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"2024-08-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-327": { "value": "Basis of preparation Bellway p.l.c. (the \u2018Company\u2019) is a company incorporated in England and Wales. Basis of consolidation The Group 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 included in the Group financial statements 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 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. Information related to the Group undertakings are set out in the Subsidiaries, associates and joint ventures section of the financial statements. Other financial statement considerations In preparing the Group 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 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 been applied consistently to all periods presented in these consolidated financial statements. 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 26 to 28. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Chief Financial Officer\u2019s Review on pages 29 to 32 and the Directors\u2019 Report on pages 152 to 154. The Risk Management section on pages 76 to 79 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 2025, Bellway had net cash of \u00a341.8 million 2 (note 15), having generated cash of \u00a352.3 million (note 15) during the year, including \u00a3222.0 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 2025, expiring in tranches up to
December 2029. 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 2025.
Including committed debt lines and cash, Bellway had access to total funds of
\u00a3571.8 million, along with net current assets (excluding cash) of \u00a33,852.2 million at 31 July
2025, 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 FY26 are supported by the forward order book. In the
12 months to 31 January 2027, 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 FY26 remains in line with internal forecasts due to the
forward order book position. In the 12 months to 31 January 2027, 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 2008-09 Global Financial Crisis.
A number of prudent mitigating actions within the Directors\u2019 control were incorporated
into the severe but plausible 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 2027 for the going
concern assessment, but extended to 31 July 2029 for the Directors\u2019 long-term 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 2027, 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 amendments 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 Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants \u2013
Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019;
\u2022 Lease Liability in Sale and Leaseback \u2013 amendments to IFRS 16 \u2018Leases\u2019; and
\u2022 Supplier Finance Arrangements \u2013 amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7
\u2018Financial Instruments: Disclosure\u2019.
Standards and amendments in issue but not yet effective
At the date of authorisation of these financial statements there were a number of standards and
amendments 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:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-353": { "value": "
Bellway p.l.c. (the \u2018Company\u2019) is a company incorporated in England and Wales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-326": { "value": "Bellway p.l.c. (the \u2018Company\u2019) is a company incorporated in England and Wales. Basis of consolidation The Group 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 included in the Group financial statements 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 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. Information related to the Group undertakings are set out in the Subsidiaries, associates and joint ventures section of the financial statements.
Other financial statement considerations
In preparing the Group 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
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 been
applied consistently to all periods presented in these consolidated financial statements.
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 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 assesses 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 private and social has been included in the Chief Financial Officer\u2019s Review on pages 29 to 32. 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.
4a. 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 or expense in which case it is recognised in other comprehensive income or expense. 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, equal to the lifetime expected credit loss.
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. Items are held in assets under construction and not depreciated until they are available for use, at which point
they are transferred to the relevant category. 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 15 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.
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, loans to joint ventures and
other receivables.
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.
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 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.
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.
Contingent liabilities
Contingent liabilities of the Group are disclosed unless the possibility of an outflow in
settlement is remote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-325": { "value": "Bellway p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-5": { "value": "Bellway p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-4": { "value": "England and Wales.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-354": { "value": "
Basis of consolidation
The Group 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 included in the Group financial statements 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 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.
Information related to the Group undertakings are set out in the Subsidiaries, associates
and joint ventures section of the financial statements.
Other financial statement considerations In preparing the Group 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 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 been applied consistently to all periods presented in these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-373": { "value": "In preparing the Group 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 assets or liabilities, or have any other material impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-422": { "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.
Exceptional items
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 adjusting and disclosed separately on the face of the primary
statements. 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.
The Directors considered that the net legacy building safety expense and other
exceptional items satisfied the requirements to be separately disclosed on the face of
the income statement.
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 2.4%.
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 2025 and 31 July 2024, 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 the building was constructed within a specified time period and there are life
critical defects as set out in the SRT, Pact or Accord. 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 change 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 further investigative works are still to be undertaken across the portfolio of sites within the scope of the SRT and associated
review. 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 2025 would increase by around \u00a324 million.
\u2022 the discount rate increases by 100 bps, the provision at 31 July 2025 would decrease by around \u00a310 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-355": { "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 26 to 28. The financial position of the Group, its cash
flows, liquidity position and borrowing facilities are described in the Chief Financial
Officer\u2019s Review on pages 29 to 32 and the Directors\u2019 Report on pages 152 to 154. The Risk
Management section on pages 76 to 79 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 2025, Bellway had net cash of \u00a341.8 million
2
(note 15),
having generated cash of \u00a352.3 million (note 15) during the year, including \u00a3222.0 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 2025, expiring in tranches up to December 2029. 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 2025. Including committed debt lines and cash, Bellway had access to total funds of \u00a3571.8 million, along with net current assets (excluding cash) of \u00a33,852.2 million at 31 July 2025, 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 FY26 are supported by the forward order book. In the 12 months to 31 January 2027, 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 FY26 remains in line with internal forecasts due to the forward order book position. In the 12 months to 31 January 2027, 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 2008-09 Global Financial Crisis. A number of prudent mitigating actions within the Directors\u2019 control were incorporated into the severe but plausible 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 2027 for the going concern assessment, but extended to 31 July 2029 for the Directors\u2019 long-term 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 2027, 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": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-328": { "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 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 assesses 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 private
and social has been included in the Chief Financial Officer\u2019s Review on pages 29 to
32. 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:
Housing completions
Revenue
2025 2024 2025 2024
Number Number \u00a3m \u00a3m
Housing \u2013 private
6,924
5,758
2,426.4
2,002.3
Housing \u2013 social
1,825
1,896
341.9
354.4
Total housing
8,749
7,654
2,768.3
2,356.7
Non-housing revenue
\u2013
\u2013
14.5
23.5
Total
8,749
7,654
2,782.8
2,380.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-399": { "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 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-398": { "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 assesses 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 private and social has been included in the Chief Financial Officer\u2019s Review on pages 29 to 32. 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-374": { "value": "Effect of new standards and amendments 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 Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants \u2013 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019; \u2022 Lease Liability in Sale and Leaseback \u2013 amendments to IFRS 16 \u2018Leases\u2019; and \u2022 Supplier Finance Arrangements \u2013 amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosure\u2019. Standards and amendments in issue but not yet effective At the date of authorisation of these financial statements there were a number of standards and amendments 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-357": { "value": "Effect of new standards and amendments 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 Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants \u2013 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019; \u2022 Lease Liability in Sale and Leaseback \u2013 amendments to IFRS 16 \u2018Leases\u2019; and \u2022 Supplier Finance Arrangements \u2013 amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosure\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-356": { "value": "Standards and amendments in issue but not yet effective At the date of authorisation of these financial statements there were a number of standards and amendments 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-358": { "value": "Revenue from contracts with customers An analysis of the Group\u2019s revenue is as follows:
Housing completions
Revenue
2025 2024 2025 2024
Number Number \u00a3m \u00a3m
Housing \u2013 private
6,924
5,758
2,426.4
2,002.3
Housing \u2013 social
1,825
1,896
341.9
354.4
Total housing
8,749
7,654
2,768.3
2,356.7
Non-housing revenue
\u2013
\u2013
14.5
23.5
Total
8,749
7,654
2,782.8
2,380.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-375": { "value": "2. Net legacy building safety expense and other exceptional items 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 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 adjusting and disclosed separately on the face of the primary statements. 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. The Directors considered that the net legacy building safety expense and other exceptional items satisfied the requirements to be separately disclosed on the face of the income statement. Profit before taxation for the years ended 31 July 2025 and 31 July 2024 has been arrived at after recognising the following items in the income statement:
2025
Total net
legacy
SRT and building Other Total
associated Structural safety exceptional adjusting
review defects expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions (note 10)
50.9
(13.3)
37.6
\u2013
37.6
Reimbursement assets (note 10)
(0.2)
\u2013
(0.2)
\u2013
(0.2)
Net cost of sales
50.7
(13.3)
37.4
\u2013
37.4
Administrative expenses
\u2013
\u2013
\u2013
15.4
15.4
Finance expenses (notes 10, 16)
12.6
1.8
14.4
\u2013
14.4
Total net legacy building
safety expense and other
exceptional items
63.3
(11.5)
51.8
15.4
67.2
2024
Total net
legacy
SRT and building Other Total
associated Structural safety exceptional adjusting
review defects expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions
6.1
14.1
20.2
\u2013
20.2
Reimbursement assets
(0.3)
\u2013
(0.3)
\u2013
(0.3)
Net cost of sales
5.8
14.1
19.9
\u2013
19.9
Administrative expenses
\u2013
\u2013
\u2013
5.4
5.4
Finance expenses (note 16)
15.9
1.2
17.1
\u2013
17.1
Total net legacy building
safety expense and other
exceptional items
21.7
15.3
37.0
5.4
42.4
The income tax rate applied to the exceptional items in the income statement is the Group\u2019s standard rate of 29.0% (2024 \u2013 29.0%), inclusive of corporation tax and Residential Property Developer Tax (\u2018RPDT\u2019), adjusted for the impact of non-deductible items. SRT and associated review Bellway continues to act responsibly with regards to building and resident safety, and this is reflected by the significant resource and funding the Group has committed to remediate its legacy apartments. In March 2023 the Group signed the SRT with DLUHC. Under the terms of the SRT, developers have agreed to identify and remediate, life-critical fire safety defects in residential buildings over 11 metres in height that they have developed or refurbished since April 1992. The Group contractually committed to remediate its legacy buildings in both Wales and Scotland by signing the Pact with The Welsh Ministers (the \u2018Pact\u2019) in May 2023 and the Scottish Safer Buildings Accord in July 2023. Signing the SRT has led to improved clarity on the standards required for internal and external remediation, including Publicly Available Specification (\u2018PAS\u2019) 9980:2022, which is the code of practice for Fire Risk Appraisals of External Wall (\u2018FRAEW\u2019) construction. Buildings are deemed to be assessed under the requirements of the SRT when a qualifying assessment has been approved by the MHCLG. This requires the completion of both a FRAEW and a Fire Safety Assessment (\u2018FSA\u2019). In total, for the year ended 31 July 2025 Bellway set aside a net exceptional pre-tax expense of \u00a363.3 million (2024 \u2013 \u00a321.7 million), in relation to the SRT and associated review. Of this expense, a net \u00a350.7 million (2024 \u2013 \u00a35.8 million) is recognised in cost of sales and an adjusting finance expense of \u00a312.6 million (2024 \u2013 \u00a315.9 million) in relation to the unwinding of the discount of the provision to present value. The net expense recognised in cost of sales includes an expense of \u00a381.6 million (2024 \u2013 \u00a332.7 million) relating to cost estimate increases, and a further expense of \u00a30.2 million (2024 \u2013 \u00a36.7 million) following a decrease (2024 \u2013 decrease) in discount rates during the period (note 10), which are offset by provision releases of \u00a330.9 million (2024 \u2013 \u00a333.3 million). The net exceptional cost of sales expense includes one-off cost recoveries of \u00a30.2 million (2024 \u2013 \u00a30.3 million), across several sites, which have been pursued for several years. The total amount Bellway has set aside in relation to the SRT and associated review since 2017 is \u00a3673.2 million (2024 \u2013 \u00a3609.7 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. We have undertaken an extensive survey program in the year as required by the Joint Plan, such that we have now made determinations of which buildings require works for all buildings in England and Wales. A higher proportion of buildings were found to require works, both externally and internally, then was previously assumed which has led to an increase in the provision. Cost estimates have been reviewed and updated in the year based on the latest scopes following surveys undertaken, tendered works and progress with remediation. These cost estimates are based on our extensive experience to date, using analysis of previously tendered works, costs to date on similar developments and prudent, professional estimates based on knowledge of known issues. 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 five 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 the PAS 9980:2022, liaison and negotiations with building owners, appointment of contractors and time taken to obtain access licences. As at 31 July 2025, and including those buildings that have been awarded an application by the Building Safety Fund or ACM Funds, Bellway had a total of 168 buildings where work is complete or underway. Total recoveries recognised since 2017 are \u00a380.5 million (2024 \u2013 \u00a380.3 million). Reimbursement assets of \u00a30.1 million (2024 \u2013 \u00a30.1 million) remained outstanding at the year end (note 8). A recovery of \u00a34.7 million was awarded during the year under adjudication with one subcontractor; however, as this recovery is not virtually certain, it has not been recognised in the financial statements. Structural defects The Building Safety Act 2022 introduced an amendment to the limitation period applicable to claims under the Defective Premises Act 1972, retrospectively increasing the liability period for structural defects in all dwellings built prior to 28 June 2022 from 6 years to 30 years. Due to the change in legislation establishing a retrospective legal obligation for structural defects in dwellings, this is seen as a highly unusual event and is the primary reason the structural defects provision is treated as an adjusting item. During the year ended 31 July 2023 a structural defect relating to the reinforced concrete frame was identified at a historical high-rise apartment scheme in Greenwich, London. During the current year, following a further review of historical buildings, the Group was notified of the same structural defect at a mid-rise apartment scheme in Slough, which completed in 2006. This building also has a reinforced concrete frame and was designed by the same structural engineer. This building was not included in the previous review undertaken by the Group as it was less than 18 metres in height and at the time of that review the government required buildings to be classified into two groups by reference to height. The taller group, considered to be the higher risk buildings were classified as above 18 metres in height, and this formed the basis of the initial review. The definition of a higher risk building was widened as part of the Building Safety Act 2022 to include buildings with seven or more storeys, with the Slough site meeting this wider definition. The increase in the limitation period means Bellway has a legal obligation for undertaking the remedial works at both the Greenwich and Slough sites. The Group has carried out a further review in the year of all buildings over 11 metres in height constructed by, or on behalf of Bellway, where the same third parties responsible for the design of the reinforced concrete frame at these two developments have been involved. To date, no other similar design issues with reinforced concrete frames have been identified. The current provision for the cost of the remediation work across both buildings is \u00a333.5 million (2024 \u2013 \u00a345.6 million). During the year, the remediation strategy has been finalised for the Greenwich scheme. This strategy is less invasive than the remediation design applied in the previous year which has led to a reduction in the cost estimate. This cost estimate is based on an expert third-party report and reflects management\u2019s expected scope of works. In total, for the year ended 31 July 2025 Bellway recognised an exceptional pre-tax credit of \u00a311.5 million (2024 \u2013 expense of \u00a315.3 million), in relation to the structural defects. Of this, a credit of \u00a313.3 million (2024 \u2013 expense of \u00a314.1 million) is recognised in cost of sales. The net credit recognised in cost of sales includes an expense of \u00a36.0 million (2024 \u2013 \u00a313.8 million) relating to the cost estimate for the additional building identified, and a further expense of \u00a30.2 million (2024 \u2013 \u00a30.3 million) following a decrease (2024 \u2013 decrease) in discount rates during the year (note 10), which are offset by provision releases of \u00a319.5 million (2024 \u2013 nil). 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. We are actively seeking recoveries in relation to the structural defects 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 three years. Other exceptional items During the prior year, the Group announced that it made an all-share offer to acquire Crest Nicholson Holdings plc. On 13 August 2024, the Board decided not to progress with this acquisition and recognised \u00a3nil (2024 \u2013 \u00a35.4 million) of costs associated with this aborted transaction as exceptional. In the current year, there is an expense of \u00a315.4 million (2024 \u2013 \u00a3nil) for costs incurred relating to the CMA market investigation, including a voluntary commitment to the CMA. These non- recurring costs have been classified as exceptional given their size and nature. The voluntary commitment is included in accruals and is expected to be paid within three months from the CMA accepting the commitments. Bellway has engaged proactively with the CMA throughout its investigation, including by voluntarily offering binding commitments, alongside the six other housebuilders, in response to the potential concerns investigated by the CMA, and with a view to resolving expeditiously the investigation. Under the terms of the offered commitments, Bellway will contribute \u00a313.5 million to a total payment of \u00a3100 million to be paid by the seven UK housebuilders in aggregate to government programmes that fund and support the construction of affordable housing across the UK. Bellway\u2019s offer of commitments does not constitute an admission of any wrongdoing, and the CMA has made no determination as to the existence of any infringement of competition law. Bellway welcomes the CMA\u2019s consultation on the voluntary commitments and will continue to work constructively with the CMA throughout the process. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-359": { "value": "2. Net legacy building safety expense and other exceptional items 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 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 adjusting and disclosed separately on the face of the primary statements. 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. The Directors considered that the net legacy building safety expense and other exceptional items satisfied the requirements to be separately disclosed on the face of the income statement. Profit before taxation for the years ended 31 July 2025 and 31 July 2024 has been arrived at after recognising the following items in the income statement:
2025
Total net
legacy
SRT and building Other Total
associated Structural safety exceptional adjusting
review defects expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions (note 10)
50.9
(13.3)
37.6
\u2013
37.6
Reimbursement assets (note 10)
(0.2)
\u2013
(0.2)
\u2013
(0.2)
Net cost of sales
50.7
(13.3)
37.4
\u2013
37.4
Administrative expenses
\u2013
\u2013
\u2013
15.4
15.4
Finance expenses (notes 10, 16)
12.6
1.8
14.4
\u2013
14.4
Total net legacy building
safety expense and other
exceptional items
63.3
(11.5)
51.8
15.4
67.2
2024
Total net
legacy
SRT and building Other Total
associated Structural safety exceptional adjusting
review defects expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions
6.1
14.1
20.2
\u2013
20.2
Reimbursement assets
(0.3)
\u2013
(0.3)
\u2013
(0.3)
Net cost of sales
5.8
14.1
19.9
\u2013
19.9
Administrative expenses
\u2013
\u2013
\u2013
5.4
5.4
Finance expenses (note 16)
15.9
1.2
17.1
\u2013
17.1
Total net legacy building
safety expense and other
exceptional items
21.7
15.3
37.0
5.4
42.4
The income tax rate applied to the exceptional items in the income statement is the Group\u2019s standard rate of 29.0% (2024 \u2013 29.0%), inclusive of corporation tax and Residential Property Developer Tax (\u2018RPDT\u2019), adjusted for the impact of non-deductible items. SRT and associated review Bellway continues to act responsibly with regards to building and resident safety, and this is reflected by the significant resource and funding the Group has committed to remediate its legacy apartments. In March 2023 the Group signed the SRT with DLUHC. Under the terms of the SRT, developers have agreed to identify and remediate, life-critical fire safety defects in residential buildings over 11 metres in height that they have developed or refurbished since April 1992. The Group contractually committed to remediate its legacy buildings in both Wales and Scotland by signing the Pact with The Welsh Ministers (the \u2018Pact\u2019) in May 2023 and the Scottish Safer Buildings Accord in July 2023. Signing the SRT has led to improved clarity on the standards required for internal and external remediation, including Publicly Available Specification (\u2018PAS\u2019) 9980:2022, which is the code of practice for Fire Risk Appraisals of External Wall (\u2018FRAEW\u2019) construction. Buildings are deemed to be assessed under the requirements of the SRT when a qualifying assessment has been approved by the MHCLG. This requires the completion of both a FRAEW and a Fire Safety Assessment (\u2018FSA\u2019). In total, for the year ended 31 July 2025 Bellway set aside a net exceptional pre-tax expense of \u00a363.3 million (2024 \u2013 \u00a321.7 million), in relation to the SRT and associated review. Of this expense, a net \u00a350.7 million (2024 \u2013 \u00a35.8 million) is recognised in cost of sales and an adjusting finance expense of \u00a312.6 million (2024 \u2013 \u00a315.9 million) in relation to the unwinding of the discount of the provision to present value. The net expense recognised in cost of sales includes an expense of \u00a381.6 million (2024 \u2013 \u00a332.7 million) relating to cost estimate increases, and a further expense of \u00a30.2 million (2024 \u2013 \u00a36.7 million) following a decrease (2024 \u2013 decrease) in discount rates during the period (note 10), which are offset by provision releases of \u00a330.9 million (2024 \u2013 \u00a333.3 million). The net exceptional cost of sales expense includes one-off cost recoveries of \u00a30.2 million (2024 \u2013 \u00a30.3 million), across several sites, which have been pursued for several years. The total amount Bellway has set aside in relation to the SRT and associated review since 2017 is \u00a3673.2 million (2024 \u2013 \u00a3609.7 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. We have undertaken an extensive survey program in the year as required by the Joint Plan, such that we have now made determinations of which buildings require works for all buildings in England and Wales. A higher proportion of buildings were found to require works, both externally and internally, then was previously assumed which has led to an increase in the provision. Cost estimates have been reviewed and updated in the year based on the latest scopes following surveys undertaken, tendered works and progress with remediation. These cost estimates are based on our extensive experience to date, using analysis of previously tendered works, costs to date on similar developments and prudent, professional estimates based on knowledge of known issues. 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 five 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 the PAS 9980:2022, liaison and negotiations with building owners, appointment of contractors and time taken to obtain access licences. As at 31 July 2025, and including those buildings that have been awarded an application by the Building Safety Fund or ACM Funds, Bellway had a total of 168 buildings where work is complete or underway. Total recoveries recognised since 2017 are \u00a380.5 million (2024 \u2013 \u00a380.3 million). Reimbursement assets of \u00a30.1 million (2024 \u2013 \u00a30.1 million) remained outstanding at the year end (note 8). A recovery of \u00a34.7 million was awarded during the year under adjudication with one subcontractor; however, as this recovery is not virtually certain, it has not been recognised in the financial statements. Structural defects The Building Safety Act 2022 introduced an amendment to the limitation period applicable to claims under the Defective Premises Act 1972, retrospectively increasing the liability period for structural defects in all dwellings built prior to 28 June 2022 from 6 years to 30 years. Due to the change in legislation establishing a retrospective legal obligation for structural defects in dwellings, this is seen as a highly unusual event and is the primary reason the structural defects provision is treated as an adjusting item. During the year ended 31 July 2023 a structural defect relating to the reinforced concrete frame was identified at a historical high-rise apartment scheme in Greenwich, London. During the current year, following a further review of historical buildings, the Group was notified of the same structural defect at a mid-rise apartment scheme in Slough, which completed in 2006. This building also has a reinforced concrete frame and was designed by the same structural engineer. This building was not included in the previous review undertaken by the Group as it was less than 18 metres in height and at the time of that review the government required buildings to be classified into two groups by reference to height. The taller group, considered to be the higher risk buildings were classified as above 18 metres in height, and this formed the basis of the initial review. The definition of a higher risk building was widened as part of the Building Safety Act 2022 to include buildings with seven or more storeys, with the Slough site meeting this wider definition. The increase in the limitation period means Bellway has a legal obligation for undertaking the remedial works at both the Greenwich and Slough sites. The Group has carried out a further review in the year of all buildings over 11 metres in height constructed by, or on behalf of Bellway, where the same third parties responsible for the design of the reinforced concrete frame at these two developments have been involved. To date, no other similar design issues with reinforced concrete frames have been identified. The current provision for the cost of the remediation work across both buildings is \u00a333.5 million (2024 \u2013 \u00a345.6 million). During the year, the remediation strategy has been finalised for the Greenwich scheme. This strategy is less invasive than the remediation design applied in the previous year which has led to a reduction in the cost estimate. This cost estimate is based on an expert third-party report and reflects management\u2019s expected scope of works. In total, for the year ended 31 July 2025 Bellway recognised an exceptional pre-tax credit of \u00a311.5 million (2024 \u2013 expense of \u00a315.3 million), in relation to the structural defects. Of this, a credit of \u00a313.3 million (2024 \u2013 expense of \u00a314.1 million) is recognised in cost of sales. The net credit recognised in cost of sales includes an expense of \u00a36.0 million (2024 \u2013 \u00a313.8 million) relating to the cost estimate for the additional building identified, and a further expense of \u00a30.2 million (2024 \u2013 \u00a30.3 million) following a decrease (2024 \u2013 decrease) in discount rates during the year (note 10), which are offset by provision releases of \u00a319.5 million (2024 \u2013 nil). 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. We are actively seeking recoveries in relation to the structural defects 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 three years. Other exceptional items During the prior year, the Group announced that it made an all-share offer to acquire Crest Nicholson Holdings plc. On 13 August 2024, the Board decided not to progress with this acquisition and recognised \u00a3nil (2024 \u2013 \u00a35.4 million) of costs associated with this aborted transaction as exceptional. In the current year, there is an expense of \u00a315.4 million (2024 \u2013 \u00a3nil) for costs incurred relating to the CMA market investigation, including a voluntary commitment to the CMA. These non- recurring costs have been classified as exceptional given their size and nature. The voluntary commitment is included in accruals and is expected to be paid within three months from the CMA accepting the commitments. Bellway has engaged proactively with the CMA throughout its investigation, including by voluntarily offering binding commitments, alongside the six other housebuilders, in response to the potential concerns investigated by the CMA, and with a view to resolving expeditiously the investigation. Under the terms of the offered commitments, Bellway will contribute \u00a313.5 million to a total payment of \u00a3100 million to be paid by the seven UK housebuilders in aggregate to government programmes that fund and support the construction of affordable housing across the UK. Bellway\u2019s offer of commitments does not constitute an admission of any wrongdoing, and the CMA has made no determination as to the existence of any infringement of competition law. Bellway welcomes the CMA\u2019s consultation on the voluntary commitments and will continue to work constructively with the CMA throughout the process. 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 2.4%.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-329": { "value": "2. Net legacy building safety expense and other exceptional items 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 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 adjusting and disclosed separately on the face of the primary statements. 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. The Directors considered that the net legacy building safety expense and other exceptional items satisfied the requirements to be separately disclosed on the face of the income statement.
Profit before taxation for the years ended 31 July 2025 and 31 July 2024 has been arrived at after
recognising the following items in the income statement:
2025
Total net
legacy
SRT and building Other Total
associated Structural safety exceptional adjusting
review defects expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions (note 10)
50.9
(13.3)
37.6
\u2013
37.6
Reimbursement assets (note 10)
(0.2)
\u2013
(0.2)
\u2013
(0.2)
Net cost of sales
50.7
(13.3)
37.4
\u2013
37.4
Administrative expenses
\u2013
\u2013
\u2013
15.4
15.4
Finance expenses (notes 10, 16)
12.6
1.8
14.4
\u2013
14.4
Total net legacy building
safety expense and other
exceptional items
63.3
(11.5)
51.8
15.4
67.2
2024
Total net
legacy
SRT and building Other Total
associated Structural safety exceptional adjusting
review defects expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions
6.1
14.1
20.2
\u2013
20.2
Reimbursement assets
(0.3)
\u2013
(0.3)
\u2013
(0.3)
Net cost of sales
5.8
14.1
19.9
\u2013
19.9
Administrative expenses
\u2013
\u2013
\u2013
5.4
5.4
Finance expenses (note 16)
15.9
1.2
17.1
\u2013
17.1
Total net legacy building
safety expense and other
exceptional items
21.7
15.3
37.0
5.4
42.4
The income tax rate applied to the exceptional items in the income statement is the Group\u2019s
standard rate of 29.0% (2024 \u2013 29.0%), inclusive of corporation tax and Residential Property
Developer Tax (\u2018RPDT\u2019), adjusted for the impact of non-deductible items.
SRT and associated review
Bellway continues to act responsibly with regards to building and resident safety, and this is
reflected by the significant resource and funding the Group has committed to remediate its
legacy apartments.
In March 2023 the Group signed the SRT with DLUHC. Under the terms of the SRT, developers
have agreed to identify and remediate, life-critical fire safety defects in residential buildings
over 11 metres in height that they have developed or refurbished since April 1992. The Group
contractually committed to remediate its legacy buildings in both Wales and Scotland by signing
the Pact with The Welsh Ministers (the \u2018Pact\u2019) in May 2023 and the Scottish Safer Buildings Accord
in July 2023.
Signing the SRT has led to improved clarity on the standards required for internal and external
remediation, including Publicly Available Specification (\u2018PAS\u2019) 9980:2022, which is the code of
practice for Fire Risk Appraisals of External Wall (\u2018FRAEW\u2019) construction. Buildings are deemed
to be assessed under the requirements of the SRT when a qualifying assessment has been
approved by the MHCLG. This requires the completion of both a FRAEW and a Fire Safety
Assessment (\u2018FSA\u2019).
In total, for the year ended 31 July 2025 Bellway set aside a net exceptional pre-tax expense of
\u00a363.3 million (2024 \u2013 \u00a321.7 million), in relation to the SRT and associated review. Of this expense,
a net \u00a350.7 million (2024 \u2013 \u00a35.8 million) is recognised in cost of sales and an adjusting finance
expense of \u00a312.6 million (2024 \u2013 \u00a315.9 million) in relation to the unwinding of the discount of the
provision to present value. The net expense recognised in cost of sales includes an expense of
\u00a381.6 million (2024 \u2013 \u00a332.7 million) relating to cost estimate increases, and a further expense of
\u00a30.2 million (2024 \u2013 \u00a36.7 million) following a decrease (2024 \u2013 decrease) in discount rates during
the period (note 10), which are offset by provision releases of \u00a330.9 million (2024 \u2013 \u00a333.3 million).
The net exceptional cost of sales expense includes one-off cost recoveries of \u00a30.2 million (2024 \u2013
\u00a30.3 million), across several sites, which have been pursued for several years.
The total amount Bellway has set aside in relation to the SRT and associated review since 2017 is
\u00a3673.2 million (2024 \u2013 \u00a3609.7 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.
We have undertaken an extensive survey program in the year as required by the Joint Plan,
such that we have now made determinations of which buildings require works for all buildings in
England and Wales. A higher proportion of buildings were found to require works, both externally
and internally, then was previously assumed which has led to an increase in the provision.
Cost estimates have been reviewed and updated in the year based on the latest scopes following
surveys undertaken, tendered works and progress with remediation. These cost estimates are
based on our extensive experience to date, using analysis of previously tendered works, costs
to date on similar developments and prudent, professional estimates based on knowledge of
known issues.
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 five 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 the PAS 9980:2022, liaison and negotiations with
building owners, appointment of contractors and time taken to obtain access licences.
As at 31 July 2025, and including those buildings that have been awarded an application by the
Building Safety Fund or ACM Funds, Bellway had a total of 168 buildings where work is complete
or underway.
Total recoveries recognised since 2017 are \u00a380.5 million (2024 \u2013 \u00a380.3 million). Reimbursement
assets of \u00a30.1 million (2024 \u2013 \u00a30.1 million) remained outstanding at the year end (note 8).
A recovery of \u00a34.7 million was awarded during the year under adjudication with one
subcontractor; however, as this recovery is not virtually certain, it has not been recognised in the
financial statements.
Structural defects
The Building Safety Act 2022 introduced an amendment to the limitation period applicable to
claims under the Defective Premises Act 1972, retrospectively increasing the liability period for
structural defects in all dwellings built prior to 28 June 2022 from 6 years to 30 years.
Due to the change in legislation establishing a retrospective legal obligation for structural defects
in dwellings, this is seen as a highly unusual event and is the primary reason the structural defects
provision is treated as an adjusting item.
During the year ended 31 July 2023 a structural defect relating to the reinforced concrete frame
was identified at a historical high-rise apartment scheme in Greenwich, London.
During the current year, following a further review of historical buildings, the Group was notified
of the same structural defect at a mid-rise apartment scheme in Slough, which completed in
2006. This building also has a reinforced concrete frame and was designed by the same structural
engineer. This building was not included in the previous review undertaken by the Group as it
was less than 18 metres in height and at the time of that review the government required buildings
to be classified into two groups by reference to height. The taller group, considered to be the
higher risk buildings were classified as above 18 metres in height, and this formed the basis of
the initial review. The definition of a higher risk building was widened as part of the Building
Safety Act 2022 to include buildings with seven or more storeys, with the Slough site meeting this
wider definition.
The increase in the limitation period means Bellway has a legal obligation for undertaking the
remedial works at both the Greenwich and Slough sites.
The Group has carried out a further review in the year of all buildings over 11 metres in height
constructed by, or on behalf of Bellway, where the same third parties responsible for the design of
the reinforced concrete frame at these two developments have been involved. To date, no other
similar design issues with reinforced concrete frames have been identified.
The current provision for the cost of the remediation work across both buildings is \u00a333.5 million
(2024 \u2013 \u00a345.6 million).
During the year, the remediation strategy has been finalised for the Greenwich scheme.
This strategy is less invasive than the remediation design applied in the previous year which has
led to a reduction in the cost estimate. This cost estimate is based on an expert third-party report
and reflects management\u2019s expected scope of works.
In total, for the year ended 31 July 2025 Bellway recognised an exceptional pre-tax credit of
\u00a311.5 million (2024 \u2013 expense of \u00a315.3 million), in relation to the structural defects. Of this, a credit of
\u00a313.3 million (2024 \u2013 expense of \u00a314.1 million) is recognised in cost of sales.
The net credit recognised in cost of sales includes an expense of \u00a36.0 million (2024 \u2013 \u00a313.8 million)
relating to the cost estimate for the additional building identified, and a further expense of
\u00a30.2 million (2024 \u2013 \u00a30.3 million) following a decrease (2024 \u2013 decrease) in discount rates during
the year (note 10), which are offset by provision releases of \u00a319.5 million (2024 \u2013 nil).
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.
We are actively seeking recoveries in relation to the structural defects 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 three years.
Other exceptional items
During the prior year, the Group announced that it made an all-share offer to acquire Crest
Nicholson Holdings plc. On 13 August 2024, the Board decided not to progress with this
acquisition and recognised \u00a3nil (2024 \u2013 \u00a35.4 million) of costs associated with this aborted
transaction as exceptional.
In the current year, there is an expense of \u00a315.4 million (2024 \u2013 \u00a3nil) for costs incurred relating
to the CMA market investigation, including a voluntary commitment to the CMA. These non-
recurring costs have been classified as exceptional given their size and nature. The voluntary
commitment is included in accruals and is expected to be paid within three months from the CMA
accepting the commitments.
Bellway has engaged proactively with the CMA throughout its investigation, including by
voluntarily offering binding commitments, alongside the six other housebuilders, in response to
the potential concerns investigated by the CMA, and with a view to resolving expeditiously the
investigation. Under the terms of the offered commitments, Bellway will contribute \u00a313.5 million
to a total payment of \u00a3100 million to be paid by the seven UK housebuilders in aggregate to
government programmes that fund and support the construction of affordable housing across
the UK. Bellway\u2019s offer of commitments does not constitute an admission of any wrongdoing, and
the CMA has made no determination as to the existence of any infringement of competition law.
Bellway welcomes the CMA\u2019s consultation on the voluntary commitments and will continue to
work constructively with the CMA throughout the process.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-400": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-330": { "value": "4. Operating profit 4a. 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
2025 2024
\u00a3m \u00a3m
Employee costs (including Directors) (note 21)
214.7
198.2
Depreciation of owned property, plant and equipment (note 11)
2.2
2.3
Depreciation of right-of-use assets (note 11)
3.3
2.8
Expenses related to short-term and low value leases
12.6
14.9
4c. Auditor\u2019s remuneration
The remuneration paid to Ernst & Young LLP, the Group\u2019s external auditor, is as follows:
2025 2024
\u00a3000 \u00a3000
Fee payable for the audit of the Company and consolidated
financial statements
93
89
Amounts receivable by the auditor and its associates in respect of:
Fees payable for the audit of the Company\u2019s subsidiaries
517
455
Fees payable for the pension scheme audit
25
21
Total audit fees
635
565
Non-audit related fees
99
470
Total fees related to the Company and its subsidiaries
734
1,035
Non-audit related fees in both the current and prior year comprise services relating to the aborted
acquisition of Crest Nicholson Holdings plc.
Details of the Group\u2019s policy on the use of the Company\u2019s auditor for non-audit services and
auditor independence are set out in the Audit Committee Report on pages 108 to 123.
In addition to the remuneration paid to the Company\u2019s auditor for services related to the
Company and its subsidiaries, the auditor received the following remuneration from joint ventures
in which the Group participates:
2025 2024
\u00a3000 \u00a3000
Fees payable for the audit of the Group\u2019s joint ventures pursuant
to legislation
37
46
Total fees related to joint ventures
37
46
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-387": { "value": "4. Operating profit 4a. 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
2025 2024
\u00a3m \u00a3m
Employee costs (including Directors) (note 21)
214.7
198.2
Depreciation of owned property, plant and equipment (note 11)
2.2
2.3
Depreciation of right-of-use assets (note 11)
3.3
2.8
Expenses related to short-term and low value leases
12.6
14.9
4c. Auditor\u2019s remuneration The remuneration paid to Ernst & Young LLP, the Group\u2019s external auditor, is as follows:
2025 2024
\u00a3000 \u00a3000
Fee payable for the audit of the Company and consolidated
financial statements
93
89
Amounts receivable by the auditor and its associates in respect of:
Fees payable for the audit of the Company\u2019s subsidiaries
517
455
Fees payable for the pension scheme audit
25
21
Total audit fees
635
565
Non-audit related fees
99
470
Total fees related to the Company and its subsidiaries
734
1,035
Non-audit related fees in both the current and prior year comprise services relating to the aborted acquisition of Crest Nicholson Holdings plc. Details of the Group\u2019s policy on the use of the Company\u2019s auditor for non-audit services and auditor independence are set out in the Audit Committee Report on pages 108 to 123. In addition to the remuneration paid to the Company\u2019s auditor for services related to the Company and its subsidiaries, the auditor received the following remuneration from joint ventures in which the Group participates:
2025 2024
\u00a3000 \u00a3000
Fees payable for the audit of the Group\u2019s joint ventures pursuant
to legislation
37
46
Total fees related to joint ventures
37
46
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-376": { "value": "4. Operating profit 4a. 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
2025 2024
\u00a3m \u00a3m
Employee costs (including Directors) (note 21)
214.7
198.2
Depreciation of owned property, plant and equipment (note 11)
2.2
2.3
Depreciation of right-of-use assets (note 11)
3.3
2.8
Expenses related to short-term and low value leases
12.6
14.9
4c. Auditor\u2019s remuneration The remuneration paid to Ernst & Young LLP, the Group\u2019s external auditor, is as follows:
2025 2024
\u00a3000 \u00a3000
Fee payable for the audit of the Company and consolidated
financial statements
93
89
Amounts receivable by the auditor and its associates in respect of:
Fees payable for the audit of the Company\u2019s subsidiaries
517
455
Fees payable for the pension scheme audit
25
21
Total audit fees
635
565
Non-audit related fees
99
470
Total fees related to the Company and its subsidiaries
734
1,035
Non-audit related fees in both the current and prior year comprise services relating to the aborted acquisition of Crest Nicholson Holdings plc. Details of the Group\u2019s policy on the use of the Company\u2019s auditor for non-audit services and auditor independence are set out in the Audit Committee Report on pages 108 to 123. In addition to the remuneration paid to the Company\u2019s auditor for services related to the Company and its subsidiaries, the auditor received the following remuneration from joint ventures in which the Group participates:
2025 2024
\u00a3000 \u00a3000
Fees payable for the audit of the Group\u2019s joint ventures pursuant
to legislation
37
46
Total fees related to joint ventures
37
46
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-360": { "value": "4b. Operating profit is stated after charging
2025 2024
\u00a3m \u00a3m
Employee costs (including Directors) (note 21)
214.7
198.2
Depreciation of owned property, plant and equipment (note 11)
2.2
2.3
Depreciation of right-of-use assets (note 11)
3.3
2.8
Expenses related to short-term and low value leases
12.6
14.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-361": { "value": "4c. Auditor\u2019s remuneration The remuneration paid to Ernst & Young LLP, the Group\u2019s external auditor, is as follows:
2025 2024
\u00a3000 \u00a3000
Fee payable for the audit of the Company and consolidated
financial statements
93
89
Amounts receivable by the auditor and its associates in respect of:
Fees payable for the audit of the Company\u2019s subsidiaries
517
455
Fees payable for the pension scheme audit
25
21
Total audit fees
635
565
Non-audit related fees
99
470
Total fees related to the Company and its subsidiaries
734
1,035
Non-audit related fees in both the current and prior year comprise services relating to the aborted acquisition of Crest Nicholson Holdings plc. Details of the Group\u2019s policy on the use of the Company\u2019s auditor for non-audit services and auditor independence are set out in the Audit Committee Report on pages 108 to 123. In addition to the remuneration paid to the Company\u2019s auditor for services related to the Company and its subsidiaries, the auditor received the following remuneration from joint ventures in which the Group participates:
2025 2024
\u00a3000 \u00a3000
Fees payable for the audit of the Group\u2019s joint ventures pursuant
to legislation
37
46
Total fees related to joint ventures
37
46
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-331": { "value": "
5. Earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing profit for the year 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 profit for the year 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 profit
for the year by the diluted weighted average number of ordinary shares.
Reconciliations of the profit for the year and weighted average number of shares used in the
calculations are outlined below:
Weighted Weighted
average average
number of number of
Profit for ordinary Earnings Profit for ordinary Earnings per
the year shares per share the year shares share
2025 2025 2025 2024 2024 2024
\u00a3m Number p \u00a3m Number p
For basic earnings
per ordinary share
157.5
118,644,063
132.8
130.5
118,830,821
109.8
Dilutive effect of
options and awards
889,652
(1.0)
846,522
(0.8)
For diluted earnings
per ordinary share
157.5
119,533,715
131.8
130.5
119,677,343
109.0
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:
Weighted Weighted
average average
Underlying number of Underlying Underlying number of Underlying
profit for ordinary earnings per profit for ordinary earnings per
the year shares share the year shares share
2025 2025 2025 2024 2024 2024
\u00a3m Number p \u00a3m Number p
For basic underlying
earnings per
ordinary share
209.7
118,644,063
176.7
160.6
118,830,821
135.2
Dilutive effect of
options and awards
889,652
(1.3)
846,522
(1.0)
For diluted
underlying earnings
per ordinary share
209.7
119,533,715
175.4
160.6
119,677,343
134.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-332": { "value": "
6. Ta xation
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 or expense in which case it is recognised in other
comprehensive income or expense.
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
2025 2024
\u00a3m \u00a3m
Current tax expense/(income):
UK corporation tax
62.1
49.1
Residential property developer tax
9.1
6.9
Adjustments in respect of prior years
(2.8)
(0.3)
68.4
55.7
Deferred tax (income)/expense:
Origination and reversal of temporary differences
(4.2)
(2.5)
Adjustments in respect of prior years
0.2
\u2013
(4.0)
(2.5)
Total income tax expense in the income statement
64.4
53.2
6b. Factors affecting the income tax charge for the year The effective tax expense is 29.0% of profit before taxation (2024 \u2013 29.0%). Both the standard tax rate and effective tax rate include RPDT. The differences between the effective tax rate and the standard tax rate are explained below:
2025 2025 2024 2024
% \u00a3m % \u00a3m
Reconciliation of effective tax rate:
Profit before taxation
221.9
183.7
Tax calculated at UK income tax rate
29.0
64.4
29.0
53.3
Non-taxable income and enhanced
deductions
1.2
2.6
0.1
0.2
Adjustments in respect of prior years
\u2013 current tax
(1.3)
(2.8)
(0.1)
(0.3)
\u2013 deferred tax
0.1
0.2
\u2013
\u2013
Effective tax rate and tax expense
for the year
29.0
64.4
29.0
53.2
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 applied to the Group from 1 August 2024. As the Group\u2019s current effective tax rate is in excess of 15%, the introduction of this has not affected Bellway and no additional tax is expected to be due. The Multinational Top-up Tax does not affect Bellway. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities relating to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. It is currently expected that the Group\u2019s standard rate of tax, including RPDT, for the year ending 31 July 2026 will be 29% .
6c. Tax recognised in equity and other comprehensive expense
2025 2024
\u00a3m \u00a3m
Deferred tax recognised directly in equity and other
comprehensive expense:
Credit relating to remeasurements on the defined benefit
pension scheme
\u2013
0.5
(Expense)/credit relating to equity-settled transactions
(0.6)
0.8
6d. Deferred Taxation
The following are the deferred tax assets/(liabilities) recognised by the Group and the movements
thereon during the current and prior year:
Retirement
Capital benefit Share-based Unutilised
allowances assets payments Inventory tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2023
(1.4)
(0.7)
0.3
(4.1)
1.4
(4.5)
Income statement
(0.2)
\u2013
0.7
0.7
1.3
2.5
(expense)/credit
Credit to other
comprehensive expense
\u2013
0.5
\u2013
\u2013
\u2013
0.5
Credit to equity
\u2013
\u2013
0.8
\u2013
\u2013
0.8
At 31 July 2024
(1.6)
(0.2)
1.8
(3.4)
2.7
(0.7)
Income statement
0.3
(0.1)
1.5
1.5
0.8
4.0
credit/(expense)
Expense to equity
\u2013
\u2013
(0.6)
\u2013
\u2013
(0.6)
At 31 July 2025
(1.3)
(0.3)
2.7
(1.9)
3.5
2.7
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 are valued at the substantively enacted
corporation tax and RPDT rates totalling 29% that will be effective when they are expected to
be realised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-401": { "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 or expense in which case it is recognised in other comprehensive income or expense. 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-416": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-377": { "value": "6a. Income tax recognised in the income statement
2025 2024
\u00a3m \u00a3m
Current tax expense/(income):
UK corporation tax
62.1
49.1
Residential property developer tax
9.1
6.9
Adjustments in respect of prior years
(2.8)
(0.3)
68.4
55.7
Deferred tax (income)/expense:
Origination and reversal of temporary differences
(4.2)
(2.5)
Adjustments in respect of prior years
0.2
\u2013
(4.0)
(2.5)
Total income tax expense in the income statement
64.4
53.2
6b. Factors affecting the income tax charge for the year
The effective tax expense is 29.0% of profit before taxation (2024 \u2013 29.0%). Both the standard tax
rate and effective tax rate include RPDT. The differences between the effective tax rate and the
standard tax rate are explained below:
2025 2025 2024 2024
% \u00a3m % \u00a3m
Reconciliation of effective tax rate:
Profit before taxation
221.9
183.7
Tax calculated at UK income tax rate
29.0
64.4
29.0
53.3
Non-taxable income and enhanced
deductions
1.2
2.6
0.1
0.2
Adjustments in respect of prior years
\u2013 current tax
(1.3)
(2.8)
(0.1)
(0.3)
\u2013 deferred tax
0.1
0.2
\u2013
\u2013
Effective tax rate and tax expense
for the year
29.0
64.4
29.0
53.2
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 applied to the Group from 1 August 2024. As the Group\u2019s
current effective tax rate is in excess of 15%, the introduction of this has not affected Bellway and
no additional tax is expected to be due. The Multinational Top-up Tax does not affect Bellway.
The Group applies the exception to recognising and disclosing information about deferred tax
assets and liabilities relating to Pillar Two income taxes, as provided in the amendments to IAS 12
issued in May 2023.
It is currently expected that the Group\u2019s standard rate of tax, including RPDT, for the year ending
31 July 2026 will be 29% .
6c. Tax recognised in equity and other comprehensive expense
2025 2024
\u00a3m \u00a3m
Deferred tax recognised directly in equity and other
comprehensive expense:
Credit relating to remeasurements on the defined benefit
pension scheme
\u2013
0.5
(Expense)/credit relating to equity-settled transactions
(0.6)
0.8
6d. Deferred Taxation The following are the deferred tax assets/(liabilities) recognised by the Group and the movements thereon during the current and prior year:
Retirement
Capital benefit Share-based Unutilised
allowances assets payments Inventory tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2023
(1.4)
(0.7)
0.3
(4.1)
1.4
(4.5)
Income statement
(0.2)
\u2013
0.7
0.7
1.3
2.5
(expense)/credit
Credit to other
comprehensive expense
\u2013
0.5
\u2013
\u2013
\u2013
0.5
Credit to equity
\u2013
\u2013
0.8
\u2013
\u2013
0.8
At 31 July 2024
(1.6)
(0.2)
1.8
(3.4)
2.7
(0.7)
Income statement
0.3
(0.1)
1.5
1.5
0.8
4.0
credit/(expense)
Expense to equity
\u2013
\u2013
(0.6)
\u2013
\u2013
(0.6)
At 31 July 2025
(1.3)
(0.3)
2.7
(1.9)
3.5
2.7
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 are valued at the substantively enacted corporation tax and RPDT rates totalling 29% that will be effective when they are expected to be realised.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-362": { "value": "6a. Income tax recognised in the income statement
2025 2024
\u00a3m \u00a3m
Current tax expense/(income):
UK corporation tax
62.1
49.1
Residential property developer tax
9.1
6.9
Adjustments in respect of prior years
(2.8)
(0.3)
68.4
55.7
Deferred tax (income)/expense:
Origination and reversal of temporary differences
(4.2)
(2.5)
Adjustments in respect of prior years
0.2
\u2013
(4.0)
(2.5)
Total income tax expense in the income statement
64.4
53.2
6b. Factors affecting the income tax charge for the year The effective tax expense is 29.0% of profit before taxation (2024 \u2013 29.0%). Both the standard tax rate and effective tax rate include RPDT. The differences between the effective tax rate and the standard tax rate are explained below:
2025 2025 2024 2024
% \u00a3m % \u00a3m
Reconciliation of effective tax rate:
Profit before taxation
221.9
183.7
Tax calculated at UK income tax rate
29.0
64.4
29.0
53.3
Non-taxable income and enhanced
deductions
1.2
2.6
0.1
0.2
Adjustments in respect of prior years
\u2013 current tax
(1.3)
(2.8)
(0.1)
(0.3)
\u2013 deferred tax
0.1
0.2
\u2013
\u2013
Effective tax rate and tax expense
for the year
29.0
64.4
29.0
53.2
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 applied to the Group from 1 August 2024. As the Group\u2019s current effective tax rate is in excess of 15%, the introduction of this has not affected Bellway and no additional tax is expected to be due. The Multinational Top-up Tax does not affect Bellway. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities relating to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. It is currently expected that the Group\u2019s standard rate of tax, including RPDT, for the year ending 31 July 2026 will be 29% 6c. Tax recognised in equity and other comprehensive expense
2025 2024
\u00a3m \u00a3m
Deferred tax recognised directly in equity and other
comprehensive expense:
Credit relating to remeasurements on the defined benefit
pension scheme
\u2013
0.5
(Expense)/credit relating to equity-settled transactions
(0.6)
0.8
6d. Deferred Taxation The following are the deferred tax assets/(liabilities) recognised by the Group and the movements thereon during the current and prior year:
Retirement
Capital benefit Share-based Unutilised
allowances assets payments Inventory tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2023
(1.4)
(0.7)
0.3
(4.1)
1.4
(4.5)
Income statement
(0.2)
\u2013
0.7
0.7
1.3
2.5
(expense)/credit
Credit to other
comprehensive expense
\u2013
0.5
\u2013
\u2013
\u2013
0.5
Credit to equity
\u2013
\u2013
0.8
\u2013
\u2013
0.8
At 31 July 2024
(1.6)
(0.2)
1.8
(3.4)
2.7
(0.7)
Income statement
0.3
(0.1)
1.5
1.5
0.8
4.0
credit/(expense)
Expense to equity
\u2013
\u2013
(0.6)
\u2013
\u2013
(0.6)
At 31 July 2025
(1.3)
(0.3)
2.7
(1.9)
3.5
2.7
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 are valued at the substantively enacted corporation tax and RPDT rates totalling 29% that will be effective when they are expected to be realised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-333": { "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 2025 and 31 July 2024, 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
2025 2024
Group \u00a3m \u00a3m
Land
2,502.9
2,431.4
Work-in-progress
2,165.0
2,123.9
Showhomes
144.9
145.0
Part-exchange properties
25.3
14.5
4,838.1
4,714.8
Inventories of \u00a32,264.0 million were expensed in the year (2024 \u2013 \u00a31,942.9 million).
In the ordinary course of business, inventories have been written down by a net \u00a31.2 million in the
year (2024 \u2013 \u00a38.2 million).
Land with a carrying value of \u00a3241.6 million (2024 \u2013 \u00a3162.5 million) was used as security for land
payables (note 9).
Land includes \u00a31,893.2 million (2024 \u2013 \u00a31,861.4 million) which is owned or unconditionally
contracted by the Group and where there is an implementable detailed planning permission.
The anticipated costs relating to the adoption of the Future Homes Standard in 2027, are included
within the carrying value of inventories as at 31 July 2025 and 31 July 2024 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-402": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-334": { "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, equal to the lifetime expected credit loss.
2025 2024
Current receivables \u00a3m \u00a3m
Trade receivables
26.3
27.0
Other receivables
39.5
35.0
Prepayments and accrued income
15.2
14.8
81.0
76.8
The Group assesses the ageing of trade receivables in accordance with the policy on page 77.
None of the trade receivables are past their due dates (2024 \u2013 \u00a3nil), and are therefore all rated as
low risk.
Other receivables includes \u00a324.2 million (2024 \u2013 \u00a320.8 million) in relation to VAT recoverable and
\u00a30.1 million (2024 \u2013 \u00a30.1 million) in relation to reimbursement assets (notes 2, 10).
The Group has assessed expected credit losses and the loss allowance for trade and other
receivables as immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-393": { "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, equal to the lifetime expected credit loss.
2025 2024
Current receivables \u00a3m \u00a3m
Trade receivables
26.3
27.0
Other receivables
39.5
35.0
Prepayments and accrued income
15.2
14.8
81.0
76.8
The Group assesses the ageing of trade receivables in accordance with the policy on page 77. None of the trade receivables are past their due dates (2024 \u2013 \u00a3nil), and are therefore all rated as low risk. Other receivables includes \u00a324.2 million (2024 \u2013 \u00a320.8 million) in relation to VAT recoverable and \u00a30.1 million (2024 \u2013 \u00a30.1 million) in relation to reimbursement assets (notes 2, 10). The Group has assessed expected credit losses and the loss allowance for trade and other receivables as immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-388": { "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, equal to the lifetime expected credit loss.
2025 2024
Current receivables \u00a3m \u00a3m
Trade receivables
26.3
27.0
Other receivables
39.5
35.0
Prepayments and accrued income
15.2
14.8
81.0
76.8
The Group assesses the ageing of trade receivables in accordance with the policy on page 77. None of the trade receivables are past their due dates (2024 \u2013 \u00a3nil), and are therefore all rated as low risk. Other receivables includes \u00a324.2 million (2024 \u2013 \u00a320.8 million) in relation to VAT recoverable and \u00a30.1 million (2024 \u2013 \u00a30.1 million) in relation to reimbursement assets (notes 2, 10). The Group has assessed expected credit losses and the loss allowance for trade and other receivables as immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-378": { "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, equal to the lifetime expected credit loss.
2025 2024
Current receivables \u00a3m \u00a3m
Trade receivables
26.3
27.0
Other receivables
39.5
35.0
Prepayments and accrued income
15.2
14.8
81.0
76.8
The Group assesses the ageing of trade receivables in accordance with the policy on page 77. None of the trade receivables are past their due dates (2024 \u2013 \u00a3nil), and are therefore all rated as low risk. Other receivables includes \u00a324.2 million (2024 \u2013 \u00a320.8 million) in relation to VAT recoverable and \u00a30.1 million (2024 \u2013 \u00a30.1 million) in relation to reimbursement assets (notes 2, 10). The Group has assessed expected credit losses and the loss allowance for trade and other receivables as immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-403": { "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, equal to the lifetime expected credit loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-396": { "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.
2025 2024
Non-current liabilities \u00a3m \u00a3m
Land payables
73.3
82.6
Lease liabilities
17.2
11.0
90.5
93.6
Land payables of \u00a367.3 million (2024 \u2013 \u00a370.9 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a362.8 million (2024 \u2013 \u00a367.7 million).
2025 2024
Current liabilities \u00a3m \u00a3m
Trade payables
306.2
285.0
Land payables
264.3
142.7
Social security and other taxes
6.8
5.6
Other payables
1.5
5.3
Lease liabilities
2.9
3.1
Accruals
163.1
194.6
Payments on account
156.6
156.6
901.4
792.9
Land payables of \u00a3188.8 million (2024 \u2013 \u00a3100.3 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a3178.8 million (2024 \u2013 \u00a394.8 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 2024 have been recognised as revenue in the current year. The approximate transaction value allocated to the performance obligations that are unsatisfied at 31 July 2025 is \u00a31,519.4 million 2 (2024 \u2013 \u00a31,412.9 million), the majority of which is expected to be recognised as revenue during the next financial year. Accruals includes \u00a313.5 million (2024 \u2013 \u00a35.3 million) of other exceptional items (see note 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-389": { "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.
2025 2024
Non-current liabilities \u00a3m \u00a3m
Land payables
73.3
82.6
Lease liabilities
17.2
11.0
90.5
93.6
Land payables of \u00a367.3 million (2024 \u2013 \u00a370.9 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a362.8 million (2024 \u2013 \u00a367.7 million).
2025 2024
Current liabilities \u00a3m \u00a3m
Trade payables
306.2
285.0
Land payables
264.3
142.7
Social security and other taxes
6.8
5.6
Other payables
1.5
5.3
Lease liabilities
2.9
3.1
Accruals
163.1
194.6
Payments on account
156.6
156.6
901.4
792.9
Land payables of \u00a3188.8 million (2024 \u2013 \u00a3100.3 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a3178.8 million (2024 \u2013 \u00a394.8 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 2024 have been recognised as revenue in the current year. The approximate transaction value allocated to the performance obligations that are unsatisfied at 31 July 2025 is \u00a31,519.4 million 2 (2024 \u2013 \u00a31,412.9 million), the majority of which is expected to be recognised as revenue during the next financial year. Accruals includes \u00a313.5 million (2024 \u2013 \u00a35.3 million) of other exceptional items (see note 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-335": { "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.
2025 2024
Non-current liabilities \u00a3m \u00a3m
Land payables
73.3
82.6
Lease liabilities
17.2
11.0
90.5
93.6
Land payables of \u00a367.3 million (2024 \u2013 \u00a370.9 million) are secured on the land to which they relate.
The carrying value of the land used for security is \u00a362.8 million (2024 \u2013 \u00a367.7 million).
2025 2024
Current liabilities \u00a3m \u00a3m
Trade payables
306.2
285.0
Land payables
264.3
142.7
Social security and other taxes
6.8
5.6
Other payables
1.5
5.3
Lease liabilities
2.9
3.1
Accruals
163.1
194.6
Payments on account
156.6
156.6
901.4
792.9
Land payables of \u00a3188.8 million (2024 \u2013 \u00a3100.3 million) are secured on the land to which they relate.
The carrying value of the land used for security is \u00a3178.8 million (2024 \u2013 \u00a394.8 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 2024 have been recognised as revenue in the current year.
The approximate transaction value allocated to the performance obligations that are unsatisfied
at 31 July 2025 is \u00a31,519.4 million
2
(2024 \u2013 \u00a31,412.9 million), the majority of which is expected to be
recognised as revenue during the next financial year.
Accruals includes \u00a313.5 million (2024 \u2013 \u00a35.3 million) of other exceptional items (see note 2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-404": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-405": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-379": { "value": "
2025 2024
Non-current liabilities \u00a3m \u00a3m
Land payables
73.3
82.6
Lease liabilities
17.2
11.0
90.5
93.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-380": { "value": "
2025 2024
Current liabilities \u00a3m \u00a3m
Trade payables
306.2
285.0
Land payables
264.3
142.7
Social security and other taxes
6.8
5.6
Other payables
1.5
5.3
Lease liabilities
2.9
3.1
Accruals
163.1
194.6
Payments on account
156.6
156.6
901.4
792.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-363": { "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 the building was constructed within a specified time period and there are life critical defects as set out in the SRT, Pact or Accord. 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 change 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 further investigative works are still to be undertaken across the portfolio of sites within the scope of the SRT and associated review. 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 2025 would increase by around \u00a324 million. \u2022 the discount rate increases by 100 bps, the provision at 31 July 2025 would decrease by around \u00a310 million.
SRT and associated review
Structural defects
Total legacy building safety improvements
Reimbursement Reimbursement Reimbursement
Provision assets Total Provision assets Total Provision assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2024
(463.6)
0.1
(463.5)
(45.6)
\u2013
(45.6)
(509.2)
0.1
(509.1)
Adjusting item \u2013 cost of sales (note 2)
(50.9)
0.2
(50.7)
13.3
\u2013
13.3
(37.6)
0.2
(37.4)
Analysed as:
Additions
(81.6)
0.2
(81.4)
(6.0)
\u2013
(6.0)
(87.6)
0.2
(87.4)
Released
30.9
\u2013
30.9
19.5
\u2013
19.5
50.4
\u2013
50.4
Change in discount rate
(0.2)
\u2013
(0.2)
(0.2)
\u2013
(0.2)
(0.4)
\u2013
(0.4)
Utilised/(received)
44.2
(0.2)
44.0
0.6
\u2013
0.6
44.8
(0.2)
44.6
Unwinding of discount (notes 2, 16)
(12.6)
\u2013
(12.6)
(1.8)
\u2013
(1.8)
(14.4)
\u2013
(14.4)
At 31 July 2025
(482.9)
0.1
(482.8)
(33.5)
\u2013
(33.5)
(516.4)
0.1
(516.3)
The provision is classified as follows:
Total legacy
SRT and building
associated Structural safety
review defects improvements
\u00a3m \u00a3m \u00a3m
Current
(164.8)
(1.1)
(165.9)
Non-current
(318.1)
(32.4)
(350.5)
Total
(482.9)
(33.5)
(516.4)
The Group has established a provision for the cost of performing fire remedial works on a number of legacy developments and structural defects relating to historical apartment schemes (note 2). 24. Contingent liabilities Contingent liabilities Contingent liabilities of the Group are disclosed unless the possibility of an outflow in settlement is remote. 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, Welsh Pact or Scottish Safer Buildings Accord. 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 investigative works on these and other schemes within the legacy portfolio.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-336": { "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 the building was constructed within a specified time period and there are life critical defects as set out in the SRT, Pact or Accord. 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 change 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 further investigative works are still to be undertaken across the portfolio of sites within the scope of the SRT and associated review. 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 2025 would increase by around \u00a324 million. \u2022 the discount rate increases by 100 bps, the provision at 31 July 2025 would decrease by around \u00a310 million.
SRT and associated review
Structural defects
Total legacy building safety improvements
Reimbursement Reimbursement Reimbursement
Provision assets Total Provision assets Total Provision assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2024
(463.6)
0.1
(463.5)
(45.6)
\u2013
(45.6)
(509.2)
0.1
(509.1)
Adjusting item \u2013 cost of sales (note 2)
(50.9)
0.2
(50.7)
13.3
\u2013
13.3
(37.6)
0.2
(37.4)
Analysed as:
Additions
(81.6)
0.2
(81.4)
(6.0)
\u2013
(6.0)
(87.6)
0.2
(87.4)
Released
30.9
\u2013
30.9
19.5
\u2013
19.5
50.4
\u2013
50.4
Change in discount rate
(0.2)
\u2013
(0.2)
(0.2)
\u2013
(0.2)
(0.4)
\u2013
(0.4)
Utilised/(received)
44.2
(0.2)
44.0
0.6
\u2013
0.6
44.8
(0.2)
44.6
Unwinding of discount (notes 2, 16)
(12.6)
\u2013
(12.6)
(1.8)
\u2013
(1.8)
(14.4)
\u2013
(14.4)
At 31 July 2025
(482.9)
0.1
(482.8)
(33.5)
\u2013
(33.5)
(516.4)
0.1
(516.3)
The provision is classified as follows:
Total legacy
SRT and building
associated Structural safety
review defects improvements
\u00a3m \u00a3m \u00a3m
Current
(164.8)
(1.1)
(165.9)
Non-current
(318.1)
(32.4)
(350.5)
Total
(482.9)
(33.5)
(516.4)
The Group has established a provision for the cost of performing fire remedial works on a number of legacy developments and structural defects relating to historical apartment schemes (note 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-406": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-337": { "value": "11. Property, plant and equipment Property, plant and equipment Items are stated at cost less accumulated depreciation and impairment losses. Items are held in assets under construction and not depreciated until they are available for use, at which point they are transferred to the relevant category. 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 15 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.
Owned
Right-of-use assets
Plant, Asset Plant,
Land and fixtures under Land and fixtures
property and fittings construction property and fittings Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2023
18.2
16.1
\u2013
20.6
4.1
59.0
Additions
0.1
1.3
\u2013
2.3
\u2013
3.7
Disposals
\u2013
(1.5)
\u2013
(0.5)
(1.0)
(3.0)
At 1 August 2024
18.3
15.9
\u2013
22.4
3.1
59.7
Additions
\u2013
1.9
10.6
8.5
\u2013
21.0
Disposals
\u2013
(1.4)
\u2013
(0.4)
(1.1)
(2.9)
At 31 July 2025
18.3
16.4
10.6
30.5
2.0
77.8
Depreciation
At 1 August 2023
3.7
11.8
\u2013
9.8
2.0
27.3
Charge for year
0.5
1.8
\u2013
2.0
0.8
5.1
On disposals
\u2013
(1.5)
\u2013
(0.5)
(0.9)
(2.9)
At 1 August 2024
4.2
12.1
\u2013
11.3
1.9
29.5
Charge for year
0.5
1.7
\u2013
2.6
0.7
5.5
On disposals
\u2013
(1.3)
\u2013
(0.3)
(1.1)
(2.7)
At 31 July 2025
4.7
12.5
\u2013
13.6
1.5
32.3
Net book value
At 31 July 2025
13.6
3.9
10.6
16.9
0.5
45.5
At 31 July 2024
14.1
3.8
\u2013
11.1
1.2
30.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-417": { "value": "Property, plant and equipment Items are stated at cost less accumulated depreciation and impairment losses. Items are held in assets under construction and not depreciated until they are available for use, at which point they are transferred to the relevant category. 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 15 years. \u2022 Freehold buildings \u2013 40 years. Freehold land is not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-407": { "value": "Property, plant and equipment Items are stated at cost less accumulated depreciation and impairment losses. Items are held in assets under construction and not depreciated until they are available for use, at which point they are transferred to the relevant category. 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 15 years. \u2022 Freehold buildings \u2013 40 years. Freehold land is not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-338": { "value": "
12. Financial assets and equity accounted joint arrangements
The Group had the following investments or financial assets in joint arrangements at 31 July:
2025 2024
\u00a3m \u00a3m
Financial assets \u2013 loan to joint ventures
54.0
47.7
Interest in joint ventures \u2013 equity
0.1
9.8
54.1
57.5
The movement on both the equity accounted joint ventures and related financial assets during
the year is as follows:
2025 2024
\u00a3m \u00a3m
At the start of the year
57.5
43.5
Net increase in loans to joint ventures
8.5
18.3
Dividends received from equity accounted joint ventures
(3.1)
(2.0)
Share of result
(1.5)
(2.3)
Derecognition of interest in Fradley Residential LLP
(7.3)
\u2013
At the end of the year
54.1
57.5
There are no losses in any of the Group\u2019s joint ventures that have not been recognised by
the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-394": { "value": "12. Financial assets and equity accounted joint arrangements The Group had the following investments or financial assets in joint arrangements at 31 July:
2025 2024
\u00a3m \u00a3m
Financial assets \u2013 loan to joint ventures
54.0
47.7
Interest in joint ventures \u2013 equity
0.1
9.8
54.1
57.5
The movement on both the equity accounted joint ventures and related financial assets during the year is as follows:
2025 2024
\u00a3m \u00a3m
At the start of the year
57.5
43.5
Net increase in loans to joint ventures
8.5
18.3
Dividends received from equity accounted joint ventures
(3.1)
(2.0)
Share of result
(1.5)
(2.3)
Derecognition of interest in Fradley Residential LLP
(7.3)
\u2013
At the end of the year
54.1
57.5
There are no losses in any of the Group\u2019s joint ventures that have not been recognised by the Group. 13. Joint arrangements Cramlington Developments Limited and Leebell Developments 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, Lambeth Regeneration LLP, Bellway Latimer Cherry Hinton LLP and Langley Sustainable Urban Development Limited 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 and income are made up as follows:
2025 2024
\u00a3m \u00a3m
Current assets
62.5
74.0
Current liabilities
(73.7)
(63.5)
Non-current liabilities
\u2013
(9.9)
Share of net (liabilities)/assets of joint ventures
(11.2)
0.6
Joint venture losses recognised against loan to joint ventures
11.3
9.2
Interest in joint ventures \u2013 equity
0.1
9.8
Revenue
25.5
10.7
Costs
(21.5)
(8.2)
Operating profit
4.0
2.5
Interest
(5.5)
(4.8)
Share of result of joint ventures
(1.5)
(2.3)
Share of dividends paid to joint venture partners
(3.1)
(2.0)
The Group has assessed expected credit losses and the loss allowance for joint venture financial assets as immaterial. Acquisition of Fradley Residential LLP On 31 March 2025, the Group acquired the other 50% equity interest of Fradley Residential LLP for \u00a36.1 million in cash, increasing its ownership from 50% to 100%. As a result, the Group obtained control over Fradley Residential LLP, which was previously accounted for as a joint venture using the equity method. The acquisition is accounted for as a business combination in accordance with IFRS 3 \u2018Business Combinations\u2019. The acquisition of the remaining 50% interest in Fradley Residential LLP allows the Group to obtain full control of the development. At the acquisition date, the Group remeasured its previously held 50% equity interest in Fradley Residential LLP to its fair value, as required by IFRS 3. The fair value of this interest was determined to be \u00a36.1 million, compared to its carrying amount of \u00a37.3 million. As a result, a loss of \u00a31.2 million was recognised in the income statement and is presented within cost of sales for the reporting period. The following table summarises the fair value of assets acquired and liabilities assumed at the date of acquisition:
\u00a3m
Inventories
21.4
Cash and cash equivalents
1.5
Trade and other payables
(10.7)
Total identifiable net assets acquired
12.2
No goodwill arose on the acquisition as the consideration transferred was equal to the fair value of the identifiable net assets acquired. No non-controlling interest arose as the Group now owns 100% of Fradley Residential LLP. The Group incurred acquisition-related expenses of \u00a30.1 million on legal fees and due diligence costs. These costs have been included in administrative expenses. The acquired business contributed revenues of \u00a35.9 million and net profit of \u00a30.9 million to the Group for the period from 1 April to 31 July 2025. If the acquisition had occurred on 1 August 2024, consolidated pro-forma revenue and net profit for the year ended 31 July 2025 would have been \u00a32,791.0 million and \u00a3158.8 million respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-381": { "value": "12. Financial assets and equity accounted joint arrangements The Group had the following investments or financial assets in joint arrangements at 31 July:
2025 2024
\u00a3m \u00a3m
Financial assets \u2013 loan to joint ventures
54.0
47.7
Interest in joint ventures \u2013 equity
0.1
9.8
54.1
57.5
The movement on both the equity accounted joint ventures and related financial assets during the year is as follows:
2025 2024
\u00a3m \u00a3m
At the start of the year
57.5
43.5
Net increase in loans to joint ventures
8.5
18.3
Dividends received from equity accounted joint ventures
(3.1)
(2.0)
Share of result
(1.5)
(2.3)
Derecognition of interest in Fradley Residential LLP
(7.3)
\u2013
At the end of the year
54.1
57.5
There are no losses in any of the Group\u2019s joint ventures that have not been recognised by the Group. 13. Joint arrangements Cramlington Developments Limited and Leebell Developments 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, Lambeth Regeneration LLP, Bellway Latimer Cherry Hinton LLP and Langley Sustainable Urban Development Limited 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 and income are made up as follows:
2025 2024
\u00a3m \u00a3m
Current assets
62.5
74.0
Current liabilities
(73.7)
(63.5)
Non-current liabilities
\u2013
(9.9)
Share of net (liabilities)/assets of joint ventures
(11.2)
0.6
Joint venture losses recognised against loan to joint ventures
11.3
9.2
Interest in joint ventures \u2013 equity
0.1
9.8
Revenue
25.5
10.7
Costs
(21.5)
(8.2)
Operating profit
4.0
2.5
Interest
(5.5)
(4.8)
Share of result of joint ventures
(1.5)
(2.3)
Share of dividends paid to joint venture partners
(3.1)
(2.0)
The Group has assessed expected credit losses and the loss allowance for joint venture financial
assets as immaterial.
Acquisition of Fradley Residential LLP
On 31 March 2025, the Group acquired the other 50% equity interest of Fradley Residential LLP for
\u00a36.1 million in cash, increasing its ownership from 50% to 100%.
As a result, the Group obtained control over Fradley Residential LLP, which was previously
accounted for as a joint venture using the equity method. The acquisition is accounted for as
a business combination in accordance with IFRS 3 \u2018Business Combinations\u2019. The acquisition of
the remaining 50% interest in Fradley Residential LLP allows the Group to obtain full control of
the development.
At the acquisition date, the Group remeasured its previously held 50% equity interest in
Fradley Residential LLP to its fair value, as required by IFRS 3. The fair value of this interest was
determined to be \u00a36.1 million, compared to its carrying amount of \u00a37.3 million. As a result, a loss of
\u00a31.2 million was recognised in the income statement and is presented within cost of sales for the
reporting period.
The following table summarises the fair value of assets acquired and liabilities assumed at the date
of acquisition:
\u00a3m
Inventories
21.4
Cash and cash equivalents
1.5
Trade and other payables
(10.7)
Total identifiable net assets acquired
12.2
No goodwill arose on the acquisition as the consideration transferred was equal to the fair value
of the identifiable net assets acquired.
No non-controlling interest arose as the Group now owns 100% of Fradley Residential LLP.
The Group incurred acquisition-related expenses of \u00a30.1 million on legal fees and due diligence
costs. These costs have been included in administrative expenses.
The acquired business contributed revenues of \u00a35.9 million and net profit of \u00a30.9 million to the
Group for the period from 1 April to 31 July 2025.
If the acquisition had occurred on 1 August 2024, consolidated pro-forma revenue and net profit
for the year ended 31 July 2025 would have been \u00a32,791.0 million and \u00a3158.8 million respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-390": { "value": "12. Financial assets and equity accounted joint arrangements The Group had the following investments or financial assets in joint arrangements at 31 July:
2025 2024
\u00a3m \u00a3m
Financial assets \u2013 loan to joint ventures
54.0
47.7
Interest in joint ventures \u2013 equity
0.1
9.8
54.1
57.5
The movement on both the equity accounted joint ventures and related financial assets during the year is as follows:
2025 2024
\u00a3m \u00a3m
At the start of the year
57.5
43.5
Net increase in loans to joint ventures
8.5
18.3
Dividends received from equity accounted joint ventures
(3.1)
(2.0)
Share of result
(1.5)
(2.3)
Derecognition of interest in Fradley Residential LLP
(7.3)
\u2013
At the end of the year
54.1
57.5
There are no losses in any of the Group\u2019s joint ventures that have not been recognised by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-364": { "value": "12. Financial assets and equity accounted joint arrangements The Group had the following investments or financial assets in joint arrangements at 31 July:
2025 2024
\u00a3m \u00a3m
Financial assets \u2013 loan to joint ventures
54.0
47.7
Interest in joint ventures \u2013 equity
0.1
9.8
54.1
57.5
The movement on both the equity accounted joint ventures and related financial assets during the year is as follows:
2025 2024
\u00a3m \u00a3m
At the start of the year
57.5
43.5
Net increase in loans to joint ventures
8.5
18.3
Dividends received from equity accounted joint ventures
(3.1)
(2.0)
Share of result
(1.5)
(2.3)
Derecognition of interest in Fradley Residential LLP
(7.3)
\u2013
At the end of the year
54.1
57.5
There are no losses in any of the Group\u2019s joint ventures that have not been recognised by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-340": { "value": "
14. Commitments
Capital commitments
2025 2024
\u00a3m \u00a3m
Capital commitments
Contracted not provided
3.5
0.4
Authorised not contracted
\u2013
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-382": { "value": "14. Commitments Capital commitments
2025 2024
\u00a3m \u00a3m
Capital commitments
Contracted not provided
3.5
0.4
Authorised not contracted
\u2013
0.1
24. Contingent liabilities Contingent liabilities Contingent liabilities of the Group are disclosed unless the possibility of an outflow in settlement is remote. 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, Welsh Pact or Scottish Safer Buildings Accord. 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 investigative works on these and other schemes within the legacy portfolio.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-339": { "value": "15. Net cash/(debt) 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/(debt)
2025 2024
\u00a3m \u00a3m
Increase/(decrease) in net cash and cash equivalents
52.3
(242.5)
Increase/(decrease) in net cash from cash flows
52.3
(242.5)
Net cash/(debt) at 1 August
(10.5)
232.0
Net cash/(debt) at 31 July
41.8
(10.5)
15b. Analysis of net cash/(debt)
At 1 August Cash At 31 July
2024 flows 2025
\u00a3m \u00a3m \u00a3m
Cash and cash equivalents
119.5
52.3
171.8
Fixed rate sterling USPP notes
(130.0)
\u2013
(130.0)
Net (debt)/cash
(10.5)
52.3
41.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-408": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-420": { "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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-409": { "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. 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-418": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-397": { "value": "16. Finance income and expenses Finance income and expenses Finance income includes interest receivable on bank deposits, loans to joint ventures and other receivables. 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.
2025 2024
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.8
3.8
Other interest receivable
5.8
5.7
Finance income
9.6
9.5
2025 2024
\u00a3m \u00a3m
Interest payable on bank loans
3.4
3.8
Interest payable on fixed rate sterling USPP notes
3.4
3.4
Interest on deferred term land payables
14.9
11.1
Unwinding of the discount on the legacy building
safety improvements provision (notes 2, 10)
14.4
17.1
Interest payable on leases
0.8
0.4
Other interest payable
\u2013
0.5
Finance expenses
36.9
36.3
The unwinding of the discount on the legacy building safety improvements provision is an adjusting item (note 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-395": { "value": "16. Finance income and expenses Finance income and expenses Finance income includes interest receivable on bank deposits, loans to joint ventures and other receivables. 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.
2025 2024
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.8
3.8
Other interest receivable
5.8
5.7
Finance income
9.6
9.5
2025 2024
\u00a3m \u00a3m
Interest payable on bank loans
3.4
3.8
Interest payable on fixed rate sterling USPP notes
3.4
3.4
Interest on deferred term land payables
14.9
11.1
Unwinding of the discount on the legacy building
safety improvements provision (notes 2, 10)
14.4
17.1
Interest payable on leases
0.8
0.4
Other interest payable
\u2013
0.5
Finance expenses
36.9
36.3
The unwinding of the discount on the legacy building safety improvements provision is an adjusting item (note 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-391": { "value": "16. Finance income and expenses Finance income and expenses Finance income includes interest receivable on bank deposits, loans to joint ventures and other receivables. 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.
2025 2024
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.8
3.8
Other interest receivable
5.8
5.7
Finance income
9.6
9.5
2025 2024
\u00a3m \u00a3m
Interest payable on bank loans
3.4
3.8
Interest payable on fixed rate sterling USPP notes
3.4
3.4
Interest on deferred term land payables
14.9
11.1
Unwinding of the discount on the legacy building
safety improvements provision (notes 2, 10)
14.4
17.1
Interest payable on leases
0.8
0.4
Other interest payable
\u2013
0.5
Finance expenses
36.9
36.3
The unwinding of the discount on the legacy building safety improvements provision is an adjusting item (note 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-383": { "value": "16. Finance income and expenses Finance income and expenses Finance income includes interest receivable on bank deposits, loans to joint ventures and other receivables. 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.
2025 2024
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.8
3.8
Other interest receivable
5.8
5.7
Finance income
9.6
9.5
2025 2024
\u00a3m \u00a3m
Interest payable on bank loans
3.4
3.8
Interest payable on fixed rate sterling USPP notes
3.4
3.4
Interest on deferred term land payables
14.9
11.1
Unwinding of the discount on the legacy building
safety improvements provision (notes 2, 10)
14.4
17.1
Interest payable on leases
0.8
0.4
Other interest payable
\u2013
0.5
Finance expenses
36.9
36.3
The unwinding of the discount on the legacy building safety improvements provision is an adjusting item (note 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-365": { "value": "16. Finance income and expenses Finance income and expenses Finance income includes interest receivable on bank deposits, loans to joint ventures and other receivables. 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.
2025 2024
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.8
3.8
Other interest receivable
5.8
5.7
Finance income
9.6
9.5
2025 2024
\u00a3m \u00a3m
Interest payable on bank loans
3.4
3.8
Interest payable on fixed rate sterling USPP notes
3.4
3.4
Interest on deferred term land payables
14.9
11.1
Unwinding of the discount on the legacy building
safety improvements provision (notes 2, 10)
14.4
17.1
Interest payable on leases
0.8
0.4
Other interest payable
\u2013
0.5
Finance expenses
36.9
36.3
The unwinding of the discount on the legacy building safety improvements provision is an adjusting item (note 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-341": { "value": "16. Finance income and expenses Finance income and expenses Finance income includes interest receivable on bank deposits, loans to joint ventures and other receivables. 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.
2025 2024
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.8
3.8
Other interest receivable
5.8
5.7
Finance income
9.6
9.5
2025 2024
\u00a3m \u00a3m
Interest payable on bank loans
3.4
3.8
Interest payable on fixed rate sterling USPP notes
3.4
3.4
Interest on deferred term land payables
14.9
11.1
Unwinding of the discount on the legacy building
safety improvements provision (notes 2, 10)
14.4
17.1
Interest payable on leases
0.8
0.4
Other interest payable
\u2013
0.5
Finance expenses
36.9
36.3
The unwinding of the discount on the legacy building safety improvements provision is an adjusting item (note 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-421": { "value": "Finance income and expenses Finance income includes interest receivable on bank deposits, loans to joint ventures and other receivables. 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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-419": { "value": "Finance income and expenses Finance income includes interest receivable on bank deposits, loans to joint ventures and other receivables. 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-410": { "value": "Finance income and expenses Finance income includes interest receivable on bank deposits, loans to joint ventures and other receivables. 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-342": { "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.
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:
Total
contracted Within 1
Balance at cash year or 1\u20132 2\u20135 More than
31 July payment on demand years years 5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 July 2025
337.6
347.4
268.7
70.8
7.9
\u2013
At 31 July 2024
225.3
234.9
145.0
62.2
26.8
0.9
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:
Total
contracted Within 1
Balance at cash year or 1\u20132 2\u20135 More than
31 July payment on demand years years 5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other
payables (excluding
lease liabilities)
470.8
470.8
470.8
\u2013
\u2013
\u2013
Fixed rate sterling
USPP notes
130.0
142.9
3.4
3.4
85.3
50.8
Lease liabilities
20.1
24.6
3.9
3.2
7.0
10.5
At 31 July 2025
620.9
638.3
478.1
6.6
92.3
61.3
Trade and other
payables (excluding
lease liabilities)
484.9
484.9
484.9
\u2013
\u2013
\u2013
Fixed rate sterling
USPP notes
130.0
146.3
3.4
3.4
87.3
52.2
Lease liabilities
14.1
15.2
3.6
3.2
4.9
3.5
At 31 July 2024
629.0
646.4
491.9
6.6
92.2
55.7
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 (2024 \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 2025 and 31 July 2024 for
the Group are shown in note 15.
The average interest rate earned on the cash and cash equivalents balance as at 31 July 2025,
excluding joint ventures, was 4.21% (2024 \u2013 4.61%).
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 are as follows:
2025 2024
\u00a3m \u00a3m
Loans and receivables
119.8
109.7
Cash and cash equivalents
171.8
119.5
Financial liabilities at amortised cost
(958.5)
(854.3)
(666.9)
(625.1)
Reconciliation of liabilities arising from financing activities
Share
Net buyback
At 1 August cash flows New leases programme Disposals Interest At 31 July
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate sterling
USPP notes
130.0
(3.4)
\u2013
\u2013
\u2013
3.4
130.0
Lease liabilities
14.1
(3.3)
8.5
\u2013
\u2013
0.8
20.1
At 31 July 2025
144.1
(6.7)
8.5
\u2013
\u2013
4.2
150.1
Fixed rate sterling
USPP notes
130.0
(3.4)
\u2013
\u2013
\u2013
3.4
130.0
Lease liabilities
15.0
(3.6)
2.3
\u2013
\u2013
0.4
14.1
Share buyback
obligation
34.5
(34.9)
\u2013
0.4
\u2013
\u2013
\u2013
At 31 July 2024
179.5
(41.9)
2.3
0.4
\u2013
3.8
144.1
Cash flows relating to interest are included within interest paid in cash flows from operating
activities, within the cash flow statement.
Bank facilities
The Group had bank facilities of \u00a3400.0 million as at 31 July 2025 (2024 \u2013 \u00a3400.0 million) which, as
at the year end, were due to expire during the course of the following financial years:
2025 2024
\u00a3m \u00a3m
By 31 July 2026
\u2013
150.0
By 31 July 2027
150.0
50.0
By 31 July 2028
150.0
150.0
By 31 July 2029
50.0
50.0
By 31 July 2030
50.0
\u2013
400.0
400.0
During the year, the Group extended the maturity of some of its bank facilities by a year.
The bank facilities contain financial covenants based on interest cover, gearing and net worth,
which are tested semi-annually.
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:
2025 2024
\u00a3m \u00a3m
By 31 July 2028
80.0
80.0
By 31 July 2031
50.0
50.0
130.0
130.0
The fixed rate sterling USPP notes contain financial covenants based on interest cover, gearing
and net worth, which are tested semi-annually.
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:
2025 2024
\u00a3m \u00a3m
Equity
3,556.2
3,465.4
Net (cash)/debt (note 15)
(41.8)
10.5
Capital employed
3,514.4
3,475.9
Risks
Details of the risks relating to financial instruments are set out in the Risk Management section on
page 76 to 79.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-366": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-367": { "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:
2025 2024
\u00a3m \u00a3m
Equity
3,556.2
3,465.4
Net (cash)/debt (note 15)
(41.8)
10.5
Capital employed
3,514.4
3,475.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-384": { "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.
2025 2025 2024 2024
Number Number
000 \u00a3m 000 \u00a3m
Allotted, called up and fully paid 12.5p
ordinary shares
At start of year
118,980
14.8
120,559
15.0
Issued on exercise of options
12
\u2013
52
\u2013
Buyback and cancellation of shares
\u2013
\u2013
(1,631)
(0.2)
At end of year
118,992
14.8
118,980
14.8
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 prior year, the Group purchased 1,631,263 of its own ordinary shares for a total consideration of \u00a334.9 million, including transaction costs of \u00a30.4 million. All shares purchased were for cancellation, as part of the \u00a3100.0 million share buyback programme entered into on 28 March 2023 and completed on 27 October 2023. 19. Reserves Own shares held by ESOP trust 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 Bellway p.l.c. holds shares within the Bellway Employee Share Trust (1992) (the \u2018Trust\u2019), on which dividends have been waived, for participants of certain share-based payment schemes as outlined in note 23. The cost of these is charged to retained earnings.
2025 2024
Number Number
At start of year
326,114
327,202
Transferred to employees or Directors
(1,000)
(1,088)
Shares purchased
44,983
\u2013
At end of year
370,097
326,114
2025 2024
\u00a3m \u00a3m
Cost of shares held in the Trust
9.8
8.8
Market value of shares held in the Trust
9.2
9.3
Capital redemption reserve On 7 April 2014 Bellway p.l.c. 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. Over the course of the calendar year 2023 Bellway p.l.c. purchased 4,560,057 of its own shares which it cancelled. On cancellation of the shares, the aggregate nominal value of \u00a30.6 million was transferred from issued capital to the capital redemption reserve. This reserve is not distributable.
2025 2024
\u00a3m \u00a3m
At start of year
20.6
20.4
Amounts transferred in respect of own shares purchased
and cancelled during the year
\u2013
0.2
At end of year
20.6
20.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-343": { "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.
2025 2025 2024 2024
Number Number
000 \u00a3m 000 \u00a3m
Allotted, called up and fully paid 12.5p
ordinary shares
At start of year
118,980
14.8
120,559
15.0
Issued on exercise of options
12
\u2013
52
\u2013
Buyback and cancellation of shares
\u2013
\u2013
(1,631)
(0.2)
At end of year
118,992
14.8
118,980
14.8
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 prior year, the Group purchased 1,631,263 of its own ordinary shares for a total consideration of \u00a334.9 million, including transaction costs of \u00a30.4 million. All shares purchased were for cancellation, as part of the \u00a3100.0 million share buyback programme entered into on 28 March 2023 and completed on 27 October 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-411": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-344": { "value": "
19. Reserves
Own shares held by ESOP trust
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
Bellway p.l.c. holds shares within the Bellway Employee Share Trust (1992) (the \u2018Trust\u2019), on which
dividends have been waived, for participants of certain share-based payment schemes as
outlined in note 23. The cost of these is charged to retained earnings.
2025 2024
Number Number
At start of year
326,114
327,202
Transferred to employees or Directors
(1,000)
(1,088)
Shares purchased
44,983
\u2013
At end of year
370,097
326,114
2025 2024
\u00a3m \u00a3m
Cost of shares held in the Trust
9.8
8.8
Market value of shares held in the Trust
9.2
9.3
Capital redemption reserve
On 7 April 2014 Bellway p.l.c. 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.
Over the course of the calendar year 2023 Bellway p.l.c. purchased 4,560,057 of its own shares
which it cancelled. On cancellation of the shares, the aggregate nominal value of \u00a30.6 million was
transferred from issued capital to the capital redemption reserve.
This reserve is not distributable.
2025 2024
\u00a3m \u00a3m
At start of year
20.6
20.4
Amounts transferred in respect of own shares purchased
and cancelled during the year
\u2013
0.2
At end of year
20.6
20.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-413": { "value": "Own shares held by ESOP trust 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-368": { "value": "Own shares held Bellway p.l.c. holds shares within the Bellway Employee Share Trust (1992) (the \u2018Trust\u2019), on which dividends have been waived, for participants of certain share-based payment schemes as outlined in note 23. The cost of these is charged to retained earnings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-345": { "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.
2025 2024
\u00a3m \u00a3m
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 July 2024
of 38.0p per share (2023 \u2013 95.0p)
45.1
112.7
Interim dividend for the year ended 31 July 2025
of 21.0p per share (2024 \u2013 16.0p)
24.9
19.0
70.0
131.7
Proposed final dividend for the year ended 31 July 2025
of 49.0p per share (2024 \u2013 38.0p)
58.1
45.1
The 2025 proposed final dividend is subject to approval by shareholders at the Annual General
Meeting on 27 November 2025 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 2024, 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-412": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-369": { "value": "0.49", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-370": { "value": "58100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "
21. Employee information
Employment costs, including Directors, comprised:
2025 2024
\u00a3m \u00a3m
Wages and salaries
182.6
168.7
Social security
18.4
16.2
Pension costs (note 22)
9.1
8.8
Share-based payments (note 23)
4.6
4.5
214.7
198.2
The average number of persons employed, including Directors, during the year was:
2025 2024
Number Number
Administrative
1,112
1,064
Production and others employed in housebuilding
and associated trading activities
1,634
1,709
2,746
2,773
The emoluments of the Executive Directors are disclosed in the Report of the Board of Directors\u2019
Remuneration on pages 124 to 149.
Key management personnel remuneration, including Directors, comprised:
2025 2024
\u00a3m \u00a3m
Salaries and fees (including pension compensation)
5.4
4.2
Social security
1.5
1.0
Taxable benefits
0.4
0.2
Annual cash bonus
5.1
3.3
Pension costs
0.3
0.2
Share-based payments
2.5
2.4
15.2
11.3
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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-385": { "value": "Key management personnel remuneration, including Directors, comprised:
2025 2024
\u00a3m \u00a3m
Salaries and fees (including pension compensation)
5.4
4.2
Social security
1.5
1.0
Taxable benefits
0.4
0.2
Annual cash bonus
5.1
3.3
Pension costs
0.3
0.2
Share-based payments
2.5
2.4
15.2
11.3
Key management personnel, as disclosed under IAS 24 \u2018Related party disclosures\u2019, comprises the Directors and other senior operational management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-371": { "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 \u00a39.1 million (2024 \u2013 \u00a38.8 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 2023 and updated on an approximate basis to 31 July 2025. With regard to the Scheme, regular contributions made by the employer over the financial year were \u00a3nil (2024 - \u00a3nil). The employer paid no special contributions (2024 \u2013 \u00a3nil) and reimbursed the pension fund \u00a3nil (2024 \u2013 \u00a3nil) for expenses incurred by the fund. The Group is expected to make no regular contributions during the year ending 31 July 2026. (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.
This scheme
mitigates this volatility risk through the use of diversified growth funds and
liability driven instruments.
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. High Court rules on amendments to contracted out defined benefit schemes The Group is monitoring recent legal developments that may have implications for the governance and historical amendments of its defined benefit pension scheme. In June 2023, the High Court handed down a decision (Virgin Media Limited v NTL Pension Trustees II Limited and others) which potentially has implications for the validity of amendments made by pension schemes, including the Scheme, which were contracted-out on a salary-related basis between 6 April 1997 and the abolition of contracting-out in 2016. The DWP has recently announced that it will introduce legislation to allow retrospective confirmation of historical benefit changes. This announcement should significantly reduce the impact on pension schemes and mean that for most schemes the existence of confirmations is no longer the relevant issue, but rather whether confirmation was obtained or can be provided now. In a 2023 High Court ruling (BBC v BBC Pension Trustee Limited and Christina Burns), the judge found a rule in the trust deed which forbids alterations that adversely affect members\u2019 \u2018interests\u2019 would prevent any modifications that reduce future benefits. In 2024 the Court of Appeal subsequently confirmed the High Court ruling. In response to these two cases, the Scheme Trustees are in the process of conducting a thorough legal review and investigation of the scheme rules, amendments, and wider documents. Once that review has been completed, the Group will be in a position to consider what, if any, effect there will be on the Scheme. Movements in net defined benefit assets
Defined benefit obligation
Fair value of Scheme assets
Net defined benefit asset
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 August
(42.3)
(41.5)
43.2
44.0
0.9
2.5
Included in the income statement
Interest (expense)/
income
(2.1)
(2.1)
2.1
2.1
\u2013
\u2013
(2.1)
(2.1)
2.1
2.1
\u2013
\u2013
Included in other comprehensive income/(expense)
Remeasurement gain
arising from:
\u2013 Change in
demographic and
financial assumptions
3.1
(0.4)
\u2013
\u2013
3.1
(0.4)
\u2013 Experience
adjustments
0.2
(0.8)
\u2013
\u2013
0.2
(0.8)
Return on plan assets
excluding interest
income
\u2013
\u2013
(3.3)
(0.4)
(3.3)
(0.4)
3.3
(1.2)
(3.3)
(0.4)
\u2013
(1.6)
Other
Benefits paid
2.2
2.5
(2.2)
(2.5)
\u2013
\u2013
2.2
2.5
(2.2)
(2.5)
\u2013
\u2013
Balance at 31 July
(38.9)
(42.3)
39.8
43.2
0.9
0.9
The weighted average duration of the defined benefit obligation at the end of the reporting period is 11 years (2024 \u2013 11 years). Scheme assets The fair value of the Scheme assets is:
2025 2024
\u00a3m \u00a3m
Diversified growth fund
13.0
13.9
Corporate bonds
5.1
4.9
Liability driven instruments
16.7
19.6
Insurance policies annuities
4.5
4.7
Cash and cash equivalents
0.5
0.1
39.8
43.2
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:
2025 2024
% per annum % per annum
Discount rate
5.60
5.00
Future salary increases
3.40
3.60
Allowance for pension in payment increases of RPI or 5% p.a. if less
2.70
2.90
Allowance for deferred pension increases of 3% p.a.
3.00
3.00
15% of 15% of
Allowance for commutation of pension for cash at retirement pension pension
The mortality assumptions adopted at 31 July 2025 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 2025
22.7 years
Female retiring in 2025
24.4 years
Male retiring in 2045
24.0 years
Female retiring in 2045
25.9 years
The mortality assumptions adopted at 31 July 2024 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 2024
22.3 years
Female retiring in 2024
24.2 years
Male retiring in 2044
23.6 years
Female retiring in 2044
25.7 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-347": { "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 \u00a39.1 million (2024 \u2013 \u00a38.8 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 2023 and updated on an approximate basis to 31 July 2025. With regard to the Scheme, regular contributions made by the employer over the financial year were \u00a3nil (2024 - \u00a3nil). The employer paid no special contributions (2024 \u2013 \u00a3nil) and reimbursed the pension fund \u00a3nil (2024 \u2013 \u00a3nil) for expenses incurred by the fund.
The Group is expected to make no regular contributions during the year ending 31 July 2026.
(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.
This scheme
mitigates this volatility risk through the use of diversified growth funds and
liability driven instruments.
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.
High Court rules on amendments to contracted out defined benefit schemes
The Group is monitoring recent legal developments that may have implications for the
governance and historical amendments of its defined benefit pension scheme.
In June 2023, the High Court handed down a decision (Virgin Media Limited v NTL Pension
Trustees II Limited and others) which potentially has implications for the validity of amendments
made by pension schemes, including the Scheme, which were contracted-out on a salary-related
basis between 6 April 1997 and the abolition of contracting-out in 2016. The DWP has recently
announced that it will introduce legislation to allow retrospective confirmation of historical benefit
changes. This announcement should significantly reduce the impact on pension schemes and
mean that for most schemes the existence of confirmations is no longer the relevant issue, but
rather whether confirmation was obtained or can be provided now.
In a 2023 High Court ruling (BBC v BBC Pension Trustee Limited and Christina Burns), the judge
found a rule in the trust deed which forbids alterations that adversely affect members\u2019 \u2018interests\u2019
would prevent any modifications that reduce future benefits. In 2024 the Court of Appeal
subsequently confirmed the High Court ruling.
In response to these two cases, the Scheme Trustees are in the process of conducting a thorough
legal review and investigation of the scheme rules, amendments, and wider documents.
Once that review has been completed, the Group will be in a position to consider what, if any,
effect there will be on the Scheme.
Movements in net defined benefit assets
Defined benefit obligation
Fair value of Scheme assets
Net defined benefit asset
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 August
(42.3)
(41.5)
43.2
44.0
0.9
2.5
Included in the income statement
Interest (expense)/
income
(2.1)
(2.1)
2.1
2.1
\u2013
\u2013
(2.1)
(2.1)
2.1
2.1
\u2013
\u2013
Included in other comprehensive income/(expense)
Remeasurement gain
arising from:
\u2013 Change in
demographic and
financial assumptions
3.1
(0.4)
\u2013
\u2013
3.1
(0.4)
\u2013 Experience
adjustments
0.2
(0.8)
\u2013
\u2013
0.2
(0.8)
Return on plan assets
excluding interest
income
\u2013
\u2013
(3.3)
(0.4)
(3.3)
(0.4)
3.3
(1.2)
(3.3)
(0.4)
\u2013
(1.6)
Other
Benefits paid
2.2
2.5
(2.2)
(2.5)
\u2013
\u2013
2.2
2.5
(2.2)
(2.5)
\u2013
\u2013
Balance at 31 July
(38.9)
(42.3)
39.8
43.2
0.9
0.9
The weighted average duration of the defined benefit obligation at the end of the reporting
period is 11 years (2024 \u2013 11 years).
Scheme assets
The fair value of the Scheme assets is:
2025 2024
\u00a3m \u00a3m
Diversified growth fund
13.0
13.9
Corporate bonds
5.1
4.9
Liability driven instruments
16.7
19.6
Insurance policies annuities
4.5
4.7
Cash and cash equivalents
0.5
0.1
39.8
43.2
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:
2025 2024
% per annum % per annum
Discount rate
5.60
5.00
Future salary increases
3.40
3.60
Allowance for pension in payment increases of RPI or 5% p.a. if less
2.70
2.90
Allowance for deferred pension increases of 3% p.a.
3.00
3.00
15% of 15% of
Allowance for commutation of pension for cash at retirement pension pension
The mortality assumptions adopted at 31 July 2025 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 2025
22.7 years
Female retiring in 2025
24.4 years
Male retiring in 2045
24.0 years
Female retiring in 2045
25.9 years
The mortality assumptions adopted at 31 July 2024 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 2024
22.3 years
Female retiring in 2024
24.2 years
Male retiring in 2044
23.6 years
Female retiring in 2044
25.7 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 1.0%
Inflation
+0.10% p.a.
Increase by 1.0%
Mortality
+1 year life expectancy
Increase by 3.7%
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": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-414": { "value": "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-386": { "value": "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 1.0%
Inflation
+0.10% p.a.
Increase by 1.0%
Mortality
+1 year life expectancy
Increase by 3.7%
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": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-348": { "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. 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 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 2025 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 130 to 136 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, DB P
2025 2025 2024 2024
Weighted Number of Weighted Number of
average options average options
exercise price exercise price
p No. p No.
Outstanding at the beginning of the year
\u2013
597,279
\u2013
459,623
Granted during the year
\u2013
159,958
\u2013
268,698
Lapsed during the year
\u2013
(159,522)
\u2013
(129,954)
Exercised during the year
\u2013
(1,000)
\u2013
(1,088)
Outstanding at the end of the year
\u2013
596,715
\u2013
597,279
Exercisable at the end of the year
\u2013
\u2013
\u2013
\u2013
The options outstanding at 31 July 2025 have a weighted average contractual life of 1.2 years
(2024 \u2013 1.5 years). The weighted average share price at the date of exercise for share options
exercised during the year was 2,666.0p (2024 \u2013 2,260.9p).
SRSOS
2025 2025 2024 2024
Weighted Number of Weighted Number of
average options average options
exercise price exercise price
p No. p No.
Outstanding at the beginning of the year
1,625.5
770,162
1,686.5
753,984
Granted during the year
2,513.0
96,317
1,632.0
232,528
Forfeited during the year
1,813.0
(100,206)
1,707.6
(163,423)
Exercised during the year
2,397.0
(11,462)
2,268.9
(52,927)
Outstanding at the end of the year
1,702.1
754,811
1,625.5
770,162
Exercisable at the end of the year
2,534.0
17,157
2,338.2
6,767
The options outstanding at 31 July 2025 have an exercise price in the range of 1,550.0p to
2,535.0p (2024 \u2013 1,550.0p to 2,535.0p) and have a weighted average contractual life of 1.9 years
(2024 \u2013 2.7 years). The weighted average share price at the date of exercise for share options
exercised during the year was 2,659.8p (2024 \u2013 2,734.3p).
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:
2025
October December November December December
2024 2024 2024 2024 2024
Scheme description
LTIP
LTIP
DBP
3 Year
5 Year
SRSOS SRSOS
Valuation model
n/a
n/a
n/a
Black
Black
Scholes Scholes
Grant date
25-Oct-24
16-Dec-24
18-Dec-24
15-Nov-24
15-Nov-24
Risk free interest rate
0.0%
0.0%
0.0%
4.2%
4.2%
Exercise price
\u2013
\u2013
\u2013
2,513p
2,513p
Share price at date of grant
3,050p
2,426p
2,424p
2,548p
2,548p
Expected dividend yield
0.0%
0.0%
2.2%
2.1%
2.1%
Expected life
3 years
3 years
3 years
3 years
5 years
2 months 2 months
Vesting date
25-Oct-27
16-Dec-27
18-Dec-27
01-Feb-28
01-Feb-30
Expected volatility
35%
35%
35%
35%
35%
Fair value of option
3,040p
2,147p
2,267p
677p
816p
2024
October November November November November
2023 2023 2023 2023 2023
Scheme description
LTIP
LTIP
DBP
3 year
5 year
SRSOS SRSOS
Valuation model Monte Monte
n/a
Black
Black
Carlo Carlo Scholes Scholes
Grant date
24-Oct-23
14-Nov-23
14-Nov-23
22-Nov-23
22-Nov-23
Risk free interest rate
0.0%
0.0%
0.0%
4.3%
4.1%
Exercise price
\u2013
\u2013
\u2013
1,632p
1,632p
Share price at date of grant
2,036p
2,350p
2,350p
2,378p
2,378p
Expected dividend yield
0.0%
5.0%
5.0%
5.0%
5.0%
Expected life
3 years
3 years
4 years
3 years
5 years
2 months 2 months
Vesting date
24-Oct-26
14-Nov-26
14-Nov-27
01-Feb-27
01-Feb-29
Expected volatility
30%
30%
30%
30%
35%
Fair value of option
1,377p
1,554p
1,744p
744p
789p
In the case of the DBP and LTIP awards, 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. For the
LTIP scheme, participants are entitled to dividend equivalents and as such the fair value has not
been discounted and is therefore equal to the share price at the date of the grant. As dividends
are not reinvested in the DBP scheme, the fair value of these awards is equal to the share price at
the date of the grant, discounted for the fair value of dividends. The valuations of both schemes
have also been adjusted for any post-vesting holding period with the adjustment calculated using
Ghaidarov\u2019s adjustments to Finnerty\u2019s Average Strike Option Marketability Discount Model to
calculate the loss of marketability discount factor.
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 a total expense of \u00a34.6 million (2024 \u2013 \u00a34.5 million) in relation to equity-
settled share-based payment transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-415": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-349": { "value": "24. Contingent liabilities Contingent liabilities Contingent liabilities of the Group are disclosed unless the possibility of an outflow in settlement is remote. 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, Welsh Pact or Scottish Safer Buildings Accord. 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 investigative works on these and other schemes within the legacy portfolio.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-392": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-350": { "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 124 to 149.
Transactions between fellow subsidiaries, which are related parties, have been eliminated
on consolidation and are not disclosed.
During the year the Group entered into the following related party transactions with its
joint arrangements:
2025 2024
\u00a3m \u00a3m
Invoiced to joint arrangements in respect of accounting, management
fees, interest on loans, land purchases and infrastructure works
33.3
22.9
Amounts owed to joint arrangements in respect of land purchases
and management fees at the year end
(3.1)
(5.0)
Amounts owed by joint arrangements in respect of accounting,
management fees, interest, land purchases and infrastructure works
71.1
62.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-372": { "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 124 to 149. Transactions between fellow subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed. During the year the Group entered into the following related party transactions with its joint arrangements:
2025 2024
\u00a3m \u00a3m
Invoiced to joint arrangements in respect of accounting, management
fees, interest on loans, land purchases and infrastructure works
33.3
22.9
Amounts owed to joint arrangements in respect of land purchases
and management fees at the year end
(3.1)
(5.0)
Amounts owed by joint arrangements in respect of accounting,
management fees, interest, land purchases and infrastructure works
71.1
62.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-351": { "value": "26. 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 other exceptional items, and are reconciled to total gross profit and total operating profit on the face of the Group income statement. The Directors consider that the removal of the net legacy building safety expense and other exceptional items 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 other exceptional items, divided by total revenue. The Directors consider this to be an important indicator of the underlying trading performance of the Group. \u2022 Underlying administrative expenses as a percentage of revenue \u2013 This is calculated as the administrative expenses before any directly attributable administrative expenses relating to the net legacy building safety expense and other exceptional items 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 Administrative expenses as a percentage of revenue \u2013 This is calculated as the total administrative expenses 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 margin \u2013 This is operating profit before net legacy building safety expense and other 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 other 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 other 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 other 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). This is calculated in note 5.
\u2022 Underlying dividend cover \u2013 This is calculated as underlying profit for the year per ordinary
share 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.
2025 2024 Mvt 2024 2023 Mvt
Per balance sheet \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Land
2,502.9
2,431.4
71.5
2,431.4
2,578.8
(147.4)
Work-in-progress
2,165.0
2,123.9
41.1
2,123.9
1,861.6
262.3
Increase in capital
invested in land
and work-in-progress
in the year
112.6
114.9
Land creditors
(337.6)
(225.3)
(112.3)
(225.3)
(368.8)
143.5
Increase in capital
invested in land,
net of land creditors,
and work-in-
progress in the year
0.3
258.4
\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 plus net debt or less net
cash. The Directors consider this to be an important indicator of the operating efficiency and
performance of the Group. The definition has been updated in the year as explained below in
the calculation for underlying return on capital employed.
\u2022 Underlying return on capital employed (\u2018underlying RoCE\u2019) \u2013 This is calculated as operating
profit before net legacy building safety expense and other 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.
Restated* Restated*
2025 2025 2025 2024 2024 2024
Capital Capital
employed employed
including including
Capital Land land Capital Land land
employed creditors creditors employed creditors creditors
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Underlying
operating profit
303.5
303.5
238.1
238.1
Capital employed/
land creditors:
Opening
3,475.9
225.3
3,701.2
3,229.6
368.8
3,598.4
Half year
3,530.4
289.7
3,820.1
3,357.6
238.5
3,596.1
Closing
3,514.4
337.6
3,852.0
3,475.9
225.3
3,701.2
Average
3,506.9
284.2
3,791.1
3,354.4
277.5
3,631.9
Underlying return
on capital employed
8.7%
8.0%
7.1%
6.6%
* The definition of capital employed has been updated to deduct net cash. The comparative figures have therefore been restated to
reflect this change. This was done to ensure consistency in the calculation of the performance measure with other companies in the
housebuilding sector to allow for more meaningful comparison.
\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.
Restated* Restated*
2025 2025 2025 2024 2024 2024
Capital Capital
employed employed
including including
Capital Land land Capital Land land
employed creditors creditors employed creditors creditors
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Operating profit
250.7
250.7
212.8
212.8
Capital employed/land
creditors:
Opening
3,475.9
225.3
3,701.2
3,229.6
368.8
3,598.4
Half year
3,530.4
289.7
3,820.1
3,357.6
238.5
3,596.1
Closing
3,514.4
337.6
3,852.0
3,475.9
225.3
3,701.2
Average
3,506.9
284.2
3,791.1
3,354.4
277.5
3,631.9
Return on capital
employed
7.1%
6.6%
6.3%
5.9%
* The definition of capital employed has been updated to deduct net cash. The comparative figures have therefore been restated to reflect this change. This was done to ensure consistency in the calculation of the performance measure with other companies in the housebuilding sector to allow for more meaningful comparison. \u2022 Asset turn \u2013 Asset turn is calculated as revenue divided by the average capital employed. Average capital employed is calculated based on opening, half year and closing capital employed. The Directors consider this to be an important indicator of how efficiently the Group
\u2022 Underlying pre-tax return on equity (\u2018underlying RoE\u2019) \u2013 This is calculated as profit before
taxation before net legacy building safety expense and other 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.
2025 2024
\u00a3m \u00a3m
Underlying profit before taxation
289.1
226.1
Net assets:
Opening
3,465.4
3,461.6
Half year
3,522.4
3,434.2
Closing
3,556.2
3,465.4
Average
3,514.7
3,453.7
Underlying pre-tax return on equity
8.2%
6.5%
\u2022 Pre-tax return on equity (\u2018RoE\u2019) \u2013 This is calculated as profit before taxation 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.
2025 2024
\u00a3m \u00a3m
Profit before taxation
221.9
183.7
Net assets:
Opening
3,465.4
3,461.6
Half year
3,522.4
3,434.2
Closing
3,556.2
3,465.4
Average
3,514.7
3,453.7
Pre-tax return on equity
6.3%
5.3%
\u2022 Underlying post-tax return on equity \u2013 This is calculated as profit for the year before net legacy
building safety expense and other 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.
2025 2024
\u00a3m \u00a3m
Underlying profit for the year
209.7
160.6
Net assets:
Opening
3,465.4
3,461.6
Half year
3,522.4
3,434.2
Closing
3,556.2
3,465.4
Average
3,514.7
3,453.7
Underlying post-tax return on equity
6.0%
4.7%
\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.
2025 2024
\u00a3m \u00a3m
Profit for the year
157.5
130.5
Net assets:
Opening
3,465.4
3,461.6
Half year
3,522.4
3,434.2
Closing
3,556.2
3,465.4
Average
3,514.7
3,453.7
Post-tax return on equity
4.5%
3.8%
\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 2022. A period of 3 years is used to reflect medium-term growth.
Net asset value per ordinary share:
At 31 July 2025 2,989p
At 31 July 2022
2,727p
Net asset value growth per ordinary share
262p
Dividend paid per ordinary share:
Year ended 31 July 2025 59.0p
Year ended 31 July 2024
111.0p
Year ended 31 July 2023
140.0p
Cumulative dividends paid per ordinary share
310.0p
Total growth in value per ordinary share
572.0p
\u2022 Annualised accounting return in NAV and dividends paid since 31 July 2022 \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 2022 (as detailed above) divided by
the net asset value per ordinary share at 31 July 2022. The Directors use this as a proxy for the
increase in shareholder value since 31 July 2022.
Net asset value growth per ordinary share
262p
Cumulative dividends paid per ordinary share
310.0p
Total growth in value per ordinary share
572.0p
Net asset value per ordinary share at 31 July 2022
2,727p
Total value per ordinary share
3,299.0p
3,299.0
^(1/3) \u20131
Annualised accounting return =
2,727
6.6%
\u2022 Annualised accounting return in NAV and dividends paid since 31 July 2015 \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 2015 divided by the net asset value per
ordinary share at 31 July 2015. The Directors use this as a proxy for the increase in shareholder
value since 31 July 2015.
Net asset value per ordinary share:
At 31 July 2025 2,989p
At 31 July 2015
1,286p
Net asset value growth per ordinary share
1,703p
Dividend paid per ordinary share:
Year ended 31 July 2025 59.0p
Year ended 31 July 2024
111.0p
Year ended 31 July 2023
140.0p
Year ended 31 July 2022
127.5p
Year ended 31 July 2021
85.0p
Year ended 31 July 2020
100.0p
Year ended 31 July 2019
145.4p
Year ended 31 July 2018
132.5p
Year ended 31 July 2017
111.5p
Year ended 31 July 2016
86.0p
Cumulative dividends paid per ordinary share
1,097.9p
Total growth in value per ordinary share
2,800.9p
Net asset value per ordinary share at 31 July 2015
1,286p
Total value per ordinary share
4,086.9p
4,086.9
^(1/10) \u20131
Annualised accounting return =
1,286
12.3%
\u2022 Underlying capital growth in the period \u2013 This is calculated as capital growth in the period
before net legacy building safety expense and other exceptional items per share.
Capital growth in the period
135.0p
Net legacy building safety expense and other exceptional items per share
43.9p
Underlying capital growth in the period
178.9p
Net asset value at 31 July 2024
2,913p
178.9p
Underlying capital growth =
2,913p
6.1%
\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 2025 2,989p
At 31 July 2024
2,913p
Net asset value growth per ordinary share
76p
Dividend paid per ordinary share:
Year ended 31 July 2025 59.0p
Capital growth in the period
135.0p
\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.
2025 2024
\u00a3m \u00a3m
Cash from/(utilised in) operations
222.0
(20.2)
Add: increase in capital invested in land, net of land creditors,
and work-in-progress (as described above)
0.3
258.4
Cash generated from operations before investment in land,
net of land creditors, and work-in-progress
222.3
238.2
\u2022 Adjusted operating cashflow (before land spend, legacy building safety spend, and
shareholder returns) \u2013 This is calculated as the net change in cash and cash equivalents,
adding back cashflows relating to land spend, the utilisation of the legacy building safety
provision and shareholder returns. Land spend is cashflows related to the acquisition of land.
Shareholder returns include payments to shareholders through dividends and share buyback
programmes. The Directors consider this as an indicator of how effective the Group is at
generating cash to invest in future growth and drive long term value creation for shareholders.
2025 2024
\u00a3m \u00a3m
Net increase/(decrease) in cash and cash equivalents
52.3
(242.5)
Add back:
Land spend
472.0
465.0
Utilisation of total legacy building safety improvements provision, net
of reimbursement asset
44.6
36.1
Dividends paid
70.0
131.7
Share buyback programme
\u2013
34.9
Adjusted operating cashflow (before land spend, legacy building
safety spend and shareholder returns)
638.9
425.2
\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.
2025 2024
\u00a3m \u00a3m
Net cash/(debt)
41.8
(10.5)
Land creditors
(337.6)
(225.3)
(295.8)
(235.8)
Total equity
(3,556.2)
(3,465.4)
Adjusted gearing
8.3%
6.8%
\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.
2025 2024
\u00a3m \u00a3m
Net cash/(debt)
41.8
(10.5)
Total equity
(3,556.2)
(3,465.4)
Gearing
\u2013
0.3%
\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.
", "dimensions": { "concept": "bellwayplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-352": { "value": "
27. Post balance sheet events
Share buyback
The Board has approved a return of \u00a3150 million surplus capital to shareholders, through a share
buyback programme, with contract terms agreed on Monday 13 October 2025. The buyback
programme will consist of two tranches. The first \u00a375 million tranche is irrevocable, and it will
therefore be recognised as a liability, on 13 October 2025. The second \u00a375 million tranche is not
yet contracted; it can therefore be revoked and, as such, it is not yet recognised as a liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-6": { "value": "Woolsington House Woolsington Newcastle Upon Tyne NE13 8BF", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } } } }