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"dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-234": { "value": "1070400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-235": { "value": "1015200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2025-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-236": { "value": "1192000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-241": { "value": "1 Basis of preparation 1.1 Introduction These Consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (UK-adopted IFRS). The Company has elected to prepare its Parent Company financial statements in accordance with FRS 101; these are presented on pages 230 to 235. The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to as the Group) and equity account the Group\u2019s interest in joint ventures. The Parent Company financial statements present information about the Company as a separate entity and not about its Group. The Consolidated Financial Statements have been prepared under the historical cost convention and on the going concern basis. Historical cost is generally based on the fair value of the consideration given in exchange for the assets. Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) requires the use of certain critical accounting estimates. It may also require management to exercise their judgement in the process of applying the Group\u2019s accounting policies. The key areas involving estimation uncertainty, which are significant to the Consolidated Financial Statements, are: \u2014 cost of sales recognition which is dependent on an estimate of future selling prices and costs. See Note 2.13; and \u2014 post completion development provisions which rely on management judgement in estimating the quantum and timing of outflows of resources to settle any associated legal or constructive obligations. See Note 2.17. Whilst these are key areas of estimation uncertainty, these are unlikely to have a material impact on the carrying value of assets and liabilities in the next financial year. There are no significant areas of judgement in applying the Group\u2019s accounting policies exercised by management during the current or prior year. Group accounting policies The significant Group accounting policies are included within the relevant notes to the Consolidated Financial Statements on pages 190 to 229. The accounting policies set out have been applied consistently to all periods presented in these Consolidated Financial Statements, except for investment property which applies to the current financial year. 1.2 Going concern The Directors have assessed the business plan and funding requirements of the Group over the medium-term and compared these with the level of committed debt facilities and existing cash resources. As at 30 April 2025, the Group had net cash of \u00a3337 million and total liquidity of \u00a31,537 million when this net cash is combined with banking facilities of \u00a3800 million (committed to February 2029) and \u00a3400 million of listed bonds (which mature in August 2031). Furthermore, the Group has cash due on forward sales of \u00a31,403 million, a significant proportion of which covers delivery for the next 18 months. In making this assessment, consideration has been given to the uncertainty inherent in future financial forecasts and where applicable, severe but plausible sensitivities have been applied to the key factors affecting the financial performance of the Group. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for not less than 12 months from the date of approval of these Consolidated Financial Statements. For this reason, the Directors continue to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. 1.3 Consideration of climate change In preparing the Financial Statements, consideration has been given to the Group\u2019s activities to address climate change as part of Our Vision 2030 and its assessment and reporting of future climate-related transitional and physical risks under the Task Force on Climate-related Financial Disclosures (TCFD) framework, both of which are set out in the Strategic Report. The costs incurred in developing the Group\u2019s sites are held in inventory as these are trading in nature and are therefore taken through cost of sales to match the revenue generated by the sale of properties on each development. The recognition of cost of sales, and therefore the carrying value of inventory, during a financial year is made by reference to the latest assessment of each development\u2019s forecast profit margin, which is a key area of estimation uncertainty as set out in Note 2.13. The cost of specific climate change related activities undertaken as part of the development of a site are inherently difficult to disassociate from other input costs as these typically involve a myriad of inter-related design and construction based solutions, for instance over the selection of key materials and technologies adopted to reduce embodied carbon and minimise future energy use of the Group\u2019s occupied homes. In turn, these activities are regulated by prevailing planning and building regulations requirements. The future cost estimates used to determine the cost of sales recognition during the financial year inherently reflect the Group\u2019s current development-specific climate-related actions through its cost plans. Consistent with the inherently higher cost uncertainty of its longer-term developments from evolving regulatory and other market- led changes, the Group may incur as yet unknown costs associated with its own future climate-related actions as well as costs arising from the impact of climate change. As set out in Note 2.13, the Group\u2019s cost assessments and allocation evolve over the life of each development. 1.4 Basis of consolidation (a) Subsidiaries The Consolidated Financial Statements comprise the financial statements of the Parent Company and all its subsidiary undertakings. The accounting date for subsidiary undertakings is 30 April, unless otherwise stated in Note 2.27. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration substantive rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. The purchase method of accounting is used to account for the acquisition of subsidiary undertakings by the Group. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Acquisition-related costs are expensed as incurred. (b) Joint ventures Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. 1.5 Adoption of new and revised standards The following amendments to standards and interpretations are applicable to the Group and are mandatory for the first time for the financial year beginning 1 May 2024: \u2014 Amendments to IAS 1 Presentation of Financial Statements, Classification of Liabilities as Current or Non- Current and Non-Current Liabilities with Covenants. The Group did not have to change its accounting policies or make retrospective adjustments as a result of these amendments.
1.6 Impact of standards and interpretations in issue but not yet effective
The International Accounting Standards Board (IASB) has published the following amendments to IFRSs, which
are not yet effective, and have not been applied to these Consolidated Financial Statements. These amendments
are not expected to have a significant impact on the results of the Group:
\u2014 IFRS 18 Presentation and Disclosure in Financial Statements;
\u2014 Annual improvements to IFRS Accounting Standards \u2013 Volume 11; and
\u2014 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial
Instruments and IFRS 7 Financial Instruments: Disclosures).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-269": { "value": "1.1 Introduction These Consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (UK-adopted IFRS). The Company has elected to prepare its Parent Company financial statements in accordance with FRS 101; these are presented on pages 230 to 235. The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to as the Group) and equity account the Group\u2019s interest in joint ventures. The Parent Company financial statements present information about the Company as a separate entity and not about its Group. The Consolidated Financial Statements have been prepared under the historical cost convention and on the going concern basis. Historical cost is generally based on the fair value of the consideration given in exchange for the assets. Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) requires the use of certain critical accounting estimates. It may also require management to exercise their judgement in the process of applying the Group\u2019s accounting policies. The key areas involving estimation uncertainty, which are significant to the Consolidated Financial Statements, are: \u2014 cost of sales recognition which is dependent on an estimate of future selling prices and costs. See Note 2.13; and \u2014 post completion development provisions which rely on management judgement in estimating the quantum and timing of outflows of resources to settle any associated legal or constructive obligations. See Note 2.17. Whilst these are key areas of estimation uncertainty, these are unlikely to have a material impact on the carrying value of assets and liabilities in the next financial year. There are no significant areas of judgement in applying the Group\u2019s accounting policies exercised by management during the current or prior year. Group accounting policies The significant Group accounting policies are included within the relevant notes to the Consolidated Financial Statements on pages 190 to 229. The accounting policies set out have been applied consistently to all periods presented in these Consolidated Financial Statements, except for investment property which applies to the current financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-305": { "value": "
These Consolidated Financial Statements have been prepared and approved by the Directors in accordance with
UK-adopted International Accounting Standards (UK-adopted IFRS). The Company has elected to prepare its
Parent Company financial statements in accordance with FRS 101; these are presented on pages 230 to 235.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-239": { "value": "
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS)
requires the use of certain critical accounting estimates. It may also require management to exercise their
judgement in the process of applying the Group\u2019s accounting policies.
The cost of cash settled transactions is recognised as an expense over the vesting period measured by
reference to the fair value of the corresponding liability which is recognised on the Statement of Financial
Position. The liability is remeasured at fair value at each Balance Sheet date until settlement with changes in
fair value recognised in the Income Statement.
The Group accounts for pensions under IAS 19 \u2018Employee Benefits\u2019. The Group has both defined benefit and
defined contribution plans. The defined benefit plan was closed to future accrual with effect from 1 April 2007.
For the defined benefit scheme, the obligations are measured using the projected unit credit method. The
calculation of the net obligation is performed by a qualified actuary. The operating and financing costs of
these plans are recognised separately in the Income Statement; service costs are set annually on the basis
of actuarial valuations of the scheme and financing costs are recognised in the period in which they arise.
Actuarial gains and losses are recognised immediately in the Statement of Comprehensive Income.
Pension contributions under defined contribution schemes are charged to the Income Statement as they fall due.
As residential development is largely speculative by nature, not all inventories are covered by forward sales
contracts. Furthermore, due to the nature of the Group\u2019s activity and in particular, the scale of its developments
and the length of the development cycle, the Group has to allocate site-wide development costs between units
being built and/or completed in the current year and those for future years. It also has to forecast the costs to
complete on such developments.
In making such assessments and allocations in determining each development\u2019s site margin which is used
to estimate cost of sales when revenue is recognised for each unit, there is a degree of inherent estimation
uncertainty. In particular due to the need to take account of future direct input costs, sales prices and the need
to allocate all site-wide costs on an appropriate basis to reflect the overall level of development risk, including
planning risk. The Group has established internal controls designed to effectively assess and centrally review
inventory carrying values and ensure the appropriateness of the estimates made. These assessments and
allocations evolve over the life of the development in line with the risk profile, and accordingly the margin
recognised reflects these evolving estimates. Similarly, these estimates impact the carrying value of inventory
at each reporting date as this is a function of costs incurred in the year and the allocation of inventory to costs
of sales on each property sold.
An increase or decrease to estimated costs recognised in the year, by virtue of a 1% change to forecast
development margin, would lead to a change in cost of sales and inventory of \u00a317.6 million in the current
financial year (2024: \u00a317.6 million). This sensitivity is based on a reasonably possible scenario and is provided in
the absence of a change to any other factor affecting future gross margins on the Group\u2019s developments, such
as a change in future sales prices.
In addition, the Group has consistently applied its approach to margin recognition in relation to the Group\u2019s
particularly complex, long-term regeneration developments where whole-site costs are accelerated to the
early stages of the development to reflect the greater uncertainty and the evolution of risk over the life of such
developments. These developments, where the development life cycle is typically greater than 10 years, are
considered to be particularly susceptible to potential downward shifts in profitability due to the cyclical nature
of the property market and its impact on both revenue and costs. As such, the inherent estimation uncertainty
is increased.
A fundamental principle of the Group\u2019s accounting policy is to reduce the possibility of recognising margin
in the early stages of a development that could subsequently reverse. As such, for these long-term sites with
greatest estimation uncertainty, a greater proportion of whole-site costs is recognised during the earlier stages
of the development up to a point of inflection when such developments are deemed to be sufficiently de-
risked. Subsequent to this inflection point, and should the uncertainties have not materialised, margin would
increase as the visibility over projected revenue and costs across the development improves.
As at 30 April 2025, the greater proportion of whole-site costs recognised in either the current or previous
financial years during the earlier stages of the development for the Group\u2019s particularly complex, long-term
sites amounted to 4% (2024: 4%) of the future estimated revenue for the specific sites. As with all judgements
involving estimation over a long-term horizon, the outcome of future events may affect the eventual
accounting outcome.
Trade and other payables on normal terms are not interest bearing and are stated at their nominal value which
is considered to be their fair value. Trade payables on extended terms are recorded at their fair value at the
date of acquisition of the asset to which they relate. The discount to nominal value is amortised over the period
of the credit term and charged to finance costs.
Deferred revenue relates to consideration received in advance of units being delivered. Revenue is recognised
in the Income Statement as control is passed to the customer, which has either been determined as the point
of legal completion or, on contracts where the customer controls the property during construction, over time
with reference to the stage of completion.
The Group makes assumptions to determine the timing and its best estimate of the quantum of its construction and other liabilities for which provisions are held. Provisions include a best estimate of the expected value of its post completion development obligations in respect of the construction of the Group\u2019s portfolio of complex mixed use property developments which are expected to be incurred in the ordinary course of business, based on historical experience of the Group\u2019s sites and current site-specific risks, including matters relating to building fire-safety, but which are uncertain in terms of timing and quantum. Provisions are discounted to present value where the effect is material. The Group continually reviews the identified risks that it is aware of for the Group\u2019s portfolio of developments to ensure that the amount of the provision remains appropriate. The increase in the year relates to post completion items on a number of sites including matters relating to building fire-safety. The Group continually reviews its utilisation of this provision and in recognition that the risk of post completion development obligations reduces over time, releases any unutilised provision to the Income Statement on a systematic basis across the 10 years following completion. If costs estimated in the provisions are overstated or understated by 10%, this would lead to a change in cost of sales and provision of \u00a323.0 million in the current financial year (2024: \u00a321.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-240": { "value": "Group accounting policies The significant Group accounting policies are included within the relevant notes to the Consolidated Financial Statements on pages 190 to 229. The accounting policies set out have been applied consistently to all periods presented in these Consolidated Financial Statements, except for investment property which applies to the current financial year. Revenue represents the amounts receivable from the sale of properties, comprising private and affordable residential homes and commercial properties, ground rent assets and other income directly associated with residential property development. For the significant majority of residential and commercial property sales, properties are treated as sold and profits and revenues are recognised when all performance obligations under the contract have been satisfied, following which control of the unit is passed to the customer. This is determined as the point of legal completion. Where revenue arises on contracts where the customer controls the property during construction and for which the Group has a right to payment for work performed, the Group recognises revenue over time. Revenue and costs are recognised with reference to the stage of completion of the contract, measured by construction progress. Ground rent and land assets are treated as sold when contracts are exchanged, all material conditions precedent to the sale have been satisfied and control of the assets has passed to the customer. Operating segments are identified in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group determines its reportable segments having regard to permitted aggregation criteria with the principal condition being that the operating segments should have similar economic characteristics. The Group is engaged in residential-led, mixed use property development, comprising for-sale private and affordable residential revenue and commercial revenue, alongside a Build to Rent platform that is operated and managed internally. Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs including, where relevant, its share of forecast costs to complete. See inventories Note 2.13 for further disclosures on the key estimates and judgements around cost recognition. Net operating expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Grants related to assets are deducted from the carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs they are intended to compensate for. Where the Company operates equity settled share based compensation plans, the fair value of the employee services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, taking into account only service and non-market conditions. At each Balance Sheet date, the Group revises its estimate of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The Group applies IAS 12 \u2018Income Taxes\u2019 in accounting for taxes on income. Income tax payable on taxable profits (current tax) is recognised as an expense in the periods in which the profits arise. The taxation expense represents the sum of current tax payable, including Residential Property Developer Tax (\u2018RPDT\u2019), and deferred tax. Current tax and deferred tax are provided at the amounts expected to be paid (or received) using the tax rules and laws that have been enacted, or substantially enacted, by the reporting date. Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.
Land and buildings being developed or held to generate capital appreciation and to earn rental income are
recognised as investment properties. Investment property is measured at cost less accumulated depreciation
and impairment losses. Once the asset is ready for use, depreciation is provided to write off the cost of the
assets to the residual values over the useful life. Any gain or loss on the disposal of investment property is
recognised in profit or loss.
Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their residual value over their estimated useful lives at the following annual rates: Freehold buildings 25 \u2013 50 years Fixtures, fittings and equipment 3 \u2013 12 years Motor vehicles 4 years Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the Income Statement. Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de- recognised. All other repairs and maintenance are charged to the Income Statement during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within net operating expenses in the Income Statement. The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The Group determines the borrowing rate from external financing sources and adjusts this to reflect the term of the lease and the type of assets subject to the lease. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option. Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, and reducing it by the lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it will exercise an extension or termination option. Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability, plus any initial direct costs and an estimate of asset retirement obligations, less any lease incentives. Subsequently, right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses, and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated on a straight line basis over the length of the lease. The Group has elected to apply exemptions for short-term leases and leases for which the underlying asset is of low value. For these leases, payments are charged to the Income Statement on a straight line basis over the term of the relevant lease. Right-of-use assets are presented separately in non-current assets on the face of the Consolidated Statement of Financial Position and lease liabilities are shown separately on the Consolidated Statement of Financial Position in current liabilities and non-current liabilities depending on the length of the lease term.
Joint ventures are accounted for using the equity method (equity accounted investees) and are initially
recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total
comprehensive income and equity movements of equity accounted investees, from the date that joint control
commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest
in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further
losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or
made payments on behalf of an investee. For loans to joint ventures, the Group assesses at each reporting
date, the value of the loans against future cash flows. For any credit losses, the carrying value of the asset is
reduced through the write off of the loan amounts recognised in the Income Statement within share of profit
or loss in joint ventures. Management fees received and other recharges to joint ventures are recorded in the
Income Statement.
Property in the course of development and completed units are valued at the lower of cost and net realisable
value. Direct cost comprises the cost of land, material and development costs but excludes indirect overheads.
Provision is made, where appropriate, to reduce the value of inventories and work in progress to their net
realisable value.
Land purchased for development, including land in the course of development, is initially recorded at cost.
Where such land is purchased on deferred settlement terms, and the cost differs from the amount that
will subsequently be paid in settling the liability, this difference is charged as a finance cost in the Income
Statement over the period to settlement.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment. Expected credit losses are based on the difference
between the contracted cash flows due in accordance with the contract and all the cash flows that the Group
expects to receive, discounted on an approximation of the original effective interest rate. For trade receivables
the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
expected credit losses at each reporting date. The carrying amount of the asset is reduced through the use of
an allowance account, and the amount of the loss is recognised in the Income Statement within net operating
expenses. When a trade receivable is not collectible, it is written off against the allowance account for trade
receivables. Subsequent recoveries of amounts previously written off are credited against net operating
expense in the Income Statement.
Cash and cash equivalents comprise cash balances in hand and at the bank, including bank overdrafts
repayable on demand which form part of the Group\u2019s cash management, for which offset arrangements across
Group businesses have been applied where appropriate.
New property deposits and on account contract receipts are held within current trade and other payables.
Deposits and on account contract receipts are non-refundable and are recorded as a liability on receipt. They
are released to the Income Statement, as revenue, upon legal completion.
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past
events, and it is probable that an outflow of resources will be required to settle that obligation, and the amount
has been reliably estimated.
Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the financial statements and corresponding tax bases used in the
computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax
liabilities are generally recognised on all taxable temporary differences. Deferred tax assets are recognised
to the extent that it is probable that taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises
from goodwill, or from the initial recognition (except in a business combination) of other assets and liabilities
in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to
investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future.
Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is
settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted
at the Balance Sheet date. The carrying value of deferred tax assets is reviewed at each Balance Sheet date
and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against
which taxable temporary differences can be utilised. Deferred taxation is charged or credited to the Income
Statement, except when it relates to items charged or credited directly to reserves, in which case the deferred
taxation is also dealt with in reserves.
Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred taxation assets and liabilities relate to income taxes
levied by the same taxation authority on either the taxable entity or different taxable entities where there is an
intention to settle the balances on a net basis.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration
paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity
attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such
shares are subsequently sold or reissued, any consideration received, net of any directly attributable
incremental transaction costs and the related income tax effects, is included in equity attributable to the
Company\u2019s equity holders.
Dividend distributions to shareholders are recognised as a liability in the period in which the dividends are
appropriately authorised and approved for payout and are no longer at the discretion of the Company.
Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements.
Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the
proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the
period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-270": { "value": "
1.2 Going concern
The Directors have assessed the business plan and funding requirements of the Group over the medium-term
and compared these with the level of committed debt facilities and existing cash resources. As at 30 April 2025,
the Group had net cash of \u00a3337 million and total liquidity of \u00a31,537 million when this net cash is combined with
banking facilities of \u00a3800 million (committed to February 2029) and \u00a3400 million of listed bonds (which mature in
August 2031). Furthermore, the Group has cash due on forward sales of \u00a31,403 million, a significant proportion of
which covers delivery for the next 18 months.
In making this assessment, consideration has been given to the uncertainty inherent in future financial forecasts
and where applicable, severe but plausible sensitivities have been applied to the key factors affecting the financial
performance of the Group. The Directors have a reasonable expectation that the Group has adequate resources
to continue in operational existence for not less than 12 months from the date of approval of these Consolidated
Financial Statements. For this reason, the Directors continue to adopt the going concern basis of accounting in
preparing the Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-271": { "value": "
1.3 Consideration of climate change
In preparing the Financial Statements, consideration has been given to the Group\u2019s activities to address climate
change as part of Our Vision 2030 and its assessment and reporting of future climate-related transitional and
physical risks under the Task Force on Climate-related Financial Disclosures (TCFD) framework, both of which are
set out in the Strategic Report.
The costs incurred in developing the Group\u2019s sites are held in inventory as these are trading in nature and
are therefore taken through cost of sales to match the revenue generated by the sale of properties on each
development. The recognition of cost of sales, and therefore the carrying value of inventory, during a financial year
is made by reference to the latest assessment of each development\u2019s forecast profit margin, which is a key area of
estimation uncertainty as set out in Note 2.13.
The cost of specific climate change related activities undertaken as part of the development of a site are inherently
difficult to disassociate from other input costs as these typically involve a myriad of inter-related design and
construction based solutions, for instance over the selection of key materials and technologies adopted to reduce
embodied carbon and minimise future energy use of the Group\u2019s occupied homes. In turn, these activities are
regulated by prevailing planning and building regulations requirements.
The future cost estimates used to determine the cost of sales recognition during the financial year inherently
reflect the Group\u2019s current development-specific climate-related actions through its cost plans. Consistent with
the inherently higher cost uncertainty of its longer-term developments from evolving regulatory and other market-
led changes, the Group may incur as yet unknown costs associated with its own future climate-related actions as
well as costs arising from the impact of climate change. As set out in Note 2.13, the Group\u2019s cost assessments and
allocation evolve over the life of each development.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-272": { "value": "
1.4 Basis of consolidation
(a) Subsidiaries
The Consolidated Financial Statements comprise the financial statements of the Parent Company and all its
subsidiary undertakings. The accounting date for subsidiary undertakings is 30 April, unless otherwise stated in
Note 2.27.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. In assessing control, the Group takes into consideration substantive rights that are currently
exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements
of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until
the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the
non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance.
The purchase method of accounting is used to account for the acquisition of subsidiary undertakings by the Group.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting
policies used in line with those used by the Group. All intra-Group transactions, balances, income and expenses are
eliminated on consolidation. Acquisition-related costs are expensed as incurred.
(b) Joint ventures
Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised
at cost.
The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses.
The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity
movements of equity accounted investees, from the date that joint control commences until the date that joint
control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s
carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the
Group has incurred legal or constructive obligations or made payments on behalf of an investee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-306": { "value": "(a) Subsidiaries The Consolidated Financial Statements comprise the financial statements of the Parent Company and all its subsidiary undertakings. The accounting date for subsidiary undertakings is 30 April, unless otherwise stated in Note 2.27. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration substantive rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. The purchase method of accounting is used to account for the acquisition of subsidiary undertakings by the Group. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Acquisition-related costs are expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-307": { "value": "(b) Joint ventures Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. For loans to joint ventures, the Group assesses at each reporting
date, the value of the loans against future cash flows. For any credit losses, the carrying value of the asset is
reduced through the write off of the loan amounts recognised in the Income Statement within share of profit
or loss in joint ventures. Management fees received and other recharges to joint ventures are recorded in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-308": { "value": "
1.5 Adoption of new and revised standards
The following amendments to standards and interpretations are applicable to the Group and are mandatory for the
first time for the financial year beginning 1 May 2024:
\u2014 Amendments to IAS 1 Presentation of Financial Statements, Classification of Liabilities as Current or Non-
Current and Non-Current Liabilities with Covenants.
The Group did not have to change its accounting policies or make retrospective adjustments as a result of
these amendments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-273": { "value": "1.5 Adoption of new and revised standards The following amendments to standards and interpretations are applicable to the Group and are mandatory for the first time for the financial year beginning 1 May 2024: \u2014 Amendments to IAS 1 Presentation of Financial Statements, Classification of Liabilities as Current or Non- Current and Non-Current Liabilities with Covenants. The Group did not have to change its accounting policies or make retrospective adjustments as a result of these amendments. 1.6 Impact of standards and interpretations in issue but not yet effective The International Accounting Standards Board (IASB) has published the following amendments to IFRSs, which are not yet effective, and have not been applied to these Consolidated Financial Statements. These amendments are not expected to have a significant impact on the results of the Group: \u2014 IFRS 18 Presentation and Disclosure in Financial Statements; \u2014 Annual improvements to IFRS Accounting Standards \u2013 Volume 11; and \u2014 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures).", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-310": { "value": "1.6 Impact of standards and interpretations in issue but not yet effective The International Accounting Standards Board (IASB) has published the following amendments to IFRSs, which are not yet effective, and have not been applied to these Consolidated Financial Statements. These amendments are not expected to have a significant impact on the results of the Group: \u2014 IFRS 18 Presentation and Disclosure in Financial Statements; \u2014 Annual improvements to IFRS Accounting Standards \u2013 Volume 11; and \u2014 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures).", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-242": { "value": "
2.1 Revenue
The Group\u2019s revenue derives principally from the sale of residential homes and commercial properties across mixed
use developments in the United Kingdom.
Revenue represents the amounts receivable from the sale of properties, comprising private and affordable
residential homes and commercial properties, ground rent assets and other income directly associated with
residential property development.
For the significant majority of residential and commercial property sales, properties are treated as sold
and profits and revenues are recognised when all performance obligations under the contract have been
satisfied, following which control of the unit is passed to the customer. This is determined as the point of
legal completion.
Where revenue arises on contracts where the customer controls the property during construction and
for which the Group has a right to payment for work performed, the Group recognises revenue over time.
Revenue and costs are recognised with reference to the stage of completion of the contract, measured by
construction progress.
Ground rent and land assets are treated as sold when contracts are exchanged, all material conditions
precedent to the sale have been satisfied and control of the assets has passed to the customer.
An analysis of the Group\u2019s continuing revenue is as follows:
2025 2024
\u00a3m \u00a3m
Residential revenue
2,432.2
2,395.7
Commercial revenue
14.8
47. 2
Land sale
39.5
21.4
2,486.5
2,464.3
Included within revenue is \u00a3403.3 million (2024: \u00a3343.2 million) of customer deposits, received in prior years, for
units that legally completed in the year. Included within commercial revenue is \u00a33.7 million (2024: \u00a314.0 million)
of revenue recognised in relation to the stage of completion of the contract. Included within residential revenue is
\u00a327.2 million (2024: \u00a317.0 million) of revenue recognised in relation to the stage of completion of the contract.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-309": { "value": "2.1 Revenue The Group\u2019s revenue derives principally from the sale of residential homes and commercial properties across mixed use developments in the United Kingdom. Revenue represents the amounts receivable from the sale of properties, comprising private and affordable residential homes and commercial properties, ground rent assets and other income directly associated with residential property development. For the significant majority of residential and commercial property sales, properties are treated as sold and profits and revenues are recognised when all performance obligations under the contract have been satisfied, following which control of the unit is passed to the customer. This is determined as the point of legal completion. Where revenue arises on contracts where the customer controls the property during construction and for which the Group has a right to payment for work performed, the Group recognises revenue over time. Revenue and costs are recognised with reference to the stage of completion of the contract, measured by construction progress. Ground rent and land assets are treated as sold when contracts are exchanged, all material conditions precedent to the sale have been satisfied and control of the assets has passed to the customer. An analysis of the Group\u2019s continuing revenue is as follows:
2025 2024
\u00a3m \u00a3m
Residential revenue
2,432.2
2,395.7
Commercial revenue
14.8
47. 2
Land sale
39.5
21.4
2,486.5
2,464.3
Included within revenue is \u00a3403.3 million (2024: \u00a3343.2 million) of customer deposits, received in prior years, for units that legally completed in the year. Included within commercial revenue is \u00a33.7 million (2024: \u00a314.0 million) of revenue recognised in relation to the stage of completion of the contract. Included within residential revenue is \u00a327.2 million (2024: \u00a317.0 million) of revenue recognised in relation to the stage of completion of the contract.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-274": { "value": "Revenue represents the amounts receivable from the sale of properties, comprising private and affordable residential homes and commercial properties, ground rent assets and other income directly associated with residential property development. For the significant majority of residential and commercial property sales, properties are treated as sold and profits and revenues are recognised when all performance obligations under the contract have been satisfied, following which control of the unit is passed to the customer. This is determined as the point of legal completion. Where revenue arises on contracts where the customer controls the property during construction and for which the Group has a right to payment for work performed, the Group recognises revenue over time. Revenue and costs are recognised with reference to the stage of completion of the contract, measured by construction progress. Ground rent and land assets are treated as sold when contracts are exchanged, all material conditions precedent to the sale have been satisfied and control of the assets has passed to the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-243": { "value": "
2.2 Segmental disclosure
Operating segments are identified in a manner consistent with the internal reporting provided to the chief
operating decision maker. The Group determines its reportable segments having regard to permitted
aggregation criteria with the principal condition being that the operating segments should have similar
economic characteristics.
The Group is engaged in residential-led, mixed use property development, comprising for-sale private and
affordable residential revenue and commercial revenue, alongside a Build to Rent platform that is operated and
managed internally.
For the purposes of determining its operating segments, the chief operating decision maker has been identified
as the Executive Committee of the Board. This Committee approves investment decisions, allocates the Group\u2019s
resources and reviews the internal reporting in order to assess performance.
The Group has determined that its operating segments are the management teams that report into the Executive
Committee of the Board, having regard to the types of services provided and the manner in which returns are
earned by the Group. Operating segments with similar economic characteristics have been aggregated, having
regard to the aggregation criteria in IFRS 8.
For the purpose of monitoring segment performance and allocating resources between segments, assets are
considered to be attributable to for-sale private, affordable and commercial revenue and the Group\u2019s Build to
Rent platform.
In line with IFRS 8, an entity shall report separately information about an operating segment that meets any of the
quantitative thresholds. As at 30 April 2025, the assets allocated to the Build to Rent platform are not considered
to meet any of the quantitative thresholds and is therefore not considered reportable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-275": { "value": "Operating segments are identified in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group determines its reportable segments having regard to permitted aggregation criteria with the principal condition being that the operating segments should have similar economic characteristics. The Group is engaged in residential-led, mixed use property development, comprising for-sale private and affordable residential revenue and commercial revenue, alongside a Build to Rent platform that is operated and managed internally. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-244": { "value": "
2.3 Net finance income
2025 2024
\u00a3m \u00a3m
Finance income
55.8
53.9
Finance costs
Interest payable on borrowings and non-utilisation fees
(29.0)
(29.2)
Amortisation of facility fees
(2.2)
(2.0)
Other finance costs
(10.4)
(10.7)
(41.6)
(41.9)
Net finance income
14.2
12.0
Finance income predominantly represents interest earned on cash deposits. Other finance costs represent imputed
interest on land purchased on deferred settlement terms and lease interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-350": { "value": "2.3 Net finance income
2025 2024
\u00a3m \u00a3m
Finance income
55.8
53.9
Finance costs
Interest payable on borrowings and non-utilisation fees
(29.0)
(29.2)
Amortisation of facility fees
(2.2)
(2.0)
Other finance costs
(10.4)
(10.7)
(41.6)
(41.9)
Net finance income
14.2
12.0
Finance income predominantly represents interest earned on cash deposits. Other finance costs represent imputed interest on land purchased on deferred settlement terms and lease interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-343": { "value": "2.3 Net finance income
2025 2024
\u00a3m \u00a3m
Finance income
55.8
53.9
Finance costs
Interest payable on borrowings and non-utilisation fees
(29.0)
(29.2)
Amortisation of facility fees
(2.2)
(2.0)
Other finance costs
(10.4)
(10.7)
(41.6)
(41.9)
Net finance income
14.2
12.0
Finance income predominantly represents interest earned on cash deposits. Other finance costs represent imputed interest on land purchased on deferred settlement terms and lease interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-329": { "value": "2.3 Net finance income
2025 2024
\u00a3m \u00a3m
Finance income
55.8
53.9
Finance costs
Interest payable on borrowings and non-utilisation fees
(29.0)
(29.2)
Amortisation of facility fees
(2.2)
(2.0)
Other finance costs
(10.4)
(10.7)
(41.6)
(41.9)
Net finance income
14.2
12.0
Finance income predominantly represents interest earned on cash deposits. Other finance costs represent imputed interest on land purchased on deferred settlement terms and lease interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-311": { "value": "2.3 Net finance income
2025 2024
\u00a3m \u00a3m
Finance income
55.8
53.9
Finance costs
Interest payable on borrowings and non-utilisation fees
(29.0)
(29.2)
Amortisation of facility fees
(2.2)
(2.0)
Other finance costs
(10.4)
(10.7)
(41.6)
(41.9)
Net finance income
14.2
12.0
Finance income predominantly represents interest earned on cash deposits. Other finance costs represent imputed interest on land purchased on deferred settlement terms and lease interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-276": { "value": "2.3 Net finance income
2025 2024
\u00a3m \u00a3m
Finance income
55.8
53.9
Finance costs
Interest payable on borrowings and non-utilisation fees
(29.0)
(29.2)
Amortisation of facility fees
(2.2)
(2.0)
Other finance costs
(10.4)
(10.7)
(41.6)
(41.9)
Net finance income
14.2
12.0
Finance income predominantly represents interest earned on cash deposits. Other finance costs represent imputed interest on land purchased on deferred settlement terms and lease interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-245": { "value": "
2.4 Profit before taxation
Expenditure recorded in inventory is expensed through cost of sales at the time of the related property
sale. The amount of cost related to each property includes its share of the overall site costs including, where
relevant, its share of forecast costs to complete. See inventories Note 2.13 for further disclosures on the key
estimates and judgements around cost recognition.
Net operating expenditure is recognised in respect of goods and services received when supplied in
accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect
of a past event and where the amount of the obligation can be reliably estimated.
Government grants are recognised when there is reasonable assurance that the Group will comply with the
conditions attached to them and the grants will be received. Grants related to assets are deducted from the
carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs
they are intended to compensate for.
Profit before taxation is stated after charging the following amounts:
2025 2024
\u00a3m \u00a3m
Staff costs (note 2.5)
263.8
280.5
Depreciation on property, plant and equipment (note 2.10)
1.6
2.3
Depreciation on right-of-use assets (note 2.11)
2.2
2.5
Loss on sale of property, plant and equipment
0.1
5.2
Fees paid and payable to the Company\u2019s auditor for the audit
of the Group and Parent Company
1.5
1.4
Fees paid and payable to the Company\u2019s auditor for other services:
Audit of the Company\u2019s subsidiaries and joint ventures
0.1
0.1
Audit related assurance services
0.1
0.1
Non-audit related assurance services
0.1
0.1
Profit before taxation in the 2025 financial year includes an accrual for the anticipated settlement of the CMA\u2019s
investigation into possible anti-competitive sharing of information in the housebuilding industry.
The value of inventories expensed and included in the cost of sales is \u00a31,756.5 million (2024: \u00a31,757.7 million).
Government grants of \u00a338.9 million (2024: \u00a344.7 million) were received in the year relating to the provision of
highway and other site infrastructure, for which all performance conditions were satisfied. This amount is netted
against inventory and no amount has been recorded in the Income Statement during the year (2024: \u00a3nil).
Fees incurred in the year to the Group\u2019s current auditor for audit and non-audit related assurance services
relate to the interim review and assurance services related to carbon emissions and compliance with the Green
Financing Framework.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-344": { "value": "2.4 Profit before taxation Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs including, where relevant, its share of forecast costs to complete. See inventories Note 2.13 for further disclosures on the key estimates and judgements around cost recognition. Net operating expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Grants related to assets are deducted from the carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs they are intended to compensate for. Profit before taxation is stated after charging the following amounts:
2025 2024
\u00a3m \u00a3m
Staff costs (note 2.5)
263.8
280.5
Depreciation on property, plant and equipment (note 2.10)
1.6
2.3
Depreciation on right-of-use assets (note 2.11)
2.2
2.5
Loss on sale of property, plant and equipment
0.1
5.2
Fees paid and payable to the Company\u2019s auditor for the audit
of the Group and Parent Company
1.5
1.4
Fees paid and payable to the Company\u2019s auditor for other services:
Audit of the Company\u2019s subsidiaries and joint ventures
0.1
0.1
Audit related assurance services
0.1
0.1
Non-audit related assurance services
0.1
0.1
Profit before taxation in the 2025 financial year includes an accrual for the anticipated settlement of the CMA\u2019s investigation into possible anti-competitive sharing of information in the housebuilding industry. The value of inventories expensed and included in the cost of sales is \u00a31,756.5 million (2024: \u00a31,757.7 million). Government grants of \u00a338.9 million (2024: \u00a344.7 million) were received in the year relating to the provision of highway and other site infrastructure, for which all performance conditions were satisfied. This amount is netted against inventory and no amount has been recorded in the Income Statement during the year (2024: \u00a3nil). Fees incurred in the year to the Group\u2019s current auditor for audit and non-audit related assurance services relate to the interim review and assurance services related to carbon emissions and compliance with the Green Financing Framework. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-330": { "value": "2.4 Profit before taxation Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs including, where relevant, its share of forecast costs to complete. See inventories Note 2.13 for further disclosures on the key estimates and judgements around cost recognition. Net operating expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Grants related to assets are deducted from the carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs they are intended to compensate for. Profit before taxation is stated after charging the following amounts:
2025 2024
\u00a3m \u00a3m
Staff costs (note 2.5)
263.8
280.5
Depreciation on property, plant and equipment (note 2.10)
1.6
2.3
Depreciation on right-of-use assets (note 2.11)
2.2
2.5
Loss on sale of property, plant and equipment
0.1
5.2
Fees paid and payable to the Company\u2019s auditor for the audit
of the Group and Parent Company
1.5
1.4
Fees paid and payable to the Company\u2019s auditor for other services:
Audit of the Company\u2019s subsidiaries and joint ventures
0.1
0.1
Audit related assurance services
0.1
0.1
Non-audit related assurance services
0.1
0.1
Profit before taxation in the 2025 financial year includes an accrual for the anticipated settlement of the CMA\u2019s investigation into possible anti-competitive sharing of information in the housebuilding industry. The value of inventories expensed and included in the cost of sales is \u00a31,756.5 million (2024: \u00a31,757.7 million). Government grants of \u00a338.9 million (2024: \u00a344.7 million) were received in the year relating to the provision of highway and other site infrastructure, for which all performance conditions were satisfied. This amount is netted against inventory and no amount has been recorded in the Income Statement during the year (2024: \u00a3nil). Fees incurred in the year to the Group\u2019s current auditor for audit and non-audit related assurance services relate to the interim review and assurance services related to carbon emissions and compliance with the Green Financing Framework. 2.10 Property, plant and equipment Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their residual value over their estimated useful lives at the following annual rates: Freehold buildings 25 \u2013 50 years Fixtures, fittings and equipment 3 \u2013 12 years Motor vehicles 4 years Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the Income Statement. Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de- recognised. All other repairs and maintenance are charged to the Income Statement during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within net operating expenses in the Income Statement.
Freehold Fixtures, fittings Motor
property & equipment vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 May 2024
30.9
5.8
2.3
39.0
Additions
\u2013
0.8
0.2
1.0
Disposals
\u2013
(0.3)
(0.4)
(0.7)
At 30 April 2025
30.9
6.3
2.1
39.3
Accumulated depreciation:
At 1 May 2024
5.1
5.0
0.9
11.0
Charge for the year
0.7
0.6
0.3
1.6
Disposals
\u2013
(0.2)
(0.3)
(0.5)
At 30 April 2025
5.8
5.4
0.9
12.1
Net book value:
At 1 May 2024
25.8
0.8
1.4
28.0
At 30 April 2025
25.1
0.9
1.2
27. 2
Freehold Fixtures, fittings Motor
property & equipment vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 May 2023
30.9
15.2
2.1
48.2
Additions
\u2013
0.6
0.8
1.4
Disposals
\u2013
(10.0)
(0.6)
(10.6)
At 30 April 2024
30.9
5.8
2.3
39.0
Accumulated depreciation:
At 1 May 2023
4.4
8.2
1.0
13.6
Charge for the year
0.7
1.4
0.2
2.3
Disposals
\u2013
(4.6)
(0.3)
(4.9)
At 30 April 2024
5.1
5.0
0.9
11.0
Net book value:
At 1 May 2023
26.5
7.0
1.1
34.6
At 30 April 2024
25.8
0.8
1.4
28.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-277": { "value": "2.4 Profit before taxation Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs including, where relevant, its share of forecast costs to complete. See inventories Note 2.13 for further disclosures on the key estimates and judgements around cost recognition. Net operating expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Grants related to assets are deducted from the carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs they are intended to compensate for. Profit before taxation is stated after charging the following amounts:
2025 2024
\u00a3m \u00a3m
Staff costs (note 2.5)
263.8
280.5
Depreciation on property, plant and equipment (note 2.10)
1.6
2.3
Depreciation on right-of-use assets (note 2.11)
2.2
2.5
Loss on sale of property, plant and equipment
0.1
5.2
Fees paid and payable to the Company\u2019s auditor for the audit
of the Group and Parent Company
1.5
1.4
Fees paid and payable to the Company\u2019s auditor for other services:
Audit of the Company\u2019s subsidiaries and joint ventures
0.1
0.1
Audit related assurance services
0.1
0.1
Non-audit related assurance services
0.1
0.1
Profit before taxation in the 2025 financial year includes an accrual for the anticipated settlement of the CMA\u2019s investigation into possible anti-competitive sharing of information in the housebuilding industry. The value of inventories expensed and included in the cost of sales is \u00a31,756.5 million (2024: \u00a31,757.7 million). Government grants of \u00a338.9 million (2024: \u00a344.7 million) were received in the year relating to the provision of highway and other site infrastructure, for which all performance conditions were satisfied. This amount is netted against inventory and no amount has been recorded in the Income Statement during the year (2024: \u00a3nil). Fees incurred in the year to the Group\u2019s current auditor for audit and non-audit related assurance services relate to the interim review and assurance services related to carbon emissions and compliance with the Green Financing Framework. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-312": { "value": "Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs including, where relevant, its share of forecast costs to complete. See inventories Note 2.13 for further disclosures on the key estimates and judgements around cost recognition. Net operating expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-313": { "value": "Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Grants related to assets are deducted from the carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs they are intended to compensate for. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-314": { "value": "Government grants of \u00a338.9 million (2024: \u00a344.7 million) were received in the year relating to the provision of highway and other site infrastructure, for which all performance conditions were satisfied. This amount is netted against inventory and no amount has been recorded in the Income Statement during the year (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-246": { "value": "
2.5 Directors and employees
Profit before taxation is stated after charging the following amounts:
2025 2024
\u00a3m \u00a3m
Staff costs:
Wages and salaries
217.8
233.1
Social security costs
27.3
30.0
Share based payments \u2013 equity settled
4.8
7.1
Pension costs
13.9
10.3
263.8
280.5
The average monthly number of persons employed by the Group during the year was 2,532 (2024: 2,717).
Key management compensation
Key management comprises the Executive Members of the Board, as they are considered to have the authority
and responsibility for planning, directing and controlling the activities of the Group. Details of Directors\u2019
emoluments included in the Income Statement are as follows:
2025 2024
\u00a3m \u00a3m
Directors\u2019 remuneration
1.0
1.4
Amount charged under long-term incentive schemes
2.1
3.1
3.1
4.5
The Directors\u2019 Remuneration Report includes disclosure of the gains made by Directors on the exercise of share
options during the year, which were \u00a310.2 million (2024: \u00a39.8 million) in aggregate.
K Whiteman, J Tibaldi and P Vallone stepped down from the Board on 8 September 2023 and remuneration
amounts disclosed in the table, in the prior year, is to the date of stepping down from the Board.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-278": { "value": "Key management compensation Key management comprises the Executive Members of the Board, as they are considered to have the authority and responsibility for planning, directing and controlling the activities of the Group. Details of Directors\u2019 emoluments included in the Income Statement are as follows:
2025 2024
\u00a3m \u00a3m
Directors\u2019 remuneration
1.0
1.4
Amount charged under long-term incentive schemes
2.1
3.1
3.1
4.5
The Directors\u2019 Remuneration Report includes disclosure of the gains made by Directors on the exercise of share options during the year, which were \u00a310.2 million (2024: \u00a39.8 million) in aggregate. K Whiteman, J Tibaldi and P Vallone stepped down from the Board on 8 September 2023 and remuneration amounts disclosed in the table, in the prior year, is to the date of stepping down from the Board.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-247": { "value": "
Equity settled share based payments
Where the Company operates equity settled share based compensation plans, the fair value of the employee
services received in exchange for the grant of the options is recognised as an expense. The total amount to be
expensed over the vesting period is determined by reference to the fair value of the options granted, taking
into account only service and non-market conditions.
At each Balance Sheet date, the Group revises its estimate of the number of options that are expected to
vest. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a
corresponding adjustment to equity.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal
value) and share premium when the options are exercised.
The Group operates three (2024: three) equity settled share based payment schemes. The charge/(credit) to the
Income Statement in respect of share based payments in the year relating to grants of share options awarded are:
\u2014 2011 Long-Term Incentive Plan (2011 LTIP) credit of \u00a30.4 million (2024: charge of \u00a31.8 million)
\u2014 2022 Long-Term Option Plan (2022 LTOP) of \u00a33.2 million (2024: \u00a33.7 million)
\u2014 Restricted Share Plan (RSP) of \u00a32.0 million (2024: \u00a31.6 million)
The charge to the Income Statement attributable to key management was \u00a32.1 million (2024: \u00a33.1 million).
The charge to the reserves during the year in respect of employee share schemes was \u00a32.6 million
(2024: \u00a30.8 million), resulting from the non-cash IFRS 2 charge for the year.
There were nil exercisable share options at the end of the year (2024: nil). During the year:
\u2014 377,612 options vested under the 2011 LTIP (2024: 481,857) and nil options lapsed (2024: nil)
\u2014 Nil options vested under the 2022 LTOP (2024: nil) and 200,000 options lapsed (2024: 90,000)
2011 Long-Term Incentive Plan
The 2011 LTIP was approved by shareholders at the 2011 AGM. The 2011 LTIP is designed to incentivise management
to both deliver long-term shareholder returns and create value in the ongoing business. Under the plan eligible
employees are granted options which will only vest if certain performance conditions are satisfied.
The current term of the plan runs for 14 years, with the final options due to vest in September 2025. The original
scheme was due to run until September 2021, but at the 2019 AGM the scheme was extended, for eligible
employees, by four years to September 2025.
The amount of options that vest is dependent on a shareholder return hurdle and, for certain employees, the
remuneration caps in place. Each year options can vest up to the value of their remuneration cap. Any options
prevented from vesting due to the caps are banked, and vest in equal tranches from September 2022 to 2025.
Additional returns equivalent to \u00a32 per annum (approximately \u00a3283 million) must be returned to shareholders from
2022 to 2025 in order for the banked options to vest.
Options granted under the plan are for nil consideration and carry no dividend or voting rights. The original option
price was \u00a316.34, which equated to \u00a32.3 billion of shareholder return that needed to be returned to shareholders
over the original term of the LTIP to 2021. The option price for each tranche was reduced by the value of dividend
paid each year, but fixed at 30 September 2021 for subsequent tranches vesting in 2022 to 2025. The fixed option
price for tranches vesting from September 2022 to 2025 is \u00a35.30.
Sale restrictions are in place which provide a maximum of 10% of the cumulative balance of the shares earned to
be sold each year.
The table below summarises the movement in options under the 2011 LTIP during the year:
2025
2024
Option price Number of Option price Number of
per share options per share options
\u00a3 No. \u00a3 No.
As at 1 May
\u2013
2,428,990
\u2013
2,910,847
Exercised during the year
5.30
(377,612)
5.30
(481,857)
As at 30 April
\u2013
2,051,378
\u2013
2,428,990
The historic options vested, options banked and the option price are shown in the table below:
2025
Share options
Option price vested Options at
Vesting date \u00a3 No. 30 April 2025
30 September 2016
10.00
5,719,166
\u2013
30 September 2017
8.63
892,487
1,163,737
30 September 2018
7.73
990,955
1,231,409
30 September 2019
7.46
926,265
1,202,514
30 September 2020
5.39
836,466
1,096,471
30 September 2021
5.30
815,903
982,628
30 September 2022
5.30
568,761
\u2013
30 September 2023
5.30
481,857
\u2013
30 September 2024
5.30
377,612
\u2013
Banked options vested
\u2013
\u2013
(1,428,230)
Banked options lapsed
\u2013
\u2013
(2,197,151)
Total
\u2013
\u2013
2,051,378
Fair value of 2011 LTIP options
The assessed fair value of the original options granted, determined using the current market pricing model,
was \u00a33.17. The inputs into the current market pricing model were as follows:
Inputs
Grant date
5 September 2011
Final vesting date
30 September 2021
Share price at date of grant (p)
1,236
Exercise price
\u00a3nil
Discount rate (Group\u2019s cost of capital over original vesting period at the grant date)
6.3%
Modifications to the 2011 LTIP, approved at the 2019 AGM, were considered to be non-beneficial due to the
extended service period and requirement for additional shareholder returns. Therefore, there was no impact
on the fair value of the options or accounting treatment applied.
2022 Long-Term Option Plan (LTOP)
The LTOP was approved by shareholders at the 2022 AGM. The LTOP is designed to ensure the remuneration
policy is as closely aligned to the Company\u2019s strategy as possible and rewards management for enhancing value
for shareholders over the long-term. Under the plan, eligible employees are awarded a one-off grant of options
with an initial exercise price of \u00a348.50. Participation in the plan is at the discretion of the Remuneration Committee.
Vesting will occur in five equal tranches between September 2026 and September 2030, with a holding restriction
of at least five years from grant.
The initial exercise price of the options increases by \u00a32.50 per year for vesting dates from September
2027 onwards. As such, the exercise price for the options granted (prior to deductions for dividends as
referenced below) is as follows, which is the only performance condition applied to the plan in addition
to continued employment:
Minimum exercise price
(prior to reductions for
Tranche
Percentage of LTOP Award
Vesting date
shareholder distribution)
1
20%
30 September 2026
\u00a348.50
2
20%
30 September 2027
\u00a351.00
3
20%
30 September 2028
\u00a353.50
4
20%
30 September 2029
\u00a356.00
5
20%
30 September 2030
\u00a358.50
Dividends or other distributions to shareholders (other than share buy-backs) are deducted from the exercise price.
There are caps in place in relation to all options granted. Any options prevented from vesting due to the caps
are lapsed.
The table below summarises the movement in options under the 2022 LTOP during the year:
2025
2024
Number of Number of
options options
No. No.
As at 1 May
4,270,000
4,360,000
Granted during the year
\u2013
\u2013
Lapsed during the year
(200,000)
(90,000)
As at 30 April
4,070,000
4,270,000
Fair value of 2022 LTOP options
The assessed fair value of the options granted, determined using a Monte Carlo simulation model,
was \u00a319.35 million. The inputs into the model for the three grant dates were as follows:
Grant date
9 Feb 2023
10 Mar 2023
21 Mar 2023
Number of options
2,400,000
350,000
1,610,000
Share price at grant date (p)
4,308
4,039
4,070
Exercise price
Initial exercise prices from \u00a348.50 for Tranche 1, increasing
by \u00a32.50 for each Tranche to \u00a358.50 for Tranche 5
Dividend yield
0%
Risk free interest rate
3.26%
3.47%
3.22%
Share price volatility
30%
Expected life
Between circa 3.5 years (Tranche 1) and 7.5 years
(Tranche 5) from grant
Restrictive Share Plan (RSP)
The RSP was approved by shareholders at the 2022 AGM. The RSP is designed to incentivise management
to deliver long-term performance. The RSP is an annual restrictive share award with the first awards granted
in September 2022, vesting in 2026 with a further one-year holding period. Participation in the plan is at the
discretion of the Remuneration Committee.
Annual awards are determined by the Remuneration Committee, however the maximum number of shares under
the RSP awards granted to participants will not exceed 175% of the salary of the CEO and 150% of the salary of all
other participating employees.
The vesting of awards is subject to remaining in service and the following two underpin conditions:
i) The average Return on Equity over the four prior financial years must be at least 15%, commencing with the
financial year in which the RSP Awards are granted; and
ii) Up to 20% of the award will be forfeited in the event of unsatisfactory progress against strategic and ESG
priorities over the relevant vesting period.
The vesting of awards is restricted to the level of each employee\u2019s remuneration cap. The remuneration cap is
first applied to the 2022 LTOP to the extent that total remuneration would exceed the cap, followed by the RSP
if required. Any RSP awards in excess of the total remuneration cap will lapse immediately.
The table below summarises the movement in options under the RSPs:
2025
2024
Number of Number of
options options
No. No.
As at 1 May
189,949
93,123
Granted during the year
\u2013
96,826
Lapsed during the year
\u2013
\u2013
As at 30 April
189,949
189,949
Fair value of RSPs The fair values of RSP awards are equal to the share price at grant as these awards are not subject to market- based performance conditions and they attract dividend equivalents. The values are fixed at grant. The total fair value of the RSP awards granted during the year was \u00a3nil (2024: \u00a34.06 million). Cash settled share based payments The cost of cash settled transactions is recognised as an expense over the vesting period measured by reference to the fair value of the corresponding liability which is recognised on the Statement of Financial Position. The liability is remeasured at fair value at each Balance Sheet date until settlement with changes in fair value recognised in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-279": { "value": "Where the Company operates equity settled share based compensation plans, the fair value of the employee services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, taking into account only service and non-market conditions. At each Balance Sheet date, the Group revises its estimate of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The cost of cash settled transactions is recognised as an expense over the vesting period measured by reference to the fair value of the corresponding liability which is recognised on the Statement of Financial Position. The liability is remeasured at fair value at each Balance Sheet date until settlement with changes in fair value recognised in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-248": { "value": "Pensions The Group accounts for pensions under IAS 19 \u2018Employee Benefits\u2019. The Group has both defined benefit and defined contribution plans. The defined benefit plan was closed to future accrual with effect from 1 April 2007. For the defined benefit scheme, the obligations are measured using the projected unit credit method. The calculation of the net obligation is performed by a qualified actuary. The operating and financing costs of these plans are recognised separately in the Income Statement; service costs are set annually on the basis of actuarial valuations of the scheme and financing costs are recognised in the period in which they arise. Actuarial gains and losses are recognised immediately in the Statement of Comprehensive Income. Pension contributions under defined contribution schemes are charged to the Income Statement as they fall due. Defined contribution plan Contributions amounting to \u00a314.2 million (2024: \u00a39.1 million) were paid into the defined contribution schemes during the year. There were \u00a32.7 million of contributions outstanding to the scheme at 30 April 2025 (2024: \u00a31.0 million). Defined benefit plan As at 30 April 2025, the Group operated one defined benefit pension scheme which was closed to future accrual with effect from 1 April 2007. This is a separate Trustee administered fund holding the pension plan assets to meet long-term pension liabilities for some 154 past employees. The level of retirement benefit is principally based on salary earned in the last three years of employment prior to leaving active service and is linked to changes in inflation up to retirement. The Berkeley Final Salary Plan is subject to an independent actuarial valuation at least every three years. The most recent valuation was carried out as at 30 April 2022 and finalised on 30 June 2023. The method adopted in the 2022 valuation was the projected unit credit method, which assumed no allowance for over performance on investments both prior to and after retirement and inflation linked pension increases derived at each term using Black Scholes Methodology with a volatility assumption of 1.40% per annum. The market value of the Berkeley Final Salary Plan assets as at 1 May 2022 was \u00a322.9 million and covered 117% of the scheme\u2019s liabilities. The Group made additional voluntary contributions of \u00a30.4 million during the year (2024: \u00a30.6 million).
Following the High Court ruling on 26 October 2018, regarding the equalisation of Guaranteed Minimum Pension
(GMP) benefit, the plan was required to adjust benefits to remove the inequalities between the GMP benefits
awarded to males and females. On 20 November 2020, the High Court issued a supplementary ruling in respect
of GMP equalisation with regard to members who transferred out of the scheme prior to the ruling. The plan has
not yet completed a full review of the impact of GMP equalisation and no additional costs have been recognised
during the year (2024: \u00a3nil). In prior years an amount of \u00a30.7 million has been allowed as a past service cost.
For the purpose of IAS 19, the 2022 valuation was updated for 30 April 2025.
The most significant risks to which the plan exposes the Group are as follows:
\u2014 Inflation risk: A rise in inflation rates will lead to higher plan liabilities as a large proportion of the defined
benefit obligation is indexed in line with price inflation. This effect will be limited due to caps on inflationary
increases to protect the plan against extreme inflation.
\u2014 Investment risk: There is a risk that future investment performance fails to generate expected returns.
\u2014 Employer covenant risk: There is a risk that the strength of the employer covenant materially weakens which
may impact the ability to support the fund.
\u2014 Mortality risk: An increase in life expectancy would result in an increase to plan liabilities as a significant
proportion of the pension schemes\u2019 obligations are to provide benefits for the life of the member.
The amounts recognised in the Statement of Financial Position are determined as follows:
2025 2024
\u00a3m \u00a3m
Present value of defined benefit obligations
(13.3)
(14.3)
Fair value of plan assets
15.6
15.9
Net surplus recognised in the Statement of Financial Position
2.3
1.6
Defined benefit Fair value Net defined
obligations plan assets benefit asset
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 May
(14.3)
(14.5)
15.9
16.2
1.6
1.7
Included in Income Statement:
Net interest
(0.7)
(0.7)
0.8
0.8
0.1
0.1
Included in Other Comprehensive Income:
Remeasurements:
Actuarial gain/(loss) arising from:
Demographic assumptions
0.2
0.2
\u2013
\u2013
0.2
0.2
Scheme experience
0.1
(0.3)
\u2013
\u2013
0.1
(0.3)
Financial assumptions
0.8
0.5
\u2013
\u2013
0.8
0.5
Return on plan assets
\u2013
\u2013
(0.9)
(1.2)
(0.9)
(1.2)
Other:
Contributions by the employer
\u2013
\u2013
0.4
0.6
0.4
0.6
Benefits paid out
0.6
0.5
(0.6)
(0.5)
\u2013
\u2013
Balance at 30 April
(13.3)
(14.3)
15.6
15.9
2.3
1.6
Cumulative actuarial gains and losses recognised in equity:
2025 2024
\u00a3m \u00a3m
Cumulative amounts of losses recognised in the Statement of
Comprehensive Income at 1 May
(8.4)
(7.7)
Net actuarial gain/(loss) recognised in the year
0.2
(0.7)
Cumulative amounts of losses recognised in the Statement of
Comprehensive Income at 30 April
(8.2)
(8.4)
The fair value of the assets was as follows:
30 April 2025 30 April 2024
Long-term value Long-term value
\u00a3m \u00a3m
Diversified growth fund
\u2013
3.3
Absolute return bonds
4.8
4.3
Liquidity driven investment
4.5
4.4
Asset backed securities
4.8
1.8
Cash
1.5
2.1
Fair value of plan assets
15.6
15.9
All equity securities and government bonds have quoted prices in active markets. All Government bonds are issued
by European Governments and are AAA- or AA- rated. All other plan assets are not quoted in an active market.
History of asset values
30 April 30 April 30 April 30 April 30 April
2025 2024 2023 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
15.6
15.9
16.2
21.4
26.4
Present value of defined benefit obligations
(13.3)
(14.3)
(14.5)
(19.1)
(23.2)
Net surplus in the plan
2.3
1.6
1.7
2.3
3.2
Actuarial assumptions
The major assumptions used by the actuary for the 30 April 2025 valuation were as follows:
30 April 30 April
2025 2024
Discount rate
5.55%
5.20%
Inflation assumption (RPI)
3.30%
3.60%
Inflation assumption (CPI)
2.85%
3.15%
Rate of increase in pensions in payment post 97 (pre-97 receive 3% p.a. increases)
3.75%
3.90%
The mortality assumptions are the standard S3PMA/S3PFA_M CMI_2023_X (1.25%) (2024: S3PMA/S3PFA_M
CMI_2022_X (1.25%)) base table for males and females, both adjusted for each individual\u2019s year of birth to allow
for future improvements in mortality rates. The life expectancy of male and female pensioners (now aged 65)
retiring at age 65 on the Balance Sheet date is 20.8 years and 22.8 years respectively (2024: 20.9 and 22.9 years
respectively). The life expectancy of male and female deferred pensioners (now aged 45) retiring at age 65 after
the Balance Sheet date is 21.7 years and 24.0 years respectively (2024: 22.2 and 24.4 years respectively).
Sensitivity analysis
The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table
summarises how the impact on the defined benefit obligation at the end of the reporting period would have
increased/(decreased) as a result of a change in the respective assumptions.
Change in Change in defined
assumption benefit obligation
Discount rate
+0.5% p.a.
\u00a3(0.7)m
Rate of inflation
+0.25% p.a.
\u00a30.2m
Rate of mortality
+1 year
\u00a30.4m
These calculations provide an approximate guide to the sensitivity of results and may not be as accurate as a full
valuation carried out on these assumptions. In practice, changes in some of the assumptions are correlated and so
each assumption change is unlikely to occur in isolation, as shown above.
Funding
The Group has no obligation to pay contributions to its defined benefit plan and expects to pay \u00a3nil in the year
ending 30 April 2026 (2025: \u00a30.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-280": { "value": "The Group accounts for pensions under IAS 19 \u2018Employee Benefits\u2019. The Group has both defined benefit and defined contribution plans. The defined benefit plan was closed to future accrual with effect from 1 April 2007. For the defined benefit scheme, the obligations are measured using the projected unit credit method. The calculation of the net obligation is performed by a qualified actuary. The operating and financing costs of these plans are recognised separately in the Income Statement; service costs are set annually on the basis of actuarial valuations of the scheme and financing costs are recognised in the period in which they arise. Actuarial gains and losses are recognised immediately in the Statement of Comprehensive Income. Pension contributions under defined contribution schemes are charged to the Income Statement as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-281": { "value": "
Defined contribution plan
Contributions amounting to \u00a314.2 million (2024: \u00a39.1 million) were paid into the defined contribution schemes
during the year. There were \u00a32.7 million of contributions outstanding to the scheme at 30 April 2025 (2024:
\u00a31.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-282": { "value": "
Defined benefit plan
As at 30 April 2025, the Group operated one defined benefit pension scheme which was closed to future accrual
with effect from 1 April 2007. This is a separate Trustee administered fund holding the pension plan assets to meet
long-term pension liabilities for some 154 past employees. The level of retirement benefit is principally based on
salary earned in the last three years of employment prior to leaving active service and is linked to changes in
inflation up to retirement.
The Berkeley Final Salary Plan is subject to an independent actuarial valuation at least every three years. The
most recent valuation was carried out as at 30 April 2022 and finalised on 30 June 2023. The method adopted in
the 2022 valuation was the projected unit credit method, which assumed no allowance for over performance on
investments both prior to and after retirement and inflation linked pension increases derived at each term using
Black Scholes Methodology with a volatility assumption of 1.40% per annum. The market value of the Berkeley
Final Salary Plan assets as at 1 May 2022 was \u00a322.9 million and covered 117% of the scheme\u2019s liabilities. The Group
made additional voluntary contributions of \u00a30.4 million during the year (2024: \u00a30.6 million).
Following the High Court ruling on 26 October 2018, regarding the equalisation of Guaranteed Minimum Pension (GMP) benefit, the plan was required to adjust benefits to remove the inequalities between the GMP benefits awarded to males and females. On 20 November 2020, the High Court issued a supplementary ruling in respect of GMP equalisation with regard to members who transferred out of the scheme prior to the ruling. The plan has not yet completed a full review of the impact of GMP equalisation and no additional costs have been recognised during the year (2024: \u00a3nil). In prior years an amount of \u00a30.7 million has been allowed as a past service cost. For the purpose of IAS 19, the 2022 valuation was updated for 30 April 2025. The most significant risks to which the plan exposes the Group are as follows: \u2014 Inflation risk: A rise in inflation rates will lead to higher plan liabilities as a large proportion of the defined benefit obligation is indexed in line with price inflation. This effect will be limited due to caps on inflationary increases to protect the plan against extreme inflation. \u2014 Investment risk: There is a risk that future investment performance fails to generate expected returns. \u2014 Employer covenant risk: There is a risk that the strength of the employer covenant materially weakens which may impact the ability to support the fund. \u2014 Mortality risk: An increase in life expectancy would result in an increase to plan liabilities as a significant proportion of the pension schemes\u2019 obligations are to provide benefits for the life of the member. The amounts recognised in the Statement of Financial Position are determined as follows:
2025 2024
\u00a3m \u00a3m
Present value of defined benefit obligations
(13.3)
(14.3)
Fair value of plan assets
15.6
15.9
Net surplus recognised in the Statement of Financial Position
2.3
1.6
Defined benefit Fair value Net defined
obligations plan assets benefit asset
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 May
(14.3)
(14.5)
15.9
16.2
1.6
1.7
Included in Income Statement:
Net interest
(0.7)
(0.7)
0.8
0.8
0.1
0.1
Included in Other Comprehensive Income:
Remeasurements:
Actuarial gain/(loss) arising from:
Demographic assumptions
0.2
0.2
\u2013
\u2013
0.2
0.2
Scheme experience
0.1
(0.3)
\u2013
\u2013
0.1
(0.3)
Financial assumptions
0.8
0.5
\u2013
\u2013
0.8
0.5
Return on plan assets
\u2013
\u2013
(0.9)
(1.2)
(0.9)
(1.2)
Other:
Contributions by the employer
\u2013
\u2013
0.4
0.6
0.4
0.6
Benefits paid out
0.6
0.5
(0.6)
(0.5)
\u2013
\u2013
Balance at 30 April
(13.3)
(14.3)
15.6
15.9
2.3
1.6
Cumulative actuarial gains and losses recognised in equity:
2025 2024
\u00a3m \u00a3m
Cumulative amounts of losses recognised in the Statement of
Comprehensive Income at 1 May
(8.4)
(7.7)
Net actuarial gain/(loss) recognised in the year
0.2
(0.7)
Cumulative amounts of losses recognised in the Statement of
Comprehensive Income at 30 April
(8.2)
(8.4)
The fair value of the assets was as follows:
30 April 2025 30 April 2024
Long-term value Long-term value
\u00a3m \u00a3m
Diversified growth fund
\u2013
3.3
Absolute return bonds
4.8
4.3
Liquidity driven investment
4.5
4.4
Asset backed securities
4.8
1.8
Cash
1.5
2.1
Fair value of plan assets
15.6
15.9
All equity securities and government bonds have quoted prices in active markets. All Government bonds are issued by European Governments and are AAA- or AA- rated. All other plan assets are not quoted in an active market. History of asset values
30 April 30 April 30 April 30 April 30 April
2025 2024 2023 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
15.6
15.9
16.2
21.4
26.4
Present value of defined benefit obligations
(13.3)
(14.3)
(14.5)
(19.1)
(23.2)
Net surplus in the plan
2.3
1.6
1.7
2.3
3.2
Actuarial assumptions The major assumptions used by the actuary for the 30 April 2025 valuation were as follows:
30 April 30 April
2025 2024
Discount rate
5.55%
5.20%
Inflation assumption (RPI)
3.30%
3.60%
Inflation assumption (CPI)
2.85%
3.15%
Rate of increase in pensions in payment post 97 (pre-97 receive 3% p.a. increases)
3.75%
3.90%
The mortality assumptions are the standard S3PMA/S3PFA_M CMI_2023_X (1.25%) (2024: S3PMA/S3PFA_M CMI_2022_X (1.25%)) base table for males and females, both adjusted for each individual\u2019s year of birth to allow for future improvements in mortality rates. The life expectancy of male and female pensioners (now aged 65) retiring at age 65 on the Balance Sheet date is 20.8 years and 22.8 years respectively (2024: 20.9 and 22.9 years respectively). The life expectancy of male and female deferred pensioners (now aged 45) retiring at age 65 after the Balance Sheet date is 21.7 years and 24.0 years respectively (2024: 22.2 and 24.4 years respectively). Sensitivity analysis The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises how the impact on the defined benefit obligation at the end of the reporting period would have increased/(decreased) as a result of a change in the respective assumptions.
Change in Change in defined
assumption benefit obligation
Discount rate
+0.5% p.a.
\u00a3(0.7)m
Rate of inflation
+0.25% p.a.
\u00a30.2m
Rate of mortality
+1 year
\u00a30.4m
These calculations provide an approximate guide to the sensitivity of results and may not be as accurate as a full valuation carried out on these assumptions. In practice, changes in some of the assumptions are correlated and so each assumption change is unlikely to occur in isolation, as shown above. Funding The Group has no obligation to pay contributions to its defined benefit plan and expects to pay \u00a3nil in the year ending 30 April 2026 (2025: \u00a30.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-315": { "value": "The amounts recognised in the Statement of Financial Position are determined as follows:
2025 2024
\u00a3m \u00a3m
Present value of defined benefit obligations
(13.3)
(14.3)
Fair value of plan assets
15.6
15.9
Net surplus recognised in the Statement of Financial Position
2.3
1.6
Defined benefit Fair value Net defined
obligations plan assets benefit asset
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 May
(14.3)
(14.5)
15.9
16.2
1.6
1.7
Included in Income Statement:
Net interest
(0.7)
(0.7)
0.8
0.8
0.1
0.1
Included in Other Comprehensive Income:
Remeasurements:
Actuarial gain/(loss) arising from:
Demographic assumptions
0.2
0.2
\u2013
\u2013
0.2
0.2
Scheme experience
0.1
(0.3)
\u2013
\u2013
0.1
(0.3)
Financial assumptions
0.8
0.5
\u2013
\u2013
0.8
0.5
Return on plan assets
\u2013
\u2013
(0.9)
(1.2)
(0.9)
(1.2)
Other:
Contributions by the employer
\u2013
\u2013
0.4
0.6
0.4
0.6
Benefits paid out
0.6
0.5
(0.6)
(0.5)
\u2013
\u2013
Balance at 30 April
(13.3)
(14.3)
15.6
15.9
2.3
1.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-316": { "value": "The fair value of the assets was as follows:
30 April 2025 30 April 2024
Long-term value Long-term value
\u00a3m \u00a3m
Diversified growth fund
\u2013
3.3
Absolute return bonds
4.8
4.3
Liquidity driven investment
4.5
4.4
Asset backed securities
4.8
1.8
Cash
1.5
2.1
Fair value of plan assets
15.6
15.9
All equity securities and government bonds have quoted prices in active markets. All Government bonds are issued by European Governments and are AAA- or AA- rated. All other plan assets are not quoted in an active market. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-317": { "value": "Actuarial assumptions The major assumptions used by the actuary for the 30 April 2025 valuation were as follows:
30 April 30 April
2025 2024
Discount rate
5.55%
5.20%
Inflation assumption (RPI)
3.30%
3.60%
Inflation assumption (CPI)
2.85%
3.15%
Rate of increase in pensions in payment post 97 (pre-97 receive 3% p.a. increases)
3.75%
3.90%
The mortality assumptions are the standard S3PMA/S3PFA_M CMI_2023_X (1.25%) (2024: S3PMA/S3PFA_M CMI_2022_X (1.25%)) base table for males and females, both adjusted for each individual\u2019s year of birth to allow for future improvements in mortality rates. The life expectancy of male and female pensioners (now aged 65) retiring at age 65 on the Balance Sheet date is 20.8 years and 22.8 years respectively (2024: 20.9 and 22.9 years respectively). The life expectancy of male and female deferred pensioners (now aged 45) retiring at age 65 after the Balance Sheet date is 21.7 years and 24.0 years respectively (2024: 22.2 and 24.4 years respectively). Sensitivity analysis The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises how the impact on the defined benefit obligation at the end of the reporting period would have increased/(decreased) as a result of a change in the respective assumptions.
Change in Change in defined
assumption benefit obligation
Discount rate
+0.5% p.a.
\u00a3(0.7)m
Rate of inflation
+0.25% p.a.
\u00a30.2m
Rate of mortality
+1 year
\u00a30.4m
These calculations provide an approximate guide to the sensitivity of results and may not be as accurate as a full valuation carried out on these assumptions. In practice, changes in some of the assumptions are correlated and so each assumption change is unlikely to occur in isolation, as shown above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-249": { "value": "
2.6 Taxation
The Group applies IAS 12 \u2018Income Taxes\u2019 in accounting for taxes on income. Income tax payable on taxable
profits (current tax) is recognised as an expense in the periods in which the profits arise.
The taxation expense represents the sum of current tax payable, including Residential Property Developer Tax
(\u2018RPDT\u2019), and deferred tax. Current tax and deferred tax are provided at the amounts expected to be paid (or
received) using the tax rules and laws that have been enacted, or substantially enacted, by the reporting date.
The tax charge for the year is as follows:
2025 2024
\u00a3m \u00a3m
Current tax (including RPDT)
UK current tax payable
(123.5)
(166.0)
Adjustments in respect of previous years
7.4
6.4
(116.1)
(159.6)
Deferred tax (including RPDT)
Deferred tax movements
(28.3)
2.8
Adjustments in respect of previous years
(2.5)
(2.9)
(30.8)
(0.1)
(146.9)
(159.7)
Tax on items recognised directly in equity is as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax in respect of employee share schemes (note 2.18)
1.2
2.5
Corporation tax is calculated at 25% (2024: 25%) of the estimated assessable profit for the year. Taking into
account RPDT at a rate of 4%, the weighted statutory rate of corporate income tax is 29% for the year (2024: 29%).
The tax charge assessed for the year differs from the weighted statutory rate of corporate income tax of 29%
(2024: 29%). The differences are explained below:
2025 2024
\u00a3m \u00a3m
Profit before tax
528.9
557.3
Tax on profit at standard UK corporation tax rate (including RPDT)
153.4
161.6
Effects of:
\u2022
Expenses not deductible for tax purposes
1.7
1.0
\u2022
Tax effect of share of results of joint ventures
0.6
0.6
\u2022
Adjustments in respect of previous years
(4.9)
(3.5)
\u2022
Other rate impacting adjustments
(2.0)
\u2013
\u2022
Other
(1.9)
\u2013
Tax charge
146.9
159.7
The Group has an overall tax charge for the year of \u00a3146.9 million (2024: \u00a3159.7 million) including UK current tax
payable of \u00a3123.5 million (2024: \u00a3166.0 million). The effective tax rate for the year is 27.8% (2024: 28.7%) and
includes a \u00a32.5 million credit (2024: \u00a32.9 million credit) arising from the remeasurement, in part, of the Group\u2019s UK
deferred tax assets.
In December 2021, the OECD published its proposals in relation to Global Anti-Base Erosion Rules, which provide
for an internationally coordinated system of taxation to ensure that large multinational groups pay a minimum level
of corporate income tax in countries in which they operate. The UK Finance (No. 2) Act 2023, which implements
Pillar Two, was enacted by the UK Government on 11 July 2023. Owing to its size and multinational operations, the
Berkeley Group is within the scope of the OECD Pillar Two model rules for the accounting period 30 April 2025
onwards. The Group has undertaken a review and expects to meet the transitional safe harbour provisions meaning
the top up tax will not be payable. There is no impact on the Group\u2019s results for the year ended 30 April 2025. The
Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes, as provided in the amendments to IAS 12.
2.18 Deferred tax Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised on all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill, or from the initial recognition (except in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the Balance Sheet date. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which taxable temporary differences can be utilised. Deferred taxation is charged or credited to the Income Statement, except when it relates to items charged or credited directly to reserves, in which case the deferred taxation is also dealt with in reserves. Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxation assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
The movement on the deferred tax account is as follows:
Accelerated Unrealised Other timing
capital allowances inventory profit differences Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 May 2024
(2.5)
79.7
39.7
116.9
Adjustments in respect of previous years
\u2013
(0.9)
(1.6)
(2.5)
Charged to the Income Statement
in the year
\u2013
(10.6)
(17.7)
(28.3)
Adjustment in respect of change of tax rate for
future periods (note 2.6)
\u2013
\u2013
\u2013
\u2013
Charged to Income Statement in the year
\u2013
(10.6)
(17.7)
(28.3)
Charged to equity in year (note 2.6)
\u2013
\u2013
1.2
1.2
At 30 April 2025
(2.5)
68.2
21.6
87. 3
Accelerated Unrealised Other timing
capital allowances inventory profit differences Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 May 2023
(4.2)
77.7
41.0
114.5
Adjustments in respect of previous years
(0.1)
(1.0)
(1.8)
(2.9)
Credited/(charged) to the Income Statement in
the year
1.8
3.0
(2.0)
2.8
Adjustment in respect of change of tax rate for future
periods (note 2.6)
\u2013
\u2013
\u2013
\u2013
Credited to Income Statement in the year
1.8
3.0
(2.0)
2.8
Charged to equity in year (note 2.6)
\u2013
\u2013
2.5
2.5
At 30 April 2024
(2.5)
79.7
39.7
116.9
Other timing differences primarily relates to deferred tax assets held in relation to long-term incentive schemes,
bonuses and provisions.
Deferred tax is calculated in full on temporary differences at the tax rates that are expected to apply for the period
when the asset is realised and the liability is settled.
All deferred tax assets are available for offset against deferred tax liabilities and hence the net deferred tax asset at
30 April 2025 is \u00a387.3 million (2024: \u00a3116.9 million).
Deferred tax assets of \u00a339.9 million (2024: \u00a374.6 million) are expected to be recovered after more than one year.
The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that
it is no longer probable that there will be sufficient available profits to offset all or part of the asset. There are no
unrecognised deferred tax assets as at 30 April 2025.
The deferred tax credited to equity during the year was as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax movement in the year in respect of employee share schemes (note 2.6)
1.2
2.5
Cumulative deferred tax credited to equity at 1 May
18.8
16.3
Cumulative deferred tax credited to equity at 30 April
20.0
18.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-283": { "value": "The Group applies IAS 12 \u2018Income Taxes\u2019 in accounting for taxes on income. Income tax payable on taxable profits (current tax) is recognised as an expense in the periods in which the profits arise. The taxation expense represents the sum of current tax payable, including Residential Property Developer Tax (\u2018RPDT\u2019), and deferred tax. Current tax and deferred tax are provided at the amounts expected to be paid (or received) using the tax rules and laws that have been enacted, or substantially enacted, by the reporting date. Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised on all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill, or from the initial recognition (except in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the Balance Sheet date. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which taxable temporary differences can be utilised. Deferred taxation is charged or credited to the Income Statement, except when it relates to items charged or credited directly to reserves, in which case the deferred taxation is also dealt with in reserves. Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxation assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-250": { "value": "
2.7 Earnings per ordinary share
Basic earnings per share (EPS) are calculated as the profit for the financial year attributable to shareholders of the
Group divided by the weighted average number of shares in issue during the year.
For the year ended 30 April
2025
2024
Profit attributable to shareholders (\u00a3m)
382.0
397.6
Weighted average no. of shares (million)
102.7
106.3
Basic EPS (pence)
371.8
373.9
For diluted earnings per ordinary share, the weighted average number of shares in issue is adjusted to assume the
conversion of all potentially dilutive ordinary shares.
At 30 April 2025, the Group had two (2024: two) categories of potentially dilutive ordinary shares: 0.4 million
(2024: 0.7 million) share options under the 2011 LTIP and 0.1 million share option (2024: 0.1 million) under the
Restrictive Share Plan.
A calculation is undertaken to determine the number of shares that could have been acquired at fair value based
on the aggregate of the exercise price of each share option and the fair value of future services to be supplied to
the Group which is the unamortised share based payments charge. The difference between the number of shares
that could have been acquired at fair value and the total number of options is used in the diluted EPS calculation.
For the year ended 30 April
2025
2024
Profit used to determine diluted EPS (\u00a3m)
382.0
397.6
Weighted average number of shares (million)
102.7
106.3
Adjustments for:
\u2022
Share options \u2013 2011 LTIP
0.4
0.7
\u2022
Share options \u2013 Restrictive Share Plan
0.1
0.1
Shares used to determine diluted EPS (million)
103.2
107.1
\u2022
Diluted EPS (pence)
370.0
371.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-284": { "value": "Basic earnings per share (EPS) are calculated as the profit for the financial year attributable to shareholders of the Group divided by the weighted average number of shares in issue during the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-285": { "value": "
2.8 Intangible assets
Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds
the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its
subsequent measurement is based on annual impairment reviews and impairment reviews performed where
an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to
those cash-generating units or groups of cash-generating units that are expected to benefit from the business
combination in which the goodwill arose.
Goodwill
\u00a3m
Cost:
At 1 May 2024 and 30 April 2025
17.2
Accumulated impairment:
At 1 May 2024 and 30 April 2025
\u2013
Net book value:
At 1 May 2024 and 30 April 2025
17.2
Cost:
At 1 May 2023 and 30 April 2024
17.2
Accumulated impairment:
At 1 May 2023 and 30 April 2024
\u2013
Net book value:
At 1 May 2023 and 30 April 2024
17.2
The goodwill balance relates solely to the acquisition of the 50% of the ordinary share capital of St James Group
Limited, completed on 7 November 2006, that was not already owned by the Group. The goodwill balance is
tested annually for impairment. The recoverable amount has been determined on the basis of the value in use of
the business using the current five year pre-tax forecasts. Key assumptions are as follows:
(i) cash flows beyond a five year period are not extrapolated; and
(ii) pre-tax discount rate of 11.0% (2024: 13.1%) based on the Group\u2019s weighted average cost of capital.
The Directors have identified no reasonably possible change in a key assumption which would give rise to an
impairment charge.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-251": { "value": "2.8 Intangible assets Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.
Goodwill
\u00a3m
Cost:
At 1 May 2024 and 30 April 2025
17.2
Accumulated impairment:
At 1 May 2024 and 30 April 2025
\u2013
Net book value:
At 1 May 2024 and 30 April 2025
17.2
Cost:
At 1 May 2023 and 30 April 2024
17.2
Accumulated impairment:
At 1 May 2023 and 30 April 2024
\u2013
Net book value:
At 1 May 2023 and 30 April 2024
17.2
The goodwill balance relates solely to the acquisition of the 50% of the ordinary share capital of St James Group Limited, completed on 7 November 2006, that was not already owned by the Group. The goodwill balance is tested annually for impairment. The recoverable amount has been determined on the basis of the value in use of the business using the current five year pre-tax forecasts. Key assumptions are as follows: (i) cash flows beyond a five year period are not extrapolated; and (ii) pre-tax discount rate of 11.0% (2024: 13.1%) based on the Group\u2019s weighted average cost of capital. The Directors have identified no reasonably possible change in a key assumption which would give rise to an impairment charge.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-318": { "value": "2.8 Intangible assets Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.
Goodwill
\u00a3m
Cost:
At 1 May 2024 and 30 April 2025
17.2
Accumulated impairment:
At 1 May 2024 and 30 April 2025
\u2013
Net book value:
At 1 May 2024 and 30 April 2025
17.2
Cost:
At 1 May 2023 and 30 April 2024
17.2
Accumulated impairment:
At 1 May 2023 and 30 April 2024
\u2013
Net book value:
At 1 May 2023 and 30 April 2024
17.2
The goodwill balance relates solely to the acquisition of the 50% of the ordinary share capital of St James Group Limited, completed on 7 November 2006, that was not already owned by the Group. The goodwill balance is tested annually for impairment. The recoverable amount has been determined on the basis of the value in use of the business using the current five year pre-tax forecasts. Key assumptions are as follows: (i) cash flows beyond a five year period are not extrapolated; and (ii) pre-tax discount rate of 11.0% (2024: 13.1%) based on the Group\u2019s weighted average cost of capital. The Directors have identified no reasonably possible change in a key assumption which would give rise to an impairment charge.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-351": { "value": "Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-345": { "value": "Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-331": { "value": "Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-252": { "value": "2.9 Investment property Land and buildings being developed or held to generate capital appreciation and to earn rental income are recognised as investment properties. Investment property is measured at cost less accumulated depreciation and impairment losses. Once the asset is ready for use, depreciation is provided to write off the cost of the assets to the residual values over the useful life. Any gain or loss on the disposal of investment property is recognised in profit or loss.
Under
development
\u00a3m
Cost:
At 1 May 2024
\u2013
Transfer from inventory
143.7
Additions
2.0
At 30 April 2025
145.7
Carrying amount:
At 1 May 2024
\u2013
At 30 April 2025
145.7
During the year, \u00a3143.7 million of cost was transferred from inventory to investment property in relation to assets under development given management\u2019s decision to hold these assets in the Group\u2019s BTR platform to earn rental income and for capital appreciation. Management use criteria to ensure that judgement is exercised consistently on the appropriate point of cost transfer, the main criteria being the formal decision to contract for the transfer of ownership of the building under development to asset specific entities which form part of the BTR platform. As at 30 April 2025, the Directors have internally assessed the fair value of investment property under development, which approximates cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-287": { "value": "Land and buildings being developed or held to generate capital appreciation and to earn rental income are recognised as investment properties. Investment property is measured at cost less accumulated depreciation and impairment losses. Once the asset is ready for use, depreciation is provided to write off the cost of the assets to the residual values over the useful life. Any gain or loss on the disposal of investment property is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-253": { "value": "
2.10 Property, plant and equipment
Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes
the original purchase price of the asset and the costs attributable to bringing the asset to its working condition
for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their
residual value over their estimated useful lives at the following annual rates:
Freehold buildings 25 \u2013 50 years
Fixtures, fittings and equipment 3 \u2013 12 years
Motor vehicles 4 years
Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold
land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included
within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an
annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified, the
recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the
Income Statement.
Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de-
recognised. All other repairs and maintenance are charged to the Income Statement during the financial period
in which they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are
recognised within net operating expenses in the Income Statement.
Freehold Fixtures, fittings Motor
property & equipment vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 May 2024
30.9
5.8
2.3
39.0
Additions
\u2013
0.8
0.2
1.0
Disposals
\u2013
(0.3)
(0.4)
(0.7)
At 30 April 2025
30.9
6.3
2.1
39.3
Accumulated depreciation:
At 1 May 2024
5.1
5.0
0.9
11.0
Charge for the year
0.7
0.6
0.3
1.6
Disposals
\u2013
(0.2)
(0.3)
(0.5)
At 30 April 2025
5.8
5.4
0.9
12.1
Net book value:
At 1 May 2024
25.8
0.8
1.4
28.0
At 30 April 2025
25.1
0.9
1.2
27. 2
Freehold Fixtures, fittings Motor
property & equipment vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 May 2023
30.9
15.2
2.1
48.2
Additions
\u2013
0.6
0.8
1.4
Disposals
\u2013
(10.0)
(0.6)
(10.6)
At 30 April 2024
30.9
5.8
2.3
39.0
Accumulated depreciation:
At 1 May 2023
4.4
8.2
1.0
13.6
Charge for the year
0.7
1.4
0.2
2.3
Disposals
\u2013
(4.6)
(0.3)
(4.9)
At 30 April 2024
5.1
5.0
0.9
11.0
Net book value:
At 1 May 2023
26.5
7.0
1.1
34.6
At 30 April 2024
25.8
0.8
1.4
28.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-319": { "value": "Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their residual value over their estimated useful lives at the following annual rates: Freehold buildings 25 \u2013 50 years Fixtures, fittings and equipment 3 \u2013 12 years Motor vehicles 4 years Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the Income Statement. Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de- recognised. All other repairs and maintenance are charged to the Income Statement during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within net operating expenses in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-286": { "value": "Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their residual value over their estimated useful lives at the following annual rates: Freehold buildings 25 \u2013 50 years Fixtures, fittings and equipment 3 \u2013 12 years Motor vehicles 4 years Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the Income Statement. Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de- recognised. All other repairs and maintenance are charged to the Income Statement during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within net operating expenses in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-254": { "value": "
2.11 Right-of-use assets and lease liabilities
The lease liability is initially measured at the present value of the remaining lease payments, discounted using
the Group\u2019s incremental borrowing rate. The Group determines the borrowing rate from external financing
sources and adjusts this to reflect the term of the lease and the type of assets subject to the lease. The lease
term comprises the non-cancellable period of the contract, together with periods covered by an option to
extend the lease where the Group is reasonably certain to exercise that option. Subsequently, the lease liability
is measured by increasing the carrying amount to reflect interest on the lease liability, and reducing it by the
lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it
will exercise an extension or termination option.
Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability, plus
any initial direct costs and an estimate of asset retirement obligations, less any lease incentives. Subsequently,
right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment
losses, and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated on a
straight line basis over the length of the lease.
The Group has elected to apply exemptions for short-term leases and leases for which the underlying asset is
of low value. For these leases, payments are charged to the Income Statement on a straight line basis over the
term of the relevant lease.
Right-of-use assets are presented separately in non-current assets on the face of the Consolidated Statement
of Financial Position and lease liabilities are shown separately on the Consolidated Statement of Financial
Position in current liabilities and non-current liabilities depending on the length of the lease term.
Leasehold Motor
property vehicles Total
\u00a3m \u00a3m \u00a3m
Cost:
At 1 May 2024
13.6
0.9
14.5
Additions
2.0
0.1
2.1
Disposals
\u2013
\u2013
\u2013
At 30 April 2025
15.6
1.0
16.6
Accumulated depreciation:
At 1 May 2024
9.5
0.7
10.2
Charge for the year
2.1
0.1
2.2
Disposals
\u2013
\u2013
\u2013
At 30 April 2025
11.6
0.8
12.4
Net book value:
At 1 May 2024
4.1
0.2
4.3
At 30 April 2025
4.0
0.2
4.2
Lease liabilities included in the Consolidated Statement of Financial Position:
2025 2024
\u00a3m \u00a3m
Current
2.0
2.1
Non-current
2.3
2.3
Total
4.3
4.4
Amounts recognised in the Consolidated Income Statement:
2025 2024
\u00a3m \u00a3m
Depreciation charged on right-of-use assets \u2013 Office buildings
2.1
2.4
Depreciation charged on right-of-use assets \u2013 Motor vehicles
0.1
0.1
Interest on lease liabilities
0.2
0.1
Total
2.4
2.6
The total cash outflow for leases in 2025 was \u00a32.3 million (2024: \u00a32.3 million) .", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-320": { "value": "2.11 Right-of-use assets and lease liabilities The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The Group determines the borrowing rate from external financing sources and adjusts this to reflect the term of the lease and the type of assets subject to the lease. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option. Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, and reducing it by the lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it will exercise an extension or termination option. Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability, plus any initial direct costs and an estimate of asset retirement obligations, less any lease incentives. Subsequently, right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses, and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated on a straight line basis over the length of the lease. The Group has elected to apply exemptions for short-term leases and leases for which the underlying asset is of low value. For these leases, payments are charged to the Income Statement on a straight line basis over the term of the relevant lease. Right-of-use assets are presented separately in non-current assets on the face of the Consolidated Statement of Financial Position and lease liabilities are shown separately on the Consolidated Statement of Financial Position in current liabilities and non-current liabilities depending on the length of the lease term.
Leasehold Motor
property vehicles Total
\u00a3m \u00a3m \u00a3m
Cost:
At 1 May 2024
13.6
0.9
14.5
Additions
2.0
0.1
2.1
Disposals
\u2013
\u2013
\u2013
At 30 April 2025
15.6
1.0
16.6
Accumulated depreciation:
At 1 May 2024
9.5
0.7
10.2
Charge for the year
2.1
0.1
2.2
Disposals
\u2013
\u2013
\u2013
At 30 April 2025
11.6
0.8
12.4
Net book value:
At 1 May 2024
4.1
0.2
4.3
At 30 April 2025
4.0
0.2
4.2
Lease liabilities included in the Consolidated Statement of Financial Position:
2025 2024
\u00a3m \u00a3m
Current
2.0
2.1
Non-current
2.3
2.3
Total
4.3
4.4
Amounts recognised in the Consolidated Income Statement:
2025 2024
\u00a3m \u00a3m
Depreciation charged on right-of-use assets \u2013 Office buildings
2.1
2.4
Depreciation charged on right-of-use assets \u2013 Motor vehicles
0.1
0.1
Interest on lease liabilities
0.2
0.1
Total
2.4
2.6
The total cash outflow for leases in 2025 was \u00a32.3 million (2024: \u00a32.3 million) ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-288": { "value": "The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The Group determines the borrowing rate from external financing sources and adjusts this to reflect the term of the lease and the type of assets subject to the lease. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option. Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, and reducing it by the lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it will exercise an extension or termination option. Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability, plus any initial direct costs and an estimate of asset retirement obligations, less any lease incentives. Subsequently, right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses, and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated on a straight line basis over the length of the lease. The Group has elected to apply exemptions for short-term leases and leases for which the underlying asset is of low value. For these leases, payments are charged to the Income Statement on a straight line basis over the term of the relevant lease. Right-of-use assets are presented separately in non-current assets on the face of the Consolidated Statement of Financial Position and lease liabilities are shown separately on the Consolidated Statement of Financial Position in current liabilities and non-current liabilities depending on the length of the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-332": { "value": "2.12 Investments in joint ventures Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. For loans to joint ventures, the Group assesses at each reporting
date, the value of the loans against future cash flows. For any credit losses, the carrying value of the asset is
reduced through the write off of the loan amounts recognised in the Income Statement within share of profit
or loss in joint ventures. Management fees received and other recharges to joint ventures are recorded in the Income Statement.
2025 2024
\u00a3m \u00a3m
Loans
55.5
53.8
Share of post acquisition reserves
187.9
173.2
243.4
227.0
Details of the joint ventures are provided in Notes 2.26 and 2.27.
2025 2024
\u00a3m \u00a3m
At 1 May
227.0
223.4
Group\u2019s share of profit after taxation for the year
14.7
65.6
Increase in loans to joint ventures
1.7
12.9
Dividends from joint ventures (St Edward)
\u2013
(74.9)
At 30 April
243.4
227.0
The Group\u2019s share of joint ventures\u2019 net assets, income and expenses is comprised as follows:
St Edward Other Total
2025 \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
278.1
1.5
279.6
Other current assets
262.6
63.5
326.1
Current assets
540.7
65.0
605.7
Current liabilities
(89.0)
(2.3)
(91.3)
Non\u2013current financial liabilities*
(72.9)
(65.7)
(138.6)
Net assets/(liabilities) (at 100%)
378.8
(3.0)
375.8
Group share of net assets/(liabilities) (50%)
189.4
(1.5)
187.9
Loans to joint ventures
22.6
32.9
55.5
Total interest in joint ventures
212.0
31.4
243.4
Revenue
144.6
0.2
144.8
Costs
(122.9)
(1.5)
(124.4)
Operating profit/(loss)
21.7
(1.3)
20.4
Net finance income/(costs)
10.2
(0.6)
9.6
Profit/(loss) before taxation for the year
31.9
(1.9)
30.0
Tax charge
(0.6)
\u2013
(0.6)
Profit/(loss) after taxation and total comprehensive income/(expense)
(100%)
31.3
(1.9)
29.4
Group share of post tax profit/(loss) of joint ventures (50%)
15.7
(1.0)
14.7
* Non-current financial liabilities include amounts owed to joint venture partners The Other joint ventures in the table comprise asset specific 50/50 joint ventures \u2013 Latimer Developments Limited and SEGRO Properties Limited.
St Edward Other Total
2024 \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
229.8
0.4
230.2
Other current assets
287.0
61.3
348.3
Current assets
516.8
61.7
578.5
Current liabilities
(109.2)
(0.6)
(109.8)
Non\u2013current financial liabilities*
(59.8)
(62.5)
(122.3)
Net assets/(liabilities) (at 100%)
347. 8
(1.4)
346.4
Group share of net assets/(liabilities) (50%)
173.9
(0.7)
173.2
Loans to joint ventures
22.6
31.2
53.8
Total interest in joint ventures
196.5
30.5
227.0
Revenue
326.8
\u2013
326.8
Costs
(204.4)
(0.3)
(204.7)
Operating profit/(loss)
122.4
(0.3)
122.1
Net finance income/(costs)
10.4
(0.5)
9.9
Profit/(loss) before taxation for the year
132.8
(0.8)
132.0
Tax charge
(0.8)
\u2013
(0.8)
Profit/(loss) after taxation and total comprehensive income/(expense)
(100%)
132.0
(0.8)
131.2
Group share of post tax profit/(loss) of joint ventures (50%)
66.0
(0.4)
65.6
* Non-current financial liabilities include amounts owed to joint venture partners. (a) Subsidiaries In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries, partnerships, associates, joint ventures and joint arrangements, the country of incorporation, the registered address and the effective percentage of equity owned, as at 30 April 2025 is disclosed below. The Berkeley Group plc is the only direct subsidiary of The Berkeley Group Holdings plc and is an intermediate holding company. All wholly owned and partly owned subsidiaries are included in the consolidation and all associated undertakings are included in the Group\u2019s financial statements. All of the companies listed below are incorporated in England and Wales and have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.
Agents of Berkeley Commercial Developments Limited
Ely Business Park Limited
Agents of Berkeley Homes (Central London) Limited
Chelsea Bridge Wharf (Block A) Limited
Chelsea Bridge Wharf (C North) Limited
Chelsea Bridge Wharf (Block B) Limited
Chelsea Bridge Wharf (C South) Limited
Chelsea Bridge Wharf (Block P) Limited
Agents of Berkeley Homes (Hampshire) Limited
Berkeley Homes (South Western House No. 1) Limited
Agents of Berkeley Homes public limited company
Berkeley (Canalside) Limited
Berkeley Homes (Surrey) Limited
Berkeley Build Limited
Berkeley Homes (Thames Gateway) Limited
Berkeley Fifty-Five Limited
Berkeley Homes (Thames Valley) Limited
Berkeley Forty-Five Limited
(i)
Berkeley Homes (Three Valleys) Limited
Berkeley Forty-Four plc
Berkeley Homes (Urban Developments) Limited
Berkeley Gateway Limited
Berkeley Homes (Urban Living) Limited
Berkeley Homes (Barn Elms) Limited
Berkeley Homes (Urban Renaissance) Limited
Berkeley Homes (Capital) plc
Berkeley Homes (Western) Limited
Berkeley Homes (Central & West London)
Public Limited Company
Berkeley Homes (West London) Limited
Berkeley Homes (Central London) Limited
Berkeley Homes (West Thames) Limited
Berkeley Homes (Chiltern) Limited
Berkeley Modular Limited
Berkeley Homes (East Anglia) Limited
Berkeley Ninety-One Limited
Berkeley Homes (East Kent) Limited
Berkeley Partnership Homes Limited
Berkeley Homes (East Thames) Limited
Berkeley Seven Limited
Berkeley Homes (Eastern Counties) Limited
Berkeley STE Limited
Berkeley Homes (Eastern) Limited
Berkeley SW Management Limited
Berkeley Homes (Festival Waterfront Company) Limited
Berkeley Urban Renaissance Limited
Berkeley Homes (Hampshire) Limited
Clare Homes Limited
Berkeley Homes (Home Counties) plc
Lisa Estates (St Albans) Limited
Berkeley Homes (North East London) Limited
PEL Investments Limited
Berkeley Homes (Oxford & Chiltern) Limited
St John Homes Limited
(viii)
Berkeley Homes (South East London) Limited
St Joseph Homes Limited
Berkeley Homes (South London) Limited
Stanmore Relocations Limited
Berkeley Homes (Southern) Limited
Tabard Square (Building C) Limited
Agents of Berkeley Twenty Limited
Thirlstone Homes (Western) Limited
Thirlstone Homes Limited
Agents of St George Central London Limited
Castle Court Putney Wharf Limited
Imperial Wharf (Block J) Ltd
Imperial Wharf (Block C) Limited
Imperial Wharf (Riverside Tower) Residential Limited
Agents of St George plc
St George Central London Limited
St George North London Limited
St George City Limited
St George South and Central London Limited
St George Developments Limited
St George South London Ltd
(vii)
St George Kings Cross Limited
St George West London Ltd
(ii)
Agents of St George South London Ltd
Battersea Reach Estate Company Limited
Riverside West (Block D) Residential Limited
Kensington Westside No. 2 Limited
Riverside West Car Park Limited
Putney Wharf Estate Limited
St George Wharf (Block B) Limited
Riverside West (Block C) Commercial Limited
St George Wharf (Block C) Limited
Riverside West (Block C) Residential Limited
St. George Wharf (Block D) Commercial Limited
Riverside West (Block D) Commercial Limited
St George Wharf Car Park Limited
Agents of St John Homes Limited
Berkeley Sixty-Six Limited
Non-Agency Companies
(v)
Ancestral Homes Limited
Berkeley Fifty-Two Limited
Berkeley (Inner-City Partnerships) Limited
Berkeley First Limited
Berkeley (SQP) Limited
Berkeley Five Limited
Berkeley (Virginia Water) Limited
(i)
Berkeley Forty Limited
Berkeley Affordable Homes Limited
Berkeley Forty-Nine Limited
Berkeley Asset MSA Limited
Berkeley Forty-Seven Limited
Berkeley College Homes Limited
Berkeley Forty-Six Limited
Berkeley Commercial Developments Limited
Berkeley Forty-Three Limited
Berkeley Commercial Investments Limited
Berkeley Forty-Two Limited
Berkeley Commercial Limited
Berkeley Fourteen Limited
Berkeley Community Villages Limited
Berkeley Group Pension Trustees Limited
Berkeley Construction Limited
Berkeley Group Services Limited
Berkeley Developments Limited
(i)
Berkeley Group SIP Trustee Limited
Berkeley Eighteen Limited
Berkeley Guarantee One Limited
\u2020
Berkeley Eighty Limited
Berkeley Homes (Carmelite) Limited
Berkeley Eighty-One Limited
Berkeley Homes (Chertsey) Limited
Berkeley Eighty-Three Limited
Berkeley Homes (City & East London) Limited
Berkeley Eighty-Two Limited
Berkeley Homes (City) Limited
Berkeley Enterprises Limited
Berkeley Homes (Dorset) Limited
Berkeley Festival Development Limited
Berkeley Homes (East London) Limited
Berkeley Festival Hotels Limited
Berkeley Homes (Essex) Limited
Berkeley Festival Investments Limited
Berkeley Homes (Fleet) Limited
(i)
Berkeley Festival Limited
Berkeley Homes (Greater London) Limited
Berkeley Fifty Limited
Berkeley Homes (Hertfordshire & Cambridgeshire) Limited
Berkeley Fifty-Eight Limited
Berkeley Homes (Kent) Limited
Non-Agency Companies
(v)
Berkeley Fifty-Four Limited
Berkeley Homes (North Western) Limited
(i)
Berkeley Fifty-Nine Limited
Berkeley Homes (PCL) Limited
Berkeley Fifty-One Limited
Berkeley Homes (South) Limited
Berkeley Fifty-Seven Limited
Berkeley Homes (Southall) Limited
Berkeley Homes (Southern Counties) Limited
Berkeley One Hundred and Fifty-One Limited
Berkeley Homes (Stanmore) Limited
Berkeley One Hundred and Fifty-Seven Limited
Berkeley Homes Group Limited
Berkeley One Hundred and Fifty-Six Limited
Berkeley Homes public limited company
(iii) (viii)
Berkeley One Hundred and Fifty-Three Limited
Berkeley London Residential Limited
Berkeley One Hundred and Fifty-Two Limited
Berkeley Manhattan Limited
Berkeley One Hundred and Five Limited
Berkeley Ninety-Eight Limited
Berkeley One Hundred and Forty Limited
Berkeley Ninety-Five Limited
Berkeley One Hundred and Forty-Eight Limited
Berkeley Ninety-Nine Limited
Berkeley One Hundred and Forty-Five Limited
Berkeley Ninety-Seven Limited
Berkeley One Hundred and Forty-Four Limited
Berkeley Ninety-Six Limited
Berkeley One Hundred and Forty-Nine Limited
Berkeley Number Four Limited
Berkeley One Hundred and Forty-One Limited
Berkeley Number Seven Limited
Berkeley One Hundred and Forty-Seven Limited
Berkeley Number Six Limited
Berkeley One Hundred and Forty-Six Limited
Berkeley One Hundred and Eight Limited
Berkeley One Hundred and Four Limited
Berkeley One Hundred and Eighteen Limited
Berkeley One Hundred and Nine Limited
Berkeley One Hundred and Eighty Limited
Berkeley One Hundred and Ninety Limited
Berkeley One Hundred and Eighty-Eight Limited
Berkeley One Hundred and Ninety-Eight Limited
Berkeley One Hundred and Eighty-Five Limited
Berkeley One Hundred and Ninety-Five Limited
Berkeley One Hundred and Eighty-Nine Limited
Berkeley One Hundred and Ninety-Four Limited
Berkeley One Hundred and Eighty-One Limited
Berkeley One Hundred and Ninety-Nine Limited
Berkeley One Hundred and Eighty-Seven Limited
Berkeley One Hundred and Ninety-Seven Limited
Berkeley One Hundred and Eighty-Two Limited
Berkeley One Hundred and Ninety-Six Limited
Berkeley One Hundred and Fifteen Limited
Berkeley One Hundred and One Limited
Berkeley One Hundred and Fifty Limited
Berkeley One Hundred and Seven Limited
Berkeley One Hundred and Fifty-Eight Limited
Berkeley One Hundred and Seventeen Limited
Berkeley One Hundred and Fifty-Five Limited
Berkeley One Hundred and Seventy-Eight Limited
Berkeley One Hundred and Fifty-Four Limited
Berkeley One Hundred and Seventy-Five Limited
Berkeley One Hundred and Fifty-Nine Limited
Berkeley One Hundred and Seventy-Four Limited
Berkeley One Hundred and Seventy-Nine Limited
Berkeley One Hundred and Twenty-Nine Limited
Berkeley One Hundred and Seventy-One Limited
Berkeley One Hundred and Twenty-One Limited
Berkeley One Hundred and Seventy-Seven Limited
Berkeley One Hundred and Twenty-Seven Limited
Berkeley One Hundred and Seventy-Six Limited
Berkeley One Hundred and Twenty-Six Limited
Berkeley One Hundred and Seventy-Three Limited
Berkeley One Hundred and Twenty-Three Limited
Berkeley One Hundred and Seventy-Two Limited
Berkeley One Hundred and Twenty-Two Limited
Berkeley One Hundred and Six Limited
Berkeley One Hundred and Two Limited
Berkeley One Hundred and Sixteen Limited
Berkeley Portsmouth Harbour Limited
Berkeley One Hundred and Sixty-Five Limited
Berkeley Portsmouth Waterfront Limited
Berkeley One Hundred and Sixty-Four Limited
Berkeley Properties Limited
(i)
Berkeley One Hundred and Sixty-One Limited
Berkeley Residential Limited
(i)
Berkeley One Hundred and Sixty-Six Limited
Berkeley Ryewood Limited
Berkeley One Hundred and Sixty-Three Limited
Berkeley Seventy Limited
Berkeley One Hundred and Thirteen Limited
Berkeley Seventy-Four Limited
Berkeley One Hundred and Thirty Limited
Berkeley Seventy-One plc
(vii)
Non-Agency Companies
(v)
Berkeley One Hundred and Thirty-Eight Limited
Berkeley Seventy-Seven Limited
Berkeley One Hundred and Thirty-Five Limited
Berkeley Seventy-Six Limited
Berkeley One Hundred and Thirty-Four Limited
Berkeley Seventy-Three Limited
Berkeley One Hundred and Thirty-Nine Limited
Berkeley Seventy-Two Limited
Berkeley One Hundred and Thirty-One Limited
Berkeley Sixty Limited
Berkeley One Hundred and Thirty-Seven Limited
Berkeley Sixty-Eight Limited
Berkeley One Hundred and Thirty-Six Limited
Berkeley Sixty-Five Limited
Berkeley One Hundred and Thirty-Three Limited
Berkeley Sixty-Four Limited
Berkeley One Hundred and Thirty-Two Limited
Berkeley Sixty-Nine Limited
Berkeley One Hundred and Three Limited
Berkeley Sixty-One Limited
Berkeley One Hundred and Twenty Limited
Berkeley Special Projects Limited
Berkeley One Hundred and Twenty-Eight Limited
Berkeley Strategic Land Limited
(vii)
Berkeley One Hundred and Twenty-Five Limited
Berkeley Sustainable Communities Limited
Berkeley One Hundred and Twenty-Four Limited
Berkeley Thirty-Eight Limited
Berkeley Thirty-Nine Limited
Berkeley Two Hundred and Forty-Six Limited
Berkeley Thirty-Three Limited
Berkeley Two Hundred and Forty-Three Limited
Berkeley Three Limited
Berkeley Two Hundred and Forty-Two Limited
Berkeley Twenty Limited
Berkeley Two Hundred and Fourteen Limited
Berkeley Twenty-Eight Limited
Berkeley Two Hundred and Nine Limited
Berkeley Twenty-Four Limited
Berkeley Two Hundred and Nineteen Limited
Berkeley Twenty-Nine Limited
Berkeley Two Hundred and One Limited
(i)
Berkeley Twenty-Seven Limited
Berkeley Two Hundred and Seven Limited
Berkeley Twenty-Three Limited
Berkeley Two Hundred and Seventeen Limited
Berkeley Twenty-Two Limited
Berkeley Two Hundred and Seventy Limited
Berkeley Two Hundred and Eight Limited
Berkeley Two Hundred and Seventy-One Limited
Berkeley Two Hundred and Eighteen Limited
Berkeley Two Hundred and Sixty Limited
Berkeley Two Hundred and Eleven Limited
Berkeley Two Hundred and Sixty-Eight Limited
Berkeley Two Hundred and Fifty Limited
Berkeley Two Hundred and Sixty-Four Limited
Berkeley Two Hundred and Fifty-Eight Limited
Berkeley Two Hundred and Sixty-Nine Limited
Berkeley Two Hundred and Fifty-Five Limited
Berkeley Two Hundred and Sixty-Seven Limited
Berkeley Two Hundred and Fifty-Four Limited
Berkeley Two Hundred and Sixty-Six Limited
Berkeley Two Hundred and Fifty-Nine Limited
Berkeley Two Hundred and Sixty-Three Limited
Berkeley Two Hundred and Fifty-One Limited
Berkeley Two Hundred and Sixty-Two Limited
Berkeley Two Hundred and Fifty-Seven Limited
Berkeley Two Hundred and Thirteen Limited
Berkeley Two Hundred and Fifty-Six Limited
Berkeley Two Hundred and Thirty Limited
Berkeley Two Hundred and Fifty-Three Limited
Berkeley Two Hundred and Thirty-Four Limited
Berkeley Two Hundred and Fifty-Two Limited
Berkeley Two Hundred and Thirty-One Limited
Berkeley Two Hundred and Five Limited
Berkeley Two Hundred and Thirty-Six Limited
Berkeley Two Hundred and Forty-Eight Limited
Berkeley Two Hundred and Thirty-Three Limited
Berkeley Two Hundred and Forty-Five Limited
Berkeley Two Hundred and Thirty-Two Limited
Berkeley Two Hundred and Forty-Four Limited
Berkeley Two Hundred and Three Limited
Berkeley Two Hundred and Forty-Nine Limited
Berkeley Two Hundred and Twelve Limited
Berkeley Two Hundred and Forty-Seven Limited
Berkeley Two Hundred and Twenty Limited
Berkeley Two Hundred and Twenty-Eight Limited
Great Woodcote Park Management Limited
Berkeley Two Hundred and Twenty-Four Limited
Hertfordshire Homes Limited
Berkeley Two Hundred and Twenty-Nine Limited
Historic Homes Limited
Berkeley Two Hundred and Twenty-Seven Limited
Kentdean Limited
Non-Agency Companies
(v)
Berkeley Two Hundred and Twenty-Six Limited
One Tower Bridge Limited
Berkeley Two Hundred and Twenty-Three Limited
Oval Works Limited
Berkeley Two Hundred and Twenty-Two Limited
Paddington Green Propco Limited
Berkeley Two Hundred and Two Limited
Quod Erat Demonstrandum Properties Limited
Berkeley Two Hundred Limited
Retirement Homes Limited
Berkeley Ventures Limited
Royal Clarence Yard (Marina) Limited
BH (City Forum) Limited
Royal Clarence Yard (Phase A) Limited
Boardcable Limited
(viii)
Royal Clarence Yard (Phase B) Limited
Bromyard House (Car Park) Limited
Royal Clarence Yard (Phase C) Limited
Bromyard House (Freehold) Limited
Royal Clarence Yard (Phase E) Limited
Bromyard House (North) Limited
Royal Clarence Yard (Phase G) Management
Company Limited
Bromyard House Limited
Royal Clarence Yard (Phase H) Limited
BWW Management Limited
(viii)
Royal Clarence Yard (Phase I) Limited
Charco 143 Limited
(i)
Royal Clarence Yard (Phase K) Management
Company Limited
Chelsea Bridge Wharf (Management Company) Limited
Royal Clarence Yard Estate Limited
Chelsea Bridge Wharf Car Park Limited
(viii)
Sandgates Developments Limited
(i)
Community Housing Action Limited
Sitesecure Limited
Community Villages Limited
SJC (Highgate) Limited
(viii)
CPWGCO 1 Limited
South Quay Plaza Management Limited (62.5%)
(vi)
Drummond Road (Number 1) Ltd
St Edward Limited
Drummond Road (Number 2) Ltd
St George (Crawford Street) Limited
Exchange Place No.2 Limited
St George (Queenstown Place) Limited
Fishguard Bridge Limited
St George Blackfriars Limited
Fishguard Tunnel Limited
St George Commercial Limited
St George Ealing Limited
St William Nine Limited
St. George Eastern Ltd
St William Nineteen Limited
St. George Inner Cities Ltd.
St William One Ltd
St. George Investments Ltd
St William Seven Limited
St. George London Ltd
St William Seventeen Limited
St George Northfields Limited
St William Six Limited
St. George Partnerships Ltd
St William Sixteen Limited
St George plc
(iv)
St William Ten Limited
St George Project Management Limited
St William Thirteen Limited
St. George Properties Ltd.
St William Three Ltd
St George Real Estate Limited
St William Twelve Limited
St George Regeneration Limited
St William Twenty Limited
St. George Southern Ltd
St William Twenty-Eight Limited
St. George Western Ltd
St William Twenty-Five Limited
St George Wharf Hotel Limited
St William Twenty-Four Limited
St. George\u2019s Hill Property Company Limited
St William Twenty-One Limited
St James Group Limited
St William Twenty-Seven Limited
St James Homes (Grosvenor Dock) Limited
St William Twenty-Six Limited
St James Homes Limited
(viii)
St William Twenty-Three Limited
St Katharine Homes Limited
(ix)
St William Twenty-Two Limited
St William Eight Limited
St William Two Ltd
St William Eighteen Limited
Tabard Square (Building A) Limited
St William Eleven Limited
Tabard Square (Building B) Limited
St William Fifteen Limited
Tabard Square (Car Park) Limited
Non-Agency Companies
(v)
St William Five Limited
TBG (3)
2009
Limited
St William Four Ltd
The Berkeley Festival Waterfront Company Limited
St William Fourteen Limited
The Berkeley Group plc
St William Holdings Limited
The Millennium Festival Leisure Company Limited
St William Homes LLP
\u2020
The Oxford Gateway Development Company Limited
The Tower, One St George Wharf Limited
(i)
Thirlstone plc
(ii)
Thirlstone (JLP) Limited
Woodside Road Limited
Thirlstone Commercial Limited
(i) A ordinary and B ordinary shares (ii) Ordinary and preference shares (iii) Ordinary and deferred shares (iv) Ordinary, deferred and preference shares (v) List contains companies that are a principal to agency agreements but are not agents themselves (vi) Registered office is 83 The Avenue, Sunbury-On-Thames, Middlesex, TW16 5HZ (vii) Ordinary and redeemable preference shares (viii) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG (ix) Formerly known as Berkeley Forty-Eight Limited \u2020 Partnership with no share capital The subsidiary companies listed below are incorporated outside of England and Wales. Their country of incorporation and registered offices are listed below. Their principal activities continue to be that of residential-led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.
Country of
incorporation
Registered office
Aragon Investments Limited
(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Berkeley (Carnwath Road) Limited
Isle of Man
First Floor, Jubilee Buildings, Victoria Street, Douglas, IM1
2SH, Isle of Man
Berkeley (Hong Kong) Limited
Hong Kong
3806
Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
Berkeley Homes Special Contracts
Scotland
Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN
Public Limited
(iii)
Berkeley Property Investments Limited
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Berkeley Real Estate Consulting (Beijing)
China
Unit 1902,
floor 19, No.1, Guanghua Road, ChaoYang District,
Co. Limited
*
Beijing, China
Berkeley Residential (Singapore) Limited
Singapore
77 Robinson Road, #13-00 Robinson 77, Singapore 068896
Berkeley Whitehart Investments Limited
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Real Star Investments Limited
(i)(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Silverdale One Limited
(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
St George Battersea Reach Limited
Jersey
2 Hill Street, St. Helier, JE2 4UA, Jersey
(i) Agency company of St James Group Limited (ii) Non-UK nominee company (iii) Ordinary, A deferred and B deferred shares * Accounting date of 31 December (b) Joint ventures At 30 April 2025, the Group had an interest in the following joint ventures which have been equity accounted to 30 April and have an accounting date of 30 April unless otherwise indicated. All of the companies listed below are incorporated in England and Wales and have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-led mixed use development and ancillary activities. All of the companies are 50% owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.
Berkeley Carlton Holdings Limited
(ii)
St Edward Homes Number Five Limited
**
Berkeley Sutton Limited
(ii)
St Edward Homes Number Four Limited
**
Diniwe One Limited
St Edward Homes Number One Limited
**
Diniwe Two Limited
St Edward Homes Number Three Limited
**(v)
Berkeley Latimer Estates Limited
(ii) (v)***
St Edward Homes Number Two Limited
**
Berkeley Two Hundred and Sixty-Five LLP
(i)(vi)
St Edward Homes Partnership Freeholds Limited
Mayflower Residential Limited
(ii) (v)***
St Edward Strand Partnership Freeholds Limited
Segro V-Park Grand Union LLP
*\u2020
St George Little Britain (No. 1) Limited
(ii)
SEH Manager Limited
St George Little Britain (No.2) Limited
(ii)
SEH Nominee Limited
Strand Property Unit Trust (unregistered)
SES Manager Limited
(ii)
The St Edward Homes Partnership
(unregistered partnership)
(i)
SES Nominee Limited
The St Edward (Strand) Partnership
(unregistered partnership)
(i)
St Edward Homes Limited
(iii)
U B Developments Limited
(iv) (v)
(i) Partnership with no share capital (ii) A ordinary and B ordinary shares (iii) A ordinary, B ordinary, C preference and D preference shares (iv) B ordinary shares (v) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG (vi) Formerly known as St Katharine Homes LLP * Accounting date of 31 December ** 100% owned by St Edward Homes Limited *** Accounting date of 31 March \u2020 Registered office address is 1 New Burlington Place, London, United Kingdom, W1S 2HR", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-255": { "value": "2.12 Investments in joint ventures Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. For loans to joint ventures, the Group assesses at each reporting
date, the value of the loans against future cash flows. For any credit losses, the carrying value of the asset is
reduced through the write off of the loan amounts recognised in the Income Statement within share of profit
or loss in joint ventures. Management fees received and other recharges to joint ventures are recorded in the Income Statement.
2025 2024
\u00a3m \u00a3m
Loans
55.5
53.8
Share of post acquisition reserves
187.9
173.2
243.4
227.0
Details of the joint ventures are provided in Notes 2.26 and 2.27.
2025 2024
\u00a3m \u00a3m
At 1 May
227.0
223.4
Group\u2019s share of profit after taxation for the year
14.7
65.6
Increase in loans to joint ventures
1.7
12.9
Dividends from joint ventures (St Edward)
\u2013
(74.9)
At 30 April
243.4
227.0
The Group\u2019s share of joint ventures\u2019 net assets, income and expenses is comprised as follows:
St Edward Other Total
2025 \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
278.1
1.5
279.6
Other current assets
262.6
63.5
326.1
Current assets
540.7
65.0
605.7
Current liabilities
(89.0)
(2.3)
(91.3)
Non\u2013current financial liabilities*
(72.9)
(65.7)
(138.6)
Net assets/(liabilities) (at 100%)
378.8
(3.0)
375.8
Group share of net assets/(liabilities) (50%)
189.4
(1.5)
187.9
Loans to joint ventures
22.6
32.9
55.5
Total interest in joint ventures
212.0
31.4
243.4
Revenue
144.6
0.2
144.8
Costs
(122.9)
(1.5)
(124.4)
Operating profit/(loss)
21.7
(1.3)
20.4
Net finance income/(costs)
10.2
(0.6)
9.6
Profit/(loss) before taxation for the year
31.9
(1.9)
30.0
Tax charge
(0.6)
\u2013
(0.6)
Profit/(loss) after taxation and total comprehensive income/(expense)
(100%)
31.3
(1.9)
29.4
Group share of post tax profit/(loss) of joint ventures (50%)
15.7
(1.0)
14.7
* Non-current financial liabilities include amounts owed to joint venture partners
The Other joint ventures in the table comprise asset specific 50/50 joint ventures \u2013 Latimer Developments Limited
and SEGRO Properties Limited.
St Edward Other Total
2024 \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
229.8
0.4
230.2
Other current assets
287.0
61.3
348.3
Current assets
516.8
61.7
578.5
Current liabilities
(109.2)
(0.6)
(109.8)
Non\u2013current financial liabilities*
(59.8)
(62.5)
(122.3)
Net assets/(liabilities) (at 100%)
347. 8
(1.4)
346.4
Group share of net assets/(liabilities) (50%)
173.9
(0.7)
173.2
Loans to joint ventures
22.6
31.2
53.8
Total interest in joint ventures
196.5
30.5
227.0
Revenue
326.8
\u2013
326.8
Costs
(204.4)
(0.3)
(204.7)
Operating profit/(loss)
122.4
(0.3)
122.1
Net finance income/(costs)
10.4
(0.5)
9.9
Profit/(loss) before taxation for the year
132.8
(0.8)
132.0
Tax charge
(0.8)
\u2013
(0.8)
Profit/(loss) after taxation and total comprehensive income/(expense)
(100%)
132.0
(0.8)
131.2
Group share of post tax profit/(loss) of joint ventures (50%)
66.0
(0.4)
65.6
* Non-current financial liabilities include amounts owed to joint venture partners.
(b) Joint ventures At 30 April 2025, the Group had an interest in the following joint ventures which have been equity accounted to 30 April and have an accounting date of 30 April unless otherwise indicated. All of the companies listed below are incorporated in England and Wales and have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-led mixed use development and ancillary activities. All of the companies are 50% owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.
Berkeley Carlton Holdings Limited
(ii)
St Edward Homes Number Five Limited
**
Berkeley Sutton Limited
(ii)
St Edward Homes Number Four Limited
**
Diniwe One Limited
St Edward Homes Number One Limited
**
Diniwe Two Limited
St Edward Homes Number Three Limited
**(v)
Berkeley Latimer Estates Limited
(ii) (v)***
St Edward Homes Number Two Limited
**
Berkeley Two Hundred and Sixty-Five LLP
(i)(vi)
St Edward Homes Partnership Freeholds Limited
Mayflower Residential Limited
(ii) (v)***
St Edward Strand Partnership Freeholds Limited
Segro V-Park Grand Union LLP
*\u2020
St George Little Britain (No. 1) Limited
(ii)
SEH Manager Limited
St George Little Britain (No.2) Limited
(ii)
SEH Nominee Limited
Strand Property Unit Trust (unregistered)
SES Manager Limited
(ii)
The St Edward Homes Partnership
(unregistered partnership)
(i)
SES Nominee Limited
The St Edward (Strand) Partnership
(unregistered partnership)
(i)
St Edward Homes Limited
(iii)
U B Developments Limited
(iv) (v)
(i) Partnership with no share capital (ii) A ordinary and B ordinary shares (iii) A ordinary, B ordinary, C preference and D preference shares (iv) B ordinary shares (v) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG (vi) Formerly known as St Katharine Homes LLP * Accounting date of 31 December ** 100% owned by St Edward Homes Limited *** Accounting date of 31 March \u2020 Registered office address is 1 New Burlington Place, London, United Kingdom, W1S 2HR", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-289": { "value": "Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. For loans to joint ventures, the Group assesses at each reporting
date, the value of the loans against future cash flows. For any credit losses, the carrying value of the asset is
reduced through the write off of the loan amounts recognised in the Income Statement within share of profit
or loss in joint ventures. Management fees received and other recharges to joint ventures are recorded in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-256": { "value": "2.13 Inventories Property in the course of development and completed units are valued at the lower of cost and net realisable value. Direct cost comprises the cost of land, material and development costs but excludes indirect overheads. Provision is made, where appropriate, to reduce the value of inventories and work in progress to their net realisable value. Land purchased for development, including land in the course of development, is initially recorded at cost. Where such land is purchased on deferred settlement terms, and the cost differs from the amount that will subsequently be paid in settling the liability, this difference is charged as a finance cost in the Income Statement over the period to settlement. As residential development is largely speculative by nature, not all inventories are covered by forward sales contracts. Furthermore, due to the nature of the Group\u2019s activity and in particular, the scale of its developments and the length of the development cycle, the Group has to allocate site-wide development costs between units being built and/or completed in the current year and those for future years. It also has to forecast the costs to complete on such developments. In making such assessments and allocations in determining each development\u2019s site margin which is used to estimate cost of sales when revenue is recognised for each unit, there is a degree of inherent estimation uncertainty. In particular due to the need to take account of future direct input costs, sales prices and the need to allocate all site-wide costs on an appropriate basis to reflect the overall level of development risk, including planning risk. The Group has established internal controls designed to effectively assess and centrally review inventory carrying values and ensure the appropriateness of the estimates made. These assessments and allocations evolve over the life of the development in line with the risk profile, and accordingly the margin recognised reflects these evolving estimates. Similarly, these estimates impact the carrying value of inventory at each reporting date as this is a function of costs incurred in the year and the allocation of inventory to costs of sales on each property sold. An increase or decrease to estimated costs recognised in the year, by virtue of a 1% change to forecast development margin, would lead to a change in cost of sales and inventory of \u00a317.6 million in the current financial year (2024: \u00a317.6 million). This sensitivity is based on a reasonably possible scenario and is provided in the absence of a change to any other factor affecting future gross margins on the Group\u2019s developments, such as a change in future sales prices. In addition, the Group has consistently applied its approach to margin recognition in relation to the Group\u2019s particularly complex, long-term regeneration developments where whole-site costs are accelerated to the early stages of the development to reflect the greater uncertainty and the evolution of risk over the life of such developments. These developments, where the development life cycle is typically greater than 10 years, are considered to be particularly susceptible to potential downward shifts in profitability due to the cyclical nature of the property market and its impact on both revenue and costs. As such, the inherent estimation uncertainty is increased. A fundamental principle of the Group\u2019s accounting policy is to reduce the possibility of recognising margin in the early stages of a development that could subsequently reverse. As such, for these long-term sites with greatest estimation uncertainty, a greater proportion of whole-site costs is recognised during the earlier stages of the development up to a point of inflection when such developments are deemed to be sufficiently de- risked. Subsequent to this inflection point, and should the uncertainties have not materialised, margin would increase as the visibility over projected revenue and costs across the development improves. As at 30 April 2025, the greater proportion of whole-site costs recognised in either the current or previous financial years during the earlier stages of the development for the Group\u2019s particularly complex, long-term sites amounted to 4% (2024: 4%) of the future estimated revenue for the specific sites. As with all judgements involving estimation over a long-term horizon, the outcome of future events may affect the eventual accounting outcome.
2025 2024
\u00a3m \u00a3m
Land not under development
554.3
725.8
Work in progress: Land cost
1,692.9
1,715.3
Total land
2,247.2
2,441.1
Work in progress: Build cost
2,467.2
2,632.4
Completed units
337.8
210.4
Total inventories
5,052.2
5,283.9
The key areas of estimation uncertainty described above are relevant to the work in progress and completed stock balances as at 30 April 2025. During the year, an amount of \u00a3143.7 million was transferred from inventory to investment property. Further disclosure is set out in Note 2.9.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-290": { "value": "Property in the course of development and completed units are valued at the lower of cost and net realisable value. Direct cost comprises the cost of land, material and development costs but excludes indirect overheads. Provision is made, where appropriate, to reduce the value of inventories and work in progress to their net realisable value. Land purchased for development, including land in the course of development, is initially recorded at cost. Where such land is purchased on deferred settlement terms, and the cost differs from the amount that will subsequently be paid in settling the liability, this difference is charged as a finance cost in the Income Statement over the period to settlement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-333": { "value": "2.14 Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Expected credit losses are based on the difference between the contracted cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted on an approximation of the original effective interest rate. For trade receivables the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the Income Statement within net operating expenses. When a trade receivable is not collectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against net operating expense in the Income Statement.
2025 2024
\u00a3m \u00a3m
Trade receivables
47. 2
72.5
Other receivables
18.6
23.6
Prepayments and accrued income
23.0
23.7
88.8
119.8
Further disclosures relating to trade receivables are set out in Note 2.24.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-321": { "value": "2.14 Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Expected credit losses are based on the difference between the contracted cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted on an approximation of the original effective interest rate. For trade receivables the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the Income Statement within net operating expenses. When a trade receivable is not collectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against net operating expense in the Income Statement.
2025 2024
\u00a3m \u00a3m
Trade receivables
47. 2
72.5
Other receivables
18.6
23.6
Prepayments and accrued income
23.0
23.7
88.8
119.8
Further disclosures relating to trade receivables are set out in Note 2.24.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-257": { "value": "2.14 Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Expected credit losses are based on the difference between the contracted cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted on an approximation of the original effective interest rate. For trade receivables the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the Income Statement within net operating expenses. When a trade receivable is not collectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against net operating expense in the Income Statement.
2025 2024
\u00a3m \u00a3m
Trade receivables
47. 2
72.5
Other receivables
18.6
23.6
Prepayments and accrued income
23.0
23.7
88.8
119.8
Further disclosures relating to trade receivables are set out in Note 2.24.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-291": { "value": "Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Expected credit losses are based on the difference between the contracted cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted on an approximation of the original effective interest rate. For trade receivables the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the Income Statement within net operating expenses. When a trade receivable is not collectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against net operating expense in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-292": { "value": "
2025 2024
\u00a3m \u00a3m
Trade receivables
47. 2
72.5
Other receivables
18.6
23.6
Prepayments and accrued income
23.0
23.7
88.8
119.8
Further disclosures relating to trade receivables are set out in Note 2.24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-322": { "value": "2.15 Cash and cash equivalents Cash and cash equivalents comprise cash balances in hand and at the bank, including bank overdrafts repayable on demand which form part of the Group\u2019s cash management, for which offset arrangements across Group businesses have been applied where appropriate.
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
1,015.2
1,192.0
Cash and cash equivalents are held at floating interest rates linked to the UK base rate and money market rates, as applicable. Cash equivalents comprise amounts placed in fixed term deposit and notice accounts which are all held in order to meet short-term cash requirements and are subject to an insignificant risk of changes in value. Cash equivalents include an amount of \u00a3150.8 million (2024: \u00a3210.2 million) that is accessible between 90 and 120 days.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-258": { "value": "2.15 Cash and cash equivalents Cash and cash equivalents comprise cash balances in hand and at the bank, including bank overdrafts repayable on demand which form part of the Group\u2019s cash management, for which offset arrangements across Group businesses have been applied where appropriate.
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
1,015.2
1,192.0
Cash and cash equivalents are held at floating interest rates linked to the UK base rate and money market rates, as applicable. Cash equivalents comprise amounts placed in fixed term deposit and notice accounts which are all held in order to meet short-term cash requirements and are subject to an insignificant risk of changes in value. Cash equivalents include an amount of \u00a3150.8 million (2024: \u00a3210.2 million) that is accessible between 90 and 120 days.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-293": { "value": "Cash and cash equivalents comprise cash balances in hand and at the bank, including bank overdrafts repayable on demand which form part of the Group\u2019s cash management, for which offset arrangements across Group businesses have been applied where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-334": { "value": "2.16 Trade and other payables New property deposits and on account contract receipts are held within current trade and other payables. Deposits and on account contract receipts are non-refundable and are recorded as a liability on receipt. They are released to the Income Statement, as revenue, upon legal completion. Trade and other payables on normal terms are not interest bearing and are stated at their nominal value which is considered to be their fair value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to nominal value is amortised over the period of the credit term and charged to finance costs. Deferred revenue relates to consideration received in advance of units being delivered. Revenue is recognised in the Income Statement as control is passed to the customer, which has either been determined as the point of legal completion or, on contracts where the customer controls the property during construction, over time with reference to the stage of completion.
2025 2024
\u00a3m \u00a3m
Current
Trade payables
(838.1)
(736.6)
Deposits and on account contract receipts
(711.5)
(907.7)
Other taxes and social security
(5.5)
(9.5)
Deferred income
(37.2)
(52.9)
Accruals
(166.1)
(171.3)
(1,758.4)
(1,878.0)
Non-current
Trade payables
(462.8)
(683.6)
Total trade and other payables
(2,221.2)
(2,561.6)
The reduction in deferred income of \u00a330.9 million (2024: \u00a335.5 million) in the year has been recorded as revenue in the Income Statement. All amounts included above are unsecured. The total of \u00a35.5 million (2024: \u00a39.5 million) for other taxes and social security includes \u00a32.7 million (2024: \u00a34.6 million) for Employer\u2019s National Insurance provision in respect of share based payments. Further disclosures relating to current trade and non-current trade payables are set out in Note 2.24.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-323": { "value": "2.16 Trade and other payables New property deposits and on account contract receipts are held within current trade and other payables. Deposits and on account contract receipts are non-refundable and are recorded as a liability on receipt. They are released to the Income Statement, as revenue, upon legal completion. Trade and other payables on normal terms are not interest bearing and are stated at their nominal value which is considered to be their fair value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to nominal value is amortised over the period of the credit term and charged to finance costs. Deferred revenue relates to consideration received in advance of units being delivered. Revenue is recognised in the Income Statement as control is passed to the customer, which has either been determined as the point of legal completion or, on contracts where the customer controls the property during construction, over time with reference to the stage of completion.
2025 2024
\u00a3m \u00a3m
Current
Trade payables
(838.1)
(736.6)
Deposits and on account contract receipts
(711.5)
(907.7)
Other taxes and social security
(5.5)
(9.5)
Deferred income
(37.2)
(52.9)
Accruals
(166.1)
(171.3)
(1,758.4)
(1,878.0)
Non-current
Trade payables
(462.8)
(683.6)
Total trade and other payables
(2,221.2)
(2,561.6)
The reduction in deferred income of \u00a330.9 million (2024: \u00a335.5 million) in the year has been recorded as revenue in the Income Statement. All amounts included above are unsecured. The total of \u00a35.5 million (2024: \u00a39.5 million) for other taxes and social security includes \u00a32.7 million (2024: \u00a34.6 million) for Employer\u2019s National Insurance provision in respect of share based payments. Further disclosures relating to current trade and non-current trade payables are set out in Note 2.24.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-259": { "value": "2.16 Trade and other payables New property deposits and on account contract receipts are held within current trade and other payables. Deposits and on account contract receipts are non-refundable and are recorded as a liability on receipt. They are released to the Income Statement, as revenue, upon legal completion. Trade and other payables on normal terms are not interest bearing and are stated at their nominal value which is considered to be their fair value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to nominal value is amortised over the period of the credit term and charged to finance costs. Deferred revenue relates to consideration received in advance of units being delivered. Revenue is recognised in the Income Statement as control is passed to the customer, which has either been determined as the point of legal completion or, on contracts where the customer controls the property during construction, over time with reference to the stage of completion.
2025 2024
\u00a3m \u00a3m
Current
Trade payables
(838.1)
(736.6)
Deposits and on account contract receipts
(711.5)
(907.7)
Other taxes and social security
(5.5)
(9.5)
Deferred income
(37.2)
(52.9)
Accruals
(166.1)
(171.3)
(1,758.4)
(1,878.0)
Non-current
Trade payables
(462.8)
(683.6)
Total trade and other payables
(2,221.2)
(2,561.6)
The reduction in deferred income of \u00a330.9 million (2024: \u00a335.5 million) in the year has been recorded as revenue in
the Income Statement.
All amounts included above are unsecured. The total of \u00a35.5 million (2024: \u00a39.5 million) for other taxes and social
security includes \u00a32.7 million (2024: \u00a34.6 million) for Employer\u2019s National Insurance provision in respect of share
based payments.
Further disclosures relating to current trade and non-current trade payables are set out in Note 2.24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-294": { "value": "New property deposits and on account contract receipts are held within current trade and other payables. Deposits and on account contract receipts are non-refundable and are recorded as a liability on receipt. They are released to the Income Statement, as revenue, upon legal completion. Trade and other payables on normal terms are not interest bearing and are stated at their nominal value which is considered to be their fair value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to nominal value is amortised over the period of the credit term and charged to finance costs. Deferred revenue relates to consideration received in advance of units being delivered. Revenue is recognised in the Income Statement as control is passed to the customer, which has either been determined as the point of legal completion or, on contracts where the customer controls the property during construction, over time with reference to the stage of completion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-295": { "value": "
2025 2024
\u00a3m \u00a3m
Current
Trade payables
(838.1)
(736.6)
Deposits and on account contract receipts
(711.5)
(907.7)
Other taxes and social security
(5.5)
(9.5)
Deferred income
(37.2)
(52.9)
Accruals
(166.1)
(171.3)
(1,758.4)
(1,878.0)
Non-current
Trade payables
(462.8)
(683.6)
Total trade and other payables
(2,221.2)
(2,561.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-352": { "value": "
2025 2024
\u00a3m \u00a3m
Current
Trade payables
(838.1)
(736.6)
Deposits and on account contract receipts
(711.5)
(907.7)
Other taxes and social security
(5.5)
(9.5)
Deferred income
(37.2)
(52.9)
Accruals
(166.1)
(171.3)
(1,758.4)
(1,878.0)
Non-current
Trade payables
(462.8)
(683.6)
Total trade and other payables
(2,221.2)
(2,561.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-347": { "value": "2025 2024 \u00a3m \u00a3m Current Trade payables (838.1) (736.6) Deposits and on account contract receipts (711.5) (907.7) Other taxes and social security (5.5) (9.5) Deferred income (37.2) (52.9) Accruals (166.1) (171.3) (1,758.4) (1,878.0) ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-346": { "value": "Non-current Trade payables (462.8) (683.6) ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-324": { "value": "2.17 Provisions for liabilities and charges Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle that obligation, and the amount has been reliably estimated. The Group makes assumptions to determine the timing and its best estimate of the quantum of its construction and other liabilities for which provisions are held. Provisions include a best estimate of the expected value of its post completion development obligations in respect of the construction of the Group\u2019s portfolio of complex mixed use property developments which are expected to be incurred in the ordinary course of business, based on historical experience of the Group\u2019s sites and current site-specific risks, including matters relating to building fire-safety, but which are uncertain in terms of timing and quantum. Provisions are discounted to present value where the effect is material. The Group continually reviews the identified risks that it is aware of for the Group\u2019s portfolio of developments to ensure that the amount of the provision remains appropriate. The increase in the year relates to post completion items on a number of sites including matters relating to building fire-safety. The Group continually reviews its utilisation of this provision and in recognition that the risk of post completion development obligations reduces over time, releases any unutilised provision to the Income Statement on a systematic basis across the 10 years following completion. If costs estimated in the provisions are overstated or understated by 10%, this would lead to a change in cost of sales and provision of \u00a323.0 million in the current financial year (2024: \u00a321.0 million).
Post completion
development Other
provisions provisions Total
\u00a3m \u00a3m \u00a3m
At 1 May 2024
(200.6)
(9.2)
(209.8)
Utilised
12.1
0.1
12.2
Released
7.0
1.4
8.4
Charged to the Income Statement
(36.0)
(4.4)
(40.4)
At 30 April 2025
(217.5)
(12.1)
(229.6)
Post completion
development Other
provisions provisions Total
\u00a3m \u00a3m \u00a3m
At 1 May 2023
(189.0)
(4.6)
(193.6)
Utilised
19.1
0.2
19.3
Released
7.8
\u2013
7. 8
Charged to the Income Statement
(38.5)
(4.8)
(43.3)
At 30 April 2024
(200.6)
(9.2)
(209.8)
2025 2024
\u00a3m \u00a3m
Non-current
(153.6)
(140.7)
Current
(76.0)
(69.1)
Total
(229.6)
(209.8)
2.22 Contingent liabilities The Group makes provisions for management\u2019s best estimate of post-completion development obligations, including the cost of remediation associated with building fire-safety matters, and all known material legal and other claims, and investigations in the ordinary course of business. It is possible that the eventual costs may differ from management\u2019s current best estimates. Certain companies within the Group have given performance and other trade guarantees on behalf of other members of the Group in the ordinary course of business. The Group has performance agreements in the ordinary course of business of \u00a323.9 million which are guaranteed by third parties (2024: \u00a324.5 million). The Group considers that the likelihood of an outflow of cash under these agreements is low and that no provision is required.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-260": { "value": "2.17 Provisions for liabilities and charges Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle that obligation, and the amount has been reliably estimated. The Group makes assumptions to determine the timing and its best estimate of the quantum of its construction and other liabilities for which provisions are held. Provisions include a best estimate of the expected value of its post completion development obligations in respect of the construction of the Group\u2019s portfolio of complex mixed use property developments which are expected to be incurred in the ordinary course of business, based on historical experience of the Group\u2019s sites and current site-specific risks, including matters relating to building fire-safety, but which are uncertain in terms of timing and quantum. Provisions are discounted to present value where the effect is material. The Group continually reviews the identified risks that it is aware of for the Group\u2019s portfolio of developments to ensure that the amount of the provision remains appropriate. The increase in the year relates to post completion items on a number of sites including matters relating to building fire-safety. The Group continually reviews its utilisation of this provision and in recognition that the risk of post completion development obligations reduces over time, releases any unutilised provision to the Income Statement on a systematic basis across the 10 years following completion. If costs estimated in the provisions are overstated or understated by 10%, this would lead to a change in cost of sales and provision of \u00a323.0 million in the current financial year (2024: \u00a321.0 million).
Post completion
development Other
provisions provisions Total
\u00a3m \u00a3m \u00a3m
At 1 May 2024
(200.6)
(9.2)
(209.8)
Utilised
12.1
0.1
12.2
Released
7.0
1.4
8.4
Charged to the Income Statement
(36.0)
(4.4)
(40.4)
At 30 April 2025
(217.5)
(12.1)
(229.6)
Post completion
development Other
provisions provisions Total
\u00a3m \u00a3m \u00a3m
At 1 May 2023
(189.0)
(4.6)
(193.6)
Utilised
19.1
0.2
19.3
Released
7.8
\u2013
7. 8
Charged to the Income Statement
(38.5)
(4.8)
(43.3)
At 30 April 2024
(200.6)
(9.2)
(209.8)
2025 2024
\u00a3m \u00a3m
Non-current
(153.6)
(140.7)
Current
(76.0)
(69.1)
Total
(229.6)
(209.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-296": { "value": "Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle that obligation, and the amount has been reliably estimated. The Group makes assumptions to determine the timing and its best estimate of the quantum of its construction and other liabilities for which provisions are held. Provisions include a best estimate of the expected value of its post completion development obligations in respect of the construction of the Group\u2019s portfolio of complex mixed use property developments which are expected to be incurred in the ordinary course of business, based on historical experience of the Group\u2019s sites and current site-specific risks, including matters relating to building fire-safety, but which are uncertain in terms of timing and quantum. Provisions are discounted to present value where the effect is material. The Group continually reviews the identified risks that it is aware of for the Group\u2019s portfolio of developments to ensure that the amount of the provision remains appropriate. The increase in the year relates to post completion items on a number of sites including matters relating to building fire-safety. The Group continually reviews its utilisation of this provision and in recognition that the risk of post completion development obligations reduces over time, releases any unutilised provision to the Income Statement on a systematic basis across the 10 years following completion. If costs estimated in the provisions are overstated or understated by 10%, this would lead to a change in cost of sales and provision of \u00a323.0 million in the current financial year (2024: \u00a321.0 million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-335": { "value": "2.18 Deferred tax Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised on all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill, or from the initial recognition (except in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the Balance Sheet date. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which taxable temporary differences can be utilised. Deferred taxation is charged or credited to the Income Statement, except when it relates to items charged or credited directly to reserves, in which case the deferred taxation is also dealt with in reserves. Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxation assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The movement on the deferred tax account is as follows:
Accelerated Unrealised Other timing
capital allowances inventory profit differences Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 May 2024
(2.5)
79.7
39.7
116.9
Adjustments in respect of previous years
\u2013
(0.9)
(1.6)
(2.5)
Charged to the Income Statement
in the year
\u2013
(10.6)
(17.7)
(28.3)
Adjustment in respect of change of tax rate for
future periods (note 2.6)
\u2013
\u2013
\u2013
\u2013
Charged to Income Statement in the year
\u2013
(10.6)
(17.7)
(28.3)
Charged to equity in year (note 2.6)
\u2013
\u2013
1.2
1.2
At 30 April 2025
(2.5)
68.2
21.6
87. 3
Accelerated Unrealised Other timing
capital allowances inventory profit differences Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 May 2023
(4.2)
77.7
41.0
114.5
Adjustments in respect of previous years
(0.1)
(1.0)
(1.8)
(2.9)
Credited/(charged) to the Income Statement in
the year
1.8
3.0
(2.0)
2.8
Adjustment in respect of change of tax rate for future
periods (note 2.6)
\u2013
\u2013
\u2013
\u2013
Credited to Income Statement in the year
1.8
3.0
(2.0)
2.8
Charged to equity in year (note 2.6)
\u2013
\u2013
2.5
2.5
At 30 April 2024
(2.5)
79.7
39.7
116.9
Other timing differences primarily relates to deferred tax assets held in relation to long-term incentive schemes, bonuses and provisions. Deferred tax is calculated in full on temporary differences at the tax rates that are expected to apply for the period when the asset is realised and the liability is settled. All deferred tax assets are available for offset against deferred tax liabilities and hence the net deferred tax asset at 30 April 2025 is \u00a387.3 million (2024: \u00a3116.9 million). Deferred tax assets of \u00a339.9 million (2024: \u00a374.6 million) are expected to be recovered after more than one year. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that there will be sufficient available profits to offset all or part of the asset. There are no unrecognised deferred tax assets as at 30 April 2025. The deferred tax credited to equity during the year was as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax movement in the year in respect of employee share schemes (note 2.6)
1.2
2.5
Cumulative deferred tax credited to equity at 1 May
18.8
16.3
Cumulative deferred tax credited to equity at 30 April
20.0
18.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-325": { "value": "2.18 Deferred tax Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised on all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill, or from the initial recognition (except in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the Balance Sheet date. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which taxable temporary differences can be utilised. Deferred taxation is charged or credited to the Income Statement, except when it relates to items charged or credited directly to reserves, in which case the deferred taxation is also dealt with in reserves. Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxation assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The movement on the deferred tax account is as follows:
Accelerated Unrealised Other timing
capital allowances inventory profit differences Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 May 2024
(2.5)
79.7
39.7
116.9
Adjustments in respect of previous years
\u2013
(0.9)
(1.6)
(2.5)
Charged to the Income Statement
in the year
\u2013
(10.6)
(17.7)
(28.3)
Adjustment in respect of change of tax rate for
future periods (note 2.6)
\u2013
\u2013
\u2013
\u2013
Charged to Income Statement in the year
\u2013
(10.6)
(17.7)
(28.3)
Charged to equity in year (note 2.6)
\u2013
\u2013
1.2
1.2
At 30 April 2025
(2.5)
68.2
21.6
87. 3
Accelerated Unrealised Other timing
capital allowances inventory profit differences Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 May 2023
(4.2)
77.7
41.0
114.5
Adjustments in respect of previous years
(0.1)
(1.0)
(1.8)
(2.9)
Credited/(charged) to the Income Statement in
the year
1.8
3.0
(2.0)
2.8
Adjustment in respect of change of tax rate for future
periods (note 2.6)
\u2013
\u2013
\u2013
\u2013
Credited to Income Statement in the year
1.8
3.0
(2.0)
2.8
Charged to equity in year (note 2.6)
\u2013
\u2013
2.5
2.5
At 30 April 2024
(2.5)
79.7
39.7
116.9
Other timing differences primarily relates to deferred tax assets held in relation to long-term incentive schemes, bonuses and provisions. Deferred tax is calculated in full on temporary differences at the tax rates that are expected to apply for the period when the asset is realised and the liability is settled. All deferred tax assets are available for offset against deferred tax liabilities and hence the net deferred tax asset at 30 April 2025 is \u00a387.3 million (2024: \u00a3116.9 million). Deferred tax assets of \u00a339.9 million (2024: \u00a374.6 million) are expected to be recovered after more than one year. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that there will be sufficient available profits to offset all or part of the asset. There are no unrecognised deferred tax assets as at 30 April 2025. The deferred tax credited to equity during the year was as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax movement in the year in respect of employee share schemes (note 2.6)
1.2
2.5
Cumulative deferred tax credited to equity at 1 May
18.8
16.3
Cumulative deferred tax credited to equity at 30 April
20.0
18.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-348": { "value": "Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised on all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill, or from the initial recognition (except in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the Balance Sheet date. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which taxable temporary differences can be utilised. Deferred taxation is charged or credited to the Income Statement, except when it relates to items charged or credited directly to reserves, in which case the deferred taxation is also dealt with in reserves. Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxation assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-336": { "value": "2.19 Share capital and share premium Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. The movements on allotted and fully paid share capital for the Company in the year were as follows:
Ordinary shares
Share capital
Share premium
2025 2024 2025 2024 2025 2024
No \u2019000 No \u2019000 \u00a3m \u00a3m \u00a3m \u00a3m
Issued
At start of year
114,712
116,537
6.2
6.3
49.8
49.8
Shares cancelled
(3,321)
(1,825)
(0.2)
(0.1)
\u2013
\u2013
Share consolidation
(4,019)
\u2013
\u2013
\u2013
\u2013
\u2013
At end of year
107,372
114,712
6.0
6.2
49.8
49.8
On 9 September 2024, a share consolidation was undertaken which reduced the Company\u2019s ordinary share capital, net of treasury and EBT shares, by 3.51%. The share consolidation replaced the total number of existing ordinary shares of 114.5 million, with a nominal value of 5.4141 pence each, into a reduced number of new ordinary shares of 110.5 million, each at a nominal value of 5.6110 pence at the time of the consolidation. Each ordinary share of 5.6110 pence is a voting share in the capital of the Company, is entitled to participate in the profits of the Company and on the winding up is entitled to participate in the assets of the Company. During the 2025 financial year, 3,321 thousand shares were repurchased (2024: 1,825 thousand) for a total consideration of \u00a3129.7 million, excluding transaction costs (2024: \u00a372.3 million). These shares were subsequently cancelled. On 19 September 2024, 170 thousand ordinary shares (2024: 175 thousand) were allotted and issued to the Employee Benefit Trust. On 30 September 2024, 178 thousand ordinary shares (2024: 222 thousand) were transferred from the Employee Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP. At 30 April 2025, there were 46 thousand shares held in trust (2024: 56 thousand) by the Employee Benefit Trust. The market value of these shares at 30 April 2025 was \u00a31.9 million (2024: \u00a32.6 million). At 30 April 2025, there were 8,306 thousand (2024: 8,784 thousand) treasury shares held by the Group. The market value of the shares at 30 April 2025 was \u00a3346.4 million (2024: \u00a3414.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-297": { "value": "2.19 Share capital and share premium Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. The movements on allotted and fully paid share capital for the Company in the year were as follows:
Ordinary shares
Share capital
Share premium
2025 2024 2025 2024 2025 2024
No \u2019000 No \u2019000 \u00a3m \u00a3m \u00a3m \u00a3m
Issued
At start of year
114,712
116,537
6.2
6.3
49.8
49.8
Shares cancelled
(3,321)
(1,825)
(0.2)
(0.1)
\u2013
\u2013
Share consolidation
(4,019)
\u2013
\u2013
\u2013
\u2013
\u2013
At end of year
107,372
114,712
6.0
6.2
49.8
49.8
On 9 September 2024, a share consolidation was undertaken which reduced the Company\u2019s ordinary share capital, net of treasury and EBT shares, by 3.51%. The share consolidation replaced the total number of existing ordinary shares of 114.5 million, with a nominal value of 5.4141 pence each, into a reduced number of new ordinary shares of 110.5 million, each at a nominal value of 5.6110 pence at the time of the consolidation. Each ordinary share of 5.6110 pence is a voting share in the capital of the Company, is entitled to participate in the profits of the Company and on the winding up is entitled to participate in the assets of the Company. During the 2025 financial year, 3,321 thousand shares were repurchased (2024: 1,825 thousand) for a total consideration of \u00a3129.7 million, excluding transaction costs (2024: \u00a372.3 million). These shares were subsequently cancelled. On 19 September 2024, 170 thousand ordinary shares (2024: 175 thousand) were allotted and issued to the Employee Benefit Trust. On 30 September 2024, 178 thousand ordinary shares (2024: 222 thousand) were transferred from the Employee Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP. At 30 April 2025, there were 46 thousand shares held in trust (2024: 56 thousand) by the Employee Benefit Trust. The market value of these shares at 30 April 2025 was \u00a31.9 million (2024: \u00a32.6 million). At 30 April 2025, there were 8,306 thousand (2024: 8,784 thousand) treasury shares held by the Group. The market value of the shares at 30 April 2025 was \u00a3346.4 million (2024: \u00a3414.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-261": { "value": "2.19 Share capital and share premium Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. The movements on allotted and fully paid share capital for the Company in the year were as follows:
Ordinary shares
Share capital
Share premium
2025 2024 2025 2024 2025 2024
No \u2019000 No \u2019000 \u00a3m \u00a3m \u00a3m \u00a3m
Issued
At start of year
114,712
116,537
6.2
6.3
49.8
49.8
Shares cancelled
(3,321)
(1,825)
(0.2)
(0.1)
\u2013
\u2013
Share consolidation
(4,019)
\u2013
\u2013
\u2013
\u2013
\u2013
At end of year
107,372
114,712
6.0
6.2
49.8
49.8
On 9 September 2024, a share consolidation was undertaken which reduced the Company\u2019s ordinary share capital, net of treasury and EBT shares, by 3.51%. The share consolidation replaced the total number of existing ordinary shares of 114.5 million, with a nominal value of 5.4141 pence each, into a reduced number of new ordinary shares of 110.5 million, each at a nominal value of 5.6110 pence at the time of the consolidation. Each ordinary share of 5.6110 pence is a voting share in the capital of the Company, is entitled to participate in the profits of the Company and on the winding up is entitled to participate in the assets of the Company. During the 2025 financial year, 3,321 thousand shares were repurchased (2024: 1,825 thousand) for a total consideration of \u00a3129.7 million, excluding transaction costs (2024: \u00a372.3 million). These shares were subsequently cancelled. On 19 September 2024, 170 thousand ordinary shares (2024: 175 thousand) were allotted and issued to the Employee Benefit Trust. On 30 September 2024, 178 thousand ordinary shares (2024: 222 thousand) were transferred from the Employee Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP. At 30 April 2025, there were 46 thousand shares held in trust (2024: 56 thousand) by the Employee Benefit Trust. The market value of these shares at 30 April 2025 was \u00a31.9 million (2024: \u00a32.6 million). At 30 April 2025, there were 8,306 thousand (2024: 8,784 thousand) treasury shares held by the Group. The market value of the shares at 30 April 2025 was \u00a3346.4 million (2024: \u00a3414.1 million).
2.20 Reserves
The movement in reserves is set out in the Consolidated Statement of Changes in Equity on page 188.
Capital redemption reserve
The capital redemption reserve was created to maintain the capital of the Company following the redemption of
the B-Shares associated with the Scheme of Arrangement created in 2004 which completed on 10 September
2009 with the re-designation of the unissued B-Shares as ordinary shares.
During the year, 3,321 thousand (2024: 1,825 thousand) shares were repurchased to the value of \u00a3129.7 million
(2024: \u00a372.3 million). These shares were subsequently cancelled (2024: 1,825 thousand) as shown in Note 2.19. On
cancellation of the share capital, the capital redemption reserve was credited with the nominal value of shares.
Other reserve
The other reserve of negative \u00a3961.3 million (2024: negative \u00a3961.3 million) arose from the application of merger
accounting principles to the financial statements on implementation of the capital reorganisation of the Group,
incorporating a Scheme of Arrangement, in the year ended 30 April 2005.
Retained earnings
On 19 September 2024, the Company issued to the Employee Benefit Trust 170 thousand ordinary shares (2024:
175 thousand ordinary shares). On 30 September 2024, 178 thousand ordinary shares were transferred from the
Employee Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP (2024: 222
thousand ordinary shares).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-326": { "value": "Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-299": { "value": "2.20 Reserves The movement in reserves is set out in the Consolidated Statement of Changes in Equity on page 188. Capital redemption reserve The capital redemption reserve was created to maintain the capital of the Company following the redemption of the B-Shares associated with the Scheme of Arrangement created in 2004 which completed on 10 September 2009 with the re-designation of the unissued B-Shares as ordinary shares. During the year, 3,321 thousand (2024: 1,825 thousand) shares were repurchased to the value of \u00a3129.7 million (2024: \u00a372.3 million). These shares were subsequently cancelled (2024: 1,825 thousand) as shown in Note 2.19. On cancellation of the share capital, the capital redemption reserve was credited with the nominal value of shares. Other reserve The other reserve of negative \u00a3961.3 million (2024: negative \u00a3961.3 million) arose from the application of merger accounting principles to the financial statements on implementation of the capital reorganisation of the Group, incorporating a Scheme of Arrangement, in the year ended 30 April 2005. Retained earnings On 19 September 2024, the Company issued to the Employee Benefit Trust 170 thousand ordinary shares (2024: 175 thousand ordinary shares). On 30 September 2024, 178 thousand ordinary shares were transferred from the Employee Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP (2024: 222 thousand ordinary shares).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-262": { "value": "2.21 Dividends per share Dividend distributions to shareholders are recognised as a liability in the period in which the dividends are appropriately authorised and approved for payout and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements.
2025
2024
Dividend per Dividend per
share share
pence
\u00a3m
pence
\u00a3m
Amounts recognised as distributions to equity
shareholders during the year:
September 2023
\u2013
\u2013
59.30
63.1
March 2024
\u2013
\u2013
33.00
35.0
June 2024
33.00
35.0
\u2013
\u2013
September 2024 (special dividend)
174.00
183.8
\u2013
\u2013
March 2025
33.0 0
33.0
\u2013
\u2013
Total dividends
251.8
98.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-298": { "value": "Dividend distributions to shareholders are recognised as a liability in the period in which the dividends are appropriately authorised and approved for payout and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-4": { "value": "0.33", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2023-05-01T00:00:00/2024-05-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-3": { "value": "0.33", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-263": { "value": "
2.22 Contingent liabilities
The Group makes provisions for management\u2019s best estimate of post-completion development obligations,
including the cost of remediation associated with building fire-safety matters, and all known material legal and
other claims, and investigations in the ordinary course of business. It is possible that the eventual costs may differ
from management\u2019s current best estimates.
Certain companies within the Group have given performance and other trade guarantees on behalf of other
members of the Group in the ordinary course of business. The Group has performance agreements in the ordinary
course of business of \u00a323.9 million which are guaranteed by third parties (2024: \u00a324.5 million). The Group
considers that the likelihood of an outflow of cash under these agreements is low and that no provision is required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-300": { "value": "2.22 Contingent liabilities The Group makes provisions for management\u2019s best estimate of post-completion development obligations, including the cost of remediation associated with building fire-safety matters, and all known material legal and other claims, and investigations in the ordinary course of business. It is possible that the eventual costs may differ from management\u2019s current best estimates. Certain companies within the Group have given performance and other trade guarantees on behalf of other members of the Group in the ordinary course of business. The Group has performance agreements in the ordinary course of business of \u00a323.9 million which are guaranteed by third parties (2024: \u00a324.5 million). The Group considers that the likelihood of an outflow of cash under these agreements is low and that no provision is required.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-264": { "value": "
2.23 Notes to the Consolidated Cash Flow Statement
Reconciliation of profit after taxation for the year to cash generated from operations:
2025 2024
\u00a3m \u00a3m
Profit for the financial year
382.0
397.6
Adjustments for:
\u2022
Taxation
146.9
159.7
\u2022
Depreciation
3.8
4.8
\u2022
Loss on sale of property, plant and equipment
0.1
5.2
\u2022
Finance income
(55.8)
(53.9)
\u2022
Finance costs
41.6
41.9
\u2022
Share of results of joint ventures after tax
(14.7)
(65.6)
\u2022
Non-cash charge in respect of share awards
(2.6)
(0.8)
Changes in working capital:
Decrease in inventories
87.9
18.2
Decrease/(Increase) in trade and other receivables
29.4
(24.4)
Decrease in trade and other payables
(332.8)
(99.7)
Cash generated from operations
285.8
383.0
Reconciliation of net cash flow to net cash:
Net (decrease)/increase in cash and cash equivalents, including bank overdraft
(176.8)
121.6
Movement in borrowings
(17.9)
\u2013
Movement in net cash in the financial year
(194.7)
121.6
Opening net cash
532.0
410.4
Closing net cash
337. 3
532.0
Net cash as at 30 April:
Cash and cash equivalents
1,015.2
1,192.0
Non-current borrowings
(677.9)
(660.0)
Total borrowings
(677.9)
(660.0)
Net cash*
337.3
532.0
* IFRS 16 lease liabilities are detailed in Note 2.11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-265": { "value": "
2.24 Capital management, financial instruments and financial risk management
The Group finances its operations by a combination of shareholders\u2019 funds, working capital and, where appropriate,
borrowings. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure in the
business to allow management to focus on creating sustainable long-term value for its shareholders.
The Group monitors capital levels principally by monitoring net cash/debt levels, cash flow forecasts and return
on average capital employed. The Group considers capital employed to be net assets adjusted for net cash/debt.
Capital employed at 30 April 2025 was \u00a33,222.5 million (2024: \u00a33,028.5 million). The increase in capital employed
in the year of \u00a3194.0 million reflects a reduction in net cash during the year (2024: \u00a3106.6 million).
The Group\u2019s financial instruments comprise financial assets being trade receivables, loans to joint ventures and
cash and cash equivalents; and financial liabilities being borrowings, trade payables excluding other taxes and
social security, lease liabilities and accruals other than those accounted for under IAS 19 \u2018Employee Benefits\u2019. Cash
and cash equivalents and borrowings are the principal financial instruments used to finance the business. The other
financial instruments arise in the ordinary course of business.
As the Group\u2019s activities are predominantly conducted in sterling there is negligible direct currency risk. Therefore,
the Group\u2019s key financial risks are primarily:
\u2014 liquidity risk \u2013 the risk that suitable funding for the Group\u2019s activities may not be available;
\u2014 market interest rate risk \u2013 the risk that Group financing activities represented by floating borrowings are
adversely affected by fluctuation in market interest rates; and
\u2014 credit risk \u2013 the risk that a counterparty will default on its contractual obligations resulting in a loss to the Group.
Financial instruments: financial assets
The Group\u2019s financial assets can be summarised as follows:
2025 2024
\u00a3m \u00a3m
Current:
Trade receivables
47. 2
72.5
Loans to joint ventures
55.5
53.8
Cash and cash equivalents
1,015.2
1,192.0
Total financial assets
1,117.9
1,318.3
Trade receivables are non-interest bearing. Of the current trade receivables balance of \u00a347.2 million (2024: \u00a372.5
million) none of the balance was overdue by more than 30 days (2024: \u00a3nil).
Cash and cash equivalents are short-term deposits held at either floating rates linked to the Bank of England base
rate or fixed money market rates. There are currently no Group assets that are measured at fair value.
Financial instruments: financial liabilities
The Group\u2019s financial liabilities can be summarised as follows:
2025 2024
\u00a3m \u00a3m
Current
Trade payables
(838.1)
(736.6)
Lease liabilities
(2.0)
(2.1)
Accruals
(105.7)
(107.1)
(945.8)
(845.8)
Non-current
Trade payables
(462.8)
(683.6)
Lease liabilities
(2.3)
(2.3)
Borrowings
(677.9)
(660.0)
(1,143.0)
(1,345.9)
Total trade and other payables
(2,088.8)
(2,191.7)
All amounts included above are unsecured, except for borrowings under the Group\u2019s bank facilities as set out later
in this note.
Trade payables and other current liabilities are non-interest bearing.
The maturity profile of the Group\u2019s non-current financial liabilities, all of which are held at amortised cost, is as follows:
2025 2024
\u00a3m \u00a3m
Amounts due:
In more than one year but not more than two years
(97.5)
(229.2)
In more than two years but not more than five years
(525.8)
(504.2)
In more than five years
(519.7)
(612.5)
(1,143.0)
(1,345.9)
Current trade receivables and current trade and other payables approximate to their fair value as the transactions which give rise to these balances arise in the normal course of trade and, where relevant, with industry standard payment terms and have a short period to maturity (less than one year). Non-current trade payables comprise long-term land payables, which are held at their discounted present value (calculated by discounting expected future cash flows at prevailing interest rates and yields as appropriate), and borrowings. The discount rate applied reflects the Group\u2019s credit risk, which is considered to be aligned to a nominal, low risk pre-tax rate, on initial recognition of the financial liability, applied to the maturity profile of the individual land creditors within the total. Non-current bank loans approximate to fair value as they are held at variable market interest rates. The fair value of the \u00a3400 million unsecured 10-year Green Bonds at 30 April 2025 was determined by the ask price of \u00a381.80 per \u00a3100 (2024: \u00a375.86 per \u00a3100). Liquidity risk This is the risk that suitable funding for the Group\u2019s activities may not be available. Group management addresses this risk through review of rolling cash flow forecasts throughout the year to assess and monitor the current and forecast availability of funding, and to ensure sufficient headroom against facility limits and compliance with banking covenants. The committed borrowing facilities are set out below. The contractual undiscounted maturity profile of the Group\u2019s financial liabilities, which are included at their carrying value in the preceding tables, is as follows:
2025 2024
\u00a3m \u00a3m
Amounts due:
In less than one year
(947.8)
(846.9)
In more than one year but not more than two years
(99.3)
(234.4)
In more than two years but not more than five years
(543.2)
(517. 2)
In more than five years
(526.7)
(631.6)
(2,117.0)
(2,230.1)
Deposits and on account contract receipts are not included in the table above as they represent deferred income and therefore do not have a payment maturity date. Market interest rate risk The Group\u2019s cash and cash equivalents, bank and Homes England loans expose the Group to cash flow interest rate risk. The Group\u2019s rolling cash flow forecasts incorporate appropriate interest assumptions, and management carefully assesses expected activity levels and associated funding requirements in the prevailing and forecast interest rate environment to ensure that this risk is managed. If interest rates on the Group\u2019s cash and cash equivalents and bank loans had been 50 basis points higher throughout the year ended 30 April 2025, profit after tax for the year would have been \u00a31.6 million higher (2024: \u00a31.7 million). This calculation is based on the monthly closing net cash/debt balance throughout the year. A 50 basis point increase in interest rate represents management\u2019s assessment of a reasonably possible change for the year ended 30 April 2025. Credit risk The Group\u2019s exposure to credit risk encompasses these financial assets: trade receivables, loans to joint ventures and cash and cash equivalents. The Group has assessed expected credit losses and the loss allowance for trade and other receivables and loans to joint ventures as immaterial. There has been no impairment of trade receivables during the year (2024: \u00a3nil), nor are there any material provisions held against trade receivables (2024: \u00a3nil), and \u00a3nil trade receivables are past their due date (2024: \u00a3nil). The credit risk on cash and cash equivalents is limited because counterparties are leading international banks with long-term A credit ratings assigned by international credit agencies. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. The Group has committed corporate borrowing facilities as follows:
2025
2024
Drawn/ Drawn/
Available issued Undrawn Available Available issued Undrawn Available
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank facilities
Green Term Loan
260
(260)
\u2013
Feb-29
260
(260)
\u2013
Feb-29
Revolving Credit
Facility
540
\u2013
540
Feb-29
540
\u2013
540
Feb-29
Listed debt
Green Bonds
400
(400)
\u2013
Aug-31
400
(40 0)
\u2013
Aug-31
1,200
(660)
540
1,200
(660)
540
The \u00a3400 million unsecured 10-year Green Bonds mature in August 2031 at a fixed coupon of 2.5% per annum and are listed on the International Securities Market of the London Stock Exchange plc. The Group is in compliance with all of the financial covenants associated with the bonds. The \u00a3800 million banking facilities comprise a \u00a3260 million Green Term Loan, which was initially drawn in March 2022 and bears interest at a rate linked to SONIA, and a \u00a3540 million Revolving Credit Facility (RCF) which remains undrawn. The bank facilities are secured by debentures provided by certain Group holding companies over their assets. The Group\u2019s \u00a3800 million banking facilities are in place to February 2029. The Group\u2019s bank facilities contain the usual financials covenants, including minimum interest cover, asset cover and maximum gearing, which are reported on bi-annually in line with the Group\u2019s accounting dates. The Group is in compliance with all the financial covenants associated with the bank facilities and expects to continue to do so. At 30 April 2025, the total drawn balance of these combined borrowing facilities was \u00a3660.0 million (2024: \u00a3660.0 million). At 30 April 2025 there were \u00a3nil bank bonds in issue (2024: \u00a3nil) which are capable of being issued under ancillary facilities available as part of the Group\u2019s RCF. The Group has a borrowing facility with Homes England whereby it may apply amounts borrowed towards financing or re-financing certain infrastructure type development costs incurred by the Group on three of its development sites. The facility totals \u00a3125.6 million, is unsecured, has floating interest rates linked to the UK base rate and requires 33.33% of any outstanding loans to be repaid by 31 December 2031, 50% by 31 December 2032 and 100% by 31 December 2033. On 10 January 2025, \u00a317.9 million was drawn down from the borrowing facility with Homes England. As at 30 April 2025 \u00a317.9 million was an outstanding loan (2024: \u00a3nil). There were no non-cash changes to borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-327": { "value": "2.24 Capital management, financial instruments and financial risk management The Group finances its operations by a combination of shareholders\u2019 funds, working capital and, where appropriate, borrowings. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure in the business to allow management to focus on creating sustainable long-term value for its shareholders. The Group monitors capital levels principally by monitoring net cash/debt levels, cash flow forecasts and return on average capital employed. The Group considers capital employed to be net assets adjusted for net cash/debt. Capital employed at 30 April 2025 was \u00a33,222.5 million (2024: \u00a33,028.5 million). The increase in capital employed in the year of \u00a3194.0 million reflects a reduction in net cash during the year (2024: \u00a3106.6 million). The Group\u2019s financial instruments comprise financial assets being trade receivables, loans to joint ventures and cash and cash equivalents; and financial liabilities being borrowings, trade payables excluding other taxes and social security, lease liabilities and accruals other than those accounted for under IAS 19 \u2018Employee Benefits\u2019. Cash and cash equivalents and borrowings are the principal financial instruments used to finance the business. The other financial instruments arise in the ordinary course of business. As the Group\u2019s activities are predominantly conducted in sterling there is negligible direct currency risk. Therefore, the Group\u2019s key financial risks are primarily: \u2014 liquidity risk \u2013 the risk that suitable funding for the Group\u2019s activities may not be available; \u2014 market interest rate risk \u2013 the risk that Group financing activities represented by floating borrowings are adversely affected by fluctuation in market interest rates; and \u2014 credit risk \u2013 the risk that a counterparty will default on its contractual obligations resulting in a loss to the Group. Financial instruments: financial assets The Group\u2019s financial assets can be summarised as follows:
2025 2024
\u00a3m \u00a3m
Current:
Trade receivables
47. 2
72.5
Loans to joint ventures
55.5
53.8
Cash and cash equivalents
1,015.2
1,192.0
Total financial assets
1,117.9
1,318.3
Trade receivables are non-interest bearing. Of the current trade receivables balance of \u00a347.2 million (2024: \u00a372.5 million) none of the balance was overdue by more than 30 days (2024: \u00a3nil). Cash and cash equivalents are short-term deposits held at either floating rates linked to the Bank of England base rate or fixed money market rates. There are currently no Group assets that are measured at fair value. Financial instruments: financial liabilities The Group\u2019s financial liabilities can be summarised as follows:
2025 2024
\u00a3m \u00a3m
Current
Trade payables
(838.1)
(736.6)
Lease liabilities
(2.0)
(2.1)
Accruals
(105.7)
(107.1)
(945.8)
(845.8)
Non-current
Trade payables
(462.8)
(683.6)
Lease liabilities
(2.3)
(2.3)
Borrowings
(677.9)
(660.0)
(1,143.0)
(1,345.9)
Total trade and other payables
(2,088.8)
(2,191.7)
All amounts included above are unsecured, except for borrowings under the Group\u2019s bank facilities as set out later in this note. Trade payables and other current liabilities are non-interest bearing. The maturity profile of the Group\u2019s non-current financial liabilities, all of which are held at amortised cost, is as follows:
2025 2024
\u00a3m \u00a3m
Amounts due:
In more than one year but not more than two years
(97.5)
(229.2)
In more than two years but not more than five years
(525.8)
(504.2)
In more than five years
(519.7)
(612.5)
(1,143.0)
(1,345.9)
Current trade receivables and current trade and other payables approximate to their fair value as the transactions which give rise to these balances arise in the normal course of trade and, where relevant, with industry standard payment terms and have a short period to maturity (less than one year). Non-current trade payables comprise long-term land payables, which are held at their discounted present value (calculated by discounting expected future cash flows at prevailing interest rates and yields as appropriate), and borrowings. The discount rate applied reflects the Group\u2019s credit risk, which is considered to be aligned to a nominal, low risk pre-tax rate, on initial recognition of the financial liability, applied to the maturity profile of the individual land creditors within the total. Non-current bank loans approximate to fair value as they are held at variable market interest rates. The fair value of the \u00a3400 million unsecured 10-year Green Bonds at 30 April 2025 was determined by the ask price of \u00a381.80 per \u00a3100 (2024: \u00a375.86 per \u00a3100). Liquidity risk This is the risk that suitable funding for the Group\u2019s activities may not be available. Group management addresses this risk through review of rolling cash flow forecasts throughout the year to assess and monitor the current and forecast availability of funding, and to ensure sufficient headroom against facility limits and compliance with banking covenants. The committed borrowing facilities are set out below. The contractual undiscounted maturity profile of the Group\u2019s financial liabilities, which are included at their carrying value in the preceding tables, is as follows:
2025 2024
\u00a3m \u00a3m
Amounts due:
In less than one year
(947.8)
(846.9)
In more than one year but not more than two years
(99.3)
(234.4)
In more than two years but not more than five years
(543.2)
(517. 2)
In more than five years
(526.7)
(631.6)
(2,117.0)
(2,230.1)
Deposits and on account contract receipts are not included in the table above as they represent deferred income and therefore do not have a payment maturity date. Market interest rate risk The Group\u2019s cash and cash equivalents, bank and Homes England loans expose the Group to cash flow interest rate risk. The Group\u2019s rolling cash flow forecasts incorporate appropriate interest assumptions, and management carefully assesses expected activity levels and associated funding requirements in the prevailing and forecast interest rate environment to ensure that this risk is managed. If interest rates on the Group\u2019s cash and cash equivalents and bank loans had been 50 basis points higher throughout the year ended 30 April 2025, profit after tax for the year would have been \u00a31.6 million higher (2024: \u00a31.7 million). This calculation is based on the monthly closing net cash/debt balance throughout the year. A 50 basis point increase in interest rate represents management\u2019s assessment of a reasonably possible change for the year ended 30 April 2025. Credit risk The Group\u2019s exposure to credit risk encompasses these financial assets: trade receivables, loans to joint ventures and cash and cash equivalents. The Group has assessed expected credit losses and the loss allowance for trade and other receivables and loans to joint ventures as immaterial. There has been no impairment of trade receivables during the year (2024: \u00a3nil), nor are there any material provisions held against trade receivables (2024: \u00a3nil), and \u00a3nil trade receivables are past their due date (2024: \u00a3nil). The credit risk on cash and cash equivalents is limited because counterparties are leading international banks with long-term A credit ratings assigned by international credit agencies. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. The Group has committed corporate borrowing facilities as follows:
2025
2024
Drawn/ Drawn/
Available issued Undrawn Available Available issued Undrawn Available
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank facilities
Green Term Loan
260
(260)
\u2013
Feb-29
260
(260)
\u2013
Feb-29
Revolving Credit
Facility
540
\u2013
540
Feb-29
540
\u2013
540
Feb-29
Listed debt
Green Bonds
400
(400)
\u2013
Aug-31
400
(40 0)
\u2013
Aug-31
1,200
(660)
540
1,200
(660)
540
The \u00a3400 million unsecured 10-year Green Bonds mature in August 2031 at a fixed coupon of 2.5% per annum and are listed on the International Securities Market of the London Stock Exchange plc. The Group is in compliance with all of the financial covenants associated with the bonds. The \u00a3800 million banking facilities comprise a \u00a3260 million Green Term Loan, which was initially drawn in March 2022 and bears interest at a rate linked to SONIA, and a \u00a3540 million Revolving Credit Facility (RCF) which remains undrawn. The bank facilities are secured by debentures provided by certain Group holding companies over their assets. The Group\u2019s \u00a3800 million banking facilities are in place to February 2029. The Group\u2019s bank facilities contain the usual financials covenants, including minimum interest cover, asset cover and maximum gearing, which are reported on bi-annually in line with the Group\u2019s accounting dates. The Group is in compliance with all the financial covenants associated with the bank facilities and expects to continue to do so. At 30 April 2025, the total drawn balance of these combined borrowing facilities was \u00a3660.0 million (2024: \u00a3660.0 million). At 30 April 2025 there were \u00a3nil bank bonds in issue (2024: \u00a3nil) which are capable of being issued under ancillary facilities available as part of the Group\u2019s RCF. The Group has a borrowing facility with Homes England whereby it may apply amounts borrowed towards financing or re-financing certain infrastructure type development costs incurred by the Group on three of its development sites. The facility totals \u00a3125.6 million, is unsecured, has floating interest rates linked to the UK base rate and requires 33.33% of any outstanding loans to be repaid by 31 December 2031, 50% by 31 December 2032 and 100% by 31 December 2033. On 10 January 2025, \u00a317.9 million was drawn down from the borrowing facility with Homes England. As at 30 April 2025 \u00a317.9 million was an outstanding loan (2024: \u00a3nil). There were no non-cash changes to borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-301": { "value": "2.24 Capital management, financial instruments and financial risk management The Group finances its operations by a combination of shareholders\u2019 funds, working capital and, where appropriate, borrowings. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure in the business to allow management to focus on creating sustainable long-term value for its shareholders. The Group monitors capital levels principally by monitoring net cash/debt levels, cash flow forecasts and return on average capital employed. The Group considers capital employed to be net assets adjusted for net cash/debt. Capital employed at 30 April 2025 was \u00a33,222.5 million (2024: \u00a33,028.5 million). The increase in capital employed in the year of \u00a3194.0 million reflects a reduction in net cash during the year (2024: \u00a3106.6 million). The Group\u2019s financial instruments comprise financial assets being trade receivables, loans to joint ventures and cash and cash equivalents; and financial liabilities being borrowings, trade payables excluding other taxes and social security, lease liabilities and accruals other than those accounted for under IAS 19 \u2018Employee Benefits\u2019. Cash and cash equivalents and borrowings are the principal financial instruments used to finance the business. The other financial instruments arise in the ordinary course of business. As the Group\u2019s activities are predominantly conducted in sterling there is negligible direct currency risk. Therefore, the Group\u2019s key financial risks are primarily: \u2014 liquidity risk \u2013 the risk that suitable funding for the Group\u2019s activities may not be available; \u2014 market interest rate risk \u2013 the risk that Group financing activities represented by floating borrowings are adversely affected by fluctuation in market interest rates; and \u2014 credit risk \u2013 the risk that a counterparty will default on its contractual obligations resulting in a loss to the Group. Financial instruments: financial assets The Group\u2019s financial assets can be summarised as follows:
2025 2024
\u00a3m \u00a3m
Current:
Trade receivables
47. 2
72.5
Loans to joint ventures
55.5
53.8
Cash and cash equivalents
1,015.2
1,192.0
Total financial assets
1,117.9
1,318.3
Trade receivables are non-interest bearing. Of the current trade receivables balance of \u00a347.2 million (2024: \u00a372.5 million) none of the balance was overdue by more than 30 days (2024: \u00a3nil). Cash and cash equivalents are short-term deposits held at either floating rates linked to the Bank of England base rate or fixed money market rates. There are currently no Group assets that are measured at fair value. Financial instruments: financial liabilities The Group\u2019s financial liabilities can be summarised as follows:
2025 2024
\u00a3m \u00a3m
Current
Trade payables
(838.1)
(736.6)
Lease liabilities
(2.0)
(2.1)
Accruals
(105.7)
(107.1)
(945.8)
(845.8)
Non-current
Trade payables
(462.8)
(683.6)
Lease liabilities
(2.3)
(2.3)
Borrowings
(677.9)
(660.0)
(1,143.0)
(1,345.9)
Total trade and other payables
(2,088.8)
(2,191.7)
All amounts included above are unsecured, except for borrowings under the Group\u2019s bank facilities as set out later in this note. Trade payables and other current liabilities are non-interest bearing. The maturity profile of the Group\u2019s non-current financial liabilities, all of which are held at amortised cost, is as follows:
2025 2024
\u00a3m \u00a3m
Amounts due:
In more than one year but not more than two years
(97.5)
(229.2)
In more than two years but not more than five years
(525.8)
(504.2)
In more than five years
(519.7)
(612.5)
(1,143.0)
(1,345.9)
Current trade receivables and current trade and other payables approximate to their fair value as the transactions which give rise to these balances arise in the normal course of trade and, where relevant, with industry standard payment terms and have a short period to maturity (less than one year). Non-current trade payables comprise long-term land payables, which are held at their discounted present value (calculated by discounting expected future cash flows at prevailing interest rates and yields as appropriate), and borrowings. The discount rate applied reflects the Group\u2019s credit risk, which is considered to be aligned to a nominal, low risk pre-tax rate, on initial recognition of the financial liability, applied to the maturity profile of the individual land creditors within the total. Non-current bank loans approximate to fair value as they are held at variable market interest rates. The fair value of the \u00a3400 million unsecured 10-year Green Bonds at 30 April 2025 was determined by the ask price of \u00a381.80 per \u00a3100 (2024: \u00a375.86 per \u00a3100). Liquidity risk This is the risk that suitable funding for the Group\u2019s activities may not be available. Group management addresses this risk through review of rolling cash flow forecasts throughout the year to assess and monitor the current and forecast availability of funding, and to ensure sufficient headroom against facility limits and compliance with banking covenants. The committed borrowing facilities are set out below. The contractual undiscounted maturity profile of the Group\u2019s financial liabilities, which are included at their carrying value in the preceding tables, is as follows:
2025 2024
\u00a3m \u00a3m
Amounts due:
In less than one year
(947.8)
(846.9)
In more than one year but not more than two years
(99.3)
(234.4)
In more than two years but not more than five years
(543.2)
(517. 2)
In more than five years
(526.7)
(631.6)
(2,117.0)
(2,230.1)
Deposits and on account contract receipts are not included in the table above as they represent deferred income and therefore do not have a payment maturity date. Market interest rate risk The Group\u2019s cash and cash equivalents, bank and Homes England loans expose the Group to cash flow interest rate risk. The Group\u2019s rolling cash flow forecasts incorporate appropriate interest assumptions, and management carefully assesses expected activity levels and associated funding requirements in the prevailing and forecast interest rate environment to ensure that this risk is managed. If interest rates on the Group\u2019s cash and cash equivalents and bank loans had been 50 basis points higher throughout the year ended 30 April 2025, profit after tax for the year would have been \u00a31.6 million higher (2024: \u00a31.7 million). This calculation is based on the monthly closing net cash/debt balance throughout the year. A 50 basis point increase in interest rate represents management\u2019s assessment of a reasonably possible change for the year ended 30 April 2025. Credit risk The Group\u2019s exposure to credit risk encompasses these financial assets: trade receivables, loans to joint ventures and cash and cash equivalents. The Group has assessed expected credit losses and the loss allowance for trade and other receivables and loans to joint ventures as immaterial. There has been no impairment of trade receivables during the year (2024: \u00a3nil), nor are there any material provisions held against trade receivables (2024: \u00a3nil), and \u00a3nil trade receivables are past their due date (2024: \u00a3nil). The credit risk on cash and cash equivalents is limited because counterparties are leading international banks with long-term A credit ratings assigned by international credit agencies. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. The Group has committed corporate borrowing facilities as follows:
2025
2024
Drawn/ Drawn/
Available issued Undrawn Available Available issued Undrawn Available
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank facilities
Green Term Loan
260
(260)
\u2013
Feb-29
260
(260)
\u2013
Feb-29
Revolving Credit
Facility
540
\u2013
540
Feb-29
540
\u2013
540
Feb-29
Listed debt
Green Bonds
400
(400)
\u2013
Aug-31
400
(40 0)
\u2013
Aug-31
1,200
(660)
540
1,200
(660)
540
The \u00a3400 million unsecured 10-year Green Bonds mature in August 2031 at a fixed coupon of 2.5% per annum and are listed on the International Securities Market of the London Stock Exchange plc. The Group is in compliance with all of the financial covenants associated with the bonds. The \u00a3800 million banking facilities comprise a \u00a3260 million Green Term Loan, which was initially drawn in March 2022 and bears interest at a rate linked to SONIA, and a \u00a3540 million Revolving Credit Facility (RCF) which remains undrawn. The bank facilities are secured by debentures provided by certain Group holding companies over their assets. The Group\u2019s \u00a3800 million banking facilities are in place to February 2029. The Group\u2019s bank facilities contain the usual financials covenants, including minimum interest cover, asset cover and maximum gearing, which are reported on bi-annually in line with the Group\u2019s accounting dates. The Group is in compliance with all the financial covenants associated with the bank facilities and expects to continue to do so. At 30 April 2025, the total drawn balance of these combined borrowing facilities was \u00a3660.0 million (2024: \u00a3660.0 million). At 30 April 2025 there were \u00a3nil bank bonds in issue (2024: \u00a3nil) which are capable of being issued under ancillary facilities available as part of the Group\u2019s RCF. The Group has a borrowing facility with Homes England whereby it may apply amounts borrowed towards financing or re-financing certain infrastructure type development costs incurred by the Group on three of its development sites. The facility totals \u00a3125.6 million, is unsecured, has floating interest rates linked to the UK base rate and requires 33.33% of any outstanding loans to be repaid by 31 December 2031, 50% by 31 December 2032 and 100% by 31 December 2033. On 10 January 2025, \u00a317.9 million was drawn down from the borrowing facility with Homes England. As at 30 April 2025 \u00a317.9 million was an outstanding loan (2024: \u00a3nil). There were no non-cash changes to borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-337": { "value": "Financial instruments: financial assets The Group\u2019s financial assets can be summarised as follows:
2025 2024
\u00a3m \u00a3m
Current:
Trade receivables
47. 2
72.5
Loans to joint ventures
55.5
53.8
Cash and cash equivalents
1,015.2
1,192.0
Total financial assets
1,117.9
1,318.3
Trade receivables are non-interest bearing. Of the current trade receivables balance of \u00a347.2 million (2024: \u00a372.5 million) none of the balance was overdue by more than 30 days (2024: \u00a3nil). Cash and cash equivalents are short-term deposits held at either floating rates linked to the Bank of England base rate or fixed money market rates. There are currently no Group assets that are measured at fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-338": { "value": "Financial instruments: financial liabilities The Group\u2019s financial liabilities can be summarised as follows:
2025 2024
\u00a3m \u00a3m
Current
Trade payables
(838.1)
(736.6)
Lease liabilities
(2.0)
(2.1)
Accruals
(105.7)
(107.1)
(945.8)
(845.8)
Non-current
Trade payables
(462.8)
(683.6)
Lease liabilities
(2.3)
(2.3)
Borrowings
(677.9)
(660.0)
(1,143.0)
(1,345.9)
Total trade and other payables
(2,088.8)
(2,191.7)
All amounts included above are unsecured, except for borrowings under the Group\u2019s bank facilities as set out later in this note. Trade payables and other current liabilities are non-interest bearing.
The maturity profile of the Group\u2019s non-current financial liabilities, all of which are held at amortised cost, is as
follows:
2025 2024
\u00a3m \u00a3m
Amounts due:
In more than one year but not more than two years
(97.5)
(229.2)
In more than two years but not more than five years
(525.8)
(504.2)
In more than five years
(519.7)
(612.5)
(1,143.0)
(1,345.9)
Current trade receivables and current trade and other payables approximate to their fair value as the transactions
which give rise to these balances arise in the normal course of trade and, where relevant, with industry standard
payment terms and have a short period to maturity (less than one year).
Non-current trade payables comprise long-term land payables, which are held at their discounted present value
(calculated by discounting expected future cash flows at prevailing interest rates and yields as appropriate),
and borrowings. The discount rate applied reflects the Group\u2019s credit risk, which is considered to be aligned to a
nominal, low risk pre-tax rate, on initial recognition of the financial liability, applied to the maturity profile of the
individual land creditors within the total. Non-current bank loans approximate to fair value as they are held at
variable market interest rates. The fair value of the \u00a3400 million unsecured 10-year Green Bonds at 30 April 2025
was determined by the ask price of \u00a381.80 per \u00a3100 (2024: \u00a375.86 per \u00a3100).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-339": { "value": "
Liquidity risk
This is the risk that suitable funding for the Group\u2019s activities may not be available. Group management addresses
this risk through review of rolling cash flow forecasts throughout the year to assess and monitor the current and
forecast availability of funding, and to ensure sufficient headroom against facility limits and compliance with
banking covenants. The committed borrowing facilities are set out below.
The contractual undiscounted maturity profile of the Group\u2019s financial liabilities, which are included at their
carrying value in the preceding tables, is as follows:
2025 2024
\u00a3m \u00a3m
Amounts due:
In less than one year
(947.8)
(846.9)
In more than one year but not more than two years
(99.3)
(234.4)
In more than two years but not more than five years
(543.2)
(517. 2)
In more than five years
(526.7)
(631.6)
(2,117.0)
(2,230.1)
Deposits and on account contract receipts are not included in the table above as they represent deferred income
and therefore do not have a payment maturity date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-340": { "value": "
Market interest rate risk
The Group\u2019s cash and cash equivalents, bank and Homes England loans expose the Group to cash flow interest
rate risk.
The Group\u2019s rolling cash flow forecasts incorporate appropriate interest assumptions, and management carefully
assesses expected activity levels and associated funding requirements in the prevailing and forecast interest rate
environment to ensure that this risk is managed.
If interest rates on the Group\u2019s cash and cash equivalents and bank loans had been 50 basis points higher
throughout the year ended 30 April 2025, profit after tax for the year would have been \u00a31.6 million higher (2024:
\u00a31.7 million). This calculation is based on the monthly closing net cash/debt balance throughout the year. A 50
basis point increase in interest rate represents management\u2019s assessment of a reasonably possible change for the
year ended 30 April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-341": { "value": "
Credit risk
The Group\u2019s exposure to credit risk encompasses these financial assets: trade receivables, loans to joint ventures
and cash and cash equivalents. The Group has assessed expected credit losses and the loss allowance for trade
and other receivables and loans to joint ventures as immaterial.
There has been no impairment of trade receivables during the year (2024: \u00a3nil), nor are there any material provisions
held against trade receivables (2024: \u00a3nil), and \u00a3nil trade receivables are past their due date (2024: \u00a3nil).
The credit risk on cash and cash equivalents is limited because counterparties are leading international banks with
long-term A credit ratings assigned by international credit agencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-342": { "value": "Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. The Group has committed corporate borrowing facilities as follows:
2025
2024
Drawn/ Drawn/
Available issued Undrawn Available Available issued Undrawn Available
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank facilities
Green Term Loan
260
(260)
\u2013
Feb-29
260
(260)
\u2013
Feb-29
Revolving Credit
Facility
540
\u2013
540
Feb-29
540
\u2013
540
Feb-29
Listed debt
Green Bonds
400
(400)
\u2013
Aug-31
400
(40 0)
\u2013
Aug-31
1,200
(660)
540
1,200
(660)
540
The \u00a3400 million unsecured 10-year Green Bonds mature in August 2031 at a fixed coupon of 2.5% per annum and are listed on the International Securities Market of the London Stock Exchange plc. The Group is in compliance with all of the financial covenants associated with the bonds. The \u00a3800 million banking facilities comprise a \u00a3260 million Green Term Loan, which was initially drawn in March 2022 and bears interest at a rate linked to SONIA, and a \u00a3540 million Revolving Credit Facility (RCF) which remains undrawn. The bank facilities are secured by debentures provided by certain Group holding companies over their assets. The Group\u2019s \u00a3800 million banking facilities are in place to February 2029. The Group\u2019s bank facilities contain the usual financials covenants, including minimum interest cover, asset cover and maximum gearing, which are reported on bi-annually in line with the Group\u2019s accounting dates. The Group is in compliance with all the financial covenants associated with the bank facilities and expects to continue to do so. At 30 April 2025, the total drawn balance of these combined borrowing facilities was \u00a3660.0 million (2024: \u00a3660.0 million). At 30 April 2025 there were \u00a3nil bank bonds in issue (2024: \u00a3nil) which are capable of being issued under ancillary facilities available as part of the Group\u2019s RCF. The Group has a borrowing facility with Homes England whereby it may apply amounts borrowed towards financing or re-financing certain infrastructure type development costs incurred by the Group on three of its development sites. The facility totals \u00a3125.6 million, is unsecured, has floating interest rates linked to the UK base rate and requires 33.33% of any outstanding loans to be repaid by 31 December 2031, 50% by 31 December 2032 and 100% by 31 December 2033. On 10 January 2025, \u00a317.9 million was drawn down from the borrowing facility with Homes England. As at 30 April 2025 \u00a317.9 million was an outstanding loan (2024: \u00a3nil). There were no non-cash changes to borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-349": { "value": "Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-266": { "value": "
2.25 Alternative performance measures
Berkeley uses a number of alternative performance measures (APMs) which are not defined by IFRS. The Directors
consider these measures useful to assess the underlying performance of the Group alongside the relevant IFRS
financial information. They are referred to as Financial KPIs throughout the year end results. The information below
provides a definition of APMs and reconciliation to the relevant IFRS information, where required:
Net cash
Net cash is defined as cash and cash equivalents, less total borrowings. This is reconciled in Note 2.23.
Net assets value per share attributable to shareholders (NAVPS)
This is defined as net assets attributable to shareholders divided by the number of shares in issue, excluding shares
held in treasury and shares held by the Employee Benefit Trust.
2025
2024
Net assets (\u00a3m)
3,559.8
3,560.5
Total shares in issue (million)
107.4
114.7
Less:
Treasury shares held (million)
(8.3)
(8.7)
Employee Benefit Trust shares held (million)
(0.1)
(0.1)
Net shares used to determine NAVPS (million)
99.0
105.9
Net asset value per share attributable to shareholders (pence)
3,595
3,363
Return on capital employed (ROCE)
This measures the profitability and efficiency of capital being used by the Group and is calculated as profit before
interest and taxation (including joint venture profit before tax) divided by the average net assets adjusted for
debt/(cash).
2025 2024
\u00a3m \u00a3m
Operating profit
500.0
479.7
Share of joint ventures using equity method
14.7
65.6
Profit used to determine ROCE
514.7
545.3
Opening capital employed:
Net assets
3,560.5
3,332.3
Net cash
(532.0)
(410.4)
Opening capital employed
3,028.5
2,921.9
Closing capital employed:
Net assets
3,559.8
3,560.5
Net cash
(337. 3)
(532.0)
Closing capital employed
3,222.5
3,028.5
Average capital employed
3,125.5
2,975.2
Return on capital employed (%)
16.5%
18.3%
Return on equity (ROE) before tax
This measures the efficiency of returns generated from shareholder equity before taxation and is calculated
as profit before taxation attributable to shareholders as a percentage of the average of opening and closing
shareholders\u2019 funds.
2025 2024
\u00a3m \u00a3m
Opening shareholders\u2019 equity
3,560.5
3,332.3
Closing shareholders\u2019 equity
3,559.8
3,560.5
Average shareholders\u2019 equity
3,560.2
3,446.4
Profit before tax
528.9
557.3
Return on equity before tax (%)
14.9%
16.2%
Cash due on forward sales
This measures cash still due from customers, allowing for a risk adjustment, at the relevant Balance Sheet date
under unconditional contracts for sale. It excludes forward sales of affordable housing, commercial properties and
institutional sales as well as forward sales within the Group\u2019s joint ventures.
Future gross margin in land holdings
This represents management\u2019s risk-adjusted assessment of the potential gross profit for each of the Group\u2019s sites,
including the proportionate share of its joint ventures, taking account of a wide range of factors, including: current
sales and input prices; the economic and political backdrop; the planning and regulatory regime; and other market
factors; all of which could have a significant effect on the eventual outcome.
", "dimensions": { "concept": "berkeleygroup:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-302": { "value": "Net assets value per share attributable to shareholders (NAVPS) This is defined as net assets attributable to shareholders divided by the number of shares in issue, excluding shares held in treasury and shares held by the Employee Benefit Trust.
2025
2024
Net assets (\u00a3m)
3,559.8
3,560.5
Total shares in issue (million)
107.4
114.7
Less:
Treasury shares held (million)
(8.3)
(8.7)
Employee Benefit Trust shares held (million)
(0.1)
(0.1)
Net shares used to determine NAVPS (million)
99.0
105.9
Net asset value per share attributable to shareholders (pence)
3,595
3,363
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-267": { "value": "
2.26 Related party transactions
The Group has entered into the following related party transactions:
Transactions with Directors
There were no transactions with Directors in the year. In the comparative 2024 year, Mr R C Perrins paid \u00a399,683
and P M Vallone paid \u00a35,831 to the Group in connection with works carried out at their respective homes at
commercial rates in accordance with the relevant policies of the Group. There were no balances outstanding at
either year end.
Transactions with joint ventures
During the financial year, the joint ventures paid management fees and other recharges to the Group of \u00a310.4
million (2024: \u00a314.2 million). Other transactions in the year include the movements in loans of \u00a31.7 million (2024:
\u00a312.9 million) and there were no receipt of dividends (2024: \u00a374.9 million).
The outstanding loan balances with joint ventures at 30 April 2025 total \u00a355.5 million (30 April 2024:
\u00a353.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-303": { "value": "2.26 Related party transactions The Group has entered into the following related party transactions: Transactions with Directors There were no transactions with Directors in the year. In the comparative 2024 year, Mr R C Perrins paid \u00a399,683 and P M Vallone paid \u00a35,831 to the Group in connection with works carried out at their respective homes at commercial rates in accordance with the relevant policies of the Group. There were no balances outstanding at either year end. Transactions with joint ventures During the financial year, the joint ventures paid management fees and other recharges to the Group of \u00a310.4 million (2024: \u00a314.2 million). Other transactions in the year include the movements in loans of \u00a31.7 million (2024: \u00a312.9 million) and there were no receipt of dividends (2024: \u00a374.9 million). The outstanding loan balances with joint ventures at 30 April 2025 total \u00a355.5 million (30 April 2024: \u00a353.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-268": { "value": "
2.27 Subsidiaries and joint ventures
(a) Subsidiaries
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries, partnerships, associates, joint
ventures and joint arrangements, the country of incorporation, the registered address and the effective percentage
of equity owned, as at 30 April 2025 is disclosed below. The Berkeley Group plc is the only direct subsidiary of The
Berkeley Group Holdings plc and is an intermediate holding company. All wholly owned and partly owned subsidiaries
are included in the consolidation and all associated undertakings are included in the Group\u2019s financial statements.
All of the companies listed below are incorporated in England and Wales and have their registered office address
at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal
activity is residential-led mixed use development and ancillary activities. All of the companies are wholly owned by
the Group and unless otherwise indicated, all of the companies have ordinary share capital.
Agents of Berkeley Commercial Developments Limited
Ely Business Park Limited
Agents of Berkeley Homes (Central London) Limited
Chelsea Bridge Wharf (Block A) Limited
Chelsea Bridge Wharf (C North) Limited
Chelsea Bridge Wharf (Block B) Limited
Chelsea Bridge Wharf (C South) Limited
Chelsea Bridge Wharf (Block P) Limited
Agents of Berkeley Homes (Hampshire) Limited
Berkeley Homes (South Western House No. 1) Limited
Agents of Berkeley Homes public limited company
Berkeley (Canalside) Limited
Berkeley Homes (Surrey) Limited
Berkeley Build Limited
Berkeley Homes (Thames Gateway) Limited
Berkeley Fifty-Five Limited
Berkeley Homes (Thames Valley) Limited
Berkeley Forty-Five Limited
(i)
Berkeley Homes (Three Valleys) Limited
Berkeley Forty-Four plc
Berkeley Homes (Urban Developments) Limited
Berkeley Gateway Limited
Berkeley Homes (Urban Living) Limited
Berkeley Homes (Barn Elms) Limited
Berkeley Homes (Urban Renaissance) Limited
Berkeley Homes (Capital) plc
Berkeley Homes (Western) Limited
Berkeley Homes (Central & West London)
Public Limited Company
Berkeley Homes (West London) Limited
Berkeley Homes (Central London) Limited
Berkeley Homes (West Thames) Limited
Berkeley Homes (Chiltern) Limited
Berkeley Modular Limited
Berkeley Homes (East Anglia) Limited
Berkeley Ninety-One Limited
Berkeley Homes (East Kent) Limited
Berkeley Partnership Homes Limited
Berkeley Homes (East Thames) Limited
Berkeley Seven Limited
Berkeley Homes (Eastern Counties) Limited
Berkeley STE Limited
Berkeley Homes (Eastern) Limited
Berkeley SW Management Limited
Berkeley Homes (Festival Waterfront Company) Limited
Berkeley Urban Renaissance Limited
Berkeley Homes (Hampshire) Limited
Clare Homes Limited
Berkeley Homes (Home Counties) plc
Lisa Estates (St Albans) Limited
Berkeley Homes (North East London) Limited
PEL Investments Limited
Berkeley Homes (Oxford & Chiltern) Limited
St John Homes Limited
(viii)
Berkeley Homes (South East London) Limited
St Joseph Homes Limited
Berkeley Homes (South London) Limited
Stanmore Relocations Limited
Berkeley Homes (Southern) Limited
Tabard Square (Building C) Limited
Agents of Berkeley Twenty Limited
Thirlstone Homes (Western) Limited
Thirlstone Homes Limited
Agents of St George Central London Limited
Castle Court Putney Wharf Limited
Imperial Wharf (Block J) Ltd
Imperial Wharf (Block C) Limited
Imperial Wharf (Riverside Tower) Residential Limited
Agents of St George plc
St George Central London Limited
St George North London Limited
St George City Limited
St George South and Central London Limited
St George Developments Limited
St George South London Ltd
(vii)
St George Kings Cross Limited
St George West London Ltd
(ii)
Agents of St George South London Ltd
Battersea Reach Estate Company Limited
Riverside West (Block D) Residential Limited
Kensington Westside No. 2 Limited
Riverside West Car Park Limited
Putney Wharf Estate Limited
St George Wharf (Block B) Limited
Riverside West (Block C) Commercial Limited
St George Wharf (Block C) Limited
Riverside West (Block C) Residential Limited
St. George Wharf (Block D) Commercial Limited
Riverside West (Block D) Commercial Limited
St George Wharf Car Park Limited
Agents of St John Homes Limited
Berkeley Sixty-Six Limited
Non-Agency Companies
(v)
Ancestral Homes Limited
Berkeley Fifty-Two Limited
Berkeley (Inner-City Partnerships) Limited
Berkeley First Limited
Berkeley (SQP) Limited
Berkeley Five Limited
Berkeley (Virginia Water) Limited
(i)
Berkeley Forty Limited
Berkeley Affordable Homes Limited
Berkeley Forty-Nine Limited
Berkeley Asset MSA Limited
Berkeley Forty-Seven Limited
Berkeley College Homes Limited
Berkeley Forty-Six Limited
Berkeley Commercial Developments Limited
Berkeley Forty-Three Limited
Berkeley Commercial Investments Limited
Berkeley Forty-Two Limited
Berkeley Commercial Limited
Berkeley Fourteen Limited
Berkeley Community Villages Limited
Berkeley Group Pension Trustees Limited
Berkeley Construction Limited
Berkeley Group Services Limited
Berkeley Developments Limited
(i)
Berkeley Group SIP Trustee Limited
Berkeley Eighteen Limited
Berkeley Guarantee One Limited
\u2020
Berkeley Eighty Limited
Berkeley Homes (Carmelite) Limited
Berkeley Eighty-One Limited
Berkeley Homes (Chertsey) Limited
Berkeley Eighty-Three Limited
Berkeley Homes (City & East London) Limited
Berkeley Eighty-Two Limited
Berkeley Homes (City) Limited
Berkeley Enterprises Limited
Berkeley Homes (Dorset) Limited
Berkeley Festival Development Limited
Berkeley Homes (East London) Limited
Berkeley Festival Hotels Limited
Berkeley Homes (Essex) Limited
Berkeley Festival Investments Limited
Berkeley Homes (Fleet) Limited
(i)
Berkeley Festival Limited
Berkeley Homes (Greater London) Limited
Berkeley Fifty Limited
Berkeley Homes (Hertfordshire & Cambridgeshire) Limited
Berkeley Fifty-Eight Limited
Berkeley Homes (Kent) Limited
Non-Agency Companies
(v)
Berkeley Fifty-Four Limited
Berkeley Homes (North Western) Limited
(i)
Berkeley Fifty-Nine Limited
Berkeley Homes (PCL) Limited
Berkeley Fifty-One Limited
Berkeley Homes (South) Limited
Berkeley Fifty-Seven Limited
Berkeley Homes (Southall) Limited
Berkeley Homes (Southern Counties) Limited
Berkeley One Hundred and Fifty-One Limited
Berkeley Homes (Stanmore) Limited
Berkeley One Hundred and Fifty-Seven Limited
Berkeley Homes Group Limited
Berkeley One Hundred and Fifty-Six Limited
Berkeley Homes public limited company
(iii) (viii)
Berkeley One Hundred and Fifty-Three Limited
Berkeley London Residential Limited
Berkeley One Hundred and Fifty-Two Limited
Berkeley Manhattan Limited
Berkeley One Hundred and Five Limited
Berkeley Ninety-Eight Limited
Berkeley One Hundred and Forty Limited
Berkeley Ninety-Five Limited
Berkeley One Hundred and Forty-Eight Limited
Berkeley Ninety-Nine Limited
Berkeley One Hundred and Forty-Five Limited
Berkeley Ninety-Seven Limited
Berkeley One Hundred and Forty-Four Limited
Berkeley Ninety-Six Limited
Berkeley One Hundred and Forty-Nine Limited
Berkeley Number Four Limited
Berkeley One Hundred and Forty-One Limited
Berkeley Number Seven Limited
Berkeley One Hundred and Forty-Seven Limited
Berkeley Number Six Limited
Berkeley One Hundred and Forty-Six Limited
Berkeley One Hundred and Eight Limited
Berkeley One Hundred and Four Limited
Berkeley One Hundred and Eighteen Limited
Berkeley One Hundred and Nine Limited
Berkeley One Hundred and Eighty Limited
Berkeley One Hundred and Ninety Limited
Berkeley One Hundred and Eighty-Eight Limited
Berkeley One Hundred and Ninety-Eight Limited
Berkeley One Hundred and Eighty-Five Limited
Berkeley One Hundred and Ninety-Five Limited
Berkeley One Hundred and Eighty-Nine Limited
Berkeley One Hundred and Ninety-Four Limited
Berkeley One Hundred and Eighty-One Limited
Berkeley One Hundred and Ninety-Nine Limited
Berkeley One Hundred and Eighty-Seven Limited
Berkeley One Hundred and Ninety-Seven Limited
Berkeley One Hundred and Eighty-Two Limited
Berkeley One Hundred and Ninety-Six Limited
Berkeley One Hundred and Fifteen Limited
Berkeley One Hundred and One Limited
Berkeley One Hundred and Fifty Limited
Berkeley One Hundred and Seven Limited
Berkeley One Hundred and Fifty-Eight Limited
Berkeley One Hundred and Seventeen Limited
Berkeley One Hundred and Fifty-Five Limited
Berkeley One Hundred and Seventy-Eight Limited
Berkeley One Hundred and Fifty-Four Limited
Berkeley One Hundred and Seventy-Five Limited
Berkeley One Hundred and Fifty-Nine Limited
Berkeley One Hundred and Seventy-Four Limited
Berkeley One Hundred and Seventy-Nine Limited
Berkeley One Hundred and Twenty-Nine Limited
Berkeley One Hundred and Seventy-One Limited
Berkeley One Hundred and Twenty-One Limited
Berkeley One Hundred and Seventy-Seven Limited
Berkeley One Hundred and Twenty-Seven Limited
Berkeley One Hundred and Seventy-Six Limited
Berkeley One Hundred and Twenty-Six Limited
Berkeley One Hundred and Seventy-Three Limited
Berkeley One Hundred and Twenty-Three Limited
Berkeley One Hundred and Seventy-Two Limited
Berkeley One Hundred and Twenty-Two Limited
Berkeley One Hundred and Six Limited
Berkeley One Hundred and Two Limited
Berkeley One Hundred and Sixteen Limited
Berkeley Portsmouth Harbour Limited
Berkeley One Hundred and Sixty-Five Limited
Berkeley Portsmouth Waterfront Limited
Berkeley One Hundred and Sixty-Four Limited
Berkeley Properties Limited
(i)
Berkeley One Hundred and Sixty-One Limited
Berkeley Residential Limited
(i)
Berkeley One Hundred and Sixty-Six Limited
Berkeley Ryewood Limited
Berkeley One Hundred and Sixty-Three Limited
Berkeley Seventy Limited
Berkeley One Hundred and Thirteen Limited
Berkeley Seventy-Four Limited
Berkeley One Hundred and Thirty Limited
Berkeley Seventy-One plc
(vii)
Non-Agency Companies
(v)
Berkeley One Hundred and Thirty-Eight Limited
Berkeley Seventy-Seven Limited
Berkeley One Hundred and Thirty-Five Limited
Berkeley Seventy-Six Limited
Berkeley One Hundred and Thirty-Four Limited
Berkeley Seventy-Three Limited
Berkeley One Hundred and Thirty-Nine Limited
Berkeley Seventy-Two Limited
Berkeley One Hundred and Thirty-One Limited
Berkeley Sixty Limited
Berkeley One Hundred and Thirty-Seven Limited
Berkeley Sixty-Eight Limited
Berkeley One Hundred and Thirty-Six Limited
Berkeley Sixty-Five Limited
Berkeley One Hundred and Thirty-Three Limited
Berkeley Sixty-Four Limited
Berkeley One Hundred and Thirty-Two Limited
Berkeley Sixty-Nine Limited
Berkeley One Hundred and Three Limited
Berkeley Sixty-One Limited
Berkeley One Hundred and Twenty Limited
Berkeley Special Projects Limited
Berkeley One Hundred and Twenty-Eight Limited
Berkeley Strategic Land Limited
(vii)
Berkeley One Hundred and Twenty-Five Limited
Berkeley Sustainable Communities Limited
Berkeley One Hundred and Twenty-Four Limited
Berkeley Thirty-Eight Limited
Berkeley Thirty-Nine Limited
Berkeley Two Hundred and Forty-Six Limited
Berkeley Thirty-Three Limited
Berkeley Two Hundred and Forty-Three Limited
Berkeley Three Limited
Berkeley Two Hundred and Forty-Two Limited
Berkeley Twenty Limited
Berkeley Two Hundred and Fourteen Limited
Berkeley Twenty-Eight Limited
Berkeley Two Hundred and Nine Limited
Berkeley Twenty-Four Limited
Berkeley Two Hundred and Nineteen Limited
Berkeley Twenty-Nine Limited
Berkeley Two Hundred and One Limited
(i)
Berkeley Twenty-Seven Limited
Berkeley Two Hundred and Seven Limited
Berkeley Twenty-Three Limited
Berkeley Two Hundred and Seventeen Limited
Berkeley Twenty-Two Limited
Berkeley Two Hundred and Seventy Limited
Berkeley Two Hundred and Eight Limited
Berkeley Two Hundred and Seventy-One Limited
Berkeley Two Hundred and Eighteen Limited
Berkeley Two Hundred and Sixty Limited
Berkeley Two Hundred and Eleven Limited
Berkeley Two Hundred and Sixty-Eight Limited
Berkeley Two Hundred and Fifty Limited
Berkeley Two Hundred and Sixty-Four Limited
Berkeley Two Hundred and Fifty-Eight Limited
Berkeley Two Hundred and Sixty-Nine Limited
Berkeley Two Hundred and Fifty-Five Limited
Berkeley Two Hundred and Sixty-Seven Limited
Berkeley Two Hundred and Fifty-Four Limited
Berkeley Two Hundred and Sixty-Six Limited
Berkeley Two Hundred and Fifty-Nine Limited
Berkeley Two Hundred and Sixty-Three Limited
Berkeley Two Hundred and Fifty-One Limited
Berkeley Two Hundred and Sixty-Two Limited
Berkeley Two Hundred and Fifty-Seven Limited
Berkeley Two Hundred and Thirteen Limited
Berkeley Two Hundred and Fifty-Six Limited
Berkeley Two Hundred and Thirty Limited
Berkeley Two Hundred and Fifty-Three Limited
Berkeley Two Hundred and Thirty-Four Limited
Berkeley Two Hundred and Fifty-Two Limited
Berkeley Two Hundred and Thirty-One Limited
Berkeley Two Hundred and Five Limited
Berkeley Two Hundred and Thirty-Six Limited
Berkeley Two Hundred and Forty-Eight Limited
Berkeley Two Hundred and Thirty-Three Limited
Berkeley Two Hundred and Forty-Five Limited
Berkeley Two Hundred and Thirty-Two Limited
Berkeley Two Hundred and Forty-Four Limited
Berkeley Two Hundred and Three Limited
Berkeley Two Hundred and Forty-Nine Limited
Berkeley Two Hundred and Twelve Limited
Berkeley Two Hundred and Forty-Seven Limited
Berkeley Two Hundred and Twenty Limited
Berkeley Two Hundred and Twenty-Eight Limited
Great Woodcote Park Management Limited
Berkeley Two Hundred and Twenty-Four Limited
Hertfordshire Homes Limited
Berkeley Two Hundred and Twenty-Nine Limited
Historic Homes Limited
Berkeley Two Hundred and Twenty-Seven Limited
Kentdean Limited
Non-Agency Companies
(v)
Berkeley Two Hundred and Twenty-Six Limited
One Tower Bridge Limited
Berkeley Two Hundred and Twenty-Three Limited
Oval Works Limited
Berkeley Two Hundred and Twenty-Two Limited
Paddington Green Propco Limited
Berkeley Two Hundred and Two Limited
Quod Erat Demonstrandum Properties Limited
Berkeley Two Hundred Limited
Retirement Homes Limited
Berkeley Ventures Limited
Royal Clarence Yard (Marina) Limited
BH (City Forum) Limited
Royal Clarence Yard (Phase A) Limited
Boardcable Limited
(viii)
Royal Clarence Yard (Phase B) Limited
Bromyard House (Car Park) Limited
Royal Clarence Yard (Phase C) Limited
Bromyard House (Freehold) Limited
Royal Clarence Yard (Phase E) Limited
Bromyard House (North) Limited
Royal Clarence Yard (Phase G) Management
Company Limited
Bromyard House Limited
Royal Clarence Yard (Phase H) Limited
BWW Management Limited
(viii)
Royal Clarence Yard (Phase I) Limited
Charco 143 Limited
(i)
Royal Clarence Yard (Phase K) Management
Company Limited
Chelsea Bridge Wharf (Management Company) Limited
Royal Clarence Yard Estate Limited
Chelsea Bridge Wharf Car Park Limited
(viii)
Sandgates Developments Limited
(i)
Community Housing Action Limited
Sitesecure Limited
Community Villages Limited
SJC (Highgate) Limited
(viii)
CPWGCO 1 Limited
South Quay Plaza Management Limited (62.5%)
(vi)
Drummond Road (Number 1) Ltd
St Edward Limited
Drummond Road (Number 2) Ltd
St George (Crawford Street) Limited
Exchange Place No.2 Limited
St George (Queenstown Place) Limited
Fishguard Bridge Limited
St George Blackfriars Limited
Fishguard Tunnel Limited
St George Commercial Limited
St George Ealing Limited
St William Nine Limited
St. George Eastern Ltd
St William Nineteen Limited
St. George Inner Cities Ltd.
St William One Ltd
St. George Investments Ltd
St William Seven Limited
St. George London Ltd
St William Seventeen Limited
St George Northfields Limited
St William Six Limited
St. George Partnerships Ltd
St William Sixteen Limited
St George plc
(iv)
St William Ten Limited
St George Project Management Limited
St William Thirteen Limited
St. George Properties Ltd.
St William Three Ltd
St George Real Estate Limited
St William Twelve Limited
St George Regeneration Limited
St William Twenty Limited
St. George Southern Ltd
St William Twenty-Eight Limited
St. George Western Ltd
St William Twenty-Five Limited
St George Wharf Hotel Limited
St William Twenty-Four Limited
St. George\u2019s Hill Property Company Limited
St William Twenty-One Limited
St James Group Limited
St William Twenty-Seven Limited
St James Homes (Grosvenor Dock) Limited
St William Twenty-Six Limited
St James Homes Limited
(viii)
St William Twenty-Three Limited
St Katharine Homes Limited
(ix)
St William Twenty-Two Limited
St William Eight Limited
St William Two Ltd
St William Eighteen Limited
Tabard Square (Building A) Limited
St William Eleven Limited
Tabard Square (Building B) Limited
St William Fifteen Limited
Tabard Square (Car Park) Limited
Non-Agency Companies
(v)
St William Five Limited
TBG (3)
2009
Limited
St William Four Ltd
The Berkeley Festival Waterfront Company Limited
St William Fourteen Limited
The Berkeley Group plc
St William Holdings Limited
The Millennium Festival Leisure Company Limited
St William Homes LLP
\u2020
The Oxford Gateway Development Company Limited
The Tower, One St George Wharf Limited
(i)
Thirlstone plc
(ii)
Thirlstone (JLP) Limited
Woodside Road Limited
Thirlstone Commercial Limited
(i) A ordinary and B ordinary shares
(ii) Ordinary and preference shares
(iii) Ordinary and deferred shares
(iv) Ordinary, deferred and preference shares
(v) List contains companies that are a principal to agency agreements but are not agents themselves
(vi) Registered office is 83 The Avenue, Sunbury-On-Thames, Middlesex, TW16 5HZ
(vii) Ordinary and redeemable preference shares
(viii) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG
(ix) Formerly known as Berkeley Forty-Eight Limited
\u2020 Partnership with no share capital
The subsidiary companies listed below are incorporated outside of England and Wales. Their country of incorporation
and registered offices are listed below. Their principal activities continue to be that of residential-led mixed use
development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise
indicated, all of the companies have ordinary share capital.
Country of
incorporation
Registered office
Aragon Investments Limited
(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Berkeley (Carnwath Road) Limited
Isle of Man
First Floor, Jubilee Buildings, Victoria Street, Douglas, IM1
2SH, Isle of Man
Berkeley (Hong Kong) Limited
Hong Kong
3806
Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
Berkeley Homes Special Contracts
Scotland
Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN
Public Limited
(iii)
Berkeley Property Investments Limited
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Berkeley Real Estate Consulting (Beijing)
China
Unit 1902,
floor 19, No.1, Guanghua Road, ChaoYang District,
Co. Limited
*
Beijing, China
Berkeley Residential (Singapore) Limited
Singapore
77 Robinson Road, #13-00 Robinson 77, Singapore 068896
Berkeley Whitehart Investments Limited
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Real Star Investments Limited
(i)(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Silverdale One Limited
(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
St George Battersea Reach Limited
Jersey
2 Hill Street, St. Helier, JE2 4UA, Jersey
(i) Agency company of St James Group Limited
(ii) Non-UK nominee company
(iii) Ordinary, A deferred and B deferred shares
* Accounting date of 31 December
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-328": { "value": "2.27 Subsidiaries and joint ventures (a) Subsidiaries In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries, partnerships, associates, joint ventures and joint arrangements, the country of incorporation, the registered address and the effective percentage of equity owned, as at 30 April 2025 is disclosed below. The Berkeley Group plc is the only direct subsidiary of The Berkeley Group Holdings plc and is an intermediate holding company. All wholly owned and partly owned subsidiaries are included in the consolidation and all associated undertakings are included in the Group\u2019s financial statements. All of the companies listed below are incorporated in England and Wales and have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.
Agents of Berkeley Commercial Developments Limited
Ely Business Park Limited
Agents of Berkeley Homes (Central London) Limited
Chelsea Bridge Wharf (Block A) Limited
Chelsea Bridge Wharf (C North) Limited
Chelsea Bridge Wharf (Block B) Limited
Chelsea Bridge Wharf (C South) Limited
Chelsea Bridge Wharf (Block P) Limited
Agents of Berkeley Homes (Hampshire) Limited
Berkeley Homes (South Western House No. 1) Limited
Agents of Berkeley Homes public limited company
Berkeley (Canalside) Limited
Berkeley Homes (Surrey) Limited
Berkeley Build Limited
Berkeley Homes (Thames Gateway) Limited
Berkeley Fifty-Five Limited
Berkeley Homes (Thames Valley) Limited
Berkeley Forty-Five Limited
(i)
Berkeley Homes (Three Valleys) Limited
Berkeley Forty-Four plc
Berkeley Homes (Urban Developments) Limited
Berkeley Gateway Limited
Berkeley Homes (Urban Living) Limited
Berkeley Homes (Barn Elms) Limited
Berkeley Homes (Urban Renaissance) Limited
Berkeley Homes (Capital) plc
Berkeley Homes (Western) Limited
Berkeley Homes (Central & West London)
Public Limited Company
Berkeley Homes (West London) Limited
Berkeley Homes (Central London) Limited
Berkeley Homes (West Thames) Limited
Berkeley Homes (Chiltern) Limited
Berkeley Modular Limited
Berkeley Homes (East Anglia) Limited
Berkeley Ninety-One Limited
Berkeley Homes (East Kent) Limited
Berkeley Partnership Homes Limited
Berkeley Homes (East Thames) Limited
Berkeley Seven Limited
Berkeley Homes (Eastern Counties) Limited
Berkeley STE Limited
Berkeley Homes (Eastern) Limited
Berkeley SW Management Limited
Berkeley Homes (Festival Waterfront Company) Limited
Berkeley Urban Renaissance Limited
Berkeley Homes (Hampshire) Limited
Clare Homes Limited
Berkeley Homes (Home Counties) plc
Lisa Estates (St Albans) Limited
Berkeley Homes (North East London) Limited
PEL Investments Limited
Berkeley Homes (Oxford & Chiltern) Limited
St John Homes Limited
(viii)
Berkeley Homes (South East London) Limited
St Joseph Homes Limited
Berkeley Homes (South London) Limited
Stanmore Relocations Limited
Berkeley Homes (Southern) Limited
Tabard Square (Building C) Limited
Agents of Berkeley Twenty Limited
Thirlstone Homes (Western) Limited
Thirlstone Homes Limited
Agents of St George Central London Limited
Castle Court Putney Wharf Limited
Imperial Wharf (Block J) Ltd
Imperial Wharf (Block C) Limited
Imperial Wharf (Riverside Tower) Residential Limited
Agents of St George plc
St George Central London Limited
St George North London Limited
St George City Limited
St George South and Central London Limited
St George Developments Limited
St George South London Ltd
(vii)
St George Kings Cross Limited
St George West London Ltd
(ii)
Agents of St George South London Ltd
Battersea Reach Estate Company Limited
Riverside West (Block D) Residential Limited
Kensington Westside No. 2 Limited
Riverside West Car Park Limited
Putney Wharf Estate Limited
St George Wharf (Block B) Limited
Riverside West (Block C) Commercial Limited
St George Wharf (Block C) Limited
Riverside West (Block C) Residential Limited
St. George Wharf (Block D) Commercial Limited
Riverside West (Block D) Commercial Limited
St George Wharf Car Park Limited
Agents of St John Homes Limited
Berkeley Sixty-Six Limited
Non-Agency Companies
(v)
Ancestral Homes Limited
Berkeley Fifty-Two Limited
Berkeley (Inner-City Partnerships) Limited
Berkeley First Limited
Berkeley (SQP) Limited
Berkeley Five Limited
Berkeley (Virginia Water) Limited
(i)
Berkeley Forty Limited
Berkeley Affordable Homes Limited
Berkeley Forty-Nine Limited
Berkeley Asset MSA Limited
Berkeley Forty-Seven Limited
Berkeley College Homes Limited
Berkeley Forty-Six Limited
Berkeley Commercial Developments Limited
Berkeley Forty-Three Limited
Berkeley Commercial Investments Limited
Berkeley Forty-Two Limited
Berkeley Commercial Limited
Berkeley Fourteen Limited
Berkeley Community Villages Limited
Berkeley Group Pension Trustees Limited
Berkeley Construction Limited
Berkeley Group Services Limited
Berkeley Developments Limited
(i)
Berkeley Group SIP Trustee Limited
Berkeley Eighteen Limited
Berkeley Guarantee One Limited
\u2020
Berkeley Eighty Limited
Berkeley Homes (Carmelite) Limited
Berkeley Eighty-One Limited
Berkeley Homes (Chertsey) Limited
Berkeley Eighty-Three Limited
Berkeley Homes (City & East London) Limited
Berkeley Eighty-Two Limited
Berkeley Homes (City) Limited
Berkeley Enterprises Limited
Berkeley Homes (Dorset) Limited
Berkeley Festival Development Limited
Berkeley Homes (East London) Limited
Berkeley Festival Hotels Limited
Berkeley Homes (Essex) Limited
Berkeley Festival Investments Limited
Berkeley Homes (Fleet) Limited
(i)
Berkeley Festival Limited
Berkeley Homes (Greater London) Limited
Berkeley Fifty Limited
Berkeley Homes (Hertfordshire & Cambridgeshire) Limited
Berkeley Fifty-Eight Limited
Berkeley Homes (Kent) Limited
Non-Agency Companies
(v)
Berkeley Fifty-Four Limited
Berkeley Homes (North Western) Limited
(i)
Berkeley Fifty-Nine Limited
Berkeley Homes (PCL) Limited
Berkeley Fifty-One Limited
Berkeley Homes (South) Limited
Berkeley Fifty-Seven Limited
Berkeley Homes (Southall) Limited
Berkeley Homes (Southern Counties) Limited
Berkeley One Hundred and Fifty-One Limited
Berkeley Homes (Stanmore) Limited
Berkeley One Hundred and Fifty-Seven Limited
Berkeley Homes Group Limited
Berkeley One Hundred and Fifty-Six Limited
Berkeley Homes public limited company
(iii) (viii)
Berkeley One Hundred and Fifty-Three Limited
Berkeley London Residential Limited
Berkeley One Hundred and Fifty-Two Limited
Berkeley Manhattan Limited
Berkeley One Hundred and Five Limited
Berkeley Ninety-Eight Limited
Berkeley One Hundred and Forty Limited
Berkeley Ninety-Five Limited
Berkeley One Hundred and Forty-Eight Limited
Berkeley Ninety-Nine Limited
Berkeley One Hundred and Forty-Five Limited
Berkeley Ninety-Seven Limited
Berkeley One Hundred and Forty-Four Limited
Berkeley Ninety-Six Limited
Berkeley One Hundred and Forty-Nine Limited
Berkeley Number Four Limited
Berkeley One Hundred and Forty-One Limited
Berkeley Number Seven Limited
Berkeley One Hundred and Forty-Seven Limited
Berkeley Number Six Limited
Berkeley One Hundred and Forty-Six Limited
Berkeley One Hundred and Eight Limited
Berkeley One Hundred and Four Limited
Berkeley One Hundred and Eighteen Limited
Berkeley One Hundred and Nine Limited
Berkeley One Hundred and Eighty Limited
Berkeley One Hundred and Ninety Limited
Berkeley One Hundred and Eighty-Eight Limited
Berkeley One Hundred and Ninety-Eight Limited
Berkeley One Hundred and Eighty-Five Limited
Berkeley One Hundred and Ninety-Five Limited
Berkeley One Hundred and Eighty-Nine Limited
Berkeley One Hundred and Ninety-Four Limited
Berkeley One Hundred and Eighty-One Limited
Berkeley One Hundred and Ninety-Nine Limited
Berkeley One Hundred and Eighty-Seven Limited
Berkeley One Hundred and Ninety-Seven Limited
Berkeley One Hundred and Eighty-Two Limited
Berkeley One Hundred and Ninety-Six Limited
Berkeley One Hundred and Fifteen Limited
Berkeley One Hundred and One Limited
Berkeley One Hundred and Fifty Limited
Berkeley One Hundred and Seven Limited
Berkeley One Hundred and Fifty-Eight Limited
Berkeley One Hundred and Seventeen Limited
Berkeley One Hundred and Fifty-Five Limited
Berkeley One Hundred and Seventy-Eight Limited
Berkeley One Hundred and Fifty-Four Limited
Berkeley One Hundred and Seventy-Five Limited
Berkeley One Hundred and Fifty-Nine Limited
Berkeley One Hundred and Seventy-Four Limited
Berkeley One Hundred and Seventy-Nine Limited
Berkeley One Hundred and Twenty-Nine Limited
Berkeley One Hundred and Seventy-One Limited
Berkeley One Hundred and Twenty-One Limited
Berkeley One Hundred and Seventy-Seven Limited
Berkeley One Hundred and Twenty-Seven Limited
Berkeley One Hundred and Seventy-Six Limited
Berkeley One Hundred and Twenty-Six Limited
Berkeley One Hundred and Seventy-Three Limited
Berkeley One Hundred and Twenty-Three Limited
Berkeley One Hundred and Seventy-Two Limited
Berkeley One Hundred and Twenty-Two Limited
Berkeley One Hundred and Six Limited
Berkeley One Hundred and Two Limited
Berkeley One Hundred and Sixteen Limited
Berkeley Portsmouth Harbour Limited
Berkeley One Hundred and Sixty-Five Limited
Berkeley Portsmouth Waterfront Limited
Berkeley One Hundred and Sixty-Four Limited
Berkeley Properties Limited
(i)
Berkeley One Hundred and Sixty-One Limited
Berkeley Residential Limited
(i)
Berkeley One Hundred and Sixty-Six Limited
Berkeley Ryewood Limited
Berkeley One Hundred and Sixty-Three Limited
Berkeley Seventy Limited
Berkeley One Hundred and Thirteen Limited
Berkeley Seventy-Four Limited
Berkeley One Hundred and Thirty Limited
Berkeley Seventy-One plc
(vii)
ENTS
Non-Agency Companies
(v)
Berkeley One Hundred and Thirty-Eight Limited
Berkeley Seventy-Seven Limited
Berkeley One Hundred and Thirty-Five Limited
Berkeley Seventy-Six Limited
Berkeley One Hundred and Thirty-Four Limited
Berkeley Seventy-Three Limited
Berkeley One Hundred and Thirty-Nine Limited
Berkeley Seventy-Two Limited
Berkeley One Hundred and Thirty-One Limited
Berkeley Sixty Limited
Berkeley One Hundred and Thirty-Seven Limited
Berkeley Sixty-Eight Limited
Berkeley One Hundred and Thirty-Six Limited
Berkeley Sixty-Five Limited
Berkeley One Hundred and Thirty-Three Limited
Berkeley Sixty-Four Limited
Berkeley One Hundred and Thirty-Two Limited
Berkeley Sixty-Nine Limited
Berkeley One Hundred and Three Limited
Berkeley Sixty-One Limited
Berkeley One Hundred and Twenty Limited
Berkeley Special Projects Limited
Berkeley One Hundred and Twenty-Eight Limited
Berkeley Strategic Land Limited
(vii)
Berkeley One Hundred and Twenty-Five Limited
Berkeley Sustainable Communities Limited
Berkeley One Hundred and Twenty-Four Limited
Berkeley Thirty-Eight Limited
Berkeley Thirty-Nine Limited
Berkeley Two Hundred and Forty-Six Limited
Berkeley Thirty-Three Limited
Berkeley Two Hundred and Forty-Three Limited
Berkeley Three Limited
Berkeley Two Hundred and Forty-Two Limited
Berkeley Twenty Limited
Berkeley Two Hundred and Fourteen Limited
Berkeley Twenty-Eight Limited
Berkeley Two Hundred and Nine Limited
Berkeley Twenty-Four Limited
Berkeley Two Hundred and Nineteen Limited
Berkeley Twenty-Nine Limited
Berkeley Two Hundred and One Limited
(i)
Berkeley Twenty-Seven Limited
Berkeley Two Hundred and Seven Limited
Berkeley Twenty-Three Limited
Berkeley Two Hundred and Seventeen Limited
Berkeley Twenty-Two Limited
Berkeley Two Hundred and Seventy Limited
Berkeley Two Hundred and Eight Limited
Berkeley Two Hundred and Seventy-One Limited
Berkeley Two Hundred and Eighteen Limited
Berkeley Two Hundred and Sixty Limited
Berkeley Two Hundred and Eleven Limited
Berkeley Two Hundred and Sixty-Eight Limited
Berkeley Two Hundred and Fifty Limited
Berkeley Two Hundred and Sixty-Four Limited
Berkeley Two Hundred and Fifty-Eight Limited
Berkeley Two Hundred and Sixty-Nine Limited
Berkeley Two Hundred and Fifty-Five Limited
Berkeley Two Hundred and Sixty-Seven Limited
Berkeley Two Hundred and Fifty-Four Limited
Berkeley Two Hundred and Sixty-Six Limited
Berkeley Two Hundred and Fifty-Nine Limited
Berkeley Two Hundred and Sixty-Three Limited
Berkeley Two Hundred and Fifty-One Limited
Berkeley Two Hundred and Sixty-Two Limited
Berkeley Two Hundred and Fifty-Seven Limited
Berkeley Two Hundred and Thirteen Limited
Berkeley Two Hundred and Fifty-Six Limited
Berkeley Two Hundred and Thirty Limited
Berkeley Two Hundred and Fifty-Three Limited
Berkeley Two Hundred and Thirty-Four Limited
Berkeley Two Hundred and Fifty-Two Limited
Berkeley Two Hundred and Thirty-One Limited
Berkeley Two Hundred and Five Limited
Berkeley Two Hundred and Thirty-Six Limited
Berkeley Two Hundred and Forty-Eight Limited
Berkeley Two Hundred and Thirty-Three Limited
Berkeley Two Hundred and Forty-Five Limited
Berkeley Two Hundred and Thirty-Two Limited
Berkeley Two Hundred and Forty-Four Limited
Berkeley Two Hundred and Three Limited
Berkeley Two Hundred and Forty-Nine Limited
Berkeley Two Hundred and Twelve Limited
Berkeley Two Hundred and Forty-Seven Limited
Berkeley Two Hundred and Twenty Limited
Berkeley Two Hundred and Twenty-Eight Limited
Great Woodcote Park Management Limited
Berkeley Two Hundred and Twenty-Four Limited
Hertfordshire Homes Limited
Berkeley Two Hundred and Twenty-Nine Limited
Historic Homes Limited
Berkeley Two Hundred and Twenty-Seven Limited
Kentdean Limited
Non-Agency Companies
(v)
Berkeley Two Hundred and Twenty-Six Limited
One Tower Bridge Limited
Berkeley Two Hundred and Twenty-Three Limited
Oval Works Limited
Berkeley Two Hundred and Twenty-Two Limited
Paddington Green Propco Limited
Berkeley Two Hundred and Two Limited
Quod Erat Demonstrandum Properties Limited
Berkeley Two Hundred Limited
Retirement Homes Limited
Berkeley Ventures Limited
Royal Clarence Yard (Marina) Limited
BH (City Forum) Limited
Royal Clarence Yard (Phase A) Limited
Boardcable Limited
(viii)
Royal Clarence Yard (Phase B) Limited
Bromyard House (Car Park) Limited
Royal Clarence Yard (Phase C) Limited
Bromyard House (Freehold) Limited
Royal Clarence Yard (Phase E) Limited
Bromyard House (North) Limited
Royal Clarence Yard (Phase G) Management
Company Limited
Bromyard House Limited
Royal Clarence Yard (Phase H) Limited
BWW Management Limited
(viii)
Royal Clarence Yard (Phase I) Limited
Charco 143 Limited
(i)
Royal Clarence Yard (Phase K) Management
Company Limited
Chelsea Bridge Wharf (Management Company) Limited
Royal Clarence Yard Estate Limited
Chelsea Bridge Wharf Car Park Limited
(viii)
Sandgates Developments Limited
(i)
Community Housing Action Limited
Sitesecure Limited
Community Villages Limited
SJC (Highgate) Limited
(viii)
CPWGCO 1 Limited
South Quay Plaza Management Limited (62.5%)
(vi)
Drummond Road (Number 1) Ltd
St Edward Limited
Drummond Road (Number 2) Ltd
St George (Crawford Street) Limited
Exchange Place No.2 Limited
St George (Queenstown Place) Limited
Fishguard Bridge Limited
St George Blackfriars Limited
Fishguard Tunnel Limited
St George Commercial Limited
St George Ealing Limited
St William Nine Limited
St. George Eastern Ltd
St William Nineteen Limited
St. George Inner Cities Ltd.
St William One Ltd
St. George Investments Ltd
St William Seven Limited
St. George London Ltd
St William Seventeen Limited
St George Northfields Limited
St William Six Limited
St. George Partnerships Ltd
St William Sixteen Limited
St George plc
(iv)
St William Ten Limited
St George Project Management Limited
St William Thirteen Limited
St. George Properties Ltd.
St William Three Ltd
St George Real Estate Limited
St William Twelve Limited
St George Regeneration Limited
St William Twenty Limited
St. George Southern Ltd
St William Twenty-Eight Limited
St. George Western Ltd
St William Twenty-Five Limited
St George Wharf Hotel Limited
St William Twenty-Four Limited
St. George\u2019s Hill Property Company Limited
St William Twenty-One Limited
St James Group Limited
St William Twenty-Seven Limited
St James Homes (Grosvenor Dock) Limited
St William Twenty-Six Limited
St James Homes Limited
(viii)
St William Twenty-Three Limited
St Katharine Homes Limited
(ix)
St William Twenty-Two Limited
St William Eight Limited
St William Two Ltd
St William Eighteen Limited
Tabard Square (Building A) Limited
St William Eleven Limited
Tabard Square (Building B) Limited
St William Fifteen Limited
Tabard Square (Car Park) Limited
Non-Agency Companies
(v)
St William Five Limited
TBG (3)
2009
Limited
St William Four Ltd
The Berkeley Festival Waterfront Company Limited
St William Fourteen Limited
The Berkeley Group plc
St William Holdings Limited
The Millennium Festival Leisure Company Limited
St William Homes LLP
\u2020
The Oxford Gateway Development Company Limited
The Tower, One St George Wharf Limited
(i)
Thirlstone plc
(ii)
Thirlstone (JLP) Limited
Woodside Road Limited
Thirlstone Commercial Limited
(i) A ordinary and B ordinary shares (ii) Ordinary and preference shares (iii) Ordinary and deferred shares (iv) Ordinary, deferred and preference shares (v) List contains companies that are a principal to agency agreements but are not agents themselves (vi) Registered office is 83 The Avenue, Sunbury-On-Thames, Middlesex, TW16 5HZ (vii) Ordinary and redeemable preference shares (viii) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG (ix) Formerly known as Berkeley Forty-Eight Limited \u2020 Partnership with no share capital The subsidiary companies listed below are incorporated outside of England and Wales. Their country of incorporation and registered offices are listed below. Their principal activities continue to be that of residential-led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.
Country of
incorporation
Registered office
Aragon Investments Limited
(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Berkeley (Carnwath Road) Limited
Isle of Man
First Floor, Jubilee Buildings, Victoria Street, Douglas, IM1
2SH, Isle of Man
Berkeley (Hong Kong) Limited
Hong Kong
3806
Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
Berkeley Homes Special Contracts
Scotland
Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN
Public Limited
(iii)
Berkeley Property Investments Limited
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Berkeley Real Estate Consulting (Beijing)
China
Unit 1902,
floor 19, No.1, Guanghua Road, ChaoYang District,
Co. Limited
*
Beijing, China
Berkeley Residential (Singapore) Limited
Singapore
77 Robinson Road, #13-00 Robinson 77, Singapore 068896
Berkeley Whitehart Investments Limited
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Real Star Investments Limited
(i)(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Silverdale One Limited
(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
St George Battersea Reach Limited
Jersey
2 Hill Street, St. Helier, JE2 4UA, Jersey
(i) Agency company of St James Group Limited (ii) Non-UK nominee company (iii) Ordinary, A deferred and B deferred shares * Accounting date of 31 December (b) Joint ventures At 30 April 2025, the Group had an interest in the following joint ventures which have been equity accounted to 30 April and have an accounting date of 30 April unless otherwise indicated. All of the companies listed below are incorporated in England and Wales and have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-led mixed use development and ancillary activities. All of the companies are 50% owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.
Berkeley Carlton Holdings Limited
(ii)
St Edward Homes Number Five Limited
**
Berkeley Sutton Limited
(ii)
St Edward Homes Number Four Limited
**
Diniwe One Limited
St Edward Homes Number One Limited
**
Diniwe Two Limited
St Edward Homes Number Three Limited
**(v)
Berkeley Latimer Estates Limited
(ii) (v)***
St Edward Homes Number Two Limited
**
Berkeley Two Hundred and Sixty-Five LLP
(i)(vi)
St Edward Homes Partnership Freeholds Limited
Mayflower Residential Limited
(ii) (v)***
St Edward Strand Partnership Freeholds Limited
Segro V-Park Grand Union LLP
*\u2020
St George Little Britain (No. 1) Limited
(ii)
SEH Manager Limited
St George Little Britain (No.2) Limited
(ii)
SEH Nominee Limited
Strand Property Unit Trust (unregistered)
SES Manager Limited
(ii)
The St Edward Homes Partnership
(unregistered partnership)
(i)
SES Nominee Limited
The St Edward (Strand) Partnership
(unregistered partnership)
(i)
St Edward Homes Limited
(iii)
U B Developments Limited
(iv) (v)
(i) Partnership with no share capital (ii) A ordinary and B ordinary shares (iii) A ordinary, B ordinary, C preference and D preference shares (iv) B ordinary shares (v) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG (vi) Formerly known as St Katharine Homes LLP * Accounting date of 31 December ** 100% owned by St Edward Homes Limited *** Accounting date of 31 March \u2020 Registered office address is 1 New Burlington Place, London, United Kingdom, W1S 2HR", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138009OQSSLVVHQAL78", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-304": { "value": "2.27 Subsidiaries and joint ventures (a) Subsidiaries In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries, partnerships, associates, joint ventures and joint arrangements, the country of incorporation, the registered address and the effective percentage of equity owned, as at 30 April 2025 is disclosed below. The Berkeley Group plc is the only direct subsidiary of The Berkeley Group Holdings plc and is an intermediate holding company. All wholly owned and partly owned subsidiaries are included in the consolidation and all associated undertakings are included in the Group\u2019s financial statements. All of the companies listed below are incorporated in England and Wales and have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.
Agents of Berkeley Commercial Developments Limited
Ely Business Park Limited
Agents of Berkeley Homes (Central London) Limited
Chelsea Bridge Wharf (Block A) Limited
Chelsea Bridge Wharf (C North) Limited
Chelsea Bridge Wharf (Block B) Limited
Chelsea Bridge Wharf (C South) Limited
Chelsea Bridge Wharf (Block P) Limited
Agents of Berkeley Homes (Hampshire) Limited
Berkeley Homes (South Western House No. 1) Limited
Agents of Berkeley Homes public limited company
Berkeley (Canalside) Limited
Berkeley Homes (Surrey) Limited
Berkeley Build Limited
Berkeley Homes (Thames Gateway) Limited
Berkeley Fifty-Five Limited
Berkeley Homes (Thames Valley) Limited
Berkeley Forty-Five Limited
(i)
Berkeley Homes (Three Valleys) Limited
Berkeley Forty-Four plc
Berkeley Homes (Urban Developments) Limited
Berkeley Gateway Limited
Berkeley Homes (Urban Living) Limited
Berkeley Homes (Barn Elms) Limited
Berkeley Homes (Urban Renaissance) Limited
Berkeley Homes (Capital) plc
Berkeley Homes (Western) Limited
Berkeley Homes (Central & West London)
Public Limited Company
Berkeley Homes (West London) Limited
Berkeley Homes (Central London) Limited
Berkeley Homes (West Thames) Limited
Berkeley Homes (Chiltern) Limited
Berkeley Modular Limited
Berkeley Homes (East Anglia) Limited
Berkeley Ninety-One Limited
Berkeley Homes (East Kent) Limited
Berkeley Partnership Homes Limited
Berkeley Homes (East Thames) Limited
Berkeley Seven Limited
Berkeley Homes (Eastern Counties) Limited
Berkeley STE Limited
Berkeley Homes (Eastern) Limited
Berkeley SW Management Limited
Berkeley Homes (Festival Waterfront Company) Limited
Berkeley Urban Renaissance Limited
Berkeley Homes (Hampshire) Limited
Clare Homes Limited
Berkeley Homes (Home Counties) plc
Lisa Estates (St Albans) Limited
Berkeley Homes (North East London) Limited
PEL Investments Limited
Berkeley Homes (Oxford & Chiltern) Limited
St John Homes Limited
(viii)
Berkeley Homes (South East London) Limited
St Joseph Homes Limited
Berkeley Homes (South London) Limited
Stanmore Relocations Limited
Berkeley Homes (Southern) Limited
Tabard Square (Building C) Limited
Agents of Berkeley Twenty Limited
Thirlstone Homes (Western) Limited
Thirlstone Homes Limited
Agents of St George Central London Limited
Castle Court Putney Wharf Limited
Imperial Wharf (Block J) Ltd
Imperial Wharf (Block C) Limited
Imperial Wharf (Riverside Tower) Residential Limited
Agents of St George plc
St George Central London Limited
St George North London Limited
St George City Limited
St George South and Central London Limited
St George Developments Limited
St George South London Ltd
(vii)
St George Kings Cross Limited
St George West London Ltd
(ii)
Agents of St George South London Ltd
Battersea Reach Estate Company Limited
Riverside West (Block D) Residential Limited
Kensington Westside No. 2 Limited
Riverside West Car Park Limited
Putney Wharf Estate Limited
St George Wharf (Block B) Limited
Riverside West (Block C) Commercial Limited
St George Wharf (Block C) Limited
Riverside West (Block C) Residential Limited
St. George Wharf (Block D) Commercial Limited
Riverside West (Block D) Commercial Limited
St George Wharf Car Park Limited
Agents of St John Homes Limited
Berkeley Sixty-Six Limited
Non-Agency Companies
(v)
Ancestral Homes Limited
Berkeley Fifty-Two Limited
Berkeley (Inner-City Partnerships) Limited
Berkeley First Limited
Berkeley (SQP) Limited
Berkeley Five Limited
Berkeley (Virginia Water) Limited
(i)
Berkeley Forty Limited
Berkeley Affordable Homes Limited
Berkeley Forty-Nine Limited
Berkeley Asset MSA Limited
Berkeley Forty-Seven Limited
Berkeley College Homes Limited
Berkeley Forty-Six Limited
Berkeley Commercial Developments Limited
Berkeley Forty-Three Limited
Berkeley Commercial Investments Limited
Berkeley Forty-Two Limited
Berkeley Commercial Limited
Berkeley Fourteen Limited
Berkeley Community Villages Limited
Berkeley Group Pension Trustees Limited
Berkeley Construction Limited
Berkeley Group Services Limited
Berkeley Developments Limited
(i)
Berkeley Group SIP Trustee Limited
Berkeley Eighteen Limited
Berkeley Guarantee One Limited
\u2020
Berkeley Eighty Limited
Berkeley Homes (Carmelite) Limited
Berkeley Eighty-One Limited
Berkeley Homes (Chertsey) Limited
Berkeley Eighty-Three Limited
Berkeley Homes (City & East London) Limited
Berkeley Eighty-Two Limited
Berkeley Homes (City) Limited
Berkeley Enterprises Limited
Berkeley Homes (Dorset) Limited
Berkeley Festival Development Limited
Berkeley Homes (East London) Limited
Berkeley Festival Hotels Limited
Berkeley Homes (Essex) Limited
Berkeley Festival Investments Limited
Berkeley Homes (Fleet) Limited
(i)
Berkeley Festival Limited
Berkeley Homes (Greater London) Limited
Berkeley Fifty Limited
Berkeley Homes (Hertfordshire & Cambridgeshire) Limited
Berkeley Fifty-Eight Limited
Berkeley Homes (Kent) Limited
Non-Agency Companies
(v)
Berkeley Fifty-Four Limited
Berkeley Homes (North Western) Limited
(i)
Berkeley Fifty-Nine Limited
Berkeley Homes (PCL) Limited
Berkeley Fifty-One Limited
Berkeley Homes (South) Limited
Berkeley Fifty-Seven Limited
Berkeley Homes (Southall) Limited
Berkeley Homes (Southern Counties) Limited
Berkeley One Hundred and Fifty-One Limited
Berkeley Homes (Stanmore) Limited
Berkeley One Hundred and Fifty-Seven Limited
Berkeley Homes Group Limited
Berkeley One Hundred and Fifty-Six Limited
Berkeley Homes public limited company
(iii) (viii)
Berkeley One Hundred and Fifty-Three Limited
Berkeley London Residential Limited
Berkeley One Hundred and Fifty-Two Limited
Berkeley Manhattan Limited
Berkeley One Hundred and Five Limited
Berkeley Ninety-Eight Limited
Berkeley One Hundred and Forty Limited
Berkeley Ninety-Five Limited
Berkeley One Hundred and Forty-Eight Limited
Berkeley Ninety-Nine Limited
Berkeley One Hundred and Forty-Five Limited
Berkeley Ninety-Seven Limited
Berkeley One Hundred and Forty-Four Limited
Berkeley Ninety-Six Limited
Berkeley One Hundred and Forty-Nine Limited
Berkeley Number Four Limited
Berkeley One Hundred and Forty-One Limited
Berkeley Number Seven Limited
Berkeley One Hundred and Forty-Seven Limited
Berkeley Number Six Limited
Berkeley One Hundred and Forty-Six Limited
Berkeley One Hundred and Eight Limited
Berkeley One Hundred and Four Limited
Berkeley One Hundred and Eighteen Limited
Berkeley One Hundred and Nine Limited
Berkeley One Hundred and Eighty Limited
Berkeley One Hundred and Ninety Limited
Berkeley One Hundred and Eighty-Eight Limited
Berkeley One Hundred and Ninety-Eight Limited
Berkeley One Hundred and Eighty-Five Limited
Berkeley One Hundred and Ninety-Five Limited
Berkeley One Hundred and Eighty-Nine Limited
Berkeley One Hundred and Ninety-Four Limited
Berkeley One Hundred and Eighty-One Limited
Berkeley One Hundred and Ninety-Nine Limited
Berkeley One Hundred and Eighty-Seven Limited
Berkeley One Hundred and Ninety-Seven Limited
Berkeley One Hundred and Eighty-Two Limited
Berkeley One Hundred and Ninety-Six Limited
Berkeley One Hundred and Fifteen Limited
Berkeley One Hundred and One Limited
Berkeley One Hundred and Fifty Limited
Berkeley One Hundred and Seven Limited
Berkeley One Hundred and Fifty-Eight Limited
Berkeley One Hundred and Seventeen Limited
Berkeley One Hundred and Fifty-Five Limited
Berkeley One Hundred and Seventy-Eight Limited
Berkeley One Hundred and Fifty-Four Limited
Berkeley One Hundred and Seventy-Five Limited
Berkeley One Hundred and Fifty-Nine Limited
Berkeley One Hundred and Seventy-Four Limited
Berkeley One Hundred and Seventy-Nine Limited
Berkeley One Hundred and Twenty-Nine Limited
Berkeley One Hundred and Seventy-One Limited
Berkeley One Hundred and Twenty-One Limited
Berkeley One Hundred and Seventy-Seven Limited
Berkeley One Hundred and Twenty-Seven Limited
Berkeley One Hundred and Seventy-Six Limited
Berkeley One Hundred and Twenty-Six Limited
Berkeley One Hundred and Seventy-Three Limited
Berkeley One Hundred and Twenty-Three Limited
Berkeley One Hundred and Seventy-Two Limited
Berkeley One Hundred and Twenty-Two Limited
Berkeley One Hundred and Six Limited
Berkeley One Hundred and Two Limited
Berkeley One Hundred and Sixteen Limited
Berkeley Portsmouth Harbour Limited
Berkeley One Hundred and Sixty-Five Limited
Berkeley Portsmouth Waterfront Limited
Berkeley One Hundred and Sixty-Four Limited
Berkeley Properties Limited
(i)
Berkeley One Hundred and Sixty-One Limited
Berkeley Residential Limited
(i)
Berkeley One Hundred and Sixty-Six Limited
Berkeley Ryewood Limited
Berkeley One Hundred and Sixty-Three Limited
Berkeley Seventy Limited
Berkeley One Hundred and Thirteen Limited
Berkeley Seventy-Four Limited
Berkeley One Hundred and Thirty Limited
Berkeley Seventy-One plc
(vii)
Non-Agency Companies
(v)
Berkeley One Hundred and Thirty-Eight Limited
Berkeley Seventy-Seven Limited
Berkeley One Hundred and Thirty-Five Limited
Berkeley Seventy-Six Limited
Berkeley One Hundred and Thirty-Four Limited
Berkeley Seventy-Three Limited
Berkeley One Hundred and Thirty-Nine Limited
Berkeley Seventy-Two Limited
Berkeley One Hundred and Thirty-One Limited
Berkeley Sixty Limited
Berkeley One Hundred and Thirty-Seven Limited
Berkeley Sixty-Eight Limited
Berkeley One Hundred and Thirty-Six Limited
Berkeley Sixty-Five Limited
Berkeley One Hundred and Thirty-Three Limited
Berkeley Sixty-Four Limited
Berkeley One Hundred and Thirty-Two Limited
Berkeley Sixty-Nine Limited
Berkeley One Hundred and Three Limited
Berkeley Sixty-One Limited
Berkeley One Hundred and Twenty Limited
Berkeley Special Projects Limited
Berkeley One Hundred and Twenty-Eight Limited
Berkeley Strategic Land Limited
(vii)
Berkeley One Hundred and Twenty-Five Limited
Berkeley Sustainable Communities Limited
Berkeley One Hundred and Twenty-Four Limited
Berkeley Thirty-Eight Limited
Berkeley Thirty-Nine Limited
Berkeley Two Hundred and Forty-Six Limited
Berkeley Thirty-Three Limited
Berkeley Two Hundred and Forty-Three Limited
Berkeley Three Limited
Berkeley Two Hundred and Forty-Two Limited
Berkeley Twenty Limited
Berkeley Two Hundred and Fourteen Limited
Berkeley Twenty-Eight Limited
Berkeley Two Hundred and Nine Limited
Berkeley Twenty-Four Limited
Berkeley Two Hundred and Nineteen Limited
Berkeley Twenty-Nine Limited
Berkeley Two Hundred and One Limited
(i)
Berkeley Twenty-Seven Limited
Berkeley Two Hundred and Seven Limited
Berkeley Twenty-Three Limited
Berkeley Two Hundred and Seventeen Limited
Berkeley Twenty-Two Limited
Berkeley Two Hundred and Seventy Limited
Berkeley Two Hundred and Eight Limited
Berkeley Two Hundred and Seventy-One Limited
Berkeley Two Hundred and Eighteen Limited
Berkeley Two Hundred and Sixty Limited
Berkeley Two Hundred and Eleven Limited
Berkeley Two Hundred and Sixty-Eight Limited
Berkeley Two Hundred and Fifty Limited
Berkeley Two Hundred and Sixty-Four Limited
Berkeley Two Hundred and Fifty-Eight Limited
Berkeley Two Hundred and Sixty-Nine Limited
Berkeley Two Hundred and Fifty-Five Limited
Berkeley Two Hundred and Sixty-Seven Limited
Berkeley Two Hundred and Fifty-Four Limited
Berkeley Two Hundred and Sixty-Six Limited
Berkeley Two Hundred and Fifty-Nine Limited
Berkeley Two Hundred and Sixty-Three Limited
Berkeley Two Hundred and Fifty-One Limited
Berkeley Two Hundred and Sixty-Two Limited
Berkeley Two Hundred and Fifty-Seven Limited
Berkeley Two Hundred and Thirteen Limited
Berkeley Two Hundred and Fifty-Six Limited
Berkeley Two Hundred and Thirty Limited
Berkeley Two Hundred and Fifty-Three Limited
Berkeley Two Hundred and Thirty-Four Limited
Berkeley Two Hundred and Fifty-Two Limited
Berkeley Two Hundred and Thirty-One Limited
Berkeley Two Hundred and Five Limited
Berkeley Two Hundred and Thirty-Six Limited
Berkeley Two Hundred and Forty-Eight Limited
Berkeley Two Hundred and Thirty-Three Limited
Berkeley Two Hundred and Forty-Five Limited
Berkeley Two Hundred and Thirty-Two Limited
Berkeley Two Hundred and Forty-Four Limited
Berkeley Two Hundred and Three Limited
Berkeley Two Hundred and Forty-Nine Limited
Berkeley Two Hundred and Twelve Limited
Berkeley Two Hundred and Forty-Seven Limited
Berkeley Two Hundred and Twenty Limited
Berkeley Two Hundred and Twenty-Eight Limited
Great Woodcote Park Management Limited
Berkeley Two Hundred and Twenty-Four Limited
Hertfordshire Homes Limited
Berkeley Two Hundred and Twenty-Nine Limited
Historic Homes Limited
Berkeley Two Hundred and Twenty-Seven Limited
Kentdean Limited
Non-Agency Companies
(v)
Berkeley Two Hundred and Twenty-Six Limited
One Tower Bridge Limited
Berkeley Two Hundred and Twenty-Three Limited
Oval Works Limited
Berkeley Two Hundred and Twenty-Two Limited
Paddington Green Propco Limited
Berkeley Two Hundred and Two Limited
Quod Erat Demonstrandum Properties Limited
Berkeley Two Hundred Limited
Retirement Homes Limited
Berkeley Ventures Limited
Royal Clarence Yard (Marina) Limited
BH (City Forum) Limited
Royal Clarence Yard (Phase A) Limited
Boardcable Limited
(viii)
Royal Clarence Yard (Phase B) Limited
Bromyard House (Car Park) Limited
Royal Clarence Yard (Phase C) Limited
Bromyard House (Freehold) Limited
Royal Clarence Yard (Phase E) Limited
Bromyard House (North) Limited
Royal Clarence Yard (Phase G) Management
Company Limited
Bromyard House Limited
Royal Clarence Yard (Phase H) Limited
BWW Management Limited
(viii)
Royal Clarence Yard (Phase I) Limited
Charco 143 Limited
(i)
Royal Clarence Yard (Phase K) Management
Company Limited
Chelsea Bridge Wharf (Management Company) Limited
Royal Clarence Yard Estate Limited
Chelsea Bridge Wharf Car Park Limited
(viii)
Sandgates Developments Limited
(i)
Community Housing Action Limited
Sitesecure Limited
Community Villages Limited
SJC (Highgate) Limited
(viii)
CPWGCO 1 Limited
South Quay Plaza Management Limited (62.5%)
(vi)
Drummond Road (Number 1) Ltd
St Edward Limited
Drummond Road (Number 2) Ltd
St George (Crawford Street) Limited
Exchange Place No.2 Limited
St George (Queenstown Place) Limited
Fishguard Bridge Limited
St George Blackfriars Limited
Fishguard Tunnel Limited
St George Commercial Limited
St George Ealing Limited
St William Nine Limited
St. George Eastern Ltd
St William Nineteen Limited
St. George Inner Cities Ltd.
St William One Ltd
St. George Investments Ltd
St William Seven Limited
St. George London Ltd
St William Seventeen Limited
St George Northfields Limited
St William Six Limited
St. George Partnerships Ltd
St William Sixteen Limited
St George plc
(iv)
St William Ten Limited
St George Project Management Limited
St William Thirteen Limited
St. George Properties Ltd.
St William Three Ltd
St George Real Estate Limited
St William Twelve Limited
St George Regeneration Limited
St William Twenty Limited
St. George Southern Ltd
St William Twenty-Eight Limited
St. George Western Ltd
St William Twenty-Five Limited
St George Wharf Hotel Limited
St William Twenty-Four Limited
St. George\u2019s Hill Property Company Limited
St William Twenty-One Limited
St James Group Limited
St William Twenty-Seven Limited
St James Homes (Grosvenor Dock) Limited
St William Twenty-Six Limited
St James Homes Limited
(viii)
St William Twenty-Three Limited
St Katharine Homes Limited
(ix)
St William Twenty-Two Limited
St William Eight Limited
St William Two Ltd
St William Eighteen Limited
Tabard Square (Building A) Limited
St William Eleven Limited
Tabard Square (Building B) Limited
St William Fifteen Limited
Tabard Square (Car Park) Limited
Non-Agency Companies
(v)
St William Five Limited
TBG (3)
2009
Limited
St William Four Ltd
The Berkeley Festival Waterfront Company Limited
St William Fourteen Limited
The Berkeley Group plc
St William Holdings Limited
The Millennium Festival Leisure Company Limited
St William Homes LLP
\u2020
The Oxford Gateway Development Company Limited
The Tower, One St George Wharf Limited
(i)
Thirlstone plc
(ii)
Thirlstone (JLP) Limited
Woodside Road Limited
Thirlstone Commercial Limited
(i) A ordinary and B ordinary shares (ii) Ordinary and preference shares (iii) Ordinary and deferred shares (iv) Ordinary, deferred and preference shares (v) List contains companies that are a principal to agency agreements but are not agents themselves (vi) Registered office is 83 The Avenue, Sunbury-On-Thames, Middlesex, TW16 5HZ (vii) Ordinary and redeemable preference shares (viii) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG (ix) Formerly known as Berkeley Forty-Eight Limited \u2020 Partnership with no share capital The subsidiary companies listed below are incorporated outside of England and Wales. Their country of incorporation and registered offices are listed below. Their principal activities continue to be that of residential-led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.
Country of
incorporation
Registered office
Aragon Investments Limited
(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Berkeley (Carnwath Road) Limited
Isle of Man
First Floor, Jubilee Buildings, Victoria Street, Douglas, IM1
2SH, Isle of Man
Berkeley (Hong Kong) Limited
Hong Kong
3806
Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
Berkeley Homes Special Contracts
Scotland
Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN
Public Limited
(iii)
Berkeley Property Investments Limited
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Berkeley Real Estate Consulting (Beijing)
China
Unit 1902,
floor 19, No.1, Guanghua Road, ChaoYang District,
Co. Limited
*
Beijing, China
Berkeley Residential (Singapore) Limited
Singapore
77 Robinson Road, #13-00 Robinson 77, Singapore 068896
Berkeley Whitehart Investments Limited
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Real Star Investments Limited
(i)(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
Silverdale One Limited
(ii)
Jersey
28 Esplanade, St. Helier, JE2 3QA, Jersey
St George Battersea Reach Limited
Jersey
2 Hill Street, St. Helier, JE2 4UA, Jersey
(i) Agency company of St James Group Limited (ii) Non-UK nominee company (iii) Ordinary, A deferred and B deferred shares * Accounting date of 31 December
(b) Joint ventures
At 30 April 2025, the Group had an interest in the following joint ventures which have been equity accounted to
30 April and have an accounting date of 30 April unless otherwise indicated. All of the companies listed below
are incorporated in England and Wales and have their registered office address at Berkeley House, 19 Portsmouth
Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-led mixed use
development and ancillary activities. All of the companies are 50% owned by the Group and unless otherwise
indicated, all of the companies have ordinary share capital.
Berkeley Carlton Holdings Limited
(ii)
St Edward Homes Number Five Limited
**
Berkeley Sutton Limited
(ii)
St Edward Homes Number Four Limited
**
Diniwe One Limited
St Edward Homes Number One Limited
**
Diniwe Two Limited
St Edward Homes Number Three Limited
**(v)
Berkeley Latimer Estates Limited
(ii) (v)***
St Edward Homes Number Two Limited
**
Berkeley Two Hundred and Sixty-Five LLP
(i)(vi)
St Edward Homes Partnership Freeholds Limited
Mayflower Residential Limited
(ii) (v)***
St Edward Strand Partnership Freeholds Limited
Segro V-Park Grand Union LLP
*\u2020
St George Little Britain (No. 1) Limited
(ii)
SEH Manager Limited
St George Little Britain (No.2) Limited
(ii)
SEH Nominee Limited
Strand Property Unit Trust (unregistered)
SES Manager Limited
(ii)
The St Edward Homes Partnership
(unregistered partnership)
(i)
SES Nominee Limited
The St Edward (Strand) Partnership
(unregistered partnership)
(i)
St Edward Homes Limited
(iii)
U B Developments Limited
(iv) (v)
(i) Partnership with no share capital
(ii) A ordinary and B ordinary shares
(iii) A ordinary, B ordinary, C preference and D preference shares
(iv) B ordinary shares
(v) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG
(vi) Formerly known as St Katharine Homes LLP
* Accounting date of 31 December
** 100% owned by St Edward Homes Limited
*** Accounting date of 31 March
\u2020 Registered office address is 1 New Burlington Place, London, United Kingdom, W1S 2HR
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