 25% from 19%).
Tax recognised in other comprehensive income
In addition to the amount charged to the Consolidated Income Statement, tax movements recognised in other comprehensive income were as follows:
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
\u00a3m \u00a3m
CURRENT TAX:
Foreign exchange difference on translation of foreign operations 0.1 (1.2)
DEFERRED TAX:
Pension benefit obligation (0.1) (0.2)
Tax charge in other comprehensive income \u2013 (1.4)
Deferred tax
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences that arise when the carrying value of assets and liabilities
differs between accounting and tax treatments. Deferred tax assets represent the amounts of income taxes recoverable in the future in respect of those differences,
while deferred tax liabilities represent the amounts of income taxes payable in the future in respect of those differences.
The deferred tax is made up of:
30 April 2023 1 May 2022
\u00a3m \u00a3m
Deferred tax assets 6.2 9.3
Deferred tax liabilities (3.0) (0.4)
Total 3.2 8.9
30 April 2023 1 May 2022
\u00a3m \u00a3m
Accelerated capital allowances (i) (9.8) (3.3)
Non-trade tax losses (ii) 1.2 1.2
Pension benefit obligations (iii) \u2013 0.1
Trade tax losses (iv) 2.7 2.1
Deferred tax on leases (IFRS 16) (v) 5.5 4.7
Share-based payments (vi) 4.0 3.7
Intangible assets (vii) (2.5) (2.7)
Other temporary difference (viii) 2.1 3.1
Total 3.2 8.9
The material amounts are explained below:
(i) The Group has a deferred tax liability for property, plant, equipment and computer software (advanced capital allowances) due to bonus depreciation in the US and
the availability of the super deduction in the UK, reducing the tax value of the assets.
(ii) Non-trade tax losses not utilised as they arise are available for offset against non-trade income in future years.
(iii) The defined benefit pension scheme is in surplus. The surplus will be taxed in future years as it is recovered. In FY22 the Company contributions exceeded the
amounts charged to pension scheme assets during the year.
(iv) The trade tax losses relate to US losses that will be used based on restricted amounts in accordance with US tax legislation.
(v) The deferred tax on leases relates to future deductions arising from IFRS 16 adjustments.
(vi) The asset for share-based payments relates to the market value of the shares accrued at the balance sheet date which will be deductible when the shares vest.
(vii) The liability for intangible assets relates mainly to US goodwill that is deductible for tax purposes and as such the tax value reduces in value compared to the book
value.
(viii) Other temporary differences relate to timing differences whereby costs have been added back in the year but will be deductible in a later year, principally in the US.
The deferred tax movement in the period is as follows:
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
\u00a3m \u00a3m
Balance at 2 May 2022 8.9 14.4
RECOGNISED IN THE INCOME STATEMENT:
Accelerated capital allowances (6.5) (2.4)
Pension benefit obligations \u2013 (0.2)
Movement on unused tax losses 0.6 (2.0)
Non-trade losses available in future years \u2013 (0.3)
Deferred tax on leases (IFRS 16) 0.8 0.7
Share-based payments 0.8 (0.3)
Intangible fixed assets 0.2 (0.4)
Other temporary differences (1.0) 0.7
RECOGNISED IN OTHER COMPREHENSIVE INCOME:
Pension benefit obligations (0.1) (0.2)
RECOGNISED DIRECTLY WITHIN EQUITY:
Share-based payments (0.5) (1.1)
Balance at 30 April 2023 3.2 8.9
The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers,
Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24.
Non-trade losses available in future years have no expiry date and have been fully recognised. They will be fully utilised against future non-trade profits as and when they
arise. In addition to the deferred tax items above, the Group has additional unrecognised gross non-trading tax losses of \u00a34.2m (2022: \u00a34.2m). These are unrecognised
as it is uncertain as to whether the losses will be capable of utilisation. There is no expiry date applicable to the use of these losses.
9. EARNINGS PER SHARE (EPS)
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
BASIC
EPS 51.2p 42.2p
EPS adjusted for exceptional items 51.5p 42.6p
EPS adjusted for exceptional items and pre-IFRS 16 52.7p 41.8p
DILUTED
EPS 50.9p 42.0p
EPS adjusted for exceptional items 51.2p 42.4p
EPS adjusted for exceptional items and pre-IFRS 16 52.3p 41.6p
Basic EPS is based on the profit for the year attributable to the equity holders of the Parent Company divided by the weighted average number of shares.
Diluted EPS is calculated by adjusting the weighted average number of shares used for the calculation of basic EPS as increased by the dilutive effect of potential ordinary
shares.
The following table reflects the profit and share data used in the basic and diluted EPS calculations:
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
\u00a3m \u00a3m
Profit after tax attributable to equity holders of the Parent Company 121.8 101.0
ADD BACK:
Exceptional reversal of impairment of assets, net of tax (0.6) (0.4)
Exceptional administrative expenses, net of tax 0.7 1.5
Exceptional finance costs, net of tax 0.6 \u2013
Profit adjusted for exceptional items 122.5 102.1
Pre-exceptional IFRS 16 adjustments, net of tax 2.7 (2.0)
Profit adjusted for exceptional items and IFRS 16 125.2 100.1
The following table reflects the share data used in the basic and diluted EPS calculations:
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
WEIGHTED AVERAGE NUMBER OF SHARES:
\u2018000 \u2018000
Weighted average number of ordinary shares in issue 237,641 239,483
Weighted average shares for basic EPS 237,641 239,483
Weighted average dilutive potential shares 1,713 1,119
Weighted average shares for diluted EPS 239,354 240,602
The weighted average number of shares takes into account the weighted average effect of changes in own shares during the period. There have been no transactions
involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these Consolidated Financial Statements.
10. INTANGIBLE ASSETS
30 April 2023
Goodwill Brands Agency agreement Computer software Tot al
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
COST
At 2 May 2022 165.1 14.0 2.8 10.5 192.4
Acquired on business acquisition (note 24) 18.2 \u2013 \u2013 \u2013 18.2
Additions \u2013 \u2013 \u2013 2.7 2.7
Foreign exchange differences (0.5) \u2013 \u2013 \u2013 (0.5)
At 30 April 2023 182.8 14.0 2.8 13.2 212.8
ACCUMULATED AMORTISATION AND IMPAIRMENT
At 2 May 2022 \u2013 2.9 1.3 5.0 9.2
Charge for the period \u2013 0.6 0.3 2.3 3.2
At 30 April 2023 \u2013 3.5 1.6 7.3 12.4
NET BOOK VALUE
At 30 April 2023 182.8 10.5 1.2 5.9 200.4
At 1 May 2022 165.1 11.1 1.5 5.5 183.2
1 May 2022
Goodwill Brands Agency agreement Computer software Tot al
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
COST
At 3 May 2021 135.4 10.7 2.5 8.8 157.4
Additions \u2013 \u2013 \u2013 2.2 2.2
Acquired on business acquisition (note 24) 26.7 2.2 \u2013 \u2013 28.9
Disposals \u2013 \u2013 \u2013 (0.6) (0.6)
Foreign exchange differences 3.0 1.1 0.3 0.1 4.5
At 1 May 2022 165.1 14.0 2.8 10.5 192.4
ACCUMULATED AMORTISATION AND IMPAIRMENT
At 3 May 2021 \u2013 2.2 0.9 3.7 6.8
Charge for the period \u2013 0.4 0.3 1.8 2.5
Disposals \u2013 \u2013 \u2013 (0.6) (0.6)
Foreign exchange differences \u2013 0.3 0.1 0.1 0.5
At 1 May 2022 \u2013 2.9 1.3 5.0 9.2
NET BOOK VALUE
At 1 May 2022 165.1 11.1 1.5 5.5 183.2
At 2 May 2021 135.4 8.5 1.6 5.1 150.6
The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers,
Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24.
The Brand category is formed of intangible assets recognised on the business combinations of Mayors Jewelers, Analog:Shift LLC, and Betteridge.
As at 30 April 2023, the Mayors Jewelers\u2019 brand had a remaining useful economic life of 25 (2022: 26) years, the Analog:Shift brand had a remaining useful economic life
of 2 (2022: 3) years, and the Betteridge brand had a remaining useful life of 9 (2022: 10) years.
The Agency agreement category is solely formed of the intangible assets recognised on the business combination in relation to the showrooms within the Wynn Resorts,
acquired in December 2017. As at 30 April 2023, the Agency agreements had a remaining useful economic life of 5 (2022: 6) years.
10. INTANGIBLE ASSETS (CONTINUED) Impairment tests for goodwill As noted within the accounting policies (note 1), goodwill is allocated between groups of Cash Generating Units (CGUs) for the purposes of impairment testing. CGUs are grouped due to sharing centralised functions and management, and this represents the smallest identifiable group of assets that generate independent cash flows that are monitored by management and the Chief Operating Decision Makers (CODMs). Goodwill is monitored by management based on the categories set out below. Goodwill relating to the Heritage CGU consists of the Goldsmiths, Mappin & Webb and Watches of Switzerland businesses (included in the UK segment) which were purchased as part of the acquisition of Watches of Switzerland Group Limited (formerly Aurum Holdings Limited) in the period to 4 May 2014. Goodwill relating to the Watches of Switzerland (US) CGU consists of a number of US acquisitions which trade as Watches of Switzerland. A summary of the groups of CGUs and allocation of goodwill held by the Group is presented below: 30 April 2023 1 May 2022 \u00a3m \u00a3m Heritage (UK) 121.6 121.6 Watches of Switzerland (US) 24.0 6.3 Betteridge (US) 21.9 21.9 Mayors Jewelers (US) 12.1 12.1 The Wynn Resorts (US) 3.0 3.0 Analog:Shift (US) 0.2 0.2 Total 182.8 165.1 As at each period end, the recoverable amount of all groups of CGUs, owned for greater than 12 months, has been determined based on value-in-use calculations. Value-in-use calculations are underpinned by the Group\u2019s budgets and strategic plans -covering a three-year period, which have regard to historical performance and knowledge of the current market, together with management\u2019s view on the future achievable growth and committed initiatives. The cash flows which derive from the budgets and strategic plans are pre-tax and include ongoing maintenance capital expenditure. Cash flows beyond the three-year period are extrapolated using the estimated long-term growth rates. Other than detailed strategic plans, the key assumptions for the value-in-use calculations are the long-term growth rates and the pre-tax discount rate, which takes into account the impact of IFRS 16 lease liabilities. The UK used a long-term growth rate of 2.0% (2022: 2.0%) and a pre-tax discount rate of 13.7% (2022: 11.3%), and the US used a long-term growth rate of 2.0% (2022: 2.0%) and a pre-tax discount rate of 13.0% (2022: 11.4%). Using these assumptions, no sales growth was required to support the asset values. Sensitivity analysis Whilst management believe the assumptions are realistic, it is possible that an impairment would be identified if any of the above key assumptions were changed significantly. A sensitivity analysis has been performed on each of these key assumptions with other variables held constant. Given ongoing uncertainties in the global economy, management have considered increased sensitivities. Despite this, management have concluded that there are no reasonably possible changes in any key assumptions that would cause the carrying amount of goodwill to exceed the value-in-use. 11. PROPERTY, PLANT AND EQUIPMENT 30 April 2023 Land and buildings Fittings and equipment Tota \u00a3m \u00a3m \u00a3m COST At 2 May 2022 2.7 202.4 205.1 Additions \u2013 75.0 75.0 Disposals (0.2) (12.4) (12.6) Foreign exchange differences \u2013 (0.6) (0.6) At 30 April 2023 2.5 264.4 266.9 ACCUMULATED DEPRECIATION At 2 May 2022 1.8 90.8 92.6 Charge for the period 0.1 32.2 32.3 Impairment \u2013 0.4 0.4 Reversal of impairment \u2013 exceptional items \u2013 (0.5) (0.5) Disposals (0.2) (11.6) (11.8) Foreign exchange differences \u2013 (0.5) (0.5) At 30 April 2023 1.7 110.8 112.5 NET BOOK VALUE At 30 April 2023 0.8 153.6 154.4 At 1 May 2022 0.9 111.6 112.5 1 May 2022 Land and buildings Fittings and equipment Tota \u00a3m \u00a3m \u00a3m COST At 3 May 2021 3.3 162.7 166.0 Additions \u2013 41.0 41.0 Acquired on business acquisition (note 24) \u2013 2.8 2.8 Disposals (0.6) (9.5) (10.1) Foreign exchange differences \u2013 5.4 5.4 At 1 May 2022 2.7 202.4 205.1 ACCUMULATED DEPRECIATION At 3 May 2021 1.8 70.5 72.3 Charge for the period 0.3 27.3 27.6 Impairment/(reversal of impairment) 0.1 (0.1) \u2013 Reversal of impairment \u2013 exceptional items \u2013 (0.4) (0.4) Disposals (0.4) (8.2) (8.6) Foreign exchange differences \u2013 1.7 1.7 At 1 May 2022 1.8 90.8 92.6 NET BOOK VALUE At 1 May 2022 0.9 111.6 112.5 At 2 May 2021 1.5 92.2 93.7 Expenditure on assets in the course of construction at 30 April 2023 was \u00a339.0m (2022: \u00a312.8m). The cost of assets which continue to be used that have a \u00a3nil net book value (excluding impaired assets) total \u00a323.7m (2022: \u00a314.6m). 11. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Impairment of property, plant and equipment and right-of-use assets
For impairment testing purposes, a CGU is defined as the smallest identifiable group of assets that generate independent cash flows which are monitored by management
and the Chief Operating Decision Makers (CODMs). The Group consider this to be an individual showroom location or office. Each CGU is tested for impairment at the
balance sheet date if any indicators of impairment have been identified.
The value-in-use of each CGU is calculated based on the Group\u2019s latest budget and forecast cash flows, covering a three-year period, which have regard to historic
performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth. Cash flows beyond this three-year period are
extrapolated using a long-term growth rate based on management\u2019s future expectations, with reference to forecast GDP growth. These growth rates do not exceed
the long-term growth rate for the Group\u2019s operations in the relevant territory.
The key assumptions in the value-in-use calculations are the growth rates of sales and gross profit margins, long-term growth rates and the risk-adjusted pre-tax discount
rates. Pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of
which include a country risk-free rate, equity risk premium and a risk adjustment (beta). The pre-tax discount rates are 13.7% in the UK and 13.0% in the US. Pre-tax
discount rates are used to discount pre-tax cash flows. The post-tax discount rates, calculated in the same manner as the pre-tax discount rates, are 10.9% in the UK to
10.8% in the US.
During the period, the Group recognised an impairment charge of \u00a30.4m relating to property, plant and equipment. Also during the period, the Group recognised an
impairment reversal of \u00a30.5m through exceptional items in relation to property, plant and equipment and right-of-use assets following an improvement in showroom
performance. The Group reviewed the profitability of its showroom network, taking into account the potential future impact on consumer demand and increased costs.
At 30 April 2023 all showroom asset values are supported by their value-in-use recoverable amount.
As disclosed in the accounting policies (note 1), the cash flows used within the impairment model are based on assumptions which are sources of estimation uncertainty
and small movements in these assumptions could lead to further impairments. Management has performed sensitivity analysis on the key assumptions in the impairment
model using reasonably possible changes in these key assumptions across the showroom portfolio.
Sales growth rates are in line with the growth rate in the Guidance issued (given on page 12). Reducing sales growth by 5.0% in years two and three from the three-year
plan would result in an increase in the impairment charge of \u00a30.8m. A 2.0% increase in the discount rate would increase the impairment charge by \u00a30.5m. In combination,
a 5.0% fall in sales growth from the three-year plan and a 2.0% increase in discount rate would increase the impairment charge by \u00a31.3m. Reasonably possible changes of
the other assumptions would have no further significant impact on the impairment charge.
12. LEASES
Group as a lessee
Right-of-use assets have been grouped into two groups being Properties and Other. Properties are defined as land and buildings leased for our showrooms and offices
which are generally leased for between five and ten years with some office buildings leased for longer. Other leases are mainly motor vehicles which are in general leased
for four years. There are several lease contracts that include extension and termination options and variable lease payments. Management assess the lease term at
inception based on facts and circumstances applicable to each property including the period over which the investment appraisal was initially considered.
Management review the retail lease portfolio on an ongoing basis, taking into account retail performance and future trading expectations. In certain instances, management
may exercise break options, negotiate lease reductions or decide not to negotiate a lease extension at the end of the lease term. The most significant factor impacting
future lease payments are the changes management choose to make to the showroom portfolio.
A number of the retail property leases incur payments based on a percentage of revenue achieved at the location. Changes in future variable lease payments will typically
reflect changes in the Group\u2019s retail revenues. In line with IFRS 16, variable lease payments which are not linked to an index are not included in the lease liability.
The Group also has certain leases with lease terms of 12 months or less and leases of office equipment with low-value. The Group applies the \u2018short-term lease\u2019 and
\u2018lease of low-value assets\u2019 recognition exemptions for these leases.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Right-of-use assets
Properties Other Total
\u00a3m \u00a3m \u00a3m
At 2 May 2022 292.8 0.8 293.6
Additions 101.0 0.7 101.7
Lease surrenders and breaks (9.6) \u2013 (9.6)
Reversal of impairment \u2013 exceptional items 0.2 \u2013 0.2
Depreciation (49.9) (0.4) (50.3)
Leases renewed during the period 14.7 \u2013 14.7
Lease modifications and expansions 10.1 \u2013 10.1
Foreign exchange differences (1.3) \u2013 (1.3)
At 30 April 2023 358.0 1.1 359.1
Right-of-use assets (continued)
Properties Other Total
\u00a3m \u00a3m \u00a3m
At 3 May 2021 253.2 0.5 253.7
Additions 32.2 0.6 32.8
Lease surrenders and breaks (0.2) (0.1) (0.3)
Depreciation (40.4) (0.2) (40.6)
Leases renewed during the period 36.9 \u2013 36.9
Lease modifications and expansions 3.0 \u2013 3.0
Foreign exchange differences 8.1 \u2013 8.1
At 1 May 2022 292.8 0.8 293.6
Set out below are the carrying amounts of lease liabilities and the movements during the period:
Lease liabilities
Properties Other Total
\u00a3m \u00a3m \u00a3m
At 2 May 2022 (339.9) (0.7) (340.6)
Additions (98.6) (0.7) (99.3)
Lease surrenders and breaks 10.4 \u2013 10.4
Interest (17.2) \u2013 (17.2)
Leases renewed during the period (14.3) \u2013 (14.3)
Lease modifications and expansions (9.7) \u2013 (9.7)
Payments 58.8 0.4 59.2
Foreign exchange differences 1.1 \u2013 1.1
At 30 April 2023 (409.4) (1.0) (410.4)
Lease liabilities
Properties Other Total
\u00a3m \u00a3m \u00a3m
At 3 May 2021 (300.9) (0.5) (301.4)
Additions (31.6) (0.6) (32.2)
Lease surrenders and breaks 0.3 0.1 0.4
Interest (12.2) \u2013 (12.2)
Leases renewed during the period (35.3) \u2013 (35.3)
Lease modifications and expansions (3.0) \u2013 (3.0)
Payments 52.7 0.3 53.0
Foreign exchange differences (9.9) \u2013 (9.9)
At 1 May 2022 (339.9) (0.7) (340.6)
12. LEASES (CONTINUED)
The following are the amounts recognised in the Consolidated Income Statement:
52 week period
ended
30 April 2023
52 week period
ended
1 May 2022
\u00a3m \u00a3m
Depreciation expense of right-of-use assets (50.3) (40.6)
Interest expense on lease liabilities (17.2) (12.2)
Gain on lease disposal \u2013 0.1
Reversal of impairment of right-of-use assets 0.2 \u2013
Gain on lease modifications 1.3 0.8
Expense relating to short-term leases (included within cost of sales) (0.7) (0.4)
Variable lease payments (included within cost of sales) (7.0) (7.0)
Total amount recognised in the Consolidated Income Statement (73.7) (59.3)
Rental expense for contracts not in the scope of IFRS 16 totalled \u00a33.5m (2022: \u00a33.2m). Contracts not in the scope of IFRS 16 are contracts that were considered to be
leases under IAS 17 which do not meet the definition under IFRS 16, principally because the supplier is considered to have substantive substitution rights over the
associated assets.
Total cash flows in relation to leases, as defined in IFRS 16, in the 52-week period ended 30 April 2023 are \u00a367.9m (2022: \u00a356.8m). This relates to payments of \u00a342.0m
(2022: \u00a340.8m) of lease principal, \u00a317.2m (2022: \u00a312.2m) of lease interest, \u00a38.0m (2022: \u00a33.4m) of variable lease payments and \u00a30.7m (2022: \u00a30.4m) of other lease
payments principally relating to short-term leases and leases in which tenancy has continued after the lease term has ended.
Maturity analysis of lease liabilities
The below table gives the undiscounted cash flows which relate to the leases recognised in line with IFRS 16:
30 April 2023 1 May 2022
\u00a3m \u00a3m
Within 1 year 63.1 58.5
Between 1 and 2 years 67.9 56.1
Between 2 and 3 years 63.4 53.8
Between 3 and 4 years 59.7 47.3
Between 4 and 5 years 57.4 43.6
Total for the periods thereafter 192.4 139.8
Total 503.9 399.1
As at 30 April 2023, 11 (2022: 10) leases have cash flows that exceed ten years. The value of undiscounted cash flows greater than ten years totals \u00a315.7m (2022: \u00a314.5m).
Future possible cash outflows not included in the lease liability
Some leases contain break clauses to provide operational flexibility. In some instances, the Group has identified certain leases where it is reasonably likely that a break
will be served and as such have reflected this in the term of the lease. Potential future undiscounted lease payments not included in the reasonably certain lease term and
hence not included in lease liabilities total \u00a37.9m (2022: \u00a34.5m).
Future increases or decreases in rentals linked to an index or rate, which is applicable to two properties, are not included in the lease liability until the change in cash
flows takes effect. Approximately 53.8% of leases will be subject to rent reviews in future periods with rental changes linked rent reviews which typically occur on a
five-yearly basis. The Group is committed to payments totalling \u00a382.1m (2022: \u00a351.1m) in relation to leases that have been agreed but have not yet commenced and as
such, do not form part of the lease liability balance and are not included within the maturity analysis above.
Impairment of right-of-use assets
The Group has incurred a net impairment reversal of \u00a30.2m (2022: \u00a3nil) in the year in relation to right-of-use assets. Refer to note 11 for further disclosure relating to
impairment of non-current assets including right-of-use assets.
13. TRADE AND OTHER RECEIVABLES
30 April 2023 1 May 2022
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables 6.6 \u2013 5.1 \u2013
Other receivables 5.5 2.1 9.0 2.7
Allowance for expected credit losses (0.3) \u2013 (0.2) \u2013
11.8 2.1 13.9 2.7
Prepayments 5.9 \u2013 5.7 \u2013
Total 17.7 2.1 19.6 2.7
Included within trade receivables are amounts receivable from third parties which provide credit arrangements with our customers. Prepayments relate mainly to prepaid
property rates and service charges and insurance prepayments, and other receivables relate mainly to supplier incentives receivable. There are no material differences
between the fair values and book values stated above.
Movements on the allowance for expected credit losses (ECLs) for impairment of trade and other receivables are as follows:
30 April 2023 1 May 2022
\u00a3m \u00a3m
Opening balance 0.2 0.2
Increase in allowance \u2013 cost of sales 0.1 0.1
Receivables written off during the period as uncollectable \u2013 (0.1)
Balance at period end 0.3 0.2
14. INVENTORIES
30 April 2023 1 May 2022
\u00a3m \u00a3m
Finished goods 352.3 300.8
Work in progress 3.7 1.8
Inventories 356.0 302.6
The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers,
Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24.
15. CASH AND CASH EQUIVALENTS
30 April 2023 1 May 2022
\u00a3m \u00a3m
Cash at bank and in hand 120.7 95.4
Cash in transit 15.7 10.5
Cash and cash equivalents 136.4 105.9
Included in cash and cash equivalents is restricted cash of \u00a314.8m (2022: \u00a313.8m). Restricted cash is defined as cash controlled by the Group but which is not freely
useable by the Group in day-to-day operations. \u00a314.1m (2022: \u00a39.6m) relates to amounts which are contractually restricted based on third party agreements and required
liquidity reserves, with regard to the Group\u2019s provision of insurance services. As at 30 April 2023, the Group has \u00a30.7m (2022: \u00a34.2m) held in escrow, whereby the cash
is restricted, relating to a business combination.
16. TRADE AND OTHER PAYABLES
30 April 2023 1 May 2022
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables (128.6) \u2013 (112.4) \u2013
Other taxation and social security (14.0) \u2013 (7.2) \u2013
Accruals and deferred income (76.1) (0.9) (80.5) (1.3)
Total (218.7) (0.9) (200.1) (1.3)
Trade payables do not bear interest and are generally settled within 30 to 60 days. Accruals and deferred income do not bear interest.
17. PROVISIONS 30 April 2023 1 May 2022 Current Non-current Current Non-current \u00a3m \u00a3m \u00a3m \u00a3m Dilapidations (1.8) (6.0) (1.0) (4.1) (1.8) (6.0) (1.0) (4.1) Movement of dilapidations provision 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Opening balance (5.1) (3.3) Charged to Income Statement (3.0) (2.1) Utilised 0.3 0.3 Balance at period end (7.8) (5.1) The dilapidations provision comprises obligations for showroom or office remediation costs to be incurred in compliance with applicable legal and environmental regulations together with constructive obligations stemming from established practice once the property leases have expired. The key estimates associated with calculating the provision relate to the cost of repair or replacement to perform the necessary remediation work as at the reporting date together with determining the year of retirement. Estimates are updated annually based on the total estimated remaining life of leases. 18. BORROWINGS 30 April 2023 1 May 2022 \u00a3m \u00a3m NON-CURRENT Term Loan (120.0) (120.0) Associated capitalised transaction costs \u2013 1.4 Total borrowings (120.0) (118.6) Detail on the Group\u2019s borrowing is given in note 7. Analysis of net debt 1 May 2022 Cash flow Non-cash changes 1 Foreign exchange 30 April 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash and cash equivalents 105.9 31.2 \u2013 (0.7) 136.4 Term Loan (120.0) \u2013 \u2013 \u2013 (120.0) Net debt excluding capitalised transaction costs (pre-IFRS 16) (14.1) 31.2 \u2013 (0.7) 16.4 Capitalised transaction costs 1.4 \u2013 (1.4) \u2013 \u2013 Net debt (pre-IFRS 16) (12.7) 31.2 (1.4) (0.7) 16.4 Lease liabilities (340.6) 59.2 (130.1) 1.1 (410.4) Total net debt (353.3) 90.4 (131.5) 0.4 (394.0) 1 Non-cash charges are principally a release of capitalised finance costs and lease liability interest charges, additions and revisions. Cash and cash equivalents consist of cash at bank and in hand of \u00a3120.7m (2022: \u00a395.4m) and cash in transit of \u00a315.7m (2022: \u00a310.5m). On 9 May 2023 the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid and extinguished on this date. The key covenant tests attached to the Group\u2019s facilities are a measure of net debt to EBITDA and the Fixed Charge Cover Ratio (FCCR) at each April and October. Net debt to EBITDA is defined as the ratio of total net debt at the reporting date to the last 12 months Adjusted EBITDA. This ratio must not exceed 3. The FCCR is the ratio of Adjusted EBITDA plus rent to the total finance charge and rent for the 12 months to the reporting date. This ratio must exceed 1.6. The covenant tests at October 2022 and April 2023 were fully met. 19. POST-EMPLOYMENT BENEFIT OBLIGATIONS Defined contribution schemes The Group operates two (2022: two) separate UK defined contribution pension schemes. A defined contribution scheme called the Watches of Switzerland Company Limited Pension Scheme which is a Group Personal Pension (GPP) scheme and a second scheme also called the Watches of Switzerland Company Limited Pension Scheme which is a defined contribution multi-employer occupational pension scheme. The Group operates two (2022: two) separate US defined contribution pension schemes, one called The Mayors Jewelers Inc. Scheme and a second called The Watches of Switzerland Scheme. During the period to 30 April 2023, the pension charge for the period represents contributions payable by the Group to these schemes and amounted to \u00a33.1m (2022: \u00a32.1m). The Group has no legal or constructive obligation to pay further contributions to the fund once the contributions have been paid. Members\u2019 benefits are determined by the amount of contributions paid by the Group and the member, together with investment returns earned on the contributions arising from the performance of each individual\u2019s chosen investments and the type of pension the member chooses to buy at retirement. As a result, actuarial risk (that benefits will be lower than expected) and investment risk (that assets invested in will not perform in line with expectations) fall on the employee. The assets of the schemes are held separately from the assets of the Group in trustee administered funds. Defined benefit scheme The Group operates a defined benefit scheme, the Aurum Retirement Benefits Scheme. The pension scheme operates under the regulatory framework of The Occupational Pension Schemes Regulations 1996. This is an approved funded pension scheme. Defined benefit arrangements entitle employees to retirement benefits based on their final salary and length of service at the time of leaving the scheme, payable on attainment of retirement ages (or earlier death). The assets of the scheme are held separatel from the assets of the Group in trustee administered funds. Contributions to the scheme are assessed in accordance with the advice of a qualified independent actuary. As a result of the valuation at 5 April 2020, contributions of \u00a30.7m per annum are being paid to the scheme until 5 April 2028, however, this will be reassessed upon the next triennial valuation in 2023. The Group is expecting to make total contributions of approximately \u00a30.7m in the 52-week period ended 28 April 2024. By operating its defined benefit pension scheme, the Group is exposed to the risk that the cost of meeting its obligations is higher than anticipated. This could occur for several reasons, for example: \u2013 Investment returns on the scheme\u2019s assets may be lower than anticipated, especially if falls in asset values are not matched by similar falls in the value of the scheme\u2019s liabilities \u2013 The level of price inflation may be higher than that assumed, resulting in higher payments from the scheme \u2013 Scheme members may live longer than assumed, for example due to unanticipated advances in medical healthcare. Members may also exercise (or not exercise) choices in a way that leads to increases in the scheme\u2019s liabilities, for example through early retirement or commutation of pension for cash \u2013 Legislative changes could also lead to an increase in the scheme\u2019s liabilities \u2013 The scheme liabilities are calculated using a discount rate set with reference to corporate bond yields. If scheme assets underperform this yield, this will create a deficit. The Group believes that due to the long-term nature of the scheme liabilities, a level of continuing equity investment is an appropriate element of the Group\u2019s long-term strategy to manage the scheme efficiently \u2013 A decrease in corporate bond yields will increase scheme liabilities, although that will be partially offset by an increase in the value of the scheme\u2019s bond holdings This scheme was closed on 28 February 2002 to new employees. There are no (2022: nil) employees within the scheme. The latest full actuarial valuation was carried out at 5 April 2020 and was updated for IAS 19 \u2018Employee benefits\u2019 purposes to 30 April 2023 by a qualified independent actuary. Income Statement The components of the net defined benefit expense recognised in the Consolidated Income Statement are as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Administrative expenses (0.2) (0.2) Charge within labour costs and operating profit (0.2) (0.2) Defined benefit charge to the Consolidated Income Statement (0.2) (0.2) Defined contribution schemes (3.1) (2.1) Total charge to the Consolidated Income Statement (3.3) (2.3) Other comprehensive income The components of the net defined benefit expense recognised in other comprehensive income are as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Actuarial gains due to liability financial assumption changes 5.1 1.6 Experience adjustment (0.5) \u2013 Loss on scheme assets greater than discount rate (4.3) (0.2) Actuarial gain recognised in other comprehensive income 0.3 1.4 19. POST-EMPLOYMENT BENEFIT OBLIGATIONS (CONTINUED) Balance Sheet valuation The net defined benefit pension amount recognised in the Consolidated Balance Sheet is analysed as follows: 30 April 2023 1 May 2022 \u00a3m \u00a3m Diversified Growth Funds 9.6 18.0 Liability Driven Investment (LDI) 4.4 \u2013 Cash (0.2) (0.1) Fair value of scheme assets 13.8 17.9 Present value of benefit obligations (13.7) (18.5) Net pension asset/(liability) 0.1 (0.6) Scheme obligations Changes in the present value of defined benefit pension obligations are analysed as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Opening defined benefit obligation (18.5) (20.6) Interest cost (0.6) (0.4) Actuarial gains on defined benefit obligation 4.7 1.7 Benefits paid 0.7 0.8 Closing defined benefit obligation (13.7) (18.5) Scheme assets Changes in the fair value of scheme assets were as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Opening scheme assets 17.9 18.0 Expected return on scheme assets 0.5 0.4 Actuarial losses on pension scheme assets (4.4) (0.2) Employer contributions 0.7 0.7 Benefits paid (0.7) (0.8) Administrative expenses (0.2) (0.2) Closing scheme assets 13.8 17.9 None of the pension arrangements directly invest in any of the Group\u2019s own financial instruments nor any property occupied by, or other assets used by, the Group. The Aurum Retirement Benefits Scheme\u2019s investment strategy was reviewed in early 2022 and the Trustees agreed to implement a de-risked strategy targeting full funding on a prudent self-sufficiency type basis over the medium term. During the period, the Trustees appointed Schroders as their new investment manager with a mandate to invest 30% of the Scheme\u2019s assets in Liability Driven Investment (LDI) and 70% invested in a diversified growth fund. The LDI allocation is around 3 times leveraged and therefore targets around 100% interest rate and inflation hedging of the Scheme\u2019s liabilities. The Trustees expect the revised strategy to provide funding level stability, even during volatile market conditions. The strategy will be kept under review and the Trustees expect to implement further de-risking as part of future valuation cycles. All asset transfers took place during the period. Principal assumptions The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at 30 April 2023 using the projected unit credit method. The principal actuarial assumptions used in the valuation were as follows: 30 April 2023 1 May 2022 Discount rate 4.75% 3.00% Rate of future inflation \u2013 RPI 3.20% 3.70% Rate of future inflation \u2013 CPI 2.60% 3.10% Rate of increase in pensions in payment 3.15% 3.60% Proportion of employees opting for a cash commutation 100.0% 100.0% 30 April 2023 1 May 2022 Pensioner aged 65 Non-pensioner aged 45 Pensioner aged 65 Non-pensioner aged 45 Life expectancy at age 65 (years): Male 21 23 21 23 Female 23 25 23 25 The post-retirement mortality assumptions allow for expected increases to life expectancy. The life expectancies quoted for members currently aged 40 assume that they retire at age 65 (i.e. 25 years after the balance sheet date). The base mortality assumptions are in line with the standard S2PA year of birth tables. Future improvement trends have been allowed for in line with the CMI 2021 (2022: CMI 2020) series with a long-term trend towards 1.0% (2022: 1.0%) per annum. The discount rate in the current and prior year has been derived using a full yield curve approach. The yield curve is based on iBoxx AA rated GBP Corporate Bond index and considers expected scheme cash flows at each duration. The expected average duration of the scheme\u2019s liabilities is 16 years. The rate of retail price inflation (RPI) has been derived in a consistent way to the discount rate, so that it is appropriate to the term of the liabilities. The RPI assumption for the scheme allows for the inflation risk premium of 0.2% per annum (2022: 0.2% per annum). The rate of consumer price inflation (CPI) is set at 0.6% lower (2022: 0.6% lower) than the assumption for retail price inflation, reflecting the long-term expected gap between the two indices. Sensitivity analysis The impact on the defined benefit obligation to changes in the financial and demographic assumptions is shown below: 30 April 2023 1 May 2022 \u00a3m \u00a3m 0.25% increase in discount rate 0.6 0.8 0.25% decrease in discount rate (0.6) (0.8) 0.25% increase in pension growth rate (0.3) (0.6) 0.25% decrease in pension growth rate 0.3 0.6 1 year increase in life expectancy (0.4) (0.6) 1 year decrease in life expectancy 0.4 0.6 20. EQUITY Nominal value Share capital Share premium Merger reserve Other reserves \u00a3 Shares \u00a3m \u00a3m \u00a3m \u00a3m As at 1 May 2022 0.0125 239,570,297 3.0 147.1 (2.2) (6.7) Purchase of own shares \u2013 \u2013 \u2013 \u2013 \u2013 (14.5) Share-based payments \u2013 \u2013 \u2013 \u2013 \u2013 2.8 As at 30 April 2023 0.0125 239,570,297 3.0 147.1 (2.2) (18.4) Share capital 239,570,297 ordinary shares of \u00a30.0125 nominal value. Share premium account This reserve represents the amount of proceeds received for shares in excess of their nominal value of \u00a30.0125 per share. Merger reserve This reserve arose as a consequence of a Group reorganisation which inserted the Company as the Parent Company of the Group. Foreign exchange reserve This reserve represents the cumulative effect of foreign exchange differences in relation to the retranslation of the Group\u2019s subsidiaries which are denominated in a currency other than the Group\u2019s reporting currency of Pounds Sterling (\u00a3). Other reserves During the period the Group purchased \u00a314.5m of own shares to satisfy employee share incentive schemes. The total cash outflow, including shares purchased and accrued in the prior period, was \u00a321.3m. The shares were purchased by an Employee Benefit Trust which has been set up for this purpose. The Company adopts a \u2018look-through\u2019 approach, which in substance, accounts for the Trust as an extension of the Company. Own shares are recorded at cost and are deducted from equity. S 21. SHARE-BASED PAYMENTS
During the period to 30 April 2023, the Group operated five (2022: six) separate share-based payment schemes.
The Group has granted a number of different equity-based awards to employees which it has determined to be share-based payments as detailed below.
Long Term Incentive Plan (LTIP)
The LTIP is a discretionary executive share plan under which the Board may grant options over shares in Watches of Switzerland Group PLC, subject to Adjusted EPS
and Return on Capital Employed (ROCE) performance conditions. The Group issues annual grants of awards with three-year performance periods. Grants vest and
become exercisable after three years and are awarded as nil-cost options. There are no cash settlement alternatives.
Details of the share options outstanding are as follows:
30 April 2023 1 May 2022
Outstanding at 2 May 2022 1,958,038 1,794,125
Granted 413,589 402,739
Exercised (315,041) \u2013
Forfeited (189,924) (238,826)
Outstanding at 30 April 2023 1,866,662 1,958,038
Exercisable price \u00a3nil \u00a3nil
Exercisable at 30 April 2023 606,454 nil
Average fair value at grant \u00a34.37 \u00a34.27
Deferred Bonus Plan (DBP)
The DBP is a discretionary bonus plan under which the Board may issue one-third of a bonus in the form of conditional share awards in Watches of Switzerland Group
PLC. The annual bonus is linked to annual earnings targets. Two-thirds of the bonus is settled in cash. The remaining third of the bonus is deferred as share options and
accounted for as an equity-settled share-based payment. These deferred shares are subject to a three-year vesting period with no additional performance conditions.
Deferred shares are awarded as nil-cost options.
Details of the share options outstanding are as follows:
30 April 2023 1 May 2022
Outstanding at 2 May 2022 247,455 160,039
Change in FY21 number of shares granted* \u2013 (32,886)
Change in FY22 number of shares granted* 53,611 \u2013
Granted* 106,056 126,252
Exercised (20,872) \u2013
Forfeited (7,643) (5,950)
Outstanding at 30 April 2023 378,607 247,455
Exercisable price \u00a3nil \u00a3nil
Exercisable at 30 April 2023 12,863 11,867
Average fair value at grant \u00a38.24 \u00a39.74
* The share price at which the number of shares granted under the DBP scheme is calculated is not confirmed until after the date of the approval of the Annual Report and Accounts. The maximum number of
DBP shares granted during the period is therefore estimated using the year-end closing share price and trued up at the date of grant.
Save As You Earn (SAYE) (UK)/Employee Stock Purchase Plan (ESPP) (US)
The Company operates a SAYE scheme for UK, and ESPP scheme for US employees. Options were granted at the prevailing market rate on 14 February 2022, less a
discount of 15%, and are exercisable after three years (UK employees) and two years (US employees) from the date of grant. The scheme permits a maximum saving of
\u00a3500 (or US equivalent at the time of invitation) per month out of taxed income. SAYE/ESPP options are accounted for as an equity-settled award under IFRS 2.
Details of the share options outstanding are as follows:
30 April 2023 1 May 2022
Outstanding at 2 May 2022 480,636 \u2013
Granted \u2013 485,698
Forfeited (113,377) (5,062)
Outstanding at 30 April 2023 367,259 480,636
Exercisable price \u00a3nil \u00a3nil
Exercisable at 30 April 2023 nil nil
Average fair value at grant \u00a310.80 \u00a310.80
FY22 Free share issue
During FY22 the Group issued 50 free shares to all colleagues who were employed by the Group on 15 December 2021. Employees must remain employed for a period
of three years to earn the shares. The UK shares are administered through a Share Incentive Plan. The US shares are issued under the LTIP and subject to the Employee
Benefit Trust. The Trust results are consolidated by the Group.
Details of the share options outstanding are as follows:
30 April 2023 1 May 2022
Outstanding at 2 May 2022 112,050 \u2013
Granted \u2013 120,850
Forfeited (19,350) (8,800)
Outstanding at 30 April 2023 92,700 112,050
Exercisable price \u00a3nil \u00a3nil
Exercisable at 30 April 2023 nil nil
Average fair value at grant \u00a312.66 \u00a312.66
Former Chief Financial Officer Buy-out award (CFO)
Two buy-out share options were granted to the former CFO when joining the Group to replace those in place at his previous employment. The awards were translated
into Group shares at the share price on the date of joining. Performance conditions for the first award have been met and have been part exercised in the period.
Details of the share option movements are as follows:
30 April 2023 1 May 2022
Outstanding at 2 May 2022 38,835 \u2013
Granted \u2013 38,835
Exercised (1,721) \u2013
Lapsed (35,392) \u2013
Outstanding at 30 April 2023 1,722 38,835
Exercisable price \u00a3nil \u00a3nil
Exercisable at 30 April 2023 nil nil
Average fair value at grant \u00a314.20 \u00a314.20
21. SHARE-BASED PAYMENTS (CONTINUED) Charged to the Consolidated Income Statement The amounts recognised in the Consolidated Income Statement within administrative expenses (excluding employer\u2019s national insurance) in relation to these schemes were as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m LTIP 1.9 1.9 DBP 0.7 0.7 Former CFO (0.1) 0.1 SAYE/ESPP 0.7 0.1 Free shares 0.3 0.1 CEO \u2013 exceptional expenses (note 4) \u2013 0.3 3.5 3.2 Fair value of share schemes The fair value of equity-settled share options and share awards granted is estimated at the date of grant using share option valuation models. The schemes are valued using the Black-Scholes model. The following tables list the inputs to the models for options and share-based payment costs during the year: LTIP DBP SAYE/ESPP CFO 30 Apr 2023 1 May 2022 2 May 2021 26 Apr 2020 30 Apr 2023 1 May 2022 2 May 2021 1 May 2022 1 May 2022 Share price (\u00a3) \u00a37.51 \u00a39.42 \u00a33.20 \u00a32.70 \u00a38.32 \u00a37.51 \u00a39.42 \u00a310.80 \u00a314.20 Exercise price (\u00a3) nil nil nil nil nil nil nil nil nil Dividend yield (%) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Risk-free interest rate (%) 3.72% 0.61% 0.57% 0.78% 3.71% 0.66% 0.57% 0.05% 0.41% Expected life of share option 3 yrs 3 yrs 3 yrs 3 yrs 4 yrs 4 yrs 4 yrs UK 3 yrs US 2 yrs 2 yrs The Group did not enter into any share-based payment transactions with parties other than employees during the current period. 22. FINANCIAL INSTRUMENTS Categories 30 April 2023 1 May 2022 \u00a3m \u00a3m FINANCIAL ASSETS \u2013 HELD AT AMORTISED COST Trade and other receivables * 13.9 16.6 Cash and cash equivalents 136.4 105.9 Total financial assets 150.3 122.5 FINANCIAL LIABILITIES \u2013 HELD AT AMORTISED COST Interest-bearing loans and borrowings: Term Loan (net of capitalised transaction costs) (120.0) (118.6) Trade and other payables ** (193.8) (174.3) (313.8) (292.9) Lease liability (IFRS 16) (410.4) (340.6) Total financial liabilities (724.2) (633.5) * Excludes prepayments of \u00a35.9m (2022: \u00a35.7m) that do not meet the definition of a financial instrument. ** Trade payables excludes customer deposits of \u00a37.9m (2022: \u00a312.4m) and deferred income of \u00a317.9m (2022: \u00a314.7m) that do not meet the definition of a financial instrument. Fair values At 30 April 2023, the fair values of each category of the Group\u2019s financial instruments are materially the same as their carrying values in the Group\u2019s Balance Sheet based on either their short maturity or, in respect of long-term borrowings, interest being incurred at a floating rate. Financial risk management The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk and capital management framework and for establishing the Group\u2019s risk management policies. The Group has exposure to the following risks arising from financial instruments: \u2013 Liquidity risk \u2013 Interest rate risk \u2013 Credit risk \u2013 Currency risk \u2013 Capital risk No significant changes were made in the objectives, policies and processes for managing capital during the years ended 30 April 2023 and 1 May 2022. Liquidity risk The Group has generated sufficient cash from operations to meet its working capital requirements. Cash flow forecasting is performed in the operating entities of the Group. The Group monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits on any of its borrowing facilities. The table below shows the maturity analysis of the undiscounted remaining contractual cash flows, including interest, of the Group\u2019s financial liabilities: 30 April 2023 Less than one year Between one and five years Greater than five years Tota \u00a3m \u00a3m \u00a3m \u00a3m Term Loan (2.9) (120.0) \u2013 (122.9) Trade and other payables (192.9) (0.9) \u2013 (193.8) Lease liabilities (IFRS 16) (63.1) (248.4) (192.4) (503.9) Total (258.9) (369.3) (192.4) (820.6) 1 May 2022 Less than one year Between one and five years Greater than five years Tota \u00a3m \u00a3m \u00a3m \u00a3m Term Loan (3.5) (124.0) \u2013 (127.5) Trade and other payables (173.0) (1.3) \u2013 (174.3) Lease liabilities (IFRS 16) (58.5) (200.8) (139.8) (399.1) Total (235.0) (326.1) (139.8) (700.9) As at 30 April 2023, 11 (2022: 10) leases have cash flows that exceed ten years. The value of undiscounted cash flows greater than ten years totals \u00a315.7m (2022: \u00a314.5m). Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s debt obligations with floating interest rates. The Group\u2019s policy is to maintain low levels of variable debt by managing the cash position of the business closely and ensuring that the debt position is minimised. The Group regularly refinances in order to obtain better rates for both long-term debt and short-term debt obligations. The Group uses strong cash positions to pay down long-term and short-term debt when possible in order to reduce the overall debt position. 22. FINANCIAL INSTRUMENTS (CONTINUED) Interest rate risk \u2013 sensitivity The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. The analysis has been prepared using the assumptions that: \u2013 For floating rate assets and liabilities, the amount of the asset or liability outstanding at the balance sheet date is assumed to have been outstanding for the whole period \u2013 Fixed rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of this analysis With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Interest rate increase of 0.5% (0.6) (0.6) Interest rate decrease of 0.5% 0.6 0.6 Credit risk Credit risk arises from cash and cash equivalents, credit sales and deposits with banks. Credit risk related to the use of treasury instruments is managed on a Group basis. This risk arises from transactions with banks, such as those involving cash and cash equivalents and deposits. To reduce the credit risk, the Group has concentrated its main activities with a group of banks that have secure credit ratings. For each bank, individual risk limits are set based on its \ufb01nancial position, credit ratings, past experience and other factors. The utilisation of credit limits is regularly monitored. Management continually review specific balances for potential indicators of impairment. In the instance where an indicator is identified, management will determine overall recovery from a legal perspective and provide for any irrecoverable amounts. Credit risk also arises from the recoverability of the Group\u2019s trade and other receivables. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery, which is the Group\u2019s definition of default. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. The ageing analysis of the trade receivables is as follows: 30 April 2023 1 May 2022 \u00a3m \u00a3m Not past due 5.7 3.5 Less than one month past due 0.5 0.6 One to two months past due 0.2 0.3 More than two months past due 0.2 0.7 Total 6.6 5.1 The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset. Currency risk The exposure to currency risk is considered below: 30 April 2023 Sterling US Dollar Other Tot al \u00a3m \u00a3m \u00a3m \u00a3m FINANCIAL ASSETS Trade and other receivables 7.4 6.3 0.2 13.9 Cash and cash equivalents 91.2 44.0 1.2 136.4 Total financial assets 98.6 50.3 1.4 150.3 FINANCIAL LIABILITIES Term Loan (120.0) \u2013 \u2013 (120.0) Trade and other payables (108.7) (84.6) (0.5) (193.8) Lease liabilities (258.2) (138.6) (13.6) (410.4) Total financial liabilities (486.9) (223.2) (14.1) (724.2) 1 May 2022 Sterling US Dollar Other Tot al \u00a3m \u00a3m \u00a3m \u00a3m FINANCIAL ASSETS Trade and other receivables 9.4 7.2 \u2013 16.6 Cash and cash equivalents 76.1 27.7 2.1 105.9 Total financial assets 85.5 34.9 2.1 122.5 FINANCIAL LIABILITIES Term Loan (118.6) \u2013 \u2013 (118.6) Trade and other payables (93.9) (80.4) \u2013 (174.3) Lease liabilities (217.2) (121.3) (2.1) (340.6) Total financial liabilities (429.7) (201.7) (2.1) (633.5) Currency risk sensitivity The following table demonstrates the sensitivity to a change in the US Dollar exchange rate, with all other variables held constant, and the impact upon the Group\u2019s profit after tax assuming that none of the US Dollar exposures are used as hedging instruments. Sensitivities have not been performed for any other currencies as the Group has no significant exposure in any other currency. (Increase)/decrease in rate Effect on profit after tax 52 week period ended 30 April 2023 Effect on profit after tax 52 week period ended 1 May 2022 \u00a3m \u00a3m US Dollar (5%) (2.3) (1.5) US Dollar 5% 2.5 1.6 Capital risk The capital structure of the Group consists of debt, as analysed in note 18, and equity attributable to the equity holders of the Parent Company, comprising issued capital reserves and retained earnings as shown in the Consolidated Statement of Changes in Equity. The Group manages its capital with the objective that all entities within the Group continue as going concerns while maintaining an efficient structure to minimise the cost of capital. The Directors carefully monitor the Group\u2019s long-term borrowings including the ability to service debt and long-term forecast covenant compliance. The Group takes a disciplined approach to capital allocation with the objective to deliver long-term sustainable earnings growth whilst retaining financial capability to invest in developing our business and to execute our strategic priorities. The Group is well positioned to continue investing in elevating and expanding its existing showroom portfolio and to make complementary acquisitions which meet strict investment criteria and advance the Group\u2019s strategic objectives. S 23. RELATED PARTY TRANSACTIONS Key management personnel compensation Total compensation of key management personnel in the period to 30 April 2023 amounted to \u00a32.8m (2022: \u00a33.6m). Compensation includes salaries and other short-term employee benefits, post-employment benefits and other long-term benefits. Key management are eligible to receive discounts on goods purchased from the Group\u2019s trading companies. Such discounts are in line with discounts offered to all staff employed by Group companies. In addition to their salaries, the Group also contributes to post-employment defined contribution plans. Key management are those individuals who have authority and responsibility for planning, directing and controlling the activities of the Group. 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Short-term employment benefits 1.7 1.8 Share-based payments 1.1 1.8 Total 2.8 3.6 Transactions with subsidiary companies and companies under common control Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. 24. BUSINESS COMBINATIONS Bernie Robbins Jewelers, Inc. On 22 June 2022, the Group acquired the trade and assets of one showroom from Bernie Robbins Jewelers, Inc. for a cash consideration of \u00a321.2 million. Goodwill recognised relates to future cash flows from the showroom, and the acquisition further advances the US expansion strategy. The business contributed revenue of \u00a310.5m from the 22 June 2022 acquisition date to 30 April 2023. The following table summarises the consideration paid for the acquisition, and the provisional fair value of assets acquired at the acquisition date: \u00a3m Total cash consideration 21.2 Initial assessment of values on acquisition Inventories 3.1 Trade and other payables (0.1) Right-of-use assets 1.9 Lease liabilities (1.9) Total identifiable net assets 3.0 Goodwill 18.2 Total assets acquired 21.2 An amount of \u00a30.7 million is held with a third party on retention. This will be paid by the Group within 12 months of the acquisition date. The values stated above are the initial assessment of the fair values of assets and liabilities on acquisition. These will be finalised in H1 FY24. The contribution to revenue and profit before tax, if this business combination had occurred on the first day of the period, and since the acquisition date, is not material to the results of the Group and therefore has not been disclosed separately. Acquisition-related costs have been charged to exceptional items in the Consolidated Income Statement for the 52-week period ended 30 April 2023, as disclosed in note 4 to these Financial Statements. Acquisitions completed in the 52-week period to 1 May 2022 During the prior period the Group acquired the trade and assets of a number of showrooms in the US. On 2 September 2021, the Group acquired the trade and assets of one showroom from Ben Bridge Jeweler Inc. (\u2018Ben Bridge\u2019). On 15 October 2021, the Group acquired the trade and assets of one showroom from Timeless Watch Exchange LLC. (\u2018Timeless\u2019). On 1 December 2021, the Group acquired the trade and assets of three showrooms from Betteridge Jewelers, Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Ben Bridge and Timeless \u00a3m Betteridge \u00a3m Tota \u00a3m Total cash consideration 9.2 39.1 48.3 Final assessment of values on acquisition Inventories 3.3 13.0 16.3 Property, plant and equipment 0.3 2.5 2.8 Trade and other receivables \u2013 2.9 2.9 Trade and other payables (0.2) (2.4) (2.6) Right-of-use assets 1.7 5.4 7.1 Lease liabilities (1.7) (5.4) (7.1) Total identifiable net assets 3.4 16.0 19.4 Brand \u2013 2.2 2.2 Goodwill 5.8 20.9 26.7 Total assets acquired 9.2 39.1 48.3 In the prior 52-week period ended 1 May 2022, the businesses contributed revenue of \u00a332.5m from the date of acquisition to 1 May 2022 and contributed a net profit of \u00a35.7m. If the combinations had taken place at the beginning of FY22, the Group\u2019s revenue from continuing operations would have been \u00a31,285.0m and the profit before tax would have been \u00a3133.7m. During the 52-week period to 30 April 2023, the fair value of assessment of the above entities was completed. The net impact was a reduction in inventory and deferred tax asset, with the corresponding entry to the goodwill balance. All adjustments are not material at an individual line level. The assessment of values on acquisition is now final, and consideration held on retention at the end of the prior period has been settled. 25. CONTINGENT LIABILITIES There are a number of contingent liabilities that arise in the normal course of business, which if realised, are not expected to result in a material liability to the Group. 26. POST-BALANCE SHEET EVENTS On 9 May 2023 the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid and extinguished on this date. Further detail can be found in note 18. No further post-balance sheet events have been identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-350": {
"value": "1. ACCOUNTING POLICIES GENERAL INFORMATION Watches of Switzerland Group PLC (the \u2018Company\u2019) is a public limited company, limited by shares, which is listed on the London Stock Exchange and incorporated and domiciled in England and Wales. The address of the registered office is Aurum House, 2 Elland Road, Braunstone, Leicester, LE3 1TT. The Company and its subsidiaries together form the Group. The principal activity of the Group is the retailing of luxury watches and jewellery, both in showrooms and online. At the balance sheet date, the Group was trading from 146 UK and Europe based showrooms, and 47 US based showrooms. The Group mainly trades under five prestigious brands: Watches of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK), Mayors (US) and Betteridge (US), with a complementary jewellery offering. The Consolidated Financial Statements are presented in Pounds Sterling (\u00a3), which is the Group\u2019s presentational currency, and are shown in \u00a3millions to one decimal place. BASIS OF PREPARATION The Consolidated Financial Statements include the financial statements of the Company and its subsidiary undertakings made up to 30 April 2023. A subsidiary is an entity that is controlled by the parent. The financial year represents the 52 weeks to 30 April 2023 (prior financial year 52 weeks to 1 May 2022). The financial year-end date is determined to be the Sunday closest to 30 April each year. The Financial Statements are prepared in accordance with UK adopted international accounting standards. The Consolidated Financial Statements have been prepared under the historical cost convention except for pension assets which are measured at fair value. GOING CONCERN The Directors consider that the Group has, at the time of approving the Consolidated Financial Statements, adequate resources to remain in operation for the foreseeable future and have therefore continued to adopt the going concern basis in preparing the consolidated information. At the balance sheet date, the Group had a total of \u00a3170.0 million in available committed facilities, of which \u00a3120.0 million was drawn down. Net cash at this date was \u00a316.4 million with liquidity headroom (defined as unrestricted cash plus undrawn available facilities) of \u00a3171.6 million. The $60.0 million US Asset Backed Loan (ABL) expired in April 2023, and the main UK bank facility of \u00a3170.0 million was due to expire in June 2024. Refinancing On 9 May 2023 the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid and extinguished on this date. As a result, the going concern assessment has been carried out using the new \u00a3225.0 million facility now in place. The key covenant tests attached to the Group\u2019s facilities, are a measure of net debt to EBITDA and the Fixed Charge Cover Ratio (FCCR) at each April and October. The new \u00a3225.0 million facility covenants are in line with those previously used, notably on a pre-IFRS 16 basis and excluding share-based payment costs. Net debt to EBITDA is defined as the ratio of total net debt at the reporting date to the last 12 months Adjusted EBITDA. This ratio must not exceed 3. The FCCR is the ratio of Adjusted EBITDA plus rent to the total finance charge and rent for the 12 months to the reporting date. This ratio must exceed 1.6. At 30 April 2023 the Group comfortably satisfied the covenant tests with net debt to EBITDA being less than 3 and the FCCR exceeding 1.6. In assessing whether the going concern basis of accounting is appropriate, the Directors have reviewed various trading scenarios for the period to 31 October 2024 from the date of this report. These included: \u2013 The budget approved by the Board in May 2023. The budget assumes that the more challenging trading environment of the second half of FY23 will continue into the first half of FY24. Further key assumptions include: \u2013 A continued strong luxury watch market in the UK and US \u2013 Revenue forecast supported by expected luxury watch supply \u2013 Increased cost base in line with macroeconomic environment and environmental targets The budget aligns to the Guidance given on page 12. Under this budget, the Group has significant liquidity and comfortably complies with all covenant tests to 31 October 2024. \u2013 Reverse stress-testing of cash flows during the going concern period was performed. This determined what level of reduced EBITDA and worst case cash flows would result in a breach of the liquidity or covenant tests. The likelihood of this level of reduced EBITDA is considered remote. \u2013 Severe but plausible scenarios of: \u2013 10% reduction in sales against the budget due to reduced consumer confidence and lower disposable income due to the cost-of-living crisis. This scenario did not include cost mitigations which are given below \u2013 The realisation of material risks detailed within the Principal Risks and Uncertainties on pages 116 to 121 and environmental risks highlighted on pages 98 to 101 Under these scenarios the net debt to EBITDA and the FCCR covenants would be complied with. Should trading be worse than the outlined severe but plausible scenarios, the Group has the following mitigating actions within management\u2019s control: \u2013 Reduction of marketing spend \u2013 Reduction in the level of stock purchases \u2013 Restructuring of the business with headcount and showroom operations savings \u2013 Redundancies and pay freezes \u2013 Reducing the level of planned capex and potential acquisition spend As a result of the above analysis, including potential severe but plausible scenarios, the Board believes that the Group is able to adequately manage its financing and principal risks, and that the Group will be able to operate within the level of its facilities and meet the required covenants for the period to 31 October 2024. For this reason, the Board considers it appropriate for the Group to adopt the going concern basis in preparing the Consolidated Group Financial Statements. CLIMATE CHANGE In preparing the Consolidated Financial Statements management has considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to 31 October 2024 nor the viability of the Group over the next three years (refer to the Viability Statement on page 123). EXCEPTIONAL ITEMS The Group presents as exceptional items on the face of the Consolidated Income Statement those material items of income and expense which, because of the nature or the expected infrequency of the events giving rise to them, merit separate presentation to provide a better understanding of the elements of financial performance in the financial period, so as to assess trends in financial performance. Further details on exceptional items are given within note 4. The presentational format of Exceptional Items has changed since the prior period. Exceptional items are no longer presented in a columnar format in the Consolidated Financial Statements. 1. ACCOUNTING POLICIES (CONTINUED) ALTERNATIVE PERFORMANCE MEASURES (APMS) The Group has identified certain measures that it believes will assist the understanding of the performance of the business. These APMs are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional useful information on the underlying trends, performance and position of the Group and are consistent with how business performance is measured internally. The APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs. The key APMs that the Group uses include: Net margin, Adjusted EBITDA, Adjusted EBIT and Adjusted Earnings Per Share. These APMs are set out in the Glossary on pages 230 to 231, including explanations of how they are calculated and how they are reconciled to a statutory measure where relevant. The Group makes certain adjustments to the statutory profit measures in order to derive many of these APMs. The Group\u2019s policy is to exclude items that are considered non-underlying and exceptional due to their size, nature or incidence, and are not considered to be part of the normal operating costs of the Group. Treatment as an adjusting item provides stakeholders with additional useful information to assess the year-on-year trading performance of the Group but should not be considered in isolation of statutory measures. FOREIGN CURRENCIES The Consolidated Financial Statements are presented in Pounds Sterling (\u00a3), which is the Group\u2019s presentational currency, and are shown in \u00a3millions to one decimal place. The Group includes foreign entities whose functional currencies are not Pounds Sterling (\u00a3). On consolidation, the assets and liabilities of those entities are translated at the exchange rates at the balance sheet date and income and expenses are translated at average rates during the period. Translation differences are recognised in other comprehensive income. Transactions in currencies other than an entity\u2019s functional currency are recorded at the exchange rate on the transaction date, whilst assets and liabilities are translated at exchange rates at the balance sheet date. Exchange differences are recognised in the Consolidated Income Statement. SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Makers (CODMs). The CODMs, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as the Chief Executive Officer and Chief Financial Officer of the Group. The CODMs review the key profit measures Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) and Adjusted Earnings Before Interest and Tax (EBIT), both shown pre-exceptional items and IFRS 16. REVENUE The Group is in the business of selling luxury watches and jewellery and providing ongoing services to our customers, such as repairs and servicing. Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has concluded that it is the principal in its revenue arrangements because it controls the goods or services before transferring them to the customer. In determining the transaction price for the sale of goods, the Group considers the existence of significant financing components. Sale of goods Revenue from sale of goods is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Sale of goods \u2013 retail Sales of goods are recognised when a Group entity sells a product to the customer and control of the goods is transferred to the customer. Retail sales are usually settled in cash or by card. It is the Group\u2019s policy to sell its products to the retail customer with a right to return within 14 days for a cash refund and 30 days for a product exchange. The Group does not operate any loyalty programmes. Service and non-service performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. No expense is recognised for awards that do not ultimately vest because of non-market performance and/or service conditions that have not been met. The social security contributions payable in connection with the award of the share options is determined at each balance sheet date as a liability with the total cost recognised in the Consolidated Income Statement over the vesting period. Own shares held Own shares represent the shares of Watches of Switzerland Group PLC that are held in an Employee Benefit Trust which has been set up for this purpose. The Company adopts a \u2018look-through\u2019 approach which, in substance, accounts for the trust as an extension of the Company. Own shares are recorded at cost and are deducted from equity. Taxation Taxation, comprised of current and deferred tax, is charged or credited to the Consolidated Income Statement unless it relates to items recognised in other comprehensive income or directly in equity. In such cases, the related tax is also recognised in other comprehensive income or directly in equity. Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is not recognised in respect of investments in subsidiaries where the reversal of any taxable temporary differences can be controlled and are unlikely to reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 \u2018Financial Instruments\u2019, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Where sales are made on credit provided by a third party, revenue is recognised immediately on sale of the product and control has been passed to the customer. The Group offers Interest Free Credit on certain goods and the cost of this product is netted against revenue. Sale of goods \u2013 online Revenue from the sale of goods on the internet is recognised at the point that control has passed to the customer, which is the point of delivery. Transactions are settled by credit or payment card. Where sales are made on credit provided by a third party, revenue is recognised when control has been passed to the customer, on delivery. Rendering of services Revenue from a contract to provide services, such as product repairs and servicing, is recognised in the period in which the services are provided. Revenue is recognised when the following conditions are satisfied: \u2013 The amount of revenue can be measured reliably \u2013 It is probable that the Group will receive the consideration due under the contract \u2013 The service has been completed and \u2013 Control of the good is passed back to the customer Contract balances \u2013 customer deposits and gift cards A customer deposit or gift card liability is the obligation to transfer goods or services to a customer for which the Group has received consideration. If consideration is received before the Group transfers goods or services to the customer, revenue is deferred and a customer deposit or gift card liability is recognised. Customer deposits and gift cards are recognised as revenue when the customer is passed control of the goods. Gift card redemptions are estimated on the basis of historical redemptions and are reviewed regularly and updated to reflect management\u2019s best estimate of patterns of redemption. The estimated non-redemption is recognised in revenue based on historical redemptions. Cost of sales Included within cost of sales are any items which are directly attributable to the sale of goods and services. This includes the cost of bringing inventory into a condition to sell, wages and salaries, depreciation on land and buildings and fittings and equipment and other costs directly attributable to the cost of selling goods and services. Insurance contracts The Group issues contracts that transfer insurance risk which are classified as insurance contracts. This activity is completed through the Aurum Insurance (Guernsey) Limited subsidiary which is fully consolidated. The Group manages its risk via its underwriting strategy within its overall risk management framework. Commission income is earned in showrooms through the sale of insurance policies by Watches of Switzerland Company Limited. Premiums are earned from the date of the attachment of risk, over the indemnity period, based on the pattern of risks underwritten. The earned portion of premiums written is recognised as revenue. Unearned premium represents the proportion of premiums written which is estimated to be earned in future financial years, calculated separately for each insurance contract using the daily pro-rata method. Claims and claims handling expenses are recognised as incurred based on the estimated cost of settling all liabilities arising on events occurring up to the balance sheet date. Share-based payments Some employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The fair value of the equity-settled awards is calculated at grant date using a Black-Scholes model. The resulting cost is charged in the Consolidated Income Statement over the vesting period of the option or award and is regularly reviewed and adjusted for the expected and actual number of options or awards vesting. This applies to LTIP Awards, Deferred Share Bonus Schemes, Share Saving Schemes, and Free Share Awards. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amount to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Intangible assets Research and development Expenditure on research activities is recognised in the Consolidated Income Statement as an expense as incurred. Other intangible assets Expenditure on internally generated goodwill and brands is recognised in the Consolidated Income Statement as an expense as incurred. Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and accumulated impairment losses. The cost of intangible assets acquired in a business combination is capitalised separately from goodwill if the fair value can be measured reliably at the acquisition date. Acquired computer software licences are capitalised based on the costs incurred to acquire and bring to use the specific software. Software is measured initially at acquisition cost or costs incurred to develop the asset. Following initial recognition, software is carried at cost less accumulated amortisation. Assets are amortised on a straight-line basis over their estimated useful lives of three to five years. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Consolidated Income Statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the Consolidated Income Statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Amortisation Amortisation is charged to the Consolidated Income Statement on a straight-line basis over the estimated useful lives of intangible assets. Amortisation is recognised wholly within cost of sales. Intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows: Computer software 3 to 5 years Brands 5 to 30 years Agency agreements 10 years The bases for choosing these useful lives are: \u2013 Brand longevity considering brand history and market awareness \u2013 Agency agreements considering the longevity of the agreements in place with a major supplier The Group reviews the amortisation period and method when events and circumstances indicate that the useful life may have changed since the last reporting date. 1. ACCOUNTING POLICIES (CONTINUED) Property, plant and equipment Management accounts for property, plant and equipment under the cost basis of IAS 16 \u2018Property, plant and equipment\u2019, rather than applying the alternative (revaluation) treatment. The cost of property, plant and equipment includes directly attributable costs. Depreciation is provided on the cost of all other assets (except assets in the course of construction), so as to write off the cost, less residual value, on a straight-line basis over the expected useful economic life of the assets concerned, as follows: Land and buildings Lease period Fittings and equipment 3 to 10 years Useful lives and residual values are reviewed at each balance sheet date and revised where expectations are significantly different from previous estimates. In such cases, the depreciation charge for current and future periods is adjusted accordingly. The impact of climate change on asset lives has also been considered in the period. Asset lives are not affected by climate actions taking place. Impairment of non-financial assets The carrying values of non-financial assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any impairment loss arises, the asset is adjusted to its estimated recoverable amount and the difference is recognised in the Income Statement. Property, plant and equipment and other non-current assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit (CGU) is not recoverable. A CGU is the smallest identifiable group of assets that generate independent cash flows which are monitored by management and the CODMs. The Group consider this to be an individual showroom location or office. CGUs are grouped for the purposes of allocating goodwill where the CGU group is expected to benefit from synergies, such as sharing of centralised functions and management. Goodwill allocated to groups of CGUs is tested annually for impairment and whenever there is an indication that the goodwill may be impaired. Impairment testing is performed at several levels and applied in the order set out by IAS 36 \u2018Impairment of assets\u2019. Impairment testing is first applied to the assets within a CGU where the value of assets held by the CGU are compared to the recoverable value. Impairment testing is then performed at a higher level which compares the value of goodwill to the recoverable value of the associated group of CGUs. Trade and other receivables Trade receivables represent outstanding customer balances less an allowance for Expected Credit Losses (ECLs). Trade receivables are recognised when the Group becomes party to the contract which happens when the goods are received and controlled by the end user. They are derecognised when the rights to receive the cash flows have expired e.g. due to the settlement of the outstanding amount or where the Group has transferred substantially all the risks and rewards associated with that contract. Other receivables are stated at invoice value less an allowance for ECLs. Trade and other receivables are subsequently measured at amortised cost as the business model is to collect contractual cash flows and the debt meets the Solely Payment of Principal and Interest (SPPI) criterion. Expected credit losses The Group recognises an allowance for ECLs for customer and other receivables. IFRS 9 \u2018Financial instruments\u2019 requires a provision to be recognised on origination of a customer advance, based on its ECL. The Directors have taken the simplification available under IFRS 9 5.5.15 which allows the loss amount in relation to a trade receivable to be measured at initial recognition and throughout its life at an amount equal to lifetime ECL. This simplification is permitted where there is either no significant financing component (such as customer receivables where the customer is expected to repay the balance in full prior to interest accruing) or where there is a significant financing component (such as where the customer expects to repay only the minimum amount each month), but the Directors make an accounting policy choice to adopt the simplification. Adoption of The current service cost of the defined benefit scheme, recognised in the Consolidated Income Statement in employee benefit expense, reflects the increase in the defined benefit obligation resulting from employee service in the current period, benefit changes, curtailments and settlements. Past-service costs are recognised immediately in the Consolidated Income Statement. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of scheme assets. This cost is included in employee benefit expense in the Consolidated Income Statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited in other comprehensive income in the period in which they arise. Where the Group has an unconditional right to a refund, it recognises an asset measured as the amount of the surplus at the balance sheet date that is has a right to receive as a refund. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity. The Group does not hold any derivative instruments in either the current or prior period. Financial assets Initial recognition and measurement Financial assets are classified at initial recognition, and subsequently measured at amortised cost, Fair Value through Other Comprehensive Income (FVOCI) or Fair Value through Profit or Loss (FVPL). The classification is based on two criteria: \u2013 The Group\u2019s business model for managing the assets; and \u2013 Whether the instruments\u2019 contractual cash flows represent \u2018Solely Payments of Principal and Interest\u2019 on the principal amount outstanding (the SPPI criterion) A summary of the Group\u2019s financial assets is as follows: Financial assets Classification under IFRS 9 Trade and other receivables (excluding prepayments) Amortised cost \u2013 held to collect as business model and SPPI met Cash and short-term deposits Amortised cost Under IFRS 9 the Group initially measures a financial asset at its fair value plus directly attributable transaction costs, unless the asset is classified as FVPL. Transactional costs of financial assets carried at FVPL are expensed in the Consolidated Income Statement. Subsequent measurement Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest rate (EIR) method. The amortised cost is reduced by impairment losses. Interest income, impairment or gain or loss on derecognition are recognised in profit or loss. Derecognition A financial asset is derecognised primarily when: \u2013 The rights to receive cash flows from the asset have expired; or \u2013 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. this approach means that Significant Increase in Credit Risk (SICR) and Date of Initial Recognition (DOIR) concepts are not applicable to the Group\u2019s ECL calculations. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery, which is the Group\u2019s definition of default. The assessment of credit risk and the estimation of ECL are required to be unbiased, probability-weighted and should incorporate all available information relevant to the assessment, including information about past events, current conditions and reasonable and supportable forecasts of economic conditions at the reporting date. The forward looking aspect of IFRS 9 requires considerable judgement as to how changes in economic factors affect ECLs. ECL charges in respect of customer receivables are recognised in the Consolidated Income Statement within cost of sales. Inventories Inventories are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Raw materials, consumables and goods for resale are recognised on an average cost basis. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Cash and cash equivalents In the Consolidated Balance Sheet, cash and cash equivalents includes cash in hand, cash in transit, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Cash in transit largely comprises amounts receivable on credit cards where the transaction has been authorised but the funds have yet to clear the bank. These balances are considered to be highly liquid, with minimal risk of default, and are typically received in less than three days. Provisions Provisions are recognised when: \u2013 The Group has a present legal or constructive obligation as a result of past events \u2013 It is probable that an outflow of resources will be required to settle the obligation and \u2013 The amount has been reliably estimated. Provisions are not recognised for future operating losses Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as an interest expense. Post-employment benefit obligations The Group operates various post-employment schemes, including both defined benefit schemes and defined contribution pension plans. Typically, defined benefit schemes define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The amount recognised in the Consolidated Balance Sheet in respect of the defined benefit pension scheme is the present value of the defined benefit obligation at the end of the reporting period less the fair value of scheme assets. The defined benefit obligation is calculated by a full yield-curve independent actuarial valuation. The present value of the defined benefit amount is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Impairment The Group recognises an allowance for ECLs for all debt instruments not held at FVPL. The most significant financial assets of the Group are its trade receivables. ECLs are calculated in accordance with the accounting policies set out above. Financial liabilities Initial recognition and measurement The Group has classified its financial liabilities as follows: Financial liabilities Classification under IFRS 9 Interest-bearing loans and borrowings Amortised cost Trade and other payables (excluding accrued income) Amortised cost All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement A summary of the subsequent measurement of financial liabilities is set out below: Financial liabilities at FVPL Subsequently measured at fair value. Gains and losses are recognised in the Consolidated Income Statement Interest-bearing loans and borrowings Subsequently measured at amortised cost using the EIR method. The EIR amortisation is included in finance costs in the Income Statement Trade and other payables (excluding accrued income) Subsequently measured at amortised cost Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Consolidated Income Statement. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention and ability to settle on a net basis, to realise the assets and settle the liabilities simultaneously. Leases The Group\u2019s lease portfolio is principally comprised of property leases in relation to Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors and Betteridge showrooms, mono-brand boutiques and central offices. The leases typically run for terms between five and 20 years and may include break clauses or options to renew beyond the non-cancellable periods. The majority of the Group\u2019s lease payments are subject to market review, usually every five years, with a number of leases which have annual increases dependent on economic indices. Some lease agreements include rental payments which are contingent on the turnover of the property to which it relates. These payments are excluded from the calculation of the lease liabilities under IFRS 16 \u2018Leases\u2019. Definition of a lease The Group assesses whether a contract is or contains a lease based on the definition of a lease under IFRS 16. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. 1. ACCOUNTING POLICIES (CONTINUED) Leases (continued) Lease liability \u2013 initial recognition The Group recognises right-of-use assets and lease liabilities at the lease commencement date. The lease liabilities are initially measured at the present value of the lease payments that are not yet paid at the commencement date, less any incentives receivable, discounted using the determined incremental borrowing rate applicable to the lease. Lease payments in the measurement of the lease liability comprise: \u2013 Fixed lease payments (including in-substance fixed payments), less any lease incentives \u2013 Variable lease payments such as those that depend on an index or rate (such as RPI), initially measured using the index or rate at the commencement date; and \u2013 Penalty payments for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease The Group discount lease payments to their present value, using its Incremental Borrowing Rate (IBR) at the lease commencement date. IBR applied to each lease is determined by taking into account: \u2013 The risk-free rate based on country specific swap markets \u2013 A credit risk adjustment based on country specific corporate indices; and \u2013 A Group specific adjustment to reflect the Group\u2019s specific borrowing conditions The IBR applied to individual leases ranged from 2.1% to 7.4%. Lease liability \u2013 subsequent measurement Lease liabilities are subsequently measured at amortised cost and are increased to reflect interest on the lease liability (using the effective interest method) and decreased by the lease payments made. Lease liability \u2013 remeasurement Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or market rental review, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a renewal option is reasonably certain to be exercised or a break clause is reasonably certain to be exercised. When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset, unless its carrying amount is reduced to \u00a3nil, in which case any remaining amount is recognised in profit or loss. The Group has applied judgement to determine the lease term for those lease contracts that include a renewal or break option. The assessment of whether the Group is reasonably certain to exercise a renewal option or reasonably certain not to exercise a break option significantly impacts the value of lease liabilities and right-of- use assets recognised on the Balance Sheet and the Consolidated Income Statement. Right-of-use assets \u2013 initial recognition Right-of-use assets are initially measured at cost, which is an amount equal to the corresponding lease liabilities adjusted for any lease payments made at or before the commencement date, dilapidation provisions required, less any lease incentives received. The Group has elected to apply the exemption for short-term leases (leases with a term of less than one year) and low-value assets under IFRS 16, as such not recognising a right-of-use asset and lease liability on the Balance Sheet, but recognising lease payments associated with those leases as an expense on a straight-line basis over the lease term. Where the Group has an obligation for costs to restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019. The estimated costs are included in the related right-of-use asset. Initial direct costs (lease acquisition costs), incurred subsequently to the initial date of application, have been included within the right-of-use asset. Net realisable value of inventories Inventories are stated at the lower of cost and net realisable value, on a weighted average cost basis. Provisions are recognised where the net realisable value is assessed to be lower than cost. The calculation of this provision requires estimation of the eventual sales price and sell-through of goods to customers in the future. A 20% reduction in the showroom sell-through of slow moving stock would impact the net realisable value by c.\u00a33.4m. Impairment of property, plant and equipment and right-of-use assets Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. For the impairment test, the value-in-use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the strategic plan period, the long-term growth rate to be applied beyond this period and the risk-adjusted pre-tax discount rate used to discount those cash flows. The key assumptions relate to sales growth rates and discount rates used to discount the cash flows. Climate risk and near-term environmental actions that the Group is taking, have been considered in future cash flows used in the impairment review. This includes unavoidable future costs such as price increases, together with the cost of mitigating climate risks, and consideration of quantified climate-related risks on future cash flows. Showroom related property, plant and equipment and right-of-use assets are tested for impairment at a showroom-by-showroom level, including an allocation of overheads related to showroom operations. Sensitivity of the key assumptions in relation to impairment are included in note 11. Significant judgements The following are the critical judgements, apart from those involving estimations, that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the Financial Statements: Classification of exceptional items and presentation of non-GAAP measures The Directors exercise their judgement in the classification of certain items as exceptional and outside the Group\u2019s underlying results. The determination of whether an item should be separately disclosed as an exceptional item, non- underlying or non-trading requires judgement on its materiality, nature and incidence, as well as whether it provides clarity on the Group\u2019s underlying trading performance. In exercising this judgement, the Directors take appropriate regard of IAS 1 \u2018Presentation of financial statements\u2019 as well as guidance from the Financial Reporting Council and the European Securities Market Authority on the reporting of exceptional items and APMs. The overall goal of the Directors is to present the Group\u2019s underlying performance without distortion from one-off or non-trading events regardless of whether they are favourable or unfavourable to the underlying result. Further details on exceptional items are provided in note 4. Lease term (IFRS 16) IFRS 16 defines the lease term as the non-cancellable period of a lease together with the options to extend or terminate a lease, if the lessee were reasonably certain to exercise that option. Where a lease includes the option for the Group to terminate the lease before the term end, the Group makes a judgement as to whether it is reasonably certain that the option will or will not be taken. On entering into a lease, the Group assesses how reasonably certain it is to exercise these options. The default position is that the Group will determine that the lease term is to the end of the lease (i.e. will not include break-clauses or options to extend) unless there is clear evidence to the contrary. Right-of-use assets \u2013 subsequent measurement Right-of-use assets are subsequently measured at cost less any accumulated depreciation and impairment losses, adjusted for certain remeasurements of the lease liabilities. Depreciation is calculated on a straight-line basis over the expected useful economic life of a lease which is taken as the lease term. NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS The following standards, amendments and interpretations were applicable for the period beginning 2 May 2022 and were adopted by the Group for the 52-week period ended 30 April 2023. They have not had a significant impact on the Group\u2019s profit for the year, equity or disclosures: \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 The following are new accounting standards and amendments to existing standards that have been published and are applicable for the Group\u2019s accounting periods beginning 1 May 2023 onwards, which the Group has adopted early: \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 The following are new accounting standards and amendments to existing standards that have been published and are applicable for the Group\u2019s accounting periods beginning 1 May 2023 onwards, which the Group has not adopted early: \u2013 IFRS 17 \u2018Insurance Contracts\u2019 \u2013 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2013 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 IFRS 17 \u2018Insurance Contracts\u2019 applies to the Group in relation to the reinsurance of contracts to Aurum Insurance (Guernsey) Limited. A materiality assessment is taking place, however it is not anticipated that the standard will have a material impact on the Group\u2019s Consolidated Financial Statements. The adoption of other standards and amendments noted is not expected to have a material impact on the Group\u2019s Consolidated Financial Statements. Major sources of estimation uncertainty and judgement The preparation of consolidated financial information requires the Group to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Actual results may differ from these estimates. Significant estimates Estimates and underlying assumptions are reviewed by management on an ongoing basis, with revisions recognised in the period in which the estimates are revised and in any future period affected. The areas involving significant risk resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial period are as follows: Post-employment benefit obligations The Group\u2019s accounting policy for the defined benefit pension scheme requires management to make judgements as to the nature of benefits provided by each scheme and thereby determine the classification of each scheme. For the defined benefit scheme, management is required to make annual estimates and assumptions about future returns on classes of scheme assets, future remuneration changes, employee attrition rates, administration costs, changes in benefits, inflation rates, life expectancy and expected remaining periods of service of employees and the determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of these assumptions. Differences arising from actual experiences or future changes in assumptions will be reflected in subsequent periods. Sensitivity of the Group\u2019s defined benefit scheme to movements in key assumptions is set out in note 19. The lease term of each lease is reassessed if there is specific evidence of a change in circumstance such as: \u2013 A decision has been made by the business to exercise a break or option \u2013 The trading performance significantly changes \u2013 Planned future capital expenditure suggests that the option to extend will be taken Discount rates (IFRS 16) The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. Management uses the rate implicit in the lease in relation to the Group\u2019s \u2018Other\u2019 leases and the lessee\u2019s incremental borrowing rate for all property leases. Incremental borrowing rates are determined on entering a lease and depend on the term, country, currency and start date of the lease. The incremental borrowing rate used is calculated based on a series of inputs including: \u2013 The risk-free rate based on country specific swap markets \u2013 A credit risk adjustment based on country specific corporate indices; and \u2013 A Group specific adjustment to reflect the Group\u2019s specific borrowing conditions As a result, reflecting the breadth of the Group\u2019s lease portfolio, judgements on the lease terms and the international spread of the portfolio, there are a large number of discount rates applied to the leases within the range of 2.1% to 7.4%. Substantive substitution rights (IFRS 16) The Group has applied judgement to three (2022: three) contractual agreements and has judged that they do not meet the definition of a lease under IFRS 16. In these cases, the Group has judged that the lessor has a substantive right to substitute the asset and as such, there is no asset identified within the contract. The Group judges that the lessor has the practical ability to substitute; the Group cannot prevent the lessor from proposing the substitution; and the costs of substitution are assessed to be low. If substituted, the lessor is able to give 14 days\u2019 written notice to the Group indicating that the sales area will be changed and the costs incurred to move the sales area would be low to the lessor. As a result, the Group has deemed that the lessor has a substantive right to substitute the asset and as such there is no asset identified within the contract. Given this, the Group does not recognise lease liabilities or right-of-use assets in relation to these leases and continues to account for these on a straight-line basis. Other areas of estimation and judgement include estimation around expected supplier incentives receivable from third parties. Estimates are based on underlying and forecast sales data to anticipate the level of incentive receivable based on targets to be met in the future. Sensitivities to the assumptions for this are not expected to result in a material change in the carrying amount. The amount recognised as a receivable is reviewed regularly and updated to reflect management\u2019s latest best estimate. ",
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"value": "GENERAL INFORMATION Watches of Switzerland Group PLC (the \u2018Company\u2019) is a public limited company, limited by shares, which is listed on the London Stock Exchange and incorporated and domiciled in England and Wales. The address of the registered office is Aurum House, 2 Elland Road, Braunstone, Leicester, LE3 1TT. The Company and its subsidiaries together form the Group. The principal activity of the Group is the retailing of luxury watches and jewellery, both in showrooms and online. At the balance sheet date, the Group was trading from 146 UK and Europe based showrooms, and 47 US based showrooms. The Group mainly trades under five prestigious brands: Watches of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK), Mayors (US) and Betteridge (US), with a complementary jewellery offering. The Consolidated Financial Statements are presented in Pounds Sterling (\u00a3), which is the Group\u2019s presentational currency, and are shown in \u00a3millions to one decimal place. ",
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"value": "and domiciled in England and Wales. The address of the registered office is Aurum ",
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"fact-4": {
"value": "Aurum House, 2 Elland Road, Braunstone, Leicester, LE3 1TT",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-5": {
"value": "The principal activity of the Group is the retailing of luxury watches and jewellery, both in showrooms and online. At the balance sheet date, the Group was trading from 146 UK and Europe based showrooms, and 47 US based showrooms. The Group mainly trades under five prestigious brands: Watches of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK), Mayors (US) and Betteridge (US), with a complementary jewellery offering. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-402": {
"value": "The Consolidated Financial Statements are presented in Pounds Sterling (\u00a3), which is the Group\u2019s presentational currency, and are shown in \u00a3millions to one decimal place. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-352": {
"value": "BASIS OF PREPARATION The Consolidated Financial Statements include the financial statements of the Company and its subsidiary undertakings made up to 30 April 2023. A subsidiary is an entity that is controlled by the parent. The financial year represents the 52 weeks to 30 April 2023 (prior financial year 52 weeks to 1 May 2022). The financial year-end date is determined to be the Sunday closest to 30 April each year. The Financial Statements are prepared in accordance with UK adopted international accounting standards. The Consolidated Financial Statements have been prepared under the historical cost convention except for pension assets which are measured at fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-353": {
"value": "GOING CONCERN The Directors consider that the Group has, at the time of approving the Consolidated Financial Statements, adequate resources to remain in operation for the foreseeable future and have therefore continued to adopt the going concern basis in preparing the consolidated information. At the balance sheet date, the Group had a total of \u00a3170.0 million in available committed facilities, of which \u00a3120.0 million was drawn down. Net cash at this date was \u00a316.4 million with liquidity headroom (defined as unrestricted cash plus undrawn available facilities) of \u00a3171.6 million. The $60.0 million US Asset Backed Loan (ABL) expired in April 2023, and the main UK bank facility of \u00a3170.0 million was due to expire in June 2024. Refinancing On 9 May 2023 the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid and extinguished on this date. As a result, the going concern assessment has been carried out using the new \u00a3225.0 million facility now in place. The key covenant tests attached to the Group\u2019s facilities, are a measure of net debt to EBITDA and the Fixed Charge Cover Ratio (FCCR) at each April and October. The new \u00a3225.0 million facility covenants are in line with those previously used, notably on a pre-IFRS 16 basis and excluding share-based payment costs. Net debt to EBITDA is defined as the ratio of total net debt at the reporting date to the last 12 months Adjusted EBITDA. This ratio must not exceed 3. The FCCR is the ratio of Adjusted EBITDA plus rent to the total finance charge and rent for the 12 months to the reporting date. This ratio must exceed 1.6. At 30 April 2023 the Group comfortably satisfied the covenant tests with net debt to EBITDA being less than 3 and the FCCR exceeding 1.6. In assessing whether the going concern basis of accounting is appropriate, the Directors have reviewed various trading scenarios for the period to 31 October 2024 from the date of this report. These included: \u2013 The budget approved by the Board in May 2023. The budget assumes that the more challenging trading environment of the second half of FY23 will continue into the first half of FY24. Further key assumptions include: \u2013 A continued strong luxury watch market in the UK and US \u2013 Revenue forecast supported by expected luxury watch supply \u2013 Increased cost base in line with macroeconomic environment and environmental targets The budget aligns to the Guidance given on page 12. Under this budget, the Group has significant liquidity and comfortably complies with all covenant tests to 31 October 2024. \u2013 Reverse stress-testing of cash flows during the going concern period was performed. This determined what level of reduced EBITDA and worst case cash flows would result in a breach of the liquidity or covenant tests. The likelihood of this level of reduced EBITDA is considered remote. \u2013 Severe but plausible scenarios of: \u2013 10% reduction in sales against the budget due to reduced consumer confidence and lower disposable income due to the cost-of-living crisis. This scenario did not include cost mitigations which are given below \u2013 The realisation of material risks detailed within the Principal Risks and Uncertainties on pages 116 to 121 and environmental risks highlighted on pages 98 to 101 Under these scenarios the net debt to EBITDA and the FCCR covenants would be complied with. Should trading be worse than the outlined severe but plausible scenarios, the Group has the following mitigating actions within management\u2019s control: \u2013 Reduction of marketing spend \u2013 Reduction in the level of stock purchases \u2013 Restructuring of the business with headcount and showroom operations savings \u2013 Redundancies and pay freezes \u2013 Reducing the level of planned capex and potential acquisition spend As a result of the above analysis, including potential severe but plausible scenarios, the Board believes that the Group is able to adequately manage its financing and principal risks, and that the Group will be able to operate within the level of its facilities and meet the required covenants for the period to 31 October 2024. For this reason, the Board considers it appropriate for the Group to adopt the going concern basis in preparing the Consolidated Group Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-354": {
"value": "CLIMATE CHANGE In preparing the Consolidated Financial Statements management has considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to 31 October 2024 nor the viability of the Group over the next three years (refer to the Viability Statement on page 123). ",
"dimensions": {
"concept": "watchesofswitzerland:DisclosureOfClimateChange",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-355": {
"value": "EXCEPTIONAL ITEMS The Group presents as exceptional items on the face of the Consolidated Income Statement those material items of income and expense which, because of the nature or the expected infrequency of the events giving rise to them, merit separate presentation to provide a better understanding of the elements of financial performance in the financial period, so as to assess trends in financial performance. Further details on exceptional items are given within note 4. The presentational format of Exceptional Items has changed since the prior period. Exceptional items are no longer presented in a columnar format in the Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-356": {
"value": "ALTERNATIVE PERFORMANCE MEASURES (APMS) The Group has identified certain measures that it believes will assist the understanding of the performance of the business. These APMs are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional useful information on the underlying trends, performance and position of the Group and are consistent with how business performance is measured internally. The APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs. The key APMs that the Group uses include: Net margin, Adjusted EBITDA, Adjusted EBIT and Adjusted Earnings Per Share. These APMs are set out in the Glossary on pages 230 to 231, including explanations of how they are calculated and how they are reconciled to a statutory measure where relevant. The Group makes certain adjustments to the statutory profit measures in order to derive many of these APMs. The Group\u2019s policy is to exclude items that are considered non-underlying and exceptional due to their size, nature or incidence, and are not considered to be part of the normal operating costs of the Group. Treatment as an adjusting item provides stakeholders with additional useful information to assess the year-on-year trading performance of the Group but should not be considered in isolation of statutory measures. ",
"dimensions": {
"concept": "watchesofswitzerland:DisclosureOfAlternativePerformanceMeasuresAPMs",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-357": {
"value": "FOREIGN CURRENCIES The Consolidated Financial Statements are presented in Pounds Sterling (\u00a3), which is the Group\u2019s presentational currency, and are shown in \u00a3millions to one decimal place. The Group includes foreign entities whose functional currencies are not Pounds Sterling (\u00a3). On consolidation, the assets and liabilities of those entities are translated at the exchange rates at the balance sheet date and income and expenses are translated at average rates during the period. Translation differences are recognised in other comprehensive income. Transactions in currencies other than an entity\u2019s functional currency are recorded at the exchange rate on the transaction date, whilst assets and liabilities are translated at exchange rates at the balance sheet date. Exchange differences are recognised in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-358": {
"value": "SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Makers (CODMs). The CODMs, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as the Chief Executive Officer and Chief Financial Officer of the Group. The CODMs review the key profit measures Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) and Adjusted Earnings Before Interest and Tax (EBIT), both shown pre-exceptional items and IFRS 16. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-359": {
"value": "REVENUE The Group is in the business of selling luxury watches and jewellery and providing ongoing services to our customers, such as repairs and servicing. Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has concluded that it is the principal in its revenue arrangements because it controls the goods or services before transferring them to the customer. In determining the transaction price for the sale of goods, the Group considers the existence of significant financing components. Sale of goods Revenue from sale of goods is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Sale of goods \u2013 retail Sales of goods are recognised when a Group entity sells a product to the customer and control of the goods is transferred to the customer. Retail sales are usually settled in cash or by card. It is the Group\u2019s policy to sell its products to the retail customer with a right to return within 14 days for a cash refund and 30 days for a product exchange. The Group does not operate any loyalty programmes. Where sales are made on credit provided by a third party, revenue is recognised immediately on sale of the product and control has been passed to the customer. The Group offers Interest Free Credit on certain goods and the cost of this product is netted against revenue. Sale of goods \u2013 online Revenue from the sale of goods on the internet is recognised at the point that control has passed to the customer, which is the point of delivery. Transactions are settled by credit or payment card. Where sales are made on credit provided by a third party, revenue is recognised when control has been passed to the customer, on delivery. Rendering of services Revenue from a contract to provide services, such as product repairs and servicing, is recognised in the period in which the services are provided. Revenue is recognised when the following conditions are satisfied: \u2013 The amount of revenue can be measured reliably \u2013 It is probable that the Group will receive the consideration due under the contract \u2013 The service has been completed and \u2013 Control of the good is passed back to the customer Contract balances \u2013 customer deposits and gift cards A customer deposit or gift card liability is the obligation to transfer goods or services to a customer for which the Group has received consideration. If consideration is received before the Group transfers goods or services to the customer, revenue is deferred and a customer deposit or gift card liability is recognised. Customer deposits and gift cards are recognised as revenue when the customer is passed control of the goods. Gift card redemptions are estimated on the basis of historical redemptions and are reviewed regularly and updated to reflect management\u2019s best estimate of patterns of redemption. The estimated non-redemption is recognised in revenue based on historical redemptions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-363": {
"value": "Own shares held Own shares represent the shares of Watches of Switzerland Group PLC that are held in an Employee Benefit Trust which has been set up for this purpose. The Company adopts a \u2018look-through\u2019 approach which, in substance, accounts for the trust as an extension of the Company. Own shares are recorded at cost and are deducted from equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-364": {
"value": "Taxation Taxation, comprised of current and deferred tax, is charged or credited to the Consolidated Income Statement unless it relates to items recognised in other comprehensive income or directly in equity. In such cases, the related tax is also recognised in other comprehensive income or directly in equity. Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is not recognised in respect of investments in subsidiaries where the reversal of any taxable temporary differences can be controlled and are unlikely to reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-403": {
"value": "Taxation Taxation, comprised of current and deferred tax, is charged or credited to the Consolidated Income Statement unless it relates to items recognised in other comprehensive income or directly in equity. In such cases, the related tax is also recognised in other comprehensive income or directly in equity. Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is not recognised in respect of investments in subsidiaries where the reversal of any taxable temporary differences can be controlled and are unlikely to reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-365": {
"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 \u2018Financial Instruments\u2019, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amount to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Intangible assets Research and development Expenditure on research activities is recognised in the Consolidated Income Statement as an expense as incurred. Other intangible assets Expenditure on internally generated goodwill and brands is recognised in the Consolidated Income Statement as an expense as incurred. Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and accumulated impairment losses. The cost of intangible assets acquired in a business combination is capitalised separately from goodwill if the fair value can be measured reliably at the acquisition date. Acquired computer software licences are capitalised based on the costs incurred to acquire and bring to use the specific software. Software is measured initially at acquisition cost or costs incurred to develop the asset. Following initial recognition, software is carried at cost less accumulated amortisation. Assets are amortised on a straight-line basis over their estimated useful lives of three to five years. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Consolidated Income Statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the Consolidated Income Statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Amortisation Amortisation is charged to the Consolidated Income Statement on a straight-line basis over the estimated useful lives of intangible assets. Amortisation is recognised wholly within cost of sales. Intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows: Computer software 3 to 5 years Brands 5 to 30 years Agency agreements 10 years The bases for choosing these useful lives are: \u2013 Brand longevity considering brand history and market awareness \u2013 Agency agreements considering the longevity of the agreements in place with a major supplier The Group reviews the amortisation period and method when events and circumstances indicate that the useful life may have changed since the last reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-421": {
"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 \u2018Financial Instruments\u2019, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amount to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-432": {
"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 \u2018Financial Instruments\u2019, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amount to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-404": {
"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 \u2018Financial Instruments\u2019, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amount to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-360": {
"value": "Cost of sales Included within cost of sales are any items which are directly attributable to the sale of goods and services. This includes the cost of bringing inventory into a condition to sell, wages and salaries, depreciation on land and buildings and fittings and equipment and other costs directly attributable to the cost of selling goods and services. ",
"dimensions": {
"concept": "watchesofswitzerland:DescriptionOfAccountingPolicyForCostOfSales",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-361": {
"value": "Insurance contracts The Group issues contracts that transfer insurance risk which are classified as insurance contracts. This activity is completed through the Aurum Insurance (Guernsey) Limited subsidiary which is fully consolidated. The Group manages its risk via its underwriting strategy within its overall risk management framework. Commission income is earned in showrooms through the sale of insurance policies by Watches of Switzerland Company Limited. Premiums are earned from the date of the attachment of risk, over the indemnity period, based on the pattern of risks underwritten. The earned portion of premiums written is recognised as revenue. Unearned premium represents the proportion of premiums written which is estimated to be earned in future financial years, calculated separately for each insurance contract using the daily pro-rata method. Claims and claims handling expenses are recognised as incurred based on the estimated cost of settling all liabilities arising on events occurring up to the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-362": {
"value": "Share-based payments Some employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The fair value of the equity-settled awards is calculated at grant date using a Black-Scholes model. The resulting cost is charged in the Consolidated Income Statement over the vesting period of the option or award and is regularly reviewed and adjusted for the expected and actual number of options or awards vesting. This applies to LTIP Awards, Deferred Share Bonus Schemes, Share Saving Schemes, and Free Share Awards. Service and non-service performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. No expense is recognised for awards that do not ultimately vest because of non-market performance and/or service conditions that have not been met. The social security contributions payable in connection with the award of the share options is determined at each balance sheet date as a liability with the total cost recognised in the Consolidated Income Statement over the vesting period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-405": {
"value": "Intangible assets Research and development Expenditure on research activities is recognised in the Consolidated Income Statement as an expense as incurred. Other intangible assets Expenditure on internally generated goodwill and brands is recognised in the Consolidated Income Statement as an expense as incurred. Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and accumulated impairment losses. The cost of intangible assets acquired in a business combination is capitalised separately from goodwill if the fair value can be measured reliably at the acquisition date. Acquired computer software licences are capitalised based on the costs incurred to acquire and bring to use the specific software. Software is measured initially at acquisition cost or costs incurred to develop the asset. Following initial recognition, software is carried at cost less accumulated amortisation. Assets are amortised on a straight-line basis over their estimated useful lives of three to five years. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Consolidated Income Statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the Consolidated Income Statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Amortisation Amortisation is charged to the Consolidated Income Statement on a straight-line basis over the estimated useful lives of intangible assets. Amortisation is recognised wholly within cost of sales. Intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows: Computer software 3 to 5 years Brands 5 to 30 years Agency agreements 10 years The bases for choosing these useful lives are: \u2013 Brand longevity considering brand history and market awareness \u2013 Agency agreements considering the longevity of the agreements in place with a major supplier The Group reviews the amortisation period and method when events and circumstances indicate that the useful life may have changed since the last reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-366": {
"value": "Property, plant and equipment Management accounts for property, plant and equipment under the cost basis of IAS 16 \u2018Property, plant and equipment\u2019, rather than applying the alternative (revaluation) treatment. The cost of property, plant and equipment includes directly attributable costs. Depreciation is provided on the cost of all other assets (except assets in the course of construction), so as to write off the cost, less residual value, on a straight-line basis over the expected useful economic life of the assets concerned, as follows: Land and buildings Lease period Fittings and equipment 3 to 10 years Useful lives and residual values are reviewed at each balance sheet date and revised where expectations are significantly different from previous estimates. In such cases, the depreciation charge for current and future periods is adjusted accordingly. The impact of climate change on asset lives has also been considered in the period. Asset lives are not affected by climate actions taking place. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-367": {
"value": "Impairment of non-financial assets The carrying values of non-financial assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any impairment loss arises, the asset is adjusted to its estimated recoverable amount and the difference is recognised in the Income Statement. Property, plant and equipment and other non-current assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of an asset or a cash-generating unit (CGU) is not recoverable. A CGU is the smallest identifiable group of assets that generate independent cash flows which are monitored by management and the CODMs. The Group consider this to be an individual showroom location or office. CGUs are grouped for the purposes of allocating goodwill where the CGU group is expected to benefit from synergies, such as sharing of centralised functions and management. Goodwill allocated to groups of CGUs is tested annually for impairment and whenever there is an indication that the goodwill may be impaired. Impairment testing is performed at several levels and applied in the order set out by IAS 36 \u2018Impairment of assets\u2019. Impairment testing is first applied to the assets within a CGU where the value of assets held by the CGU are compared to the recoverable value. Impairment testing is then performed at a higher level which compares the value of goodwill to the recoverable value of the associated group of CGUs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-368": {
"value": "Trade and other receivables Trade receivables represent outstanding customer balances less an allowance for Expected Credit Losses (ECLs). Trade receivables are recognised when the Group becomes party to the contract which happens when the goods are received and controlled by the end user. They are derecognised when the rights to receive the cash flows have expired e.g. due to the settlement of the outstanding amount or where the Group has transferred substantially all the risks and rewards associated with that contract. Other receivables are stated at invoice value less an allowance for ECLs. Trade and other receivables are subsequently measured at amortised cost as the business model is to collect contractual cash flows and the debt meets the Solely Payment of Principal and Interest (SPPI) criterion. Expected credit losses The Group recognises an allowance for ECLs for customer and other receivables. IFRS 9 \u2018Financial instruments\u2019 requires a provision to be recognised on origination of a customer advance, based on its ECL. The Directors have taken the simplification available under IFRS 9 5.5.15 which allows the loss amount in relation to a trade receivable to be measured at initial recognition and throughout its life at an amount equal to lifetime ECL. This simplification is permitted where there is either no significant financing component (such as customer receivables where the customer is expected to repay the balance in full prior to interest accruing) or where there is a significant financing component (such as where the customer expects to repay only the minimum amount each month), but the Directors make an accounting policy choice to adopt the simplification. Adoption of this approach means that Significant Increase in Credit Risk (SICR) and Date of Initial Recognition (DOIR) concepts are not applicable to the Group\u2019s ECL calculations. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery, which is the Group\u2019s definition of default. The assessment of credit risk and the estimation of ECL are required to be unbiased, probability-weighted and should incorporate all available information relevant to the assessment, including information about past events, current conditions and reasonable and supportable forecasts of economic conditions at the reporting date. The forward looking aspect of IFRS 9 requires considerable judgement as to how changes in economic factors affect ECLs. ECL charges in respect of customer receivables are recognised in the Consolidated Income Statement within cost of sales. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-373": {
"value": "Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity. The Group does not hold any derivative instruments in either the current or prior period. Financial assets Initial recognition and measurement Financial assets are classified at initial recognition, and subsequently measured at amortised cost, Fair Value through Other Comprehensive Income (FVOCI) or Fair Value through Profit or Loss (FVPL). The classification is based on two criteria: \u2013 The Group\u2019s business model for managing the assets; and \u2013 Whether the instruments\u2019 contractual cash flows represent \u2018Solely Payments of Principal and Interest\u2019 on the principal amount outstanding (the SPPI criterion) A summary of the Group\u2019s financial assets is as follows: Financial assets Classification under IFRS 9 Trade and other receivables (excluding prepayments) Amortised cost \u2013 held to collect as business model and SPPI met Cash and short-term deposits Amortised cost Under IFRS 9 the Group initially measures a financial asset at its fair value plus directly attributable transaction costs, unless the asset is classified as FVPL. Transactional costs of financial assets carried at FVPL are expensed in the Consolidated Income Statement. Subsequent measurement Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest rate (EIR) method. The amortised cost is reduced by impairment losses. Interest income, impairment or gain or loss on derecognition are recognised in profit or loss. Derecognition A financial asset is derecognised primarily when: \u2013 The rights to receive cash flows from the asset have expired; or \u2013 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment The Group recognises an allowance for ECLs for all debt instruments not held at FVPL. The most significant financial assets of the Group are its trade receivables. ECLs are calculated in accordance with the accounting policies set out above. Financial liabilities Initial recognition and measurement The Group has classified its financial liabilities as follows: Financial liabilities Classification under IFRS 9 Interest-bearing loans and borrowings Amortised cost Trade and other payables (excluding accrued income) Amortised cost All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement A summary of the subsequent measurement of financial liabilities is set out below: Financial liabilities at FVPL Subsequently measured at fair value. Gains and losses are recognised in the Consolidated Income Statement Interest-bearing loans and borrowings Subsequently measured at amortised cost using the EIR method. The EIR amortisation is included in finance costs in the Income Statement Trade and other payables (excluding accrued income) Subsequently measured at amortised cost Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Consolidated Income Statement. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention and ability to settle on a net basis, to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-406": {
"value": "Financial assets Initial recognition and measurement Financial assets are classified at initial recognition, and subsequently measured at amortised cost, Fair Value through Other Comprehensive Income (FVOCI) or Fair Value through Profit or Loss (FVPL). The classification is based on two criteria: \u2013 The Group\u2019s business model for managing the assets; and \u2013 Whether the instruments\u2019 contractual cash flows represent \u2018Solely Payments of Principal and Interest\u2019 on the principal amount outstanding (the SPPI criterion) A summary of the Group\u2019s financial assets is as follows: Financial assets Classification under IFRS 9 Trade and other receivables (excluding prepayments) Amortised cost \u2013 held to collect as business model and SPPI met Cash and short-term deposits Amortised cost Under IFRS 9 the Group initially measures a financial asset at its fair value plus directly attributable transaction costs, unless the asset is classified as FVPL. Transactional costs of financial assets carried at FVPL are expensed in the Consolidated Income Statement. Subsequent measurement Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest rate (EIR) method. The amortised cost is reduced by impairment losses. Interest income, impairment or gain or loss on derecognition are recognised in profit or loss. Derecognition A financial asset is derecognised primarily when: \u2013 The rights to receive cash flows from the asset have expired; or \u2013 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment The Group recognises an allowance for ECLs for all debt instruments not held at FVPL. The most significant financial assets of the Group are its trade receivables. ECLs are calculated in accordance with the accounting policies set out above. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-422": {
"value": "Derecognition A financial asset is derecognised primarily when: \u2013 The rights to receive cash flows from the asset have expired; or \u2013 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-369": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Raw materials, consumables and goods for resale are recognised on an average cost basis. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-370": {
"value": "Cash and cash equivalents In the Consolidated Balance Sheet, cash and cash equivalents includes cash in hand, cash in transit, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Cash in transit largely comprises amounts receivable on credit cards where the transaction has been authorised but the funds have yet to clear the bank. These balances are considered to be highly liquid, with minimal risk of default, and are typically received in less than three days. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-371": {
"value": "Provisions Provisions are recognised when: \u2013 The Group has a present legal or constructive obligation as a result of past events \u2013 It is probable that an outflow of resources will be required to settle the obligation and \u2013 The amount has been reliably estimated. Provisions are not recognised for future operating losses Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as an interest expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-372": {
"value": "Post-employment benefit obligations The Group operates various post-employment schemes, including both defined benefit schemes and defined contribution pension plans. Typically, defined benefit schemes define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The amount recognised in the Consolidated Balance Sheet in respect of the defined benefit pension scheme is the present value of the defined benefit obligation at the end of the reporting period less the fair value of scheme assets. The defined benefit obligation is calculated by a full yield-curve independent actuarial valuation. The present value of the defined benefit amount is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. The current service cost of the defined benefit scheme, recognised in the Consolidated Income Statement in employee benefit expense, reflects the increase in the defined benefit obligation resulting from employee service in the current period, benefit changes, curtailments and settlements. Past-service costs are recognised immediately in the Consolidated Income Statement. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of scheme assets. This cost is included in employee benefit expense in the Consolidated Income Statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited in other comprehensive income in the period in which they arise. Where the Group has an unconditional right to a refund, it recognises an asset measured as the amount of the surplus at the balance sheet date that is has a right to receive as a refund. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-423": {
"value": "Impairment The Group recognises an allowance for ECLs for all debt instruments not held at FVPL. The most significant financial assets of the Group are its trade receivables. ECLs are calculated in accordance with the accounting policies set out above. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-407": {
"value": "Financial liabilities Initial recognition and measurement The Group has classified its financial liabilities as follows: Financial liabilities Classification under IFRS 9 Interest-bearing loans and borrowings Amortised cost Trade and other payables (excluding accrued income) Amortised cost All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement A summary of the subsequent measurement of financial liabilities is set out below: Financial liabilities at FVPL Subsequently measured at fair value. Gains and losses are recognised in the Consolidated Income Statement Interest-bearing loans and borrowings Subsequently measured at amortised cost using the EIR method. The EIR amortisation is included in finance costs in the Income Statement Trade and other payables (excluding accrued income) Subsequently measured at amortised cost Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Consolidated Income Statement. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention and ability to settle on a net basis, to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-424": {
"value": "Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention and ability to settle on a net basis, to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-374": {
"value": "Leases
The Group\u2019s lease portfolio is principally comprised of property leases in relation
to Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors and Betteridge
showrooms, mono-brand boutiques and central offices. The leases typically run for
terms between five and 20 years and may include break clauses or options to
renew beyond the non-cancellable periods. The majority of the Group\u2019s lease
payments are subject to market review, usually every five years, with a number of
leases which have annual increases dependent on economic indices. Some lease
agreements include rental payments which are contingent on the turnover of the
property to which it relates. These payments are excluded from the calculation of
the lease liabilities under IFRS 16 \u2018Leases\u2019.
Definition of a lease
The Group assesses whether a contract is or contains a lease based on the
definition of a lease under IFRS 16. A contract is, or contains, a lease if the contract
conveys a right to control the use of an identified asset for a period of time in
exchange for consideration.
At inception or on reassessment of a contract that contains a lease component, the
Group allocates the consideration in the contract to each lease and non-lease
component on the basis of their relative stand-alone prices.
Lease liability \u2013 initial recognition
The Group recognises right-of-use assets and lease liabilities at the lease
commencement date. The lease liabilities are initially measured at the present value
of the lease payments that are not yet paid at the commencement date, less any
incentives receivable, discounted using the determined incremental borrowing rate
applicable to the lease.
Lease payments in the measurement of the lease liability comprise:
\u2013 Fixed lease payments (including in-substance fixed payments), less any lease
incentives
\u2013 Variable lease payments such as those that depend on an index or rate (such as
RPI), initially measured using the index or rate at the commencement date; and
\u2013 Penalty payments for terminating the lease, if the lease term reflects the
exercise of an option to terminate the lease
The Group discount lease payments to their present value, using its Incremental
Borrowing Rate (IBR) at the lease commencement date. IBR applied to each lease
is determined by taking into account:
\u2013 The risk-free rate based on country specific swap markets
\u2013 A credit risk adjustment based on country specific corporate indices; and
\u2013 A Group specific adjustment to reflect the Group\u2019s specific borrowing conditions
The IBR applied to individual leases ranged from 2.1% to 7.4%.
Lease liability \u2013 subsequent measurement
Lease liabilities are subsequently measured at amortised cost and are increased to
reflect interest on the lease liability (using the effective interest method) and
decreased by the lease payments made.
Lease liability \u2013 remeasurement
Lease liabilities are remeasured when there is a change in future lease payments
arising from a change in an index or market rental review, a change in the estimate
of the amount expected to be payable under a residual value guarantee, or as
appropriate, changes in the assessment of whether a renewal option is reasonably
certain to be exercised or a break clause is reasonably certain to be exercised.
When the lease liability is remeasured, an equivalent adjustment is made to the
right-of-use asset, unless its carrying amount is reduced to \u00a3nil, in which case any
remaining amount is recognised in profit or loss.
The Group has applied judgement to determine the lease term for those lease
contracts that include a renewal or break option. The assessment of whether the
Group is reasonably certain to exercise a renewal option or reasonably certain not to
exercise a break option significantly impacts the value of lease liabilities and right-of-
use assets recognised on the Balance Sheet and the Consolidated Income Statement.
Right-of-use assets \u2013 initial recognition
Right-of-use assets are initially measured at cost, which is an amount equal to the
corresponding lease liabilities adjusted for any lease payments made at or before
the commencement date, dilapidation provisions required, less any lease incentives
received. The Group has elected to apply the exemption for short-term leases
(leases with a term of less than one year) and low-value assets under IFRS 16, as
such not recognising a right-of-use asset and lease liability on the Balance Sheet, but
recognising lease payments associated with those leases as an expense on a
straight-line basis over the lease term.
Where the Group has an obligation for costs to restore the underlying asset to the
condition required by the terms and conditions of the lease, a provision is
recognised and measured under IAS 37 \u2018Provisions, contingent liabilities and
contingent assets\u2019. The estimated costs are included in the related right-of-use
asset. Initial direct costs (lease acquisition costs), incurred subsequently to the initial
date of application, have been included within the right-of-use asset.
Right-of-use assets \u2013 subsequent measurement
Right-of-use assets are subsequently measured at cost less any accumulated
depreciation and impairment losses, adjusted for certain remeasurements of the
lease liabilities. Depreciation is calculated on a straight-line basis over the expected
useful economic life of a lease which is taken as the lease term.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-375": {
"value": "NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS The following standards, amendments and interpretations were applicable for the period beginning 2 May 2022 and were adopted by the Group for the 52-week period ended 30 April 2023. They have not had a significant impact on the Group\u2019s profit for the year, equity or disclosures: \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 The following are new accounting standards and amendments to existing standards that have been published and are applicable for the Group\u2019s accounting periods beginning 1 May 2023 onwards, which the Group has adopted early: \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 The following are new accounting standards and amendments to existing standards that have been published and are applicable for the Group\u2019s accounting periods beginning 1 May 2023 onwards, which the Group has not adopted early: \u2013 IFRS 17 \u2018Insurance Contracts\u2019 \u2013 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2013 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 IFRS 17 \u2018Insurance Contracts\u2019 applies to the Group in relation to the reinsurance of contracts to Aurum Insurance (Guernsey) Limited. A materiality assessment is taking place, however it is not anticipated that the standard will have a material impact on the Group\u2019s Consolidated Financial Statements. The adoption of other standards and amendments noted is not expected to have a material impact on the Group\u2019s Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-408": {
"value": "NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS The following standards, amendments and interpretations were applicable for the period beginning 2 May 2022 and were adopted by the Group for the 52-week period ended 30 April 2023. They have not had a significant impact on the Group\u2019s profit for the year, equity or disclosures: \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 The following are new accounting standards and amendments to existing standards that have been published and are applicable for the Group\u2019s accounting periods beginning 1 May 2023 onwards, which the Group has adopted early: \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 The following are new accounting standards and amendments to existing standards that have been published and are applicable for the Group\u2019s accounting periods beginning 1 May 2023 onwards, which the Group has not adopted early: \u2013 IFRS 17 \u2018Insurance Contracts\u2019 \u2013 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2013 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 IFRS 17 \u2018Insurance Contracts\u2019 applies to the Group in relation to the reinsurance of contracts to Aurum Insurance (Guernsey) Limited. A materiality assessment is taking place, however it is not anticipated that the standard will have a material impact on the Group\u2019s Consolidated Financial Statements. The adoption of other standards and amendments noted is not expected to have a material impact on the Group\u2019s Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-376": {
"value": "Major sources of estimation uncertainty and judgement The preparation of consolidated financial information requires the Group to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Actual results may differ from these estimates. Significant estimates Estimates and underlying assumptions are reviewed by management on an ongoing basis, with revisions recognised in the period in which the estimates are revised and in any future period affected. The areas involving significant risk resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial period are as follows: Post-employment benefit obligations The Group\u2019s accounting policy for the defined benefit pension scheme requires management to make judgements as to the nature of benefits provided by each scheme and thereby determine the classification of each scheme. For the defined benefit scheme, management is required to make annual estimates and assumptions about future returns on classes of scheme assets, future remuneration changes, employee attrition rates, administration costs, changes in benefits, inflation rates, life expectancy and expected remaining periods of service of employees and the determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of these assumptions. Differences arising from actual experiences or future changes in assumptions will be reflected in subsequent periods. Sensitivity of the Group\u2019s defined benefit scheme to movements in key assumptions is set out in note 19. Net realisable value of inventories Inventories are stated at the lower of cost and net realisable value, on a weighted average cost basis. Provisions are recognised where the net realisable value is assessed to be lower than cost. The calculation of this provision requires estimation of the eventual sales price and sell-through of goods to customers in the future. A 20% reduction in the showroom sell-through of slow moving stock would impact the net realisable value by c.\u00a33.4m. Impairment of property, plant and equipment and right-of-use assets Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. For the impairment test, the value-in-use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the strategic plan period, the long-term growth rate to be applied beyond this period and the risk-adjusted pre-tax discount rate used to discount those cash flows. The key assumptions relate to sales growth rates and discount rates used to discount the cash flows. Climate risk and near-term environmental actions that the Group is taking, have been considered in future cash flows used in the impairment review. This includes unavoidable future costs such as price increases, together with the cost of mitigating climate risks, and consideration of quantified climate-related risks on future cash flows. Showroom related property, plant and equipment and right-of-use assets are tested for impairment at a showroom-by-showroom level, including an allocation of overheads related to showroom operations. Sensitivity of the key assumptions in relation to impairment are included in note 11. Significant judgements The following are the critical judgements, apart from those involving estimations, that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the Financial Statements: Classification of exceptional items and presentation of non-GAAP measures The Directors exercise their judgement in the classification of certain items as exceptional and outside the Group\u2019s underlying results. The determination of whether an item should be separately disclosed as an exceptional item, non- underlying or non-trading requires judgement on its materiality, nature and incidence, as well as whether it provides clarity on the Group\u2019s underlying trading performance. In exercising this judgement, the Directors take appropriate regard of IAS 1 \u2018Presentation of financial statements\u2019 as well as guidance from the Financial Reporting Council and the European Securities Market Authority on the reporting of exceptional items and APMs. The overall goal of the Directors is to present the Group\u2019s underlying performance without distortion from one-off or non-trading events regardless of whether they are favourable or unfavourable to the underlying result. Further details on exceptional items are provided in note 4. Lease term (IFRS 16) IFRS 16 defines the lease term as the non-cancellable period of a lease together with the options to extend or terminate a lease, if the lessee were reasonably certain to exercise that option. Where a lease includes the option for the Group to terminate the lease before the term end, the Group makes a judgement as to whether it is reasonably certain that the option will or will not be taken. On entering into a lease, the Group assesses how reasonably certain it is to exercise these options. The default position is that the Group will determine that the lease term is to the end of the lease (i.e. will not include break-clauses or options to extend) unless there is clear evidence to the contrary. The lease term of each lease is reassessed if there is specific evidence of a change in circumstance such as: \u2013 A decision has been made by the business to exercise a break or option \u2013 The trading performance significantly changes \u2013 Planned future capital expenditure suggests that the option to extend will be taken Discount rates (IFRS 16) The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. Management uses the rate implicit in the lease in relation to the Group\u2019s \u2018Other\u2019 leases and the lessee\u2019s incremental borrowing rate for all property leases. Incremental borrowing rates are determined on entering a lease and depend on the term, country, currency and start date of the lease. The incremental borrowing rate used is calculated based on a series of inputs including: \u2013 The risk-free rate based on country specific swap markets \u2013 A credit risk adjustment based on country specific corporate indices; and \u2013 A Group specific adjustment to reflect the Group\u2019s specific borrowing conditions As a result, reflecting the breadth of the Group\u2019s lease portfolio, judgements on the lease terms and the international spread of the portfolio, there are a large number of discount rates applied to the leases within the range of 2.1% to 7.4%. Substantive substitution rights (IFRS 16) The Group has applied judgement to three (2022: three) contractual agreements and has judged that they do not meet the definition of a lease under IFRS 16. In these cases, the Group has judged that the lessor has a substantive right to substitute the asset and as such, there is no asset identified within the contract. The Group judges that the lessor has the practical ability to substitute; the Group cannot prevent the lessor from proposing the substitution; and the costs of substitution are assessed to be low. If substituted, the lessor is able to give 14 days\u2019 written notice to the Group indicating that the sales area will be changed and the costs incurred to move the sales area would be low to the lessor. As a result, the Group has deemed that the lessor has a substantive right to substitute the asset and as such there is no asset identified within the contract. Given this, the Group does not recognise lease liabilities or right-of-use assets in relation to these leases and continues to account for these on a straight-line basis. Other areas of estimation and judgement include estimation around expected supplier incentives receivable from third parties. Estimates are based on underlying and forecast sales data to anticipate the level of incentive receivable based on targets to be met in the future. Sensitivities to the assumptions for this are not expected to result in a material change in the carrying amount. The amount recognised as a receivable is reviewed regularly and updated to reflect management\u2019s latest best estimate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-377": {
"value": "2. SEGMENT REPORTING The key Group performance measures are Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (Adjusted EBITDA) and Adjusted Earnings Before Interest and Tax (Adjusted EBIT), both shown pre-exceptional items, as detailed below. The segment reporting is disclosed on a pre-IFRS 16 basis reflecting how results are reported to the Chief Operating Decision Makers (CODMs) and how they are measured for the purposes of covenant testing. Both Adjusted EBITDA and Adjusted EBIT are APMs and these measures provide stakeholders with additional useful information to assess the year-on-year trading performance of the Group but should not be considered in isolation of statutory measures. Adjusted EBITDA represents profit for the period before finance costs, finance income, taxation, depreciation, amortisation, exceptional items presented in the Group\u2019s Consolidated Income Statement (consisting of exceptional administrative expenses, exceptional finance costs and exceptional impairment) on a pre-IFRS 16 basis. UK and Europe operating segments are aggregated into one reporting segment, which is reflective of the management structure in place. 52 week period ended 30 April 2023 UK and Europe US Corporate Total \u00a3m \u00a3m \u00a3m \u00a3m Revenue 889.9 652.9 \u2013 1,542.8 Net margin 330.0 246.3 \u2013 576.3 Less: Showroom costs (153.6) (125.6) \u2013 (279.2) Overheads (47.8) (30.9) (5.4) (84.1) Showroom opening and closing costs (7.3) (3.4) (0.9) (11.6) Adjusted EBITDA 121.3 86.4 (6.3) 201.4 Depreciation, amortisation, impairment and loss on disposal of assets (23.2) (13.1) \u2013 (36.3) Segment profit/(loss)* 98.1 73.3 (6.3) 165.1 Impact of IFRS 16 (excluding interest on leases) 13.7 Net finance costs (23.1) Exceptional finance costs (note 4) (0.7) Exceptional reversal of impairment of assets (note 4) 0.7 Exceptional administrative costs (note 4) (0.9) Profit before taxation for the financial period 154.8 * Segment profit/(loss) is defined as being Earnings Before Interest, Tax, exceptional items and IFRS 16 adjustments (Adjusted EBIT). The segment reporting comparative has been updated to show the new UK and Europe segment. 52 week period ended 1 May 2022 UK and Europe US Corporate Tot al \u00a3m \u00a3m \u00a3m \u00a3m Revenue 809.6 428.4 \u2013 1,238.0 Net margin 306.8 163.8 \u2013 470.6 Less: Showroom costs (145.3) (81.4) \u2013 (226.7) Overheads (41.7) (22.6) (9.0) (73.3) Showroom opening and closing costs (5.3) (3.1) \u2013 (8.4) Adjusted EBITDA 114.5 56.7 (9.0) 162.2 Depreciation, amortisation, impairment and loss on disposal of assets (23.2) (8.7) \u2013 (31.9) Segment profit/(loss)* 91.3 48.0 (9.0) 130.3 Impact of IFRS 16 (excluding interest on leases) 13.4 Net finance costs (15.9) Exceptional reversal of impairment of assets (note 4) 0.4 Exceptional administrative costs (note 4) (2.0) Profit before taxation for the financial period 126.2 * Segment profit/(loss) is defined as being Earnings Before Interest, Tax, exceptional items and IFRS 16 adjustments (Adjusted EBIT). The segment reporting comparative has been updated to show the new UK and Europe segment. Entity-wide revenue disclosures 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m UK AND EUROPE Luxury watches 749.6 663.9 Luxury jewellery 67.8 72.4 Other/services 72.5 73.3 Total 889.9 809.6 US Luxury watches 586.5 382.6 Luxury jewellery 51.4 36.4 Other/services 15.0 9.4 Total 652.9 428.4 GROUP Luxury watches 1,336.1 1,046.5 Luxury jewellery 119.2 108.8 Other/services 87.5 82.7 Total 1,542.8 1,238.0 \u2018Other/services\u2019 consists of the sale of fashion and classic watches and jewellery, the sale of gifts, servicing, repairs and product insurance. Information regarding geographical areas, including revenue from external customers, is disclosed above. No single customer accounted for more than 10% of revenue in any of the financial periods noted above. Entity-wide non-current asset disclosures 30 April 2023 1 May 2022 \u00a3m \u00a3m UK AND EUROPE Goodwill 121.6 121.6 Intangible assets 5.0 4.8 Property, plant and equipment 100.2 68.7 Right-of-use assets 244.0 191.0 Total 470.8 386.1 US Goodwill 61.2 43.5 Intangible assets 12.6 13.3 Property, plant and equipment 54.2 43.8 Right-of-use assets 115.1 102.6 Total 243.1 203.2 GROUP Goodwill 182.8 165.1 Intangible assets 17.6 18.1 Property, plant and equipment 154.4 112.5 Right-of-use assets 359.1 293.6 Total 713.9 589.3 The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers, Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-378": {
"value": "3. REVENUE The Group\u2019s disaggregated revenue recognised under contracts with customers relates to the following categories and operating segments: 52 week period ended 30 April 2023 Sale of goods Rendering of services Tota l \u00a3m \u00a3m \u00a3m UK and Europe 855.4 34.5 889.9 US 641.2 11.7 652.9 Total 1,496.6 46.2 1,542.8 52 week period ended 1 May 2022 Sale of goods Rendering of services Tota l \u00a3m \u00a3m \u00a3m UK and Europe 777.5 32.1 809.6 US 420.1 8.3 428.4 Total 1,197.6 40.4 1,238.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-379": {
"value": "4. EXCEPTIONAL ITEMS Exceptional items are those that in the judgement of the Directors need to be separately disclosed by virtue of their size, nature or incidence, in order to draw the attention of the reader and to show the underlying business performance of the Group. Such items are included within the Income Statement caption to which they relate and are separately disclosed on the face of the Consolidated Income Statement. 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m EXCEPTIONAL IMPAIRMENT OF ASSETS Reversal of impairment of property, plant and equipment (note 11) (i) 0.5 0.4 Reversal of impairment of right-of-use assets (note 12) (i) 0.2 \u2013 Total exceptional reversal of impairment of assets 0.7 0.4 EXCEPTIONAL ADMINISTRATIVE EXPENSES Professional and legal expenses on business combinations (ii) (0.9) (0.5) EXCEPTIONAL ITEMS FOR IPO Share-based payment in respect of the Chief Executive Officer (iii) \u2013 (1.5) Total exceptional administrative costs (0.9) (2.0) EXCEPTIONAL FINANCE COSTS Amortisation of capitalised transaction costs (iv) (0.7) \u2013 Total exceptional items (0.9) (1.6) (i) Reversal of impairment of property, plant and equipment and right-of-use assets During FY23 the estimated \u2018value-in-use\u2019 recoverable amounts were reassessed taking into account FY23 performance and the latest discounted cash flow for each showroom. As a result of improved trading of showrooms previously impaired through exceptional items, an impairment reversal of \u00a30.7m has been made at the year-end. (ii) Professional and legal expenses on business combinations Professional and legal expenses on business combinations completed during the periods have been expensed to the Consolidated Income Statement as an exceptional cost as they are regarded as non-trading, non-underlying costs and are considered to be material by nature. (iii) Exceptional items for IPO Prior to the IPO on 31 May 2019, the CEO was granted a one-off share option award by the principal selling shareholder, over a portion of their shareholding, in recognition of his contribution to the Company up to Admission and to ensure ongoing incentivisation and retention in his role following the IPO. (iv) Amortisation of capitalised transaction costs On 9 May 2023 the Group entered into a new financing arrangement by way of a \u00a3225.0 million multicurrency revolving loan facility. On this date the existing \u00a3120.0 million UK Term Loan and UK RCF of \u00a350.0 million were extinguished. The capitalised transaction fees in relation to the existing facilities have been accelerated through exceptional items. All of these items are considered exceptional as they are linked to unique non-recurring events and do not form part of the underlying trading of the Group. ",
"dimensions": {
"concept": "watchesofswitzerland:DisclosureOfExceptionalItems",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-380": {
"value": "5. OPERATING PROFIT Group operating profit for continuing operations is stated after charging the below items: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Depreciation of property, plant and equipment (note 11) (32.3) (27.6) Amortisation of intangible assets (note 10) (3.2) (2.5) Depreciation of right-of-use assets (note 12) (50.3) (40.6) Impairment of property, plant and equipment (note 11) (0.4) \u2013 Reversal of impairment of property, plant and equipment \u2013 exceptional items (note 11) 0.5 0.4 Reversal of impairment of right-of-use assets \u2013 exceptional items (note 12) 0.2 \u2013 Inventory recognised as an expense (972.2) (774.4) Write down of inventories to net realisable value (2.2) (0.9) FEES PAYABLE TO THE GROUP\u2019S EXTERNAL AUDITOR AND ITS ASSOCIATES IN RESPECT OF: Audit of these financial statements (0.6) (0.5) Audit related assurance services (0.1) (0.1) (0.7) (0.6) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-409": {
"value": "FEES PAYABLE TO THE GROUP\u2019S EXTERNAL AUDITOR AND ITS ASSOCIATES IN RESPECT OF: Audit of these financial statements (0.6) (0.5) Audit related assurance services (0.1) (0.1) (0.7) (0.6) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-381": {
"value": "6. EMPLOYEES AND DIRECTORS Staff costs for continuing operations recognised in operating profit for the Group during the period: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Wages and salaries 126.2 104.7 Social security costs 10.4 8.6 Share-based payments including exceptional costs (note 21) 3.5 3.2 Share-based payments social security costs 0.5 1.1 Pensions costs \u2013 defined contribution schemes (note 19) 3.1 2.1 Pensions costs \u2013 defined benefit scheme (note 19) 0.2 0.2 Total 143.9 119.9 Average number of people (including Executive Directors) employed: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 Retail staff 2,010 1,756 Services staff 103 94 Administrative staff 665 583 Total 2,778 2,433 Average Full Time Equivalents (FTE) (including Executive Directors) employed: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 Retail staff 1,898 1,604 Services staff 99 91 Administrative staff 646 558 Total 2,643 2,253 Further disclosure of the amounts paid to key management is included within note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-425": {
"value": "7. FINANCE COSTS AND INCOME 52 week period ended 30 April 2023 \u00a3m 52 week period ended 1 May 2022 \u00a3m FINANCE COSTS Interest payable on long-term borrowings (5.6) (2.9) Interest payable on short-term borrowings (0.4) (0.1) Amortisation of capitalised transaction costs (0.8) (0.7) Interest on lease liabilities (note 12) (17.2) (12.2) Net interest expense on net defined benefit liabilities (note 19) \u2013 (0.1) Total finance costs (24.0) (16.0) FINANCE INCOME Bank interest receivable 0.9 \u2013 Net foreign exchange gain on financing activities \u2013 0.1 Total finance income 0.9 0.1 Total net finance cost excluding exceptional items (23.1) (15.9) On 4 June 2019, the Group entered into a facility consisting of a Term Loan for \u00a3120.0m and a RCF of \u00a350.0m. Interest on the Term Loan, which was fully drawn as at 30 April 2023, was charged at SONIA plus a Credit Adjustment Swap (CAS) charge to compensate for the LIBOR change to SONIA plus 1.75% margin (PY: LIBOR plus 1.75%). The Group is charged at SONIA plus CAS plus 1.50% on the RCF if the facility was drawn down (PY: LIBOR plus 1.50%). The margin on the Term Loan ranges from 1.75% to 2.80% and the RCF ranges from 1.50% to 2.55% based on the leverage of the Group. The Term Loan facility is unsecured and is cross guaranteed by subsidiary entities. Short-term borrowings consist of the RCF noted above and a $60.0m asset backed lending (ABL) facility held in US Dollars. The ABL facility expired in April 2023 and during the period, interest was charged at US LIBOR plus the margin which ranged from 1.25% to 1.75%. At 30 April 2023 amounts outstanding on the UK revolving credit facility totalled \u00a3nil (2022: \u00a3nil). After the period end, on 9 May 2023, the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid and extinguished on this date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-410": {
"value": "7. FINANCE COSTS AND INCOME 52 week period ended 30 April 2023 \u00a3m 52 week period ended 1 May 2022 \u00a3m FINANCE COSTS Interest payable on long-term borrowings (5.6) (2.9) Interest payable on short-term borrowings (0.4) (0.1) Amortisation of capitalised transaction costs (0.8) (0.7) Interest on lease liabilities (note 12) (17.2) (12.2) Net interest expense on net defined benefit liabilities (note 19) \u2013 (0.1) Total finance costs (24.0) (16.0) FINANCE INCOME Bank interest receivable 0.9 \u2013 Net foreign exchange gain on financing activities \u2013 0.1 Total finance income 0.9 0.1 Total net finance cost excluding exceptional items (23.1) (15.9) On 4 June 2019, the Group entered into a facility consisting of a Term Loan for \u00a3120.0m and a RCF of \u00a350.0m. Interest on the Term Loan, which was fully drawn as at 30 April 2023, was charged at SONIA plus a Credit Adjustment Swap (CAS) charge to compensate for the LIBOR change to SONIA plus 1.75% margin (PY: LIBOR plus 1.75%). The Group is charged at SONIA plus CAS plus 1.50% on the RCF if the facility was drawn down (PY: LIBOR plus 1.50%). The margin on the Term Loan ranges from 1.75% to 2.80% and the RCF ranges from 1.50% to 2.55% based on the leverage of the Group. The Term Loan facility is unsecured and is cross guaranteed by subsidiary entities. Short-term borrowings consist of the RCF noted above and a $60.0m asset backed lending (ABL) facility held in US Dollars. The ABL facility expired in April 2023 and during the period, interest was charged at US LIBOR plus the margin which ranged from 1.25% to 1.75%. At 30 April 2023 amounts outstanding on the UK revolving credit facility totalled \u00a3nil (2022: \u00a3nil). After the period end, on 9 May 2023, the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid and extinguished on this date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-382": {
"value": "7. FINANCE COSTS AND INCOME 52 week period ended 30 April 2023 \u00a3m 52 week period ended 1 May 2022 \u00a3m FINANCE COSTS Interest payable on long-term borrowings (5.6) (2.9) Interest payable on short-term borrowings (0.4) (0.1) Amortisation of capitalised transaction costs (0.8) (0.7) Interest on lease liabilities (note 12) (17.2) (12.2) Net interest expense on net defined benefit liabilities (note 19) \u2013 (0.1) Total finance costs (24.0) (16.0) FINANCE INCOME Bank interest receivable 0.9 \u2013 Net foreign exchange gain on financing activities \u2013 0.1 Total finance income 0.9 0.1 Total net finance cost excluding exceptional items (23.1) (15.9) On 4 June 2019, the Group entered into a facility consisting of a Term Loan for \u00a3120.0m and a RCF of \u00a350.0m. Interest on the Term Loan, which was fully drawn as at 30 April 2023, was charged at SONIA plus a Credit Adjustment Swap (CAS) charge to compensate for the LIBOR change to SONIA plus 1.75% margin (PY: LIBOR plus 1.75%). The Group is charged at SONIA plus CAS plus 1.50% on the RCF if the facility was drawn down (PY: LIBOR plus 1.50%). The margin on the Term Loan ranges from 1.75% to 2.80% and the RCF ranges from 1.50% to 2.55% based on the leverage of the Group. The Term Loan facility is unsecured and is cross guaranteed by subsidiary entities. Short-term borrowings consist of the RCF noted above and a $60.0m asset backed lending (ABL) facility held in US Dollars. The ABL facility expired in April 2023 and during the period, interest was charged at US LIBOR plus the margin which ranged from 1.25% to 1.75%. At 30 April 2023 amounts outstanding on the UK revolving credit facility totalled \u00a3nil (2022: \u00a3nil). After the period end, on 9 May 2023, the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid and extinguished on this date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-383": {
"value": "8. TAXATION Tax charge for the period The tax charge for the period is shown below. Tax is made up of current and deferred tax. Current tax is the amount payable on the taxable income in the period and any adjustments to tax payable in previous periods. 52 week period ended 30 April 2023 \u00a3m 52 week period ended 1 May 2022 \u00a3m CURRENT TAX: Current UK tax on profits for the period 13.0 14.2 Current US tax on profits for the period 16.5 7.0 Adjustments in respect of prior periods \u2013 UK (1.8) (0.4) Adjustments in respect of prior periods \u2013 US 0.2 0.2 Total current tax 27.9 21.0 DEFERRED TAX: Origination and reversal of temporary differences 5.7 5.8 Impact of change in tax rate (0.5) (1.5) Adjustments in respect of prior periods (0.1) (0.1) Total deferred tax 5.1 4.2 Tax expense reported in the Income Statement 33.0 25.2 Factors affecting the tax charge in the period The tax rate for the current period varied from the standard rate of corporation tax in the UK due to the following factors: 52 week period ended 30 April 2023 \u00a3m 52 week period ended 1 May 2022 \u00a3m Profit before taxation 154.8 126.2 Notional taxation at standard UK corporation tax rate of 19.5% (2022: 19%) 30.2 24.0 Non-deductible expenses 1.4 1.3 Super-deduction on fixed assets (1.9) (0.7) Overseas tax differentials 4.6 2.4 Current/deferred tax rate difference on current year movements* 0.9 \u2013 Adjustments due to deferred tax rate change** (0.5) (1.5) Adjustments in respect of prior periods (1.7) (0.3) Tax expense reported in the Income Statement 33.0 25.2 *This relates to an increase in the current year deferred tax movement as compared to the estimate included in FY22. **The deferred tax rate change arose due to the blended US state tax increasing in FY23 (to 7.0% from 4.3%). In FY22 the difference arose due to the increase in the UK rate of corporation tax (to 25% from 19%). Tax recognised in other comprehensive income In addition to the amount charged to the Consolidated Income Statement, tax movements recognised in other comprehensive income were as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m CURRENT TAX: Foreign exchange difference on translation of foreign operations 0.1 (1.2) DEFERRED TAX: Pension benefit obligation (0.1) (0.2) Tax charge in other comprehensive income \u2013 (1.4) Deferred tax Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences that arise when the carrying value of assets and liabilities differs between accounting and tax treatments. Deferred tax assets represent the amounts of income taxes recoverable in the future in respect of those differences, while deferred tax liabilities represent the amounts of income taxes payable in the future in respect of those differences. The deferred tax is made up of: 30 April 2023 1 May 2022 \u00a3m \u00a3m Deferred tax assets 6.2 9.3 Deferred tax liabilities (3.0) (0.4) Total 3.2 8.9 30 April 2023 1 May 2022 \u00a3m \u00a3m Accelerated capital allowances (i) (9.8) (3.3) Non-trade tax losses (ii) 1.2 1.2 Pension benefit obligations (iii) \u2013 0.1 Trade tax losses (iv) 2.7 2.1 Deferred tax on leases (IFRS 16) (v) 5.5 4.7 Share-based payments (vi) 4.0 3.7 Intangible assets (vii) (2.5) (2.7) Other temporary difference (viii) 2.1 3.1 Total 3.2 8.9 The material amounts are explained below: (i) The Group has a deferred tax liability for property, plant, equipment and computer software (advanced capital allowances) due to bonus depreciation in the US and the availability of the super deduction in the UK, reducing the tax value of the assets. (ii) Non-trade tax losses not utilised as they arise are available for offset against non-trade income in future years. (iii) The defined benefit pension scheme is in surplus. The surplus will be taxed in future years as it is recovered. In FY22 the Company contributions exceeded the amounts charged to pension scheme assets during the year. (iv) The trade tax losses relate to US losses that will be used based on restricted amounts in accordance with US tax legislation. (v) The deferred tax on leases relates to future deductions arising from IFRS 16 adjustments. (vi) The asset for share-based payments relates to the market value of the shares accrued at the balance sheet date which will be deductible when the shares vest. (vii) The liability for intangible assets relates mainly to US goodwill that is deductible for tax purposes and as such the tax value reduces in value compared to the book value. (viii) Other temporary differences relate to timing differences whereby costs have been added back in the year but will be deductible in a later year, principally in the US. The deferred tax movement in the period is as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Balance at 2 May 2022 8.9 14.4 RECOGNISED IN THE INCOME STATEMENT: Accelerated capital allowances (6.5) (2.4) Pension benefit obligations \u2013 (0.2) Movement on unused tax losses 0.6 (2.0) Non-trade losses available in future years \u2013 (0.3) Deferred tax on leases (IFRS 16) 0.8 0.7 Share-based payments 0.8 (0.3) Intangible fixed assets 0.2 (0.4) Other temporary differences (1.0) 0.7 RECOGNISED IN OTHER COMPREHENSIVE INCOME: Pension benefit obligations (0.1) (0.2) RECOGNISED DIRECTLY WITHIN EQUITY: Share-based payments (0.5) (1.1) Balance at 30 April 2023 3.2 8.9 The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers, Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24. Non-trade losses available in future years have no expiry date and have been fully recognised. They will be fully utilised against future non-trade profits as and when they arise. In addition to the deferred tax items above, the Group has additional unrecognised gross non-trading tax losses of \u00a34.2m (2022: \u00a34.2m). These are unrecognised as it is uncertain as to whether the losses will be capable of utilisation. There is no expiry date applicable to the use of these losses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-411": {
"value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences that arise when the carrying value of assets and liabilities differs between accounting and tax treatments. Deferred tax assets represent the amounts of income taxes recoverable in the future in respect of those differences, while deferred tax liabilities represent the amounts of income taxes payable in the future in respect of those differences. The deferred tax is made up of: 30 April 2023 1 May 2022 \u00a3m \u00a3m Deferred tax assets 6.2 9.3 Deferred tax liabilities (3.0) (0.4) Total 3.2 8.9 30 April 2023 1 May 2022 \u00a3m \u00a3m Accelerated capital allowances (i) (9.8) (3.3) Non-trade tax losses (ii) 1.2 1.2 Pension benefit obligations (iii) \u2013 0.1 Trade tax losses (iv) 2.7 2.1 Deferred tax on leases (IFRS 16) (v) 5.5 4.7 Share-based payments (vi) 4.0 3.7 Intangible assets (vii) (2.5) (2.7) Other temporary difference (viii) 2.1 3.1 Total 3.2 8.9 The material amounts are explained below: (i) The Group has a deferred tax liability for property, plant, equipment and computer software (advanced capital allowances) due to bonus depreciation in the US and the availability of the super deduction in the UK, reducing the tax value of the assets. (ii) Non-trade tax losses not utilised as they arise are available for offset against non-trade income in future years. (iii) The defined benefit pension scheme is in surplus. The surplus will be taxed in future years as it is recovered. In FY22 the Company contributions exceeded the amounts charged to pension scheme assets during the year. (iv) The trade tax losses relate to US losses that will be used based on restricted amounts in accordance with US tax legislation. (v) The deferred tax on leases relates to future deductions arising from IFRS 16 adjustments. (vi) The asset for share-based payments relates to the market value of the shares accrued at the balance sheet date which will be deductible when the shares vest. (vii) The liability for intangible assets relates mainly to US goodwill that is deductible for tax purposes and as such the tax value reduces in value compared to the book value. (viii) Other temporary differences relate to timing differences whereby costs have been added back in the year but will be deductible in a later year, principally in the US. The deferred tax movement in the period is as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Balance at 2 May 2022 8.9 14.4 RECOGNISED IN THE INCOME STATEMENT: Accelerated capital allowances (6.5) (2.4) Pension benefit obligations \u2013 (0.2) Movement on unused tax losses 0.6 (2.0) Non-trade losses available in future years \u2013 (0.3) Deferred tax on leases (IFRS 16) 0.8 0.7 Share-based payments 0.8 (0.3) Intangible fixed assets 0.2 (0.4) Other temporary differences (1.0) 0.7 RECOGNISED IN OTHER COMPREHENSIVE INCOME: Pension benefit obligations (0.1) (0.2) RECOGNISED DIRECTLY WITHIN EQUITY: Share-based payments (0.5) (1.1) Balance at 30 April 2023 3.2 8.9 The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers, Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24. Non-trade losses available in future years have no expiry date and have been fully recognised. They will be fully utilised against future non-trade profits as and when they arise. In addition to the deferred tax items above, the Group has additional unrecognised gross non-trading tax losses of \u00a34.2m (2022: \u00a34.2m). These are unrecognised as it is uncertain as to whether the losses will be capable of utilisation. There is no expiry date applicable to the use of these losses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-384": {
"value": "9. EARNINGS PER SHARE (EPS) 52 week period ended 30 April 2023 52 week period ended 1 May 2022 BASIC EPS 51.2p 42.2p EPS adjusted for exceptional items 51.5p 42.6p EPS adjusted for exceptional items and pre-IFRS 16 52.7p 41.8p DILUTED EPS 50.9p 42.0p EPS adjusted for exceptional items 51.2p 42.4p EPS adjusted for exceptional items and pre-IFRS 16 52.3p 41.6p Basic EPS is based on the profit for the year attributable to the equity holders of the Parent Company divided by the weighted average number of shares. Diluted EPS is calculated by adjusting the weighted average number of shares used for the calculation of basic EPS as increased by the dilutive effect of potential ordinary shares. The following table reflects the profit and share data used in the basic and diluted EPS calculations: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Profit after tax attributable to equity holders of the Parent Company 121.8 101.0 ADD BACK: Exceptional reversal of impairment of assets, net of tax (0.6) (0.4) Exceptional administrative expenses, net of tax 0.7 1.5 Exceptional finance costs, net of tax 0.6 \u2013 Profit adjusted for exceptional items 122.5 102.1 Pre-exceptional IFRS 16 adjustments, net of tax 2.7 (2.0) Profit adjusted for exceptional items and IFRS 16 125.2 100.1 The following table reflects the share data used in the basic and diluted EPS calculations: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 WEIGHTED AVERAGE NUMBER OF SHARES: \u2018000 \u2018000 Weighted average number of ordinary shares in issue 237,641 239,483 Weighted average shares for basic EPS 237,641 239,483 Weighted average dilutive potential shares 1,713 1,119 Weighted average shares for diluted EPS 239,354 240,602 The weighted average number of shares takes into account the weighted average effect of changes in own shares during the period. There have been no transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-426": {
"value": "10. INTANGIBLE ASSETS 30 April 2023 Goodwill Brands Agency agreement Computer software Tot al \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m COST At 2 May 2022 165.1 14.0 2.8 10.5 192.4 Acquired on business acquisition (note 24) 18.2 \u2013 \u2013 \u2013 18.2 Additions \u2013 \u2013 \u2013 2.7 2.7 Foreign exchange differences (0.5) \u2013 \u2013 \u2013 (0.5) At 30 April 2023 182.8 14.0 2.8 13.2 212.8 ACCUMULATED AMORTISATION AND IMPAIRMENT At 2 May 2022 \u2013 2.9 1.3 5.0 9.2 Charge for the period \u2013 0.6 0.3 2.3 3.2 At 30 April 2023 \u2013 3.5 1.6 7.3 12.4 NET BOOK VALUE At 30 April 2023 182.8 10.5 1.2 5.9 200.4 At 1 May 2022 165.1 11.1 1.5 5.5 183.2 1 May 2022 Goodwill Brands Agency agreement Computer software Tot al \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m COST At 3 May 2021 135.4 10.7 2.5 8.8 157.4 Additions \u2013 \u2013 \u2013 2.2 2.2 Acquired on business acquisition (note 24) 26.7 2.2 \u2013 \u2013 28.9 Disposals \u2013 \u2013 \u2013 (0.6) (0.6) Foreign exchange differences 3.0 1.1 0.3 0.1 4.5 At 1 May 2022 165.1 14.0 2.8 10.5 192.4 ACCUMULATED AMORTISATION AND IMPAIRMENT At 3 May 2021 \u2013 2.2 0.9 3.7 6.8 Charge for the period \u2013 0.4 0.3 1.8 2.5 Disposals \u2013 \u2013 \u2013 (0.6) (0.6) Foreign exchange differences \u2013 0.3 0.1 0.1 0.5 At 1 May 2022 \u2013 2.9 1.3 5.0 9.2 NET BOOK VALUE At 1 May 2022 165.1 11.1 1.5 5.5 183.2 At 2 May 2021 135.4 8.5 1.6 5.1 150.6 The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers, Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24. The Brand category is formed of intangible assets recognised on the business combinations of Mayors Jewelers, Analog:Shift LLC, and Betteridge. As at 30 April 2023, the Mayors Jewelers\u2019 brand had a remaining useful economic life of 25 (2022: 26) years, the Analog:Shift brand had a remaining useful economic life of 2 (2022: 3) years, and the Betteridge brand had a remaining useful life of 9 (2022: 10) years. The Agency agreement category is solely formed of the intangible assets recognised on the business combination in relation to the showrooms within the Wynn Resorts, acquired in December 2017. As at 30 April 2023, the Agency agreements had a remaining useful economic life of 5 (2022: 6) years. Impairment tests for goodwill As noted within the accounting policies (note 1), goodwill is allocated between groups of Cash Generating Units (CGUs) for the purposes of impairment testing. CGUs are grouped due to sharing centralised functions and management, and this represents the smallest identifiable group of assets that generate independent cash flows that are monitored by management and the Chief Operating Decision Makers (CODMs). Goodwill is monitored by management based on the categories set out below. Goodwill relating to the Heritage CGU consists of the Goldsmiths, Mappin & Webb and Watches of Switzerland businesses (included in the UK segment) which were purchased as part of the acquisition of Watches of Switzerland Group Limited (formerly Aurum Holdings Limited) in the period to 4 May 2014. Goodwill relating to the Watches of Switzerland (US) CGU consists of a number of US acquisitions which trade as Watches of Switzerland. A summary of the groups of CGUs and allocation of goodwill held by the Group is presented below: 30 April 2023 1 May 2022 \u00a3m \u00a3m Heritage (UK) 121.6 121.6 Watches of Switzerland (US) 24.0 6.3 Betteridge (US) 21.9 21.9 Mayors Jewelers (US) 12.1 12.1 The Wynn Resorts (US) 3.0 3.0 Analog:Shift (US) 0.2 0.2 Total 182.8 165.1 As at each period end, the recoverable amount of all groups of CGUs, owned for greater than 12 months, has been determined based on value-in-use calculations. Value-in-use calculations are underpinned by the Group\u2019s budgets and strategic plans -covering a three-year period, which have regard to historical performance and knowledge of the current market, together with management\u2019s view on the future achievable growth and committed initiatives. The cash flows which derive from the budgets and strategic plans are pre-tax and include ongoing maintenance capital expenditure. Cash flows beyond the three-year period are extrapolated using the estimated long-term growth rates. Other than detailed strategic plans, the key assumptions for the value-in-use calculations are the long-term growth rates and the pre-tax discount rate, which takes into account the impact of IFRS 16 lease liabilities. The UK used a long-term growth rate of 2.0% (2022: 2.0%) and a pre-tax discount rate of 13.7% (2022: 11.3%), and the US used a long-term growth rate of 2.0% (2022: 2.0%) and a pre-tax discount rate of 13.0% (2022: 11.4%). Using these assumptions, no sales growth was required to support the asset values. Sensitivity analysis Whilst management believe the assumptions are realistic, it is possible that an impairment would be identified if any of the above key assumptions were changed significantly. A sensitivity analysis has been performed on each of these key assumptions with other variables held constant. Given ongoing uncertainties in the global economy, management have considered increased sensitivities. Despite this, management have concluded that there are no reasonably possible changes in any key assumptions that would cause the carrying amount of goodwill to exceed the value-in-use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-412": {
"value": "10. INTANGIBLE ASSETS 30 April 2023 Goodwill Brands Agency agreement Computer software Tot al \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m COST At 2 May 2022 165.1 14.0 2.8 10.5 192.4 Acquired on business acquisition (note 24) 18.2 \u2013 \u2013 \u2013 18.2 Additions \u2013 \u2013 \u2013 2.7 2.7 Foreign exchange differences (0.5) \u2013 \u2013 \u2013 (0.5) At 30 April 2023 182.8 14.0 2.8 13.2 212.8 ACCUMULATED AMORTISATION AND IMPAIRMENT At 2 May 2022 \u2013 2.9 1.3 5.0 9.2 Charge for the period \u2013 0.6 0.3 2.3 3.2 At 30 April 2023 \u2013 3.5 1.6 7.3 12.4 NET BOOK VALUE At 30 April 2023 182.8 10.5 1.2 5.9 200.4 At 1 May 2022 165.1 11.1 1.5 5.5 183.2 1 May 2022 Goodwill Brands Agency agreement Computer software Tot al \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m COST At 3 May 2021 135.4 10.7 2.5 8.8 157.4 Additions \u2013 \u2013 \u2013 2.2 2.2 Acquired on business acquisition (note 24) 26.7 2.2 \u2013 \u2013 28.9 Disposals \u2013 \u2013 \u2013 (0.6) (0.6) Foreign exchange differences 3.0 1.1 0.3 0.1 4.5 At 1 May 2022 165.1 14.0 2.8 10.5 192.4 ACCUMULATED AMORTISATION AND IMPAIRMENT At 3 May 2021 \u2013 2.2 0.9 3.7 6.8 Charge for the period \u2013 0.4 0.3 1.8 2.5 Disposals \u2013 \u2013 \u2013 (0.6) (0.6) Foreign exchange differences \u2013 0.3 0.1 0.1 0.5 At 1 May 2022 \u2013 2.9 1.3 5.0 9.2 NET BOOK VALUE At 1 May 2022 165.1 11.1 1.5 5.5 183.2 At 2 May 2021 135.4 8.5 1.6 5.1 150.6 The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers, Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24. The Brand category is formed of intangible assets recognised on the business combinations of Mayors Jewelers, Analog:Shift LLC, and Betteridge. As at 30 April 2023, the Mayors Jewelers\u2019 brand had a remaining useful economic life of 25 (2022: 26) years, the Analog:Shift brand had a remaining useful economic life of 2 (2022: 3) years, and the Betteridge brand had a remaining useful life of 9 (2022: 10) years. The Agency agreement category is solely formed of the intangible assets recognised on the business combination in relation to the showrooms within the Wynn Resorts, acquired in December 2017. As at 30 April 2023, the Agency agreements had a remaining useful economic life of 5 (2022: 6) years. Impairment tests for goodwill As noted within the accounting policies (note 1), goodwill is allocated between groups of Cash Generating Units (CGUs) for the purposes of impairment testing. CGUs are grouped due to sharing centralised functions and management, and this represents the smallest identifiable group of assets that generate independent cash flows that are monitored by management and the Chief Operating Decision Makers (CODMs). Goodwill is monitored by management based on the categories set out below. Goodwill relating to the Heritage CGU consists of the Goldsmiths, Mappin & Webb and Watches of Switzerland businesses (included in the UK segment) which were purchased as part of the acquisition of Watches of Switzerland Group Limited (formerly Aurum Holdings Limited) in the period to 4 May 2014. Goodwill relating to the Watches of Switzerland (US) CGU consists of a number of US acquisitions which trade as Watches of Switzerland. A summary of the groups of CGUs and allocation of goodwill held by the Group is presented below: 30 April 2023 1 May 2022 \u00a3m \u00a3m Heritage (UK) 121.6 121.6 Watches of Switzerland (US) 24.0 6.3 Betteridge (US) 21.9 21.9 Mayors Jewelers (US) 12.1 12.1 The Wynn Resorts (US) 3.0 3.0 Analog:Shift (US) 0.2 0.2 Total 182.8 165.1 As at each period end, the recoverable amount of all groups of CGUs, owned for greater than 12 months, has been determined based on value-in-use calculations. Value-in-use calculations are underpinned by the Group\u2019s budgets and strategic plans -covering a three-year period, which have regard to historical performance and knowledge of the current market, together with management\u2019s view on the future achievable growth and committed initiatives. The cash flows which derive from the budgets and strategic plans are pre-tax and include ongoing maintenance capital expenditure. Cash flows beyond the three-year period are extrapolated using the estimated long-term growth rates. Other than detailed strategic plans, the key assumptions for the value-in-use calculations are the long-term growth rates and the pre-tax discount rate, which takes into account the impact of IFRS 16 lease liabilities. The UK used a long-term growth rate of 2.0% (2022: 2.0%) and a pre-tax discount rate of 13.7% (2022: 11.3%), and the US used a long-term growth rate of 2.0% (2022: 2.0%) and a pre-tax discount rate of 13.0% (2022: 11.4%). Using these assumptions, no sales growth was required to support the asset values. Sensitivity analysis Whilst management believe the assumptions are realistic, it is possible that an impairment would be identified if any of the above key assumptions were changed significantly. A sensitivity analysis has been performed on each of these key assumptions with other variables held constant. Given ongoing uncertainties in the global economy, management have considered increased sensitivities. Despite this, management have concluded that there are no reasonably possible changes in any key assumptions that would cause the carrying amount of goodwill to exceed the value-in-use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-385": {
"value": "10. INTANGIBLE ASSETS 30 April 2023 Goodwill Brands Agency agreement Computer software Tot al \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m COST At 2 May 2022 165.1 14.0 2.8 10.5 192.4 Acquired on business acquisition (note 24) 18.2 \u2013 \u2013 \u2013 18.2 Additions \u2013 \u2013 \u2013 2.7 2.7 Foreign exchange differences (0.5) \u2013 \u2013 \u2013 (0.5) At 30 April 2023 182.8 14.0 2.8 13.2 212.8 ACCUMULATED AMORTISATION AND IMPAIRMENT At 2 May 2022 \u2013 2.9 1.3 5.0 9.2 Charge for the period \u2013 0.6 0.3 2.3 3.2 At 30 April 2023 \u2013 3.5 1.6 7.3 12.4 NET BOOK VALUE At 30 April 2023 182.8 10.5 1.2 5.9 200.4 At 1 May 2022 165.1 11.1 1.5 5.5 183.2 1 May 2022 Goodwill Brands Agency agreement Computer software Tot al \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m COST At 3 May 2021 135.4 10.7 2.5 8.8 157.4 Additions \u2013 \u2013 \u2013 2.2 2.2 Acquired on business acquisition (note 24) 26.7 2.2 \u2013 \u2013 28.9 Disposals \u2013 \u2013 \u2013 (0.6) (0.6) Foreign exchange differences 3.0 1.1 0.3 0.1 4.5 At 1 May 2022 165.1 14.0 2.8 10.5 192.4 ACCUMULATED AMORTISATION AND IMPAIRMENT At 3 May 2021 \u2013 2.2 0.9 3.7 6.8 Charge for the period \u2013 0.4 0.3 1.8 2.5 Disposals \u2013 \u2013 \u2013 (0.6) (0.6) Foreign exchange differences \u2013 0.3 0.1 0.1 0.5 At 1 May 2022 \u2013 2.9 1.3 5.0 9.2 NET BOOK VALUE At 1 May 2022 165.1 11.1 1.5 5.5 183.2 At 2 May 2021 135.4 8.5 1.6 5.1 150.6 The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers, Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24. The Brand category is formed of intangible assets recognised on the business combinations of Mayors Jewelers, Analog:Shift LLC, and Betteridge. As at 30 April 2023, the Mayors Jewelers\u2019 brand had a remaining useful economic life of 25 (2022: 26) years, the Analog:Shift brand had a remaining useful economic life of 2 (2022: 3) years, and the Betteridge brand had a remaining useful life of 9 (2022: 10) years. The Agency agreement category is solely formed of the intangible assets recognised on the business combination in relation to the showrooms within the Wynn Resorts, acquired in December 2017. As at 30 April 2023, the Agency agreements had a remaining useful economic life of 5 (2022: 6) years. Impairment tests for goodwill
As noted within the accounting policies (note 1), goodwill is allocated between groups of Cash Generating Units (CGUs) for the purposes of impairment testing. CGUs
are grouped due to sharing centralised functions and management, and this represents the smallest identifiable group of assets that generate independent cash flows that
are monitored by management and the Chief Operating Decision Makers (CODMs).
Goodwill is monitored by management based on the categories set out below. Goodwill relating to the Heritage CGU consists of the Goldsmiths, Mappin & Webb and
Watches of Switzerland businesses (included in the UK segment) which were purchased as part of the acquisition of Watches of Switzerland Group Limited (formerly
Aurum Holdings Limited) in the period to 4 May 2014. Goodwill relating to the Watches of Switzerland (US) CGU consists of a number of US acquisitions which trade
as Watches of Switzerland.
A summary of the groups of CGUs and allocation of goodwill held by the Group is presented below:
30 April 2023 1 May 2022
\u00a3m \u00a3m
Heritage (UK) 121.6 121.6
Watches of Switzerland (US) 24.0 6.3
Betteridge (US) 21.9 21.9
Mayors Jewelers (US) 12.1 12.1
The Wynn Resorts (US) 3.0 3.0
Analog:Shift (US) 0.2 0.2
Total 182.8 165.1
As at each period end, the recoverable amount of all groups of CGUs, owned for greater than 12 months, has been determined based on value-in-use calculations.
Value-in-use calculations are underpinned by the Group\u2019s budgets and strategic plans -covering a three-year period, which have regard to historical performance and
knowledge of the current market, together with management\u2019s view on the future achievable growth and committed initiatives. The cash flows which derive from the
budgets and strategic plans are pre-tax and include ongoing maintenance capital expenditure. Cash flows beyond the three-year period are extrapolated using the
estimated long-term growth rates. Other than detailed strategic plans, the key assumptions for the value-in-use calculations are the long-term growth rates and the
pre-tax discount rate, which takes into account the impact of IFRS 16 lease liabilities. The UK used a long-term growth rate of 2.0% (2022: 2.0%) and a pre-tax discount
rate of 13.7% (2022: 11.3%), and the US used a long-term growth rate of 2.0% (2022: 2.0%) and a pre-tax discount rate of 13.0% (2022: 11.4%). Using these assumptions,
no sales growth was required to support the asset values.
Sensitivity analysis
Whilst management believe the assumptions are realistic, it is possible that an impairment would be identified if any of the above key assumptions were changed
significantly. A sensitivity analysis has been performed on each of these key assumptions with other variables held constant. Given ongoing uncertainties in the global
economy, management have considered increased sensitivities. Despite this, management have concluded that there are no reasonably possible changes in any key
assumptions that would cause the carrying amount of goodwill to exceed the value-in-use.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-386": {
"value": "11. PROPERTY, PLANT AND EQUIPMENT 30 April 2023 Land and buildings Fittings and equipment Tota l \u00a3m \u00a3m \u00a3m COST At 2 May 2022 2.7 202.4 205.1 Additions \u2013 75.0 75.0 Disposals (0.2) (12.4) (12.6) Foreign exchange differences \u2013 (0.6) (0.6) At 30 April 2023 2.5 264.4 266.9 ACCUMULATED DEPRECIATION At 2 May 2022 1.8 90.8 92.6 Charge for the period 0.1 32.2 32.3 Impairment \u2013 0.4 0.4 Reversal of impairment \u2013 exceptional items \u2013 (0.5) (0.5) Disposals (0.2) (11.6) (11.8) Foreign exchange differences \u2013 (0.5) (0.5) At 30 April 2023 1.7 110.8 112.5 NET BOOK VALUE At 30 April 2023 0.8 153.6 154.4 At 1 May 2022 0.9 111.6 112.5 1 May 2022 Land and buildings Fittings and equipment Tota l \u00a3m \u00a3m \u00a3m COST At 3 May 2021 3.3 162.7 166.0 Additions \u2013 41.0 41.0 Acquired on business acquisition (note 24) \u2013 2.8 2.8 Disposals (0.6) (9.5) (10.1) Foreign exchange differences \u2013 5.4 5.4 At 1 May 2022 2.7 202.4 205.1 ACCUMULATED DEPRECIATION At 3 May 2021 1.8 70.5 72.3 Charge for the period 0.3 27.3 27.6 Impairment/(reversal of impairment) 0.1 (0.1) \u2013 Reversal of impairment \u2013 exceptional items \u2013 (0.4) (0.4) Disposals (0.4) (8.2) (8.6) Foreign exchange differences \u2013 1.7 1.7 At 1 May 2022 1.8 90.8 92.6 NET BOOK VALUE At 1 May 2022 0.9 111.6 112.5 At 2 May 2021 1.5 92.2 93.7 Expenditure on assets in the course of construction at 30 April 2023 was \u00a339.0m (2022: \u00a312.8m). The cost of assets which continue to be used that have a \u00a3nil net book value (excluding impaired assets) total \u00a323.7m (2022: \u00a314.6m). Impairment of property, plant and equipment and right-of-use assets For impairment testing purposes, a CGU is defined as the smallest identifiable group of assets that generate independent cash flows which are monitored by management and the Chief Operating Decision Makers (CODMs). The Group consider this to be an individual showroom location or office. Each CGU is tested for impairment at the balance sheet date if any indicators of impairment have been identified. The value-in-use of each CGU is calculated based on the Group\u2019s latest budget and forecast cash flows, covering a three-year period, which have regard to historic performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth. Cash flows beyond this three-year period are extrapolated using a long-term growth rate based on management\u2019s future expectations, with reference to forecast GDP growth. These growth rates do not exceed the long-term growth rate for the Group\u2019s operations in the relevant territory. The key assumptions in the value-in-use calculations are the growth rates of sales and gross profit margins, long-term growth rates and the risk-adjusted pre-tax discount rates. Pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include a country risk-free rate, equity risk premium and a risk adjustment (beta). The pre-tax discount rates are 13.7% in the UK and 13.0% in the US. Pre-tax discount rates are used to discount pre-tax cash flows. The post-tax discount rates, calculated in the same manner as the pre-tax discount rates, are 10.9% in the UK to 10.8% in the US. During the period, the Group recognised an impairment charge of \u00a30.4m relating to property, plant and equipment. Also during the period, the Group recognised an impairment reversal of \u00a30.5m through exceptional items in relation to property, plant and equipment and right-of-use assets following an improvement in showroom performance. The Group reviewed the profitability of its showroom network, taking into account the potential future impact on consumer demand and increased costs. At 30 April 2023 all showroom asset values are supported by their value-in-use recoverable amount. As disclosed in the accounting policies (note 1), the cash flows used within the impairment model are based on assumptions which are sources of estimation uncertainty and small movements in these assumptions could lead to further impairments. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions across the showroom portfolio. Sales growth rates are in line with the growth rate in the Guidance issued (given on page 12). Reducing sales growth by 5.0% in years two and three from the three-year plan would result in an increase in the impairment charge of \u00a30.8m. A 2.0% increase in the discount rate would increase the impairment charge by \u00a30.5m. In combination, a 5.0% fall in sales growth from the three-year plan and a 2.0% increase in discount rate would increase the impairment charge by \u00a31.3m. Reasonably possible changes of the other assumptions would have no further significant impact on the impairment charge. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-387": {
"value": "12. LEASES Group as a lessee Right-of-use assets have been grouped into two groups being Properties and Other. Properties are defined as land and buildings leased for our showrooms and offices which are generally leased for between five and ten years with some office buildings leased for longer. Other leases are mainly motor vehicles which are in general leased for four years. There are several lease contracts that include extension and termination options and variable lease payments. Management assess the lease term at inception based on facts and circumstances applicable to each property including the period over which the investment appraisal was initially considered. Management review the retail lease portfolio on an ongoing basis, taking into account retail performance and future trading expectations. In certain instances, management may exercise break options, negotiate lease reductions or decide not to negotiate a lease extension at the end of the lease term. The most significant factor impacting future lease payments are the changes management choose to make to the showroom portfolio. A number of the retail property leases incur payments based on a percentage of revenue achieved at the location. Changes in future variable lease payments will typically reflect changes in the Group\u2019s retail revenues. In line with IFRS 16, variable lease payments which are not linked to an index are not included in the lease liability. The Group also has certain leases with lease terms of 12 months or less and leases of office equipment with low-value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases. Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: Right-of-use assets Properties Other Total \u00a3m \u00a3m \u00a3m At 2 May 2022 292.8 0.8 293.6 Additions 101.0 0.7 101.7 Lease surrenders and breaks (9.6) \u2013 (9.6) Reversal of impairment \u2013 exceptional items 0.2 \u2013 0.2 Depreciation (49.9) (0.4) (50.3) Leases renewed during the period 14.7 \u2013 14.7 Lease modifications and expansions 10.1 \u2013 10.1 Foreign exchange differences (1.3) \u2013 (1.3) At 30 April 2023 358.0 1.1 359.1 Properties Other Total \u00a3m \u00a3m \u00a3m At 3 May 2021 253.2 0.5 253.7 Additions 32.2 0.6 32.8 Lease surrenders and breaks (0.2) (0.1) (0.3) Depreciation (40.4) (0.2) (40.6) Leases renewed during the period 36.9 \u2013 36.9 Lease modifications and expansions 3.0 \u2013 3.0 Foreign exchange differences 8.1 \u2013 8.1 At 1 May 2022 292.8 0.8 293.6 Set out below are the carrying amounts of lease liabilities and the movements during the period: Lease liabilities Properties Other Total \u00a3m \u00a3m \u00a3m At 2 May 2022 (339.9) (0.7) (340.6) Additions (98.6) (0.7) (99.3) Lease surrenders and breaks 10.4 \u2013 10.4 Interest (17.2) \u2013 (17.2) Leases renewed during the period (14.3) \u2013 (14.3) Lease modifications and expansions (9.7) \u2013 (9.7) Payments 58.8 0.4 59.2 Foreign exchange differences 1.1 \u2013 1.1 At 30 April 2023 (409.4) (1.0) (410.4) Lease liabilities Properties Other Total \u00a3m \u00a3m \u00a3m At 3 May 2021 (300.9) (0.5) (301.4) Additions (31.6) (0.6) (32.2) Lease surrenders and breaks 0.3 0.1 0.4 Interest (12.2) \u2013 (12.2) Leases renewed during the period (35.3) \u2013 (35.3) Lease modifications and expansions (3.0) \u2013 (3.0) Payments 52.7 0.3 53.0 Foreign exchange differences (9.9) \u2013 (9.9) At 1 May 2022 (339.9) (0.7) (340.6) The following are the amounts recognised in the Consolidated Income Statement: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Depreciation expense of right-of-use assets (50.3) (40.6) Interest expense on lease liabilities (17.2) (12.2) Gain on lease disposal \u2013 0.1 Reversal of impairment of right-of-use assets 0.2 \u2013 Gain on lease modifications 1.3 0.8 Expense relating to short-term leases (included within cost of sales) (0.7) (0.4) Variable lease payments (included within cost of sales) (7.0) (7.0) Total amount recognised in the Consolidated Income Statement (73.7) (59.3) Rental expense for contracts not in the scope of IFRS 16 totalled \u00a33.5m (2022: \u00a33.2m). Contracts not in the scope of IFRS 16 are contracts that were considered to be leases under IAS 17 which do not meet the definition under IFRS 16, principally because the supplier is considered to have substantive substitution rights over the associated assets. Total cash flows in relation to leases, as defined in IFRS 16, in the 52-week period ended 30 April 2023 are \u00a367.9m (2022: \u00a356.8m). This relates to payments of \u00a342.0m (2022: \u00a340.8m) of lease principal, \u00a317.2m (2022: \u00a312.2m) of lease interest, \u00a38.0m (2022: \u00a33.4m) of variable lease payments and \u00a30.7m (2022: \u00a30.4m) of other lease payments principally relating to short-term leases and leases in which tenancy has continued after the lease term has ended. Maturity analysis of lease liabilities The below table gives the undiscounted cash flows which relate to the leases recognised in line with IFRS 16: 30 April 2023 1 May 2022 \u00a3m \u00a3m Within 1 year 63.1 58.5 Between 1 and 2 years 67.9 56.1 Between 2 and 3 years 63.4 53.8 Between 3 and 4 years 59.7 47.3 Between 4 and 5 years 57.4 43.6 Total for the periods thereafter 192.4 139.8 Total 503.9 399.1 As at 30 April 2023, 11 (2022: 10) leases have cash flows that exceed ten years. The value of undiscounted cash flows greater than ten years totals \u00a315.7m (2022: \u00a314.5m). Future possible cash outflows not included in the lease liability Some leases contain break clauses to provide operational flexibility. In some instances, the Group has identified certain leases where it is reasonably likely that a break will be served and as such have reflected this in the term of the lease. Potential future undiscounted lease payments not included in the reasonably certain lease term and hence not included in lease liabilities total \u00a37.9m (2022: \u00a34.5m). Future increases or decreases in rentals linked to an index or rate, which is applicable to two properties, are not included in the lease liability until the change in cash flows takes effect. Approximately 53.8% of leases will be subject to rent reviews in future periods with rental changes linked rent reviews which typically occur on a five-yearly basis. The Group is committed to payments totalling \u00a382.1m (2022: \u00a351.1m) in relation to leases that have been agreed but have not yet commenced and as such, do not form part of the lease liability balance and are not included within the maturity analysis above. Impairment of right-of-use assets The Group has incurred a net impairment reversal of \u00a30.2m (2022: \u00a3nil) in the year in relation to right-of-use assets. Refer to note 11 for further disclosure relating to impairment of non-current assets including right-of-use assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
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},
"fact-413": {
"value": "Right-of-use assets Properties Other Total \u00a3m \u00a3m \u00a3m At 2 May 2022 292.8 0.8 293.6 Additions 101.0 0.7 101.7 Lease surrenders and breaks (9.6) \u2013 (9.6) Reversal of impairment \u2013 exceptional items 0.2 \u2013 0.2 Depreciation (49.9) (0.4) (50.3) Leases renewed during the period 14.7 \u2013 14.7 Lease modifications and expansions 10.1 \u2013 10.1 Foreign exchange differences (1.3) \u2013 (1.3) At 30 April 2023 358.0 1.1 359.1 Properties Other Total \u00a3m \u00a3m \u00a3m At 3 May 2021 253.2 0.5 253.7 Additions 32.2 0.6 32.8 Lease surrenders and breaks (0.2) (0.1) (0.3) Depreciation (40.4) (0.2) (40.6) Leases renewed during the period 36.9 \u2013 36.9 Lease modifications and expansions 3.0 \u2013 3.0 Foreign exchange differences 8.1 \u2013 8.1 At 1 May 2022 292.8 0.8 293.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-388": {
"value": "13. TRADE AND OTHER RECEIVABLES 30 April 2023 1 May 2022 Current Non-current Current Non-current \u00a3m \u00a3m \u00a3m \u00a3m Trade receivables 6.6 \u2013 5.1 \u2013 Other receivables 5.5 2.1 9.0 2.7 Allowance for expected credit losses (0.3) \u2013 (0.2) \u2013 11.8 2.1 13.9 2.7 Prepayments 5.9 \u2013 5.7 \u2013 Total 17.7 2.1 19.6 2.7 Included within trade receivables are amounts receivable from third parties which provide credit arrangements with our customers. Prepayments relate mainly to prepaid property rates and service charges and insurance prepayments, and other receivables relate mainly to supplier incentives receivable. There are no material differences between the fair values and book values stated above. Movements on the allowance for expected credit losses (ECLs) for impairment of trade and other receivables are as follows: 30 April 2023 1 May 2022 \u00a3m \u00a3m Opening balance 0.2 0.2 Increase in allowance \u2013 cost of sales 0.1 0.1 Receivables written off during the period as uncollectable \u2013 (0.1) Balance at period end 0.3 0.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-390": {
"value": "14. INVENTORIES 30 April 2023 1 May 2022 \u00a3m \u00a3m Finished goods 352.3 300.8 Work in progress 3.7 1.8 Inventories 356.0 302.6 The prior period balances have been restated, in line with IFRS 3 \u2018Business combinations\u2019, to reflect the finalisation of the provisional fair values of Betteridge Jewelers, Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Further detail is disclosed within note 24. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-391": {
"value": "15. CASH AND CASH EQUIVALENTS 30 April 2023 1 May 2022 \u00a3m \u00a3m Cash at bank and in hand 120.7 95.4 Cash in transit 15.7 10.5 Cash and cash equivalents 136.4 105.9 Included in cash and cash equivalents is restricted cash of \u00a314.8m (2022: \u00a313.8m). Restricted cash is defined as cash controlled by the Group but which is not freely useable by the Group in day-to-day operations. \u00a314.1m (2022: \u00a39.6m) relates to amounts which are contractually restricted based on third party agreements and required liquidity reserves, with regard to the Group\u2019s provision of insurance services. As at 30 April 2023, the Group has \u00a30.7m (2022: \u00a34.2m) held in escrow, whereby the cash is restricted, relating to a business combination. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-389": {
"value": "16. TRADE AND OTHER PAYABLES 30 April 2023 1 May 2022 Current Non-current Current Non-current \u00a3m \u00a3m \u00a3m \u00a3m Trade payables (128.6) \u2013 (112.4) \u2013 Other taxation and social security (14.0) \u2013 (7.2) \u2013 Accruals and deferred income (76.1) (0.9) (80.5) (1.3) Total (218.7) (0.9) (200.1) (1.3) Trade payables do not bear interest and are generally settled within 30 to 60 days. Accruals and deferred income do not bear interest. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-392": {
"value": "17. PROVISIONS 30 April 2023 1 May 2022 Current Non-current Current Non-current \u00a3m \u00a3m \u00a3m \u00a3m Dilapidations (1.8) (6.0) (1.0) (4.1) (1.8) (6.0) (1.0) (4.1) Movement of dilapidations provision 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Opening balance (5.1) (3.3) Charged to Income Statement (3.0) (2.1) Utilised 0.3 0.3 Balance at period end (7.8) (5.1) The dilapidations provision comprises obligations for showroom or office remediation costs to be incurred in compliance with applicable legal and environmental regulations together with constructive obligations stemming from established practice once the property leases have expired. The key estimates associated with calculating the provision relate to the cost of repair or replacement to perform the necessary remediation work as at the reporting date together with determining the year of retirement. Estimates are updated annually based on the total estimated remaining life of leases. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-393": {
"value": "18. BORROWINGS 30 April 2023 1 May 2022 \u00a3m \u00a3m NON-CURRENT Term Loan (120.0) (120.0) Associated capitalised transaction costs \u2013 1.4 Total borrowings (120.0) (118.6) Detail on the Group\u2019s borrowing is given in note 7. Analysis of net debt 1 May 2022 Cash flow Non-cash changes 1 Foreign exchange 30 April 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash and cash equivalents 105.9 31.2 \u2013 (0.7) 136.4 Term Loan (120.0) \u2013 \u2013 \u2013 (120.0) Net debt excluding capitalised transaction costs (pre-IFRS 16) (14.1) 31.2 \u2013 (0.7) 16.4 Capitalised transaction costs 1.4 \u2013 (1.4) \u2013 \u2013 Net debt (pre-IFRS 16) (12.7) 31.2 (1.4) (0.7) 16.4 Lease liabilities (340.6) 59.2 (130.1) 1.1 (410.4) Total net debt (353.3) 90.4 (131.5) 0.4 (394.0) 1 Non-cash charges are principally a release of capitalised finance costs and lease liability interest charges, additions and revisions. Cash and cash equivalents consist of cash at bank and in hand of \u00a3120.7m (2022: \u00a395.4m) and cash in transit of \u00a315.7m (2022: \u00a310.5m). On 9 May 2023 the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid and extinguished on this date. The key covenant tests attached to the Group\u2019s facilities are a measure of net debt to EBITDA and the Fixed Charge Cover Ratio (FCCR) at each April and October. Net debt to EBITDA is defined as the ratio of total net debt at the reporting date to the last 12 months Adjusted EBITDA. This ratio must not exceed 3. The FCCR is the ratio of Adjusted EBITDA plus rent to the total finance charge and rent for the 12 months to the reporting date. This ratio must exceed 1.6. The covenant tests at October 2022 and April 2023 were fully met. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-394": {
"value": "19. POST-EMPLOYMENT BENEFIT OBLIGATIONS Defined contribution schemes The Group operates two (2022: two) separate UK defined contribution pension schemes. A defined contribution scheme called the Watches of Switzerland Company Limited Pension Scheme which is a Group Personal Pension (GPP) scheme and a second scheme also called the Watches of Switzerland Company Limited Pension Scheme which is a defined contribution multi-employer occupational pension scheme. The Group operates two (2022: two) separate US defined contribution pension schemes, one called The Mayors Jewelers Inc. Scheme and a second called The Watches of Switzerland Scheme. During the period to 30 April 2023, the pension charge for the period represents contributions payable by the Group to these schemes and amounted to \u00a33.1m (2022: \u00a32.1m). The Group has no legal or constructive obligation to pay further contributions to the fund once the contributions have been paid. Members\u2019 benefits are determined by the amount of contributions paid by the Group and the member, together with investment returns earned on the contributions arising from the performance of each individual\u2019s chosen investments and the type of pension the member chooses to buy at retirement. As a result, actuarial risk (that benefits will be lower than expected) and investment risk (that assets invested in will not perform in line with expectations) fall on the employee. The assets of the schemes are held separately from the assets of the Group in trustee administered funds. Defined benefit scheme The Group operates a defined benefit scheme, the Aurum Retirement Benefits Scheme. The pension scheme operates under the regulatory framework of The Occupational Pension Schemes Regulations 1996. This is an approved funded pension scheme. Defined benefit arrangements entitle employees to retirement benefits based on their final salary and length of service at the time of leaving the scheme, payable on attainment of retirement ages (or earlier death). The assets of the scheme are held separatel y from the assets of the Group in trustee administered funds. Contributions to the scheme are assessed in accordance with the advice of a qualified independent actuary. As a result of the valuation at 5 April 2020, contributions of \u00a30.7m per annum are being paid to the scheme until 5 April 2028, however, this will be reassessed upon the next triennial valuation in 2023. The Group is expecting to make total contributions of approximately \u00a30.7m in the 52-week period ended 28 April 2024. By operating its defined benefit pension scheme, the Group is exposed to the risk that the cost of meeting its obligations is higher than anticipated. This could occur for several reasons, for example: \u2013 Investment returns on the scheme\u2019s assets may be lower than anticipated, especially if falls in asset values are not matched by similar falls in the value of the scheme\u2019s liabilities \u2013 The level of price inflation may be higher than that assumed, resulting in higher payments from the scheme \u2013 Scheme members may live longer than assumed, for example due to unanticipated advances in medical healthcare. Members may also exercise (or not exercise) choices in a way that leads to increases in the scheme\u2019s liabilities, for example through early retirement or commutation of pension for cash \u2013 Legislative changes could also lead to an increase in the scheme\u2019s liabilities \u2013 The scheme liabilities are calculated using a discount rate set with reference to corporate bond yields. If scheme assets underperform this yield, this will create a deficit. The Group believes that due to the long-term nature of the scheme liabilities, a level of continuing equity investment is an appropriate element of the Group\u2019s long-term strategy to manage the scheme efficiently \u2013 A decrease in corporate bond yields will increase scheme liabilities, although that will be partially offset by an increase in the value of the scheme\u2019s bond holdings This scheme was closed on 28 February 2002 to new employees. There are no (2022: nil) employees within the scheme. The latest full actuarial valuation was carried out at 5 April 2020 and was updated for IAS 19 \u2018Employee benefits\u2019 purposes to 30 April 2023 by a qualified independent actuary. Income Statement The components of the net defined benefit expense recognised in the Consolidated Income Statement are as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Administrative expenses (0.2) (0.2) Charge within labour costs and operating profit (0.2) (0.2) Defined benefit charge to the Consolidated Income Statement (0.2) (0.2) Defined contribution schemes (3.1) (2.1) Total charge to the Consolidated Income Statement (3.3) (2.3) Other comprehensive income The components of the net defined benefit expense recognised in other comprehensive income are as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Actuarial gains due to liability financial assumption changes 5.1 1.6 Experience adjustment (0.5) \u2013 Loss on scheme assets greater than discount rate (4.3) (0.2) Actuarial gain recognised in other comprehensive income 0.3 1.4 Balance Sheet valuation The net defined benefit pension amount recognised in the Consolidated Balance Sheet is analysed as follows: 30 April 2023 1 May 2022 \u00a3m \u00a3m Diversified Growth Funds 9.6 18.0 Liability Driven Investment (LDI) 4.4 \u2013 Cash (0.2) (0.1) Fair value of scheme assets 13.8 17.9 Present value of benefit obligations (13.7) (18.5) Net pension asset/(liability) 0.1 (0.6) Scheme obligations Changes in the present value of defined benefit pension obligations are analysed as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Opening defined benefit obligation (18.5) (20.6) Interest cost (0.6) (0.4) Actuarial gains on defined benefit obligation 4.7 1.7 Benefits paid 0.7 0.8 Closing defined benefit obligation (13.7) (18.5) Scheme assets Changes in the fair value of scheme assets were as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Opening scheme assets 17.9 18.0 Expected return on scheme assets 0.5 0.4 Actuarial losses on pension scheme assets (4.4) (0.2) Employer contributions 0.7 0.7 Benefits paid (0.7) (0.8) Administrative expenses (0.2) (0.2) Closing scheme assets 13.8 17.9 None of the pension arrangements directly invest in any of the Group\u2019s own financial instruments nor any property occupied by, or other assets used by, the Group. The Aurum Retirement Benefits Scheme\u2019s investment strategy was reviewed in early 2022 and the Trustees agreed to implement a de-risked strategy targeting full funding on a prudent self-sufficiency type basis over the medium term. During the period, the Trustees appointed Schroders as their new investment manager with a mandate to invest 30% of the Scheme\u2019s assets in Liability Driven Investment (LDI) and 70% invested in a diversified growth fund. The LDI allocation is around 3 times leveraged and therefore targets around 100% interest rate and inflation hedging of the Scheme\u2019s liabilities. The Trustees expect the revised strategy to provide funding level stability, even during volatile market conditions. The strategy will be kept under review and the Trustees expect to implement further de-risking as part of future valuation cycles. All asset transfers took place during the period. Principal assumptions The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at 30 April 2023 using the projected unit credit method. The principal actuarial assumptions used in the valuation were as follows: 30 April 2023 1 May 2022 Discount rate 4.75% 3.00% Rate of future inflation \u2013 RPI 3.20% 3.70% Rate of future inflation \u2013 CPI 2.60% 3.10% Rate of increase in pensions in payment 3.15% 3.60% Proportion of employees opting for a cash commutation 100.0% 100.0% 30 April 2023 1 May 2022 Pensioner aged 65 Non-pensioner aged 45 Pensioner aged 65 Non-pensioner aged 45 Life expectancy at age 65 (years): Male 21 23 21 23 Female 23 25 23 25 The post-retirement mortality assumptions allow for expected increases to life expectancy. The life expectancies quoted for members currently aged 40 assume that they retire at age 65 (i.e. 25 years after the balance sheet date). The base mortality assumptions are in line with the standard S2PA year of birth tables. Future improvement trends have been allowed for in line with the CMI 2021 (2022: CMI 2020) series with a long-term trend towards 1.0% (2022: 1.0%) per annum. The discount rate in the current and prior year has been derived using a full yield curve approach. The yield curve is based on iBoxx AA rated GBP Corporate Bond index and considers expected scheme cash flows at each duration. The expected average duration of the scheme\u2019s liabilities is 16 years. The rate of retail price inflation (RPI) has been derived in a consistent way to the discount rate, so that it is appropriate to the term of the liabilities. The RPI assumption for the scheme allows for the inflation risk premium of 0.2% per annum (2022: 0.2% per annum). The rate of consumer price inflation (CPI) is set at 0.6% lower (2022: 0.6% lower) than the assumption for retail price inflation, reflecting the long-term expected gap between the two indices. Sensitivity analysis The impact on the defined benefit obligation to changes in the financial and demographic assumptions is shown below: 30 April 2023 1 May 2022 \u00a3m \u00a3m 0.25% increase in discount rate 0.6 0.8 0.25% decrease in discount rate (0.6) (0.8) 0.25% increase in pension growth rate (0.3) (0.6) 0.25% decrease in pension growth rate 0.3 0.6 1 year increase in life expectancy (0.4) (0.6) 1 year decrease in life expectancy 0.4 0.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-414": {
"value": "Defined contribution schemes The Group operates two (2022: two) separate UK defined contribution pension schemes. A defined contribution scheme called the Watches of Switzerland Company Limited Pension Scheme which is a Group Personal Pension (GPP) scheme and a second scheme also called the Watches of Switzerland Company Limited Pension Scheme which is a defined contribution multi-employer occupational pension scheme. The Group operates two (2022: two) separate US defined contribution pension schemes, one called The Mayors Jewelers Inc. Scheme and a second called The Watches of Switzerland Scheme. During the period to 30 April 2023, the pension charge for the period represents contributions payable by the Group to these schemes and amounted to \u00a33.1m (2022: \u00a32.1m). The Group has no legal or constructive obligation to pay further contributions to the fund once the contributions have been paid. Members\u2019 benefits are determined by the amount of contributions paid by the Group and the member, together with investment returns earned on the contributions arising from the performance of each individual\u2019s chosen investments and the type of pension the member chooses to buy at retirement. As a result, actuarial risk (that benefits will be lower than expected) and investment risk (that assets invested in will not perform in line with expectations) fall on the employee. The assets of the schemes are held separately from the assets of the Group in trustee administered funds. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-415": {
"value": "Defined benefit scheme The Group operates a defined benefit scheme, the Aurum Retirement Benefits Scheme. The pension scheme operates under the regulatory framework of The Occupational Pension Schemes Regulations 1996. This is an approved funded pension scheme. Defined benefit arrangements entitle employees to retirement benefits based on their final salary and length of service at the time of leaving the scheme, payable on attainment of retirement ages (or earlier death). The assets of the scheme are held separatel y from the assets of the Group in trustee administered funds. Contributions to the scheme are assessed in accordance with the advice of a qualified independent actuary. As a result of the valuation at 5 April 2020, contributions of \u00a30.7m per annum are being paid to the scheme until 5 April 2028, however, this will be reassessed upon the next triennial valuation in 2023. The Group is expecting to make total contributions of approximately \u00a30.7m in the 52-week period ended 28 April 2024. By operating its defined benefit pension scheme, the Group is exposed to the risk that the cost of meeting its obligations is higher than anticipated. This could occur for several reasons, for example: \u2013 Investment returns on the scheme\u2019s assets may be lower than anticipated, especially if falls in asset values are not matched by similar falls in the value of the scheme\u2019s liabilities \u2013 The level of price inflation may be higher than that assumed, resulting in higher payments from the scheme \u2013 Scheme members may live longer than assumed, for example due to unanticipated advances in medical healthcare. Members may also exercise (or not exercise) choices in a way that leads to increases in the scheme\u2019s liabilities, for example through early retirement or commutation of pension for cash \u2013 Legislative changes could also lead to an increase in the scheme\u2019s liabilities \u2013 The scheme liabilities are calculated using a discount rate set with reference to corporate bond yields. If scheme assets underperform this yield, this will create a deficit. The Group believes that due to the long-term nature of the scheme liabilities, a level of continuing equity investment is an appropriate element of the Group\u2019s long-term strategy to manage the scheme efficiently \u2013 A decrease in corporate bond yields will increase scheme liabilities, although that will be partially offset by an increase in the value of the scheme\u2019s bond holdings This scheme was closed on 28 February 2002 to new employees. There are no (2022: nil) employees within the scheme. The latest full actuarial valuation was carried out at 5 April 2020 and was updated for IAS 19 \u2018Employee benefits\u2019 purposes to 30 April 2023 by a qualified independent actuary. Income Statement The components of the net defined benefit expense recognised in the Consolidated Income Statement are as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Administrative expenses (0.2) (0.2) Charge within labour costs and operating profit (0.2) (0.2) Defined benefit charge to the Consolidated Income Statement (0.2) (0.2) Defined contribution schemes (3.1) (2.1) Total charge to the Consolidated Income Statement (3.3) (2.3) Other comprehensive income The components of the net defined benefit expense recognised in other comprehensive income are as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Actuarial gains due to liability financial assumption changes 5.1 1.6 Experience adjustment (0.5) \u2013 Loss on scheme assets greater than discount rate (4.3) (0.2) Actuarial gain recognised in other comprehensive income 0.3 1.4 Balance Sheet valuation The net defined benefit pension amount recognised in the Consolidated Balance Sheet is analysed as follows: 30 April 2023 1 May 2022 \u00a3m \u00a3m Diversified Growth Funds 9.6 18.0 Liability Driven Investment (LDI) 4.4 \u2013 Cash (0.2) (0.1) Fair value of scheme assets 13.8 17.9 Present value of benefit obligations (13.7) (18.5) Net pension asset/(liability) 0.1 (0.6) Scheme obligations Changes in the present value of defined benefit pension obligations are analysed as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Opening defined benefit obligation (18.5) (20.6) Interest cost (0.6) (0.4) Actuarial gains on defined benefit obligation 4.7 1.7 Benefits paid 0.7 0.8 Closing defined benefit obligation (13.7) (18.5) Scheme assets Changes in the fair value of scheme assets were as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Opening scheme assets 17.9 18.0 Expected return on scheme assets 0.5 0.4 Actuarial losses on pension scheme assets (4.4) (0.2) Employer contributions 0.7 0.7 Benefits paid (0.7) (0.8) Administrative expenses (0.2) (0.2) Closing scheme assets 13.8 17.9 None of the pension arrangements directly invest in any of the Group\u2019s own financial instruments nor any property occupied by, or other assets used by, the Group. The Aurum Retirement Benefits Scheme\u2019s investment strategy was reviewed in early 2022 and the Trustees agreed to implement a de-risked strategy targeting full funding on a prudent self-sufficiency type basis over the medium term. During the period, the Trustees appointed Schroders as their new investment manager with a mandate to invest 30% of the Scheme\u2019s assets in Liability Driven Investment (LDI) and 70% invested in a diversified growth fund. The LDI allocation is around 3 times leveraged and therefore targets around 100% interest rate and inflation hedging of the Scheme\u2019s liabilities. The Trustees expect the revised strategy to provide funding level stability, even during volatile market conditions. The strategy will be kept under review and the Trustees expect to implement further de-risking as part of future valuation cycles. All asset transfers took place during the period. Principal assumptions The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at 30 April 2023 using the projected unit credit method. The principal actuarial assumptions used in the valuation were as follows: 30 April 2023 1 May 2022 Discount rate 4.75% 3.00% Rate of future inflation \u2013 RPI 3.20% 3.70% Rate of future inflation \u2013 CPI 2.60% 3.10% Rate of increase in pensions in payment 3.15% 3.60% Proportion of employees opting for a cash commutation 100.0% 100.0% 30 April 2023 1 May 2022 Pensioner aged 65 Non-pensioner aged 45 Pensioner aged 65 Non-pensioner aged 45 Life expectancy at age 65 (years): Male 21 23 21 23 Female 23 25 23 25 The post-retirement mortality assumptions allow for expected increases to life expectancy. The life expectancies quoted for members currently aged 40 assume that they retire at age 65 (i.e. 25 years after the balance sheet date). The base mortality assumptions are in line with the standard S2PA year of birth tables. Future improvement trends have been allowed for in line with the CMI 2021 (2022: CMI 2020) series with a long-term trend towards 1.0% (2022: 1.0%) per annum. The discount rate in the current and prior year has been derived using a full yield curve approach. The yield curve is based on iBoxx AA rated GBP Corporate Bond index and considers expected scheme cash flows at each duration. The expected average duration of the scheme\u2019s liabilities is 16 years. The rate of retail price inflation (RPI) has been derived in a consistent way to the discount rate, so that it is appropriate to the term of the liabilities. The RPI assumption for the scheme allows for the inflation risk premium of 0.2% per annum (2022: 0.2% per annum). The rate of consumer price inflation (CPI) is set at 0.6% lower (2022: 0.6% lower) than the assumption for retail price inflation, reflecting the long-term expected gap between the two indices. Sensitivity analysis The impact on the defined benefit obligation to changes in the financial and demographic assumptions is shown below: 30 April 2023 1 May 2022 \u00a3m \u00a3m 0.25% increase in discount rate 0.6 0.8 0.25% decrease in discount rate (0.6) (0.8) 0.25% increase in pension growth rate (0.3) (0.6) 0.25% decrease in pension growth rate 0.3 0.6 1 year increase in life expectancy (0.4) (0.6) 1 year decrease in life expectancy 0.4 0.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-395": {
"value": "20. EQUITY Nominal value Share capital Share premium Merger reserve Other reserves \u00a3 Shares \u00a3m \u00a3m \u00a3m \u00a3m As at 1 May 2022 0.0125 239,570,297 3.0 147.1 (2.2) (6.7) Purchase of own shares \u2013 \u2013 \u2013 \u2013 \u2013 (14.5) Share-based payments \u2013 \u2013 \u2013 \u2013 \u2013 2.8 As at 30 April 2023 0.0125 239,570,297 3.0 147.1 (2.2) (18.4) Share capital 239,570,297 ordinary shares of \u00a30.0125 nominal value. Share premium account This reserve represents the amount of proceeds received for shares in excess of their nominal value of \u00a30.0125 per share. Merger reserve This reserve arose as a consequence of a Group reorganisation which inserted the Company as the Parent Company of the Group. Foreign exchange reserve This reserve represents the cumulative effect of foreign exchange differences in relation to the retranslation of the Group\u2019s subsidiaries which are denominated in a currency other than the Group\u2019s reporting currency of Pounds Sterling (\u00a3). Other reserves During the period the Group purchased \u00a314.5m of own shares to satisfy employee share incentive schemes. The total cash outflow, including shares purchased and accrued in the prior period, was \u00a321.3m. The shares were purchased by an Employee Benefit Trust which has been set up for this purpose. The Company adopts a \u2018look-through\u2019 approach, which in substance, accounts for the Trust as an extension of the Company. Own shares are recorded at cost and are deducted from equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-416": {
"value": "Nominal value Share capital Share premium Merger reserve Other reserves \u00a3 Shares \u00a3m \u00a3m \u00a3m \u00a3m As at 1 May 2022 0.0125 239,570,297 3.0 147.1 (2.2) (6.7) Purchase of own shares \u2013 \u2013 \u2013 \u2013 \u2013 (14.5) Share-based payments \u2013 \u2013 \u2013 \u2013 \u2013 2.8 As at 30 April 2023 0.0125 239,570,297 3.0 147.1 (2.2) (18.4) Share capital 239,570,297 ordinary shares of \u00a30.0125 nominal value. Share premium account This reserve represents the amount of proceeds received for shares in excess of their nominal value of \u00a30.0125 per share. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-417": {
"value": "Merger reserve This reserve arose as a consequence of a Group reorganisation which inserted the Company as the Parent Company of the Group. Foreign exchange reserve This reserve represents the cumulative effect of foreign exchange differences in relation to the retranslation of the Group\u2019s subsidiaries which are denominated in a currency other than the Group\u2019s reporting currency of Pounds Sterling (\u00a3). Other reserves During the period the Group purchased \u00a314.5m of own shares to satisfy employee share incentive schemes. The total cash outflow, including shares purchased and accrued in the prior period, was \u00a321.3m. The shares were purchased by an Employee Benefit Trust which has been set up for this purpose. The Company adopts a \u2018look-through\u2019 approach, which in substance, accounts for the Trust as an extension of the Company. Own shares are recorded at cost and are deducted from equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-396": {
"value": "21. SHARE-BASED PAYMENTS During the period to 30 April 2023, the Group operated five (2022: six) separate share-based payment schemes. The Group has granted a number of different equity-based awards to employees which it has determined to be share-based payments as detailed below. Long Term Incentive Plan (LTIP) The LTIP is a discretionary executive share plan under which the Board may grant options over shares in Watches of Switzerland Group PLC, subject to Adjusted EPS and Return on Capital Employed (ROCE) performance conditions. The Group issues annual grants of awards with three-year performance periods. Grants vest and become exercisable after three years and are awarded as nil-cost options. There are no cash settlement alternatives. Details of the share options outstanding are as follows: 30 April 2023 1 May 2022 Outstanding at 2 May 2022 1,958,038 1,794,125 Granted 413,589 402,739 Exercised (315,041) \u2013 Forfeited (189,924) (238,826) Outstanding at 30 April 2023 1,866,662 1,958,038 Exercisable price \u00a3nil \u00a3nil Exercisable at 30 April 2023 606,454 nil Average fair value at grant \u00a34.37 \u00a34.27 Deferred Bonus Plan (DBP) The DBP is a discretionary bonus plan under which the Board may issue one-third of a bonus in the form of conditional share awards in Watches of Switzerland Group PLC. The annual bonus is linked to annual earnings targets. Two-thirds of the bonus is settled in cash. The remaining third of the bonus is deferred as share options and accounted for as an equity-settled share-based payment. These deferred shares are subject to a three-year vesting period with no additional performance conditions. Deferred shares are awarded as nil-cost options. Details of the share options outstanding are as follows: 30 April 2023 1 May 2022 Outstanding at 2 May 2022 247,455 160,039 Change in FY21 number of shares granted* \u2013 (32,886) Change in FY22 number of shares granted* 53,611 \u2013 Granted* 106,056 126,252 Exercised (20,872) \u2013 Forfeited (7,643) (5,950) Outstanding at 30 April 2023 378,607 247,455 Exercisable price \u00a3nil \u00a3nil Exercisable at 30 April 2023 12,863 11,867 Average fair value at grant \u00a38.24 \u00a39.74 * The share price at which the number of shares granted under the DBP scheme is calculated is not confirmed until after the date of the approval of the Annual Report and Accounts. The maximum number of DBP shares granted during the period is therefore estimated using the year-end closing share price and trued up at the date of grant. Save As You Earn (SAYE) (UK)/Employee Stock Purchase Plan (ESPP) (US) The Company operates a SAYE scheme for UK, and ESPP scheme for US employees. Options were granted at the prevailing market rate on 14 February 2022, less a discount of 15%, and are exercisable after three years (UK employees) and two years (US employees) from the date of grant. The scheme permits a maximum saving of \u00a3500 (or US equivalent at the time of invitation) per month out of taxed income. SAYE/ESPP options are accounted for as an equity-settled award under IFRS 2. Details of the share options outstanding are as follows: 30 April 2023 1 May 2022 Outstanding at 2 May 2022 480,636 \u2013 Granted \u2013 485,698 Forfeited (113,377) (5,062) Outstanding at 30 April 2023 367,259 480,636 Exercisable price \u00a3nil \u00a3nil Exercisable at 30 April 2023 nil nil Average fair value at grant \u00a310.80 \u00a310.80 FY22 Free share issue During FY22 the Group issued 50 free shares to all colleagues who were employed by the Group on 15 December 2021. Employees must remain employed for a period of three years to earn the shares. The UK shares are administered through a Share Incentive Plan. The US shares are issued under the LTIP and subject to the Employee Benefit Trust. The Trust results are consolidated by the Group. Details of the share options outstanding are as follows: 30 April 2023 1 May 2022 Outstanding at 2 May 2022 112,050 \u2013 Granted \u2013 120,850 Forfeited (19,350) (8,800) Outstanding at 30 April 2023 92,700 112,050 Exercisable price \u00a3nil \u00a3nil Exercisable at 30 April 2023 nil nil Average fair value at grant \u00a312.66 \u00a312.66 Former Chief Financial Officer Buy-out award (CFO) Two buy-out share options were granted to the former CFO when joining the Group to replace those in place at his previous employment. The awards were translated into Group shares at the share price on the date of joining. Performance conditions for the first award have been met and have been part exercised in the period. Details of the share option movements are as follows: 30 April 2023 1 May 2022 Outstanding at 2 May 2022 38,835 \u2013 Granted \u2013 38,835 Exercised (1,721) \u2013 Lapsed (35,392) \u2013 Outstanding at 30 April 2023 1,722 38,835 Exercisable price \u00a3nil \u00a3nil Exercisable at 30 April 2023 nil nil Average fair value at grant \u00a314.20 \u00a314.20 Charged to the Consolidated Income Statement The amounts recognised in the Consolidated Income Statement within administrative expenses (excluding employer\u2019s national insurance) in relation to these schemes were as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m LTIP 1.9 1.9 DBP 0.7 0.7 Former CFO (0.1) 0.1 SAYE/ESPP 0.7 0.1 Free shares 0.3 0.1 CEO \u2013 exceptional expenses (note 4) \u2013 0.3 3.5 3.2 Fair value of share schemes The fair value of equity-settled share options and share awards granted is estimated at the date of grant using share option valuation models. The schemes are valued using the Black-Scholes model. The following tables list the inputs to the models for options and share-based payment costs during the year: LTIP DBP SAYE/ESPP CFO 30 Apr 2023 1 May 2022 2 May 2021 26 Apr 2020 30 Apr 2023 1 May 2022 2 May 2021 1 May 2022 1 May 2022 Share price (\u00a3) \u00a37.51 \u00a39.42 \u00a33.20 \u00a32.70 \u00a38.32 \u00a37.51 \u00a39.42 \u00a310.80 \u00a314.20 Exercise price (\u00a3) nil nil nil nil nil nil nil nil nil Dividend yield (%) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Risk-free interest rate (%) 3.72% 0.61% 0.57% 0.78% 3.71% 0.66% 0.57% 0.05% 0.41% Expected life of share option 3 yrs 3 yrs 3 yrs 3 yrs 4 yrs 4 yrs 4 yrs UK 3 yrs US 2 yrs 2 yrs The Group did not enter into any share-based payment transactions with parties other than employees during the current period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-397": {
"value": "22. FINANCIAL INSTRUMENTS Categories 30 April 2023 1 May 2022 \u00a3m \u00a3m FINANCIAL ASSETS \u2013 HELD AT AMORTISED COST Trade and other receivables * 13.9 16.6 Cash and cash equivalents 136.4 105.9 Total financial assets 150.3 122.5 FINANCIAL LIABILITIES \u2013 HELD AT AMORTISED COST Interest-bearing loans and borrowings: Term Loan (net of capitalised transaction costs) (120.0) (118.6) Trade and other payables ** (193.8) (174.3) (313.8) (292.9) Lease liability (IFRS 16) (410.4) (340.6) Total financial liabilities (724.2) (633.5) * Excludes prepayments of \u00a35.9m (2022: \u00a35.7m) that do not meet the definition of a financial instrument. ** Trade payables excludes customer deposits of \u00a37.9m (2022: \u00a312.4m) and deferred income of \u00a317.9m (2022: \u00a314.7m) that do not meet the definition of a financial instrument. Fair values At 30 April 2023, the fair values of each category of the Group\u2019s financial instruments are materially the same as their carrying values in the Group\u2019s Balance Sheet based on either their short maturity or, in respect of long-term borrowings, interest being incurred at a floating rate. Financial risk management The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk and capital management framework and for establishing the Group\u2019s risk management policies. The Group has exposure to the following risks arising from financial instruments: \u2013 Liquidity risk \u2013 Interest rate risk \u2013 Credit risk \u2013 Currency risk \u2013 Capital risk No significant changes were made in the objectives, policies and processes for managing capital during the years ended 30 April 2023 and 1 May 2022. Liquidity risk The Group has generated sufficient cash from operations to meet its working capital requirements. Cash flow forecasting is performed in the operating entities of the Group. The Group monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits on any of its borrowing facilities. The table below shows the maturity analysis of the undiscounted remaining contractual cash flows, including interest, of the Group\u2019s financial liabilities: 30 April 2023 Less than one year Between one and five years Greater than five years Tota l \u00a3m \u00a3m \u00a3m \u00a3m Term Loan (2.9) (120.0) \u2013 (122.9) Trade and other payables (192.9) (0.9) \u2013 (193.8) Lease liabilities (IFRS 16) (63.1) (248.4) (192.4) (503.9) Total (258.9) (369.3) (192.4) (820.6) 1 May 2022 Less than one year Between one and five years Greater than five years Tota l \u00a3m \u00a3m \u00a3m \u00a3m Term Loan (3.5) (124.0) \u2013 (127.5) Trade and other payables (173.0) (1.3) \u2013 (174.3) Lease liabilities (IFRS 16) (58.5) (200.8) (139.8) (399.1) Total (235.0) (326.1) (139.8) (700.9) As at 30 April 2023, 11 (2022: 10) leases have cash flows that exceed ten years. The value of undiscounted cash flows greater than ten years totals \u00a315.7m (2022: \u00a314.5m). Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s debt obligations with floating interest rates. The Group\u2019s policy is to maintain low levels of variable debt by managing the cash position of the business closely and ensuring that the debt position is minimised. The Group regularly refinances in order to obtain better rates for both long-term debt and short-term debt obligations. The Group uses strong cash positions to pay down long-term and short-term debt when possible in order to reduce the overall debt position. Interest rate risk \u2013 sensitivity The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. The analysis has been prepared using the assumptions that: \u2013 For floating rate assets and liabilities, the amount of the asset or liability outstanding at the balance sheet date is assumed to have been outstanding for the whole period \u2013 Fixed rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of this analysis With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Interest rate increase of 0.5% (0.6) (0.6) Interest rate decrease of 0.5% 0.6 0.6 Credit risk Credit risk arises from cash and cash equivalents, credit sales and deposits with banks. Credit risk related to the use of treasury instruments is managed on a Group basis. This risk arises from transactions with banks, such as those involving cash and cash equivalents and deposits. To reduce the credit risk, the Group has concentrated its main activities with a group of banks that have secure credit ratings. For each bank, individual risk limits are set based on its \ufb01nancial position, credit ratings, past experience and other factors. The utilisation of credit limits is regularly monitored. Management continually review specific balances for potential indicators of impairment. In the instance where an indicator is identified, management will determine overall recovery from a legal perspective and provide for any irrecoverable amounts. Credit risk also arises from the recoverability of the Group\u2019s trade and other receivables. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery, which is the Group\u2019s definition of default. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. The ageing analysis of the trade receivables is as follows: 30 April 2023 1 May 2022 \u00a3m \u00a3m Not past due 5.7 3.5 Less than one month past due 0.5 0.6 One to two months past due 0.2 0.3 More than two months past due 0.2 0.7 Total 6.6 5.1 The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset. Currency risk The exposure to currency risk is considered below: 30 April 2023 Sterling US Dollar Other Tot al \u00a3m \u00a3m \u00a3m \u00a3m FINANCIAL ASSETS Trade and other receivables 7.4 6.3 0.2 13.9 Cash and cash equivalents 91.2 44.0 1.2 136.4 Total financial assets 98.6 50.3 1.4 150.3 FINANCIAL LIABILITIES Term Loan (120.0) \u2013 \u2013 (120.0) Trade and other payables (108.7) (84.6) (0.5) (193.8) Lease liabilities (258.2) (138.6) (13.6) (410.4) Total financial liabilities (486.9) (223.2) (14.1) (724.2) 1 May 2022 Sterling US Dollar Other Tot al \u00a3m \u00a3m \u00a3m \u00a3m FINANCIAL ASSETS Trade and other receivables 9.4 7.2 \u2013 16.6 Cash and cash equivalents 76.1 27.7 2.1 105.9 Total financial assets 85.5 34.9 2.1 122.5 FINANCIAL LIABILITIES Term Loan (118.6) \u2013 \u2013 (118.6) Trade and other payables (93.9) (80.4) \u2013 (174.3) Lease liabilities (217.2) (121.3) (2.1) (340.6) Total financial liabilities (429.7) (201.7) (2.1) (633.5) Currency risk sensitivity The following table demonstrates the sensitivity to a change in the US Dollar exchange rate, with all other variables held constant, and the impact upon the Group\u2019s profit after tax assuming that none of the US Dollar exposures are used as hedging instruments. Sensitivities have not been performed for any other currencies as the Group has no significant exposure in any other currency. (Increase)/decrease in rate Effect on profit after tax 52 week period ended 30 April 2023 Effect on profit after tax 52 week period ended 1 May 2022 \u00a3m \u00a3m US Dollar (5%) (2.3) (1.5) US Dollar 5% 2.5 1.6 Capital risk The capital structure of the Group consists of debt, as analysed in note 18, and equity attributable to the equity holders of the Parent Company, comprising issued capital reserves and retained earnings as shown in the Consolidated Statement of Changes in Equity. The Group manages its capital with the objective that all entities within the Group continue as going concerns while maintaining an efficient structure to minimise the cost of capital. The Directors carefully monitor the Group\u2019s long-term borrowings including the ability to service debt and long-term forecast covenant compliance. The Group takes a disciplined approach to capital allocation with the objective to deliver long-term sustainable earnings growth whilst retaining financial capability to invest in developing our business and to execute our strategic priorities. The Group is well positioned to continue investing in elevating and expanding its existing showroom portfolio and to make complementary acquisitions which meet strict investment criteria and advance the Group\u2019s strategic objectives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-418": {
"value": "Fair values At 30 April 2023, the fair values of each category of the Group\u2019s financial instruments are materially the same as their carrying values in the Group\u2019s Balance Sheet based on either their short maturity or, in respect of long-term borrowings, interest being incurred at a floating rate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-419": {
"value": "Financial risk management The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk and capital management framework and for establishing the Group\u2019s risk management policies. The Group has exposure to the following risks arising from financial instruments: \u2013 Liquidity risk \u2013 Interest rate risk \u2013 Credit risk \u2013 Currency risk \u2013 Capital risk No significant changes were made in the objectives, policies and processes for managing capital during the years ended 30 April 2023 and 1 May 2022. Liquidity risk The Group has generated sufficient cash from operations to meet its working capital requirements. Cash flow forecasting is performed in the operating entities of the Group. The Group monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits on any of its borrowing facilities. The table below shows the maturity analysis of the undiscounted remaining contractual cash flows, including interest, of the Group\u2019s financial liabilities: 30 April 2023 Less than one year Between one and five years Greater than five years Tota l \u00a3m \u00a3m \u00a3m \u00a3m Term Loan (2.9) (120.0) \u2013 (122.9) Trade and other payables (192.9) (0.9) \u2013 (193.8) Lease liabilities (IFRS 16) (63.1) (248.4) (192.4) (503.9) Total (258.9) (369.3) (192.4) (820.6) 1 May 2022 Less than one year Between one and five years Greater than five years Tota l \u00a3m \u00a3m \u00a3m \u00a3m Term Loan (3.5) (124.0) \u2013 (127.5) Trade and other payables (173.0) (1.3) \u2013 (174.3) Lease liabilities (IFRS 16) (58.5) (200.8) (139.8) (399.1) Total (235.0) (326.1) (139.8) (700.9) As at 30 April 2023, 11 (2022: 10) leases have cash flows that exceed ten years. The value of undiscounted cash flows greater than ten years totals \u00a315.7m (2022: \u00a314.5m). Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s debt obligations with floating interest rates. The Group\u2019s policy is to maintain low levels of variable debt by managing the cash position of the business closely and ensuring that the debt position is minimised. The Group regularly refinances in order to obtain better rates for both long-term debt and short-term debt obligations. The Group uses strong cash positions to pay down long-term and short-term debt when possible in order to reduce the overall debt position. Interest rate risk \u2013 sensitivity The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. The analysis has been prepared using the assumptions that: \u2013 For floating rate assets and liabilities, the amount of the asset or liability outstanding at the balance sheet date is assumed to have been outstanding for the whole period \u2013 Fixed rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of this analysis With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Interest rate increase of 0.5% (0.6) (0.6) Interest rate decrease of 0.5% 0.6 0.6 Credit risk Credit risk arises from cash and cash equivalents, credit sales and deposits with banks. Credit risk related to the use of treasury instruments is managed on a Group basis. This risk arises from transactions with banks, such as those involving cash and cash equivalents and deposits. To reduce the credit risk, the Group has concentrated its main activities with a group of banks that have secure credit ratings. For each bank, individual risk limits are set based on its \ufb01nancial position, credit ratings, past experience and other factors. The utilisation of credit limits is regularly monitored. Management continually review specific balances for potential indicators of impairment. In the instance where an indicator is identified, management will determine overall recovery from a legal perspective and provide for any irrecoverable amounts. Credit risk also arises from the recoverability of the Group\u2019s trade and other receivables. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery, which is the Group\u2019s definition of default. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. The ageing analysis of the trade receivables is as follows: 30 April 2023 1 May 2022 \u00a3m \u00a3m Not past due 5.7 3.5 Less than one month past due 0.5 0.6 One to two months past due 0.2 0.3 More than two months past due 0.2 0.7 Total 6.6 5.1 The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset. Currency risk The exposure to currency risk is considered below: 30 April 2023 Sterling US Dollar Other Tot al \u00a3m \u00a3m \u00a3m \u00a3m FINANCIAL ASSETS Trade and other receivables 7.4 6.3 0.2 13.9 Cash and cash equivalents 91.2 44.0 1.2 136.4 Total financial assets 98.6 50.3 1.4 150.3 FINANCIAL LIABILITIES Term Loan (120.0) \u2013 \u2013 (120.0) Trade and other payables (108.7) (84.6) (0.5) (193.8) Lease liabilities (258.2) (138.6) (13.6) (410.4) Total financial liabilities (486.9) (223.2) (14.1) (724.2) 1 May 2022 Sterling US Dollar Other Tot al \u00a3m \u00a3m \u00a3m \u00a3m FINANCIAL ASSETS Trade and other receivables 9.4 7.2 \u2013 16.6 Cash and cash equivalents 76.1 27.7 2.1 105.9 Total financial assets 85.5 34.9 2.1 122.5 FINANCIAL LIABILITIES Term Loan (118.6) \u2013 \u2013 (118.6) Trade and other payables (93.9) (80.4) \u2013 (174.3) Lease liabilities (217.2) (121.3) (2.1) (340.6) Total financial liabilities (429.7) (201.7) (2.1) (633.5) Currency risk sensitivity The following table demonstrates the sensitivity to a change in the US Dollar exchange rate, with all other variables held constant, and the impact upon the Group\u2019s profit after tax assuming that none of the US Dollar exposures are used as hedging instruments. Sensitivities have not been performed for any other currencies as the Group has no significant exposure in any other currency. (Increase)/decrease in rate Effect on profit after tax 52 week period ended 30 April 2023 Effect on profit after tax 52 week period ended 1 May 2022 \u00a3m \u00a3m US Dollar (5%) (2.3) (1.5) US Dollar 5% 2.5 1.6 Capital risk The capital structure of the Group consists of debt, as analysed in note 18, and equity attributable to the equity holders of the Parent Company, comprising issued capital reserves and retained earnings as shown in the Consolidated Statement of Changes in Equity. The Group manages its capital with the objective that all entities within the Group continue as going concerns while maintaining an efficient structure to minimise the cost of capital. The Directors carefully monitor the Group\u2019s long-term borrowings including the ability to service debt and long-term forecast covenant compliance. The Group takes a disciplined approach to capital allocation with the objective to deliver long-term sustainable earnings growth whilst retaining financial capability to invest in developing our business and to execute our strategic priorities. The Group is well positioned to continue investing in elevating and expanding its existing showroom portfolio and to make complementary acquisitions which meet strict investment criteria and advance the Group\u2019s strategic objectives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-427": {
"value": "Liquidity risk The Group has generated sufficient cash from operations to meet its working capital requirements. Cash flow forecasting is performed in the operating entities of the Group. The Group monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits on any of its borrowing facilities. The table below shows the maturity analysis of the undiscounted remaining contractual cash flows, including interest, of the Group\u2019s financial liabilities: 30 April 2023 Less than one year Between one and five years Greater than five years Tota l \u00a3m \u00a3m \u00a3m \u00a3m Term Loan (2.9) (120.0) \u2013 (122.9) Trade and other payables (192.9) (0.9) \u2013 (193.8) Lease liabilities (IFRS 16) (63.1) (248.4) (192.4) (503.9) Total (258.9) (369.3) (192.4) (820.6) 1 May 2022 Less than one year Between one and five years Greater than five years Tota l \u00a3m \u00a3m \u00a3m \u00a3m Term Loan (3.5) (124.0) \u2013 (127.5) Trade and other payables (173.0) (1.3) \u2013 (174.3) Lease liabilities (IFRS 16) (58.5) (200.8) (139.8) (399.1) Total (235.0) (326.1) (139.8) (700.9) As at 30 April 2023, 11 (2022: 10) leases have cash flows that exceed ten years. The value of undiscounted cash flows greater than ten years totals \u00a315.7m (2022: \u00a314.5m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-428": {
"value": "Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s debt obligations with floating interest rates. The Group\u2019s policy is to maintain low levels of variable debt by managing the cash position of the business closely and ensuring that the debt position is minimised. The Group regularly refinances in order to obtain better rates for both long-term debt and short-term debt obligations. The Group uses strong cash positions to pay down long-term and short-term debt when possible in order to reduce the overall debt position. Interest rate risk \u2013 sensitivity The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. The analysis has been prepared using the assumptions that: \u2013 For floating rate assets and liabilities, the amount of the asset or liability outstanding at the balance sheet date is assumed to have been outstanding for the whole period \u2013 Fixed rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of this analysis With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows: 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Interest rate increase of 0.5% (0.6) (0.6) Interest rate decrease of 0.5% 0.6 0.6 Currency risk The exposure to currency risk is considered below: 30 April 2023 Sterling US Dollar Other Tot al \u00a3m \u00a3m \u00a3m \u00a3m FINANCIAL ASSETS Trade and other receivables 7.4 6.3 0.2 13.9 Cash and cash equivalents 91.2 44.0 1.2 136.4 Total financial assets 98.6 50.3 1.4 150.3 FINANCIAL LIABILITIES Term Loan (120.0) \u2013 \u2013 (120.0) Trade and other payables (108.7) (84.6) (0.5) (193.8) Lease liabilities (258.2) (138.6) (13.6) (410.4) Total financial liabilities (486.9) (223.2) (14.1) (724.2) 1 May 2022 Sterling US Dollar Other Tot al \u00a3m \u00a3m \u00a3m \u00a3m FINANCIAL ASSETS Trade and other receivables 9.4 7.2 \u2013 16.6 Cash and cash equivalents 76.1 27.7 2.1 105.9 Total financial assets 85.5 34.9 2.1 122.5 FINANCIAL LIABILITIES Term Loan (118.6) \u2013 \u2013 (118.6) Trade and other payables (93.9) (80.4) \u2013 (174.3) Lease liabilities (217.2) (121.3) (2.1) (340.6) Total financial liabilities (429.7) (201.7) (2.1) (633.5) Currency risk sensitivity The following table demonstrates the sensitivity to a change in the US Dollar exchange rate, with all other variables held constant, and the impact upon the Group\u2019s profit after tax assuming that none of the US Dollar exposures are used as hedging instruments. Sensitivities have not been performed for any other currencies as the Group has no significant exposure in any other currency. (Increase)/decrease in rate Effect on profit after tax 52 week period ended 30 April 2023 Effect on profit after tax 52 week period ended 1 May 2022 \u00a3m \u00a3m US Dollar (5%) (2.3) (1.5) US Dollar 5% 2.5 1.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-429": {
"value": "Credit risk Credit risk arises from cash and cash equivalents, credit sales and deposits with banks. Credit risk related to the use of treasury instruments is managed on a Group basis. This risk arises from transactions with banks, such as those involving cash and cash equivalents and deposits. To reduce the credit risk, the Group has concentrated its main activities with a group of banks that have secure credit ratings. For each bank, individual risk limits are set based on its \ufb01nancial position, credit ratings, past experience and other factors. The utilisation of credit limits is regularly monitored. Management continually review specific balances for potential indicators of impairment. In the instance where an indicator is identified, management will determine overall recovery from a legal perspective and provide for any irrecoverable amounts. Credit risk also arises from the recoverability of the Group\u2019s trade and other receivables. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery, which is the Group\u2019s definition of default. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. The ageing analysis of the trade receivables is as follows: 30 April 2023 1 May 2022 \u00a3m \u00a3m Not past due 5.7 3.5 Less than one month past due 0.5 0.6 One to two months past due 0.2 0.3 More than two months past due 0.2 0.7 Total 6.6 5.1 The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-430": {
"value": "Capital risk The capital structure of the Group consists of debt, as analysed in note 18, and equity attributable to the equity holders of the Parent Company, comprising issued capital reserves and retained earnings as shown in the Consolidated Statement of Changes in Equity. The Group manages its capital with the objective that all entities within the Group continue as going concerns while maintaining an efficient structure to minimise the cost of capital. The Directors carefully monitor the Group\u2019s long-term borrowings including the ability to service debt and long-term forecast covenant compliance. The Group takes a disciplined approach to capital allocation with the objective to deliver long-term sustainable earnings growth whilst retaining financial capability to invest in developing our business and to execute our strategic priorities. The Group is well positioned to continue investing in elevating and expanding its existing showroom portfolio and to make complementary acquisitions which meet strict investment criteria and advance the Group\u2019s strategic objectives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-420": {
"value": "23. RELATED PARTY TRANSACTIONS Key management personnel compensation Total compensation of key management personnel in the period to 30 April 2023 amounted to \u00a32.8m (2022: \u00a33.6m). Compensation includes salaries and other short-term employee benefits, post-employment benefits and other long-term benefits. Key management are eligible to receive discounts on goods purchased from the Group\u2019s trading companies. Such discounts are in line with discounts offered to all staff employed by Group companies. In addition to their salaries, the Group also contributes to post-employment defined contribution plans. Key management are those individuals who have authority and responsibility for planning, directing and controlling the activities of the Group. 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Short-term employment benefits 1.7 1.8 Share-based payments 1.1 1.8 Total 2.8 3.6 Transactions with subsidiary companies and companies under common control Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-398": {
"value": "23. RELATED PARTY TRANSACTIONS Key management personnel compensation Total compensation of key management personnel in the period to 30 April 2023 amounted to \u00a32.8m (2022: \u00a33.6m). Compensation includes salaries and other short-term employee benefits, post-employment benefits and other long-term benefits. Key management are eligible to receive discounts on goods purchased from the Group\u2019s trading companies. Such discounts are in line with discounts offered to all staff employed by Group companies. In addition to their salaries, the Group also contributes to post-employment defined contribution plans. Key management are those individuals who have authority and responsibility for planning, directing and controlling the activities of the Group. 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Short-term employment benefits 1.7 1.8 Share-based payments 1.1 1.8 Total 2.8 3.6 Transactions with subsidiary companies and companies under common control Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-431": {
"value": "Key management personnel compensation Total compensation of key management personnel in the period to 30 April 2023 amounted to \u00a32.8m (2022: \u00a33.6m). Compensation includes salaries and other short-term employee benefits, post-employment benefits and other long-term benefits. Key management are eligible to receive discounts on goods purchased from the Group\u2019s trading companies. Such discounts are in line with discounts offered to all staff employed by Group companies. In addition to their salaries, the Group also contributes to post-employment defined contribution plans. Key management are those individuals who have authority and responsibility for planning, directing and controlling the activities of the Group. 52 week period ended 30 April 2023 52 week period ended 1 May 2022 \u00a3m \u00a3m Short-term employment benefits 1.7 1.8 Share-based payments 1.1 1.8 Total 2.8 3.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-399": {
"value": "24. BUSINESS COMBINATIONS Bernie Robbins Jewelers, Inc. On 22 June 2022, the Group acquired the trade and assets of one showroom from Bernie Robbins Jewelers, Inc. for a cash consideration of \u00a321.2 million. Goodwill recognised relates to future cash flows from the showroom, and the acquisition further advances the US expansion strategy. The business contributed revenue of \u00a310.5m from the 22 June 2022 acquisition date to 30 April 2023. The following table summarises the consideration paid for the acquisition, and the provisional fair value of assets acquired at the acquisition date: \u00a3m Total cash consideration 21.2 Initial assessment of values on acquisition Inventories 3.1 Trade and other payables (0.1) Right-of-use assets 1.9 Lease liabilities (1.9) Total identifiable net assets 3.0 Goodwill 18.2 Total assets acquired 21.2 An amount of \u00a30.7 million is held with a third party on retention. This will be paid by the Group within 12 months of the acquisition date. The values stated above are the initial assessment of the fair values of assets and liabilities on acquisition. These will be finalised in H1 FY24. The contribution to revenue and profit before tax, if this business combination had occurred on the first day of the period, and since the acquisition date, is not material to the results of the Group and therefore has not been disclosed separately. Acquisition-related costs have been charged to exceptional items in the Consolidated Income Statement for the 52-week period ended 30 April 2023, as disclosed in note 4 to these Financial Statements. Acquisitions completed in the 52-week period to 1 May 2022 During the prior period the Group acquired the trade and assets of a number of showrooms in the US. On 2 September 2021, the Group acquired the trade and assets of one showroom from Ben Bridge Jeweler Inc. (\u2018Ben Bridge\u2019). On 15 October 2021, the Group acquired the trade and assets of one showroom from Timeless Watch Exchange LLC. (\u2018Timeless\u2019). On 1 December 2021, the Group acquired the trade and assets of three showrooms from Betteridge Jewelers, Inc., Gotthelfs Acquisition Corp., and Vail Village Jewelers, Inc. (\u2018Betteridge\u2019). Ben Bridge and Timeless \u00a3m Betteridge \u00a3m Tota l \u00a3m Total cash consideration 9.2 39.1 48.3 Final assessment of values on acquisition Inventories 3.3 13.0 16.3 Property, plant and equipment 0.3 2.5 2.8 Trade and other receivables \u2013 2.9 2.9 Trade and other payables (0.2) (2.4) (2.6) Right-of-use assets 1.7 5.4 7.1 Lease liabilities (1.7) (5.4) (7.1) Total identifiable net assets 3.4 16.0 19.4 Brand \u2013 2.2 2.2 Goodwill 5.8 20.9 26.7 Total assets acquired 9.2 39.1 48.3 In the prior 52-week period ended 1 May 2022, the businesses contributed revenue of \u00a332.5m from the date of acquisition to 1 May 2022 and contributed a net profit of \u00a35.7m. If the combinations had taken place at the beginning of FY22, the Group\u2019s revenue from continuing operations would have been \u00a31,285.0m and the profit before tax would have been \u00a3133.7m. During the 52-week period to 30 April 2023, the fair value of assessment of the above entities was completed. The net impact was a reduction in inventory and deferred tax asset, with the corresponding entry to the goodwill balance. All adjustments are not material at an individual line level. The assessment of values on acquisition is now final, and consideration held on retention at the end of the prior period has been settled. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-400": {
"value": "25. CONTINGENT LIABILITIES There are a number of contingent liabilities that arise in the normal course of business, which if realised, are not expected to result in a material liability to the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-401": {
"value": "26. POST-BALANCE SHEET EVENTS On 9 May 2023 the Group signed a new five-year \u00a3225.0 million multicurrency revolving loan facility with lenders. The existing facilities were repaid and extinguished on this date. Further detail can be found in note 18. No further post-balance sheet events have been identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138008ZOT5K9PJW7168",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
}
}
}