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"value": "Basis of preparation Bellway p.l.c. (the \u2018Company\u2019) is a company incorporated in England and Wales. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company made up to 31 July. The Company 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, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of these entities are included in the consolidated financial statements from the date that control commences until the date that control ceases. Joint arrangements are those entities over whose activities the Group has joint control, established by contractual agreement. A joint arrangement can take two forms: (i) Joint venture \u2013 these entities are consolidated using the equity method of accounting. (ii) Joint operation \u2013 the Group\u2019s share of the assets, liabilities and transactions of such entities are accounted for directly as if they were assets, liabilities and transactions of the Group. The consolidated Group financial statements have been prepared and approved by the Directors in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The parent company financial statements are prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006. On publishing the Company financial statements here together with the Group financial statements, which were approved for issue on 16 October 2023, the Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual income statement and related notes that form a part of these financial statements. Other financial statement considerations In preparing the Group and Company financial statements, management has considered the impact of climate change, and the possible impact of climate-related and other emerging business risks. A rigorous assessment of the impact of climate-related risks has been performed, and disclosed in the Strategic Report, in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures. This included an assessment of inventories and how they could be affected by measures taken to address global warming. No issues were identified that would materially impact the carrying values of either the Group\u2019s or Company\u2019s assets or liabilities, or have any other material impact on the financial statements. The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The accounting policies set out within the notes to the financial statements have, except as noted below, been applied consistently to all periods presented in these consolidated financial statements. The Group recently acquired a number of contractual arrangements with landowners in order to promote their land through the planning process to obtain detailed planning permission, and to subsequently market the sites for residential property development on behalf of the landowner. These agreements are accounted for in inventory and the amended inventories policy of the Group is included in note 7. Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Chief Executive\u2019s Market and Operational Review on pages 30 to 33. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Group Finance Director\u2019s Review on pages 34 to 37 and the Directors\u2019 Report on pages 147 to 150. The Risk Management section on pages 75 to 78 sets out the Group\u2019s policies and processes for managing its capital, financial risk, and its exposure to credit, liquidity, interest rate and housing market risk. The Group\u2019s activities are financed principally by a combination of ordinary shares and cash in hand less debt. At 31 July 2023, Bellway had net cash of \u00a3232.0 million 2 (note 15), having utilised cash of \u00a313.3 million (note 15) during the year, including \u00a3372.9 million of cash generated from operations. The Group has operated within all its debt covenants throughout the year, and covenant compliance was considered as part of the going concern assessment. In addition, the Group had bank facilities of \u00a3400.0 million at 31 July 2023, expiring in tranches up to December 2027. Furthermore, in February 2021 the Group entered into a contractual arrangement to issue a sterling US Private Placement (\u2018USPP\u2019) for a total amount of \u00a3130.0 million, as part of its ordinary course of business financing arrangements, which has maturity dates in 2028 and 2031. In aggregate, the Group had committed debt lines of \u00a3530.0 million at 31 July 2023. Including committed debt lines and cash, Bellway had access to total funds of \u00a3762.0 million, along with net current assets (excluding cash) of \u00a33,667.2 million at 31 July 2023, providing the Group with appropriate liquidity to meet its current liabilities as they fall due. The Group\u2019s internal forecasts have been regularly updated, incorporating our actual experience along with our expected future outturn. The latest available base forecast has been sensitised, setting out the Group\u2019s resilience to the principal risks and uncertainties in the most severe but plausible scenario. The sensitivity includes a recession due to economic uncertainty and a deterioration in customer confidence. This could lead to a reduction in both the total number of legal completions and private average selling price, with overheads, land spend and construction spend reducing accordingly. This sensitivity includes the following principal assumptions: \u2022 Private completions in H1 FY24 are supported by the forward order book, but still fall to 55% of that achieved in H1 of FY23. In the 12 months to 31 January 2025, private completions reduce by around 50% compared to the 12 month pre-stress peak achieved in FY22. This is followed by a gradual recovery based on the lower base position. \u2022 Private average selling price in H1 FY24 remains in line with internal forecasts due to the order book position. In the 12 months to 31 January 2025, the private average selling price reduces by 10% compared to the latest achieved pricing. This is followed by a gradual recovery based on the lower base position. \u2022 These assumptions reflect the Group\u2019s experience in the 2008\u201309 Global Financial Crisis. A number of prudent mitigating actions within the Directors\u2019 control were incorporated into the plausible but severe downside scenario, including: \u2022 Plots in the land bank only being replaced at the same rate that they are utilised. \u2022 Construction spend reducing in line with housing revenue. \u2022 Dividends reducing in line with earnings. The sensitivity analysis was modelled over the period to 31 July 2025 for the going concern assessment, but extended to the 31 July 2027 for the Directors\u2019 viability assessment. In addition to the above, several additional mitigating measures remain available to management that were not included in the scenario. These include withholding discretionary land spend and instead trading out of the substantial existing land holdings. In the scenario, the Group had significant headroom in both its financial debt covenants and existing debt facilities and met its liabilities as they fall due. In relation to climate risks, and in particular the requirement of the Group to reduce carbon emissions, the going concern assessment is not considered to be materially affected by the Future Homes Standard. The Directors consider that the Group is well placed to manage business and financial risks in the current economic environment. Consequently, the Directors are confident that the Group and Company will have sufficient funds to continue to meet its liabilities as they fall due for the period to 31 July 2025, aligning with the first year end after the minimum 12 month assessment period, and have therefore prepared the financial statements on a going concern basis. Effect of new standards and interpretations effective for the first time The Group adopted and applied the following amendments in the year, none of which had a material effect on the financial statements: \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16. \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37. \u2022 Annual Improvements to IFRS Standards 2018\u20132020. \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. \u2022 Pillar 2 minimum tax \u2013 Amendments to IAS 12 . Standards and interpretations in issue but not yet effective At the date of authorisation of these financial statements there were a number of standards and interpretations which were in issue but not yet effective. These have not been applied in these financial statements and are not expected to have a material effect when adopted.",
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"fact-310": {
"value": "Bellway p.l.c. (the \u2018Company\u2019) is a company incorporated in England and Wales. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company made up to 31 July. The Company 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, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of these entities are included in the consolidated financial statements from the date that control commences until the date that control ceases. Joint arrangements are those entities over whose activities the Group has joint control, established by contractual agreement. A joint arrangement can take two forms: (i) Joint venture \u2013 these entities are consolidated using the equity method of accounting. (ii) Joint operation \u2013 the Group\u2019s share of the assets, liabilities and transactions of such entities are accounted for directly as if they were assets, liabilities and transactions of the Group. The consolidated Group financial statements have been prepared and approved by the Directors in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The parent company financial statements are prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006. On publishing the Company financial statements here together with the Group financial statements, which were approved for issue on 16 October 2023, the Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual income statement and related notes that form a part of these financial statements. Other financial statement considerations In preparing the Group and Company financial statements, management has considered the impact of climate change, and the possible impact of climate-related and other emerging business risks. A rigorous assessment of the impact of climate-related risks has been performed, and disclosed in the Strategic Report, in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures. This included an assessment of inventories and how they could be affected by measures taken to address global warming. No issues were identified that would materially impact the carrying values of either the Group\u2019s or Company\u2019s assets or liabilities, or have any other material impact on the financial statements. The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The accounting policies set out within the notes to the financial statements have, except as noted below, been applied consistently to all periods presented in these consolidated financial statements. The Group recently acquired a number of contractual arrangements with landowners in order to promote their land through the planning process to obtain detailed planning permission, and to subsequently market the sites for residential property development on behalf of the landowner. These agreements are accounted for in inventory and the amended inventories policy of the Group is included in note 7. Revenue recognition Revenue is measured at the fair value of consideration received or receivable, net of incentives. Private housing sales and land sales Revenue is recognised in the income statement at a point in time when the performance obligation, being the transfer of a completed dwelling or land to a customer, has been satisfied. This is when legal title is transferred. Social housing The Group reviews social housing contracts on a contract-by-contract basis and determines the appropriate revenue recognition based on the specific terms of each contract. Where a contract with a housing association transfers both land and social housing on legal completion (\u2018turnkey and plot sale contracts\u2019 which typically represents around one third of social housing revenue), there is one performance obligation and revenue is recognised in the income statement at a point in time when the homes are build complete and all material contractual obligations have been fulfilled. This is when legal title is transferred. Where a contract with a housing association transfers legal title of land once foundations are in place (\u2018design and build\u2019 contracts\u2019 which typically represents around two thirds of social housing revenue) and separately transfers the social housing dwellings when they are build complete, there is a judgement as to whether the sale of land is a separate performance obligation for the purposes of revenue recognition and consequentially whether revenue should be recognised over time or on a point in time basis for the social housing units. Based on the contractual terms in the majority of such contracts, notably those that enable the Group to retain control over the land regardless of the transfer of title, the Group has determined that these contracts include one performance obligation which is appropriately recognised at a point in time, when the homes are build complete and all material contractual obligations have been fulfilled. The Group recognises revenue in the income statement over time for contracts where the control of land is irrevocably transferred to the customer before or during construction. Revenue is recognised from the point that control is irrevocably transferred to the customer. Where revenue is recognised over time and the outcome of the contract can be estimated reliably, it is recognised based on the stage of completion of the contract at the balance sheet date. This is usually by reference to surveys of work performed to the balance sheet date. Variations to such contracts are included in revenue to the extent that they have been agreed with the customer. Where the outcome of such a contract cannot be measured reliably, revenue is recognised to the extent of costs incurred. Incentives Sales incentives are substantially cash in nature. Cash incentives are recognised as a reduction in housing revenue by the cost to the Group of providing the incentive. Segmental analysis The Executive Board (the Chief Operating Decision Maker as defined in IFRS 8 \u2018Operating Segments\u2019) regularly reviews the Group\u2019s performance and balance sheet position at both a consolidated and divisional level. Each division is an operating segment as defined by IFRS 8 in that the Executive Board assess performance and allocates resources at this level. All of the divisions have been aggregated in to one reporting segment on the basis that they share similar economic characteristics including: \u2022 National supply agreements are in place for key inputs including materials. \u2022 Debt is raised centrally and the cost of capital is the same at each division. \u2022 Sales demand at each division is subject to the same macroeconomic factors, such as mortgage availability and government policy. Additional information on average selling prices and the unit sales split between north, south, private and social has been included in the Group Finance Director\u2019s Review on pages 34 to 37. The Board does not, however, consider these categories to be separate reportable segments as they review the entire operations at a consolidated and divisional level when assessing performance and making decisions about the allocation of resources. Exceptional items are those which, in the opinion of the Board, are material by size or nature and of such significance that they require separate disclosure on the face of the income statement. Part-exchange properties The purchase and subsequent sale of part-exchange properties is an activity undertaken in order to achieve the sale of a new property. The original sale of private housing is recognised at the fair value of the part-exchange property plus the cash received or receivable (note 1). The fair value of the part-exchange property is equal to the amount assessed by external valuers. The onward sale of a part-exchange property is recognised at the fair value of consideration received or receivable. As it is not considered a principal activity of the Group the income and expenses associated with this are recognised in other operating income and other operating expenses. Income is recognised in the income statement at a point in time when the performance obligations have been satisfied. This is when legal title is transferred. Taxation The charge for taxation is based on the result for the year and takes into account current and deferred taxation. The charge is recognised in the income statement except to the extent that it relates to either items recognised in equity in which case it is recognised in equity or other comprehensive income in which case it is recognised in other comprehensive income. Deferred taxation Deferred taxation is provided for all temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. Inventories Inventories are stated at the lower of cost and net realisable value. Cost, in relation to work-in-progress and showhomes, comprises direct materials and, where applicable, direct labour costs and those overheads, not including any general administrative overheads, that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and overheads. Land comprises: land held for development; options purchased in respect of land; investments in land without the benefit of planning consent; and, promotion agreements in respect of land without the benefit of planning consent. Land held for development, including land in the course of development until legal completion of the sale of the asset, is initially recorded at cost. Regular reviews are carried out to identify any impairment in the value of the land by comparing the total estimated selling prices less estimated selling expenses against the book cost of the land plus estimated costs to complete. A provision is made for any irrecoverable amounts. Where, through deferred payment terms, the fair value of land purchased differs from the amount that will subsequently be paid in settling the liability, the difference is charged as a finance expense in the income statement over the period to settlement. Options purchased in respect of land are capitalised initially at cost. Regular reviews are carried out for impairment in the value of these options and provisions made accordingly to reflect loss of value. The impairment reviews consider the period elapsed since the date of purchase of the option given that the option contract has not been exercised at the review date. Further, the impairment reviews consider the remaining life of the option, taking account of any concerns over whether the remaining time available will allow a successful exercise of the option. The carrying cost of the option at the date of exercise is included within the cost of land purchased as a result of the option exercise. Investments in land without the benefit of planning consent, either through the purchase of land or non-refundable deposits paid on land purchase contracts subject to planning consent, are included initially at cost. Regular reviews are carried out for impairment in the values of these investments and provision made to reflect any irrecoverable element. The impairment reviews consider the existing use value of the land and assess the likelihood of achieving planning consent and the value thereof. Promotion agreements in respect of land without the benefit of planning consent comprise initial costs of entering into the agreements. These costs are capitalised initially at cost. Regular reviews are carried out for impairment in the values of these costs incurred and provisions made accordingly to reflect loss of value. The impairment reviews consider the likelihood of securing planning permission, the successful marketing of the site and the remaining life of the promotion agreement. Trade and other receivables Trade and other receivables are stated at their fair value at the date of initial recognition and subsequently at amortised cost less allowances for impairment. Amounts recoverable on certain social housing contracts where revenue is recognised over time are included in trade receivables to the extent that they have been invoiced, or if not they are included within prepayments and accrued income, and are stated as the amount due less any foreseeable losses. The loss allowance for amounts owed by Group undertakings is equal to the 12-month expected credit losses unless there has been a significant increase in credit risk since the date of initial recognition, in which case the loss allowance is equal to the lifetime expected credit loss. A significant increase in credit risk is deemed to have occurred if a review of available information indicates an increased probability of default. Trade and other payables Trade and other payables on normal terms are not interest-bearing and are stated at their nominal value. Trade payables on deferred terms, most notably in relation to land purchases, are recorded initially at the fair value of all expected future payments. The discount to nominal value is amortised over the period to settlement and charged to finance expenses. Leases The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option. 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 in property, plant and equipment on the balance sheet and lease liabilities are shown on the balance sheet in trade and other payables in current liabilities and non-current liabilities. Payments on account Payments on account, measured at amortised cost, are recorded as a liability on receipt and are released to the income statement when revenue is recognised in accordance with the Group\u2019s revenue recognition policy. Provisions A provision is recognised when the Group has a present legal or constructive obligation as a result of a past transaction or event, and it is probable that the Group will be required to settle that obligation either due to known data or based on historical data and a weighting of possible outcomes against their associated probabilities. Provisions are measured at the Directors best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to the present value using a UK risk free discount rate reflecting the period of the expected cashflow, where the effect is material. Property, plant and equipment Items are stated at cost less accumulated depreciation and impairment losses. Depreciation on property, plant and equipment is charged to the income statement on a straight-line basis over their estimated useful lives over the following number of years: \u2022 Plant, fixtures and fittings \u2013 3 to 10 years. \u2022 Freehold buildings \u2013 40 years. Freehold land is not depreciated. Right-of-use assets The accounting policy for leases is included in note 9. 181Bellway Investments in subsidiaries Interests in subsidiary undertakings are valued in the Company financial statements at cost less impairment. Cash and cash equivalents Cash and cash equivalents are defined as cash balances in hand and in the bank (including short-term cash deposits). The Group utilises bank overdraft facilities, which are repayable on demand, as part of its cash management policy. As a consequence, bank overdrafts are included as a component of net cash and cash equivalents within the cash flow statement. Where bank agreements include a legal right of offset for in hand and overdraft balances, and the Group intends to settle the net outstanding position, the related balances are offset to record the net position in the balance sheet. Interest-bearing loans and borrowings Interest-bearing loans and borrowings are stated at their fair value at the date of initial recognition and subsequently at amortised cost. Finance income and expenses Finance income includes interest receivable on bank deposits. Finance expenses includes interest on bank borrowings and fixed rate sterling USPP notes. The discounting of both the deferred payments for land purchases and provisions produces a notional interest payable amount and this is also charged to finance expenses. Financial instruments Financial assets and financial liabilities are recognised on the balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the asset have expired, or when the Group has transferred those rights and substantially all the risks and rewards of the asset. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expired. Land purchased on deferred terms The Group sometimes acquires land on deferred payment terms. In accordance with IFRS 9 \u2018Financial Instruments\u2019 the creditor is initially recorded at fair value, being the price paid for the land discounted to present day, and subsequently at amortised cost. The difference between the nominal value and the initial fair value is amortised over the deferred term to finance expenses, increasing the land creditor to its full cash settlement value on the payment date. Financial guarantee contracts Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within the Group, the Company considers these to be insurance arrangements in accordance with IFRS 9 and accounts for them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee. Classification of equity instruments and financial liabilities issued by the Group Equity instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions: (a) they include no contractual obligations upon the Company (or Group as the case may be) to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company (or Group); and (b) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the Company\u2019s exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company\u2019s own shares, the amounts presented in these financial statements for called up share capital and share premium exclude amounts in relation to those shares. Own shares held by ESOP trust Transactions of the Company-sponsored ESOP trust are included in both the Group financial statements and the Company\u2019s own financial statements. The purchase of shares in the Company by the trust are charged directly to equity. Dividends Dividends on equity shares are recognised as a liability in the period in which they are approved by the shareholders. Interim dividends are recognised when paid. 2 Employee benefits \u2013 retirement benefit costs The net defined benefit scheme asset or liability is the fair value of scheme assets less the present value of the defined benefit obligation at the balance sheet date. The calculation is performed by a qualified actuary using the projected unit credit method. All remeasurement gains and losses are recognised immediately in the Statement of Comprehensive Income (\u2018SOCI\u2019). Net interest income/(cost) is calculated on the defined benefit asset/(liability) for the period by applying the discount rate used to measure the defined benefit liability at the start of the year. Return on plan assets in excess of the amounts included in the net interest cost are recognised in the SOCI. Defined contribution pension costs are charged to the income statement in the period for which contributions are payable. Employee benefits \u2013 share-based payments The fair value of equity settled share options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured as at the date the options are granted and the charge is only amended if vesting does not take place due to non-market conditions not being met. Various option pricing models are used according to the terms of the option scheme under which the options were granted. The fair value is spread over the period during which the employees become unconditionally entitled to the options. At the balance sheet date, if it is expected that non-market conditions will not be satisfied, the cumulative expense recognised in relation to the relevant options is reversed. With respect to share-based payments, a deferred tax asset is recognised on the relevant tax base. The tax base is then compared to the cumulative share-based payment expense recognised in the income statement. Deferred tax arising on the excess of the tax base over the cumulative share-based payment expense recognised in the income statement has been recognised directly in equity outside the SOCI as share-based payments are considered to be transactions with shareholders. Where the Company grants options over its own shares to employees of its subsidiaries it recognises, in its individual financial statements, an increase in the cost of investment in its subsidiaries equivalent to the equity settled share- based payment charge recognised in its consolidated financial statements, with the corresponding credit being recognised in equity. Contingent liabilities Contingent liabilities of the Group are disclosed unless the possibility of an outflow in settlement is remote. ",
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"value": "Bellway p.l.c. (the \u2018Company\u2019) is a company incorporated in England and Wales.",
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"value": "Bellway p.l.c.",
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"value": "England and Wales.",
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"value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company made up to 31 July. The Company 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, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of these entities are included in the consolidated financial statements from the date that control commences until the date that control ceases. Joint arrangements are those entities over whose activities the Group has joint control, established by contractual agreement. A joint arrangement can take two forms: (i) Joint venture \u2013 these entities are consolidated using the equity method of accounting. (ii) Joint operation \u2013 the Group\u2019s share of the assets, liabilities and transactions of such entities are accounted for directly as if they were assets, liabilities and transactions of the Group. The consolidated Group financial statements have been prepared and approved by the Directors in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The parent company financial statements are prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006. On publishing the Company financial statements here together with the Group financial statements, which were approved for issue on 16 October 2023, the Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual income statement and related notes that form a part of these financial statements. Other financial statement considerations In preparing the Group and Company financial statements, management has considered the impact of climate change, and the possible impact of climate-related and other emerging business risks. A rigorous assessment of the impact of climate-related risks has been performed, and disclosed in the Strategic Report, in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures. This included an assessment of inventories and how they could be affected by measures taken to address global warming. No issues were identified that would materially impact the carrying values of either the Group\u2019s or Company\u2019s assets or liabilities, or have any other material impact on the financial statements. The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The accounting policies set out within the notes to the financial statements have, except as noted below, been applied consistently to all periods presented in these consolidated financial statements. The Group recently acquired a number of contractual arrangements with landowners in order to promote their land through the planning process to obtain detailed planning permission, and to subsequently market the sites for residential property development on behalf of the landowner. These agreements are accounted for in inventory and the amended inventories policy of the Group is included in note 7. ",
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"fact-380": {
"value": "The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. While preparing these financial statements, a major judgement which the Directors consider could have a significant effect on the financial statements when applying the Group\u2019s accounting policies is whether items should be treated as exceptional or not. The Directors assessed each possible exceptional item against a framework incorporating the Group\u2019s accounting policy and the accounting requirements of IAS 1 \u2018Presentation of Financial Statements\u2019 relating to the separate disclosure of material items of income or expense. For the years ended 31 July 2023 and 31 July 2022, the Directors considered that the net legacy building safety expense satisfied the requirements to be separately disclosed on the face of the income statement. Carrying amount of land held for development and work-in-progress Inventories are carried at the lower of cost and net realisable value. Net realisable value represents the estimated selling price (in the ordinary course of business) less all estimated costs of completion and overheads. Valuations of site/phase work-in-progress are carried out at regular intervals and estimates of the cost to complete a site/phase and estimates of anticipated revenues are required to enable a development profit to be determined. Management are required to employ judgement in estimating the profitability of a site/phase and in assessing any impairment provisions which may be required. If a 10% increase was applied to the inventories net realisable provision, this would not have a material effect on the carrying value of work-in-progress and land held for development at the year end. For both the years ended 31 July 2023 and 31 July 2022, a full review of inventories has been performed and write downs have been made where cost exceeds net realisable value. Estimated selling prices have been reviewed on a site by site/phase by phase basis and have been amended based on local management and the Board\u2019s assessment of current market conditions. The Directors consider that their assessment and judgement of the SRT and associated review provision, in accordance with the Group\u2019s accounting policies, could have a significant effect on the Group\u2019s financial statements. The Directors have established whether any remedial works are required to be performed on certain sites and if so, have then assessed whether there is a legal or constructive obligation at the balance sheet date. A legal obligation, assessed on a site-by-site basis, is present if Bellway is the responsible person for the site or if the building was constructed within a specified time period. A constructive obligation is present if Bellway has communicated to the involved parties (such as residents and building owners) that it will undertake the remedial works. If the Group has identified that it has a legal or constructive obligation then a provision has been recognised for the latest estimated cost of the remedial works. This is a highly complex area with judgements in respect of the extent of those properties within the scope of Bellway\u2019s SRT and associated review provision, the scope of the works and the provision could be extended should the scope of the SRT or latest interpretation of government guidance further evolve (note 24). The SRT and associated review provision has been established to carry out remedial corrective works on a number of schemes. Management have estimated the cost of the corrective works for the current anticipated scope, but this is inherently uncertain as the improvement works are at an early or investigative stage on most affected sites. These estimates may change over time as further information is assessed, building works progress and the interpretation of the scope of the SRT or fire safety regulations further evolve. If: \u2022 cost estimates increase by 5%, the provision at 31 July 2023 would increase by around \u00a324 million. \u2022 the discount rate increases by 100 bps, the provision at 31 July 2023 would decrease by around \u00a311 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-341": {
"value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Chief Executive\u2019s Market and Operational Review on pages 30 to 33. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Group Finance Director\u2019s Review on pages 34 to 37 and the Directors\u2019 Report on pages 147 to 150. The Risk Management section on pages 75 to 78 sets out the Group\u2019s policies and processes for managing its capital, financial risk, and its exposure to credit, liquidity, interest rate and housing market risk. The Group\u2019s activities are financed principally by a combination of ordinary shares and cash in hand less debt. At 31 July 2023, Bellway had net cash of \u00a3232.0 million 2 (note 15), having utilised cash of \u00a313.3 million (note 15) during the year, including \u00a3372.9 million of cash generated from operations. The Group has operated within all its debt covenants throughout the year, and covenant compliance was considered as part of the going concern assessment. In addition, the Group had bank facilities of \u00a3400.0 million at 31 July 2023, expiring in tranches up to December 2027. Furthermore, in February 2021 the Group entered into a contractual arrangement to issue a sterling US Private Placement (\u2018USPP\u2019) for a total amount of \u00a3130.0 million, as part of its ordinary course of business financing arrangements, which has maturity dates in 2028 and 2031. In aggregate, the Group had committed debt lines of \u00a3530.0 million at 31 July 2023. Including committed debt lines and cash, Bellway had access to total funds of \u00a3762.0 million, along with net current assets (excluding cash) of \u00a33,667.2 million at 31 July 2023, providing the Group with appropriate liquidity to meet its current liabilities as they fall due. The Group\u2019s internal forecasts have been regularly updated, incorporating our actual experience along with our expected future outturn. The latest available base forecast has been sensitised, setting out the Group\u2019s resilience to the principal risks and uncertainties in the most severe but plausible scenario. The sensitivity includes a recession due to economic uncertainty and a deterioration in customer confidence. This could lead to a reduction in both the total number of legal completions and private average selling price, with overheads, land spend and construction spend reducing accordingly. This sensitivity includes the following principal assumptions: \u2022 Private completions in H1 FY24 are supported by the forward order book, but still fall to 55% of that achieved in H1 of FY23. In the 12 months to 31 January 2025, private completions reduce by around 50% compared to the 12 month pre-stress peak achieved in FY22. This is followed by a gradual recovery based on the lower base position. \u2022 Private average selling price in H1 FY24 remains in line with internal forecasts due to the order book position. In the 12 months to 31 January 2025, the private average selling price reduces by 10% compared to the latest achieved pricing. This is followed by a gradual recovery based on the lower base position. \u2022 These assumptions reflect the Group\u2019s experience in the 2008\u201309 Global Financial Crisis. A number of prudent mitigating actions within the Directors\u2019 control were incorporated into the plausible but severe downside scenario, including: \u2022 Plots in the land bank only being replaced at the same rate that they are utilised. \u2022 Construction spend reducing in line with housing revenue. \u2022 Dividends reducing in line with earnings. The sensitivity analysis was modelled over the period to 31 July 2025 for the going concern assessment, but extended to the 31 July 2027 for the Directors\u2019 viability assessment. In addition to the above, several additional mitigating measures remain available to management that were not included in the scenario. These include withholding discretionary land spend and instead trading out of the substantial existing land holdings. In the scenario, the Group had significant headroom in both its financial debt covenants and existing debt facilities and met its liabilities as they fall due. In relation to climate risks, and in particular the requirement of the Group to reduce carbon emissions, the going concern assessment is not considered to be materially affected by the Future Homes Standard. The Directors consider that the Group is well placed to manage business and financial risks in the current economic environment. Consequently, the Directors are confident that the Group and Company will have sufficient funds to continue to meet its liabilities as they fall due for the period to 31 July 2025, aligning with the first year end after the minimum 12 month assessment period, and have therefore prepared the financial statements on a going concern basis. ",
"dimensions": {
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"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-354": {
"value": "Effect of new standards and interpretations effective for the first time The Group adopted and applied the following amendments in the year, none of which had a material effect on the financial statements: \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16. \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37. \u2022 Annual Improvements to IFRS Standards 2018\u20132020. \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. \u2022 Pillar 2 minimum tax \u2013 Amendments to IAS 12 . Standards and interpretations in issue but not yet effective At the date of authorisation of these financial statements there were a number of standards and interpretations which were in issue but not yet effective. These have not been applied in these financial statements and are not expected to have a material effect when adopted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-343": {
"value": "Effect of new standards and interpretations effective for the first time The Group adopted and applied the following amendments in the year, none of which had a material effect on the financial statements: \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16. \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37. \u2022 Annual Improvements to IFRS Standards 2018\u20132020. \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. \u2022 Pillar 2 minimum tax \u2013 Amendments to IAS 12 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-342": {
"value": "Standards and interpretations in issue but not yet effective At the date of authorisation of these financial statements there were a number of standards and interpretations which were in issue but not yet effective. These have not been applied in these financial statements and are not expected to have a material effect when adopted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-312": {
"value": "1. Revenue Revenue recognition Revenue is measured at the fair value of consideration received or receivable, net of incentives. Private housing sales and land sales Revenue is recognised in the income statement at a point in time when the performance obligation, being the transfer of a completed dwelling or land to a customer, has been satisfied. This is when legal title is transferred. Social housing The Group reviews social housing contracts on a contract-by-contract basis and determines the appropriate revenue recognition based on the specific terms of each contract. Where a contract with a housing association transfers both land and social housing on legal completion (\u2018turnkey and plot sale contracts\u2019 which typically represents around one third of social housing revenue), there is one performance obligation and revenue is recognised in the income statement at a point in time when the homes are build complete and all material contractual obligations have been fulfilled. This is when legal title is transferred. Where a contract with a housing association transfers legal title of land once foundations are in place (\u2018design and build\u2019 contracts\u2019 which typically represents around two thirds of social housing revenue) and separately transfers the social housing dwellings when they are build complete, there is a judgement as to whether the sale of land is a separate performance obligation for the purposes of revenue recognition and consequentially whether revenue should be recognised over time or on a point in time basis for the social housing units. Based on the contractual terms in the majority of such contracts, notably those that enable the Group to retain control over the land regardless of the transfer of title, the Group has determined that these contracts include one performance obligation which is appropriately recognised at a point in time, when the homes are build complete and all material contractual obligations have been fulfilled. The Group recognises revenue in the income statement over time for contracts where the control of land is irrevocably transferred to the customer before or during construction. Revenue is recognised from the point that control is irrevocably transferred to the customer. Where revenue is recognised over time and the outcome of the contract can be estimated reliably, it is recognised based on the stage of completion of the contract at the balance sheet date. This is usually by reference to surveys of work performed to the balance sheet date. Variations to such contracts are included in revenue to the extent that they have been agreed with the customer. Where the outcome of such a contract cannot be measured reliably, revenue is recognised to the extent of costs incurred. Incentives Sales incentives are substantially cash in nature. Cash incentives are recognised as a reduction in housing revenue by the cost to the Group of providing the incentive. Segmental analysis The Executive Board (the Chief Operating Decision Maker as defined in IFRS 8 \u2018Operating Segments\u2019) regularly reviews the Group\u2019s performance and balance sheet position at both a consolidated and divisional level. Each division is an operating segment as defined by IFRS 8 in that the Executive Board assess performance and allocates resources at this level. All of the divisions have been aggregated in to one reporting segment on the basis that they share similar economic characteristics including: \u2022 National supply agreements are in place for key inputs including materials. \u2022 Debt is raised centrally and the cost of capital is the same at each division. \u2022 Sales demand at each division is subject to the same macroeconomic factors, such as mortgage availability and government policy. Additional information on average selling prices and the unit sales split between north, south, private and social has been included in the Group Finance Director\u2019s Review on pages 34 to 37. The Board does not, however, consider these categories to be separate reportable segments as they review the entire operations at a consolidated and divisional level when assessing performance and making decisions about the allocation of resources. Revenue from contracts with customers An analysis of the Group\u2019s revenue is as follows: 2023 \u00a3m 2022 \u00a3m Housing revenue 3,396.3 3,520.6 Non-housing revenue 10.3 16.2 Total revenue 3,406.6 3,536.8 The Group\u2019s housing revenue can be analysed as follows: (a) Private/social 2023 \u00a3m 2022 \u00a3m Private 2,931.3 3,190.9 Social 465.0 329.7 Total housing revenue 3,396.3 3,520.6 (b) North/South 2023 \u00a3m 2022 \u00a3m North 1,608.8 1,543.9 South 1,787.5 1,976.7 Total housing revenue 3,396.3 3,520.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-357": {
"value": "Revenue recognition Revenue is measured at the fair value of consideration received or receivable, net of incentives. Private housing sales and land sales Revenue is recognised in the income statement at a point in time when the performance obligation, being the transfer of a completed dwelling or land to a customer, has been satisfied. This is when legal title is transferred. Social housing The Group reviews social housing contracts on a contract-by-contract basis and determines the appropriate revenue recognition based on the specific terms of each contract. Where a contract with a housing association transfers both land and social housing on legal completion (\u2018turnkey and plot sale contracts\u2019 which typically represents around one third of social housing revenue), there is one performance obligation and revenue is recognised in the income statement at a point in time when the homes are build complete and all material contractual obligations have been fulfilled. This is when legal title is transferred. Where a contract with a housing association transfers legal title of land once foundations are in place (\u2018design and build\u2019 contracts\u2019 which typically represents around two thirds of social housing revenue) and separately transfers the social housing dwellings when they are build complete, there is a judgement as to whether the sale of land is a separate performance obligation for the purposes of revenue recognition and consequentially whether revenue should be recognised over time or on a point in time basis for the social housing units. Based on the contractual terms in the majority of such contracts, notably those that enable the Group to retain control over the land regardless of the transfer of title, the Group has determined that these contracts include one performance obligation which is appropriately recognised at a point in time, when the homes are build complete and all material contractual obligations have been fulfilled. The Group recognises revenue in the income statement over time for contracts where the control of land is irrevocably transferred to the customer before or during construction. Revenue is recognised from the point that control is irrevocably transferred to the customer. Where revenue is recognised over time and the outcome of the contract can be estimated reliably, it is recognised based on the stage of completion of the contract at the balance sheet date. This is usually by reference to surveys of work performed to the balance sheet date. Variations to such contracts are included in revenue to the extent that they have been agreed with the customer. Where the outcome of such a contract cannot be measured reliably, revenue is recognised to the extent of costs incurred. Incentives Sales incentives are substantially cash in nature. Cash incentives are recognised as a reduction in housing revenue by the cost to the Group of providing the incentive. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-358": {
"value": "Segmental analysis The Executive Board (the Chief Operating Decision Maker as defined in IFRS 8 \u2018Operating Segments\u2019) regularly reviews the Group\u2019s performance and balance sheet position at both a consolidated and divisional level. Each division is an operating segment as defined by IFRS 8 in that the Executive Board assess performance and allocates resources at this level. All of the divisions have been aggregated in to one reporting segment on the basis that they share similar economic characteristics including: \u2022 National supply agreements are in place for key inputs including materials. \u2022 Debt is raised centrally and the cost of capital is the same at each division. \u2022 Sales demand at each division is subject to the same macroeconomic factors, such as mortgage availability and government policy. Additional information on average selling prices and the unit sales split between north, south, private and social has been included in the Group Finance Director\u2019s Review on pages 34 to 37. The Board does not, however, consider these categories to be separate reportable segments as they review the entire operations at a consolidated and divisional level when assessing performance and making decisions about the allocation of resources. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-344": {
"value": "Revenue from contracts with customers An analysis of the Group\u2019s revenue is as follows: 2023 \u00a3m 2022 \u00a3m Housing revenue 3,396.3 3,520.6 Non-housing revenue 10.3 16.2 Total revenue 3,406.6 3,536.8 The Group\u2019s housing revenue can be analysed as follows: (a) Private/social 2023 \u00a3m 2022 \u00a3m Private 2,931.3 3,190.9 Social 465.0 329.7 Total housing revenue 3,396.3 3,520.6 (b) North/South 2023 \u00a3m 2022 \u00a3m North 1,608.8 1,543.9 South 1,787.5 1,976.7 Total housing revenue 3,396.3 3,520.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-313": {
"value": "2. Net legacy building safety expense Exceptional items are those which, in the opinion of the Board, are material by size or nature and of such significance that they require separate disclosure on the face of the income statement. Exceptional items While preparing these financial statements, a major judgement which the Directors consider could have a significant effect on the financial statements when applying the Group\u2019s accounting policies is whether items should be treated as exceptional or not. The Directors assessed each possible exceptional item against a framework incorporating the Group\u2019s accounting policy and the accounting requirements of IAS 1 \u2018Presentation of Financial Statements\u2019 relating to the separate disclosure of material items of income or expense. For the years ended 31 July 2023 and 31 July 2022, the Directors considered that the net legacy building safety expense satisfied the requirements to be separately disclosed on the face of the income statement. Profit before taxation for the years ended 31 July 2023 and 31 July 2022 has been arrived at after recognising the following items in the income statement: 2023 SRT and associated review \u00a3m 2023 Structural defects \u00a3m 2023 Total \u00a3m 2022 SRT and associated review \u00a3m 2022 Structural defects \u00a3m 2022 Total \u00a3m Provisions (note 10) 58.1 30.5 88.6 347.0 \u2013 347.0 Reimbursement assets (note 10) (50.0) \u2013 (50.0) (2.8) \u2013 (2.8) Net cost of sales 8.1 30.5 38.6 344.2 \u2013 344.2 Finance expenses (notes 10, 16) 11.0 \u2013 11.0 2.0 \u2013 2.0 Total net legacy building safety expense 19.1 30.5 49.6 346.2 \u2013 346.2 The net legacy building safety expense has been expanded in the current financial year to include structural defects relating to a legacy building, as explained below. In previous years, the net legacy building safety expense only included items related to the SRT and associated review. The income tax rate applied to the total net legacy building safety expense in the income statement is the Group\u2019s standard rate of income tax, including both corporation tax and Residential Property Developer Tax (\u2018RPDT\u2019), of 25.0% (2022 \u2013 20.3%). SRT and associated review Bellway\u2019s continued commitment to act responsibly with regards to fire safety is reflected by the level of our prudent provisions and the actions the Group has taken since the tragic events at Grenfell in 2017. On 7 April 2022, as part of the Building Safety Pledge (the \u2018Pledge\u2019), we announced that this commitment would be extended to a 30-year period to include buildings constructed by the Group since 5 April 1992 and to reimburse the Building Safety Fund and the ACM Funds in accordance with the principles set out in the Pledge. The Group signed the Self-Remediation Terms (\u2018SRT\u2019) on 13 March 2023 which converted the principles of the Pledge into a binding agreement for the housebuilding industry. On 25 May 2023, the Group also contractually committed to remediate its legacy buildings in Wales by signing the Pact with The Welsh Ministers (the \u2018Pact\u2019). In total, for the year ended 31 July 2023 Bellway set aside a net exceptional pre-tax expense of \u00a319.1 million (2022 \u2013 \u00a3346.2 million), in relation to the SRT and associated review. Of this expense, a net \u00a38.1 million (2022 \u2013 \u00a3344.2 million) is recognised in cost of sales and an adjusting finance expense of \u00a311.0 million (2022 \u2013 \u00a32.0 million) in relation to the unwinding of the discount of the provision to present value. The net amount recognised in cost of sales includes \u00a3129.7 million (2022 \u2013 \u00a3349.5 million) relating to cost estimate increases, which are in part offset by both provision releases of \u00a338.6 million (2022 \u2013 \u00a32.5 million) and \u00a333.0 million (2022 \u2013 \u00a3nil) following an increase in discount rates during the year (note 10). While the SRT and the Pact relates to developments in England and Wales, Bellway has taken a responsible, UK-wide approach to also provide for works in relation to the small number of apartment buildings the Group has developed in Scotland, where remediation is required. Taking this into consideration, the total amount Bellway has set aside in relation to the SRT and associated review since 2017 is \u00a3582.8 million (2022 \u2013 \u00a3513.7 million). Costs have been provided regardless of whether Bellway still retains ownership of the freehold interest in the building or whether warranty providers have a responsibility to carry out remedial works. The provision has been calculated using cost estimates based on our extensive experience to date, using analysis of previously tendered works and prudent, professional estimates based on knowledge of known issues. In addition, on developments where full investigations have not yet been undertaken or cost reports obtained, costs to date on similar developments have been used to estimate the likely cost. We have also made assumptions with regards to the likely cost of resolving potential issues, that we have not yet been made aware of, on schemes covered by the extended 30-year period. The provision calculation uses the expected timings of cash outflows which are adjusted for future estimated cost inflation in accordance with the Build Cost Information Service (\u2018BCIS\u2019) index, a leading provider of cost and price information to the construction industry. The provision is discounted back to a present value using UK gilt rates with maturities which reflect the expected timing of cash outflows. The unwinding of this discount is charged through the income statement as an adjusting finance expense. The majority of the cash outflow is expected to be over the next four years, although there will be some residual expenditure beyond this. The anticipated timing reflects the complex issues around remediation including identifying the works required, design and planning obligations, interpretation of Publicly Available Specification (\u2018PAS\u2019) 9980:2022, liaison and negotiations with building owners, and appointment of contractors. Notwithstanding these complexities the Group has made good progress with work now completed on 9 developments, underway on 12 developments and works due to commence on a further 2 developments in first half of the new financial year. The net exceptional cost of sales expense includes one-off cost recoveries of \u00a350.0 million, across several sites, which have been pursued for several years. Total recoveries recognised since 2017 are \u00a380.0 million (2022 \u2013 \u00a330.0 million). Reimbursement assets of \u00a3nil (2022 \u2013 \u00a3nil) remained outstanding at the year end. Structural defects During the year a structural defect relating to the reinforced concrete frame was identified at a historical high-rise apartment scheme in Greenwich, London with the remediation work expected to cost \u00a330.5 million. This cost estimate is based on an expert third-party report and reflects management\u2019s expected scope of works. A provision has been recognised as Bellway has a legal obligation to undertake the remedial work. The provision calculation uses the expected timings of cash outflows which are adjusted for future estimated cost inflation in accordance with the BCIS index. The provision is discounted back to a present value using UK gilt rates with maturities which reflect the expected timing of cash outflows. The unwinding of this discount is charged through the income statement as an adjusting finance expense. The Group is carrying out a review of other buildings constructed by, or on behalf of Bellway, where the same third parties responsible for the design of the frame in the Greenwich development have been involved. To date, no other similar design issues with reinforced concrete frames have been identified. We are actively seeking recoveries in relation to the structural defect identified, but as these are not virtually certain at the balance sheet date, no reimbursement assets have been recognised. The cash outflow is expected to be over the next two financial years.",
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"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-359": {
"value": "Exceptional items are those which, in the opinion of the Board, are material by size or nature and of such significance that they require separate disclosure on the face of the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-314": {
"value": "3. Cost of sales recognition Cost of sales recognition Cost of sales is recognised for completed house sales as an allocation of the latest whole site/phase gross margin which is an output of the site/phase valuation. These valuations, which are updated at frequent intervals throughout the life of the site/phase, use actual and forecast selling prices, land costs and construction costs and are sensitive to future movements in both the estimated cost to complete and expected selling prices. Forecast selling prices are inherently uncertain due to changes in market conditions. This is a key estimate made in the financial statements. To determine the amount of cost of sales that the Group should recognise on its sites/phases in the year, the Group needs to allocate site/phase wide costs between all plots, both those already sold, and those plots to be sold in future periods. The Group generally allocates site/phase wide costs based on expected total revenue unless this does not reflect an appropriate apportionment of the costs. It is also necessary to estimate costs to complete on such sites/phases. In addition, the Group makes estimates in relation to future sales prices on the site/phase. The Group has a number of internal controls to assess and review the reasonableness of estimates made. If housing gross margin decreased by 200 basis points, it is estimated that the quantum of housing cost of sales would increase by around 2.5%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-315": {
"value": "4. Operating profit 4a. Part-exchange properties Part-exchange properties The purchase and subsequent sale of part-exchange properties is an activity undertaken in order to achieve the sale of a new property. The original sale of private housing is recognised at the fair value of the part-exchange property plus the cash received or receivable (note 1). The fair value of the part-exchange property is equal to the amount assessed by external valuers. The onward sale of a part-exchange property is recognised at the fair value of consideration received or receivable. As it is not considered a principal activity of the Group the income and expenses associated with this are recognised in other operating income and other operating expenses. Income is recognised in the income statement at a point in time when the performance obligations have been satisfied. This is when legal title is transferred. All other operating income relates to the sale of part-exchange properties and all other operating expenses relate to the associated fair value of the part-exchange properties less costs to sell. 4b. Operating profit is stated after charging 2023 \u00a3m 2022 \u00a3m Staff costs (note 21) 223.2 193.1 Depreciation of property, plant and equipment (note 11) 6.0 6.1 Hire of plant and machinery 17.6 17.1 4c. Auditor\u2019s remuneration 2023 \u00a3000 2022 \u00a3000 Audit of these financial statements 84 64 Amounts receivable by the auditor and its associates in respect of: Audit of financial statements of subsidiaries pursuant to legislation 408 370 Pension scheme audit 20 17 Amounts paid to the Company\u2019s auditor and their associates in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis. The relevant amount paid to the auditor for the audit of financial statements of joint ventures is \u00a30.021 million (2022 \u2013 \u00a30.020 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-345": {
"value": "4c. Auditor\u2019s remuneration 2023 \u00a3000 2022 \u00a3000 Audit of these financial statements 84 64 Amounts receivable by the auditor and its associates in respect of: Audit of financial statements of subsidiaries pursuant to legislation 408 370 Pension scheme audit 20 17 Amounts paid to the Company\u2019s auditor and their associates in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis. The relevant amount paid to the auditor for the audit of financial statements of joint ventures is \u00a30.021 million (2022 \u2013 \u00a30.020 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-316": {
"value": "5. Earnings per ordinary share Basic earnings per ordinary share is calculated by dividing earnings by the weighted average number of ordinary shares in issue during the year (excluding the weighted average number of ordinary shares held by the Company or Trust which are treated as cancelled). Diluted earnings per ordinary share uses the same earnings figure as the basic calculation. The weighted average number of shares has been adjusted to reflect the dilutive effect of outstanding share options allocated under employee share schemes where the market value exceeds the option price. Diluted earnings per ordinary share is calculated by dividing earnings by the diluted weighted average number of ordinary shares. Reconciliations of the earnings and weighted average number of shares used in the calculations are outlined below: Earnings 2023 \u00a3m Weighted average number of ordinary shares 2023 Number Earnings per share 2023 p Earnings 2022 \u00a3m Weighted average number of ordinary shares 2022 Number Earnings per share 2022 p For basic earnings per ordinary share 365.0 122,593,350 297.7 242.6 123,227,544 196.9 Dilutive effect of options and awards 600,864 (1.4) 416,029 (0.7) For diluted earnings per ordinary share 365.0 123,194,214 296.3 242.6 123,643,573 196.2 Underlying basic and underlying diluted earnings per share exclude the effect of adjusting items and any associated net tax amounts. Reconciliations of these are outlined below: Underlying earnings 2023 \u00a3m Weighted average number of ordinary shares 2023 Number Underlying earnings per share 2023 p Underlying earnings 2022 \u00a3m Weighted average number of ordinary shares 2022 Number Underlying earnings per share 2022 p For basic underlying earnings per ordinary share 402.2 122,593,350 328.1 518.5 123,227,544 420.8 Dilutive effect of options and awards 600,864 (1.6) 416,029 (1.4) For diluted underlying earnings per ordinary share 402.2 123,194,214 326.5 518.5 123,643,573 419.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-317": {
"value": "6. Taxation Taxation The charge for taxation is based on the result for the year and takes into account current and deferred taxation. The charge is recognised in the income statement except to the extent that it relates to either items recognised in equity in which case it is recognised in equity or other comprehensive income in which case it is recognised in other comprehensive income. Deferred taxation Deferred taxation is provided for all temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. 6a. Income tax recognised in the income statement 2023 \u00a3m 2022 \u00a3m Current tax expense/(income): UK corporation tax 101.8 56.8 Residential property developer tax 18.6 3.5 Adjustments in respect of prior years 0.5 (0.4) 120.9 59.9 Deferred tax (income)/expense: Origination and reversal of temporary differences (1.6) 0.8 Effect of introduction of residential property developer tax \u2013 0.8 Adjustments in respect of prior years (1.3) 0.1 (2.9) 1.7 Total income tax expense in income statement 118.0 61.6 2023 % 2023 \u00a3m 2022 % 2022 \u00a3m Reconciliation of effective tax rate Profit before taxation 483.0 304.2 Tax calculated at UK income tax rate 25.0 120.8 20.3 61.8 Non-taxable income and enhanced deductions (0.4) (2.0) (0.2) (0.7) Adjustments in respect of prior years \u2013 current tax 0.1 0.5 (0.1) (0.4) \u2013 deferred tax (0.3) (1.3) \u2013 0.1 Effect of residential property developer tax \u2013 deferred tax \u2013 \u2013 0.2 0.8 Effective tax rate and tax expense for the year 24.4 118.0 20.2 61.6 The effective tax expense is 24.4% of profit before taxation (2022 \u2013 20.2%). Both the standard tax rate and effective tax rate include RPDT. As part of the UK adoption of the Organisation for Economic Cooperation and Development (\u2018OECD\u2019) Pillar Two rules, the UK government announced two new taxes, the Multinational Top-up Tax and the Domestic Top-up Tax which are designed to ensure corporations pay tax at a rate of at least 15%. The Domestic Top-up Tax will apply to the Group from 1 August 2024. As the Group\u2019s current effective tax rate is in excess of 15%, it is expected the introduction of this tax will not affect Bellway. The Multinational Top-up Tax is not expected to affect Bellway. It is currently expected that the Group\u2019s standard rate of tax, including RPDT, for the year ending 31 July 2024 will be 29%. 6b. Tax recognised in equity and other comprehensive income 2023 \u00a3m 2022 \u00a3m Deferred tax recognised directly in equity and other comprehensive income: Credit relating to remeasurements on the defined benefit pension scheme 1.4 0.5 Charge relating to equity-settled transactions \u2013 (0.3) 6c. Deferred taxation The following are the deferred tax assets/(liabilities) recognised by the Group and the movements thereon during the current and prior year: Group Capital allowances \u00a3m Retirement benefit assets \u00a3m Share-based payments \u00a3m Inventory \u00a3m Unutilised tax losses \u00a3m Total \u00a3m At 1 August 2021 (1.1) (2.6) 0.9 (4.5) \u2013 (7.3) Income statement charge (0.5) \u2013 (0.5) (0.7) \u2013 (1.7) Credit to statement of comprehensive income \u2013 0.5 \u2013 \u2013 \u2013 0.5 Charge to equity \u2013 \u2013 (0.3) \u2013 \u2013 (0.3) At 31 July 2022 (1.6) (2.1) 0.1 (5.2) \u2013 (8.8) Income statement credit 0.2 \u2013 0.2 1.1 1.4 2.9 Credit to equity \u2013 1.4 \u2013 \u2013 \u2013 1.4 At 31 July 2023 (1.4) (0.7) 0.3 (4.1) 1.4 (4.5) The following is an analysis of the deferred tax balances for financial reporting purposes: 2023 \u00a3m 2022 \u00a3m Share-based payments 0.3 0.1 Unutilised tax losses 1.4 \u2013 Deferred tax assets 1.7 0.1 Capital allowances (1.4) (1.6) Retirement benefit assets (0.7) (2.1) Inventory (4.1) (5.2) Deferred tax liabilities (6.2) (8.9) Net deferred tax liability (4.5) (8.8) The carrying amount of the gross deferred tax assets are reviewed at each balance sheet date and are recognised to the extent that there will be sufficient taxable profits to allow the asset to be recovered. The deferred tax assets/(liabilities) held by the Group at the start of the comparative year were revalued at the substantively enacted corporation tax rate that will be effective when they are expected to be realised. The deferred tax assets/(liabilities) were revalued at 29%, following the introduction of RPDT on 1 April 2022. The deferred tax assets/(liabilities) were previously recognised at 25% to take into account the increase in the UK corporation tax rate from 1 April 2023 that was substantively enacted in May 2021. There are no deferred tax balances in respect of the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-360": {
"value": "Taxation The charge for taxation is based on the result for the year and takes into account current and deferred taxation. The charge is recognised in the income statement except to the extent that it relates to either items recognised in equity in which case it is recognised in equity or other comprehensive income in which case it is recognised in other comprehensive income. Deferred taxation Deferred taxation is provided for all temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-378": {
"value": "Deferred taxation Deferred taxation is provided for all temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-346": {
"value": "6c. Deferred taxation The following are the deferred tax assets/(liabilities) recognised by the Group and the movements thereon during the current and prior year: Group Capital allowances \u00a3m Retirement benefit assets \u00a3m Share-based payments \u00a3m Inventory \u00a3m Unutilised tax losses \u00a3m Total \u00a3m At 1 August 2021 (1.1) (2.6) 0.9 (4.5) \u2013 (7.3) Income statement charge (0.5) \u2013 (0.5) (0.7) \u2013 (1.7) Credit to statement of comprehensive income \u2013 0.5 \u2013 \u2013 \u2013 0.5 Charge to equity \u2013 \u2013 (0.3) \u2013 \u2013 (0.3) At 31 July 2022 (1.6) (2.1) 0.1 (5.2) \u2013 (8.8) Income statement credit 0.2 \u2013 0.2 1.1 1.4 2.9 Credit to equity \u2013 1.4 \u2013 \u2013 \u2013 1.4 At 31 July 2023 (1.4) (0.7) 0.3 (4.1) 1.4 (4.5) The following is an analysis of the deferred tax balances for financial reporting purposes: 2023 \u00a3m 2022 \u00a3m Share-based payments 0.3 0.1 Unutilised tax losses 1.4 \u2013 Deferred tax assets 1.7 0.1 Capital allowances (1.4) (1.6) Retirement benefit assets (0.7) (2.1) Inventory (4.1) (5.2) Deferred tax liabilities (6.2) (8.9) Net deferred tax liability (4.5) (8.8) The carrying amount of the gross deferred tax assets are reviewed at each balance sheet date and are recognised to the extent that there will be sufficient taxable profits to allow the asset to be recovered. The deferred tax assets/(liabilities) held by the Group at the start of the comparative year were revalued at the substantively enacted corporation tax rate that will be effective when they are expected to be realised. The deferred tax assets/(liabilities) were revalued at 29%, following the introduction of RPDT on 1 April 2022. The deferred tax assets/(liabilities) were previously recognised at 25% to take into account the increase in the UK corporation tax rate from 1 April 2023 that was substantively enacted in May 2021. There are no deferred tax balances in respect of the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-318": {
"value": "7. Inventories Inventories Inventories are stated at the lower of cost and net realisable value. Cost, in relation to work-in-progress and showhomes, comprises direct materials and, where applicable, direct labour costs and those overheads, not including any general administrative overheads, that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and overheads. Land comprises: land held for development; options purchased in respect of land; investments in land without the benefit of planning consent; and, promotion agreements in respect of land without the benefit of planning consent. Land held for development, including land in the course of development until legal completion of the sale of the asset, is initially recorded at cost. Regular reviews are carried out to identify any impairment in the value of the land by comparing the total estimated selling prices less estimated selling expenses against the book cost of the land plus estimated costs to complete. A provision is made for any irrecoverable amounts. Where, through deferred payment terms, the fair value of land purchased differs from the amount that will subsequently be paid in settling the liability, the difference is charged as a finance expense in the income statement over the period to settlement. Options purchased in respect of land are capitalised initially at cost. Regular reviews are carried out for impairment in the value of these options and provisions made accordingly to reflect loss of value. The impairment reviews consider the period elapsed since the date of purchase of the option given that the option contract has not been exercised at the review date. Further, the impairment reviews consider the remaining life of the option, taking account of any concerns over whether the remaining time available will allow a successful exercise of the option. The carrying cost of the option at the date of exercise is included within the cost of land purchased as a result of the option exercise. Investments in land without the benefit of planning consent, either through the purchase of land or non-refundable deposits paid on land purchase contracts subject to planning consent, are included initially at cost. Regular reviews are carried out for impairment in the values of these investments and provision made to reflect any irrecoverable element. The impairment reviews consider the existing use value of the land and assess the likelihood of achieving planning consent and the value thereof. Promotion agreements in respect of land without the benefit of planning consent comprise initial costs of entering into the agreements. These costs are capitalised initially at cost. Regular reviews are carried out for impairment in the values of these costs incurred and provisions made accordingly to reflect loss of value. The impairment reviews consider the likelihood of securing planning permission, the successful marketing of the site and the remaining life of the promotion agreement. Carrying amount of land held for development and work-in-progress Inventories are carried at the lower of cost and net realisable value. Net realisable value represents the estimated selling price (in the ordinary course of business) less all estimated costs of completion and overheads. Valuations of site/phase work-in-progress are carried out at regular intervals and estimates of the cost to complete a site/phase and estimates of anticipated revenues are required to enable a development profit to be determined. Management are required to employ judgement in estimating the profitability of a site/phase and in assessing any impairment provisions which may be required. If a 10% increase was applied to the inventories net realisable provision, this would not have a material effect on the carrying value of work-in-progress and land held for development at the year end. For both the years ended 31 July 2023 and 31 July 2022, a full review of inventories has been performed and write downs have been made where cost exceeds net realisable value. Estimated selling prices have been reviewed on a site by site/phase by phase basis and have been amended based on local management and the Board\u2019s assessment of current market conditions. Group 2023 \u00a3m 2022 \u00a3m Land 2,578.8 2,786.4 Work-in-progress 1,861.6 1,524.8 Showhomes 117.2 107.0 Part-exchange properties 18.0 5.4 4,575.6 4,423.6 Inventories of \u00a32,662.0 million were expensed in the year (2022 \u2013 \u00a32,693.7 million). In the ordinary course of business, inventories have been written down by a net \u00a318.4 million in the year (2022 \u2013 \u00a34.8 million). Land with a carrying value of \u00a3212.0 million (2022 \u2013 \u00a3295.6 million) was used as security for land payables (note 9). Land includes \u00a31,913.3 million (2022 \u2013 \u00a31,812.3 million) which is owned or unconditionally contracted by the Group and where there is an implementable detailed planning permission. During the current year, the Group acquired 100% of the share capital of a private limited company to access land and work- in-progress interests of \u00a325.4 million. During the prior year, the Group acquired 100% of the share capital of a private limited company to access land interests of \u00a38.4 million. These acquisitions did not satisfy the requirements of a business combination, therefore the inventory relating to these amounts is included in \u2018land\u2019 and \u2018work-in-progress\u2019 in the above table. The anticipated costs relating to the adoption of the Future Homes Standard in 2025, and the interim standard in 2023, are included within the carrying value of inventories as at 31 July 2023, where appropriate. The Directors consider all inventories to be essentially current in nature although the Group\u2019s operational cycle is such that a proportion of inventories will not be realised within 12 months. It is not possible to determine with accuracy when specific inventory will be realised as this is subject to a number of factors including consumer demand and planning permission delays. The Company has no inventory.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-361": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost, in relation to work-in-progress and showhomes, comprises direct materials and, where applicable, direct labour costs and those overheads, not including any general administrative overheads, that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and overheads. Land comprises: land held for development; options purchased in respect of land; investments in land without the benefit of planning consent; and, promotion agreements in respect of land without the benefit of planning consent. Land held for development, including land in the course of development until legal completion of the sale of the asset, is initially recorded at cost. Regular reviews are carried out to identify any impairment in the value of the land by comparing the total estimated selling prices less estimated selling expenses against the book cost of the land plus estimated costs to complete. A provision is made for any irrecoverable amounts. Where, through deferred payment terms, the fair value of land purchased differs from the amount that will subsequently be paid in settling the liability, the difference is charged as a finance expense in the income statement over the period to settlement. Options purchased in respect of land are capitalised initially at cost. Regular reviews are carried out for impairment in the value of these options and provisions made accordingly to reflect loss of value. The impairment reviews consider the period elapsed since the date of purchase of the option given that the option contract has not been exercised at the review date. Further, the impairment reviews consider the remaining life of the option, taking account of any concerns over whether the remaining time available will allow a successful exercise of the option. The carrying cost of the option at the date of exercise is included within the cost of land purchased as a result of the option exercise. Investments in land without the benefit of planning consent, either through the purchase of land or non-refundable deposits paid on land purchase contracts subject to planning consent, are included initially at cost. Regular reviews are carried out for impairment in the values of these investments and provision made to reflect any irrecoverable element. The impairment reviews consider the existing use value of the land and assess the likelihood of achieving planning consent and the value thereof. Promotion agreements in respect of land without the benefit of planning consent comprise initial costs of entering into the agreements. These costs are capitalised initially at cost. Regular reviews are carried out for impairment in the values of these costs incurred and provisions made accordingly to reflect loss of value. The impairment reviews consider the likelihood of securing planning permission, the successful marketing of the site and the remaining life of the promotion agreement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-319": {
"value": "8. Trade and other receivables Trade and other receivables Trade and other receivables are stated at their fair value at the date of initial recognition and subsequently at amortised cost less allowances for impairment. Amounts recoverable on certain social housing contracts where revenue is recognised over time are included in trade receivables to the extent that they have been invoiced, or if not they are included within prepayments and accrued income, and are stated as the amount due less any foreseeable losses. The loss allowance for amounts owed by Group undertakings is equal to the 12-month expected credit losses unless there has been a significant increase in credit risk since the date of initial recognition, in which case the loss allowance is equal to the lifetime expected credit loss. A significant increase in credit risk is deemed to have occurred if a review of available information indicates an increased probability of default. Current receivables Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m Trade receivables 34.6 47.5 \u2013 \u2013 Other receivables 36.5 59.2 \u2013 \u2013 Amounts owed by Group undertakings \u2013 \u2013 443.2 509.7 Prepayments and accrued income 17.2 7.9 0.6 \u2013 88.3 114.6 443.8 509.7 The Group assesses the ageing of trade receivables in accordance with the policy on page 76. None of the trade receivables are past their due dates (2022 \u2013 \u00a3nil), and are therefore all rated as low risk. Other receivables includes \u00a326.1 million (2022 \u2013 \u00a343.7 million) in relation to VAT recoverable. Included within prepayments and accrued income are non-current prepayments of \u00a30.4 million (2022 \u2013 \u00a30.5 million). The Group has assessed expected credit losses and the loss allowance for trade and other receivables as immaterial. The Company has assessed expected credit losses and the loss allowance for amounts owed by Group undertakings and other receivables as immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-362": {
"value": "Trade and other receivables Trade and other receivables are stated at their fair value at the date of initial recognition and subsequently at amortised cost less allowances for impairment. Amounts recoverable on certain social housing contracts where revenue is recognised over time are included in trade receivables to the extent that they have been invoiced, or if not they are included within prepayments and accrued income, and are stated as the amount due less any foreseeable losses. The loss allowance for amounts owed by Group undertakings is equal to the 12-month expected credit losses unless there has been a significant increase in credit risk since the date of initial recognition, in which case the loss allowance is equal to the lifetime expected credit loss. A significant increase in credit risk is deemed to have occurred if a review of available information indicates an increased probability of default. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-320": {
"value": "9. Trade and other payables Trade and other payables Trade and other payables on normal terms are not interest-bearing and are stated at their nominal value. Trade payables on deferred terms, most notably in relation to land purchases, are recorded initially at the fair value of all expected future payments. The discount to nominal value is amortised over the period to settlement and charged to finance expenses. Leases The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option. 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 in property, plant and equipment on the balance sheet and lease liabilities are shown on the balance sheet in trade and other payables in current liabilities and non-current liabilities. Payments on account Payments on account, measured at amortised cost, are recorded as a liability on receipt and are released to the income statement when revenue is recognised in accordance with the Group\u2019s revenue recognition policy. Non-current liabilities Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m Land payables 95.4 92.3 \u2013 \u2013 Lease liabilities 11.9 14.3 \u2013 \u2013 107.3 106.6 \u2013 \u2013 Land payables of \u00a368.8 million (2022 \u2013 \u00a360.8 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a365.4 million (2022 \u2013 \u00a359.9 million). Current liabilities Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m Trade payables 306.2 284.0 \u2013 \u2013 Land payables 273.4 301.1 \u2013 \u2013 Social security and other taxes 7.7 7.2 \u2013 \u2013 Other payables 5.0 9.2 0.1 0.1 Lease liabilities 3.1 2.9 \u2013 \u2013 Accrued expenses 147.0 147.6 \u2013 \u2013 Payments on account 123.9 178.2 \u2013 \u2013 Share buyback obligation 34.5 \u2013 34.5 \u2013 900.8 930.2 34.6 0.1 Land payables of \u00a3151.7 million (2022 \u2013 \u00a3240.1 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a3146.6 million (2022 \u2013 \u00a3235.7 million). Payments on account comprises deposits received in advance which are contract liabilities. Deposits received in advance are typically held for up to 18 months before the associated performance obligations are satisfied and the revenue is recognised. The majority of these contract liabilities as at 31 July 2022 have been recognised as revenue in the current year. The approximate transaction value allocated to the performance obligations that are unsatisfied at 31 July 2023 is \u00a31,193.5 million2 (2022 \u2013 \u00a32,114.3 million), the majority of which is expected to be recognised as revenue during the next financial year. On 19 June 2023, the Group entered into an irrevocable non-discretionary share buyback programme to purchase up to \u00a350.0 million of shares as part of Tranche 2 of our share buyback programme. The remaining share buyback of \u00a334.5 million outstanding at 31 July 2023 was recognised as a financial liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-364": {
"value": "Trade and other payables Trade and other payables on normal terms are not interest-bearing and are stated at their nominal value. Trade payables on deferred terms, most notably in relation to land purchases, are recorded initially at the fair value of all expected future payments. The discount to nominal value is amortised over the period to settlement and charged to finance expenses. Payments on account Payments on account, measured at amortised cost, are recorded as a liability on receipt and are released to the income statement when revenue is recognised in accordance with the Group\u2019s revenue recognition policy. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-363": {
"value": "Leases The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option. 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 in property, plant and equipment on the balance sheet and lease liabilities are shown on the balance sheet in trade and other payables in current liabilities and non-current liabilities. Right-of-use assets The accounting policy for leases is included in note 9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-321": {
"value": "10. Provisions and reimbursement assets Provisions A provision is recognised when the Group has a present legal or constructive obligation as a result of a past transaction or event, and it is probable that the Group will be required to settle that obligation either due to known data or based on historical data and a weighting of possible outcomes against their associated probabilities. Provisions are measured at the Directors best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to the present value using a UK risk free discount rate reflecting the period of the expected cashflow, where the effect is material. SRT and associated review The Directors consider that their assessment and judgement of the SRT and associated review provision, in accordance with the Group\u2019s accounting policies, could have a significant effect on the Group\u2019s financial statements. The Directors have established whether any remedial works are required to be performed on certain sites and if so, have then assessed whether there is a legal or constructive obligation at the balance sheet date. A legal obligation, assessed on a site-by-site basis, is present if Bellway is the responsible person for the site or if the building was constructed within a specified time period. A constructive obligation is present if Bellway has communicated to the involved parties (such as residents and building owners) that it will undertake the remedial works. If the Group has identified that it has a legal or constructive obligation then a provision has been recognised for the latest estimated cost of the remedial works. This is a highly complex area with judgements in respect of the extent of those properties within the scope of Bellway\u2019s SRT and associated review provision, the scope of the works and the provision could be extended should the scope of the SRT or latest interpretation of government guidance further evolve (note 24). SRT and associated review The SRT and associated review provision has been established to carry out remedial corrective works on a number of schemes. Management have estimated the cost of the corrective works for the current anticipated scope, but this is inherently uncertain as the improvement works are at an early or investigative stage on most affected sites. These estimates may change over time as further information is assessed, building works progress and the interpretation of the scope of the SRT or fire safety regulations further evolve. If: \u2022 cost estimates increase by 5%, the provision at 31 July 2023 would increase by around \u00a324 million. \u2022 the discount rate increases by 100 bps, the provision at 31 July 2023 would decrease by around \u00a311 million. SRT and associated review Structural defects Total legacy building safety improvements Provision \u00a3m Reimbursement assets \u00a3m Total \u00a3m Provision \u00a3m Reimbursement assets \u00a3m Total \u00a3m Provision \u00a3m Reimbursement assets \u00a3m Total \u00a3m At 1 August 2022 (441.5) \u2013 (441.5) \u2013 \u2013 \u2013 (441.5) \u2013 (441.5) Adjusting item \u2013 cost of sales (note 2) (58.1) 50.0 (8.1) (30.5) \u2013 (30.5) (88.6) 50.0 (38.6) Analysed as: Additions (129.7) 50.0 (79.7) (30.5) \u2013 (30.5) (160.2) 50.0 (110.2) Released 38.6 \u2013 38.6 \u2013 \u2013 \u2013 38.6 \u2013 38.6 Change in discount rate 33.0 \u2013 33.0 \u2013 \u2013 \u2013 33.0 \u2013 33.0 Utilised/(received) 32.9 (50.0) (17.1) \u2013 \u2013 \u2013 32.9 (50.0) (17.1) Unwinding of discount (notes 2, 16) (11.0) \u2013 (11.0) \u2013 \u2013 \u2013 (11.0) \u2013 (11.0) At 31 July 2023 (477.7) \u2013 (477.7) (30.5) \u2013 (30.5) (508.2) \u2013 (508.2) The provision is classified as follows: SRT and associated review \u00a3m Structural defects \u00a3m Total legacy building safety improvements \u00a3m Current (99.6) (5.1) (104.7) Non-current (378.1) (25.4) (403.5) Total (477.7) (30.5) (508.2) The Group has established a provision for the cost of performing fire remedial works on a number of legacy developments and a structural defect relating to a historical high rise apartment scheme (note 2). The Company has no provisions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-365": {
"value": "Provisions A provision is recognised when the Group has a present legal or constructive obligation as a result of a past transaction or event, and it is probable that the Group will be required to settle that obligation either due to known data or based on historical data and a weighting of possible outcomes against their associated probabilities. Provisions are measured at the Directors best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to the present value using a UK risk free discount rate reflecting the period of the expected cashflow, where the effect is material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-322": {
"value": "11. Property, plant and equipment Property, plant and equipment Items are stated at cost less accumulated depreciation and impairment losses. Depreciation on property, plant and equipment is charged to the income statement on a straight-line basis over their estimated useful lives over the following number of years: \u2022 Plant, fixtures and fittings \u2013 3 to 10 years. \u2022 Freehold buildings \u2013 40 years. Freehold land is not depreciated. Right-of-use assets The accounting policy for leases is included in note 9. Group Land and property \u00a3m Plant, fixtures and fittings \u00a3m Right-of-use assets \u00a3m Total \u00a3m Cost At 1 August 2021 16.6 17.3 23.7 57.6 Additions 0.3 1.9 3.2 5.4 Disposals \u2013 (3.2) (1.7) (4.9) At 1 August 2022 16.9 16.0 25.2 58.1 Additions 1.3 1.4 1.0 3.7 Disposals \u2013 (1.3) (1.5) (2.8) At 31 July 2023 18.2 16.1 24.7 59.0 Depreciation At 1 August 2021 2.9 10.7 8.3 21.9 Charge for year 0.4 2.4 3.3 6.1 On disposals \u2013 (2.4) (1.7) (4.1) At 1 August 2022 3.3 10.7 9.9 23.9 Charge for year 0.4 2.3 3.3 6.0 On disposals \u2013 (1.2) (1.4) (2.6) At 31 July 2023 3.7 11.8 11.8 27.3 Net book value At 31 July 2023 14.5 4.3 12.9 31.7 At 31 July 2022 13.6 5.3 15.3 34.2 At 31 July 2021 13.7 6.6 15.4 35.7 The Company has no property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-366": {
"value": "Property, plant and equipment Items are stated at cost less accumulated depreciation and impairment losses. Depreciation on property, plant and equipment is charged to the income statement on a straight-line basis over their estimated useful lives over the following number of years: \u2022 Plant, fixtures and fittings \u2013 3 to 10 years. \u2022 Freehold buildings \u2013 40 years. Freehold land is not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-347": {
"value": "12. Financial assets and equity accounted joint arrangements, and investments in subsidiaries Investments in subsidiaries Interests in subsidiary undertakings are valued in the Company financial statements at cost less impairment. The subsidiary undertakings and joint arrangements in which the Group has interests are incorporated in England and Wales. In each case their principal activity is related to housebuilding. At 31 July 2023, the Group was made up of 24 subsidiaries and 8 joint arrangements. Further details are included in note 26. Where Bellway owns 100% of the voting rights of a business, the company is considered to be controlled by Bellway and is treated as a subsidiary. The Group and Company had the following investments or financial assets in subsidiaries and joint arrangements at 31 July: Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m Subsidiary undertakings Interest in subsidiary undertakings\u2019 shares at cost \u2013 \u2013 48.0 43.5 Financial assets and equity accounted joint arrangements Financial assets \u2013 loan to joint ventures 38.6 20.9 \u2013 \u2013 Interest in joint ventures \u2013 equity 4.9 9.3 \u2013 \u2013 43.5 30.2 \u2013 \u2013 43.5 30.2 48.0 43.5 The movement on both the equity accounted joint ventures and related financial assets during the year is as follows: 2023 \u00a3m 2022 \u00a3m At the start of the year 30.2 55.3 Increase in loans 17.7 2.9 Repayment of loans \u2013 (21.6) Dividends received from equity accounted joint ventures (3.0) (15.7) Share of result (1.4) 9.3 At the end of the year 43.5 30.2 26. Group undertakings The Directors set out below information relating to the Group undertakings (excluding resident management companies presented in note 27) as at 31 July 2023. All of these Group undertakings are registered in England and Wales unless otherwise stated. They are engaged in housebuilding and associated activities, have coterminous year ends with the Group, 100% of their ordinary share capital is held by the Company and the registered address is the same as the Company (unless otherwise stated). Subsidiaries \u2013 trading Bellway Homes Limited Bellway Housing Trust Limited Bellway Properties Limited Bellway (Services) Limited Litrose Investments Limited Woolsington One Limited ^^ Rosconn Strategic Land Limited ^^ Joint arrangements Cramlington Developments Limited (50% owned, year end of 30 June) ^^ a Fradley Residential LLP (50% owned) ^^ Leebell Developments Limited (50% owned, year end of 30 June) ^^ a Ponton Road LLP (50% owned) ^^ Lambeth Regeneration LLP (50% owned) ^^ Bellway Latimer Cherry Hinton LLP (50% owned) ^^ DFE TW Residential Limited (50% owned, year end of 29 June) ^^ c Langley Sustainable Urban Extension Limited (33% owned, year end of 30 April) ^^ e Subsidiaries \u2013 dormant ^ Ashberry Homes Limited J. T. B. Estates Limited Bellway (Builders) Limited John T. Bell & Sons (1976) Limited Bellway Financial Services Limited Nixons Kitchens Limited Bellway London Limited Seaton GR SPV 12 Limited Bellway Trustee Company Limited Seaton GR SPV 13 Limited Bulldog Premium Growth I Limited Seaton GR SPV 14 Limited George Blackett Limited Seaton Thirteen Limited Homes2Let Limited Seaton Eleven Limited J. T. B. (Chapel Farm) Estates Limited Other entities HBF Insurance PCC Limited b MI New Home Insurance PCC Limited b Artex Insurance (Guernsey) PCC Limited d Notes: ^ Dormant ^^ These shares are held indirectly. a Registered address is Persimmon House, Fulford, York, YO19 4FE b Registered address is PO Box 155, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 4ET c Registered address is 5 Temple Square, Temple Street, Liverpool, L2 5RH d Registered address is PO Box 230, Heritage Hall, Le Marchant Street, St Peter Port, Guernsey, GY1 4JH e Registered address is One Eleven, Edmund Street, Birmingham, B3 2HJ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-323": {
"value": "12. Financial assets and equity accounted joint arrangements, and investments in subsidiaries Investments in subsidiaries Interests in subsidiary undertakings are valued in the Company financial statements at cost less impairment. The subsidiary undertakings and joint arrangements in which the Group has interests are incorporated in England and Wales. In each case their principal activity is related to housebuilding. At 31 July 2023, the Group was made up of 24 subsidiaries and 8 joint arrangements. Further details are included in note 26. Where Bellway owns 100% of the voting rights of a business, the company is considered to be controlled by Bellway and is treated as a subsidiary. The Group and Company had the following investments or financial assets in subsidiaries and joint arrangements at 31 July: Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m Subsidiary undertakings Interest in subsidiary undertakings\u2019 shares at cost \u2013 \u2013 48.0 43.5 Financial assets and equity accounted joint arrangements Financial assets \u2013 loan to joint ventures 38.6 20.9 \u2013 \u2013 Interest in joint ventures \u2013 equity 4.9 9.3 \u2013 \u2013 43.5 30.2 \u2013 \u2013 43.5 30.2 48.0 43.5 The movement on both the equity accounted joint ventures and related financial assets during the year is as follows: 2023 \u00a3m 2022 \u00a3m At the start of the year 30.2 55.3 Increase in loans 17.7 2.9 Repayment of loans \u2013 (21.6) Dividends received from equity accounted joint ventures (3.0) (15.7) Share of result (1.4) 9.3 At the end of the year 43.5 30.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-367": {
"value": "Investments in subsidiaries Interests in subsidiary undertakings are valued in the Company financial statements at cost less impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-325": {
"value": "13. Joint arrangements DFE TW Residential Limited, Cramlington Developments Limited, Leebell Developments Limited and Langley Sustainable Urban Extension Limited are classified as joint operations as the shareholders have substantially all of the economic benefit of the assets and fund the liabilities of the entities. Ponton Road LLP, Fradley Residential LLP, Lambeth Regeneration LLP and Bellway Latimer Cherry Hinton LLP are classified as joint ventures as the Group has rights to the net assets of the arrangements rather than the individual assets and liabilities. The Group\u2019s share of the joint ventures\u2019 net assets/(liabilities) and income/(expenses) are made up as follows: 2023 2022 Ponton Road LLP \u00a3m Fradley Residential LLP \u00a3m Bellway Latimer Cherry Hinton LLP \u00a3m Other joint ventures \u00a3m Total \u00a3m Ponton Road LLP \u00a3m Fradley Residential LLP \u00a3m Bellway Latimer Cherry Hinton LLP \u00a3m Other joint ventures \u00a3m Total \u00a3m Current assets 0.7 16.3 43.8 4.7 65.5 4.7 15.9 36.9 2.8 60.3 Current liabilities (0.9) (1.7) (42.9) (4.7) (50.2) (2.4) (1.8) (26.6) (2.8) (33.6) Non-current liabilities \u2013 (4.6) (5.8) \u2013 (10.4) \u2013 (5.4) (12.0) \u2013 (17.4) Share of net assets/ (liabilities) of joint ventures (0.2) 10.0 (4.9) \u2013 4.9 2.3 8.7 (1.7) \u2013 9.3 Revenue 3.9 6.7 \u2013 \u2013 10.6 49.0 9.2 \u2013 \u2013 58.2 Costs (3.5) (5.4) (0.6) \u2013 (9.5) (40.2) (7.2) \u2013 \u2013 (47.4) Operating profit 0.4 1.3 (0.6) \u2013 1.1 8.8 2.0 \u2013 \u2013 10.8 Interest 0.1 \u2013 (2.6) \u2013 (2.5) \u2013 (0.1) (1.4) \u2013 (1.5) Share of result of joint ventures 0.5 1.3 (3.2) \u2013 (1.4) 8.8 1.9 (1.4) \u2013 9.3 Share of dividends paid to joint venture partners (3.0) \u2013 \u2013 \u2013 (3.0) (15.7) \u2013 \u2013 \u2013 (15.7) Guarantees relating to the overdrafts of the joint arrangements have been given by the Company (see note 24). The Group has assessed expected credit losses and the loss allowance for joint venture financial assets as immaterial. Joint arrangements Cramlington Developments Limited (50% owned, year end of 30 June) ^^ a Fradley Residential LLP (50% owned) ^^ Leebell Developments Limited (50% owned, year end of 30 June) ^^ a Ponton Road LLP (50% owned) ^^ Lambeth Regeneration LLP (50% owned) ^^ Bellway Latimer Cherry Hinton LLP (50% owned) ^^ DFE TW Residential Limited (50% owned, year end of 29 June) ^^ c Langley Sustainable Urban Extension Limited (33% owned, year end of 30 April) ^^ e ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-324": {
"value": "14. Commitments Capital commitments Group 2023 \u00a3m 2022 \u00a3m Contracted not provided \u2013 \u2013 Authorised not contracted \u2013 1.5 Company The commitments of the Company were \u00a3nil (2022 \u2013 \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-348": {
"value": "14. Commitments Capital commitments Group 2023 \u00a3m 2022 \u00a3m Contracted not provided \u2013 \u2013 Authorised not contracted \u2013 1.5 Company The commitments of the Company were \u00a3nil (2022 \u2013 \u00a3nil). 24. Contingent liabilities Contingent liabilities Contingent liabilities of the Group are disclosed unless the possibility of an outflow in settlement is remote. Group SRT and associated review We continue to take a proactive approach to nationwide concerns with regards to fire safety in high-rise buildings across the UK. Bellway recognises its responsibilities in its legacy apartment portfolio and continues to review combustion risks, in external wall systems, on past high-rise developments. As detailed in note 2, Bellway has identified a number of developments, which obtained building regulation approval at the time of construction, where the building materials used may not fully comply with the most recent government guidance or where remedial works may need to be performed in line with the SRT. For these developments we have established that the cost of the remedial works satisfies the accounting requirements of a provision at the balance sheet date. While a prudent approach has been taken, the extent of the provision could increase or reduce, in line with normal accounting practice if new issues are identified or if estimates change, as Bellway and building owners continue to undertake their own investigative works on these and other schemes within the legacy portfolio.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-326": {
"value": "15. Net cash Cash and cash equivalents Cash and cash equivalents are defined as cash balances in hand and in the bank (including short-term cash deposits). The Group utilises bank overdraft facilities, which are repayable on demand, as part of its cash management policy. As a consequence, bank overdrafts are included as a component of net cash and cash equivalents within the cash flow statement. Where bank agreements include a legal right of offset for in hand and overdraft balances, and the Group intends to settle the net outstanding position, the related balances are offset to record the net position in the balance sheet. Interest-bearing loans and borrowings Interest-bearing loans and borrowings are stated at their fair value at the date of initial recognition and subsequently at amortised cost. 15a. Reconciliation of net cash flow to net cash Group 2023 \u00a3m 2022 \u00a3m Decrease in net cash and cash equivalents (13.3) (85.0) Decrease in net cash from cash flows (13.3) (85.0) Net cash at 1 August 245.3 330.3 Net cash at 31 July 232.0 245.3 Company 2023 \u00a3m 2022 \u00a3m Increase in net cash and cash equivalents 0.1 \u2013 Increase in net cash from cash flows 0.1 \u2013 Net cash at 1 August 52.8 52.8 Net cash at 31 July 52.9 52.8 The Group is party to banking agreements that include a legal right of offset, which enables the overdraft balances within subsidiary entities of \u00a37.8 million (2022: \u00a37.6 million) to be settled net with in hand cash balances. 15b. Analysis of net cash Group At 1 August 2022 \u00a3m Cash flows \u00a3m At 31 July 2023 \u00a3m Cash and cash equivalents 375.3 (13.3) 362.0 Fixed rate sterling USPP notes (130.0) \u2013 (130.0) Net cash 245.3 (13.3) 232.0 Company At 1 August 2022 \u00a3m Cash flows \u00a3m At 31 July 2023 \u00a3m Cash and cash equivalents 52.8 0.1 52.9 Net cash 52.8 0.1 52.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-368": {
"value": "Cash and cash equivalents Cash and cash equivalents are defined as cash balances in hand and in the bank (including short-term cash deposits). The Group utilises bank overdraft facilities, which are repayable on demand, as part of its cash management policy. As a consequence, bank overdrafts are included as a component of net cash and cash equivalents within the cash flow statement. Where bank agreements include a legal right of offset for in hand and overdraft balances, and the Group intends to settle the net outstanding position, the related balances are offset to record the net position in the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-369": {
"value": "Interest-bearing loans and borrowings Interest-bearing loans and borrowings are stated at their fair value at the date of initial recognition and subsequently at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-355": {
"value": "16. Finance income and expenses Finance income and expenses Finance income includes interest receivable on bank deposits. Finance expenses includes interest on bank borrowings and fixed rate sterling USPP notes. The discounting of both the deferred payments for land purchases and provisions produces a notional interest payable amount and this is also charged to finance expenses. 2023 \u00a3m 2022 \u00a3m Interest receivable on bank deposits 7.2 0.5 Net interest on defined benefit asset 0.3 0.1 Other interest receivable 2.4 1.0 Finance income 9.9 1.6 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts 2.8 2.5 Interest payable on fixed rate sterling USPP notes 3.4 3.4 Interest on deferred term land payables 13.1 7.3 Unwinding of the discount on the SRT and associated review provision 11.0 2.0 Interest payable on leases 0.5 0.5 Finance expenses 30.8 15.7 The unwinding of the discount on the SRT and associated review provision is an adjusting item (note 2).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-349": {
"value": "16. Finance income and expenses Finance income and expenses Finance income includes interest receivable on bank deposits. Finance expenses includes interest on bank borrowings and fixed rate sterling USPP notes. The discounting of both the deferred payments for land purchases and provisions produces a notional interest payable amount and this is also charged to finance expenses. 2023 \u00a3m 2022 \u00a3m Interest receivable on bank deposits 7.2 0.5 Net interest on defined benefit asset 0.3 0.1 Other interest receivable 2.4 1.0 Finance income 9.9 1.6 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts 2.8 2.5 Interest payable on fixed rate sterling USPP notes 3.4 3.4 Interest on deferred term land payables 13.1 7.3 Unwinding of the discount on the SRT and associated review provision 11.0 2.0 Interest payable on leases 0.5 0.5 Finance expenses 30.8 15.7 The unwinding of the discount on the SRT and associated review provision is an adjusting item (note 2).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-327": {
"value": "16. Finance income and expenses Finance income and expenses Finance income includes interest receivable on bank deposits. Finance expenses includes interest on bank borrowings and fixed rate sterling USPP notes. The discounting of both the deferred payments for land purchases and provisions produces a notional interest payable amount and this is also charged to finance expenses. 2023 \u00a3m 2022 \u00a3m Interest receivable on bank deposits 7.2 0.5 Net interest on defined benefit asset 0.3 0.1 Other interest receivable 2.4 1.0 Finance income 9.9 1.6 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts 2.8 2.5 Interest payable on fixed rate sterling USPP notes 3.4 3.4 Interest on deferred term land payables 13.1 7.3 Unwinding of the discount on the SRT and associated review provision 11.0 2.0 Interest payable on leases 0.5 0.5 Finance expenses 30.8 15.7 The unwinding of the discount on the SRT and associated review provision is an adjusting item (note 2).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-379": {
"value": "Finance income and expenses Finance income includes interest receivable on bank deposits. Finance expenses includes interest on bank borrowings and fixed rate sterling USPP notes. The discounting of both the deferred payments for land purchases and provisions produces a notional interest payable amount and this is also charged to finance expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-370": {
"value": "Finance income and expenses Finance income includes interest receivable on bank deposits. Finance expenses includes interest on bank borrowings and fixed rate sterling USPP notes. The discounting of both the deferred payments for land purchases and provisions produces a notional interest payable amount and this is also charged to finance expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-328": {
"value": "17. Financial instruments Financial instruments Financial assets and financial liabilities are recognised on the balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the asset have expired, or when the Group has transferred those rights and substantially all the risks and rewards of the asset. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expired. Land purchased on deferred terms The Group sometimes acquires land on deferred payment terms. In accordance with IFRS 9 \u2018Financial Instruments\u2019 the creditor is initially recorded at fair value, being the price paid for the land discounted to present day, and subsequently at amortised cost. The difference between the nominal value and the initial fair value is amortised over the deferred term to finance expenses, increasing the land creditor to its full cash settlement value on the payment date. Financial guarantee contracts Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within the Group, the Company considers these to be insurance arrangements in accordance with IFRS 9 and accounts for them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee. The maturity profile of the total contracted cash payments in respect of amounts due on land creditors at the balance sheet date is as follows: Balance at 31 July \u00a3m Total contracted cash payment \u00a3m Within 1 year or on demand \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m More than 5 years \u00a3m At 31 July 2023 368.8 381.1 276.0 61.6 26.0 17.5 At 31 July 2022 393.4 401.5 304.6 72.2 18.7 6 The maturity profile of the total contracted payments in respect of financial liabilities (excluding amounts due on land creditors shown separately above) is as follows: Balance at 31 July \u00a3m Total contracted cash payment \u00a3m Within 1 year or on demand \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m More than 5 years \u00a3m Trade and other payables (excluding lease liabilities) 311.2 311.2 311.2 \u2013 \u2013 \u2013 Fixed rate sterling USPP notes 130.0 149.8 3.4 3.4 89.4 53.6 Lease liabilities 15.0 17.5 3.6 3.6 6.5 3.8 Share buyback obligation 34.5 34.5 34.5 \u2013 \u2013 \u2013 At 31 July 2023 490.7 513.0 352.7 7.0 95.9 57.4 Trade and other payables (excluding lease liabilities) 293.2 293.2 293.2 \u2013 \u2013 \u2013 Fixed rate sterling USPP notes 130.0 153.2 3.4 3.4 10.3 136.1 Lease liabilities 17.2 18.9 3.3 3.3 7.1 5.2 At 31 July 2022 440.4 465.3 299.9 6.7 17.4 141.3 The imputed interest rate on land payables reflects market interest rates available to the Group on floating rate bank loans at the time of acquiring the land. At the year end, the Group had \u00a3400.0 million (2022 \u2013 \u00a3400.0 million) of undrawn bank facilities available. Cash and cash equivalents This comprises cash held by the Group and short-term bank deposits with a maturity date of less than one month. The amount of cash and cash equivalents for the years ended 31 July 2023 and 31 July 2022 for both the Group and the Company are shown in note 15. The average interest rate earned on the cash and cash equivalents balance as at 31 July 2023, excluding joint ventures, was 4.16% (2022 \u2013 0.43%). Fair values The carrying values of financial assets and liabilities reasonably approximate their fair values. Financial assets and liabilities by category The carrying values and fair values of the financial assets and liabilities of the Group and the Company are as follows: Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m Loans and receivables 109.7 127.6 443.2 509.7 Cash and cash equivalents 362.0 375.3 52.9 52.8 Financial liabilities at amortised cost (859.5) (833.8) (34.6) (0.1) (387.8) (330.9) 461.5 562.4 Reconciliation of liabilities arising from financing activities Group At 1 August \u00a3m Net cash flows \u00a3m New leases \u00a3m Share buyback programme \u00a3m Disposals \u00a3m Interest \u00a3m At 31 July \u00a3m Fixed rate sterling USPP notes 130.0 (3.4) \u2013 \u2013 \u2013 3.4 130.0 Lease liabilities 17.2 (3.5) 1.0 \u2013 (0.2) 0.5 15.0 Share buyback obligation \u2013 (66.0) \u2013 100.5 \u2013 \u2013 34.5 At 31 July 2023 147.2 (72.9) 1.0 100.5 (0.2) 3.9 179.5 Fixed rate sterling USPP notes 130.0 (3.4) \u2013 \u2013 \u2013 3.4 130.0 Lease liabilities 17.2 (2.9) 3.2 \u2013 (0.8) 0.5 17.2 At 31 July 2022 147.2 (6.3) 3.2 \u2013 (0.8) 3.9 147.2 Cash flows relating to interest are included within interest paid in cash flows from operating activities, within the cash flow statement. There were no liabilities arising from financing activities within the Company. Bank facilities The Group had bank facilities of \u00a3400.0 million as at 31 July 2023 (2022 \u2013 \u00a3400.0 million) which expire during the course of the following financial years: Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m By 31 July 2023 \u2013 50.0 \u2013 \u2013 By 31 July 2024 \u2013 245.0 \u2013 \u2013 By 31 July 2025 50.0 30.0 \u2013 \u2013 By 31 July 2026 100.0 75.0 \u2013 \u2013 By 31 July 2027 100.0 \u2013 \u2013 \u2013 By 31 July 2028 150.0 \u2013 \u2013 \u2013 400.0 400.0 \u2013 \u2013 Fixed rate sterling USPP notes During 2021, the Group entered a contractual arrangement to issue fixed rate sterling USPP notes for a total amount of \u00a3130.0 million, as part of its ordinary course of business financing arrangements. This USPP debt has a weighted average fixed coupon of 2.7%, is fully drawn down at year end and expires during the course of the following financial years: Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m By 31 July 2028 80.0 80.0 \u2013 \u2013 By 31 July 2031 50.0 50.0 \u2013 \u2013 130.0 130.0 \u2013 \u2013 Capital management The Group is financed through the proceeds of issued ordinary shares, reinvested profits and cash in hand less debt. The following table analyses the capital structure: Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m Equity 3,461.6 3,367.8 509.7 605.9 Net debt \u2013 \u2013 \u2013 \u2013 Capital employed 3,461.6 3,367.8 509.7 605.9 Risks Details of the risks relating to financial instruments are set out in the Risk Management section on page 76. Company Relating to subsidiaries The Company is a guarantor to bank and USPP indebtedness of other companies within the Group. Based on the liquidity and expected cash generation of these other companies, the expected credit loss in respect of these financial guarantees, as at 31 July, is not expected to be significant. As a result, no liability has been recognised in these financial statements (2022 \u2013 nil). A potential liability may arise if one of the companies that is part of the cross-guarantee defaults. Each guarantor, including the Company, would be liable to cover any outstanding amounts. Relating to joint arrangements The Company has guaranteed the overdrafts of joint arrangements up to a maximum of \u00a30.3 million (2022 \u2013 \u00a30.3 million). It is the Directors\u2019 expectation that the possibility of cash outflow on these liabilities is considered minimal and no provision is required.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-371": {
"value": "Financial instruments Financial assets and financial liabilities are recognised on the balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the asset have expired, or when the Group has transferred those rights and substantially all the risks and rewards of the asset. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-350": {
"value": "Fair values The carrying values of financial assets and liabilities reasonably approximate their fair values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-351": {
"value": "Capital management The Group is financed through the proceeds of issued ordinary shares, reinvested profits and cash in hand less debt. The following table analyses the capital structure: Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m Equity 3,461.6 3,367.8 509.7 605.9 Net debt \u2013 \u2013 \u2013 \u2013 Capital employed 3,461.6 3,367.8 509.7 605.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-356": {
"value": "Shareholder capital 18. Issued capital Classification of equity instruments and financial liabilities issued by the Group Equity instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions: (a) they include no contractual obligations upon the Company (or Group as the case may be) to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company (or Group); and (b) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the Company\u2019s exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company\u2019s own shares, the amounts presented in these financial statements for called up share capital and share premium exclude amounts in relation to those shares. Group and Company 2023 Number 000 2023 \u00a3m 2022 Number 000 2022 \u00a3m Allotted, called up and fully paid 12.5p ordinary shares At start of year 123,486 15.4 123,396 15.4 Issued on exercise of options 2 \u2013 90 \u2013 Cancellation of shares (2,929) (0.4) \u2013 \u2013 At end of year 120,559 15.0 123,486 15.4 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. During the year, the Company purchased 2,928,794 of its own ordinary shares for a total consideration of \u00a366.0 million, including transaction costs of \u00a30.5 million. All shares purchased were for cancellation, as part of the \u00a3100.0 million share buyback programme entered into on 28 March 2023. During the year 2,928,794 shares were cancelled and nil were held in treasury by the Company. 19. Reserves Own shares held by ESOP trust Transactions of the Company-sponsored ESOP trust are included in both the Group financial statements and the Company\u2019s own financial statements. The purchase of shares in the Company by the trust are charged directly to equity. Share premium This reserve is not distributable. Own shares held The Group and Company holds shares within the Bellway Employee Share Trust (1992) (the \u2018Trust\u2019) for participants of certain share-based payment schemes as outlined in note 23. The cost of these is charged to retained earnings. During the period nil (2022 \u2013 268,240) shares were purchased by the Trust and the Trust transferred 3,913 (2022 \u2013 38,978) shares to employees and Directors. The number of shares held within the Trust and on which dividends have been waived, at 31 July 2023 was 327,202 (2022 \u2013 331,115). These shares are held within the financial statements at a cost of \u00a38.8 million (2022 \u2013 \u00a38.9 million). The market value of these shares at 31 July 2023 was \u00a37.3 million (2022 \u2013 \u00a38.1 million). Capital redemption reserve On 7 April 2014 the Company redeemed 20,000,000 \u00a31 preference shares, being all of the preference shares in issue. An amount of \u00a320.0 million, equivalent to the nominal value of the shares redeemed, was transferred to a capital redemption reserve on the same date. During the year, the Company purchased 2,928,794 of its own shares which it cancelled. On cancellation of the shares, the aggregate nominal value of \u00a30.4 million was transferred from share capital to the capital redemption reserve. This reserve is not distributable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-329": {
"value": "18. Issued capital Classification of equity instruments and financial liabilities issued by the Group Equity instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions: (a) they include no contractual obligations upon the Company (or Group as the case may be) to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company (or Group); and (b) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the Company\u2019s exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company\u2019s own shares, the amounts presented in these financial statements for called up share capital and share premium exclude amounts in relation to those shares. Group and Company 2023 Number 000 2023 \u00a3m 2022 Number 000 2022 \u00a3m Allotted, called up and fully paid 12.5p ordinary shares At start of year 123,486 15.4 123,396 15.4 Issued on exercise of options 2 \u2013 90 \u2013 Cancellation of shares (2,929) (0.4) \u2013 \u2013 At end of year 120,559 15.0 123,486 15.4 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. During the year, the Company purchased 2,928,794 of its own ordinary shares for a total consideration of \u00a366.0 million, including transaction costs of \u00a30.5 million. All shares purchased were for cancellation, as part of the \u00a3100.0 million share buyback programme entered into on 28 March 2023. During the year 2,928,794 shares were cancelled and nil were held in treasury by the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-372": {
"value": "Classification of equity instruments and financial liabilities issued by the Group Equity instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions: (a) they include no contractual obligations upon the Company (or Group as the case may be) to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company (or Group); and (b) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the Company\u2019s exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company\u2019s own shares, the amounts presented in these financial statements for called up share capital and share premium exclude amounts in relation to those shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-330": {
"value": "19. Reserves Own shares held by ESOP trust Transactions of the Company-sponsored ESOP trust are included in both the Group financial statements and the Company\u2019s own financial statements. The purchase of shares in the Company by the trust are charged directly to equity. Share premium This reserve is not distributable. Own shares held The Group and Company holds shares within the Bellway Employee Share Trust (1992) (the \u2018Trust\u2019) for participants of certain share-based payment schemes as outlined in note 23. The cost of these is charged to retained earnings. During the period nil (2022 \u2013 268,240) shares were purchased by the Trust and the Trust transferred 3,913 (2022 \u2013 38,978) shares to employees and Directors. The number of shares held within the Trust and on which dividends have been waived, at 31 July 2023 was 327,202 (2022 \u2013 331,115). These shares are held within the financial statements at a cost of \u00a38.8 million (2022 \u2013 \u00a38.9 million). The market value of these shares at 31 July 2023 was \u00a37.3 million (2022 \u2013 \u00a38.1 million). Capital redemption reserve On 7 April 2014 the Company redeemed 20,000,000 \u00a31 preference shares, being all of the preference shares in issue. An amount of \u00a320.0 million, equivalent to the nominal value of the shares redeemed, was transferred to a capital redemption reserve on the same date. During the year, the Company purchased 2,928,794 of its own shares which it cancelled. On cancellation of the shares, the aggregate nominal value of \u00a30.4 million was transferred from share capital to the capital redemption reserve. This reserve is not distributable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-373": {
"value": "Own shares held by ESOP trust Transactions of the Company-sponsored ESOP trust are included in both the Group financial statements and the Company\u2019s own financial statements. The purchase of shares in the Company by the trust are charged directly to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-352": {
"value": "Own shares held The Group and Company holds shares within the Bellway Employee Share Trust (1992) (the \u2018Trust\u2019) for participants of certain share-based payment schemes as outlined in note 23. The cost of these is charged to retained earnings. During the period nil (2022 \u2013 268,240) shares were purchased by the Trust and the Trust transferred 3,913 (2022 \u2013 38,978) shares to employees and Directors. The number of shares held within the Trust and on which dividends have been waived, at 31 July 2023 was 327,202 (2022 \u2013 331,115). These shares are held within the financial statements at a cost of \u00a38.8 million (2022 \u2013 \u00a38.9 million). The market value of these shares at 31 July 2023 was \u00a37.3 million (2022 \u2013 \u00a38.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-331": {
"value": "20. Dividends on equity shares Dividends Dividends on equity shares are recognised as a liability in the period in which they are approved by the shareholders. Interim dividends are recognised when paid. 2 023 \u00a3m 2022 \u00a3m Amounts recognised as distributions to equity holders in the year: Final dividend for the year ended 31 July 2022 of 95.0p per share (2021 \u2013 82.5p) 117.0 101.8 Interim dividend for the year ended 31 July 2023 of 45.0p per share (2022 \u2013 45.0p) 54.7 55.4 171.7 157.2 Proposed final dividend for the year ended 31 July 2023 of 95.0p per share (2022 \u2013 95.0p) 114.5 117.0 The 2023 proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 15 December 2023 and, in accordance with IAS 10 \u2018Events after the Reporting Period\u2019, has not been included as a liability in these financial statements. At the record date for the final dividend for the year ended 31 July 2022, shares were held by the Bellway Employee Share Trust (1992) (the \u2018Trust\u2019) on which dividends had been waived (see note 19). The level of distributable reserves are sufficient in comparison to the proposed dividend.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-374": {
"value": "Dividends Dividends on equity shares are recognised as a liability in the period in which they are approved by the shareholders. Interim dividends are recognised when paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-332": {
"value": "21. Employee information Group employment costs, including directors, comprised: 2023 \u00a3m 2022 \u00a3m Wages and salaries 191.5 167.0 Social security 18.4 16.2 Pension costs (note 22) 8.8 6.8 Share-based payments (note 23) 4.5 3.1 223.2 193.1 The average number of persons employed by the Group during the year was 3,130 (2022 \u2013 2,978) comprising 1,170 (2022 \u2013 1,116) administrative and 1,960 (2022 \u2013 1,862) production and others employed in housebuilding and associated trading activities. The Executive Directors and the Group General Counsel and Company Secretary are the only employees of the Company and the emoluments of the Executive Directors are disclosed in the Report of the Board on Directors\u2019 Remuneration on pages 126 to 138. Key management personnel remuneration, including directors, comprised: 2023 \u00a3m 2022 \u00a3m Salaries and fees 3.3 3.1 Taxable benefits 0.2 0.2 Annual cash bonus 0.6 2.7 Pension costs 0.1 0.1 Share-based payments 1.7 1.6 5.9 7.7 Key management personnel, as disclosed under IAS 24 \u2018Related party disclosures\u2019, comprises the Directors and other senior operational management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-375": {
"value": "22. Retirement benefit assets Employee benefits \u2013 retirement benefit costs The net defined benefit scheme asset or liability is the fair value of scheme assets less the present value of the defined benefit obligation at the balance sheet date. The calculation is performed by a qualified actuary using the projected unit credit method. All remeasurement gains and losses are recognised immediately in the Statement of Comprehensive Income (\u2018SOCI\u2019). Net interest income/(cost) is calculated on the defined benefit asset/(liability) for the period by applying the discount rate used to measure the defined benefit liability at the start of the year. Return on plan assets in excess of the amounts included in the net interest cost are recognised in the SOCI. Defined contribution pension costs are charged to the income statement in the period for which contributions are payable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-333": {
"value": "22. Retirement benefit assets Employee benefits \u2013 retirement benefit costs The net defined benefit scheme asset or liability is the fair value of scheme assets less the present value of the defined benefit obligation at the balance sheet date. The calculation is performed by a qualified actuary using the projected unit credit method. All remeasurement gains and losses are recognised immediately in the Statement of Comprehensive Income (\u2018SOCI\u2019). Net interest income/(cost) is calculated on the defined benefit asset/(liability) for the period by applying the discount rate used to measure the defined benefit liability at the start of the year. Return on plan assets in excess of the amounts included in the net interest cost are recognised in the SOCI. Defined contribution pension costs are charged to the income statement in the period for which contributions are payable. (a) Retirement benefit assets The Group sponsors the Bellway plc 1972 Pension Scheme (the \u2018Scheme\u2019) which has a funded final salary defined benefit arrangement which is closed to new members and to future service accrual. The Group also sponsors the Bellway plc 2008 Group Self Invested Personal Pension Plan (\u2018GSIPP\u2019) which is a defined contribution contract-based arrangement. Contributions of \u00a38.8 million (2022 \u2013 \u00a36.8 million) were charged to the income statement for the GSIPP. (b) Role of Trustees The Scheme is managed by the Trustees, who are appointed by either the Company or the members. The role of the Trustees is to manage the Scheme in line with the Scheme trust deed and rules, to act prudently, responsibly and honestly, impartially and in the interests of all beneficiaries. The main responsibilities of the Trustees are to agree with the employer the level of contributions to the Scheme and to make sure these are paid, to decide how the Scheme\u2019s assets are invested so the Scheme is able to meet its liabilities, and to oversee that the payment of benefits, record keeping and administration of the Scheme complies with the Scheme trust deed and rules and legislation. (c) Funding UK legislation requires that pension schemes are funded prudently (i.e. to a level in excess of the current expected cost of providing benefits). The last full actuarial valuation of the Scheme was carried out by a qualified independent actuary as at 31 July 2020 and updated on an approximate basis to 31 July 2023. With regard to the Scheme, regular contributions made by the employer over the financial year were \u00a3nil (2022 \u2013 \u00a3nil). The employer paid no special contributions (2022 \u2013 \u00a3nil) and reimbursed the pension fund \u00a3nil (2022 \u2013 \u00a30.3 million) for expenses incurred by the fund. The Group is expected to make no regular contributions during the year ending 31 July 2024. (d) Regulation The UK pensions market is regulated by the Pensions Regulator whose key statutory objectives in relation to UK defined benefit plans are: \u2022 to protect the benefits of members of occupational pension schemes; \u2022 to promote, and to improve understanding of the good administration of work-based pension schemes; \u2022 to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund, and \u2022 to maximise employer compliance with employer duties and the employment safeguards introduced by the Pensions Act 2008. (e) Risk The Scheme exposes the Group to a number of risks, the most significant are: Risk Description Asset volatility The Scheme\u2019s defined benefit obligation is calculated using a discount rate set with reference to corporate bond yields. However, a significant proportion of the Scheme\u2019s assets are invested in growth assets, such as equities, that would be expected to outperform corporate bonds in the long-term but create volatility and risk in the short-term. Inflation risk A significant proportion of the Scheme\u2019s defined benefit obligation is linked to inflation, with higher inflation increasing the liabilities. However, there are caps of either a 3% (CPI) or 5% p.a. (RPI) increase in place to limit the effect of higher inflation. Life expectancy The majority of the Scheme\u2019s liabilities are to provide a pension for the life of the member, with any increase in life expectancy also increasing the Scheme\u2019s defined benefit obligation. The Group and Trustees have agreed a long-term strategy for reducing investment risk as and when appropriate. This includes liability driven investment funds which invest in assets such as gilts, swaps and repurchase agreements. The purpose of the liability driven investment funds is to significantly reduce the volatility of the Plan\u2019s funding level by mitigating inflation and interest rate risks, as the liability driven investment funds match the movements in interest rates and inflation closely. Movements in net defined benefit assets Defined benefit obligation Fair value of Scheme assets Net defined benefit asset 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Balance at 1 August (48.9) (63.6) 56.0 73.8 7.1 10.2 Included in the income statement Interest (expense)/income (1.7) (1.1) 2.0 1.2 0.3 0.1 (1.7) (1.1) 2.0 1.2 0.3 0.1 Included in other comprehensive income/(expense) Remeasurement gain arising from: \u2013 Change in demographic and financial assumptions 8.8 14.5 \u2013 \u2013 8.8 14.5 \u2013 Experience adjustments (2.1) (0.6) \u2013 \u2013 (2.1) (0.6) Return on plan assets excluding interest income \u2013 \u2013 (11.6) (17.4) (11.6) (17.4) 6.7 13.9 (11.6) (17.4) (4.9) (3.5) Other Contributions paid by the employer \u2013 \u2013 \u2013 0.3 \u2013 0.3 Benefits paid 2.4 1.9 (2.4) (1.9) \u2013 \u2013 2.4 1.9 (2.4) (1.6) \u2013 0.3 Balance at 31 July (41.5) (48.9) 44.0 56.0 2.5 7.1 The weighted average duration of the defined benefit obligation at the end of the reporting period is 12 years (2022 \u2013 14 years). Scheme assets The fair value of the Scheme assets is: 2023 \u00a3m 2022 \u00a3m Diversified growth fund 14.7 21.5 Government bonds \u2013 8.9 Corporate bonds 5.2 7.8 Liability driven instruments 18.7 11.3 Insurance policies annuities 5.2 6.0 Cash and cash equivalents 0.2 0.5 Total 44.0 56.0 None of the assets have a quoted market price in an active market. Diversified growth funds are pooled funds invested across a diversified range of assets with the aim of giving long-term investment growth with lower short-term volatility than equities. Liability driven instruments are a portfolio of funds designed to hedge the majority of the interest rate and inflation risks associated with the schemes\u2019 obligations. Actuarial assumptions The following are the principal actuarial assumptions at the reporting date: 2023 % per annum 2022 % per annum Discount rate 5.10 3.50 Future salary increases 3.60 3.50 Allowance for pension in payment increases of RPI or 5% p.a. if less 2.90 2.80 Allowance for deferred pension increases of CPI or 3% p.a. if less 2.10 2.00 Allowance for commutation of pension for cash at retirement 15% of pension 15% of pension The mortality assumptions adopted at 31 July 2023 are based on the S3PxA tables and allow for future improvement in mortality. The tables used imply the following life expectancies at age 65: Male retiring in 2023 22.3 years Female retiring in 2023 24.2 years Male retiring in 2043 23.6 years Female retiring in 2043 25.6 years The mortality assumptions adopted at 31 July 2022 were based on the S3PxA tables and allow for future improvement in mortality. The tables used imply the following life expectancies at age 65: Male retiring in 2022 22.8 years Female retiring in 2022 24.6 years Male retiring in 2042 24.1 years Female retiring in 2042 26.1 years Sensitivities The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises the effect on the defined benefit obligation at the end of the reporting period if different assumptions were used: Assumption Change in assumption Change in liabilities (%) Discount rate +0.10% p.a. Decrease by 1.1% Inflation \u2013 RPI +0.10% p.a. Increase by 1.0% Mortality +1 year life expectancy Increase by 3.2% The calculations for the sensitivity analysis are not as accurate as a full valuation carried out using these assumptions. Each assumption change is considered in isolation, which in practice is unlikely to occur, as changes in some of the assumptions are correlated.",
"dimensions": {
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"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
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"fact-334": {
"value": "23. Share-based payments Employee benefits \u2013 share-based payments The fair value of equity settled share options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured as at the date the options are granted and the charge is only amended if vesting does not take place due to non-market conditions not being met. Various option pricing models are used according to the terms of the option scheme under which the options were granted. The fair value is spread over the period during which the employees become unconditionally entitled to the options. At the balance sheet date, if it is expected that non-market conditions will not be satisfied, the cumulative expense recognised in relation to the relevant options is reversed. With respect to share-based payments, a deferred tax asset is recognised on the relevant tax base. The tax base is then compared to the cumulative share-based payment expense recognised in the income statement. Deferred tax arising on the excess of the tax base over the cumulative share-based payment expense recognised in the income statement has been recognised directly in equity outside the SOCI as share-based payments are considered to be transactions with shareholders. Where the Company grants options over its own shares to employees of its subsidiaries it recognises, in its individual financial statements, an increase in the cost of investment in its subsidiaries equivalent to the equity settled share- based payment charge recognised in its consolidated financial statements, with the corresponding credit being recognised in equity. The Group operates a long-term incentive plan (\u2018LTIP\u2019), a deferred bonus plans (\u2018DBP\u2019), an employee share option scheme and Savings Related Share Option Schemes (\u2018SRSOS\u2019), all of which are detailed below. Awards under the LTIP have been made to Executive Directors, the Group General Counsel and Company Secretary, and senior employees, with awards under the DBP also made to senior employees. The awards take the form of ordinary shares in the Company. The Bellway p.l.c. (2014) Employee Share Option Scheme (\u20182014 ESOS\u2019) is an approved discretionary scheme which provides for the grant of options over ordinary shares to employees and Executive Directors. It is, however, the current intention that no Executive Directors of the Company should be granted options under this scheme. Awards will be available to vest after three years, subject to objective performance targets. As at 31 July 2023 no options had been granted under this scheme. Options issued under the SRSOS are offered to all employees including the Executive Directors. An outline of the performance conditions in relation to the LTIP is detailed under the long-term incentive scheme section on pages 131 to 135 within the Remuneration Report. Share-based payments have been valued by an external third party using various models detailed below, based on publicly available market data at the time of the grant, which the Directors consider to be the most appropriate method of determining their fair value. The number and weighted average exercise price of share-based payments is as follows: LTIP, DBP 2023 Weighted average exercise price p 2023 Number of options No. 2022 Weighted average exercise price p 2022 Number of options No. Outstanding at the beginning of the year \u2013 329,279 \u2013 316,427 Granted during the year \u2013 222,974 \u2013 121,569 Lapsed during the year \u2013 (88,717) \u2013 (69,742) Exercised during the year \u2013 (3,913) \u2013 (38,975) Outstanding at the end of the year \u2013 459,623 \u2013 329,279 Exercisable at the end of the year \u2013 88 \u2013 451 The options outstanding at 31 July 2023 have a weighted average contractual life of 1.5 years (2022 \u2013 1.4 years). The weighted average share price at the date of exercise for share options exercised during the year was 1,906.6p (2022 \u2013 3,148.4p). SRSOS 2023 Weighted average exercise price p 2023 Number of options No. 2022 Weighted average exercise price p 2022 Number of options No. Outstanding at the beginning of the year 2,445.4 442,082 2,404.8 525,421 Granted during the year 1,550.0 684,517 2,535.0 158,154 Forfeited during the year 2,337.5 (371,508) 2,450.3 (151,655) Exercised during the year 1,892.8 (1,107) 2,357.3 (89,838) Outstanding at the end of the year 1,686.5 753,984 2,445.4 442,082 Exercisable at the end of the year 2,528.0 356 2,185.5 2,522 The options outstanding at 31 July 2023 have an exercise price in the range of 1,550.0p to 2,535.0p (2022 \u2013 1,892.8p to 2,934.4p) and have a weighted average contractual life of 3.3 years (2022 \u2013 2.4 years). The weighted average share price at the date of exercise for share options exercised during the year was 2,445.7p (2022 \u2013 2,825.1p). Valuation methodology For LTIP options granted prior to October 2021, half of the performance criteria is based on TSR against comparator companies with the other half based on TSR measured against the FTSE 250 Index (excluding investment trusts and financial service companies). For LTIP options granted in October 2021, one third of the performance criteria is based on the achievement of a level of EPS, one third of the performance criteria is based on TSR against comparator companies with the other third based on TSR measured against the FTSE 250 Index (excluding investment trusts and financial service companies). For LTIP options granted from October 2022, 20% of the performance criteria is based on TSR against comparator companies, 20% is based on TSR measured against the FTSE 250 Index (excluding investment trusts and financial service companies), 20% is based on EPS, 20% is based on ROCE, with the final 20% split evenly between ESG targets on Scope 1 and 2 emissions and waste per unit. A simplified Monte Carlo simulation method has been used to determine the Group\u2019s TSR performance against the FTSE 250 Index (excluding investment trusts and financial service companies). In the case of the DBP, there are no market-related performance conditions and awards will be eligible to vest upon reaching a date set out in the Deed of the award. As dividends are not reinvested, the fair value of these awards is equal to the share price at the date of the grant. The Black Scholes method is used for the SRSOS due to the relatively short exercise window of six months. The fair value of services received in return for share options granted is measured by reference to the fair value of the share options granted. The inputs into the models for the various grants in the current and previous year were as follows: 2023 November 2022 November 2022 November 2022 November 2022 December 2022 December 2022 Scheme description LTIP LTIP DBP DBP 3 Year SRSOS 5 Year SRSOS Grant date 11-Nov-22 28-Nov-22 28-Nov-22 28-Nov-22 07-Dec-22 07-Dec-22 Risk free interest rate 0.0% 0.0% 0.0% 0.0% 3.3% 3.2% Exercise price \u2013 \u2013 \u2013 \u2013 1,550.0p 1,550.0p Share price at date of grant 2,093.0p 1,996.0p 1,996.0p 1,996.0p 1,940.0p 1,940.0p Expected dividend yield 0.0% 5.0% 5.0% 5.0% 5.0% 5.0% Expected life 3 years 3 years 3 years 4 years 3 years 2 months 5 years 2 months Vesting date 11-Nov-25 28-Nov-25 28-Nov-25 28-Nov-26 01-Feb-26 01-Feb-28 Expected volatility 40% 40% 40% 40% 40% 35% Fair value of option 1,560.6p 1,412.6p 1,508.0p 1,432.0p 574.0p 537.0p 2022 October 2021 November 2021 November 2021 November 2021 December 2021 December 2021 Scheme description LTIP LTIP DBP DBP 3 year SRSOS 5 year SRSOS Grant date 26-Oct-21 11-Nov-21 11-Nov-21 11-Nov-21 02-Dec-21 02-Dec-21 Risk free interest rate 0.0% 0.0% 0.0% 0.0% 0.5% 0.6% Exercise price \u2013 \u2013 \u2013 \u2013 2,535.0p 2,535.0p Share price at date of grant 3,319.0p 3,220.0p 3,220.0p 3,220.0p 3,130.0p 3,130.0p Expected dividend yield 0.0% 5.0% 5.0% 5.0% 5.0% 5.0% Expected life 3 years 3 years 3 years 4 years 3 years 2 months 5 years 2 months Vesting date 26-Oct-24 11-Nov-24 11-Nov-24 11-Nov-25 01-Feb-25 01-Feb-27 Expected volatility 35% 35% 35% 35% 35% 30% Fair value of option 2,124.3p 1,867.0p 2,474.0p 2,350.0p 734.0p 638.0p The expected volatility for all models was determined by considering the volatility levels historically for the Group. Volatility levels for more recent years were considered to have more relevance than earlier years for the period reviewed. The Group recognised total expenses of \u00a34.5 million (2022 \u2013 \u00a33.1 million) in relation to equity-settled share-based payment transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
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"fact-376": {
"value": "Employee benefits \u2013 share-based payments The fair value of equity settled share options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured as at the date the options are granted and the charge is only amended if vesting does not take place due to non-market conditions not being met. Various option pricing models are used according to the terms of the option scheme under which the options were granted. The fair value is spread over the period during which the employees become unconditionally entitled to the options. At the balance sheet date, if it is expected that non-market conditions will not be satisfied, the cumulative expense recognised in relation to the relevant options is reversed. With respect to share-based payments, a deferred tax asset is recognised on the relevant tax base. The tax base is then compared to the cumulative share-based payment expense recognised in the income statement. Deferred tax arising on the excess of the tax base over the cumulative share-based payment expense recognised in the income statement has been recognised directly in equity outside the SOCI as share-based payments are considered to be transactions with shareholders. Where the Company grants options over its own shares to employees of its subsidiaries it recognises, in its individual financial statements, an increase in the cost of investment in its subsidiaries equivalent to the equity settled share- based payment charge recognised in its consolidated financial statements, with the corresponding credit being recognised in equity. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
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"fact-335": {
"value": "24. Contingent liabilities Contingent liabilities Contingent liabilities of the Group are disclosed unless the possibility of an outflow in settlement is remote. Group SRT and associated review We continue to take a proactive approach to nationwide concerns with regards to fire safety in high-rise buildings across the UK. Bellway recognises its responsibilities in its legacy apartment portfolio and continues to review combustion risks, in external wall systems, on past high-rise developments. As detailed in note 2, Bellway has identified a number of developments, which obtained building regulation approval at the time of construction, where the building materials used may not fully comply with the most recent government guidance or where remedial works may need to be performed in line with the SRT. For these developments we have established that the cost of the remedial works satisfies the accounting requirements of a provision at the balance sheet date. While a prudent approach has been taken, the extent of the provision could increase or reduce, in line with normal accounting practice if new issues are identified or if estimates change, as Bellway and building owners continue to undertake their own investigative works on these and other schemes within the legacy portfolio.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
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"fact-377": {
"value": "Contingent liabilities Contingent liabilities of the Group are disclosed unless the possibility of an outflow in settlement is remote. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-353": {
"value": "25. Related party transactions The Board and certain members of senior management are related parties within the definition of IAS 24 \u2018Related Party Disclosures\u2019. Summary information of the transactions with key management personnel is provided in note 21. Detailed disclosure of individual remuneration of Board members is included in the Remuneration Report on pages 126 to 138. Transactions between fellow subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed. Group During the year the Group entered into the following related party transactions with its joint arrangements: 2023 \u00a3m 2022 \u00a3m Invoiced to joint arrangements in respect of accounting, management fees, interest on loans, land purchases and infrastructure works 22.4 31.6 Amounts owed to joint arrangements in respect of land purchases and management fees at the year end (4.3) (4.5) Amounts owed by joint arrangements in respect of accounting, management fees, interest, land purchases and infrastructure works 45.4 27.0 Company During the year the Company entered into the following related party transactions with its subsidiaries and joint arrangements: 2023 \u00a3m 2022 \u00a3m Amounts received in the year from subsidiaries for share options exercised by subsidiary company employees, dividends received and finance income 171.2 162.1 Amounts paid in the year by subsidiaries on behalf of the Company in respect of dividends, finance expenses and share purchases, and receivable from subsidiaries on disposal of investments (237.7) (164.7) Amounts owed by subsidiaries in respect of dividends and shares issued net of amounts paid on behalf of the Company 443.2 509.7 Investments in subsidiaries and joint ventures 48.0 43.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-336": {
"value": "25. Related party transactions The Board and certain members of senior management are related parties within the definition of IAS 24 \u2018Related Party Disclosures\u2019. Summary information of the transactions with key management personnel is provided in note 21. Detailed disclosure of individual remuneration of Board members is included in the Remuneration Report on pages 126 to 138. Transactions between fellow subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed. Group During the year the Group entered into the following related party transactions with its joint arrangements: 2023 \u00a3m 2022 \u00a3m Invoiced to joint arrangements in respect of accounting, management fees, interest on loans, land purchases and infrastructure works 22.4 31.6 Amounts owed to joint arrangements in respect of land purchases and management fees at the year end (4.3) (4.5) Amounts owed by joint arrangements in respect of accounting, management fees, interest, land purchases and infrastructure works 45.4 27.0 Company During the year the Company entered into the following related party transactions with its subsidiaries and joint arrangements: 2023 \u00a3m 2022 \u00a3m Amounts received in the year from subsidiaries for share options exercised by subsidiary company employees, dividends received and finance income 171.2 162.1 Amounts paid in the year by subsidiaries on behalf of the Company in respect of dividends, finance expenses and share purchases, and receivable from subsidiaries on disposal of investments (237.7) (164.7) Amounts owed by subsidiaries in respect of dividends and shares issued net of amounts paid on behalf of the Company 443.2 509.7 Investments in subsidiaries and joint ventures 48.0 43.5",
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"entity": "scheme:213800CY4L3HST4FGZ98",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
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"fact-337": {
"value": "27. Resident management companies
The Directors set out below information relating to resident management companies which are currently held by the Group as
at 31 July 2023.
Control is exercised by the Group\u2019s power to appoint directors and the Group\u2019s voting rights in these companies. All the resident
management companies listed below are limited by guarantee, unless otherwise indicated, without share capital and are
incorporated in the UK.
The capital, reserves and profit or loss for the year have not been stated for the resident management companies listed below
as the beneficial interest in any assets or liabilities of these companies is held by the residents. The Group does not have
exposure, or rights to variable returns from these companies and therefore they are not included in the consolidated financial
statements. They are temporary members of the Group and will be handed over to residents in due course.
Company Name Registered Office
Abbey Heights Residents Management Company Limited Cheviot House, Beaminster Way East, Newcastle upon Tyne, United Kingdom, NE3 2ER
Abbotswood Park Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, SP2 7QY
Abingworth Meadows Management Company Limited Suite No. 1 Stubbings House, Henley Road, Maidenhead, Berkshire, England, SL6 6QL
Admiral Park (Tongham) Management Company Limited 1st Floor Regent House, 1\u20133 Queensway, Redhill, England, RH1 1QT
Alkerden Heights (Parcel 5a) Management Company Limited C/O Trinity Estates Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire,
United Kingdom, HP2 7DN
Amen Corner (Binfield) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, SP2 7QY
Area F1 (Kings Hill) Management Company Limited Gateway House, 10 Coopers Way, Southend-On-Sea, Essex, United Kingdom, SS2 5TE
Arrowe Brook Park (Greasby) Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
Aspects Management Company Limited 100 Avebury Boulevard, Milton Keynes, England, MK9 1FH
*
Aspen Apartments (Colchester) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR
Aspen Walk (Eight Ash Green) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Astley Management Company Limited Bellway Homes Limited (West Midlands) 1 Centurion Court, Centurion Way, Wilnecote,
Tamworth, Staffordshire, United Kingdom, B77 5PN
Avondale (Cressing) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Azalea (Medstead) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Badbury Reach Management Company Limited Trinity, Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom,
HP2 7DN
Barley Fields (Tamworth) Management Company Limited 11 Little Park Farm Road, Fareham, Hampshire, United Kingdom, PO15 5SN
Bartley Square Management Company Limited PO Box 4385, 12471695 \u2013 Companies House Default Address, Cardiff, CF14 8LH
Barleycorn Way Residents Management Company Limited C/O Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Barleywoods Residential Management Limited C/O Mlm Property Management 2nd Floor, Premiere House, Elstree Way,
Borehamwood, United Kingdom, WD6 1JH
Barton Manor (Barton) Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
Barton Meadows Residents Management Company Limited Cheviot House, Beaminster Way East, Newcastle upon Tyne, NE3 2ER
Barton Quarter (Horwich) Residents Management Company Limited C/O Rmg House, Essex Road, Hoddesdon, United Kingdom, EN11 0DR
Bassingbourne Fields Management Company Limited C/O Michael Laurie Magar Ltd, Elstree Way, Borehamwood, England, WD6 1JH
Baswich Grange Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Beckton Parkside Management Company Limited C/O Pinnacle Housing Ltd As Agent For Beckton Parkside Management Company
Limited, 8th Floor Holborn Tower, 137\u2013144 High Holborn, London, England, WC1V 6PL
Bellway at Rosewood Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Bellway Whitehouse Farm Management Company Limited Marlborough House, 298 Regents Park Road, London, United Kingdom, N3 2UU
Belmont Park (Maidenhead) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Bentall Place (Heybridge) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Berwick Green Bristol Managemet Company Limited
*
1st Floor 2540 The Quadrant, Aztec West, Almondsbury, Bristol, United Kingdom, BS32 4AQ
Bicknor Wood Ltd C/O Djc Secretarial And Maintenance Limited Woodland Place, Hurricane Way,
Wickford, Essex, England, SS11 8YB
Blenheim Green Management Company Limited C/O Trustmgt Ltd Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire,
United Kingdom, CW6 9DL
Bluebell Walk (Harrietsham) Management Company Ltd C/O Gateway Property Management Limited Gateway House, 10 Coopers Way,
Southend-On-Sea, Essex, United Kingdom, SS2 5TE
Bluebells (Witham) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Bluecoats Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England,
SY1 3BF
Bluenote Apartments Management Company Limited 395 Centennial Park, Centennial Avenue, Elstree, Borehamwood, England, WD6 3TJ
Boorley Gardens Residents Management Company Limited 2 Centro Place, Pride Park, Derby, Derbyshire, United Kingdom, DE24 8RF*
Bourne View (Ipswich) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Bower Place Management Company Limited Marlborough House, 298 Regents Park Road, London, N3 2UU
Bowood View (Melksham) Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN
Company Name Registered Office
Brambleside Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Brampton Gate Management Company Limited Marlborough House, 298 Regents Park Road, London, N3 2UU
Bridleway Grange Residents Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
Broadleaf Ashby Management Company Limited 100 Avebury Boulevard, Milton Keynes, MK9 1FH
Broadleaf Management Company Limited 100 Avebury Boulevard, Milton Keynes, MK9 1FH
Brook View (Wixams) Residents Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Brookvale Management Company Limited Trinity Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom,
HP2 7DN
Buckland Rise (Peters Village) Management Company Ltd Woodland Place, Hurricane Way, Wickford, United Kingdom, SS11 8YB
Buckthorn Grange Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Burdon Rise Residents Management Company Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
Byron Heights Residents Management Company Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, NE3 2ER
Castlegate (Skelton) Management Company Limited Alexander House 1 Mandarin Road, Houghton Le Spring, Sunderland, United Kingdom,
DH4 5RA
Cathedral Park (Chichester) Management Company Limited Remus Management Limited Fisherton House, 84 Fisherton Street, Salisbury,
United Kingdom, SP2 7QY
Cecilly Mills Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Chailey Gardens Management Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Chalfont Drive Residents Management Company Limited 406a Birmingham Road, Sutton Coldfield, England, B72 1YJ
Chamberlains Bridge Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Charters Hill Residents Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Cherry Orchard (Bevere) Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Chestnut Vale Residents Management Company Limited C/O Crabtree Pm Limited Head Office, Marlborough House, 298 Regents Park Road,
London, United Kingdom, N3 2UU
Clarence Gate Residents Management Company Limited Cheviot House, Beaminster Way East, Newcastle\u2013upon Tyne, NE3 2ER
Clifford Gardens (Skipton) Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, United Kingdom, SY1 3BF
Coed Derw Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Cooper Square (Maidenhead) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Copperfields Resident Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
Copperhouse Green Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Copthorne Keep Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Corallian Heights Management Company Limited Bellway House Embankment Way, Castleman Business Centre, Ringwood, Hampshire,
United Kingdom, BH24 1EU
Cornelia Gardens Management Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Cornfield\u2019s Residents Management Company Limited Romulus Court Meridian East, Meridian Business Park, Leicester, Leicestershire,
United Kingdom, LE19 1YG
Cortlands Management Company Limited C/O Mlm Property Management 2nd Floor, Premiere House, Elstree Way,
Borehamwood, United Kingdom, WD6 1JH
Cotton Woods (Preston) Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
Crossways Quarter Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Crown Fields (Chatham) Management Company Limited Gateway House, 10 Coopers Way, Southend-On-Sea, SS2 5TE
Curzon Park (Residents) Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
Cuttle Brook Management Company Ltd One Eleven, Edmund Street, Birmingham, B3 2HJ
Dacres Wood Court Management Company Limited Woodland Place Wickford Business Park, Hurricane Way, Wickford, Essex, United
Kingdom, SS11 8YB
Dalesway (Harrogate) Management Company Limited RMG House, Essex Road, Hoddesdon, Hertfordshire, United Kingdom, EN11 0DR
De Havilland Place (Kings Hill) Management Company Limited C/O 30 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY
Devonshire Place (Grays) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Dickens Manor Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Digby Court (Birmingham) Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
Dove Manor Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Dunton Fields (Laindon) Management Company Limited 8 Hemmells, Basildon, Essex, England, SS15 6ED
Earlsfield Park (Knowsley) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
East Middle Callerton Residents Management Company Limited Kingston Property Services Limited Cheviot House, Beaminster Way East, Newcastle
Upon Tyne, United Kingdom, NE3 2ER
Company Name Registered Office
Eastbrook Village East Phase 1 (Site H) Management Company Limited 8th Floor Holborn Tower, 137\u2013144 High Holborn, London, United Kingdom, WC1V 6PL
Eastbrook Village East Phase 2 (Site H) Management Company Limited 8th Floor Holborn Tower, 137\u2013144 High Holborn, London, United Kingdom, WC1V 6PL
Eastside Quarter Management Company Limited Woodland Place Wickford Business Park, Hurricane Way, Wickford, Essex,
United Kingdom, SS11 8YB
Ebbsfleet Cross (Phase 2) Management Company Limited Woodland Place Wickford Business Park Hurricane Way, Wickford, Essex, United
Kingdom SS11 8YB
Ebbsfleet Cross Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Elder brook Residents Management Company Limited C/O Mlm Property Management 2nd Floor, Premiere House, Elstree Way, Borehamwood,
Hertfordshire, United Kingdom, WD6 1JH
Elements Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
Essendene Residential Management Company Limited Cheviot House, Beaminster Way East, Newcastle upon Tyne, United Kingdom, NE3 2ER
**
Eve Meadows (Haughley) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Fairfields (Calcot) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Farriers Court Residents Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Fellows Gardens Management Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Fielders Crescent Management Company Limited C/O Pinnacle Housing Ltd As Agent For Fielders Crescent Management Company
Limited, 8th Floor Holborn Tower, 137\u2013144 High Holborn, London, England, WC1V 6PL
Fielders Crescent Phase 3 (209A) Management Company Limited 8th Floor Holborn Tower, 137\u2013144 High Holborn, London, United Kingdom, WC1V 6PL
Fielders Quarter Phase 4 (209B) Management Company Limited 8th Floor Holborn Tower, 137\u2013144 High Holborn, London, United Kingdom, WC1V 6PL
Fielders Quarter Phase 5 (208A) Management Company Limited 8th Floor Holborn Tower, 137\u2013144 High Holborn, London, United Kingdom, WC1V 6PL
Forest Chase Management Company Ltd Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Forest Oak Management Company Limited Faulkner & Company 1a, George Street, Hinckley, Leicestershire, England, LE10 0AL
Four Oaks (Oxted) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Foxhill (Brackley) Management Company Limited Marlborough House, 298 Regents Park Road, London, N3 2UU
Foxlow Grange Berryfields Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Foxmill Gardens (Willand) Management Company Limited C/O Principle Estate Management, 137 Newhall Street, Birmingham, United Kingdom, B3 1SF
Frobisher Court (Finningley) Management Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, United Kingdom, SY1 3BF
Furlong Park Residents Management Company Limited North Point, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England,
SY1 3BF
Fusion (Harlow) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Gloster Chase Management Company Limited C/O 30 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY
Goodsyard (No 1) Management Company Limited 11 Little Park Farm Road, Fareham, Hampshire, UK, PO15 5SN
Grammar School Gardens Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England,
SY1 3BF
Greensands Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Grey Gables Farm Residents Management Company Limited One Eleven, Edmund Street, Birmingham, B3 2HJ
Greystone Meadows (Undy) Management Company Limited 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Grove Meadows Management Company Limited Marlborough House, 298 Regents Park Road, London, N3 2UU
Halewood Oaks Resident Management Company Limited C/O Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Hall Road (Rochford) Management Company Limited C/O Pod Group Services Limited First Floor, Unit 1, Elstree Gate, Elstree Way,
Borehamwood, Hertfordshire, United Kingdom, WD6 1JD
Halyards Residents Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Hampden Gardens (Thame) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Hampton Trove Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Hanwell View Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Harbour Village (Ebbsfleet) Management Company Limited Woodland Place Wickford Business Park, Hurricane Way, Wickford, England, SS11 8YB
Hardintone Court Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
Harnham Park Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Hartshorne Residents Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Hartside View (Hartlepool) Residents Management Company Limited 2 Centro Place, Pride Park, Derby, Derbyshire, DE24 8RF*
Harvard Place (Earls Colne) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Harvino Residents Management Company Limited Trustmgt (Rfs) Limited 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom,
CW6 9DL
Hatfield Grove (Hatfield Peveral) Management Company Limited C/O Pod Group Services Limited First Floor, Unit 1, Elstree Gate, Elstree Way,
Borehamwood, Hertfordshire, United Kingdom, WD6 1JD
Hathaway Gardens Management Limited Alexander Faulkner Partnership Limited, 11 Little Park Farm Road, Fareham, England,
PO15 5SN
Company Name Registered Office
Hathaway Gardens Ph2 Residents Management Company Limited 100 Avebury Boulevard, Milton Keynes, United Kingdom, MK9 1FH
Hawthorne Rise Management Company Limited Trinity, Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom,
HP2 7DN
Hazel Fold Residents Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
Hazelrigg Residents Management Company Limited 2 Centro Place, Pride Park, Derby, Derbyshire, DE24 8RF*
Heatherley Wood Residents Management Company Limited Rmg House, Essex Road, Hoddesdon, England, EN11 0DR
Heathlands Rmc Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Helios Park Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Helliers Lane (Cheddar) Management Company Limited 1st Floor 2540 The Quadrant Aztec West, Almondsbury, Bristol, United Kingdom, BS32 4AQ
Hellingly (Hailsham) Management Company Ltd C/O Djc Secretarial And Maintenance Limited Woodland Place, Hurricane Way,
Wickford, Essex, England, SS11 8YB
Henderson Park (Thorpe le Soken) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
High Point Residents Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Hinxhill Park (Ashford) Management Company Limited Woodland Place, Hurricane Way, Wickford, Essex, United Kingdom, SS11 8YB
Hollytree Walk (Colchester) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Holmwood Residents Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Hugglescote Grange Management Company Limited Bellway Homes Limited (East Midlands) Romulus Court, Meridian East, Leicester,
United Kingdom, LE19 1YG
Huntercombe Walk (Taplow) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
Ikon (Croydon) Management Company Limited Aquarium, Suite 7b Mayor Cuttle & Co., 101 Lower Anchor Street, Chelmsford, England,
CM2 0AU
Imperial Gardens (Howden) Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, CW6 9DL
Imperial Park (Maidstone) Management Company Limited Gateway House, 10 Coopers Way, Southend On Sea, Essex, United Kingdom, SS2 5TE
Indigo Park (Chichester) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Ivy Hill Residential Management Company Limited C/O Mlm Property Management 2nd Floor, Premiere House, Elstree Way,
Borehamwood, United Kingdom, WD6 1JH
Jameson Manor Residents Management Company Limited Kingston Property Services Limited Cheviot House, Beaminster Way East, Newcastle
upon Tyne, United Kingdom, NE3 2ER
Jellicoe Gardens (Moreton) Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
Jubilee Green Management Company Limited Bellway Homes Limited (South Midlands) Oak House, Eastwood Business Village, Harry
Weston Road, Binley, Coventry, United Kingdom, CV3 2UB
Jubilee Park Residents Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, UK, SY1 3BF
Keephatch Chase Management Limited Pacific House, Imperial Way, Reading, Berkshire, United Kingdom, RG2 0TD
Keephatch Gardens (Wokingham) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom,
HP2 7DN
Kingfisher Green (Rainham) Management Company Limited Woodland Place Wickford Business Park, Hurricane Way, Wickford, Essex,
United Kingdom, SS11 8YB
Kingsland Gate Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Kingsreach (Slough) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY
Kingswood (High Wycombe) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY
Kingswood Heath (Colchester) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR*
Ladden Garden Village Pl 24\u201327 (Leasehold Apartments) Management
Company Limited
2nd Floor 2540 The Quadrant, Aztec West, Almondsbury, Bristol, United Kingdom,
BS32 4AQ
Lakeside Park Management Company Limited 137 Newhall Street, Birmingham, England, B3 1SF
Langford Park Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Latitude Residents Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Latitude Residents No 3 Limited New Kings Court Tollgate, Chandler\u2019s Ford, Eastleigh, Hampshire, United Kingdom,
SO53 3LG
Legacy Wharf (Phase 2) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Legacy Wharf Management Company Limited Woodland Place, Hurricane Way, Wickford, England, SS11 8YB
Lestone Mews Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Liberty Quarter Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Linkside (Burton) Management Company Limited Unit 7, Astra Centre, Edinburgh Way, Harlow, Essex, England, CM20 2BN
Linmere Gateway Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Linmere Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Lion Wharf (Isleworth) Management Company Limited 395 Centennial Park, Centennial Avenue, Elstree, Borehamwood, England, WD6 3TJ
Little Acres Residents Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY
Company Name Registered Office
Little Meadows (Cranleigh) Management Company Limited C/O A W Associates Regus, Building 2, Guildford Business Park Road, Guildford, Surrey,
GU2 8XG
Littlebrook (Cutbush Lane) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Lockharts Rmc Limited 7 Astra Centre, Edinburgh Way, Harlow, Essex, England, CM20 2BN
Lockwood Place (Bramford) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Long Acre (Shinfield) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Long Lane (Beverley) Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, United Kingdom,
SY1 3BF
Longfield Place (Sherfield) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Longholme Park Residents Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, England, SY1 3BF
Longwood Copse Residents Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Lucas Green Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Lydiate Gate Residents Management Company Limited C/O Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Lysander Fields Management Company Limited C/O Djc Property Management Woodland Place, Wickford Business Park, Hurricane
Way, Wickford, United Kingdom, SS11 8YB
Maes Y Rhedyn Fern Meadow Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
*
Mallard Walk Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN
Malvern Chase (Tewkesbury) Management Company Limited Bellway Homes 2540 The Quadrant, Aztec West, Bristol, BS32 4AQ
Maple Creek Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Marconi (Chelmsford) Management Company Limited C/O Pinnacle Housing Ltd As Agent For Marconi (Chelmsford) Management Company
Limited, 8th Floor Holborn Tower, 137\u2013144 High Holborn, London, England, WC1V 6PL
Marlborough Road Wroughton (Swindon) Management
Company Limited
1st Floor 2540 The Quadrant, Aztec West, Almondsbury, Bristol, United Kingdom,
BS32 4AQ
Maybrey Works Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Mead Fields (Phase 2) Weston Parklands Management Company Limited 1st Floor, 2540 The Quadrant Aztec West, Almondsbury, Bristol, England, BS32 4AQ
Mead Fields Phase 2 (Leasehold Apartments) Management
Company Limited
1st Floor 2540 The Quadrant, Aztec West, Almondsbury, Bristol, United Kingdom,
BS32 4AQ
Meadow Rise (Heighington) Management Company Limited Cheviot House, Beaminster Way East, Newcastle upon Tyne, NE3 2ER
Meadow View (Romsey) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Merchants Gate Cottingham Limited North Point, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England,
SY1 3BF
Mill Fields (Wingerworth) Management Company Limited C/O Trust Green Management Company Unit 7, Portal Business Park, Eaton Lane,
Tarporley, Cheshire, United Kingdom, CW6 9DL
Milldown Residents Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Millstone Park Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
Millworks, K Langley Management Company Limited 395 Centennial Park, Centennial Avenue, Elstree, Borehamwood, England, WD6 3TJ
Montague Green (Rowland\u2019s Castle) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Mousley Park Hilton Management Company Limited One Eleven, Edmund Street, Birmingham, United Kingdom, B3 2HJ
Mulberry Park Apartments (Management Company) Limited 2540 The Quadrant Aztec West, Almondsbury, Bristol, BS32 4AQ
New Cardington Estate Management Company Limited Rmg House, Essex Road, Hoddesdon, England, EN11 0DR
New Cardington Hangars Block Residents Management
Company Limited
C/O Crabtree Pm Limited Head Office, Marlborough House, 298 Regents Park Road,
London, United Kingdom, N3 2UU
New Cardington Hangars Estate Residents Management
Company Limited
C/O Crabtree Pm Limited Head Office, Marlborough House, 298 Regents Park Road,
London, United Kingdom, N3 2UU
New Gimsons Place (Witham) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Nightingale Rise (Hoo) Management Company Limited Woodland Place, Hurricane Way, Wickford, Essex, England, SS11 8YB
Northdene Residents Management Company Limited Unit 7 Portal Business Park Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Novello Management Company Limited C/O Pod Group Services Limited First Floor, Unit 1, Elstree Gate, Elstree Way,
Borehamwood, Hertfordshire, United Kingdom, WD6 1JD
Oak Hill Park (Chinnor) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom,
HP2 7DN
Oakfields Park (Halstead) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom,
HP2 7DN
Oakley Park (Edenbridge) Management Company Limited Woodland Place Wickford Business Park, Hurricane Way, Wickford, England, SS11 8YB
Old Forest Road (Winnersh) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Old School Gardens Residents Management Company Cheviot House, Beaminster Way East, Newcastle upon Tyne, NE3 2ER
Oxenden Park (Thornden Wood) Management Company Limited Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Oxlease Residents Limited New Kings Court Tollgate, Chandler\u2019s Ford, Eastleigh, Hampshire, England, SO53 3LG
Company Name Registered Office
P.R.P. Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England,
SY1 3BF
Park Gate Village Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Parsonage Place (Otham) Management Company Limited Woodland Place Wickford Business Park, Hurricane Way, Wickford, Essex, United
Kingdom, SS11 8YB
Parsons Croft Management Company Limited Unit 7 Portal Business Park, Tarporley, United Kingdom, CW6 9DL
Pasture Walk Management Company Limited Castleman Business Centre, Embankment Way, Ringwood, England, BH24 1EU
Penmire Rise Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Phase 1A Parc Mawr (Penllergaer) Management Company Limited Building 1 Eastern Business Park, St Mellons, Cardiff, United Kingdom, CF3 5EA
Phoenix Park (Thame) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Pinchbeck Fields Management Company Limited C/O Mlm Property Management 2nd Floor, Premiere House, Elstree Way,
Borehamwood, United Kingdom, WD6 1JH
Pine Walk Guisborough Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England,
SY1 3BF
Pinewood Grange (Stowmarket) Management Company Limited Second Floor, Premier House, Elstree Way, Borehamwood, Hertfordshire, United
Kingdom, WD6 1JH
Pipits Residents Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Pirton Fields (Churchdown) Management Company Limited Unit 7 Eaton Lane, Tarporley, England, CW6 9DL
Platts Meadow (Winsford) Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
Plummers Meadow (Halewood) Residents Management Company
Limited
Unit 7 Portal Business Park, Tarporley, England, CW6 9DL
Poppy Field Residents Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, United Kingdom, SY1 3BF
Poppy Fields (Cholsey) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Poppy View (Saffron Walden) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Porters Grove (St. Leonards) Management Company Limited C/O 30 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY
Portland Gardens (Wouldham) Management Company Ltd Gateway House, 10 Coopers Way, Southend On Sea, Essex, United Kingdom, SS2 5TE
Priory Grange (Hatfield Peverel) Management Company Limited C/O Pod Group Services Limited First Floor, Unit 1, Elstree Gate, Elstree Way,
Borehamwood, Hertfordshire, United Kingdom, WD6 1JD
Qe2 (Welwyn Garden City) Management Company Limited Aquarium, Suite 7b Mayor Cuttle & Co., 101 Lower Anchor Street, Chelmsford, England,
CM2 0AU
Quakers Walk (Devizes) Management Company Limited 1st Floor 2540 The Quadrant, Aztec West, Bristol, United Kingdom, BS32 4AQ
Quantock Heights (Banwell) Management Company Limited 1st Floor, 2540 The Quadrant Aztec West, Almondsbury, Bristol, England, BS32 4AQ
Queenshead Park Management Company Limited North Point, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England,
SY1 3BF
Rainbow Fields (Waddicar) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, England, SP2 7QY
Redlands Grove Management Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ
Reflections Residents Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Renaissance (Reading) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Renovo (West Thurrock) Management Company Limited 8 Hemmells, C/O Accordant Estates Company Ltd., Hemmells, Basildon, England, SS15 6ED
Ridleys Orchard (Whitton) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Riverbrook Place (Crawley) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Rolleston Manor Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Roman Fields (Corbridge) Management Company Limited 2 Centro Place, Pride Park, Derby, Derbyshire, United Kingdom, DE24 8RF
Roman Gate (Melton Mowbray) Management Company Limited 80 Mount Street, Nottingham, Nottinghamshire, England, NG1 6HH
Roman Walk Residents Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Rookerey Park Management Company Limited Remus Management Limited Fisherton House, 84 Fisherton Street, Salisbury,
United Kingdom, SP2 7QY
Rose Meadow (Northwich) Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
Rosedale Park Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Rowley Fields Residents Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, England, SY1 3BF
Royal Bowland Park Residents Management Company Limited C/O Rmg House, Essex Road, Hoddesdon, United Kingdom, EN11 0DR
Sandstone Brook Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
Sandwell College Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
**
Sapphire Fields & Beaumont Park Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Saxon Heath (Marham Park) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Scholars Place Management Company Limited Unit 7, Astra Centre, Edinburgh Way, Harlow, Essex, CM20 2BN
Seaford Grange (Newlands) Management Company Limited Woodland Place Wickford Business Park, Hurricane Way, Wickford, England, SS11 8YB
Company Name Registered Office
Sheasby Park Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Silkmakers Court Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom,
HP2 7DN
Sixty Three Management Company Limited Gateway House, 10 Coopers Way, Southend-On-Sea, Essex, SS2 5TE
Sky Plaza (Farnborough) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Snelsmoor Village Management Company Limited Bellway Homes East Midlands 3 Romulus Court, Meridian Business Park, Braunstone
Town, Leicester, United Kingdom, LE19 1YG
Solomon\u2019s Seal (Horsham) Management Company Limited 25 Carfax, Horsham, West Sussex, RH12 1EE
Somerford Gate (Congleton) Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
Sovereign Place (Horley) Management Company Limited C/O Woodland Place Wickford Business Park, Hurricane Way, Wickford, Essex, United
Kingdom, SS11 8YB
Spofforth Park Management Company Limited RMG House, Essex Road, Hoddesdon, Hertfordshire, United Kingdom, EN11 0DR
St George\u2019s Park (Phase 2) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
St George\u2019s Walk Residential Management Company Limited North Point, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England,
SY1 3BF
St James Park (Parcels B and C) Management Company Limited Bellway House, Bury Street, Ruislip, Middlesex, United Kingdom, HA4 7SD
St John\u2019s View (Menston) Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, United Kingdom, SY1 3BF
St Lythans Park (Culverhouse Cross) Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN
St Mary\u2019s Hill (Blandford) Management Company Limited C/O Remus Management Limited Fisher House, 84 Fisherton Street, Salisbury, United
Kingdom, SP2 7QY
St Mary\u2019s Stannington Management Company Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, England, NE3 2ER
****
St Wilfrid\u2019s Place (Litherland) Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
St. George\u2019s Park Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
St. James Mews (Charfield) Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN
Staverton Lodge Residents Management Company Limited Bellway Homes South Midlands, Oak House, Binley Business Park, Harry Weston Road,
Binley, Coventry, Warwickshire, CV3 2U
Steeds Farm (Fern Hill Gardens) Management Co Limited Bellway Homes 2540 The Quadrant, Aztec West, Bristol, BS32 4AQ
Steeple Chase (Frisby) Management Company Limited 7 Astra Centre, Edinburgh Way, Harlow, Essex, England, CM20 2BN
Stilton Gate Management Company Limited Premiere House, Elstree Way, Borehamwood, England, WD6 1JH
Stonebridge View Residents Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, UK, SY1 3BF
Stoughton Park Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, United Kingdom, B3 2HJ
Summerhill View Management Company Limited Unit 7 Portal Business Park Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Summers Bridge (SAB) Management Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL*
Summers Bridge Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL*
Swanland Grange Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, CW6 9DL
Tattenhoe Park (Parcel 4) Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
The Abbey Fields Grange Management Company Limited 80 Mount Street, Nottingham, Nottinghamshire, England, NG1 6HH
The Alders (Wolverhampton) Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
The Avenue (Medburn) Residents Management Company Limited Kingston Property Services Limited Cheviot House, Beaminster Way East, Newcastle
Upon Tyne, United Kingdom, NE3 2ER
The Beeches (Stanton Cross) Management Company Limited Marlborough House, 298 Regents Park Road, London, N3 2UU
The Brackens Residents Management Company Limited R M G House, Essex Road, Hoddesdon, England, EN11 0DR
The Bridles Residential Management Company Limited Bellway Homes 2540 The Quadrant, Aztec West, Bristol, BS32 4AQ
The Chase Residents Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom,
HP2 7DN
The Cherry Meadow & Hatton Court Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN
The Coppice Heights & Amber Rise Management Company Limited 80 Mount Street, Nottingham, Nottinghamshire, England, NG1 6HH
The Fairways (Basingstoke) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
The Foundry (Hemel Hempstead) Management Company Limited 395 Centennial Park, Centennial Avenue, Elstree, WD6 3TJ
The Furlongs (Gt.Leighs) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
The Furrows (Warboys) Residents Management Company Limited Marlborough House, 298 Regents Park Road, London, N3 2UU
The Gateford Quarter Management Company Limited 80 Mount Street, Nottingham, Nottinghamshire, England, NG1 6HH
The Grange (Fenham) Resident Management Company Limited
Cheviot House, Beaminster Way East, Newcastle, Tyne and Wear, United Kingdom,
NE3 2ER
The Haven (Emsworth) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
The Long Shoot Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN
The Mount Prestwich Residents Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
Company Name Registered Office
The Oaks (Parsons Hill) Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
The Oaks (Witham) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
The Orchards (Colchester) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
The Pastures (Telford) Management Company Limited 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
The Printworks (Reading) Residents Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
The Residence (Nine Elms) Management Company Limited C/O Pinnacle Housing Ltd As Agent For The Residence (Nine Elms) Management
Company Ltd, 8th Floor Holborn Tower, 137\u2013144 High Holborn, London, England,
WC1V 6PL
The Residence (Phase 2) Management Park Company Limited C/O Pinnacle Housing Ltd As Agent For The Residence (Phase 2) Management
Company Limited, 8th Floor Holborn Tower, 137\u2013144 High Holborn, London, England,
WC1V 6PL
The Ridgeway (Chinnor) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom,
HP2 7DN
**
The Rosehips (Lower Howsell Road) Residents Management
Company Limited
11 Queensway House Queensway, New Milton, Hampshire, England, BH25 5NR
The Spinney (Oteley Road) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, England, SP2 7QY
The Vale (Bottesford) Management Company Limited One Eleven, Edmund Street, Birmingham, United Kingdom, B3 2HJ
The Vickers (Witchford) Residents Management Company Limited C/O Michael Laurie Magar Ltd, Elstree Way, Borehamwood, England, WD6 1JH
The Willows (Swallowfield) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
The Willows Residents Management Company Limited C/O Mlm Property Management 2nd Floor, Premiere House, Elstree Way,
Borehamwood, United Kingdom, WD6 1JH
The Withers (Netherton Residents Management Company Limited Unit 7 Portal Business Park, Tarporley, England, CW6 9DL
The Woodlands (Adel) Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, UK, SY1 3BF
The Woodlands (Watnall) Management Company Limited Unit 7, Astra Centre, Edinburgh Way, Harlow, Essex, England, CM20 2BN
Thomas Road Management Company Limited C/O Pinnacle Housing Ltd As Agent For Thomas Road Management Company Limited,
8th Floor Holborn Tower, 137\u2013144 High Holborn, London, England, WC1V 6PL
Tidbury Heights Management Company Limited Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom,
NG1 6HH
Tindale Reach (Wickwar) Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN
Tranby Park Residential Management Company Limited Rmg House, Essex Road, Hoddesdon, Hertfordshire, United Kingdom, EN11 0DR
Tylman Place (Faversham) Management Company Limited Woodland Place, Hurricane Way, Wickford, Essex, England, SS11 8YB
Vicarage Gardens (South Marston Swindon) Management
Company Limited
1st Floor 2540 The Quadrant Aztec West, Almondsbury, Bristol, England, BS32 4AQ
Victoria Gardens (Peters Village) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Waltham Heights Resident\u2019s Management Company Limited 100 Avebury Boulevard, Milton Keynes, United Kingdom, MK9 1FH
Walton Park Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Waterhouse Mill Residents Management Company Limited One Eleven, Edmund Street, Birmingham, B3 2HJ
Waterside At Riverwell (Block E) Management Company Limited 395 Centennial Avenue, Elstree, Borehamwood, England, WD6 3TJ
Wavendon Chase Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Wavendon View Residents Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Weaver Green Residents Management Company Limited C/O Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
Weavers Meadow (Trowbridge) Management Company Limited 1st Floor, 2540 The Quadrant Aztec West, Almondsbury, Bristol, United Kingdom, BS32 4AQ
Wellfield Rise Residents Management Company Limited Cheviot House, Beaminster Way East, Newcastle upon Tyne, NE3 2ER
Wellington Gardens (Aldershot) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Wellington Grange (Pocklington) Management Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, United Kingdom, SY1 3BF
West End Quarter (Folkestone) Management Company Limited C/O Gateway Property Management Limited Gateway House, 10 Coopers Way,
Southend-On-Sea, Essex, United Kingdom, SS2 5TE
Westbrook Moorings Management Company Limited 395 Centennial Park, Centennial Avenue, Elstree, Borehamwood, England, WD6 3TJ
Westland Place Management Company Limited C/O 30 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY
Westminster Road Management Company Limited One Eleven, Edmund Street, Birmingham, B3 2HJ
Wharf Farm (Rugby) Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
*
Whitehill Gardens Residential Management Company Limited C/O Mlm Property Management 2nd Floor, Premiere House, Elstree Way,
Borehamwood, United Kingdom, WD6 1JH
Whitehouse Park Residents Management Company Limited C/O Trinity (Estates) Property Management Limited Vantage Point, 23 Mark Road,
Hemel Hempstead, United Kingdom, HP2 7DN
Wickfields (Longwick) Management Company Limited Aquarium, Suite 7b Mayor Cuttle & Co., 101 Lower Anchor Street, Chelmsford, England,
CM2 0AU
Wildflower Meadow Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Willow Park (Halstead) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Willow Rise Management Company Limited Bellway Homes Limited (East Midlands) Romulus Court, Meridian East, Leicester,
United Kingdom, LE19 1YG
Company Name Registered Office
Windgreen Gardens Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Wolds View Residents Management Company Limited North Point, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England,
SY1 3BF
Woodcroft Park Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Woodgreen (Blyth) Residents Management Company Limited Cheviot House, Beaminster Way East, Newcastle upon Tyne, Tyne And Wear, England,
NE3 2ER
Wyvern Grange Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN
Yellowfields Phase 3B Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, United Kingdom, HP2 7DN
Yew Tree Gardens (Cholsey) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
* Company is a 50/50 Joint venture
** Company limited by shares wholly owned by Bellway Homes Limited
*** Company limited by shares wholly owned by an employee of Bellway Homes Limited
**** Company limited by shares.
",
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"fact-338": {
"value": "28. Alternative performance measures Bellway uses a variety of alternative performance measures (\u2018APMs\u2019) which, although financial measures of either historical or future performance, financial position or cash flows, are not defined or specified by IFRSs. The Directors use a combination of APMs and IFRS measures when reviewing the performance, position and cash of the Group. The APMs used by the Group are defined below: \u2022 Underlying gross profit and underlying operating profit \u2013 Both of these measures are stated before net legacy building safety expense and exceptional items, and are reconciled to total gross profit and total operating profit on the face of the consolidated income statement. The Directors consider that the removal of the net legacy building safety expense provides a better understanding of the underlying performance of the Group. \u2022 Underlying gross margin \u2013 This is gross profit before net legacy building safety expense and exceptional items, divided by total revenue. The Directors consider this to be an important indicator of the underlying trading performance of the Group. \u2022 Administrative expenses as a percentage of revenue \u2013 This is calculated as the total administrative overheads divided by total revenue. The Directors consider this to be an important indicator of how efficiently the Group is managing its administrative overhead base. \u2022 Underlying operating profit margin \u2013 This is operating profit before net legacy building safety expense and exceptional items divided by total revenue. The Directors consider this to be an important indicator of the operating performance of the Group. \u2022 Net underlying finance expense \u2013 This is the net finance expense before any directly attributable finance expense or finance income relating to the net legacy building safety expense and exceptional items. The Directors consider this to be an important measure when assessing whether the Group is using the most cost effective source of finance. \u2022 Net finance expense \u2013 This is finance expenses less finance income. The Directors consider this to be an important measure when assessing whether the Group is using the most cost effective source of finance. \u2022 Underlying profit before taxation \u2013 This is the profit before taxation before net legacy building safety expense and exceptional items. The Directors consider this to be an important indicator of the profitability of the Group before taxation. \u2022 Underlying profit for the year \u2013 This is the profit for the year before net legacy building safety expense and exceptional items. The Directors consider this to be an important indicator of the profitability of the Group. \u2022 Underlying earnings per share \u2013 This is calculated as underlying profit for the year divided by the weighted average number of ordinary shares in issue during the year (excluding the weighted average number of ordinary shares held by the Company or Trust which are treated as cancelled). \u2022 Underlying dividend cover \u2013 This is calculated as underlying profit for the year per ordinary share for the period divided by the dividend per ordinary share relating to that period. At the half year the dividend per ordinary share is the proposed interim ordinary dividend, and for the full year it is the interim dividend paid plus the proposed final dividend. The Directors consider this an important indicator of the proportion of underlying earnings paid to shareholders and reinvested in the business. \u2022 Dividend cover \u2013 This is calculated as earnings per ordinary share for the period divided by the dividend per ordinary share relating to that period. At the half year the dividend per ordinary share is the proposed interim ordinary dividend, and for the full year it is the interim dividend paid plus the proposed final dividend. The Directors consider this an important indicator of the proportion of earnings paid to shareholders and reinvested in the business. \u2022 Capital invested in land, net of land creditors, and work-in-progress \u2013 This is calculated as shown in the table below. The Directors consider this as an indicator of the net investment by the Group in the period to achieve future growth. Per balance sheet 2023 \u00a3m 2022 \u00a3m Mvt \u00a3m 2022 \u00a3m 2021 \u00a3m Mvt \u00a3m Land 2,578.8 2,786.4 (207.6) 2,786.4 2,483.9 302.5 Work-in-progress 1,861.6 1,524.8 336.8 1,524.8 1,431.4 93.4 Increase in capital invested in land and work-in-progress in the year 129.2 395.9 Land creditors (368.8) (393.4) 24.6 (393.4) (455.8) 62.4 Increase in capital invested in land, net of land creditors, and work-in- progress in the year 153.8 458.3 \u2022 Net asset value per ordinary share (\u2018NAV\u2019) \u2013 This is calculated as total net assets divided by the number of ordinary shares in issue at the end of each period (see note 18). The Directors consider this to be a proxy when reviewing whether value, on a share by share basis, has increased or decreased in the period. \u2022 Capital employed \u2013 Capital employed is defined as the total of equity and net debt. Equity is not adjusted where the Group has net cash. The Directors consider this to be an important indicator of the operating efficiency and performance of the Group. \u2022 Underlying return on capital employed (\u2018underlying RoCE\u2019) \u2013 This is calculated as operating profit before net legacy building safety expense and exceptional items divided by the average capital employed. Average capital employed is calculated based on opening, half year and closing capital employed. The calculation is shown in the table below. The Directors consider this to be an important indicator of whether the Group is achieving a sufficient return on its investments. 2023 Capital employed \u00a3m 2023 Land creditors \u00a3m 2023 Capital employed including land creditors \u00a3m 2022 Capital employed \u00a3m 2022 Land creditors \u00a3m 2022 Capital employed including land creditors \u00a3m Underlying operating profit 543.9 543.9 653.2 653.2 Capital employed/land creditors: Opening 3,367.8 393.4 3,761.2 3,287.8 455.8 3,743.6 Half year 3,481.4 372.4 3,853.8 3,429.8 349.0 3,778.8 Closing 3,461.6 368.8 3,830.4 3,367.8 393.4 3,761.2 Average 3,436.9 378.2 3,815.1 3,361.8 399.4 3,761.2 Underlying return on capital employed 15.8% 14.3% 19.4% 17.4% \u2022 Return on capital employed (\u2018RoCE\u2019) \u2013 This is calculated as operating profit divided by the average capital employed. Average capital employed is calculated based on opening, half year and closing capital employed. The calculation is shown in the table below. The Directors consider this to be an important indicator of whether the Group is achieving a sufficient return on its investments. 2023 Capital employed \u00a3m 2023 Land creditors \u00a3m 2023 Capital employed including land creditors \u00a3m 2022 Capital employed \u00a3m 2022 Land creditors \u00a3m 2022 Capital employed including land creditors \u00a3m Operating profit 505.3 505.3 309.0 309.0 Capital employed/land creditors: Opening 3,367.8 393.4 3,761.2 3,287.8 455.8 3,743.6 Half year 3,481.4 372.4 3,853.8 3,429.8 349.0 3,778.8 Closing 3,461.6 368.8 3,830.4 3,367.8 393.4 3,761.2 Average 3,436.9 378.2 3,815.1 3,361.8 399.4 3,761.2 Return on capital employed 14.7% 13.2% 9.2% 8.2% \u2022 Underlying post tax return on equity \u2013 This is calculated as profit for the year before net legacy building safety expense and exceptional items, divided by the average of the opening, half year and closing net assets. The Directors consider this to be a good indicator of the operating efficiency of the Group. 2023 \u00a3m 2022 \u00a3m Underlying profit for the year 402.2 518.5 Net assets: Opening 3,367.8 3,287.8 Half year 3,481.4 3,429.8 Closing 3,461.6 3,367.8 Average 3,436.9 3,361.8 Underlying post tax return on equity 11.7% 15.4% \u2022 Post tax return on equity \u2013 This is calculated as profit for the year divided by the average of the opening, half year and closing net assets. The Directors consider this to be a good indicator of the operating efficiency of the Group. 2023 \u00a3m 2022 \u00a3m Profit for the year 365.0 242.6 Net assets: Opening 3,367.8 3,287.8 Half year 3,481.4 3,429.8 Closing 3,461.6 3,367.8 Average 3,436.9 3,361.8 Post tax return on equity 10.6% 7.2% \u2022 Total growth in value per ordinary share \u2013 The Directors use this as a proxy for the increase in shareholder value since 31 July 2020. A period of 3 years is used to reflect medium-term growth. Net asset value per ordinary share: At 31 July 2023 2,871p At 31 July 2020 2,427p Net asset value growth per ordinary share 444p Dividend paid per ordinary share: Year ended 31 July 2023 140.0p Year ended 31 July 2022 127.5p Year ended 31 July 2021 85.0p Cumulative dividends paid per ordinary share 352.5p Total growth in value per ordinary share 796.5p \u2022 Annualised accounting return in NAV and dividends paid since 31 July 2020 \u2013 This is calculated as the annualised increase in net asset value per ordinary share plus cumulative ordinary dividends paid per ordinary share since 31 July 2020 (as detailed above) divided by the net asset value per ordinary share at 31 July 2020. The Directors use this as a proxy for the increase in shareholder value since 31 July 2020. Net asset value growth per ordinary share 444p Cumulative dividends paid per ordinary share 352.5p Total growth in value per ordinary share 796.5p Net asset value per ordinary share at 31 July 2020 2,427p Total value per ordinary share 3,223.5p Annualised accounting return = 3,223.5 2,427.0^(1/3) \u20131 9.9% \u2022 Underlying capital growth in the period \u2013 This is calculated as capital growth in the period before net legacy building safety expense and exceptional items per share. Capital growth in the period 284.0p Net legacy building safety expense per share 30.9p Underlying capital growth in the period 314.9p Net asset value at 31 July 2022 2,727p Underlying capital growth 314.9p 2,727p 11.5% \u2022 Capital growth in the period \u2013 This is calculated as the increase in NAV in the period combined with the ordinary dividend paid in the year. Net asset value per ordinary share: At 31 July 2023 2,871p At 31 July 2022 2,727p Net asset value growth per ordinary share 144p Dividend paid per ordinary share: Year ended 31 July 2023 140.0p Capital growth in the period 284.0p \u2022 Net cash/(debt) \u2013 This is the cash and cash equivalents less bank debt and fixed rate sterling USPP notes. Net cash/(debt) does not include lease liabilities, which are reported within trade and other payables on the balance sheet. The Directors consider this to be a good indicator of the financing position of the Group. This is reconciled in note 15. \u2022 Average net cash/(debt) \u2013 This is calculated by averaging the net cash/(debt) position at 1 August and each month end during the year. The Directors consider this to be a good indicator of the financing position of the Group throughout the year. \u2022 Cash generated from operations before investment in land, net of land creditors, and work-in-progress \u2013 This is calculated as shown in the table below. The Directors consider this as an indicator of whether the Group is generating cash before investing in land and work-in-progress to achieve future growth. 2023 \u00a3m 2022 \u00a3m Cash from operations 372.9 114.6 Add: increase in capital invested in land, net of land creditors, and work-in-progress (as described above) 153.8 458.3 Cash generated from operations before investment in land, net of land creditors, and work-in-progress 526.7 572.9 \u2022 Adjusted gearing \u2013 This is calculated as the total of net cash/(debt) and land creditors divided by total equity. The Directors believe that land creditors are a source of long-term finance so this provides an alternative indicator of the financial stability of the Group. \u2022 Gearing \u2013 This is calculated as net debt divided by total equity. The Directors consider this to be a good indicator of the financial stability of the Group. \u2022 Order book \u2013 This is calculated as the total expected sales value of current reservations that have not legally completed. The Directors consider this to be an important indicator of the likely future operating performance of the Group.",
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"fact-5": {
"value": "Woolsington House Woolsington Newcastle Upon Tyne NE13 8BF",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
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