{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "watchesofswitzerland": "http://watchesofswitzerland.com/xbrl/2022", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://watchesofswitzerland.com/xbrl/2022/2138008ZOT5K9PJW7168-2024-04-28.xsd" ] }, "facts": { "fact-7": { "value": "1537900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-8": { "value": "1542800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "1348500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-10": { "value": "1324100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-11": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ExceptionalCostOfSales", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-12": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ExceptionalCostOfSales", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-13": { "value": "189900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-14": { "value": "218700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-15": { "value": "37500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-16": { "value": "39900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-17": { "value": "-26200000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ExceptionalImpairmentReversalOfImpairmentOfAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-18": { "value": "700000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ExceptionalImpairmentReversalOfImpairmentOfAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-19": { "value": "6200000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ExceptionalOtherAdministrativeExpenses", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-20": { "value": "900000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ExceptionalOtherAdministrativeExpenses", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-21": { "value": "120000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-22": { "value": "178600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-23": { "value": "29500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-24": { "value": "24000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-25": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-26": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-27": { "value": "1300000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ExceptionalFinanceCosts", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-28": { "value": "700000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ExceptionalFinanceCosts", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-29": { "value": "-27900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-30": { "value": "-23800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-31": { "value": "92100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-32": { "value": "154800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-33": { "value": "33000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-34": { "value": "33000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-35": { "value": "59100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-36": { "value": "121800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-37": { "value": "0.25", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-38": { "value": "0.512", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-39": { "value": "0.248", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-40": { "value": "0.509", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-41": { "value": "59100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-42": { "value": "121800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-43": { "value": "1700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-44": { "value": "-3100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-45": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperationsIncludedInOtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-46": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperationsIncludedInOtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-47": { "value": "1600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-48": { "value": "-3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-49": { "value": "-900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-50": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-51": { "value": "-200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-52": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-53": { "value": "-700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-54": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-55": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-56": { "value": "-2800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-57": { "value": "60000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-58": { "value": "119000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-59": { "value": "199300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-60": { "value": "182800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-61": { "value": "16400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-62": { "value": "17600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-63": { "value": "191400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-64": { "value": "154400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-65": { "value": "381800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-66": { "value": "359100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-67": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-68": { "value": "6200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-69": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-70": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-71": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-72": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-73": { "value": "791400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-74": { "value": "722300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-75": { "value": "393300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-76": { "value": "356000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-77": { "value": "4500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-78": { "value": "2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-79": { "value": "22500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-80": { "value": "17700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-81": { "value": "115700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-82": { "value": "136400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-83": { "value": "536000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-84": { "value": "512700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-85": { "value": "1327400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-86": { "value": "1235000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-87": { "value": "215400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-88": { "value": "218700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-89": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-90": { "value": "4900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-91": { "value": "57000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-92": { "value": "47400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-93": { "value": "1900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-94": { "value": "1800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-95": { "value": "274300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "272800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-98": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "3400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-100": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-101": { "value": "403400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-102": { "value": "363000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-103": { "value": "113300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-104": { "value": "120000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-105": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-107": { "value": "8700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-108": { "value": "6000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-109": { "value": "530100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-110": { "value": "492900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-111": { "value": "804400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "765700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-113": { "value": "523000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-114": { "value": "469300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-115": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-116": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-117": { "value": "147100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-118": { "value": "147100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-119": { "value": "-2200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-120": { "value": "-2200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-121": { "value": "-23400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-122": { "value": "-18400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-123": { "value": "394100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-124": { "value": "337000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-125": { "value": "4400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-126": { "value": "2800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-127": { "value": "523000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-128": { "value": "469300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-1": { "value": "The Consolidated Financial Statements were approved and authorised for issue by the Board and were signed on its behalf by: L A ROMBERG CHIEF FINANCIAL OFFICER Date: 26 June 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-129": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-130": { "value": "147100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-131": { "value": "-2200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-132": { "value": "-6700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-133": { "value": "214300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-134": { "value": "5800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-135": { "value": "361300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00", "unit": "iso4217:GBP" } }, "fact-136": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-137": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-138": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-139": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-140": { "value": "121800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-141": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-142": { "value": "121800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-143": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-144": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-145": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-146": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-147": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-148": { "value": "-3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-149": { "value": "-2800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-150": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-151": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-152": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-153": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-154": { "value": "122000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-155": { "value": "-3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-156": { "value": "119000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-157": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-158": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-159": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-160": { "value": "14500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-161": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-162": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-163": { "value": "14500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-164": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-165": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-166": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-167": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-168": { "value": "3500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-169": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-170": { "value": "3500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-171": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-172": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-173": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-174": { "value": "2800000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-175": { "value": "-2800000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-176": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-177": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-178": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-179": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-180": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-181": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-182": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-183": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-184": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-185": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-186": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-187": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-188": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-189": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-190": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-191": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-192": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-193": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-194": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-195": { "value": "-11700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-196": { "value": "700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-197": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-198": { "value": "-11000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-199": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-200": { "value": "147100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-201": { "value": "-2200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-202": { "value": "-18400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-203": { "value": "337000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-204": { "value": "2800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-205": { "value": "469300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-206": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-207": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-208": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-209": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-210": { "value": "59100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-211": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-212": { "value": "59100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-213": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-214": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-215": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-216": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-217": { "value": "-700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-218": { "value": "1600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-219": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-220": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-221": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-222": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-223": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-224": { "value": "58400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-225": { "value": "1600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-226": { "value": "60000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-227": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-228": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-229": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-230": { "value": "7200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-231": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-232": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-233": { "value": "7200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-234": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-235": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-236": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-237": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-238": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-239": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-240": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-241": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-242": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-243": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-244": { "value": "2200000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-245": { "value": "-2200000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-246": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-247": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ShareBasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-248": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-249": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-250": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-251": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-252": { "value": "1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-253": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-254": { "value": "1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-255": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-256": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-257": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-258": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-259": { "value": "100000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-260": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-261": { "value": "100000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:TaxOnVestedSharesMovedToCurrentTax", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-262": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-263": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-264": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-265": { "value": "-5000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-266": { "value": "-1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-267": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-268": { "value": "-6300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-269": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-270": { "value": "147100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-271": { "value": "-2200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-272": { "value": "-23400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-273": { "value": "394100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-274": { "value": "4400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-275": { "value": "523000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-276": { "value": "59100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-277": { "value": "121800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "39700000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForDepreciationOfPropertyPlantAndEquipment", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "32300000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForDepreciationOfPropertyPlantAndEquipment", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-280": { "value": "54800000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForDepreciationOfRightOfUseAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-281": { "value": "50300000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForDepreciationOfRightOfUseAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForDepreciationOfRightOfUseAssetsExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-283": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForDepreciationOfRightOfUseAssetsExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-284": { "value": "3600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmortisationExpense", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-285": { "value": "3200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmortisationExpense", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-286": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-287": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-288": { "value": "16400000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForImpairmentOfRightOfUseAssetsExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-289": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForImpairmentOfRightOfUseAssetsExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-290": { "value": "9800000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForImpairmentOfPropertyPlantAndEquipmentExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-291": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForImpairmentOfPropertyPlantAndEquipmentExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-292": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForReversalOfImpairmentOfPropertyPlantAndEquipmentExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-293": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForReversalOfImpairmentOfPropertyPlantAndEquipmentExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-294": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForReversalOfImpairmentOfRightOfUseAssetsExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-295": { "value": "-200000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForReversalOfImpairmentOfRightOfUseAssetsExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-296": { "value": "-1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-297": { "value": "-800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-298": { "value": "800000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForGainOnLeaseModifications", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-299": { "value": "1300000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForGainOnLeaseModifications", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-300": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-301": { "value": "3500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-302": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-303": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-304": { "value": "29500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-305": { "value": "24000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-306": { "value": "-1300000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForFinanceCostsExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-307": { "value": "-700000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForFinanceCostsExceptionalItems", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-308": { "value": "33000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-309": { "value": "33000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-310": { "value": "-11300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-311": { "value": "-51500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-312": { "value": "-4400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-313": { "value": "1500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-314": { "value": "6700000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForDecreaseIncreaseInCreditorsProvisionsAndPensions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-315": { "value": "-22100000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:AdjustmentsForDecreaseIncreaseInCreditorsProvisionsAndPensions", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-316": { "value": "225500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-317": { "value": "239200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-318": { "value": "700000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:PensionSchemeContributionsClassifiedAsOperatingActivites", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-319": { "value": "700000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:PensionSchemeContributionsClassifiedAsOperatingActivites", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-320": { "value": "33500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-321": { "value": "26600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-322": { "value": "191300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-323": { "value": "211900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-324": { "value": "81600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-325": { "value": "75000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-326": { "value": "2400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-327": { "value": "2700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-328": { "value": "-4100000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:MovementOnCapitalExpenditureAccrualClassifiedAsInvestingActivites", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-329": { "value": "-7100000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:MovementOnCapitalExpenditureAccrualClassifiedAsInvestingActivites", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-330": { "value": "79900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "70600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-334": { "value": "44200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "24900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-336": { "value": "-121100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-337": { "value": "-95500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-338": { "value": "7200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-339": { "value": "21300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-340": { "value": "120000000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:RepaymentOfTermLoanClassifiedAsFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-341": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:RepaymentOfTermLoanClassifiedAsFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-342": { "value": "115000000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ProceedsFromMulticurrencyRevolvingLoanFacilityClassifiedAsFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-343": { "value": "0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:ProceedsFromMulticurrencyRevolvingLoanFacilityClassifiedAsFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-344": { "value": "2200000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:CostsDirectlyAttributableToRaisingNewLoanFacilityClassifiedAsFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-345": { "value": "-0", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:CostsDirectlyAttributableToRaisingNewLoanFacilityClassifiedAsFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "46000000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:PaymentOfCapitalElementOfLeasesClassifiedAsFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "42000000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:PaymentOfCapitalElementOfLeasesClassifiedAsFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-348": { "value": "22100000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:PaymentOfInterestElementOfLeasesClassifiedAsFinancingActivites", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-349": { "value": "17200000", "decimals": -5, "dimensions": { "concept": "watchesofswitzerland:PaymentOfInterestElementOfLeasesClassifiedAsFinancingActivites", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-350": { "value": "9200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-351": { "value": "4700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-352": { "value": "-91700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-353": { "value": "-85200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-354": { "value": "-21500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-355": { "value": "31200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-356": { "value": "136400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-357": { "value": "105900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00", "unit": "iso4217:GBP" } }, "fact-358": { "value": "800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-359": { "value": "-700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2022-05-02T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-360": { "value": "115700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-361": { "value": "136400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-362": { "value": "93800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndBankBalancesAtCentralBanks", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-363": { "value": "120700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndBankBalancesAtCentralBanks", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-364": { "value": "21900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-365": { "value": "15700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-366": { "value": "115700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2024-04-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-367": { "value": "136400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-370": { "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 167 UK and Europe based showrooms, and 56 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-369": { "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 167 UK and Europe based showrooms, and 56 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 28 April 2024. A subsidiary is an entity that is controlled by the parent. The financial year represents the 52 weeks to 28 April 2024 (prior financial year 52 weeks to 30 April 2023). The financial year-end date is determined to be the Sunday closest to 30 April each year. The Consolidated 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 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, on 23 February 2024, the Group agreed a new $115.0 million term facility agreement for use in relation to the Roberto Coin Inc. acquisition. This facility was drawn down post year-end to allow cash settlement of the acquisition consideration on 8 May 2024. As a result, the going concern assessment has been carried out taking into account all facilities 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 facility covenants are on a pre-IFRS 16 basis and exclude 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 month 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 28 April 2024, the Group comfortably satisfied the covenant tests with net debt to EBITDA being less than 3 and the FCCR exceeding 1.6. At the balance sheet date, the Group had a total of \u00a3225.0 million in available committed facilities, of which \u00a3115.0 million was drawn down. Net cash at this date was \u00a30.7 million with liquidity headroom (defined as unrestricted cash plus undrawn available facilities) of \u00a3209.3 million. The UK bank facility of \u00a3225.0 million is due to expire in May 2028. The new $115.0 million term facility is a 12-month facility with two six-month extension options within the Group\u2019s control to bring the expiry date to February 2026. This facility did not increase the year-end liquidity balance as its use was restricted to the acquisition of Roberto Coin Inc. Further detail with regards to covenant tests and liquidity headroom can be found in borrowings note 18 within the Consolidated Financial Statements.
In assessing whether the going concern basis of accounting is appropriate, the
directors have reviewed various trading scenarios for the period to 31 October
2025 from the date of this report. These included:
\u2013 The base case forecast which used the FY25 budget approved by the
Board in May 2024 and six-months of the Long Range Plan. These included
the following key assumptions:
\u2013 The more challenging trading environment of FY24 will continue into
FY25 with improvement into FY26 in line with market sentiment
\u2013 Revenue forecast supported by expected luxury watch supply
\u2013 Increased cost base in line with macroeconomic environment and
environmental targets
\u2013 Inclusion of Roberto Coin Inc. results at historical levels
The budget aligns to the Guidance given on page 13. Under this budget, the
Group has significant liquidity and complies with all covenant tests to 31 October
2025. Our Guidance reflects current visibility of supply from key brands and
confirmed showroom refurbishments, openings and closures, and excludes
uncommitted capital projects and acquisitions which would only occur if
expected to be incremental to the business.
\u2013 Severe but plausible scenarios of:
\u2013 20% reduction in sales against the budget due to reduced consumer
confidence and lower disposable income due to the cost-of-living challenges.
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 134 to 139 (including potential data breaches and
non-compliance with laws and regulations), and also environmental risks
highlighted on pages 114 to 117
Under these scenarios the net debt to EBITDA and the FCCR covenants
would be complied with.
\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 taking into
account current trading and liquidity headroom, as well as mitigating actions
within management\u2019s control (as noted below) plus the fact that this would
represent a significant reduction in sales and margin from prior financial years
\u2013 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 inventory holding and purchases
\u2013 Restructuring of the business with headcount and showroom operations
savings
\u2013 Redundancies and pay freezes
\u2013 Reducing the level of planned capex
The directors also considered whether there were any events or conditions
occurring just outside the going concern period that should be considered in
their assessment, including whether the going concern period needed to be
extended. The scenarios modelled by the directors confirmed the ability, under
the base and severe but plausible downsides, for the Group to repay the new
$115.0 million term facility at the end of the going concern period.
As a result of the above analysis, including potential severe but plausible scenarios
and the reserve stress test, the Board believes that the Group and Company is
able to adequately manage its financing and principal risks, and that the Group
and Company will be able to operate within the level of its facilities and meet the
required covenants for the period to 31 October 2025. For this reason, the
Board considers it appropriate for the Group and Company to adopt the going
concern basis in preparing the Consolidated 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 Consolidated Financial Statements, including the Group\u2019s going concern assessment to 31 October 2025 and the viability of the Group over the next three years (refer to the Viability Statement on page 141). EXCEPTIONAL ITEMS The Group presents as exceptional items on the face of the Consolidated Income Statement those items of income and expense which, because of their size, 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. 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 254 to 257, 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.
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, Save as You Earn and Employee
Stock Purchase Plan Awards, 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.
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. 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.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 showroom locations or offices. 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 (ECLs)
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.
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.
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 Amortised cost \u2013 held to collect as business
(excluding prepayments) 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 Amortised cost
borrowings
Trade and other payables (excluding Amortised cost
accrued income)
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 Subsequently measured at amortised cost
borrowings using the EIR method. The EIR amortisation
is included in finance costs in the Income
Statement
Trade and other payables (excluding Subsequently measured at amortised cost
accrued income)
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 having annual increases dependent on economic indices. Some lease agreements include rental payments which are contingent on the turnover of the property to which they relate. 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 standalone 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 discounts 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 7.7%.
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.
NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS
The following standards, amendments and interpretations were early adopted
by the Group for the 52-week period ended 28 April 2024:
\u2013 Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants \u2013 Amendments to IAS 1
This had no material impact on the Group.
The following standards, amendments and interpretations were adopted by the
Group for the 52-week period ended 28 April 2024:
\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
\u2013 International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12
IFRS 17 \u2018INSURANCE CONTRACTS\u2019
In May 2017, the IASB issued IFRS 17 \u2018Insurance Contracts\u2019, a comprehensive
new accounting standard for insurance contracts covering recognition and
measurement, presentation and disclosure. The overall objective of IFRS 17 is to
provide an accounting model for insurance contracts that is more useful and
consistent for insurers. The amendments did not have a material impact on the
Group\u2019s Consolidated Financial Statements.
DISCLOSURE OF ACCOUNTING POLICIES \u2013 AMENDMENTS TO IAS 1 AND
IFRS PRACTICE STATEMENT 2
The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality
Judgements provide guidance and examples to help entities apply materiality
judgements to accounting policy disclosures. The amendments aim to help
entities provide accounting policy disclosures that are more useful by replacing
the requirement for entities to disclose their \u2018significant\u2019 accounting policies with
a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance
on how entities apply the concept of materiality in making decisions about
accounting policy disclosures.
The amendments have had an impact on the Group\u2019s disclosures of accounting
policies, but not on the measurement, recognition or presentation of any items
in the Group\u2019s Consolidated Financial Statements.
INTERNATIONAL TAX REFORM \u2013 PILLAR TWO MODEL RULES \u2013
AMENDMENTS TO IAS 12
The amendments to IAS 12 have been introduced in response to the OECD\u2019s
BEPS Pillar Two rules and include:
\u2013 A mandatory temporary exception to the recognition and disclosure of
deferred taxes arising from the jurisdictional implementation of the Pillar
Two model rules; and
\u2013 Disclosure requirements for affected entities to help users of the financial
statements better understand an entity\u2019s exposure to Pillar Two income
taxes arising from that legislation, particularly before its effective date.
Further amendments to and the interpretation of existing accounting standards
that became effective during the period, did not have a material impact on the
Consolidated Financial Statements.
Significant accounting estimates, assumptions and judgements
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 and assumptions
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. The inventory provision held at the year-end was \u00a36.4 million (2023:
\u00a35.2 million). A 20% reduction in the showroom sell-through of slow moving
stock would impact the net realisable value by c.\u00a34.4 million.
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 size, nature or expected
infrequency, 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 7.7%.
Substantive substitution rights (IFRS 16)
The Group has applied judgement to four (2023: 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 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-2": { "value": "Watches of Switzerland Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-368": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-5": { "value": "Aurum House, 2 Elland Road, Braunstone, Leicester, LE3 1TT", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-6": { "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 167 UK and Europe based showrooms, and 56 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-420": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-371": { "value": "
BASIS OF PREPARATION
The Consolidated Financial Statements include the financial statements of the
Company and its subsidiary undertakings made up to 28 April 2024. A subsidiary is
an entity that is controlled by the parent. The financial year represents the 52
weeks to 28 April 2024 (prior financial year 52 weeks to 30 April 2023). The
financial year-end date is determined to be the Sunday closest to 30 April each year.
The Consolidated 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-421": { "value": "The Consolidated 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:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-372": { "value": "
GOING CONCERN
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, on 23 February 2024, the Group agreed a new
$115.0 million term facility agreement for use in relation to the Roberto Coin Inc.
acquisition. This facility was drawn down post year-end to allow cash settlement
of the acquisition consideration on 8 May 2024. As a result, the going concern
assessment has been carried out taking into account all facilities 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 facility covenants are on a pre-IFRS 16 basis and exclude 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 month 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 28 April 2024, the Group comfortably satisfied the covenant
tests with net debt to EBITDA being less than 3 and the FCCR exceeding 1.6.
At the balance sheet date, the Group had a total of \u00a3225.0 million in available
committed facilities, of which \u00a3115.0 million was drawn down. Net cash at this
date was \u00a30.7 million with liquidity headroom (defined as unrestricted cash plus
undrawn available facilities) of \u00a3209.3 million. The UK bank facility of \u00a3225.0
million is due to expire in May 2028. The new $115.0 million term facility is a
12-month facility with two six-month extension options within the Group\u2019s
control to bring the expiry date to February 2026. This facility did not increase
the year-end liquidity balance as its use was restricted to the acquisition of
Roberto Coin Inc.
Further detail with regards to covenant tests and liquidity headroom can be
found in borrowings note 18 within the Consolidated Financial Statements.
In assessing whether the going concern basis of accounting is appropriate, the directors have reviewed various trading scenarios for the period to 31 October 2025 from the date of this report. These included: \u2013 The base case forecast which used the FY25 budget approved by the Board in May 2024 and six-months of the Long Range Plan. These included the following key assumptions: \u2013 The more challenging trading environment of FY24 will continue into FY25 with improvement into FY26 in line with market sentiment \u2013 Revenue forecast supported by expected luxury watch supply \u2013 Increased cost base in line with macroeconomic environment and environmental targets \u2013 Inclusion of Roberto Coin Inc. results at historical levels The budget aligns to the Guidance given on page 13. Under this budget, the Group has significant liquidity and complies with all covenant tests to 31 October 2025. Our Guidance reflects current visibility of supply from key brands and confirmed showroom refurbishments, openings and closures, and excludes uncommitted capital projects and acquisitions which would only occur if expected to be incremental to the business. \u2013 Severe but plausible scenarios of: \u2013 20% reduction in sales against the budget due to reduced consumer confidence and lower disposable income due to the cost-of-living challenges. 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 134 to 139 (including potential data breaches and non-compliance with laws and regulations), and also environmental risks highlighted on pages 114 to 117 Under these scenarios the net debt to EBITDA and the FCCR covenants would be complied with. \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 taking into account current trading and liquidity headroom, as well as mitigating actions within management\u2019s control (as noted below) plus the fact that this would represent a significant reduction in sales and margin from prior financial years \u2013 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 inventory holding and purchases \u2013 Restructuring of the business with headcount and showroom operations savings \u2013 Redundancies and pay freezes \u2013 Reducing the level of planned capex The directors also considered whether there were any events or conditions occurring just outside the going concern period that should be considered in their assessment, including whether the going concern period needed to be extended. The scenarios modelled by the directors confirmed the ability, under the base and severe but plausible downsides, for the Group to repay the new $115.0 million term facility at the end of the going concern period. As a result of the above analysis, including potential severe but plausible scenarios and the reserve stress test, the Board believes that the Group and Company is able to adequately manage its financing and principal risks, and that the Group and Company will be able to operate within the level of its facilities and meet the required covenants for the period to 31 October 2025. For this reason, the Board considers it appropriate for the Group and Company to adopt the going concern basis in preparing the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-373": { "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 Consolidated Financial Statements, including the Group\u2019s going
concern assessment to 31 October 2025 and the viability of the Group over the
next three years (refer to the Viability Statement on page 141).
", "dimensions": { "concept": "watchesofswitzerland:DisclosureOfClimateChange", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-375": { "value": "
EXCEPTIONAL ITEMS
The Group presents as exceptional items on the face of the Consolidated
Income Statement those items of income and expense which, because of their
size, 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-378": { "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 254 to 257, 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-374": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-376": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-377": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-381": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-382": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-383": { "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, Save as You Earn and Employee Stock Purchase Plan Awards, 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-379": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-380": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-422": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-384": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-468": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-450": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-423": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-424": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-469": { "value": "Research and development Expenditure on research activities is recognised in the Consolidated Income Statement as an expense as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-386": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-425": { "value": "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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-385": { "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 showroom locations or offices. 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-470": { "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 showroom locations or offices. 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. 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-387": { "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 (ECLs) 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-388": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-389": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-451": { "value": "dere
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-391": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-392": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-390": { "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 Amortised cost \u2013 held to collect as business
(excluding prepayments) 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 Amortised cost
borrowings
Trade and other payables (excluding Amortised cost
accrued income)
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 Subsequently measured at amortised cost
borrowings using the EIR method. The EIR amortisation
is included in finance costs in the Income
Statement
Trade and other payables (excluding Subsequently measured at amortised cost
accrued income)
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-427": { "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 Amortised cost \u2013 held to collect as business
(excluding prepayments) 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-452": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-426": { "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 Amortised cost
borrowings
Trade and other payables (excluding Amortised cost
accrued income)
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 Subsequently measured at amortised cost
borrowings using the EIR method. The EIR amortisation
is included in finance costs in the Income
Statement
Trade and other payables (excluding Subsequently measured at amortised cost
accrued income)
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-453": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-393": { "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 having annual increases dependent on economic indices. Some lease
agreements include rental payments which are contingent on the turnover of the
property to which they relate. 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 standalone 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 discounts 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 7.7%. 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-454": { "value": "NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS The following standards, amendments and interpretations were early adopted by the Group for the 52-week period ended 28 April 2024: \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 This had no material impact on the Group. The following standards, amendments and interpretations were adopted by the Group for the 52-week period ended 28 April 2024: \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 \u2013 International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 IFRS 17 \u2018INSURANCE CONTRACTS\u2019 In May 2017, the IASB issued IFRS 17 \u2018Insurance Contracts\u2019, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. The amendments did not have a material impact on the Group\u2019s Consolidated Financial Statements. DISCLOSURE OF ACCOUNTING POLICIES \u2013 AMENDMENTS TO IAS 1 AND IFRS PRACTICE STATEMENT 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s Consolidated Financial Statements. INTERNATIONAL TAX REFORM \u2013 PILLAR TWO MODEL RULES \u2013 AMENDMENTS TO IAS 12 The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2013 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2013 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. Further amendments to and the interpretation of existing accounting standards that became effective during the period, did not have a material impact on the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-428": { "value": "NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS The following standards, amendments and interpretations were early adopted by the Group for the 52-week period ended 28 April 2024: \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 This had no material impact on the Group. The following standards, amendments and interpretations were adopted by the Group for the 52-week period ended 28 April 2024: \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 \u2013 International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 IFRS 17 \u2018INSURANCE CONTRACTS\u2019 In May 2017, the IASB issued IFRS 17 \u2018Insurance Contracts\u2019, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. The amendments did not have a material impact on the Group\u2019s Consolidated Financial Statements. DISCLOSURE OF ACCOUNTING POLICIES \u2013 AMENDMENTS TO IAS 1 AND IFRS PRACTICE STATEMENT 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s Consolidated Financial Statements. INTERNATIONAL TAX REFORM \u2013 PILLAR TWO MODEL RULES \u2013 AMENDMENTS TO IAS 12 The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2013 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2013 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. Further amendments to and the interpretation of existing accounting standards that became effective during the period, did not have a material impact on the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-394": { "value": "NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS The following standards, amendments and interpretations were early adopted by the Group for the 52-week period ended 28 April 2024: \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 This had no material impact on the Group. The following standards, amendments and interpretations were adopted by the Group for the 52-week period ended 28 April 2024: \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 \u2013 International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 IFRS 17 \u2018INSURANCE CONTRACTS\u2019 In May 2017, the IASB issued IFRS 17 \u2018Insurance Contracts\u2019, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. The amendments did not have a material impact on the Group\u2019s Consolidated Financial Statements. DISCLOSURE OF ACCOUNTING POLICIES \u2013 AMENDMENTS TO IAS 1 AND IFRS PRACTICE STATEMENT 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s Consolidated Financial Statements. INTERNATIONAL TAX REFORM \u2013 PILLAR TWO MODEL RULES \u2013 AMENDMENTS TO IAS 12 The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2013 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2013 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. Further amendments to and the interpretation of existing accounting standards that became effective during the period, did not have a material impact on the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-395": { "value": "Significant accounting estimates, assumptions and judgements 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 and assumptions 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. The inventory provision held at the year-end was \u00a36.4 million (2023: \u00a35.2 million). A 20% reduction in the showroom sell-through of slow moving stock would impact the net realisable value by c.\u00a34.4 million. 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 size, nature or expected infrequency, 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 7.7%. Substantive substitution rights (IFRS 16) The Group has applied judgement to four (2023: 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 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-396": { "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 profit/loss 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 and meets the
aggregation criteria of IFRS 8.
52 week period ended 28 April 2024
UK and Europe
US
Corporate
Tot al
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
846.1
691.8
\u2013
1,537.9
Net margin
307.3
254.9
\u2013
562.2
Less:
Showroom costs
(162.6)
(126.5)
\u2013
(289.1)
Overheads
(50.2)
(32.8)
(2.3)
(85.3)
Showroom opening and closing costs
(5.6)
(3.3)
\u2013
(8.9)
Adjusted EBITDA
88.9
92.3
(2.3)
178.9
Depreciation, amortisation, impairment and loss on disposal of assets
(27.6)
(15.2)
(1.4)
(44.2)
Segment profit/(loss)*
61.3
77.1
(3.7)
134.7
Impact of IFRS 16 (excluding interest on leases)
17.2
Net finance costs
(26.6)
Exceptional cost of sales (note 4)
0.5
Exceptional administrative expenses (note 4)
(6.2)
Exceptional impairment of assets (note 4)
(26.2)
Exceptional finance costs (note 4)
(1.3)
Profit before taxation for the financial period
92.1
* Segment profit/(loss) is defined as being Earnings Before Interest, Tax, exceptional items and IFRS 16 adjustments (Adjusted EBIT).
52 week period ended 30 April 2023
UK and Europe
US
Corporate
Tota l
\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 administrative expenses (note 4)
(0.9)
Exceptional reversal of impairment of assets (note 4)
0.7
Exceptional finance costs (note 4)
(0.7)
Profit before taxation for the financial period
154.8
Entity-wide revenue disclosures
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
UK AND EUROPE
Luxury watches
709.4
749.6
Luxury jewellery
62.1
67.8
Services/other
74.6
72.5
Total
846.1
889.9
US
Luxury watches
635.3
586.5
Luxury jewellery
40.3
51.4
Services/other
16.2
15.0
Total
691.8
652.9
GROUP
Luxury watches
1,344.7
1,336.1
Luxury jewellery
102.4
119.2
Services/other
90.8
87.5
Total
1,537.9
1,542.8
\u2018Services/other\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 statutory non-current asset disclosures
28 April 2024
30 April 2023
\u00a3m
\u00a3m
UK AND EUROPE
Goodwill
137.6
121.6
Intangible assets
5.1
5.0
Property, plant and equipment
115.7
100.2
Right-of-use assets
252.3
244.0
Total
510.7
470.8
US
Goodwill
61.7
61.2
Intangible assets
11.3
12.6
Property, plant and equipment
65.2
54.2
Right-of-use assets
124.3
115.1
Total
262.5
243.1
CORPORATE
Property, plant and equipment
10.5
\u2013
Right-of-use assets
5.2
\u2013
Total
15.7
\u2013
GROUP
Goodwill
199.3
182.8
Intangible assets
16.4
17.6
Property, plant and equipment
191.4
154.4
Right-of-use assets
381.8
359.1
Total
788.9
713.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-429": { "value": "
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
UK AND EUROPE
Luxury watches
709.4
749.6
Luxury jewellery
62.1
67.8
Services/other
74.6
72.5
Total
846.1
889.9
US
Luxury watches
635.3
586.5
Luxury jewellery
40.3
51.4
Services/other
16.2
15.0
Total
691.8
652.9
GROUP
Luxury watches
1,344.7
1,336.1
Luxury jewellery
102.4
119.2
Services/other
90.8
87.5
Total
1,537.9
1,542.8
28 April 2024
30 April 2023
\u00a3m
\u00a3m
UK AND EUROPE
Goodwill
137.6
121.6
Intangible assets
5.1
5.0
Property, plant and equipment
115.7
100.2
Right-of-use assets
252.3
244.0
Total
510.7
470.8
US
Goodwill
61.7
61.2
Intangible assets
11.3
12.6
Property, plant and equipment
65.2
54.2
Right-of-use assets
124.3
115.1
Total
262.5
243.1
CORPORATE
Property, plant and equipment
10.5
\u2013
Right-of-use assets
5.2
\u2013
Total
15.7
\u2013
GROUP
Goodwill
199.3
182.8
Intangible assets
16.4
17.6
Property, plant and equipment
191.4
154.4
Right-of-use assets
381.8
359.1
Total
788.9
713.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-430": { "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 28 April 2024
Rendering of
Sale of goods
services
Total
\u00a3m
\u00a3m
\u00a3m
UK and Europe
810.6
35.5
846.1
US
678.8
13.0
691.8
Total
1,489.4
48.5
1,537.9
52 week period ended 30 April 2023
Rendering of
Sale of goods
services
Total
\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
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-397": { "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 28 April 2024
Rendering of
Sale of goods
services
Total
\u00a3m
\u00a3m
\u00a3m
UK and Europe
810.6
35.5
846.1
US
678.8
13.0
691.8
Total
1,489.4
48.5
1,537.9
52 week period ended 30 April 2023
Rendering of
Sale of goods
services
Total
\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
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-398": { "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 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
EXCEPTIONAL COST OF SALES
Acquisition costs
(i)
(0.7)
\u2013
Rolex Old Bond Street (IFRS 16 depreciation)
(ii)
(1.2)
\u2013
Reversal of inventory provision created on acquisition
(iii)
2.4
\u2013
Total exceptional cost of sales
0.5
\u2013
EXCEPTIONAL ADMINISTRATIVE COSTS
Showroom impairment
(iv)
Impairment of property, plant and equipment
(7.2)
\u2013
Impairment of right-of-use assets
(13.0)
\u2013
Other onerous contracts
(1.0)
\u2013
European showroom impairment
(v)
Impairment of property, plant and equipment
(2.6)
\u2013
Impairment of right-of-use assets
(3.4)
\u2013
Other costs
(2.6)
\u2013
Reversal of impairment of property, plant and equipment
\u2013
0.5
Reversal of impairment of right-of-use assets
\u2013
0.2
Professional and legal expenses on actual and prospective business acquisitions
(vi)
(2.6)
(0.9)
Total exceptional administrative costs
(32.4)
(0.2)
EXCEPTIONAL FINANCE COSTS
Rolex Old Bond Street (IFRS 16 interest)
(ii)
(1.3)
\u2013
Amortisation of capitalised transaction costs
\u2013
(0.7)
Total exceptional finance costs
(1.3)
(0.7)
Total exceptional items
(33.2)
(0.9)
(i) Acquisition costs
Costs associated with the integration of Ernest Jones showrooms acquired in the year are treated as exceptional as they are regarded as non-trading, non-underlying costs. The costs were incurred in the period
between acquisition and showroom opening.
(ii) Rolex Old Bond Street
A new 7,200 sq. ft showroom is being built in partnership with Rolex. This new flagship will be our largest Rolex showroom and reflects the importance of the London market and the special relevance of London to
the history of Rolex. The cost shown here is the IFRS 16 depreciation charge and other costs whilst the showroom is being constructed. They are deemed to be exceptional in nature given that this unique
proposition results in a project size and complexity significantly outside of a standard build, coupled with documented project delays outside of the Group\u2019s control.
(iii) Reversal of inventory provision created on acquisition
In the prior period, for the Betteridge acquisition, an estimate was made of the fair value of inventory acquired with a provision recorded in goodwill. During the year, the Group achieved higher product margins on
a number of these inventory lines through maximisation of our CRM database. The gain is deemed to be exceptional in nature.
(iv) Showroom impairment
The current macroeconomic environment, increased interest rates, and inflationary trends gave rise to indicators of impairment in the current period. Consequently, discounted cashflows were performed on all
cash generating units with indicators of impairment. This resulted in an impairment charge of \u00a320.2 million being recorded in the period. This is allocated over the property, plant and equipment, and the right-of-use
assets of those showrooms as required by IAS 36 \u2018Impairment of Assets\u2019. A further provision of \u00a31.0 million relates to associated onerous contracts.
(v) European showroom impairment
The exceptional costs are reflective of both asset write downs and other onerous costs. As announced after the year-end date, the Group intends to reallocate investment from the European market into the UK
and US. Please refer to note 26 for more details.
(vi) Professional and legal expenses on actual and prospective business acquisitions
Professional and legal expenses on business combinations 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. The total cost shown here also includes expenses incurred in the year in relation to the Roberto Coin Inc. acquisition which closed post year-end.
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-455": { "value": "
5. OPERATING PROFIT
Group operating profit for continuing operations is stated after charging the below items:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Depreciation of property, plant and equipment (note 11)
(39.7)
(32.3)
Amortisation of intangible assets (note 10)
(3.6)
(3.2)
Depreciation of right-of-use assets (note 12)
(54.8)
(50.3)
Depreciation of right-of-use assets \u2013 exceptional items (note 12)
(1.2)
\u2013
Impairment of property, plant and equipment (note 11)
\u2013
(0.4)
Impairment of property, plant and equipment \u2013 exceptional items (note 11)
(9.8)
\u2013
Reversal of impairment of property, plant and equipment \u2013 exceptional items (note 11)
\u2013
0.5
Impairment of right-of-use assets \u2013 exceptional items (note 12)
(16.4)
\u2013
Reversal of impairment of right-of-use assets \u2013 exceptional items (note 12)
\u2013
0.2
Inventory recognised as an expense
(981.6)
(972.2)
Write down of inventories to net realisable value
(2.4)
(2.2)
FEES PAYABLE TO THE GROUP\u2019S EXTERNAL AUDITOR AND ITS ASSOCIATES IN RESPECT OF:
Audit of these financial statements
(0.7)
(0.6)
Audit related assurance services
(0.1)
(0.1)
(0.8)
(0.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-399": { "value": "5. OPERATING PROFIT Group operating profit for continuing operations is stated after charging the below items:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Depreciation of property, plant and equipment (note 11)
(39.7)
(32.3)
Amortisation of intangible assets (note 10)
(3.6)
(3.2)
Depreciation of right-of-use assets (note 12)
(54.8)
(50.3)
Depreciation of right-of-use assets \u2013 exceptional items (note 12)
(1.2)
\u2013
Impairment of property, plant and equipment (note 11)
\u2013
(0.4)
Impairment of property, plant and equipment \u2013 exceptional items (note 11)
(9.8)
\u2013
Reversal of impairment of property, plant and equipment \u2013 exceptional items (note 11)
\u2013
0.5
Impairment of right-of-use assets \u2013 exceptional items (note 12)
(16.4)
\u2013
Reversal of impairment of right-of-use assets \u2013 exceptional items (note 12)
\u2013
0.2
Inventory recognised as an expense
(981.6)
(972.2)
Write down of inventories to net realisable value
(2.4)
(2.2)
FEES PAYABLE TO THE GROUP\u2019S EXTERNAL AUDITOR AND ITS ASSOCIATES IN RESPECT OF:
Audit of these financial statements
(0.7)
(0.6)
Audit related assurance services
(0.1)
(0.1)
(0.8)
(0.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-432": { "value": "Group operating profit for continuing operations is stated after charging the below items: 52 week period 52 week period ended ended 28 April 2024 30 April 2023 \u00a3m \u00a3m Depreciation of property, plant and equipment (note 11) (39.7) (32.3) Amortisation of intangible assets (note 10) (3.6) (3.2) Depreciation of right-of-use assets (note 12) (54.8) (50.3) Depreciation of right-of-use assets \u2013 exceptional items (note 12) (1.2) \u2013 Impairment of property, plant and equipment (note 11) \u2013 (0.4) Impairment of property, plant and equipment \u2013 exceptional items (note 11) (9.8) \u2013 Reversal of impairment of property, plant and equipment \u2013 exceptional items (note 11) \u2013 0.5 Impairment of right-of-use assets \u2013 exceptional items (note 12) (16.4) \u2013 Reversal of impairment of right-of-use assets \u2013 exceptional items (note 12) \u2013 0.2 Inventory recognised as an expense (981.6) (972.2) Write down of inventories to net realisable value (2.4) (2.2) ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-431": { "value": "FEES PAYABLE TO THE GROUP\u2019S EXTERNAL AUDITOR AND ITS ASSOCIATES IN RESPECT OF: Audit of these financial statements (0.7) (0.6) Audit related assurance services (0.1) (0.1) (0.8) (0.7)", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-400": { "value": "
6. EMPLOYEES AND DIRECTORS
Staff costs for continuing operations recognised in operating profit for the Group during the period:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Wages and salaries
132.0
126.2
Social security costs
11.3
10.4
Share-based payments (note 21)
2.1
3.5
Share-based payments social security costs
0.3
0.5
Pensions costs \u2013 defined contribution schemes (note 19)
3.6
3.1
Pensions costs \u2013 defined benefit scheme (note 19)
0.1
0.2
Total
149.4
143.9
Average number of people (including Executive Directors) employed:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
Retail staff
2,135
2,010
Services staff
149
103
Administrative staff
667
665
Total
2,951
2,778
Average Full Time Equivalents (FTE) (including Executive Directors) employed:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
Retail staff
1,982
1,898
Services staff
142
99
Administrative staff
645
646
Total
2,769
2,643
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-402": { "value": "
7. FINANCE COSTS AND INCOME
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m \u00a3m
FINANCE COSTS
Interest payable on long-term borrowings
(7.9)
(5.6)
Interest payable on short-term borrowings
\u2013
(0.4)
Amortisation of capitalised transaction costs
(0.5)
(0.8)
Interest on lease liabilities (note 12)
(20.8)
(17.2)
Net foreign exchange expense on financing activities
(0.3)
\u2013
Total finance costs
(29.5)
(24.0)
FINANCE INCOME
Bank interest receivable
2.9
0.9
Total finance income
2.9
0.9
Total net finance costs excluding exceptional items
(26.6)
(23.1)
Exceptional finance costs (note 4)
(1.3)
(0.7)
Total net finance costs
(27.9)
(23.8)
Further detail of borrowing facilities in place is given in note 18 to these Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-474": { "value": "7. FINANCE COSTS AND INCOME
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m \u00a3m
FINANCE COSTS
Interest payable on long-term borrowings
(7.9)
(5.6)
Interest payable on short-term borrowings
\u2013
(0.4)
Amortisation of capitalised transaction costs
(0.5)
(0.8)
Interest on lease liabilities (note 12)
(20.8)
(17.2)
Net foreign exchange expense on financing activities
(0.3)
\u2013
Total finance costs
(29.5)
(24.0)
FINANCE INCOME
Bank interest receivable
2.9
0.9
Total finance income
2.9
0.9
Total net finance costs excluding exceptional items
(26.6)
(23.1)
Exceptional finance costs (note 4)
(1.3)
(0.7)
Total net finance costs
(27.9)
(23.8)
Further detail of borrowing facilities in place is given in note 18 to these Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-472": { "value": "7. FINANCE COSTS AND INCOME
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m \u00a3m
FINANCE COSTS
Interest payable on long-term borrowings
(7.9)
(5.6)
Interest payable on short-term borrowings
\u2013
(0.4)
Amortisation of capitalised transaction costs
(0.5)
(0.8)
Interest on lease liabilities (note 12)
(20.8)
(17.2)
Net foreign exchange expense on financing activities
(0.3)
\u2013
Total finance costs
(29.5)
(24.0)
FINANCE INCOME
Bank interest receivable
2.9
0.9
Total finance income
2.9
0.9
Total net finance costs excluding exceptional items
(26.6)
(23.1)
Exceptional finance costs (note 4)
(1.3)
(0.7)
Total net finance costs
(27.9)
(23.8)
Further detail of borrowing facilities in place is given in note 18 to these Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-471": { "value": "7. FINANCE COSTS AND INCOME
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m \u00a3m
FINANCE COSTS
Interest payable on long-term borrowings
(7.9)
(5.6)
Interest payable on short-term borrowings
\u2013
(0.4)
Amortisation of capitalised transaction costs
(0.5)
(0.8)
Interest on lease liabilities (note 12)
(20.8)
(17.2)
Net foreign exchange expense on financing activities
(0.3)
\u2013
Total finance costs
(29.5)
(24.0)
FINANCE INCOME
Bank interest receivable
2.9
0.9
Total finance income
2.9
0.9
Total net finance costs excluding exceptional items
(26.6)
(23.1)
Exceptional finance costs (note 4)
(1.3)
(0.7)
Total net finance costs
(27.9)
(23.8)
Further detail of borrowing facilities in place is given in note 18 to these Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-456": { "value": "7. FINANCE COSTS AND INCOME
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m \u00a3m
FINANCE COSTS
Interest payable on long-term borrowings
(7.9)
(5.6)
Interest payable on short-term borrowings
\u2013
(0.4)
Amortisation of capitalised transaction costs
(0.5)
(0.8)
Interest on lease liabilities (note 12)
(20.8)
(17.2)
Net foreign exchange expense on financing activities
(0.3)
\u2013
Total finance costs
(29.5)
(24.0)
FINANCE INCOME
Bank interest receivable
2.9
0.9
Total finance income
2.9
0.9
Total net finance costs excluding exceptional items
(26.6)
(23.1)
Exceptional finance costs (note 4)
(1.3)
(0.7)
Total net finance costs
(27.9)
(23.8)
Further detail of borrowing facilities in place is given in note 18 to these Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-433": { "value": "7. FINANCE COSTS AND INCOME
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m \u00a3m
FINANCE COSTS
Interest payable on long-term borrowings
(7.9)
(5.6)
Interest payable on short-term borrowings
\u2013
(0.4)
Amortisation of capitalised transaction costs
(0.5)
(0.8)
Interest on lease liabilities (note 12)
(20.8)
(17.2)
Net foreign exchange expense on financing activities
(0.3)
\u2013
Total finance costs
(29.5)
(24.0)
FINANCE INCOME
Bank interest receivable
2.9
0.9
Total finance income
2.9
0.9
Total net finance costs excluding exceptional items
(26.6)
(23.1)
Exceptional finance costs (note 4)
(1.3)
(0.7)
Total net finance costs
(27.9)
(23.8)
Further detail of borrowing facilities in place is given in note 18 to these Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-401": { "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 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m \u00a3m
CURRENT TAX:
Current UK tax on profits for the period
8.7
13.0
Current US tax on profits for the period
16.9
16.5
Adjustments in respect of prior periods \u2013 UK and Europe
1.1
(1.8)
Adjustments in respect of prior periods \u2013 US
0.1
0.2
Total current tax
26.8
27.9
DEFERRED TAX:
Origination and reversal of temporary differences
5.2
5.7
Impact of change in tax rate
0.1
(0.5)
Adjustments in respect of prior periods
0.9
(0.1)
Total deferred tax
6.2
5.1
Tax expense reported in the Income Statement
33.0
33.0
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 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m \u00a3m
Profit before taxation
92.1
154.8
Notional taxation at standard UK corporation tax rate of 25.0% (2023: 19.5%)
23.0
30.2
Non-deductible expenses \u2013 recurring
2.5
1.4
Non-deductible expenses \u2013 exceptional items
1.9
\u2013
Overseas tax differentials
1.9
4.6
Deferred tax not recognised \u2013 European subsidiaries
1.5
\u2013
Adjustments in respect of prior periods
2.1
(1.7)
Super-deduction on fixed assets
\u2013
(1.9)
Current/deferred tax rate difference on current year movements
\u2013
0.9
Adjustments due to deferred tax rate change
0.1
(0.5)
Tax expense reported in the Income Statement
33.0
33.0
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 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m \u00a3m
CURRENT TAX:
Foreign exchange difference on translation of foreign operations
(0.1)
0.1
DEFERRED TAX:
Pension benefit obligation
0.2
(0.1)
Tax charge in other comprehensive income
0.1
\u2013
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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Deferred tax assets
0.4
6.2
Deferred tax liabilities
(3.4)
(3.0)
Total
(3.0)
3.2
The main driver for the movement from a net deferred tax asset to a net deferred tax liability is the accelerated tax relief for capital expenditure in the UK and US.
For full breakdown see note below:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Accelerated capital allowances
(i)
(15.4)
(9.8)
Non-trade tax losses
(ii)
1.2
1.2
Trade tax losses
(iii)
2.0
2.7
Deferred tax on leases (IFRS 16)
(iv)
7.0
5.5
Share-based payments
(v)
1.5
4.0
Intangible assets
(vi)
(4.1)
(2.5)
Other temporary differences
(vii)
3.7
2.1
Deferred tax on business combinations
(viii)
1.1
\u2013
Total
(3.0)
3.2
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 and full expensing 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 trade tax losses relate to US losses that will be used based on restricted amounts in accordance with US tax legislation.
(iv) The deferred tax on leases relates to future deductions arising from IFRS 16 adjustments.
(v) 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.
(vi) 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. This balance will increase year-on-year until the goodwill is fully depreciated for tax purposes. It will unwind upon any future sale of the relevant goodwill.
(vii) 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.
(viii) The asset arising on business combinations is in relation to accelerated capital allowances of the Ernest Jones trade and assets acquired during the year.
The deferred tax movement in the period is as follows:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Balance at 1 May 2023
3.2
8.9
RECOGNISED IN THE INCOME STATEMENT:
Accelerated capital allowances
(5.6)
(6.5)
Pension benefit obligations
(0.2)
\u2013
Movement on unused tax losses
(0.7)
0.6
Deferred tax on leases (IFRS 16)
1.5
0.8
Share-based payments
(1.3)
0.8
Intangible fixed assets
(1.6)
0.2
Other temporary differences
1.7
(1.0)
RECOGNISED IN OTHER COMPREHENSIVE INCOME:
Pension benefit obligations
0.2
(0.1)
Foreign exchange movements
(0.1)
\u2013
RECOGNISED DIRECTLY WITHIN EQUITY:
Share-based payments
(1.1)
(0.5)
Vested share-based payments
(0.1)
\u2013
RECOGNISED DIRECTLY WITHIN GOODWILL:
Deferred tax acquired on business combination 1.1 \u2013
Balance at 28 April 2024
(3.0)
3.2
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 \u00a34.2 million (2023: \u00a34.2 million). 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. No deferred
tax asset has been recognised in respect of trading losses in the European countries on the basis that they are unlikely to be utilised.
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group\u2019s
financial year beginning 29 April 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes based on the most
recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Pillar Two effective
tax rates in all jurisdictions in which the Group operates are anticipated to be above 15%, or the results fall under a Pillar Two Safe Harbour. Management is not
currently aware of any circumstances under which this might change and therefore, the Group does not expect a potential exposure to Pillar Two top up taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-475": { "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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Deferred tax assets
0.4
6.2
Deferred tax liabilities
(3.4)
(3.0)
Total
(3.0)
3.2
The main driver for the movement from a net deferred tax asset to a net deferred tax liability is the accelerated tax relief for capital expenditure in the UK and US. For full breakdown see note below:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Accelerated capital allowances
(i)
(15.4)
(9.8)
Non-trade tax losses
(ii)
1.2
1.2
Trade tax losses
(iii)
2.0
2.7
Deferred tax on leases (IFRS 16)
(iv)
7.0
5.5
Share-based payments
(v)
1.5
4.0
Intangible assets
(vi)
(4.1)
(2.5)
Other temporary differences
(vii)
3.7
2.1
Deferred tax on business combinations
(viii)
1.1
\u2013
Total
(3.0)
3.2
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 and full expensing 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 trade tax losses relate to US losses that will be used based on restricted amounts in accordance with US tax legislation. (iv) The deferred tax on leases relates to future deductions arising from IFRS 16 adjustments. (v) 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. (vi) 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. This balance will increase year-on-year until the goodwill is fully depreciated for tax purposes. It will unwind upon any future sale of the relevant goodwill. (vii) 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. (viii) The asset arising on business combinations is in relation to accelerated capital allowances of the Ernest Jones trade and assets acquired during the year. The deferred tax movement in the period is as follows:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Balance at 1 May 2023
3.2
8.9
RECOGNISED IN THE INCOME STATEMENT:
Accelerated capital allowances
(5.6)
(6.5)
Pension benefit obligations
(0.2)
\u2013
Movement on unused tax losses
(0.7)
0.6
Deferred tax on leases (IFRS 16)
1.5
0.8
Share-based payments
(1.3)
0.8
Intangible fixed assets
(1.6)
0.2
Other temporary differences
1.7
(1.0)
RECOGNISED IN OTHER COMPREHENSIVE INCOME:
Pension benefit obligations
0.2
(0.1)
Foreign exchange movements
(0.1)
\u2013
RECOGNISED DIRECTLY WITHIN EQUITY:
Share-based payments
(1.1)
(0.5)
Vested share-based payments
(0.1)
\u2013
RECOGNISED DIRECTLY WITHIN GOODWILL:
Deferred tax acquired on business combination 1.1 \u2013
Balance at 28 April 2024
(3.0)
3.2
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 \u00a34.2 million (2023: \u00a34.2 million). 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. No deferred tax asset has been recognised in respect of trading losses in the European countries on the basis that they are unlikely to be utilised. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group\u2019s financial year beginning 29 April 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Pillar Two effective tax rates in all jurisdictions in which the Group operates are anticipated to be above 15%, or the results fall under a Pillar Two Safe Harbour. Management is not currently aware of any circumstances under which this might change and therefore, the Group does not expect a potential exposure to Pillar Two top up taxes. 16. TRADE AND OTHER PAYABLES
28 April 2024
30 April 2023
Current
Non-current
Current
Non-current
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
(123.7)
\u2013
(128.6)
\u2013
Other taxation and social security
(16.1)
\u2013
(14.0)
\u2013
Accruals and deferred income
(75.6)
(1.1)
(76.1)
(0.9)
Total
(215.4)
(1.1)
(218.7)
(0.9)
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:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-473": { "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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Deferred tax assets
0.4
6.2
Deferred tax liabilities
(3.4)
(3.0)
Total
(3.0)
3.2
The main driver for the movement from a net deferred tax asset to a net deferred tax liability is the accelerated tax relief for capital expenditure in the UK and US. For full breakdown see note below:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Accelerated capital allowances
(i)
(15.4)
(9.8)
Non-trade tax losses
(ii)
1.2
1.2
Trade tax losses
(iii)
2.0
2.7
Deferred tax on leases (IFRS 16)
(iv)
7.0
5.5
Share-based payments
(v)
1.5
4.0
Intangible assets
(vi)
(4.1)
(2.5)
Other temporary differences
(vii)
3.7
2.1
Deferred tax on business combinations
(viii)
1.1
\u2013
Total
(3.0)
3.2
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 and full expensing 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 trade tax losses relate to US losses that will be used based on restricted amounts in accordance with US tax legislation. (iv) The deferred tax on leases relates to future deductions arising from IFRS 16 adjustments. (v) 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. (vi) 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. This balance will increase year-on-year until the goodwill is fully depreciated for tax purposes. It will unwind upon any future sale of the relevant goodwill. (vii) 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. (viii) The asset arising on business combinations is in relation to accelerated capital allowances of the Ernest Jones trade and assets acquired during the year. The deferred tax movement in the period is as follows:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Balance at 1 May 2023
3.2
8.9
RECOGNISED IN THE INCOME STATEMENT:
Accelerated capital allowances
(5.6)
(6.5)
Pension benefit obligations
(0.2)
\u2013
Movement on unused tax losses
(0.7)
0.6
Deferred tax on leases (IFRS 16)
1.5
0.8
Share-based payments
(1.3)
0.8
Intangible fixed assets
(1.6)
0.2
Other temporary differences
1.7
(1.0)
RECOGNISED IN OTHER COMPREHENSIVE INCOME:
Pension benefit obligations
0.2
(0.1)
Foreign exchange movements
(0.1)
\u2013
RECOGNISED DIRECTLY WITHIN EQUITY:
Share-based payments
(1.1)
(0.5)
Vested share-based payments
(0.1)
\u2013
RECOGNISED DIRECTLY WITHIN GOODWILL:
Deferred tax acquired on business combination 1.1 \u2013
Balance at 28 April 2024
(3.0)
3.2
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 \u00a34.2 million (2023: \u00a34.2 million). 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. No deferred tax asset has been recognised in respect of trading losses in the European countries on the basis that they are unlikely to be utilised. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group\u2019s financial year beginning 29 April 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Pillar Two effective tax rates in all jurisdictions in which the Group operates are anticipated to be above 15%, or the results fall under a Pillar Two Safe Harbour. Management is not currently aware of any circumstances under which this might change and therefore, the Group does not expect a potential exposure to Pillar Two top up taxes. 13. TRADE AND OTHER RECEIVABLES
28 April 2024
30 April 2023
Current
Non-current
Current
Non-current
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
10.1
\u2013
6.6
\u2013
Other receivables
5.7
2.1
5.5
2.1
Allowance for expected credit losses
(0.5)
\u2013
(0.3)
\u2013
15.3
2.1
11.8
2.1
Prepayments
7.2
\u2013
5.9
\u2013
Total
22.5
2.1
17.7
2.1
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 and software prepayments. 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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Opening balance
0.3
0.2
Increase in allowance \u2013 cost of sales
0.2
0.1
Balance at period end
0.5
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-457": { "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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Deferred tax assets
0.4
6.2
Deferred tax liabilities
(3.4)
(3.0)
Total
(3.0)
3.2
The main driver for the movement from a net deferred tax asset to a net deferred tax liability is the accelerated tax relief for capital expenditure in the UK and US. For full breakdown see note below:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Accelerated capital allowances
(i)
(15.4)
(9.8)
Non-trade tax losses
(ii)
1.2
1.2
Trade tax losses
(iii)
2.0
2.7
Deferred tax on leases (IFRS 16)
(iv)
7.0
5.5
Share-based payments
(v)
1.5
4.0
Intangible assets
(vi)
(4.1)
(2.5)
Other temporary differences
(vii)
3.7
2.1
Deferred tax on business combinations
(viii)
1.1
\u2013
Total
(3.0)
3.2
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 and full expensing 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 trade tax losses relate to US losses that will be used based on restricted amounts in accordance with US tax legislation. (iv) The deferred tax on leases relates to future deductions arising from IFRS 16 adjustments. (v) 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. (vi) 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. This balance will increase year-on-year until the goodwill is fully depreciated for tax purposes. It will unwind upon any future sale of the relevant goodwill. (vii) 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. (viii) The asset arising on business combinations is in relation to accelerated capital allowances of the Ernest Jones trade and assets acquired during the year. The deferred tax movement in the period is as follows:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Balance at 1 May 2023
3.2
8.9
RECOGNISED IN THE INCOME STATEMENT:
Accelerated capital allowances
(5.6)
(6.5)
Pension benefit obligations
(0.2)
\u2013
Movement on unused tax losses
(0.7)
0.6
Deferred tax on leases (IFRS 16)
1.5
0.8
Share-based payments
(1.3)
0.8
Intangible fixed assets
(1.6)
0.2
Other temporary differences
1.7
(1.0)
RECOGNISED IN OTHER COMPREHENSIVE INCOME:
Pension benefit obligations
0.2
(0.1)
Foreign exchange movements
(0.1)
\u2013
RECOGNISED DIRECTLY WITHIN EQUITY:
Share-based payments
(1.1)
(0.5)
Vested share-based payments
(0.1)
\u2013
RECOGNISED DIRECTLY WITHIN GOODWILL:
Deferred tax acquired on business combination 1.1 \u2013
Balance at 28 April 2024
(3.0)
3.2
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 \u00a34.2 million (2023: \u00a34.2 million). 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. No deferred tax asset has been recognised in respect of trading losses in the European countries on the basis that they are unlikely to be utilised. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group\u2019s financial year beginning 29 April 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Pillar Two effective tax rates in all jurisdictions in which the Group operates are anticipated to be above 15%, or the results fall under a Pillar Two Safe Harbour. Management is not currently aware of any circumstances under which this might change and therefore, the Group does not expect a potential exposure to Pillar Two top up taxes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-434": { "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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Deferred tax assets
0.4
6.2
Deferred tax liabilities
(3.4)
(3.0)
Total
(3.0)
3.2
The main driver for the movement from a net deferred tax asset to a net deferred tax liability is the accelerated tax relief for capital expenditure in the UK and US. For full breakdown see note below:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Accelerated capital allowances
(i)
(15.4)
(9.8)
Non-trade tax losses
(ii)
1.2
1.2
Trade tax losses
(iii)
2.0
2.7
Deferred tax on leases (IFRS 16)
(iv)
7.0
5.5
Share-based payments
(v)
1.5
4.0
Intangible assets
(vi)
(4.1)
(2.5)
Other temporary differences
(vii)
3.7
2.1
Deferred tax on business combinations
(viii)
1.1
\u2013
Total
(3.0)
3.2
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 and full expensing 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 trade tax losses relate to US losses that will be used based on restricted amounts in accordance with US tax legislation. (iv) The deferred tax on leases relates to future deductions arising from IFRS 16 adjustments. (v) 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. (vi) 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. This balance will increase year-on-year until the goodwill is fully depreciated for tax purposes. It will unwind upon any future sale of the relevant goodwill. (vii) 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. (viii) The asset arising on business combinations is in relation to accelerated capital allowances of the Ernest Jones trade and assets acquired during the year. The deferred tax movement in the period is as follows:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Balance at 1 May 2023
3.2
8.9
RECOGNISED IN THE INCOME STATEMENT:
Accelerated capital allowances
(5.6)
(6.5)
Pension benefit obligations
(0.2)
\u2013
Movement on unused tax losses
(0.7)
0.6
Deferred tax on leases (IFRS 16)
1.5
0.8
Share-based payments
(1.3)
0.8
Intangible fixed assets
(1.6)
0.2
Other temporary differences
1.7
(1.0)
RECOGNISED IN OTHER COMPREHENSIVE INCOME:
Pension benefit obligations
0.2
(0.1)
Foreign exchange movements
(0.1)
\u2013
RECOGNISED DIRECTLY WITHIN EQUITY:
Share-based payments
(1.1)
(0.5)
Vested share-based payments
(0.1)
\u2013
RECOGNISED DIRECTLY WITHIN GOODWILL:
Deferred tax acquired on business combination 1.1 \u2013
Balance at 28 April 2024
(3.0)
3.2
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 \u00a34.2 million (2023: \u00a34.2 million). 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. No deferred tax asset has been recognised in respect of trading losses in the European countries on the basis that they are unlikely to be utilised. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group\u2019s financial year beginning 29 April 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Pillar Two effective tax rates in all jurisdictions in which the Group operates are anticipated to be above 15%, or the results fall under a Pillar Two Safe Harbour. Management is not currently aware of any circumstances under which this might change and therefore, the Group does not expect a potential exposure to Pillar Two top up taxes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-403": { "value": "
9. EARNINGS PER SHARE (EPS)
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
BASIC
EPS
25.0p
51.2p
EPS adjusted for exceptional items
36.8p
51.5p
EPS adjusted for exceptional items and pre-IFRS 16
38.0p
52.7p
DILUTED
EPS
24.8p
50.9p
EPS adjusted for exceptional items
36.6p
51.2p
EPS adjusted for exceptional items and pre-IFRS 16
37.7p
52.3p
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 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Profit after tax attributable to equity holders of the Parent Company
59.1
121.8
ADJUST FOR EXCEPTIONAL ITEMS:
Exceptional items
33.2
0.9
Tax on exceptional items
(5.2)
(0.2)
Profit adjusted for exceptional items
87.1
122.5
Pre-exceptional IFRS 16 adjustments, net of tax
2.8
2.7
Profit adjusted for exceptional items and IFRS 16
89.9
125.2
The following table reflects the share data used in the basic and diluted EPS calculations:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
WEIGHTED AVERAGE NUMBER OF SHARES:
\u2018000
\u2018000
Weighted average number of ordinary shares in issue
236,753
237,641
Weighted average shares for basic EPS
236,753
237,641
Weighted average dilutive potential shares
1,446
1,713
Weighted average shares for diluted EPS
238,199
239,354
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-404": { "value": "
10. INTANGIBLE ASSETS
28 April 2024
Goodwill
Brands
Agency agreement
Computer software
Tot al
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
COST
At 1 May 2023
182.8
14.0
2.8
13.2
212.8
Acquired on business acquisition (note 24)
16.0
\u2013
\u2013
\u2013
16.0
Additions
\u2013
\u2013
\u2013
2.4
2.4
Foreign exchange differences
0.5
0.1
\u2013
\u2013
0.6
At 28 April 2024
199.3
14.1
2.8
15.6
231.8
ACCUMULATED AMORTISATION AND IMPAIRMENT
At 1 May 2023
\u2013
3.5
1.6
7.3
12.4
Charge for the period
\u2013
0.6
0.2
2.8
3.6
Foreign exchange differences
\u2013
\u2013
\u2013
0.1
0.1
At 28 April 2024
\u2013
4.1
1.8
10.2
16.1
NET BOOK VALUE
At 28 April 2024
199.3
10.0
1.0
5.4
215.7
At 30 April 2023
182.8
10.5
1.2
5.9
200.4
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
The Brands category is formed of intangible assets recognised on the business combinations of Mayors Jewelers, Analog:Shift, and Betteridge.
As at 28 April 2024, the Mayors Jewelers\u2019 brand had a remaining useful economic life of 24 (2023: 25) years, the Analog:Shift brand had a remaining useful economic
life of 1 (2023: 2) year(s), and the Betteridge brand had a remaining useful life of 8 (2023: 9) 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
Resort, Las Vegas, acquired in December 2017. As at 28 April 2024, the Agency agreements had a remaining useful economic life of 4 (2023: 5) 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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Heritage (UK)
137.6
121.6
Watches of Switzerland (US)
24.2
24.0
Betteridge (US)
22.1
21.9
Mayors Jewelers (US)
12.2
12.1
The Wynn Resorts (US)
3.0
3.0
Analog:Shift (US)
0.2
0.2
Total
199.3
182.8
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% (2023: 2.0%) and a pre-tax
discount rate of 13.0% (2023: 13.7%), and the US used a long-term growth rate of 2.0% (2023: 2.0%) and a pre-tax discount rate of 13.3% (2023: 13.0%). Using
these assumptions, no sales growth was required to support the asset values.
Sensitivity analysis
Whilst management believes 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 has considered increased sensitivities. Despite this, management has 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-458": { "value": "10. INTANGIBLE ASSETS
28 April 2024
Goodwill
Brands
Agency agreement
Computer software
Tot al
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
COST
At 1 May 2023
182.8
14.0
2.8
13.2
212.8
Acquired on business acquisition (note 24)
16.0
\u2013
\u2013
\u2013
16.0
Additions
\u2013
\u2013
\u2013
2.4
2.4
Foreign exchange differences
0.5
0.1
\u2013
\u2013
0.6
At 28 April 2024
199.3
14.1
2.8
15.6
231.8
ACCUMULATED AMORTISATION AND IMPAIRMENT
At 1 May 2023
\u2013
3.5
1.6
7.3
12.4
Charge for the period
\u2013
0.6
0.2
2.8
3.6
Foreign exchange differences
\u2013
\u2013
\u2013
0.1
0.1
At 28 April 2024
\u2013
4.1
1.8
10.2
16.1
NET BOOK VALUE
At 28 April 2024
199.3
10.0
1.0
5.4
215.7
At 30 April 2023
182.8
10.5
1.2
5.9
200.4
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
The Brands category is formed of intangible assets recognised on the business combinations of Mayors Jewelers, Analog:Shift, and Betteridge. As at 28 April 2024, the Mayors Jewelers\u2019 brand had a remaining useful economic life of 24 (2023: 25) years, the Analog:Shift brand had a remaining useful economic life of 1 (2023: 2) year(s), and the Betteridge brand had a remaining useful life of 8 (2023: 9) 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 Resort, Las Vegas, acquired in December 2017. As at 28 April 2024, the Agency agreements had a remaining useful economic life of 4 (2023: 5) 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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Heritage (UK)
137.6
121.6
Watches of Switzerland (US)
24.2
24.0
Betteridge (US)
22.1
21.9
Mayors Jewelers (US)
12.2
12.1
The Wynn Resorts (US)
3.0
3.0
Analog:Shift (US)
0.2
0.2
Total
199.3
182.8
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% (2023: 2.0%) and a pre-tax discount rate of 13.0% (2023: 13.7%), and the US used a long-term growth rate of 2.0% (2023: 2.0%) and a pre-tax discount rate of 13.3% (2023: 13.0%). Using these assumptions, no sales growth was required to support the asset values. Sensitivity analysis Whilst management believes 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 has considered increased sensitivities. Despite this, management has 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-435": { "value": "10. INTANGIBLE ASSETS
28 April 2024
Goodwill
Brands
Agency agreement
Computer software
Tot al
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
COST
At 1 May 2023
182.8
14.0
2.8
13.2
212.8
Acquired on business acquisition (note 24)
16.0
\u2013
\u2013
\u2013
16.0
Additions
\u2013
\u2013
\u2013
2.4
2.4
Foreign exchange differences
0.5
0.1
\u2013
\u2013
0.6
At 28 April 2024
199.3
14.1
2.8
15.6
231.8
ACCUMULATED AMORTISATION AND IMPAIRMENT
At 1 May 2023
\u2013
3.5
1.6
7.3
12.4
Charge for the period
\u2013
0.6
0.2
2.8
3.6
Foreign exchange differences
\u2013
\u2013
\u2013
0.1
0.1
At 28 April 2024
\u2013
4.1
1.8
10.2
16.1
NET BOOK VALUE
At 28 April 2024
199.3
10.0
1.0
5.4
215.7
At 30 April 2023
182.8
10.5
1.2
5.9
200.4
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
The Brands category is formed of intangible assets recognised on the business combinations of Mayors Jewelers, Analog:Shift, and Betteridge. As at 28 April 2024, the Mayors Jewelers\u2019 brand had a remaining useful economic life of 24 (2023: 25) years, the Analog:Shift brand had a remaining useful economic life of 1 (2023: 2) year(s), and the Betteridge brand had a remaining useful life of 8 (2023: 9) 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 Resort, Las Vegas, acquired in December 2017. As at 28 April 2024, the Agency agreements had a remaining useful economic life of 4 (2023: 5) 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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Heritage (UK)
137.6
121.6
Watches of Switzerland (US)
24.2
24.0
Betteridge (US)
22.1
21.9
Mayors Jewelers (US)
12.2
12.1
The Wynn Resorts (US)
3.0
3.0
Analog:Shift (US)
0.2
0.2
Total
199.3
182.8
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% (2023: 2.0%) and a pre-tax discount rate of 13.0% (2023: 13.7%), and the US used a long-term growth rate of 2.0% (2023: 2.0%) and a pre-tax discount rate of 13.3% (2023: 13.0%). Using these assumptions, no sales growth was required to support the asset values. Sensitivity analysis Whilst management believes 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 has considered increased sensitivities. Despite this, management has 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-405": { "value": "
11. PROPERTY, PLANT AND EQUIPMENT
28 April 2024
Fittings and
Land and buildings
equipment
Tot al
\u00a3m
\u00a3m
\u00a3m
COST
At 1 May 2023
2.5
264.4
266.9
Additions
0.1
81.5
81.6
Acquired on business acquisition (note 24)
\u2013
5.8
5.8
Disposals
(0.4)
(9.7)
(10.1)
Foreign exchange differences
\u2013
0.4
0.4
At 28 April 2024
2.2
342.4
344.6
ACCUMULATED DEPRECIATION
At 1 May 2023
1.7
110.8
112.5
Charge for the period
0.2
39.5
39.7
Impairment \u2013 exceptional items (note 4)
\u2013
9.8
9.8
Disposals
(0.3)
(8.7)
(9.0)
Foreign exchange differences
\u2013
0.2
0.2
At 28 April 2024
1.6
151.6
153.2
NET BOOK VALUE
At 28 April 2024
0.6
190.8
191.4
At 30 April 2023
0.8
153.6
154.4
30 April 2023
Fittings and
Land and buildings
equipment
Tot al
\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 (note 4)
\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
Expenditure on assets in the course of construction at 28 April 2024 was \u00a326.0 million (2023: \u00a339.0 million). The cost of assets which continue to be used that have
a \u00a3nil net book value (excluding impaired assets) total \u00a341.2 million (2023: \u00a323.7 million).
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 considers this to be showroom locations or offices. 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 recoverable amount of certain European mono-brand boutiques is based
on fair value less costs to sell.
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 13.0% in the UK and 13.3% 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 9.9% in the UK and 10.5% in the US.
During the period, the Group recognised an exceptional impairment charge of \u00a39.8m relating to property, plant and equipment. The Group reviewed the
profitability of its showroom network, taking into account the potential future impact on customer demand and increased costs. At 28 April 2024, following the
impairment having been booked, 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 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 13). Reducing the FY25 sales guidance by 10.0% and modelling this lower
performance through the outer periods, would result in an increased impairment charge of \u00a36.3 million. A 2.0% increase in the discount rate would increase the
impairment charge by \u00a32.0 million. In combination, a 10.0% sales reduction and a 2.0% increase in discount rate would increase the impairment charge by \u00a38.1 million.
This analysis does not assume any improvement in macroeconomic conditions or interest rates. 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-406": { "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 assesses 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 reviews 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 is the changes management chooses 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
Tot al
\u00a3m
\u00a3m
\u00a3m
At 1 May 2023
358.0
1.1
359.1
Additions
88.3
0.6
88.9
Acquired on business acquisition (note 24)
14.5
\u2013
14.5
Lease surrenders and breaks
(15.4)
\u2013
(15.4)
Impairment \u2013 exceptional items (note 4)
(16.4)
\u2013
(16.4)
Depreciation
(54.3)
(0.5)
(54.8)
Depreciation \u2013 exceptional items (note 4)
(1.2)
\u2013
(1.2)
Leases renewed during the period
6.0
\u2013
6.0
Lease modifications and expansions
0.5
\u2013
0.5
Foreign exchange differences
0.6
\u2013
0.6
At 28 April 2024
380.6
1.2
381.8
Properties
Other
Tot al
\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 (note 4)
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
Set out below are the carrying amounts of lease liabilities and the movements during the period:
Lease liabilities
Properties
Other
Tot al
\u00a3m
\u00a3m
\u00a3m
At 1 May 2023
(409.4)
(1.0)
(410.4)
Additions
(86.4)
(0.6)
(87.0)
Acquired on business acquisition (note 24)
(18.5)
\u2013
(18.5)
Lease surrenders and breaks
16.1
\u2013
16.1
Interest (note 7)
(20.8)
\u2013
(20.8)
Interest \u2013 exceptional items (note 4)
(1.3)
\u2013
(1.3)
Leases renewed during the period
(5.7)
\u2013
(5.7)
Lease modifications and expansions
(0.4)
\u2013
(0.4)
Payments
67.6
0.5
68.1
Foreign exchange differences
(0.5)
\u2013
(0.5)
At 28 April 2024
(459.3)
(1.1)
(460.4)
Lease liabilities
Properties
Other
Tot al
\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 (note 7)
(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)
The following are the amounts recognised in the Consolidated Income Statement:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Depreciation expense of right-of-use assets
(54.8)
(50.3)
Depreciation expense of right-of-use assets \u2013 exceptional items (note 4)
(1.2)
\u2013
Interest expense on lease liabilities
(20.8)
(17.2)
Interest expense on lease liabilities \u2013 exceptional items (note 4)
(1.3)
\u2013
Impairment of right-of-use assets \u2013 exceptional items (note 4)
(16.4)
\u2013
Reversal of impairment of right-of-use assets \u2013 exceptional items (note 4)
\u2013
0.2
Gain on lease modifications
0.8
1.3
Expense relating to short-term leases (included within cost of sales)
(1.4)
(0.7)
Variable lease payments (included within cost of sales)
(6.8)
(7.0)
Total amount recognised in the Consolidated Income Statement
(101.9)
(73.7)
Rental expense for contracts not in the scope of IFRS 16 totalled \u00a33.6 million (2023: \u00a33.5 million). 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 28 April 2024 are \u00a375.9m (2023: \u00a367.9 million). This relates to payments
of \u00a346.0 million (2023: \u00a342.0 million) of lease principal, \u00a322.1 million (2023: \u00a317.2 million) of lease interest, \u00a36.4 million (2023: \u00a38.0 million) of variable lease payments
and \u00a31.4 million (2023: \u00a30.7 million) 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. For leases which contain a break clause, the full liability
to the end of the lease term is shown, unless highlighted in the narrative below.
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Within 1 year
78.7
63.1
Between 1 and 2 years
77.9
67.9
Between 2 and 3 years
74.7
63.4
Between 3 and 4 years
70.2
59.7
Between 4 and 5 years
64.4
57.4
Total for the periods thereafter
214.4
192.4
Total
580.3
503.9
As at 28 April 2024, 13 (2023: 11) leases have cash flows that exceed ten years. The value of undiscounted cash flows greater than ten years totals \u00a322.3 million
(2023: \u00a315.7 million).
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 has 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 \u00a310.8 million (2023: \u00a37.9 million).
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 50.2% of leases (2023: 53.8%) will be subject to rent reviews in future periods with rental changes linked to rent reviews which
typically occur on a five-yearly basis. The Group is committed to payments totalling \u00a333.1 million (2023: \u00a382.1 million) 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 an exceptional impairment charge of \u00a316.4 million 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-436": { "value": "Right-of-use assets
Properties
Other
Tot al
\u00a3m
\u00a3m
\u00a3m
At 1 May 2023
358.0
1.1
359.1
Additions
88.3
0.6
88.9
Acquired on business acquisition (note 24)
14.5
\u2013
14.5
Lease surrenders and breaks
(15.4)
\u2013
(15.4)
Impairment \u2013 exceptional items (note 4)
(16.4)
\u2013
(16.4)
Depreciation
(54.3)
(0.5)
(54.8)
Depreciation \u2013 exceptional items (note 4)
(1.2)
\u2013
(1.2)
Leases renewed during the period
6.0
\u2013
6.0
Lease modifications and expansions
0.5
\u2013
0.5
Foreign exchange differences
0.6
\u2013
0.6
At 28 April 2024
380.6
1.2
381.8
Properties
Other
Tot al
\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 (note 4)
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-407": { "value": "
13. TRADE AND OTHER RECEIVABLES
28 April 2024
30 April 2023
Current
Non-current
Current
Non-current
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
10.1
\u2013
6.6
\u2013
Other receivables
5.7
2.1
5.5
2.1
Allowance for expected credit losses
(0.5)
\u2013
(0.3)
\u2013
15.3
2.1
11.8
2.1
Prepayments
7.2
\u2013
5.9
\u2013
Total
22.5
2.1
17.7
2.1
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 and software prepayments. 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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Opening balance
0.3
0.2
Increase in allowance \u2013 cost of sales
0.2
0.1
Balance at period end
0.5
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-437": { "value": "13. TRADE AND OTHER RECEIVABLES
28 April 2024
30 April 2023
Current
Non-current
Current
Non-current
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
10.1
\u2013
6.6
\u2013
Other receivables
5.7
2.1
5.5
2.1
Allowance for expected credit losses
(0.5)
\u2013
(0.3)
\u2013
15.3
2.1
11.8
2.1
Prepayments
7.2
\u2013
5.9
\u2013
Total
22.5
2.1
17.7
2.1
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 and software prepayments. 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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Opening balance
0.3
0.2
Increase in allowance \u2013 cost of sales
0.2
0.1
Balance at period end
0.5
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-409": { "value": "
14. INVENTORIES
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Finished goods
389.2
352.3
Work in progress
4.1
3.7
Inventories
393.3
356.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-410": { "value": "
15. CASH AND CASH EQUIVALENTS
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Cash at bank and in hand
93.8
120.7
Cash in transit
21.9
15.7
Cash and cash equivalents
115.7
136.4
Included in cash and cash equivalents is restricted cash of \u00a316.4 million (2023: \u00a314.8 million). Restricted cash is defined as cash controlled by the Group but which is
not freely useable by the Group in day-to-day operations. \u00a316.4 million (2023: \u00a314.1 million) 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 28 April 2024, the Group has \u00a3nil (2023: \u00a30.7 million)
held in escrow, whereby the cash is restricted, relating to a business combination.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-408": { "value": "
16. TRADE AND OTHER PAYABLES
28 April 2024
30 April 2023
Current
Non-current
Current
Non-current
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
(123.7)
\u2013
(128.6)
\u2013
Other taxation and social security
(16.1)
\u2013
(14.0)
\u2013
Accruals and deferred income
(75.6)
(1.1)
(76.1)
(0.9)
Total
(215.4)
(1.1)
(218.7)
(0.9)
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-459": { "value": "16. TRADE AND OTHER PAYABLES
28 April 2024
30 April 2023
Current
Non-current
Current
Non-current
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
(123.7)
\u2013
(128.6)
\u2013
Other taxation and social security
(16.1)
\u2013
(14.0)
\u2013
Accruals and deferred income
(75.6)
(1.1)
(76.1)
(0.9)
Total
(215.4)
(1.1)
(218.7)
(0.9)
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:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-438": { "value": "16. TRADE AND OTHER PAYABLES
28 April 2024
30 April 2023
Current
Non-current
Current
Non-current
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
(123.7)
\u2013
(128.6)
\u2013
Other taxation and social security
(16.1)
\u2013
(14.0)
\u2013
Accruals and deferred income
(75.6)
(1.1)
(76.1)
(0.9)
Total
(215.4)
(1.1)
(218.7)
(0.9)
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:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-411": { "value": "
17. PROVISIONS
28 April 2024
30 April 2023
Current
Non-current
Current
Non-current
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Dilapidations
(1.4)
(8.1)
(1.8)
(6.0)
Onerous
(0.5)
(0.6)
\u2013
\u2013
Total
(1.9)
(8.7)
(1.8)
(6.0)
Movement of dilapidations provision
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Opening balance
(7.8)
(5.1)
Increase in provision
(2.3)
(3.0)
Utilised
0.6
0.3
Balance at period end
(9.5)
(7.8)
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.
Movement of onerous contracts
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Opening balance
\u2013
\u2013
Charged to Income Statement
(1.3)
\u2013
Utilised
0.2
\u2013
Balance at period end
(1.1)
\u2013
A provision is recognised for certain contracts with suppliers for which the unavoidable costs of meeting the obligations exceed the economic benefits expected to
be received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-439": { "value": "17. PROVISIONS
28 April 2024
30 April 2023
Current
Non-current
Current
Non-current
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Dilapidations
(1.4)
(8.1)
(1.8)
(6.0)
Onerous
(0.5)
(0.6)
\u2013
\u2013
Total
(1.9)
(8.7)
(1.8)
(6.0)
Movement of dilapidations provision
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Opening balance
(7.8)
(5.1)
Increase in provision
(2.3)
(3.0)
Utilised
0.6
0.3
Balance at period end
(9.5)
(7.8)
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. Movement of onerous contracts
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Opening balance
\u2013
\u2013
Charged to Income Statement
(1.3)
\u2013
Utilised
0.2
\u2013
Balance at period end
(1.1)
\u2013
A provision is recognised for certain contracts with suppliers for which the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-440": { "value": "
18. BORROWINGS
28 April 2024
30 April 2023
\u00a3m
\u00a3m
NON-CURRENT
Term loan
\u2013
(120.0)
Multicurrency revolving loan facility
(115.0)
\u2013
Associated capitalised transaction costs
1.7
\u2013
Total borrowings
(113.3)
(120.0)
Analysis of net debt
1 May 2023
Cash flow
Non-cash changes
1
Foreign exchange
28 April 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
136.4
(21.5)
\u2013
0.8
115.7
Term loan
(120.0)
120.0
\u2013
\u2013
\u2013
Multicurrency revolving loan facility
\u2013
(115.0)
\u2013
\u2013
(115.0)
Net cash/(debt) excluding capitalised transaction costs (pre-IFRS 16)
16.4
(16.5)
\u2013
0.8
0.7
Capitalised transaction costs
\u2013
2.2
(0.5)
\u2013
1.7
Net cash/(debt) (pre-IFRS 16)
16.4
(14.3)
(0.5)
0.8
2.4
Lease liabilities
(410.4)
68.1
(117.6)
(0.5)
(460.4)
Total net debt
(394.0)
53.8
(118.1)
0.3
(458.0)
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 \u00a393.8 million (2023: \u00a3120.7 million) and cash in transit of \u00a321.9 million (2023: \u00a315.7 million). 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 on a pre-IFRS 16 basis. 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 2023 and April 2024 were fully met. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-412": { "value": "18. BORROWINGS
28 April 2024
30 April 2023
\u00a3m
\u00a3m
NON-CURRENT
Term loan
\u2013
(120.0)
Multicurrency revolving loan facility
(115.0)
\u2013
Associated capitalised transaction costs
1.7
\u2013
Total borrowings
(113.3)
(120.0)
Analysis of net debt
1 May 2023
Cash flow
Non-cash changes
1
Foreign exchange
28 April 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
136.4
(21.5)
\u2013
0.8
115.7
Term loan
(120.0)
120.0
\u2013
\u2013
\u2013
Multicurrency revolving loan facility
\u2013
(115.0)
\u2013
\u2013
(115.0)
Net cash/(debt) excluding capitalised transaction costs (pre-IFRS 16)
16.4
(16.5)
\u2013
0.8
0.7
Capitalised transaction costs
\u2013
2.2
(0.5)
\u2013
1.7
Net cash/(debt) (pre-IFRS 16)
16.4
(14.3)
(0.5)
0.8
2.4
Lease liabilities
(410.4)
68.1
(117.6)
(0.5)
(460.4)
Total net debt
(394.0)
53.8
(118.1)
0.3
(458.0)
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 \u00a393.8 million (2023: \u00a3120.7 million) and cash in transit of \u00a321.9 million (2023: \u00a315.7 million).
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
on a pre-IFRS 16 basis. 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 2023 and April 2024 were fully met.
22. FINANCIAL INSTRUMENTS Categories
28 April 2024
30 April 2023
\u00a3m
\u00a3m
FINANCIAL ASSETS \u2013 HELD AT AMORTISED COST
Trade and other receivables
*
17.4
13.9
Cash and cash equivalents
115.7
136.4
Total financial assets
133.1
150.3
FINANCIAL LIABILITIES \u2013 HELD AT AMORTISED COST
Interest-bearing loans and borrowings:
Term loan (net of capitalised transaction costs)
\u2013
(120.0)
Multicurrency revolving loan facility (net of capitalised transaction costs)
(113.3)
\u2013
Multicurrency revolving loan facility interest payable
(1.4)
\u2013
Trade and other payables
**
(188.4)
(193.8)
(303.1)
(313.8)
Lease liability (IFRS 16)
(460.4)
(410.4)
Total financial liabilities
(763.5)
(724.2)
* Excludes prepayments of \u00a37.2 million (2023: \u00a35.9 million) that do not meet the definition of a financial instrument. ** Trade payables excludes customer deposits of \u00a36.0 million (2023: \u00a37.9 million) and deferred income of \u00a320.7 million (2023: \u00a317.9 million) that do not meet the definition of a financial instrument. Fair values At 28 April 2024, 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 28 April 2024 and 30 April 2023. 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:
28 April 2024
Between one and Greater than five
Less than one year five years
years
Tot al
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Multicurrency revolving loan facility
(1.4)
(113.3)
\u2013
(114.7)
Trade and other payables
(188.4)
\u2013
\u2013
(188.4)
Lease liabilities (IFRS 16)
(78.7)
(287.2)
(214.4)
(580.3)
Total
(268.5)
(400.5)
(214.4)
(883.4)
30 April 2023
Between one and Greater than five
Less than one year five years
years
Tot al
\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)
As at 28 April 2024, 13 (2023: 11) leases have cash flows that exceed ten years. The value of undiscounted cash flows greater than ten years totals \u00a322.3 million (2023: \u00a315.7 million). 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 52 week period
ended ended
28 April 2024 30 April 2023
\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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Not past due
9.3
5.7
Less than one month past due
0.2
0.5
One to two months past due
0.1
0.2
More than two months past due
0.5
0.2
Total
10.1
6.6
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:
28 April 2024
Sterling
US Dollar
Other
To ta l
\u00a3m
\u00a3m
\u00a3m
\u00a3m
FINANCIAL ASSETS
Trade and other receivables
10.6
6.8
\u2013
17.4
Cash and cash equivalents
77.3
37.4
1.0
115.7
Total financial assets
87.9
44.2
1.0
133.1
FINANCIAL LIABILITIES
Multicurrency revolving loan facility
(113.3)
\u2013
\u2013
(113.3)
Trade and other payables
(113.9)
(72.8)
(3.1)
(189.8)
Lease liabilities
(299.7)
(152.9)
(7.8)
(460.4)
Total financial liabilities
(526.9)
(225.7)
(10.9)
(763.5)
30 April 2023
Sterling
US Dollar
Other
To ta l
\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)
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.
Effect on profit after tax Effect on profit after tax
52 week period ended 52 week period ended
(Increase)/decrease 28 April 2024 30 April 2023
in rate
\u00a3m
\u00a3m
US Dollar
(5%)
(2.3)
(2.3)
US Dollar
5%
2.5
2.5
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-460": { "value": "18. BORROWINGS
28 April 2024
30 April 2023
\u00a3m
\u00a3m
NON-CURRENT
Term loan
\u2013
(120.0)
Multicurrency revolving loan facility
(115.0)
\u2013
Associated capitalised transaction costs
1.7
\u2013
Total borrowings
(113.3)
(120.0)
Analysis of net debt
1 May 2023
Cash flow
Non-cash changes
1
Foreign exchange
28 April 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
136.4
(21.5)
\u2013
0.8
115.7
Term loan
(120.0)
120.0
\u2013
\u2013
\u2013
Multicurrency revolving loan facility
\u2013
(115.0)
\u2013
\u2013
(115.0)
Net cash/(debt) excluding capitalised transaction costs (pre-IFRS 16)
16.4
(16.5)
\u2013
0.8
0.7
Capitalised transaction costs
\u2013
2.2
(0.5)
\u2013
1.7
Net cash/(debt) (pre-IFRS 16)
16.4
(14.3)
(0.5)
0.8
2.4
Lease liabilities
(410.4)
68.1
(117.6)
(0.5)
(460.4)
Total net debt
(394.0)
53.8
(118.1)
0.3
(458.0)
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 \u00a393.8 million (2023: \u00a3120.7 million) and cash in transit of \u00a321.9 million (2023: \u00a315.7 million). 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 on a pre-IFRS 16 basis. 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 2023 and April 2024 were fully met. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-413": { "value": "19. POST-EMPLOYMENT BENEFIT OBLIGATIONS Defined contribution schemes The Group operates two (2023: 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 (2023: 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 28 April 2024, the pension charge for the period represents contributions payable by the Group to these schemes and amounted to \u00a33.6 million (2023: \u00a33.1 million). 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 separately 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 2023, contributions of \u00a30.7 million per annum are being paid to the scheme until 5 April 2029, however, this will be reassessed upon the next triennial valuation in 2026. The Group is expecting to make total contributions of approximately \u00a30.7 million in the 52-week period ended 27 April 2025. 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 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. 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 nil (2023: nil) employees within the scheme. The latest full actuarial valuation was carried out at 5 April 2023 and was updated for IAS 19 \u2018Employee benefits\u2019 purposes to 28 April 2024 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 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Administrative expenses
(0.1)
(0.2)
Charge within labour costs and operating profit
(0.1)
(0.2)
Defined benefit charge to the Consolidated Income Statement
(0.1)
(0.2)
Defined contribution schemes
(3.6)
(3.1)
Total charge to the Consolidated Income Statement
(3.7)
(3.3)
Post year-end the Trustee and the Company agreed to implement a new bond-based investment strategy that consists of high-quality credit assets and removes the exposure to leveraged LDI. The trade was completed on 20 May 2024 and Schroders remain appointed as the Scheme investment manager but with a revised mandate to invest 60% in gilts, 25% in buy and maintain credit and 15% in secured finance. The investment strategy continues to hedge the Scheme\u2019s funded interest rates and inflation risks associated with the liabilities measured on a gilt flats basis. Principal assumptions The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at 28 April 2024 using the projected unit credit method. The principal actuarial assumptions used in the valuation were as follows:
28 April 2024
30 April 2023
Discount rate
5.10%
4.75%
Rate of future inflation \u2013 RPI
3.45%
3.20%
Rate of future inflation \u2013 CPI
2.85%
2.60%
Rate of increase in pensions in payment
3.20%
3.15%
Proportion of employees opting for a cash commutation
100.0%
100.0%
28 April 2024
30 April 2023
Pensioner Non-pensioner Pensioner Non-pensioner
aged 65 aged 45 aged 65 aged 45
Life expectancy at age 65 (years):
Male
21
22
21
23
Female
24
25
23
25
The post-retirement mortality assumptions allow for expected increases to life expectancy. The life expectancies quoted for members currently aged 45 assume that they retire at age 65 (i.e. 20 years after the balance sheet date). The base mortality assumptions are in line with the standard S3PA year of birth tables. Future improvement trends have been allowed for in line with the CMI 2023 (2023: CMI 2021) series with a long-term trend towards 1.0% (2023: 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 14 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 (2023: 0.2% per annum). The rate of consumer price inflation (CPI) is set at 0.6% lower (2023: 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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
0.25% increase in discount rate
0.4
0.6
0.25% decrease in discount rate
(0.4)
(0.6)
0.25% increase in pension growth rate
(0.2)
(0.3)
0.25% decrease in pension growth rate
0.2
0.3
1 year increase in life expectancy
(0.4)
(0.4)
1 year decrease in life expectancy
0.4
0.4
Virgin Media Limited v NTL Pension Trustees II Limited legal case Following the High Court ruling in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others in June 2023, it was held that section 37 of the Pension Schemes Act 1993 operates to make void any amendment to the rules of a contracted out pension scheme without written actuarial confirmation under Regulation 42(2) of the Occupational Pension Schemes (Contracting Out) Regulations 1996, insofar that the amendment relates to members\u2019 section 9(2B) rights. An appeal is due to be heard on 26 June 2024 which, it is hoped, will provide further clarity on the issue. The Trustees of the Scheme have confirmed that: \u2013 The Scheme was contracted out of the additional state pension between 1997 and 2016; and \u2013 It was possible that amendments were made to the Pension Schemes that may have impacted on the members\u2019 section 9(2B) rights. The Trustees of the Scheme and the Directors work closely together and take appropriate legal and professional advice when making amendments to the Pension Schemes. However, at 28 April 2024, it is not currently possible to determine whether any amendments to section 9(2B) rights were made to the Pension Schemes that were not in accordance with section 37 of the Pension Schemes Act 1993 requirements. Further, it is not currently possible to reliably estimate the possible impact to the defined benefit obligations of the Pension Schemes if these amendments were not in accordance with section 37 of the Pension Schemes Act 1993 requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-441": { "value": "
Defined contribution schemes
The Group operates two (2023: 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 (2023: 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 28 April 2024, the pension charge for the period represents contributions payable by the Group to these schemes and amounted to \u00a33.6 million
(2023: \u00a33.1 million). 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-442": { "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 separately 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 2023, contributions of \u00a30.7 million per annum are being paid to the scheme until 5 April
2029, however, this will be reassessed upon the next triennial valuation in 2026. The Group is expecting to make total contributions of approximately \u00a30.7 million in
the 52-week period ended 27 April 2025.
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
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.
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 nil (2023: nil) employees within the scheme. The latest full actuarial valuation was carried
out at 5 April 2023 and was updated for IAS 19 \u2018Employee benefits\u2019 purposes to 28 April 2024 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 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Administrative expenses
(0.1)
(0.2)
Charge within labour costs and operating profit
(0.1)
(0.2)
Defined benefit charge to the Consolidated Income Statement
(0.1)
(0.2)
Defined contribution schemes
(3.6)
(3.1)
Total charge to the Consolidated Income Statement
(3.7)
(3.3)
Other comprehensive income
The components of the net defined benefit expense recognised in other comprehensive income are as follows:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Actuarial gains due to liability financial assumption changes
0.4
5.1
Experience adjustment
(0.5)
(0.5)
Loss on scheme assets greater than discount rate
(1.0)
(4.3)
Actuarial gains due to demographic changes
0.2
\u2013
Actuarial (loss)/gain recognised in other comprehensive income
(0.9)
0.3
Balance Sheet valuation
The net defined benefit pension amount recognised in the Consolidated Balance Sheet is analysed as follows::
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Diversified growth funds
9.6
9.6
Liability Driven Investment (LDI)
3.4
4.4
Cash
0.2
(0.2)
Fair value of scheme assets
13.2
13.8
Present value of benefit obligations
(13.4)
(13.7)
Net pension (liability)/asset
(0.2)
0.1
Scheme obligations
Changes in the present value of defined benefit pension obligations are analysed as follows:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Opening defined benefit obligation
(13.7)
(18.5)
Interest cost
(0.6)
(0.6)
Actuarial gains on defined benefit obligation
0.1
4.7
Benefits paid
0.8
0.7
Closing defined benefit obligation
(13.4)
(13.7)
Scheme assets
Changes in the fair value of scheme assets were as follows:
52 week period 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Opening scheme assets
13.8
17.9
Expected return on scheme assets
0.6
0.5
Actuarial losses on pension scheme assets
(1.0)
(4.4)
Employer contributions
0.7
0.7
Benefits paid
(0.8)
(0.7)
Administrative expenses
(0.1)
(0.2)
Closing scheme assets
13.2
13.8
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.
During the period, Schroders remain appointed as the Scheme 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 three times leveraged and therefore targets around 100% interest rate
and inflation hedging of the Scheme\u2019s liabilities.
Post year-end the Trustee and the Company agreed to implement a new bond-based investment strategy that consists of high-quality credit assets and removes
the exposure to leveraged LDI. The trade was completed on 20 May 2024 and Schroders remain appointed as the Scheme investment manager but with a revised
mandate to invest 60% in gilts, 25% in buy and maintain credit and 15% in secured finance. The investment strategy continues to hedge the Scheme\u2019s funded interest
rates and inflation risks associated with the liabilities measured on a gilt flats basis.
Principal assumptions
The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at 28 April 2024 using the projected unit
credit method. The principal actuarial assumptions used in the valuation were as follows:
28 April 2024
30 April 2023
Discount rate
5.10%
4.75%
Rate of future inflation \u2013 RPI
3.45%
3.20%
Rate of future inflation \u2013 CPI
2.85%
2.60%
Rate of increase in pensions in payment
3.20%
3.15%
Proportion of employees opting for a cash commutation
100.0%
100.0%
28 April 2024
30 April 2023
Pensioner Non-pensioner Pensioner Non-pensioner
aged 65 aged 45 aged 65 aged 45
Life expectancy at age 65 (years):
Male
21
22
21
23
Female
24
25
23
25
The post-retirement mortality assumptions allow for expected increases to life expectancy. The life expectancies quoted for members currently aged 45 assume
that they retire at age 65 (i.e. 20 years after the balance sheet date). The base mortality assumptions are in line with the standard S3PA year of birth tables. Future
improvement trends have been allowed for in line with the CMI 2023 (2023: CMI 2021) series with a long-term trend towards 1.0% (2023: 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 14 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 (2023: 0.2% per annum).
The rate of consumer price inflation (CPI) is set at 0.6% lower (2023: 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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
0.25% increase in discount rate
0.4
0.6
0.25% decrease in discount rate
(0.4)
(0.6)
0.25% increase in pension growth rate
(0.2)
(0.3)
0.25% decrease in pension growth rate
0.2
0.3
1 year increase in life expectancy
(0.4)
(0.4)
1 year decrease in life expectancy
0.4
0.4
Virgin Media Limited v NTL Pension Trustees II Limited legal case
Following the High Court ruling in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others in June 2023, it was held that section 37 of the
Pension Schemes Act 1993 operates to make void any amendment to the rules of a contracted out pension scheme without written actuarial confirmation under
Regulation 42(2) of the Occupational Pension Schemes (Contracting Out) Regulations 1996, insofar that the amendment relates to members\u2019 section 9(2B) rights.
An appeal is due to be heard on 26 June 2024 which, it is hoped, will provide further clarity on the issue.
The Trustees of the Scheme have confirmed that:
\u2013 The Scheme was contracted out of the additional state pension between 1997 and 2016; and
\u2013 It was possible that amendments were made to the Pension Schemes that may have impacted on the members\u2019 section 9(2B) rights.
The Trustees of the Scheme and the Directors work closely together and take appropriate legal and professional advice when making amendments to the Pension
Schemes. However, at 28 April 2024, it is not currently possible to determine whether any amendments to section 9(2B) rights were made to the Pension Schemes
that were not in accordance with section 37 of the Pension Schemes Act 1993 requirements.
Further, it is not currently possible to reliably estimate the possible impact to the defined benefit obligations of the Pension Schemes if these amendments were not
in accordance with section 37 of the Pension Schemes Act 1993 requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-414": { "value": "20. EQUITY
Foreign exchange
Nominal value
Share capital
Share premium
Merger reserve
Other reserves
reserve
\u00a3
Shares
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 May 2023
0.0125
239,570,297
3.0
147.1
(2.2)
(18.4)
2.8
Other comprehensive income, net of tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.6
Purchase of own shares
\u2013
\u2013
\u2013
\u2013
\u2013
(7.2)
\u2013
Share-based payments
\u2013
\u2013
\u2013
\u2013
\u2013
2.2
\u2013
As at 28 April 2024
0.0125
239,570,297
3.0
147.1
(2.2)
(23.4)
4.4
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 \u00a37.2 million of own shares to satisfy employee share incentive schemes. 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. At the year-end the Group held 3,119,758 (2023: 2,105,220) own shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-443": { "value": "
Foreign exchange
Nominal value
Share capital
Share premium
Merger reserve
Other reserves
reserve
\u00a3
Shares
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 May 2023
0.0125
239,570,297
3.0
147.1
(2.2)
(18.4)
2.8
Other comprehensive income, net of tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.6
Purchase of own shares
\u2013
\u2013
\u2013
\u2013
\u2013
(7.2)
\u2013
Share-based payments
\u2013
\u2013
\u2013
\u2013
\u2013
2.2
\u2013
As at 28 April 2024
0.0125
239,570,297
3.0
147.1
(2.2)
(23.4)
4.4
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-444": { "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 \u00a37.2 million of own shares to satisfy employee share incentive schemes. 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. At the year-end the Group held 3,119,758 (2023: 2,105,220) own shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-415": { "value": "
21. SHARE-BASED PAYMENTS
During the period to 28 April 2024, the Group operated five (2023: five) 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:
28 April 2024
30 April 2023
Outstanding at 1 May 2023
1,866,662
1,958,038
Granted
551,319
413,589
Exercised
(284,703)
(315,041)
Forfeited
(39,440)
(189,924)
Outstanding at 28 April 2024
2,093,838
1,866,662
Exercisable price
\u00a3nil
\u00a3nil
Exercisable at 28 April 2024
988,471
606,454
Average fair value at grant
\u00a35.08
\u00a34.37
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 except for continued employment. Deferred shares are awarded as nil-cost options.
Details of the share options outstanding are as follows:
28 April 2024
30 April 2023
Outstanding at 1 May 2023
378,607
247,455
Change in FY22 number of shares granted*
\u2013
53,611
Change in FY23 number of shares granted*
9,440
\u2013
Granted
\u2013
106,056
Exercised
(7,552)
(20,872)
Forfeited
(7,609)
(7,643)
Outstanding at 28 April 2024
372,886
378,607
Exercisable price
\u00a3nil
\u00a3nil
Exercisable at 28 April 2024
15,485
12,863
Average fair value at grant
\u00a38.02
\u00a38.24
* 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 operated a SAYE scheme for UK and an ESPP scheme for US employees in the year. Options were granted at the prevailing market rate on 14
February 2022, less a discount of 15%, being 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.
The ESPP reached the end of its two year term in the year. Employees chose not to exercise their options as the market share price was below the option price,
and these have been disclosed as expired in the following table.
Details of the share options outstanding are as follows:
28 April 2024
30 April 2023
Outstanding at 1 May 2023
367,259
480,636
Forfeited
(133,013)
(113,377)
Expired (ESPP)
(31,697)
\u2013
Outstanding at 28 April 2024
202,549
367,259
Exercisable price
\u00a3nil
\u00a3nil
Exercisable at 28 April 2024
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:
28 April 2024
30 April 2023
Outstanding at 1 May 2023
92,700
112,050
Forfeited
(19,250)
(19,350)
Outstanding at 28 April 2024
73,450
92,700
Exercisable price
\u00a3nil
\u00a3nil
Exercisable at 28 April 2024
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 one award were met in the prior year and the final option was
exercised in the period.
Details of the share option movements are as follows:
28 April 2024
30 April 2023
Outstanding at 1 May 2023
1,722
38,835
Exercised
(1,722)
(1,721)
Lapsed
\u2013
(35,392)
Outstanding at 28 April 2024
\u2013
1,722
Exercisable price
\u00a3nil
\u00a3nil
Exercisable at 28 April 2024
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 52 week period
ended ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
LTIP
0.5
1.9
DBP
0.8
0.7
Former CFO
\u2013
(0.1)
SAYE/ESPP
0.6
0.7
Free shares
0.2
0.3
2.1
3.5
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 target for the DBP was not met in the year ended 28 April 2024 and no additional options will be granted under this scheme.
The following tables list the inputs to the models for options and share-based payment costs during the year:
LTIP
DBP
SAYE/ESPP
CFO
28 Apr 2024
30 Apr 2023
1 May 2022
2 May 2021
30 Apr 2023
1 May 2022
2 May 2021
1 May 2022
1 May 2022
Share price (\u00a3)
\u00a34.89/\u00a36.70
\u00a37.51
\u00a39.42
\u00a33.20
\u00a37.56
\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 (%)
4.39%
3.72%
0.61%
0.57%
3.71%
0.66%
0.57%
0.05%
0.41%
Expected life of share
3 yrs
3 yrs
3 yrs
3 yrs
4 yrs
4 yrs
4 yrs
UK 3 yrs
2 yrs
option US 2 yrs
The LTIP awards granted during the financial year ended 28 April 2024 were made with reference to a share price of \u00a34.89, being the closing share price on
20 October 2023. The awards for Brian Duffy and Anders Romberg were made at a later date with reference to a share price of \u00a36.70, being the closing share
price on 8 December 2023.
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-446": { "value": "
Categories
28 April 2024
30 April 2023
\u00a3m
\u00a3m
FINANCIAL ASSETS \u2013 HELD AT AMORTISED COST
Trade and other receivables
*
17.4
13.9
Cash and cash equivalents
115.7
136.4
Total financial assets
133.1
150.3
FINANCIAL LIABILITIES \u2013 HELD AT AMORTISED COST
Interest-bearing loans and borrowings:
Term loan (net of capitalised transaction costs)
\u2013
(120.0)
Multicurrency revolving loan facility (net of capitalised transaction costs)
(113.3)
\u2013
Multicurrency revolving loan facility interest payable
(1.4)
\u2013
Trade and other payables
**
(188.4)
(193.8)
(303.1)
(313.8)
Lease liability (IFRS 16)
(460.4)
(410.4)
Total financial liabilities
(763.5)
(724.2)
*
Excludes prepayments of \u00a37.2 million (2023: \u00a35.9 million) that do not meet the definition of a financial instrument.
**
Trade payables excludes customer deposits of \u00a36.0 million (2023: \u00a37.9 million) and deferred income of \u00a320.7 million (2023: \u00a317.9 million) that do not meet the definition of a financial instrument.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-462": { "value": "Categories
28 April 2024
30 April 2023
\u00a3m
\u00a3m
FINANCIAL ASSETS \u2013 HELD AT AMORTISED COST
Trade and other receivables
*
17.4
13.9
Cash and cash equivalents
115.7
136.4
Total financial assets
133.1
150.3
FINANCIAL LIABILITIES \u2013 HELD AT AMORTISED COST
Interest-bearing loans and borrowings:
Term loan (net of capitalised transaction costs)
\u2013
(120.0)
Multicurrency revolving loan facility (net of capitalised transaction costs)
(113.3)
\u2013
Multicurrency revolving loan facility interest payable
(1.4)
\u2013
Trade and other payables
**
(188.4)
(193.8)
(303.1)
(313.8)
Lease liability (IFRS 16)
(460.4)
(410.4)
Total financial liabilities
(763.5)
(724.2)
* Excludes prepayments of \u00a37.2 million (2023: \u00a35.9 million) that do not meet the definition of a financial instrument. ** Trade payables excludes customer deposits of \u00a36.0 million (2023: \u00a37.9 million) and deferred income of \u00a320.7 million (2023: \u00a317.9 million) that do not meet the definition of a financial instrument.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-445": { "value": "
Fair values
At 28 April 2024, 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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-461": { "value": "Fair values At 28 April 2024, 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:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-447": { "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 28 April 2024 and 30 April 2023.
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:
28 April 2024
Between one and Greater than five
Less than one year five years
years
Tot al
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Multicurrency revolving loan facility
(1.4)
(113.3)
\u2013
(114.7)
Trade and other payables
(188.4)
\u2013
\u2013
(188.4)
Lease liabilities (IFRS 16)
(78.7)
(287.2)
(214.4)
(580.3)
Total
(268.5)
(400.5)
(214.4)
(883.4)
30 April 2023
Between one and Greater than five
Less than one year five years
years
Tot al
\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)
As at 28 April 2024, 13 (2023: 11) leases have cash flows that exceed ten years. The value of undiscounted cash flows greater than ten years totals \u00a322.3 million
(2023: \u00a315.7 million).
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 52 week period
ended ended
28 April 2024 30 April 2023
\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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Not past due
9.3
5.7
Less than one month past due
0.2
0.5
One to two months past due
0.1
0.2
More than two months past due
0.5
0.2
Total
10.1
6.6
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:
28 April 2024
Sterling
US Dollar
Other
To ta l
\u00a3m
\u00a3m
\u00a3m
\u00a3m
FINANCIAL ASSETS
Trade and other receivables
10.6
6.8
\u2013
17.4
Cash and cash equivalents
77.3
37.4
1.0
115.7
Total financial assets
87.9
44.2
1.0
133.1
FINANCIAL LIABILITIES
Multicurrency revolving loan facility
(113.3)
\u2013
\u2013
(113.3)
Trade and other payables
(113.9)
(72.8)
(3.1)
(189.8)
Lease liabilities
(299.7)
(152.9)
(7.8)
(460.4)
Total financial liabilities
(526.9)
(225.7)
(10.9)
(763.5)
30 April 2023
Sterling
US Dollar
Other
To ta l
\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)
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.
Effect on profit after tax Effect on profit after tax
52 week period ended 52 week period ended
(Increase)/decrease 28 April 2024 30 April 2023
in rate
\u00a3m
\u00a3m
US Dollar
(5%)
(2.3)
(2.3)
US Dollar
5%
2.5
2.5
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-463": { "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:
28 April 2024
Between one and Greater than five
Less than one year five years
years
Tot al
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Multicurrency revolving loan facility
(1.4)
(113.3)
\u2013
(114.7)
Trade and other payables
(188.4)
\u2013
\u2013
(188.4)
Lease liabilities (IFRS 16)
(78.7)
(287.2)
(214.4)
(580.3)
Total
(268.5)
(400.5)
(214.4)
(883.4)
30 April 2023
Between one and Greater than five
Less than one year five years
years
Tot al
\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)
As at 28 April 2024, 13 (2023: 11) leases have cash flows that exceed ten years. The value of undiscounted cash flows greater than ten years totals \u00a322.3 million (2023: \u00a315.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-465": { "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 52 week period
ended ended
28 April 2024 30 April 2023
\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:
28 April 2024
Sterling
US Dollar
Other
To ta l
\u00a3m
\u00a3m
\u00a3m
\u00a3m
FINANCIAL ASSETS
Trade and other receivables
10.6
6.8
\u2013
17.4
Cash and cash equivalents
77.3
37.4
1.0
115.7
Total financial assets
87.9
44.2
1.0
133.1
FINANCIAL LIABILITIES
Multicurrency revolving loan facility
(113.3)
\u2013
\u2013
(113.3)
Trade and other payables
(113.9)
(72.8)
(3.1)
(189.8)
Lease liabilities
(299.7)
(152.9)
(7.8)
(460.4)
Total financial liabilities
(526.9)
(225.7)
(10.9)
(763.5)
30 April 2023
Sterling
US Dollar
Other
To ta l
\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)
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.
Effect on profit after tax Effect on profit after tax
52 week period ended 52 week period ended
(Increase)/decrease 28 April 2024 30 April 2023
in rate
\u00a3m
\u00a3m
US Dollar
(5%)
(2.3)
(2.3)
US Dollar
5%
2.5
2.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-464": { "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:
28 April 2024
30 April 2023
\u00a3m
\u00a3m
Not past due
9.3
5.7
Less than one month past due
0.2
0.5
One to two months past due
0.1
0.2
More than two months past due
0.5
0.2
Total
10.1
6.6
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-466": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-416": { "value": "
23. RELATED PARTY TRANSACTIONS
Key management personnel compensation
Total compensation of key management personnel in the period to 28 April 2024 amounted to \u00a31.5 million (2023: \u00a32.8 million).
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 52 week period ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Short-term employment benefits
0.9
1.7
Share-based payments
0.6
1.1
Total
1.5
2.8
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-448": { "value": "23. RELATED PARTY TRANSACTIONS Key management personnel compensation Total compensation of key management personnel in the period to 28 April 2024 amounted to \u00a31.5 million (2023: \u00a32.8 million). 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 52 week period ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Short-term employment benefits
0.9
1.7
Share-based payments
0.6
1.1
Total
1.5
2.8
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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-467": { "value": "Key management personnel compensation Total compensation of key management personnel in the period to 28 April 2024 amounted to \u00a31.5 million (2023: \u00a32.8 million). 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 52 week period ended
28 April 2024 30 April 2023
\u00a3m
\u00a3m
Short-term employment benefits
0.9
1.7
Share-based payments
0.6
1.1
Total
1.5
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-417": { "value": "
24. BUSINESS COMBINATIONS
Ernest Jones Limited and Signet Trading Limited
On 17 November 2023, the Group acquired the trade and assets of 15 showrooms from retailers\u2019 Ernest Jones Limited and Signet Trading Limited for a cash
consideration of \u00a344.2 million. The acquisition further advances the Group\u2019s expansion strategy.
The business contributed revenue of \u00a38.2 million from the 17 November 2023 acquisition date to 28 April 2024. The profit before tax contribution was not material
to the Group result in this initial start-up period.
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
44.2
Initial assessment of values on acquisition
Inventories
25.3
Fixed assets
5.8
Right-of-use asset
14.5
Lease liabilities
(18.5)
Deferred tax asset
1.1
Total identifiable net assets
28.2
Goodwill
16.0
Total assets acquired
44.2
An amount of \u00a31.0 million is held with a third party on retention, and is reported within debtors in these accounts. This will be paid by the Group within 12 months
of the acquisition date.
The goodwill recognised is attributable to the profitability of the acquired showrooms and is expected to be deductible for tax purposes.
The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were
measured at an amount equal to the lease liabilities, with an adjustment required to reflect the terms of the lease relative to market terms.
If the business combination had taken place at the beginning of FY24, the Group\u2019s revenue would have been \u00a31,559.9 million. The contribution to profit before tax
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 28 April 2024, as disclosed
in note 4 to these Consolidated Financial Statements.
The values stated above are the initial assessment of the fair values of assets and liabilities on acquisition. These will be finalised within 12 months of the
acquisition date.
Acquisitions completed in the 52-week period to 30 April 2023
On 22 June 2022, in the prior financial year, the Group acquired the trade and assets of one showroom in the US from Bernie Robbins Jewelers, Inc. (\u2018Bernie
Robbins\u2019). The acquisition formed part of the US growth strategy.
\u00a3m
Total cash consideration
21.2
Final 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
In the prior 52-week period ended 30 April 2023, the contribution to revenue and profit before tax, if the business combination had occurred on the first day of
that prior period, and since the acquisition date, was not material to the results of the Group and therefore was not disclosed separately.
During the 52-week period to 28 April 2024, the fair value assessment of the above entity was completed, and no adjustments were made to the previously
reported position. Consideration of \u00a30.7 million held on retention at the end of the prior period has been settled in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-418": { "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": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-449": { "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:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } }, "fact-419": { "value": "
26. POST-BALANCE SHEET EVENTS
Closure of European Division
In line with our disciplined approach to capital allocation and given the pipeline of high returning opportunities in the UK and US, the Group intends to reallocate
investment from the European market into these higher returning regions. We are in negotiations with our brand partners for the transfer of a number of our
existing European mono-brand boutiques. The announcement took place post year-end, and for this reason assets have not been reclassified as held-for-sale as at
28 April 2024.
Acquisition of Roberto Coin Inc.
On 8 May 2024, the Group signed and completed the acquisition of the entire share capital of Roberto Coin Inc., an associate company of Roberto Coin S.p.A. from
Roberto Coin S.p.A., Peter Webster, Co-Founder and President of Roberto Coin Inc., and Pilar Coin. The acquisition completed for a total cash consideration of
$130.0 million (of which $10.0 million is deferred for one year and contingent on the future profitability of the acquired business), subject to working capital adjustments.
The acquisition was financed via a new $115.0 million term loan facility, which expires in February 2026. Covenants are identical to the Group\u2019s existing multicurrency
revolving loan facility.
Luxury branded jewellery is a core pillar of the Group\u2019s growth strategy and the acquisition will significantly enhance our strategic positioning in the luxury branded
jewellery category in the US, the world\u2019s largest luxury jewellery market on a per capita basis.
The assets and liabilities acquired principally comprise working capital balances of inventory, debtors and creditors. Due to the proximity of the acquisition date to
the date of approval of these Consolidated Financial Statements, the initial accounting for the business combination is incomplete and the Group is unable to provide
a quantification of the fair values of the assets and liabilities acquired. The Group will include an acquisition balance sheet within the Group\u2019s Interim Financial
Statements for the 26 weeks to 27 October 2024.
No further post-balance sheet events have been identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138008ZOT5K9PJW7168", "period": "2023-05-01T00:00:00/2024-04-29T00:00:00" } } } }