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"period": "2024-08-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "287700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2026-08-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "171800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "Basis of preparation Bellway p.l.c. (the Company) 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 (IAS) 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 11 to 14. 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 15 to 17 and the Directors\u2019 Report on pages 130 to 133.
The Risk Management section on pages 50 to 52 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 2026, Bellway had net cash of \u00a3157.7 million
2
(note 15),
having generated a net increase in cash and cash equivalents of \u00a3115.9 million (note 15)
during the year, including \u00a3433.3 million of cash from operations.
The Group had bank facilities of \u00a3400 million at 31 July 2026, which expire in
December 2030. Furthermore, in February 2021 the Group issued sterling US Private
Placement (USPP) 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 million at 31 July 2026,
of which \u00a3400 million are undrawn. The Group has operated within all its debt
covenants throughout the year, and covenant compliance was considered as part
of the going concern assessment period to 31 July 2028.
Including committed debt lines and cash, Bellway had access to total funds of
\u00a3687.7 million, along with net current assets (excluding cash) of \u00a33,721.5 million
at 31 July 2026, 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 including announced returns
to shareholders. 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 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.
This sensitivity includes the following principal assumptions:
\u2013 Private completions in H1 FY27 are supported by the forward order book. In the
12 months to 31 January 2028, private completions reduce by around 50% compared
to the 12 month pre-stress peak. For this scenario, we have used the peak volumes
achieved in FY22. This is followed by a gradual recovery based on the lower
base position.
\u2013 Private average selling price in H1 FY27 remains in line with internal forecasts due
to the forward order book position. In the 12 months to 31 January 2028, 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.
\u2013 These assumptions reflect the Group\u2019s experience in the 2008\u201309 Global
Financial Crisis.
The Group has performed an initial impact assessment of IFRS 18. Given the Group\u2019s existing
presentation structure and KPIs, the initial application of the standard is not expected to
have a material quantitative impact on the consolidated financial statements. The primary
impacts will be qualitative, resulting in reclassifications within the Statement of Profit or
Loss to meet the new mandatory subtotal requirements and additional narrative disclosures
within the notes.
A number of prudent mitigating actions within the Directors\u2019 control were incorporated
into the plausible but severe downside scenario, including:
\u2013 Plots in the land bank only being replaced at the same rate that they are utilised.
\u2013 Construction spend reducing in line with housing revenue.
\u2013 Dividends reducing in line with earnings.
The sensitivity analysis was modelled over the period to 31 July 2028 for the going
concern assessment, but extended to 31 July 2030 for the Directors\u2019 long-term
viability assessment. In the severe but plausible 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 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.
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 2028, 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 amendment in the year, which did not have
a material effect on the financial statements:
\u2013 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendments) \u2013 lack
of exchangeability.
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.
In April 2024, the IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019,
which is effective for reporting periods beginning on or after 1 January 2027. The standard
sets out new requirements for:
\u2013 Classification: Categorising income and expenses into operating, investing, financing,
income taxes, and discontinued operations.
\u2013 Management-Defined Performance Measures (MPMs): Requiring specific disclosures
for certain non-GAAP measures presented outside the financial statements.
\u2013 Aggregation and Disaggregation: Enhanced principles for grouping information in both
the primary statements and the notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-334": { "value": "
Bellway p.l.c. (the Company) 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 (IAS) 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.
Revenue from 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.
The Group enters into contracts for multiple completed dwellings with housing
association and investor customers. The Group reviews these contracts on a contract-
by-contract basis and determines the appropriate revenue recognition based on the
specific terms of each contract.
Where a contract transfers both land and housing on legal completion (turnkey and
plot sale contracts\u2019 which typically represents around one third of multiple dwelling
contracts) 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 transfers legal title of land once foundations are in place (design
and build\u2019 contracts) and separately transfers the 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
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.
Revenue recognised over time
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:
\u2013 National supply agreements are in place for key inputs including materials.
\u2013 Debt is raised centrally and the cost of capital is the same at each division.
\u2013 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
15 to 17. 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
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. Overhead costs include, but are not limited to, roads and other
infrastructure costs required for a site and local contributions, physical works required
under planning permissions granted for our developments and associated professional
fees. 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:
\u2013 Plant, fixtures and fittings \u2013 3 to 15 years.
\u2013 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 has 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.
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 (SOCI). 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.
A net pension asset for the refund of a surplus is recognised as the company has an
unconditional right to a refund of a surplus, such as when all member benefits have
been paid.
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-361": { "value": "Bellway p.l.c. (the Company) is a company incorporated in England and Wales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-4": { "value": "Bellway p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-333": { "value": "Bellway p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-362": { "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 (IAS) 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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-400": { "value": "The Group financial statements have been prepared and approved by the Directors in accordance with UK adopted International Accounting Standards (IAS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-437": { "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 2026 and 31 July 2025, 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.
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.
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:
\u2013 cost estimates increase by 5%, the provision at 31 July 2026 would increase by
around \u00a325 million.
\u2013 the discount rate increases by 100 bps, the provision at 31 July 2026 would decrease
by around \u00a313 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-363": { "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 11 to 14. 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 15 to 17 and the Directors\u2019 Report on pages 130 to 133. The Risk Management section on pages 50 to 52 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 2026, Bellway had net cash of \u00a3157.7 million 2 (note 15), having generated a net increase in cash and cash equivalents of \u00a3115.9 million (note 15) during the year, including \u00a3433.3 million of cash from operations. The Group had bank facilities of \u00a3400 million at 31 July 2026, which expire in December 2030. Furthermore, in February 2021 the Group issued sterling US Private Placement (USPP) 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 million at 31 July 2026, of which \u00a3400 million are undrawn. The Group has operated within all its debt covenants throughout the year, and covenant compliance was considered as part of the going concern assessment period to 31 July 2028. Including committed debt lines and cash, Bellway had access to total funds of \u00a3687.7 million, along with net current assets (excluding cash) of \u00a33,721.5 million at 31 July 2026, 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 including announced returns to shareholders. 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 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. This sensitivity includes the following principal assumptions: \u2013 Private completions in H1 FY27 are supported by the forward order book. In the 12 months to 31 January 2028, private completions reduce by around 50% compared to the 12 month pre-stress peak. For this scenario, we have used the peak volumes achieved in FY22. This is followed by a gradual recovery based on the lower base position. \u2013 Private average selling price in H1 FY27 remains in line with internal forecasts due to the forward order book position. In the 12 months to 31 January 2028, 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. \u2013 These assumptions reflect the Group\u2019s experience in the 2008\u201309 Global Financial Crisis. A number of prudent mitigating actions within the Directors\u2019 control were incorporated into the plausible but severe downside scenario, including: \u2013 Plots in the land bank only being replaced at the same rate that they are utilised. \u2013 Construction spend reducing in line with housing revenue. \u2013 Dividends reducing in line with earnings. The sensitivity analysis was modelled over the period to 31 July 2028 for the going concern assessment, but extended to 31 July 2030 for the Directors\u2019 long-term viability assessment. In the severe but plausible 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 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. 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 2028, 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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-336": { "value": "1. Revenue Revenue recognition Revenue is measured at the fair value of consideration received or receivable, net of incentives. Revenue from 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. The Group enters into contracts for multiple completed dwellings with housing association and investor customers. The Group reviews these contracts on a contract- by-contract basis and determines the appropriate revenue recognition based on the specific terms of each contract. Where a contract transfers both land and housing on legal completion (turnkey and plot sale contracts\u2019 which typically represents around one third of multiple dwelling contracts) 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 transfers legal title of land once foundations are in place (design and build\u2019 contracts) and separately transfers the 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 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. Revenue recognised over time 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: \u2013 National supply agreements are in place for key inputs including materials. \u2013 Debt is raised centrally and the cost of capital is the same at each division. \u2013 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 15 to 17. 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
2026 2025 2026 2025
Number Number \u00a3m \u00a3m
Housing \u2013 private
7,631
6,924
2,733.2
2,426.4
Housing \u2013 social
2,064
1,825
411.9
341.9
Total housing
9,695
8,749
3,145.1
2,768.3
Non-housing revenue
\u2013
\u2013
17.1
14.5
Total
9,695
8,749
3,162.2
2,782.8
Included within Group revenue is \u00a3123.0 million (2025: \u00a310.7 million) of revenue from
construction contracts where revenue is recognised over time. Where revenue is recognised
over time, the related completion numbers are stated on an equivalent-unit basis, reflecting
the proportion of total contract revenue recognised in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-411": { "value": "Revenue recognition Revenue is measured at the fair value of consideration received or receivable, net of incentives. Revenue from 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. The Group enters into contracts for multiple completed dwellings with housing association and investor customers. The Group reviews these contracts on a contract- by-contract basis and determines the appropriate revenue recognition based on the specific terms of each contract. Where a contract transfers both land and housing on legal completion (turnkey and plot sale contracts\u2019 which typically represents around one third of multiple dwelling contracts) 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 transfers legal title of land once foundations are in place (design and build\u2019 contracts) and separately transfers the 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 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. Revenue recognised over time 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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-384": { "value": "Effect of new standards and amendments effective for the first time The Group adopted and applied the following amendment in the year, which did not have a material effect on the financial statements: \u2013 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendments) \u2013 lack of exchangeability. 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. In April 2024, the IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which is effective for reporting periods beginning on or after 1 January 2027. The standard sets out new requirements for: \u2013 Classification: Categorising income and expenses into operating, investing, financing, income taxes, and discontinued operations. \u2013 Management-Defined Performance Measures (MPMs): Requiring specific disclosures for certain non-GAAP measures presented outside the financial statements. \u2013 Aggregation and Disaggregation: Enhanced principles for grouping information in both the primary statements and the notes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-364": { "value": "Effect of new standards and amendments effective for the first time The Group adopted and applied the following amendment in the year, which did not have a material effect on the financial statements: \u2013 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendments) \u2013 lack of exchangeability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-365": { "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. In April 2024, the IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which is effective for reporting periods beginning on or after 1 January 2027. The standard sets out new requirements for: \u2013 Classification: Categorising income and expenses into operating, investing, financing, income taxes, and discontinued operations. \u2013 Management-Defined Performance Measures (MPMs): Requiring specific disclosures for certain non-GAAP measures presented outside the financial statements. \u2013 Aggregation and Disaggregation: Enhanced principles for grouping information in both the primary statements and the notes. The Group has performed an initial impact assessment of IFRS 18. Given the Group\u2019s existing presentation structure and KPIs, the initial application of the standard is not expected to have a material quantitative impact on the consolidated financial statements. The primary impacts will be qualitative, resulting in reclassifications within the Statement of Profit or Loss to meet the new mandatory subtotal requirements and additional narrative disclosures within the notes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-412": { "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: \u2013 National supply agreements are in place for key inputs including materials. \u2013 Debt is raised centrally and the cost of capital is the same at each division. \u2013 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 15 to 17. 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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-367": { "value": "Revenue from contracts with customers An analysis of the Group\u2019s revenue is as follows:
Housing completions
Revenue
2026 2025 2026 2025
Number Number \u00a3m \u00a3m
Housing \u2013 private
7,631
6,924
2,733.2
2,426.4
Housing \u2013 social
2,064
1,825
411.9
341.9
Total housing
9,695
8,749
3,145.1
2,768.3
Non-housing revenue
\u2013
\u2013
17.1
14.5
Total
9,695
8,749
3,162.2
2,782.8
Included within Group revenue is \u00a3123.0 million (2025: \u00a310.7 million) of revenue from construction contracts where revenue is recognised over time. Where revenue is recognised over time, the related completion numbers are stated on an equivalent-unit basis, reflecting the proportion of total contract revenue recognised in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-385": { "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 2026 and 31 July 2025 has been arrived at after recognising the following items in the income statement:
2026
SRT and Total net Other Total
associated Structural legacy building exceptional adjusting
review defects safety expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions (note 10)
37.4
(6.2)
31.2
\u2013
31.2
Reimbursement
assets (note 10)
(10.0)
\u2013
(10.0)
\u2013
(10.0)
Net cost of sales
27.4
(6.2)
21.2
\u2013
21.2
Administrative
expenses
\u2013
\u2013
\u2013
0.3
0.3
Finance expenses
(notes 10, 16)
12.0
1.2
13.2
\u2013
13.2
Share of joint
venture net legacy
building safety
expense (note 13)
0.8
\u2013
0.8
\u2013
0.8
Total net legacy
building safety
expense and other
exceptional items
40.2
(5.0)
35.2
0.3
35.5
2025
SRT and Total net legacy Other Total
associated Structural building safety exceptional adjusting
review defects expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions
50.9
(13.3)
37.6
\u2013
37.6
Reimbursement
assets
(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
(note 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
The income tax rate applied to the exceptional items in the income statement is the Group\u2019s standard rate of 29.0% (2025: 29.0%), inclusive of corporation tax and Residential Property Developer Tax (RPDT), 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 MHCLG. 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 (PAS) 9980:2022, which is the code of practice for Fire Risk Appraisals of External Wall construction (FRAEW). 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 (FSA). In total, for the year ended 31 July 2026 Bellway set aside a net exceptional pre-tax expense of \u00a340.2 million (2025: \u00a363.3 million), in relation to the SRT and associated review. Of this expense, a net \u00a327.4 million (2025: \u00a350.7 million) is recognised in cost of sales, \u00a30.8 million (2025: nil) is recognised in the share of result of joint ventures and an adjusting finance expense of \u00a312.0 million (2025: \u00a312.6 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 \u00a383.4 million (2025: \u00a381.6 million) relating to cost estimate increases, which is offset by provision releases of \u00a339.8 million (2025: \u00a330.9 million) and \u00a36.2 million credit (2025: \u00a30.2 million expense) following an increase (2025: decrease) in discount rates during the year (note 10). The net exceptional cost of sales expense includes cost recoveries of \u00a310.0 million (2025: \u00a30.2 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 \u00a3722.6 million (2025: \u00a3673.2 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. 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 (BCIS) 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 2026, and including those buildings that have been awarded an application by the Building Safety Fund or ACM Funds, 59% of Bellway\u2019s legacy buildings (2025: 33%) have work either complete or underway. Total recoveries recognised since 2017 are \u00a390.5 million (2025: \u00a380.5 million). Reimbursement assets of \u00a32.2 million (2025: \u00a30.1 million) remained outstanding at the year end (note 8). 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 should be treated as an adjusting item. As previously reported, the Group has identified a structural defect relating to the reinforced concrete frame at an historical high-rise apartment scheme in Greenwich, London and a mid-rise apartment scheme in Slough. The increase in the limitation period means Bellway has a legal obligation for undertaking the remedial works at both the Greenwich and Slough sites. During the year, an independent design was received for the Slough scheme. The design included modelling which indicated that the structural defect is limited to a single area of the building. As a result, the remediation strategy is now expected to be significantly less invasive than previously anticipated, leading to a reduction in the estimated cost. The revised cost estimate is based on a third-party tender and reflects management\u2019s expected scope of works. In total, for the year ended 31 July 2026 Bellway recognised an exceptional pre-tax credit of \u00a35.0 million (2025: \u00a311.5 million), in relation to the structural defects. Of this, a credit of \u00a36.2 million (2025: \u00a313.3 million) is recognised in cost of sales and an adjusting finance expense of \u00a31.2 million (2025: \u00a31.8 million) in relation to the unwinding of the discount of the provision to present value. The amount recognised in cost of sales includes a credit of \u00a35.8 million (2025: \u00a319.5 million) relating to provisions releases and \u00a30.4 million (2025: \u00a30.2 million expense) following an increase (2025: decrease) in discount rates during the year (note 10). Cost estimates are based on expert third-party reports and reflects management\u2019s expected scope of works. 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 In the current year, there is an expense of \u00a30.3 million (2025: \u00a315.4 million) for the final costs incurred relating to the CMA market investigation. These costs have been classified as exceptional given their size and nature and for consistency of presentation with costs in the prior year. The amount recognised in the year ended 31 July 2025 included a voluntary commitment to the CMA which was paid during the year ended 31 July 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-366": { "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 2026 and 31 July 2025 has been arrived at after recognising the following items in the income statement:
2026
SRT and Total net Other Total
associated Structural legacy building exceptional adjusting
review defects safety expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions (note 10)
37.4
(6.2)
31.2
\u2013
31.2
Reimbursement
assets (note 10)
(10.0)
\u2013
(10.0)
\u2013
(10.0)
Net cost of sales
27.4
(6.2)
21.2
\u2013
21.2
Administrative
expenses
\u2013
\u2013
\u2013
0.3
0.3
Finance expenses
(notes 10, 16)
12.0
1.2
13.2
\u2013
13.2
Share of joint
venture net legacy
building safety
expense (note 13)
0.8
\u2013
0.8
\u2013
0.8
Total net legacy
building safety
expense and other
exceptional items
40.2
(5.0)
35.2
0.3
35.5
2025
SRT and Total net legacy Other Total
associated Structural building safety exceptional adjusting
review defects expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions
50.9
(13.3)
37.6
\u2013
37.6
Reimbursement
assets
(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
(note 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
The income tax rate applied to the exceptional items in the income statement is the Group\u2019s standard rate of 29.0% (2025: 29.0%), inclusive of corporation tax and Residential Property Developer Tax (RPDT), 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 MHCLG. 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 (PAS) 9980:2022, which is the code of practice for Fire Risk Appraisals of External Wall construction (FRAEW). 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 (FSA). In total, for the year ended 31 July 2026 Bellway set aside a net exceptional pre-tax expense of \u00a340.2 million (2025: \u00a363.3 million), in relation to the SRT and associated review. Of this expense, a net \u00a327.4 million (2025: \u00a350.7 million) is recognised in cost of sales, \u00a30.8 million (2025: nil) is recognised in the share of result of joint ventures and an adjusting finance expense of \u00a312.0 million (2025: \u00a312.6 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 \u00a383.4 million (2025: \u00a381.6 million) relating to cost estimate increases, which is offset by provision releases of \u00a339.8 million (2025: \u00a330.9 million) and \u00a36.2 million credit (2025: \u00a30.2 million expense) following an increase (2025: decrease) in discount rates during the year (note 10). The net exceptional cost of sales expense includes cost recoveries of \u00a310.0 million (2025: \u00a30.2 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 \u00a3722.6 million (2025: \u00a3673.2 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. 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 (BCIS) 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 2026, and including those buildings that have been awarded an application by the Building Safety Fund or ACM Funds, 59% of Bellway\u2019s legacy buildings (2025: 33%) have work either complete or underway. Total recoveries recognised since 2017 are \u00a390.5 million (2025: \u00a380.5 million). Reimbursement assets of \u00a32.2 million (2025: \u00a30.1 million) remained outstanding at the year end (note 8). 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 should be treated as an adjusting item. As previously reported, the Group has identified a structural defect relating to the reinforced concrete frame at an historical high-rise apartment scheme in Greenwich, London and a mid-rise apartment scheme in Slough. The increase in the limitation period means Bellway has a legal obligation for undertaking the remedial works at both the Greenwich and Slough sites. During the year, an independent design was received for the Slough scheme. The design included modelling which indicated that the structural defect is limited to a single area of the building. As a result, the remediation strategy is now expected to be significantly less invasive than previously anticipated, leading to a reduction in the estimated cost. The revised cost estimate is based on a third-party tender and reflects management\u2019s expected scope of works. In total, for the year ended 31 July 2026 Bellway recognised an exceptional pre-tax credit of \u00a35.0 million (2025: \u00a311.5 million), in relation to the structural defects. Of this, a credit of \u00a36.2 million (2025: \u00a313.3 million) is recognised in cost of sales and an adjusting finance expense of \u00a31.2 million (2025: \u00a31.8 million) in relation to the unwinding of the discount of the provision to present value. The amount recognised in cost of sales includes a credit of \u00a35.8 million (2025: \u00a319.5 million) relating to provisions releases and \u00a30.4 million (2025: \u00a30.2 million expense) following an increase (2025: decrease) in discount rates during the year (note 10). Cost estimates are based on expert third-party reports and reflects management\u2019s expected scope of works. 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 In the current year, there is an expense of \u00a30.3 million (2025: \u00a315.4 million) for the final costs incurred relating to the CMA market investigation. These costs have been classified as exceptional given their size and nature and for consistency of presentation with costs in the prior year. The amount recognised in the year ended 31 July 2025 included a voluntary commitment to the CMA which was paid during the year ended 31 July 2026.
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-337": { "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 2026 and 31 July 2025 has been arrived
at after recognising the following items in the income statement:
2026
SRT and Total net Other Total
associated Structural legacy building exceptional adjusting
review defects safety expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions (note 10)
37.4
(6.2)
31.2
\u2013
31.2
Reimbursement
assets (note 10)
(10.0)
\u2013
(10.0)
\u2013
(10.0)
Net cost of sales
27.4
(6.2)
21.2
\u2013
21.2
Administrative
expenses
\u2013
\u2013
\u2013
0.3
0.3
Finance expenses
(notes 10, 16)
12.0
1.2
13.2
\u2013
13.2
Share of joint
venture net legacy
building safety
expense (note 13)
0.8
\u2013
0.8
\u2013
0.8
Total net legacy
building safety
expense and other
exceptional items
40.2
(5.0)
35.2
0.3
35.5
2025
SRT and Total net legacy Other Total
associated Structural building safety exceptional adjusting
review defects expense items items
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provisions
50.9
(13.3)
37.6
\u2013
37.6
Reimbursement
assets
(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
(note 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
The income tax rate applied to the exceptional items in the income statement is the Group\u2019s
standard rate of 29.0% (2025: 29.0%), inclusive of corporation tax and Residential Property
Developer Tax (RPDT), 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 MHCLG. 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 (PAS) 9980:2022, which
is the code of practice for Fire Risk Appraisals of External Wall construction (FRAEW).
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 (FSA).
In total, for the year ended 31 July 2026 Bellway set aside a net exceptional pre-tax expense
of \u00a340.2 million (2025: \u00a363.3 million), in relation to the SRT and associated review. Of this
expense, a net \u00a327.4 million (2025: \u00a350.7 million) is recognised in cost of sales, \u00a30.8 million
(2025: nil) is recognised in the share of result of joint ventures and an adjusting finance
expense of \u00a312.0 million (2025: \u00a312.6 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 \u00a383.4 million (2025: \u00a381.6 million) relating to cost estimate increases, which
is offset by provision releases of \u00a339.8 million (2025: \u00a330.9 million) and \u00a36.2 million credit
(2025: \u00a30.2 million expense) following an increase (2025: decrease) in discount rates during
the year (note 10). The net exceptional cost of sales expense includes cost recoveries
of \u00a310.0 million (2025: \u00a30.2 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 \u00a3722.6 million (2025: \u00a3673.2 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.
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
(BCIS) 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 2026, and including those buildings that have been awarded an application
by the Building Safety Fund or ACM Funds, 59% of Bellway\u2019s legacy buildings (2025: 33%)
have work either complete or underway.
Total recoveries recognised since 2017 are \u00a390.5 million (2025: \u00a380.5 million). Reimbursement assets
of \u00a32.2 million (2025: \u00a30.1 million) remained outstanding at the year end (note 8).
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 should be treated as an adjusting item.
As previously reported, the Group has identified a structural defect relating to the
reinforced concrete frame at an historical high-rise apartment scheme in Greenwich,
London and a mid-rise apartment scheme in Slough.
The increase in the limitation period means Bellway has a legal obligation for undertaking
the remedial works at both the Greenwich and Slough sites.
During the year, an independent design was received for the Slough scheme. The design
included modelling which indicated that the structural defect is limited to a single area of the
building. As a result, the remediation strategy is now expected to be significantly less invasive
than previously anticipated, leading to a reduction in the estimated cost. The revised cost
estimate is based on a third-party tender and reflects management\u2019s expected scope
of works.
In total, for the year ended 31 July 2026 Bellway recognised an exceptional pre-tax credit of
\u00a35.0 million (2025: \u00a311.5 million), in relation to the structural defects. Of this, a credit of \u00a36.2 million
(2025: \u00a313.3 million) is recognised in cost of sales and an adjusting finance expense of \u00a31.2 million
(2025: \u00a31.8 million) in relation to the unwinding of the discount of the provision to present
value. The amount recognised in cost of sales includes a credit of \u00a35.8 million (2025: \u00a319.5 million)
relating to provisions releases and \u00a30.4 million (2025: \u00a30.2 million expense) following an increase
(2025: decrease) in discount rates during the year (note 10).
Cost estimates are based on expert third-party reports and reflects management\u2019s
expected scope of works.
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
In the current year, there is an expense of \u00a30.3 million (2025: \u00a315.4 million) for the final costs
incurred relating to the CMA market investigation. These costs have been classified as
exceptional given their size and nature and for consistency of presentation with costs in
the prior year. The amount recognised in the year ended 31 July 2025 included a voluntary
commitment to the CMA which was paid during the year ended 31 July 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-413": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-401": { "value": "4. Operating profit 4a. Part-exchange properties Part-exchange properties The purchase and subsequent sale of part-exchange properties is an activity undertaken in order to achieve the sale of a new property. The original sale of private housing is recognised at the fair value of the part-exchange property plus the cash received or receivable (note 1). The fair value of the part-exchange property is equal to the amount assessed by external valuers. The onward sale of a part-exchange property is recognised at the fair value of consideration received or receivable. As it is not considered a principal activity of the Group the income and expenses associated with this are recognised in other operating income and other operating expenses. Income is recognised in the income statement at a point in time when the performance obligations have been satisfied. This is when legal title is transferred. All other operating income relates to the sale of part-exchange properties and all other operating expenses relate to the associated fair value of the part-exchange properties less costs to sell. 4b. Operating profit is stated after charging
2026 2025
\u00a3m \u00a3m
Employee costs (including Directors) (note 21)
234.2
214.7
Depreciation of owned property, plant and equipment (note 11)
2.8
2.2
Depreciation of right-of-use assets (note 11)
3.1
3.3
Expenses related to short-term and low value leases
12.5
12.6
4c. Auditor\u2019s remuneration The remuneration paid to Ernst & Young LLP, the Group\u2019s external auditor, is as follows:
2026 2025
\u00a3000 \u00a3000
Fee payable for the audit of the Company and consolidated
financial statements
107
93
Amounts receivable by the auditor and its associates in respect of:
Fees payable for the audit of the Company\u2019s subsidiaries
609
517
Fees payable for the pension scheme audit
26
25
Additional audit fees agreed in relation to FY25
95
\u2013
Total audit fees
837
635
Non-audit related fees
\u2013
99
Total fees related to the Company and its subsidiaries
837
734
Non-audit related fees in the 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 90 to 103. 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:
2026 2025
\u00a3000 \u00a3000
Fees payable for the audit of the Group\u2019s joint ventures pursuant
to legislation
54
37
Total fees related to joint ventures
54
37
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-386": { "value": "4. Operating profit 4a. Part-exchange properties Part-exchange properties The purchase and subsequent sale of part-exchange properties is an activity undertaken in order to achieve the sale of a new property. The original sale of private housing is recognised at the fair value of the part-exchange property plus the cash received or receivable (note 1). The fair value of the part-exchange property is equal to the amount assessed by external valuers. The onward sale of a part-exchange property is recognised at the fair value of consideration received or receivable. As it is not considered a principal activity of the Group the income and expenses associated with this are recognised in other operating income and other operating expenses. Income is recognised in the income statement at a point in time when the performance obligations have been satisfied. This is when legal title is transferred. All other operating income relates to the sale of part-exchange properties and all other operating expenses relate to the associated fair value of the part-exchange properties less costs to sell. 4b. Operating profit is stated after charging
2026 2025
\u00a3m \u00a3m
Employee costs (including Directors) (note 21)
234.2
214.7
Depreciation of owned property, plant and equipment (note 11)
2.8
2.2
Depreciation of right-of-use assets (note 11)
3.1
3.3
Expenses related to short-term and low value leases
12.5
12.6
4c. Auditor\u2019s remuneration The remuneration paid to Ernst & Young LLP, the Group\u2019s external auditor, is as follows:
2026 2025
\u00a3000 \u00a3000
Fee payable for the audit of the Company and consolidated
financial statements
107
93
Amounts receivable by the auditor and its associates in respect of:
Fees payable for the audit of the Company\u2019s subsidiaries
609
517
Fees payable for the pension scheme audit
26
25
Additional audit fees agreed in relation to FY25
95
\u2013
Total audit fees
837
635
Non-audit related fees
\u2013
99
Total fees related to the Company and its subsidiaries
837
734
Non-audit related fees in the 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 90 to 103. 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:
2026 2025
\u00a3000 \u00a3000
Fees payable for the audit of the Group\u2019s joint ventures pursuant
to legislation
54
37
Total fees related to joint ventures
54
37
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-338": { "value": "4. Operating profit 4a. Part-exchange properties Part-exchange properties The purchase and subsequent sale of part-exchange properties is an activity undertaken in order to achieve the sale of a new property. The original sale of private housing is recognised at the fair value of the part-exchange property plus the cash received or receivable (note 1). The fair value of the part-exchange property is equal to the amount assessed by external valuers. The onward sale of a part-exchange property is recognised at the fair value of consideration received or receivable. As it is not considered a principal activity of the Group the income and expenses associated with this are recognised in other operating income and other operating expenses. Income is recognised in the income statement at a point in time when the performance obligations have been satisfied. This is when legal title is transferred. All other operating income relates to the sale of part-exchange properties and all other operating expenses relate to the associated fair value of the part-exchange properties less costs to sell.
4b. Operating profit is stated after charging
2026 2025
\u00a3m \u00a3m
Employee costs (including Directors) (note 21)
234.2
214.7
Depreciation of owned property, plant and equipment (note 11)
2.8
2.2
Depreciation of right-of-use assets (note 11)
3.1
3.3
Expenses related to short-term and low value leases
12.5
12.6
4c. Auditor\u2019s remuneration
The remuneration paid to Ernst & Young LLP, the Group\u2019s external auditor, is as follows:
2026 2025
\u00a3000 \u00a3000
Fee payable for the audit of the Company and consolidated
financial statements
107
93
Amounts receivable by the auditor and its associates in respect of:
Fees payable for the audit of the Company\u2019s subsidiaries
609
517
Fees payable for the pension scheme audit
26
25
Additional audit fees agreed in relation to FY25
95
\u2013
Total audit fees
837
635
Non-audit related fees
\u2013
99
Total fees related to the Company and its subsidiaries
837
734
Non-audit related fees in the 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 90 to 103.
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:
2026 2025
\u00a3000 \u00a3000
Fees payable for the audit of the Group\u2019s joint ventures pursuant
to legislation
54
37
Total fees related to joint ventures
54
37
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-368": { "value": "4b. Operating profit is stated after charging
2026 2025
\u00a3m \u00a3m
Employee costs (including Directors) (note 21)
234.2
214.7
Depreciation of owned property, plant and equipment (note 11)
2.8
2.2
Depreciation of right-of-use assets (note 11)
3.1
3.3
Expenses related to short-term and low value leases
12.5
12.6
Owned
Right-of-use assets
Land and Plant, fixtures Asset under Land and Plant, fixtures
property and fittings construction property and fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
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 1 August 2025
18.3
16.4
10.6
30.5
2.0
77.8
Additions
\u2013
6.3
\u2013
2.9
\u2013
9.2
Disposals
\u2013
(2.1)
\u2013
\u2013
(1.5)
(3.6)
Transfers
\u2013
10.6
(10.6)
\u2013
\u2013
\u2013
At 31 July 2026
18.3
31.2
\u2013
33.4
0.5
83.4
Depreciation
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 1 August 2025
4.7
12.5
\u2013
13.6
1.5
32.3
Charge for year
0.5
2.3
\u2013
2.8
0.3
5.9
On disposals
\u2013
(2.0)
\u2013
\u2013
(1.5)
(3.5)
At 31 July 2026
5.2
12.8
\u2013
16.4
0.3
34.7
Net book value
At 31 July 2026
13.1
18.4
\u2013
17.0
0.2
48.7
At 31 July 2025
13.6
3.9
10.6
16.9
0.5
45.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-369": { "value": "4c. Auditor\u2019s remuneration The remuneration paid to Ernst & Young LLP, the Group\u2019s external auditor, is as follows:
2026 2025
\u00a3000 \u00a3000
Fee payable for the audit of the Company and consolidated
financial statements
107
93
Amounts receivable by the auditor and its associates in respect of:
Fees payable for the audit of the Company\u2019s subsidiaries
609
517
Fees payable for the pension scheme audit
26
25
Additional audit fees agreed in relation to FY25
95
\u2013
Total audit fees
837
635
Non-audit related fees
\u2013
99
Total fees related to the Company and its subsidiaries
837
734
Non-audit related fees in the 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 90 to 103. 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:
2026 2025
\u00a3000 \u00a3000
Fees payable for the audit of the Group\u2019s joint ventures pursuant
to legislation
54
37
Total fees related to joint ventures
54
37
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-339": { "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 Earnings number of
Profit for ordinary per Profit for ordinary Earnings
the year shares share the year shares per share
2026 2026 2026 2025 2025 2025
\u00a3m Number p \u00a3m Number p
For basic earnings
per ordinary share
193.4
116,447,219
166.1
15 7.5
118,644,063
132.8
Dilutive effect of
options and awards
1,054,191
(1.5)
889,652
(1.0)
For diluted earnings
per ordinary share
193.4
117,501,410
164.6
157.5
119,533,715
131.8
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 profit for ordinary earnings
the year shares per share the year shares per share
2026 2026 2026 2025 2025 2025
\u00a3m Number p \u00a3m Number p
For basic
underlying
earnings per
ordinary share
218.7
116,447,219
187.8
209.7
118,644,063
176.7
Dilutive effect
of options
and awards
1,054,191
(1.7)
889,652
(1.3)
For diluted
underlying
earnings per
ordinary share
218.7
117,501,410
186.1
209.7
119,533,715
175.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-340": { "value": "6. Taxation Taxation The charge for taxation is based on the result for the year and takes into account current and deferred taxation. The charge is recognised in the income statement except to the extent that it relates to either items recognised in equity in which case it is recognised in equity or other comprehensive income 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
2026 2025
\u00a3m \u00a3m
Current tax expense/(income):
UK corporation tax
67.6
62.1
Residential property developer tax
10.6
9.1
Adjustments in respect of prior years
(2.5)
(2.8)
75.7
68.4
Deferred tax expense/(income):
Origination and reversal of temporary differences
0.8
(4.2)
Adjustments in respect of prior years
0.3
0.2
1.1
(4.0)
Total income tax expense in the income statement
76.8
64.4
6b. Factors affecting the income tax charge for the year
The effective tax expense is 28.4% of profit before taxation (2025: 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:
2026 2026 2025 2025
% \u00a3m % \u00a3m
Reconciliation of effective tax rate:
Profit before taxation
270.2
221.9
Tax calculated at UK income tax rate
29.0
78.4
29.0
64.4
Non-taxable income and enhanced
deductions
0.2
0.6
1.2
2.6
Adjustments in respect of prior years
\u2013 current tax
(0.9)
(2.5)
(1.3)
(2.8)
Adjustments in respect of prior years
\u2013 deferred tax
0.1
0.3
0.1
0.2
Effective tax rate and tax expense
for the year
28.4
76.8
29.0
64.4
It is currently expected that the Group\u2019s standard rate of tax, including RPDT, for the year
ending 31 July 2027 will be 29%.
6c. Tax recognised in equity and other comprehensive expense
2026 2025
\u00a3m \u00a3m
Deferred tax recognised directly in equity and other
comprehensive expense:
Expense relating to remeasurements on the defined benefit
pension scheme
(0.4)
\u2013
Expense relating to equity-settled transactions
\u2013
(0.6)
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 Share-
Capital benefit based Unutilised
allowances assets payments Inventory tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2024
(1.6)
(0.2)
1.8
(3.4)
2.7
(0.7)
Income
statement
credit/(expense)
0.3
(0.1)
1.5
1.5
0.8
4.0
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
Income
statement
(expense)/credit
(0.5)
\u2013
(0.4)
0.6
(0.8)
(1.1)
Expense to
other
comprehensive
income
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
At 31 July 2026
(1.8)
(0.7)
2.3
(1.3)
2.7
1.2
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-414": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-430": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-387": { "value": "6a. Income tax recognised in the income statement
2026 2025
\u00a3m \u00a3m
Current tax expense/(income):
UK corporation tax
67.6
62.1
Residential property developer tax
10.6
9.1
Adjustments in respect of prior years
(2.5)
(2.8)
75.7
68.4
Deferred tax expense/(income):
Origination and reversal of temporary differences
0.8
(4.2)
Adjustments in respect of prior years
0.3
0.2
1.1
(4.0)
Total income tax expense in the income statement
76.8
64.4
6b. Factors affecting the income tax charge for the year The effective tax expense is 28.4% of profit before taxation (2025: 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:
2026 2026 2025 2025
% \u00a3m % \u00a3m
Reconciliation of effective tax rate:
Profit before taxation
270.2
221.9
Tax calculated at UK income tax rate
29.0
78.4
29.0
64.4
Non-taxable income and enhanced
deductions
0.2
0.6
1.2
2.6
Adjustments in respect of prior years
\u2013 current tax
(0.9)
(2.5)
(1.3)
(2.8)
Adjustments in respect of prior years
\u2013 deferred tax
0.1
0.3
0.1
0.2
Effective tax rate and tax expense
for the year
28.4
76.8
29.0
64.4
It is currently expected that the Group\u2019s standard rate of tax, including RPDT, for the year ending 31 July 2027 will be 29%. 6c. Tax recognised in equity and other comprehensive expense
2026 2025
\u00a3m \u00a3m
Deferred tax recognised directly in equity and other
comprehensive expense:
Expense relating to remeasurements on the defined benefit
pension scheme
(0.4)
\u2013
Expense relating to equity-settled transactions
\u2013
(0.6)
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 Share-
Capital benefit based Unutilised
allowances assets payments Inventory tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2024
(1.6)
(0.2)
1.8
(3.4)
2.7
(0.7)
Income
statement
credit/(expense)
0.3
(0.1)
1.5
1.5
0.8
4.0
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
Income
statement
(expense)/credit
(0.5)
\u2013
(0.4)
0.6
(0.8)
(1.1)
Expense to
other
comprehensive
income
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
At 31 July 2026
(1.8)
(0.7)
2.3
(1.3)
2.7
1.2
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-370": { "value": "6a. Income tax recognised in the income statement
2026 2025
\u00a3m \u00a3m
Current tax expense/(income):
UK corporation tax
67.6
62.1
Residential property developer tax
10.6
9.1
Adjustments in respect of prior years
(2.5)
(2.8)
75.7
68.4
Deferred tax expense/(income):
Origination and reversal of temporary differences
0.8
(4.2)
Adjustments in respect of prior years
0.3
0.2
1.1
(4.0)
Total income tax expense in the income statement
76.8
64.4
6b. Factors affecting the income tax charge for the year The effective tax expense is 28.4% of profit before taxation (2025: 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:
2026 2026 2025 2025
% \u00a3m % \u00a3m
Reconciliation of effective tax rate:
Profit before taxation
270.2
221.9
Tax calculated at UK income tax rate
29.0
78.4
29.0
64.4
Non-taxable income and enhanced
deductions
0.2
0.6
1.2
2.6
Adjustments in respect of prior years
\u2013 current tax
(0.9)
(2.5)
(1.3)
(2.8)
Adjustments in respect of prior years
\u2013 deferred tax
0.1
0.3
0.1
0.2
Effective tax rate and tax expense
for the year
28.4
76.8
29.0
64.4
It is currently expected that the Group\u2019s standard rate of tax, including RPDT, for the year ending 31 July 2027 will be 29%. 6c. Tax recognised in equity and other comprehensive expense
2026 2025
\u00a3m \u00a3m
Deferred tax recognised directly in equity and other
comprehensive expense:
Expense relating to remeasurements on the defined benefit
pension scheme
(0.4)
\u2013
Expense relating to equity-settled transactions
\u2013
(0.6)
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 Share-
Capital benefit based Unutilised
allowances assets payments Inventory tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 August 2024
(1.6)
(0.2)
1.8
(3.4)
2.7
(0.7)
Income
statement
credit/(expense)
0.3
(0.1)
1.5
1.5
0.8
4.0
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
Income
statement
(expense)/credit
(0.5)
\u2013
(0.4)
0.6
(0.8)
(1.1)
Expense to
other
comprehensive
income
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
At 31 July 2026
(1.8)
(0.7)
2.3
(1.3)
2.7
1.2
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-341": { "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. Overhead costs include, but are not limited to, roads and other infrastructure costs required for a site and local contributions, physical works required under planning permissions granted for our developments and associated professional fees. 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 2026 and 31 July 2025, 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.
2026 2025
\u00a3m \u00a3m
Land
2,350.6
2,502.9
Work-in-progress
2,062.5
2,165.0
Showhomes
143.3
144.9
Part-exchange properties
57.6
25.3
4,614.0
4,838.1
Inventories of \u00a32,596.1 million were expensed in the year (2025: \u00a32,264.0 million). In the ordinary course of business, inventories have been written down by a net \u00a36.6 million in the year (2025: \u00a31.2 million). Land with a carrying value of \u00a3185.4 million (2025: \u00a3241.6 million) was used as security for land payables (note 9). Land includes \u00a31,750.9 million (2025: \u00a31,893.2 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 2026 and 31 July 2025 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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-415": { "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. Overhead costs include, but are not limited to, roads and other infrastructure costs required for a site and local contributions, physical works required under planning permissions granted for our developments and associated professional fees. 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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-406": { "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.
2026 2025
Current receivables \u00a3m \u00a3m
Trade receivables
28.9
26.3
Other receivables
31.9
39.5
Prepayments and accrued income
19.3
15.2
80.1
81.0
The Group assesses the ageing of trade receivables in accordance with the policy on page 52. None of the trade receivables are past their due dates (2025: \u00a3nil), and are therefore all rated as low risk. Other receivables includes \u00a39.7 million (2025: \u00a324.2 million) in relation to VAT recoverable and \u00a32.2 million (2025: \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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "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.
2026 2025
Current receivables \u00a3m \u00a3m
Trade receivables
28.9
26.3
Other receivables
31.9
39.5
Prepayments and accrued income
19.3
15.2
80.1
81.0
The Group assesses the ageing of trade receivables in accordance with the policy on page 52. None of the trade receivables are past their due dates (2025: \u00a3nil), and are therefore all rated as low risk. Other receivables includes \u00a39.7 million (2025: \u00a324.2 million) in relation to VAT recoverable and \u00a32.2 million (2025: \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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-402": { "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.
2026 2025
Current receivables \u00a3m \u00a3m
Trade receivables
28.9
26.3
Other receivables
31.9
39.5
Prepayments and accrued income
19.3
15.2
80.1
81.0
The Group assesses the ageing of trade receivables in accordance with the policy on page 52. None of the trade receivables are past their due dates (2025: \u00a3nil), and are therefore all rated as low risk. Other receivables includes \u00a39.7 million (2025: \u00a324.2 million) in relation to VAT recoverable and \u00a32.2 million (2025: \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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-342": { "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.
2026 2025
Current receivables \u00a3m \u00a3m
Trade receivables
28.9
26.3
Other receivables
31.9
39.5
Prepayments and accrued income
19.3
15.2
80.1
81.0
The Group assesses the ageing of trade receivables in accordance with the policy on page 52. None of the trade receivables are past their due dates (2025: \u00a3nil), and are therefore all rated as low risk. Other receivables includes \u00a39.7 million (2025: \u00a324.2 million) in relation to VAT recoverable and \u00a32.2 million (2025: \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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-416": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-371": { "value": "
The Group has assessed expected credit losses and the loss allowance for trade and other
receivables as immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-409": { "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.
2026 2025
Non-current liabilities \u00a3m \u00a3m
Land payables
62.1
73.3
Lease liabilities
16.9
17.2
79.0
90.5
Land payables of \u00a347.0 million (2025: \u00a367.3 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a344.7 million (2025: \u00a362.8 million).
2026 2025
Current liabilities \u00a3m \u00a3m
Trade payables
339.2
306.2
Land payables
202.9
264.3
Social security and other taxes
8.1
6.8
Other payables
1.3
1.5
Lease liabilities
2.8
2.9
Accruals
187.0
163.1
Payments on account
92.0
156.6
Share buyback obligation
11.1
\u2013
844.4
901.4
Land payables of \u00a3150.9 million (2025: \u00a3188.8 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a3140.7 million (2025: \u00a3178.8 million). During the year, the Group entered into a \u00a312.9 million promissory note in connection with the acquisition of land. The Group\u2019s contractual obligation and maturity date are unchanged irrespective of whether the vendor elects to receive early payment from a third party bank, and the amount is due for settlement within one year. Land payables outside the arrangement are primarily due within one to five years. At 31 July 2026, liabilities of \u00a312.4 million relating to the arrangement were included within land payables. This amount has been paid to the supplier by the third party bank. 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 2025 have been recognised as revenue in the current year. The approximate transaction value allocated to the performance obligations that are unsatisfied at 31 July 2026 is \u00a31,197.2 million1 (2025: \u00a31,519.4 million), the majority of which is expected to be recognised as revenue during the next financial year. Accruals includes \u00a3nil (2025: \u00a313.5 million) of other exceptional items (see note 2). On 2 April 2026, the Group entered into a share buyback programme to purchase up to \u00a375.0 million of shares as part of Tranche 2 of the initial share buyback programme. The remaining share buyback of \u00a311.1 million outstanding at 31 July 2026 was recognised as a financial liability as the agreement was irrevocable at the year end. The share buyback obligation was fully satisfied by 28 August 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-403": { "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.
2026 2025
Non-current liabilities \u00a3m \u00a3m
Land payables
62.1
73.3
Lease liabilities
16.9
17.2
79.0
90.5
Land payables of \u00a347.0 million (2025: \u00a367.3 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a344.7 million (2025: \u00a362.8 million).
2026 2025
Current liabilities \u00a3m \u00a3m
Trade payables
339.2
306.2
Land payables
202.9
264.3
Social security and other taxes
8.1
6.8
Other payables
1.3
1.5
Lease liabilities
2.8
2.9
Accruals
187.0
163.1
Payments on account
92.0
156.6
Share buyback obligation
11.1
\u2013
844.4
901.4
Land payables of \u00a3150.9 million (2025: \u00a3188.8 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a3140.7 million (2025: \u00a3178.8 million). During the year, the Group entered into a \u00a312.9 million promissory note in connection with the acquisition of land. The Group\u2019s contractual obligation and maturity date are unchanged irrespective of whether the vendor elects to receive early payment from a third party bank, and the amount is due for settlement within one year. Land payables outside the arrangement are primarily due within one to five years. At 31 July 2026, liabilities of \u00a312.4 million relating to the arrangement were included within land payables. This amount has been paid to the supplier by the third party bank. 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 2025 have been recognised as revenue in the current year. The approximate transaction value allocated to the performance obligations that are unsatisfied at 31 July 2026 is \u00a31,197.2 million1 (2025: \u00a31,519.4 million), the majority of which is expected to be recognised as revenue during the next financial year. Accruals includes \u00a3nil (2025: \u00a313.5 million) of other exceptional items (see note 2). On 2 April 2026, the Group entered into a share buyback programme to purchase up to \u00a375.0 million of shares as part of Tranche 2 of the initial share buyback programme. The remaining share buyback of \u00a311.1 million outstanding at 31 July 2026 was recognised as a financial liability as the agreement was irrevocable at the year end. The share buyback obligation was fully satisfied by 28 August 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-343": { "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.
2026 2025
Non-current liabilities \u00a3m \u00a3m
Land payables
62.1
73.3
Lease liabilities
16.9
17.2
79.0
90.5
Land payables of \u00a347.0 million (2025: \u00a367.3 million) are secured on the land to which they relate. The carrying value of the land used for security is \u00a344.7 million (2025: \u00a362.8 million).
2026 2025
Current liabilities \u00a3m \u00a3m
Trade payables
339.2
306.2
Land payables
202.9
264.3
Social security and other taxes
8.1
6.8
Other payables
1.3
1.5
Lease liabilities
2.8
2.9
Accruals
187.0
163.1
Payments on account
92.0
156.6
Share buyback obligation
11.1
\u2013
844.4
901.4
Land payables of \u00a3150.9 million (2025: \u00a3188.8 million) are secured on the land to which
they relate.
The carrying value of the land used for security is \u00a3140.7 million (2025: \u00a3178.8 million). During the
year, the Group entered into a \u00a312.9 million promissory note in connection with the acquisition
of land. The Group\u2019s contractual obligation and maturity date are unchanged irrespective of
whether the vendor elects to receive early payment from a third party bank, and the amount is
due for settlement within one year. Land payables outside the arrangement are primarily due
within one to five years. At 31 July 2026, liabilities of \u00a312.4 million relating to the arrangement
were included within land payables. This amount has been paid to the supplier by the third
party bank.
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 2025 have been recognised as revenue in the current year.
The approximate transaction value allocated to the performance obligations that are
unsatisfied at 31 July 2026 is \u00a31,197.2 million
1
(2025: \u00a31,519.4 million), the majority of which
is expected to be recognised as revenue during the next financial year.
Accruals includes \u00a3nil (2025: \u00a313.5 million) of other exceptional items (see note 2).
On 2 April 2026, the Group entered into a share buyback programme to purchase up
to \u00a375.0 million of shares as part of Tranche 2 of the initial share buyback programme.
The remaining share buyback of \u00a311.1 million outstanding at 31 July 2026 was recognised
as a financial liability as the agreement was irrevocable at the year end. The share buyback
obligation was fully satisfied by 28 August 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-417": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-418": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-389": { "value": "
2026 2025
Non-current liabilities \u00a3m \u00a3m
Land payables
62.1
73.3
Lease liabilities
16.9
17.2
79.0
90.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-390": { "value": "
2026 2025
Current liabilities \u00a3m \u00a3m
Trade payables
339.2
306.2
Land payables
202.9
264.3
Social security and other taxes
8.1
6.8
Other payables
1.3
1.5
Lease liabilities
2.8
2.9
Accruals
187.0
163.1
Payments on account
92.0
156.6
Share buyback obligation
11.1
\u2013
844.4
901.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-372": { "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. 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: \u2013 cost estimates increase by 5%, the provision at 31 July 2026 would increase by around \u00a325 million. \u2013 the discount rate increases by 100 bps, the provision at 31 July 2026 would decrease by around \u00a313 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 2025
(482.9)
0.1
(482.8)
(33.5)
\u2013
(33.5)
(516.4)
0.1
(516.3)
Adjusting item \u2013 cost of sales (note 2)
(37.4)
10.0
(27.4)
6.2
\u2013
6.2
(31.2)
10.0
(21.2)
Analysed as:
Additions
(83.4)
10.0
(73.4)
\u2013
\u2013
\u2013
(83.4)
10.0
(73.4)
Released
39.8
\u2013
39.8
5.8
\u2013
5.8
45.6
\u2013
45.6
Change in discount rate
6.2
\u2013
6.2
0.4
\u2013
0.4
6.6
\u2013
6.6
Utilised/(received)
40.4
(7.9)
32.5
0.5
\u2013
0.5
40.9
(7.9)
33.0
Unwinding of discount (notes 2,16)
(12.0)
\u2013
(12.0)
(1.2)
\u2013
(1.2)
(13.2)
\u2013
(13.2)
At 31 July 2026
(491.9)
2.2
(489.7)
(28.0)
\u2013
(28.0)
(519.9)
2.2
(517.7)
The provision is classified as follows:
Total legacy
SRT and building
associated Structural safety
review defects improvements
\u00a3m \u00a3m \u00a3m
Current
138.1
0.7
138.8
Non-current
353.8
27. 3
381.1
Total
491.9
28.0
519.9
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. On 30 October 2025 the Competition and Markets Authority (CMA) made a decision to close its investigation into information sharing practices in the sector following binding commitments from certain housebuilders and a requirement for the housebuilders to work with industry bodies to develop and publish industry-wide UK competition law guidance for the wider sector. The CMA did not find that the Competition Act 1998 had been infringed, and the acceptance of commitments did not involve any admission of wrongdoing by the housebuilders. An application to commence a proposed collective class action was filed in the Competition Appeal Tribunal on 24 June 2026 against seven major housebuilders, including Bellway. The application alleges that exchanges of competitively sensitive information breached competition law, affected competition and resulted in higher prices for certain purchasers of new-build homes. The application states it is informed by the CMA decision referred to above. The proposed collective action remains at a very early stage and, as a result, it is not yet possible to assess the likely outcome. Accordingly, no provision has been recognised in respect of the proposed action.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-344": { "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. 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: \u2013 cost estimates increase by 5%, the provision at 31 July 2026 would increase by around \u00a325 million. \u2013 the discount rate increases by 100 bps, the provision at 31 July 2026 would decrease by around \u00a313 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 2025
(482.9)
0.1
(482.8)
(33.5)
\u2013
(33.5)
(516.4)
0.1
(516.3)
Adjusting item \u2013 cost of sales (note 2)
(37.4)
10.0
(27.4)
6.2
\u2013
6.2
(31.2)
10.0
(21.2)
Analysed as:
Additions
(83.4)
10.0
(73.4)
\u2013
\u2013
\u2013
(83.4)
10.0
(73.4)
Released
39.8
\u2013
39.8
5.8
\u2013
5.8
45.6
\u2013
45.6
Change in discount rate
6.2
\u2013
6.2
0.4
\u2013
0.4
6.6
\u2013
6.6
Utilised/(received)
40.4
(7.9)
32.5
0.5
\u2013
0.5
40.9
(7.9)
33.0
Unwinding of discount (notes 2,16)
(12.0)
\u2013
(12.0)
(1.2)
\u2013
(1.2)
(13.2)
\u2013
(13.2)
At 31 July 2026
(491.9)
2.2
(489.7)
(28.0)
\u2013
(28.0)
(519.9)
2.2
(517.7)
The provision is classified as follows:
Total legacy
SRT and building
associated Structural safety
review defects improvements
\u00a3m \u00a3m \u00a3m
Current
138.1
0.7
138.8
Non-current
353.8
27. 3
381.1
Total
491.9
28.0
519.9
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-419": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-391": { "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: \u2013 Plant, fixtures and fittings \u2013 3 to 15 years. \u2013 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
Land and Plant, fixtures Asset under Land and Plant, fixtures
property and fittings construction property and fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
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 1 August 2025
18.3
16.4
10.6
30.5
2.0
77.8
Additions
\u2013
6.3
\u2013
2.9
\u2013
9.2
Disposals
\u2013
(2.1)
\u2013
\u2013
(1.5)
(3.6)
Transfers
\u2013
10.6
(10.6)
\u2013
\u2013
\u2013
At 31 July 2026
18.3
31.2
\u2013
33.4
0.5
83.4
Depreciation
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 1 August 2025
4.7
12.5
\u2013
13.6
1.5
32.3
Charge for year
0.5
2.3
\u2013
2.8
0.3
5.9
On disposals
\u2013
(2.0)
\u2013
\u2013
(1.5)
(3.5)
At 31 July 2026
5.2
12.8
\u2013
16.4
0.3
34.7
Net book value
At 31 July 2026
13.1
18.4
\u2013
17.0
0.2
48.7
At 31 July 2025
13.6
3.9
10.6
16.9
0.5
45.5
At 31 July 2026, the market capitalisation of the Group was below the carrying value of its net assets. The Group has assessed property, plant and equipment for impairment at 31 July 2026 and no impairment charge was recognised in the year (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-345": { "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: \u2013 Plant, fixtures and fittings \u2013 3 to 15 years. \u2013 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
Land and Plant, fixtures Asset under Land and Plant, fixtures
property and fittings construction property and fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
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 1 August 2025
18.3
16.4
10.6
30.5
2.0
77.8
Additions
\u2013
6.3
\u2013
2.9
\u2013
9.2
Disposals
\u2013
(2.1)
\u2013
\u2013
(1.5)
(3.6)
Transfers
\u2013
10.6
(10.6)
\u2013
\u2013
\u2013
At 31 July 2026
18.3
31.2
\u2013
33.4
0.5
83.4
Depreciation
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 1 August 2025
4.7
12.5
\u2013
13.6
1.5
32.3
Charge for year
0.5
2.3
\u2013
2.8
0.3
5.9
On disposals
\u2013
(2.0)
\u2013
\u2013
(1.5)
(3.5)
At 31 July 2026
5.2
12.8
\u2013
16.4
0.3
34.7
Net book value
At 31 July 2026
13.1
18.4
\u2013
17.0
0.2
48.7
At 31 July 2025
13.6
3.9
10.6
16.9
0.5
45.5
At 31 July 2026, the market capitalisation of the Group was below the carrying value of its net assets. The Group has assessed property, plant and equipment for impairment at 31 July 2026 and no impairment charge was recognised in the year (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-431": { "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: \u2013 Plant, fixtures and fittings \u2013 3 to 15 years. \u2013 Freehold buildings \u2013 40 years. Freehold land is not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-420": { "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: \u2013 Plant, fixtures and fittings \u2013 3 to 15 years. \u2013 Freehold buildings \u2013 40 years. Freehold land is not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-346": { "value": "
12. Financial assets and equity accounted joint arrangements
The Group had the following investments or financial assets in joint arrangements at 31 July:
2026 2025
\u00a3m \u00a3m
Financial assets \u2013 loan to joint ventures
49.3
54.0
Interest in joint ventures \u2013 equity
\u2013
0.1
49.3
54.1
The Group has made loans of \u00a349.3 million (2025: \u00a354.0 million) to its joint ventures.
This comprises: \u00a342.6 million (2025: \u00a348.3 million) to Bellway Latimer Cherry Hinton LLP
that bears interest at 5% above Bank of England base rate per annum and is repayable on
demand when the LLP has surplus funds and must be fully repaid by the completion of the
development; and \u00a36.7 million (2025: \u00a35.7 million) to Lambeth Regeneration LLP that is
non-interest bearing and repayable on demand.
The movement on both the equity accounted joint ventures and related financial assets
during the year is as follows:
2026 2025
\u00a3m \u00a3m
At the start of the year
54.1
57.5
Net (decrease)/increase in loans to joint ventures
(4.9)
8.5
Dividends received from equity accounted joint ventures
\u2013
(3.1)
Share of result of joint ventures (note 13)
(0.6)
(1.5)
Transfer to accruals (note 13)
0.7
\u2013
Derecognition of interest in Fradley Residential LLP
\u2013
(7.3)
At the end of the year
49.3
54.1
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-407": { "value": "12. Financial assets and equity accounted joint arrangements The Group had the following investments or financial assets in joint arrangements at 31 July:
2026 2025
\u00a3m \u00a3m
Financial assets \u2013 loan to joint ventures
49.3
54.0
Interest in joint ventures \u2013 equity
\u2013
0.1
49.3
54.1
The Group has made loans of \u00a349.3 million (2025: \u00a354.0 million) to its joint ventures. This comprises: \u00a342.6 million (2025: \u00a348.3 million) to Bellway Latimer Cherry Hinton LLP that bears interest at 5% above Bank of England base rate per annum and is repayable on demand when the LLP has surplus funds and must be fully repaid by the completion of the development; and \u00a36.7 million (2025: \u00a35.7 million) to Lambeth Regeneration LLP that is non-interest bearing and repayable on demand. The movement on both the equity accounted joint ventures and related financial assets during the year is as follows:
2026 2025
\u00a3m \u00a3m
At the start of the year
54.1
57.5
Net (decrease)/increase in loans to joint ventures
(4.9)
8.5
Dividends received from equity accounted joint ventures
\u2013
(3.1)
Share of result of joint ventures (note 13)
(0.6)
(1.5)
Transfer to accruals (note 13)
0.7
\u2013
Derecognition of interest in Fradley Residential LLP
\u2013
(7.3)
At the end of the year
49.3
54.1
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 Extension 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. None of the joint ventures are considered individually material to the Group. The Group\u2019s share of the joint ventures\u2019 net assets and income are made up as follows:
2026 2025
\u00a3m \u00a3m
Current assets
58.5
62.5
Current liabilities
(70.0)
(73.7)
Share of net (liabilities)/assets of joint ventures
(11.5)
(11.2)
Joint venture losses recognised against loan to joint ventures
11.5
11.3
Interest in joint ventures \u2013 equity
\u2013
0.1
Revenue
35.2
25.5
Costs
(30.7)
(21.5)
Operating profit
4.5
4.0
Interest
(5.1)
(5.5)
Share of result of joint ventures
(0.6)
(1.5)
Analysed as:
Underlying share of result of joint ventures
0.2
(1.5)
Adjusting item: share of joint venture net legacy building
safety expense (note 2)
(0.8)
\u2013
Share of dividends paid to joint venture partners
\u2013
(3.1)
As the net assets of Ponton Road LLP are negative and there is no corresponding loan, a liability of \u00a30.7m has been recognised in accruals as the Group has an obligation to fund the joint venture. The LLP is funded by Bellway and the JV partner in equal proportions and members are committed to provide such funding as may be required by the LLP. The Group has assessed expected credit losses and the loss allowance for joint venture financial assets as immaterial.
Subsidiaries \u2013 dormant*
Ashberry Homes Limited
Bellway (Builders) Limited
Bellway Financial Services Limited
Bellway London Limited
Bellway Trustee Company Limited
Bulldog Premium Growth I Limited
George Blackett Limited
Homes2Let Limited
J. T. B. (Chapel Farm) Estates Limited
J. T. B. Estates Limited
John T. Bell & Sons (1976) Limited
Nixons Kitchens Limited
Seaton GR SPV 13 Limited
Seaton GR SPV 14 Limited
Seaton Thirteen Limited
Other entities
Artex Axcell (Guernsey) PCC Limited (formerly Artex Insurance (Guernsey) PCC Limited)
c Notes: * Dormant ** These shares are held indirectly. a Registered address is Persimmon House, Fulford, York, YO19 4FE b Registered address is One Eleven, Edmund Street, Birmingham, B3 2HJ c Registered address is PO Box 230, Heritage Hall, Le Marchant Street, St Peter Port, Guernsey, GY1 4JH Group undertakings The Directors set out below information relating to the Group undertakings (excluding resident management companies) as at 31 July 2026. All of these Group undertakings are registered in England and Wales unless otherwise stated. They are engaged in housebuilding and associated activities, have coterminous year ends with the Group, 100% of their ordinary share capital is held by the Company and the registered address is the same as the Company (unless otherwise stated). Where Bellway owns 100% of the voting rights of a business, the company is considered to be controlled by Bellway and is treated as a subsidiary.
Subsidiaries \u2013 trading
Bellway Homes Limited
Bellway Housing Trust Limited
Bellway Properties Limited
Bellway (Services) Limited
Litrose Investments Limited
Bellway Home Space Limited
Woolsington One Limited**
Ashberry Strategic Land Limited**
Bellway Joint Ventures Limited**
Fradley Residential LLP**
Joint arrangements
Cramlington Developments Limited (50% owned, year end of 30 June)**
a
Leebell Developments Limited (50% owned, year end of 30 June)**
a
Ponton Road LLP (50% owned)**
Lambeth Regeneration LLP (50% owned)**
Bellway Latimer Cherry Hinton LLP (50% owned)**
Langley Sustainable Urban Extension Limited (33% owned)**
b
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-404": { "value": "12. Financial assets and equity accounted joint arrangements The Group had the following investments or financial assets in joint arrangements at 31 July:
2026 2025
\u00a3m \u00a3m
Financial assets \u2013 loan to joint ventures
49.3
54.0
Interest in joint ventures \u2013 equity
\u2013
0.1
49.3
54.1
The Group has made loans of \u00a349.3 million (2025: \u00a354.0 million) to its joint ventures. This comprises: \u00a342.6 million (2025: \u00a348.3 million) to Bellway Latimer Cherry Hinton LLP that bears interest at 5% above Bank of England base rate per annum and is repayable on demand when the LLP has surplus funds and must be fully repaid by the completion of the development; and \u00a36.7 million (2025: \u00a35.7 million) to Lambeth Regeneration LLP that is non-interest bearing and repayable on demand. The movement on both the equity accounted joint ventures and related financial assets during the year is as follows:
2026 2025
\u00a3m \u00a3m
At the start of the year
54.1
57.5
Net (decrease)/increase in loans to joint ventures
(4.9)
8.5
Dividends received from equity accounted joint ventures
\u2013
(3.1)
Share of result of joint ventures (note 13)
(0.6)
(1.5)
Transfer to accruals (note 13)
0.7
\u2013
Derecognition of interest in Fradley Residential LLP
\u2013
(7.3)
At the end of the year
49.3
54.1
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-392": { "value": "12. Financial assets and equity accounted joint arrangements The Group had the following investments or financial assets in joint arrangements at 31 July:
2026 2025
\u00a3m \u00a3m
Financial assets \u2013 loan to joint ventures
49.3
54.0
Interest in joint ventures \u2013 equity
\u2013
0.1
49.3
54.1
The Group has made loans of \u00a349.3 million (2025: \u00a354.0 million) to its joint ventures. This comprises: \u00a342.6 million (2025: \u00a348.3 million) to Bellway Latimer Cherry Hinton LLP that bears interest at 5% above Bank of England base rate per annum and is repayable on demand when the LLP has surplus funds and must be fully repaid by the completion of the development; and \u00a36.7 million (2025: \u00a35.7 million) to Lambeth Regeneration LLP that is non-interest bearing and repayable on demand. The movement on both the equity accounted joint ventures and related financial assets during the year is as follows:
2026 2025
\u00a3m \u00a3m
At the start of the year
54.1
57.5
Net (decrease)/increase in loans to joint ventures
(4.9)
8.5
Dividends received from equity accounted joint ventures
\u2013
(3.1)
Share of result of joint ventures (note 13)
(0.6)
(1.5)
Transfer to accruals (note 13)
0.7
\u2013
Derecognition of interest in Fradley Residential LLP
\u2013
(7.3)
At the end of the year
49.3
54.1
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 Extension 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. None of the joint ventures are considered individually material to the Group.
The Group\u2019s share of the joint ventures\u2019 net assets and income are made up as follows:
2026 2025
\u00a3m \u00a3m
Current assets
58.5
62.5
Current liabilities
(70.0)
(73.7)
Share of net (liabilities)/assets of joint ventures
(11.5)
(11.2)
Joint venture losses recognised against loan to joint ventures
11.5
11.3
Interest in joint ventures \u2013 equity
\u2013
0.1
Revenue
35.2
25.5
Costs
(30.7)
(21.5)
Operating profit
4.5
4.0
Interest
(5.1)
(5.5)
Share of result of joint ventures
(0.6)
(1.5)
Analysed as:
Underlying share of result of joint ventures
0.2
(1.5)
Adjusting item: share of joint venture net legacy building
safety expense (note 2)
(0.8)
\u2013
Share of dividends paid to joint venture partners
\u2013
(3.1)
As the net assets of Ponton Road LLP are negative and there is no corresponding loan, a liability
of \u00a30.7m has been recognised in accruals as the Group has an obligation to fund the joint
venture. The LLP is funded by Bellway and the JV partner in equal proportions and members
are committed to provide such funding as may be required by the LLP.
The Group has assessed expected credit losses and the loss allowance for joint venture
financial assets as immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-347": { "value": "
14. Commitments
2026 2025
\u00a3m \u00a3m
Capital commitments
Contracted not provided
0.1
3.5
Authorised not contracted
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-393": { "value": "14. Commitments
2026 2025
\u00a3m \u00a3m
Capital commitments
Contracted not provided
0.1
3.5
Authorised not contracted
\u2013
\u2013
24. Contingent liabilities Contingent liabilities Contingent liabilities of the Group are disclosed unless the possibility of an outflow in settlement is remote. On 30 October 2025 the Competition and Markets Authority (CMA) made a decision to close its investigation into information sharing practices in the sector following binding commitments from certain housebuilders and a requirement for the housebuilders to work with industry bodies to develop and publish industry-wide UK competition law guidance for the wider sector. The CMA did not find that the Competition Act 1998 had been infringed, and the acceptance of commitments did not involve any admission of wrongdoing by the housebuilders. An application to commence a proposed collective class action was filed in the Competition Appeal Tribunal on 24 June 2026 against seven major housebuilders, including Bellway. The application alleges that exchanges of competitively sensitive information breached competition law, affected competition and resulted in higher prices for certain purchasers of new-build homes. The application states it is informed by the CMA decision referred to above. The proposed collective action remains at a very early stage and, as a result, it is not yet possible to assess the likely outcome. Accordingly, no provision has been recognised in respect of the proposed action.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-348": { "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 has 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. 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)
2026 2025
\u00a3m \u00a3m
Increase in net cash and cash equivalents
115.9
52.3
Increase in net cash from cash flows
115.9
52.3
Net cash/(debt) at 1 August
41.8
(10.5)
Net cash at 31 July
157.7
41.8
15b. Analysis of net cash/(debt)
At 1 August Cash At 31 July
2025 flows 2026
\u00a3m \u00a3m \u00a3m
Cash and cash equivalents
171.8
115.9
287.7
Fixed rate sterling USPP notes
(130.0)
\u2013
(130.0)
Net cash
41.8
115.9
157.7
Through its primary banking provider, the Group operates a single joint account arrangement covering the Parent and its subsidiary entities. Under this arrangement, the Group manages all funds through a single joint MASS (Memorandum Account Statement System) account on behalf of all participating entities, whilst the individual entities have memorandum accounts which are reflected in the header MASS account. All memorandum balances are grouped together in the single MASS account for the purposes of applying interest from a Group perspective, but each entity records its own memorandum balance in its individual financial statements. The entities participating in the joint account arrangement provide a cross-guarantee for all participants in relation to all indebtedness owed to the bank and all participants are jointly and severally liable with the rest of the Group in the event of a default. As at 31 July 2026, the joint MASS account had an overall net cash balance of \u00a3148.9 million (2025: \u00a395.6 million). While the Group has a right of set-off across our memorandum accounts as part of the joint account arrangement, each Group entity reflects their own individual cash position. The MASS account gross balances comprises positive balances of \u00a3178.3 million and overdraft balances of \u00a329.4 million (2025: positive balances of \u00a3115.3 million and overdraft balances of \u00a319.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-421": { "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 has 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-435": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-432": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-422": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-410": { "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.
2026 2025
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.2
3.8
Net interest on retirement benefit assets
0.1
\u2013
Other interest receivable
5.1
5.8
Finance income
8.4
9.6
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans
5.8
3.4
Interest payable on fixed rate sterling USPP notes (note 17)
3.4
3.4
Interest on deferred term land payables
13.4
14.9
Unwinding of the discount on the legacy building safety
improvements provision (notes 2, 10)
13.2
14.4
Interest payable on leases (note 17)
0.9
0.8
Finance expenses
36.7
36.9
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-408": { "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.
2026 2025
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.2
3.8
Net interest on retirement benefit assets
0.1
\u2013
Other interest receivable
5.1
5.8
Finance income
8.4
9.6
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans
5.8
3.4
Interest payable on fixed rate sterling USPP notes (note 17)
3.4
3.4
Interest on deferred term land payables
13.4
14.9
Unwinding of the discount on the legacy building safety
improvements provision (notes 2, 10)
13.2
14.4
Interest payable on leases (note 17)
0.9
0.8
Finance expenses
36.7
36.9
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-405": { "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.
2026 2025
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.2
3.8
Net interest on retirement benefit assets
0.1
\u2013
Other interest receivable
5.1
5.8
Finance income
8.4
9.6
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans
5.8
3.4
Interest payable on fixed rate sterling USPP notes (note 17)
3.4
3.4
Interest on deferred term land payables
13.4
14.9
Unwinding of the discount on the legacy building safety
improvements provision (notes 2, 10)
13.2
14.4
Interest payable on leases (note 17)
0.9
0.8
Finance expenses
36.7
36.9
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-394": { "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.
2026 2025
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.2
3.8
Net interest on retirement benefit assets
0.1
\u2013
Other interest receivable
5.1
5.8
Finance income
8.4
9.6
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans
5.8
3.4
Interest payable on fixed rate sterling USPP notes (note 17)
3.4
3.4
Interest on deferred term land payables
13.4
14.9
Unwinding of the discount on the legacy building safety
improvements provision (notes 2, 10)
13.2
14.4
Interest payable on leases (note 17)
0.9
0.8
Finance expenses
36.7
36.9
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-373": { "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.
2026 2025
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.2
3.8
Net interest on retirement benefit assets
0.1
\u2013
Other interest receivable
5.1
5.8
Finance income
8.4
9.6
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans
5.8
3.4
Interest payable on fixed rate sterling USPP notes (note 17)
3.4
3.4
Interest on deferred term land payables
13.4
14.9
Unwinding of the discount on the legacy building safety
improvements provision (notes 2, 10)
13.2
14.4
Interest payable on leases (note 17)
0.9
0.8
Finance expenses
36.7
36.9
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-349": { "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.
2026 2025
\u00a3m \u00a3m
Interest receivable on short-term bank deposits
3.2
3.8
Net interest on retirement benefit assets
0.1
\u2013
Other interest receivable
5.1
5.8
Finance income
8.4
9.6
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans
5.8
3.4
Interest payable on fixed rate sterling USPP notes (note 17)
3.4
3.4
Interest on deferred term land payables
13.4
14.9
Unwinding of the discount on the legacy building safety
improvements provision (notes 2, 10)
13.2
14.4
Interest payable on leases (note 17)
0.9
0.8
Finance expenses
36.7
36.9
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-436": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-433": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-423": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-350": { "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 2026
265.0
276.6
206.4
34.2
36.0
\u2013
At 31 July 2025
3 37.6
3 47.4
268.7
70.8
7.9
\u2013
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)
5 27.5
527.5
52 7.5
\u2013
\u2013
\u2013
Fixed rate
sterling USPP
notes
130.0
139.4
3.4
82.5
53.5
\u2013
Lease liabilities
19.7
23.1
3.6
2.9
7.5
9.1
Share buyback
obligation
11.1
11.1
11.1
\u2013
\u2013
\u2013
At 31 July 2026
688.3
701.1
545.6
85.4
61.0
9.1
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
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 (2025: \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 2026 and 31 July 2025
for the Group are shown in note 15.
The average interest rate earned on the cash and cash equivalents balance as at 31 July 2026,
excluding joint ventures, was 3.47% (2025: 4.21%).
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:
2026 2025
\u00a3m \u00a3m
Loans and receivables
110.1
119.8
Cash and cash equivalents
287.7
171.8
Financial liabilities at amortised cost
(953.3)
(958.5)
(555.5)
(666.9)
Reconciliation of liabilities arising from financing activities
Share
At 1 Net cash New buyback At
August flows leases programme Disposals Interest 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
20.1
(3.8)
2.9
\u2013
(0.4)
0.9
19.7
Share buyback
obligation
\u2013
(139.8)
\u2013
150.9
\u2013
\u2013
11.1
At 31 July 2026
150.1
(147.0)
2.9
150.0
(0.4)
4.3
160.8
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
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 2026 (2025: \u00a3400.0 million)
which, as at the year end, were due to expire during the course of the following
financial years:
2026 2025
\u00a3m \u00a3m
By 31 July 2027
\u2013
150.0
By 31 July 2028
\u2013
150.0
By 31 July 2029
\u2013
50.0
By 31 July 2030
\u2013
50.0
By 31 July 2031
400.0
\u2013
400.0
400.0
During the year, the Group refinanced its bank facilities into a \u00a3400.0 million club facility
expiring in December 2030. The facility contains 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:
2026 2025
\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:
2026 2025
\u00a3m \u00a3m
Equity
3,520.8
3,556.2
Net cash (note 15)
(157.7)
(41.8)
Capital employed
3,363.1
3,514.4
Risks
Details of the risks relating to financial instruments are set out in the Risk Management
section on page 52.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-434": { "value": "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:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-374": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-395": { "value": "Financial assets and liabilities by category The carrying values and fair values of the financial assets and liabilities of the Group are as follows:
2026 2025
\u00a3m \u00a3m
Loans and receivables
110.1
119.8
Cash and cash equivalents
287.7
171.8
Financial liabilities at amortised cost
(953.3)
(958.5)
(555.5)
(666.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-375": { "value": "Financial assets and liabilities by category The carrying values and fair values of the financial assets and liabilities of the Group are as follows:
2026 2025
\u00a3m \u00a3m
Loans and receivables
110.1
119.8
Cash and cash equivalents
287.7
171.8
Financial liabilities at amortised cost
(953.3)
(958.5)
(555.5)
(666.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-376": { "value": "Reconciliation of liabilities arising from financing activities
Share
At 1 Net cash New buyback At
August flows leases programme Disposals Interest 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
20.1
(3.8)
2.9
\u2013
(0.4)
0.9
19.7
Share buyback
obligation
\u2013
(139.8)
\u2013
150.9
\u2013
\u2013
11.1
At 31 July 2026
150.1
(147.0)
2.9
150.0
(0.4)
4.3
160.8
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
Cash flows relating to interest are included within interest paid in cash flows from operating activities, within the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-377": { "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:
2026 2025
\u00a3m \u00a3m
Equity
3,520.8
3,556.2
Net cash (note 15)
(157.7)
(41.8)
Capital employed
3,363.1
3,514.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-396": { "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.
2026 2025
Number 2026 Number 2025
000 \u00a3m 000 \u00a3m
Allotted, called up and fully paid 12.5p
ordinary shares
At start of year
118,992
14.8
118,980
14.8
Issued on exercise of options
316
\u2013
12
\u2013
Buyback and cancellation of shares
(6,334)
(0.8)
\u2013
\u2013
At end of year
112,974
14.0
118,992
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 year, the Group purchased 6,334,139 of its own ordinary shares for a total consideration of \u00a3139.8 million, including transaction costs of \u00a30.9 million, as part of the initial \u00a3150.0 million share buyback programme entered into on 14 October 2025 and completed on 28 August 2026. During the year, 6,334,139 shares were cancelled and nil were held in treasury by the Company. As the programme was irrevocable at 31 July 2026, \u00a311.1 million of the total remaining consideration was recognised as a financial liability. 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 Trust), 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.
2026 2025
Number Number
At start of year
370,097
326,114
Transferred to employees or Directors
(124,993)
(1,000)
Shares purchased
218,893
44,983
At end of year
463,997
370,097
2026 2025
\u00a3m \u00a3m
Cost of shares held in the Trust
12.0
9.8
Market value of shares held in the Trust
9.2
9.2
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, the Group 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. During FY26, the Company purchased 6,334,139 of its own shares as part of the initial share buyback programme, which were cancelled. On cancellation of the shares, the aggregate nominal value of \u00a30.8 million was transferred from issued share capital to the capital redemption reserve. This reserve is not distributable.
2026 2025
\u00a3m \u00a3m
At start of year
20.6
20.6
Amounts transferred in respect of own shares purchased and
cancelled during the year
0.8
\u2013
At end of year
21.4
20.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-351": { "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.
2026 2025
Number 2026 Number 2025
000 \u00a3m 000 \u00a3m
Allotted, called up and fully paid 12.5p
ordinary shares
At start of year
118,992
14.8
118,980
14.8
Issued on exercise of options
316
\u2013
12
\u2013
Buyback and cancellation of shares
(6,334)
(0.8)
\u2013
\u2013
At end of year
112,974
14.0
118,992
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 year, the Group purchased 6,334,139 of its own ordinary shares for a total consideration of \u00a3139.8 million, including transaction costs of \u00a30.9 million, as part of the initial \u00a3150.0 million share buyback programme entered into on 14 October 2025 and completed on 28 August 2026. During the year, 6,334,139 shares were cancelled and nil were held in treasury by the Company. As the programme was irrevocable at 31 July 2026, \u00a311.1 million of the total remaining consideration was recognised as a financial liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-424": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-352": { "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 Trust), 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.
2026 2025
Number Number
At start of year
370,097
326,114
Transferred to employees or Directors
(124,993)
(1,000)
Shares purchased
218,893
44,983
At end of year
463,997
370,097
2026 2025
\u00a3m \u00a3m
Cost of shares held in the Trust
12.0
9.8
Market value of shares held in the Trust
9.2
9.2
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, the Group 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. During FY26, the Company purchased 6,334,139 of its own shares as part of the initial share buyback programme, which were cancelled. On cancellation of the shares, the aggregate nominal value of \u00a30.8 million was transferred from issued share capital to the capital redemption reserve. This reserve is not distributable.
2026 2025
\u00a3m \u00a3m
At start of year
20.6
20.6
Amounts transferred in respect of own shares purchased and
cancelled during the year
0.8
\u2013
At end of year
21.4
20.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-425": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-378": { "value": "
Own shares held
Bellway p.l.c. holds shares within the Bellway Employee Share Trust (1992) (the Trust),
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-353": { "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.
2026 2025
\u00a3m \u00a3m
Amounts recognised as distributions to equity holders
in the year:
Final dividend for the year ended 31 July 2025 of 49.0p per share
(2024: 38.0p)
57.6
45.1
Interim dividend for the year ended 31 July 2026 of 23.0p per
share (2025: 21.0p)
26.3
24.9
83.9
70.0
Proposed final dividend for the year ended 31 July 2026 of 52.0p
per share (2025: 49.0p)
58.5
58.1
The 2026 proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 26 November 2026 and, in accordance with IAS 10 \u2018Events after the Reporting Period\u2019, has not been included as a liability in these financial statements. In relation to shares held by the Bellway Employee Share Trust (1992) (the Trust) dividends have 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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-426": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-379": { "value": "0.52", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-380": { "value": "58500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-354": { "value": "
21. Employee information
Employment costs, including directors, comprised:
2026 2025
\u00a3m \u00a3m
Wages and salaries
197.0
182.6
Social security
21.8
18.4
Pension costs (note 22)
9.7
9.1
Share-based payments (note 23)
5.7
4.6
234.2
214.7
The average number of persons employed, including Directors, during the year was:
2026 2025
Number Number
Administrative
1,238
1,112
Production and others employed in housebuilding and associated
trading activities
1,609
1,634
2,847
2,746
The emoluments of the Executive Directors are disclosed in the Report of the Board on Directors\u2019
Remuneration on pages 104 to 124.
Key management personnel remuneration, including directors, comprised:
2026 2025
\u00a3m \u00a3m
Salaries and fees (including pension compensation)
5.6
5.4
Social security
1.8
1.5
Taxable benefits
0.4
0.4
Annual cash bonus
3.8
5.1
Pension costs
0.3
0.3
Share-based payments
2.3
2.5
14.2
15.2
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-397": { "value": "Key management personnel remuneration, including directors, comprised:
2026 2025
\u00a3m \u00a3m
Salaries and fees (including pension compensation)
5.6
5.4
Social security
1.8
1.5
Taxable benefits
0.4
0.4
Annual cash bonus
3.8
5.1
Pension costs
0.3
0.3
Share-based payments
2.3
2.5
14.2
15.2
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-381": { "value": "22. Retirement benefit asset 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 (SOCI). 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. A net pension asset for the refund of a surplus is recognised as the company has an unconditional right to a refund of a surplus, such as when all member benefits have been paid. 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 Scheme) 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 (GSIPP) which is a defined contribution contract-based arrangement. Contributions of \u00a39.7 million (2025: \u00a39.1 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 2026. With regard to the Scheme, regular contributions made by the employer over the financial year were \u00a3nil (2025: \u00a3nil). The employer paid no special contributions (2025: \u00a3nil) and reimbursed the pension fund \u00a3nil (2025: \u00a3nil) for expenses incurred by the fund. The Group is expected to make no regular contributions during the year ending 31 July 2027. (d) Regulation The UK pensions market is regulated by the Pensions Regulator whose key statutory objectives in relation to UK defined benefit plans are: \u2013 to protect the benefits of members of occupational pension schemes; \u2013 to promote, and to improve understanding of the good administration of work-based pension schemes; \u2013 to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund, and \u2013 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 The Scheme\u2019s defined benefit obligation is calculated using a discount rate
volatility 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 A significant proportion of the Scheme\u2019s defined benefit obligation is linked
risk 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 The majority of the Scheme\u2019s liabilities are to provide a pension for the life of
expectancy 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 Pension Schemes Act 2026, which received Royal Assent on 29 April 2026 helps to address issues potentially arising from the case. The provisions set out how retrospective validation may be obtained so trustees who want to take action can assess whether to search for historical confirmations or obtain retrospective confirmations. 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 2025 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 Fair value of Net defined
obligation Scheme assets benefit asset
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 August
(38.9)
(42.3)
39.8
43.2
0.9
0.9
Included in the income statement
Interest (expense)
/income
(2.1)
(2.1)
2.2
2.1
0.1
\u2013
(2.1)
(2.1)
2.2
2.1
0.1
\u2013
Included in other comprehensive income/(expense)
Remeasurement
gain arising from:
\u2013 Change in
demographic and
financial
assumptions
2.6
3.1
\u2013
\u2013
2.6
3.1
\u2013 Experience
adjustments
(0.4)
0.2
\u2013
\u2013
(0.4)
0.2
Return on plan
assets excluding
interest income
\u2013
\u2013
(0.7)
(3.3)
(0.7)
(3.3)
2.2
3.3
(0.7)
(3.3)
1.5
\u2013
Other
Benefits paid
2.3
2.2
(2.3)
(2.2)
\u2013
\u2013
2.3
2.2
(2.3)
(2.2)
\u2013
\u2013
Balance at 31 July
(36.5)
(38.9)
39.0
39.8
2.5
0.9
The weighted average duration of the defined benefit obligation at the end of the reporting period is 11 years (2025: 11 years). Scheme assets The fair value of the Scheme assets is:
2026 2025
\u00a3m \u00a3m
Diversified growth fund
12.9
13.0
Corporate bonds
4.5
5.1
Liability driven instruments
16.5
16.7
Insurance policies annuities
4.4
4.5
Cash and cash equivalents
0.7
0.5
Total
39.0
39.8
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:
2026 2025
% per % per
annum annum
Discount rate
6.40
5.60
Future salary increases
3.50
3.40
Allowance for pension in payment increases of RPI or 5% p.a. if less
2.80
2.70
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 2026 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 2026
22.9 years
Female retiring in 2026
24.6 years
Male retiring in 2046
24.2 years
Female retiring in 2046
26.1 years
The mortality assumptions adopted at 31 July 2025 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 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
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 0.8%
Mortality
+1 year life expectancy
Increase by 3.1%
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:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-355": { "value": "22. Retirement benefit asset 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 (SOCI). 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. A net pension asset for the refund of a surplus is recognised as the company has an unconditional right to a refund of a surplus, such as when all member benefits have been paid. 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 Scheme) 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 (GSIPP) which is a defined contribution contract-based arrangement. Contributions of \u00a39.7 million (2025: \u00a39.1 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 2026. With regard to the Scheme, regular contributions made by the employer over the financial year were \u00a3nil (2025: \u00a3nil). The employer paid no special contributions (2025: \u00a3nil) and reimbursed the pension fund \u00a3nil (2025: \u00a3nil) for expenses incurred by the fund. The Group is expected to make no regular contributions during the year ending 31 July 2027.
(d) Regulation
The UK pensions market is regulated by the Pensions Regulator whose key statutory
objectives in relation to UK defined benefit plans are:
\u2013 to protect the benefits of members of occupational pension schemes;
\u2013 to promote, and to improve understanding of the good administration of work-based
pension schemes;
\u2013 to reduce the risk of situations arising which may lead to compensation being payable
from the Pension Protection Fund, and
\u2013 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 The Scheme\u2019s defined benefit obligation is calculated using a discount rate
volatility 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 A significant proportion of the Scheme\u2019s defined benefit obligation is linked
risk 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 The majority of the Scheme\u2019s liabilities are to provide a pension for the life of
expectancy 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 Pension Schemes Act 2026, which received Royal Assent on 29 April 2026 helps to
address issues potentially arising from the case. The provisions set out how retrospective
validation may be obtained so trustees who want to take action can assess whether to
search for historical confirmations or obtain retrospective confirmations.
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 2025 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 Fair value of Net defined
obligation Scheme assets benefit asset
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 August
(38.9)
(42.3)
39.8
43.2
0.9
0.9
Included in the income statement
Interest (expense)
/income
(2.1)
(2.1)
2.2
2.1
0.1
\u2013
(2.1)
(2.1)
2.2
2.1
0.1
\u2013
Included in other comprehensive income/(expense)
Remeasurement
gain arising from:
\u2013 Change in
demographic and
financial
assumptions
2.6
3.1
\u2013
\u2013
2.6
3.1
\u2013 Experience
adjustments
(0.4)
0.2
\u2013
\u2013
(0.4)
0.2
Return on plan
assets excluding
interest income
\u2013
\u2013
(0.7)
(3.3)
(0.7)
(3.3)
2.2
3.3
(0.7)
(3.3)
1.5
\u2013
Other
Benefits paid
2.3
2.2
(2.3)
(2.2)
\u2013
\u2013
2.3
2.2
(2.3)
(2.2)
\u2013
\u2013
Balance at 31 July
(36.5)
(38.9)
39.0
39.8
2.5
0.9
The weighted average duration of the defined benefit obligation at the end of the reporting
period is 11 years (2025: 11 years).
Scheme assets
The fair value of the Scheme assets is:
2026 2025
\u00a3m \u00a3m
Diversified growth fund
12.9
13.0
Corporate bonds
4.5
5.1
Liability driven instruments
16.5
16.7
Insurance policies annuities
4.4
4.5
Cash and cash equivalents
0.7
0.5
Total
39.0
39.8
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:
2026 2025
% per % per
annum annum
Discount rate
6.40
5.60
Future salary increases
3.50
3.40
Allowance for pension in payment increases of RPI or 5% p.a. if less
2.80
2.70
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 2026 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 2026
22.9 years
Female retiring in 2026
24.6 years
Male retiring in 2046
24.2 years
Female retiring in 2046
26.1 years
The mortality assumptions adopted at 31 July 2025 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 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
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 0.8%
Mortality
+1 year life expectancy
Increase by 3.1%
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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-427": { "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 (SOCI). 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. A net pension asset for the refund of a surplus is recognised as the company has an unconditional right to a refund of a surplus, such as when all member benefits have been paid. 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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-398": { "value": "Movements in net defined benefit assets
Defined benefit Fair value of Net defined
obligation Scheme assets benefit asset
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 August
(38.9)
(42.3)
39.8
43.2
0.9
0.9
Included in the income statement
Interest (expense)
/income
(2.1)
(2.1)
2.2
2.1
0.1
\u2013
(2.1)
(2.1)
2.2
2.1
0.1
\u2013
Included in other comprehensive income/(expense)
Remeasurement
gain arising from:
\u2013 Change in
demographic and
financial
assumptions
2.6
3.1
\u2013
\u2013
2.6
3.1
\u2013 Experience
adjustments
(0.4)
0.2
\u2013
\u2013
(0.4)
0.2
Return on plan
assets excluding
interest income
\u2013
\u2013
(0.7)
(3.3)
(0.7)
(3.3)
2.2
3.3
(0.7)
(3.3)
1.5
\u2013
Other
Benefits paid
2.3
2.2
(2.3)
(2.2)
\u2013
\u2013
2.3
2.2
(2.3)
(2.2)
\u2013
\u2013
Balance at 31 July
(36.5)
(38.9)
39.0
39.8
2.5
0.9
The weighted average duration of the defined benefit obligation at the end of the reporting period is 11 years (2025: 11 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-356": { "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 (LTIP), a deferred bonus plan (DBP), an employee share option scheme and Savings Related Share Option Schemes (SRSOS), 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. 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 110 to 115F within the Remuneration Report. Share-based payments have been valued by an external third party using various models detailed below, based on publicly available market data at the time of the grant, which the Directors consider to be the most appropriate method of determining their fair value.
The number and weighted average exercise price of share-based payments is as follows:
LTIP, DBP
2026 2025
Weighted Weighted
average 2026 average 2025
exercise Number of exercise Number of
price options price options
p No. p No.
Outstanding at the beginning of the year
\u2013
596,715
\u2013
597,279
Granted during the year
\u2013
615,185
\u2013
159,958
Lapsed during the year
\u2013
(126,117)
\u2013
(159,522)
Exercised during the year
\u2013
(115,542)
\u2013
(1,000)
Outstanding at the end of the year
\u2013
970,241
\u2013
596,715
Exercisable at the end of the year
\u2013
\u2013
\u2013
\u2013
The options outstanding at 31 July 2026 have a weighted average contractual life of 1.7 years
(2025: 1.2 years). The weighted average share price at the date of exercise for share options
exercised during the year was 2,810.5p (2025: 2,666.0p).
SRSOS
2026 2025
Weighted Weighted
average 2026 average 2025
exercise Number of exercise Number of
price options price options
p No. p No.
Outstanding at the beginning of the year
1,702.1
754,811
1,625.5
770,162
Granted during the year
1,781.0
772,826
2,513.0
96,317
Forfeited during the year
2,125.3
(349,170)
1,813.0
(100,206)
Exercised during the year
1,556.9
(316,825)
2,397.0
(11,462)
Outstanding at the end of the year
1,654.8
861,642
1,702.1
754,811
Exercisable at the end of the year
1,664.9
11,899
2,534.0
17,157
The options outstanding at 31 July 2026 have an exercise price in the range of 1,550p to
2,535p (2025: 1,550.0p to 2,535.0p) and have a weighted average contractual life of 2.9 years
(2025: 1.9 years). The weighted average share price at the date of exercise for share options
exercised during the year was 2,608.0p (2025: 2,659.8p).
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:
November November November January May May May May May May
2025 2025 2025 2026 2026 2026 2026 2026 2026 2026
3 Year 2024 5 Year 2024 3 Year 2025 5 Year 2025
SRSOS SRSOS SRSOS SRSOS
Scheme description
LTIP
3 Year SRSOS
5 Year SRSOS
LTIP
3 Year SRSOS
5 Year SRSOS
modified* modified* modified* modified*
Valuation model
n/a
Black Scholes
Black Scholes
n/a
Black Scholes
Black Scholes
Black Scholes
Black Scholes
Black Scholes
Black Scholes
Grant date
27-Nov-25
28-Nov-25
28-Nov-25
27-Jan-26
13-May-26
13-May-26
13-May-26
13-May-26
13-May-26
13-May-26
Risk free
interest rate
0.0%
3.71%
3.94%
0.0%
4.42%
4.59%
4.36%
4.46%
4.40%
4.54%
Exercise price
\u2013
2,108p
2,108p
\u2013
1,598p
1,598p
2,513p
2,513p
2,108p
2,108p
Share price at
date of grant
2,808p
2,858p
2,858p
2,720p
1,917p
1,917p
1,917p
1,917p
1,917p
1,917p
Expected
dividend yield
0.0%
2.47%
2.47%
0.0%
3.76%
3.76%
3.76%
3.76%
3.76%
3.76%
3 years 2 5 years 2 3 years 2 5 years 2 3 years 2 5 years 2 3 years 2 5 years 2
Expected life
3 years
months
months
3 years
months months months months months months
Vesting date
27-Nov-28
01-Feb-29
01-Feb-31
27-Jan-29
01-Jul-29
01-Jul-31
01-Jul-29
01-Jul-31
01-Jul-29
01-Jul-31
Expected volatility
N/A
31%
31%
N/A
32%
32%
32%
32%
32%
32%
Fair value of option
2,808p
973p
1,062p
2,808p
527p
579p
153p
269p
318p
406p
Incremental fair
value of option
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
374p
310p
209p
173p
* In the current year, there has been a modification to the SRSOS schemes relating to employees cancelling awards from December 2024 and November 2025 in substitution for awards granted under an additional scheme in May 2026. Employees were invited to invest in a new grant with the option to cancel their contributions to the 2024 and 2025 grants to maximise their investment in the replacement grant. Options cancelled and reinvested into the replacement grant within the investment window to the grant date were accounted for on a modification basis. Shares cancelled but not replaced were treated as cancellations. The incremental fair value is the difference between the fair value of the May 2026 options and the fair value of the repriced previous awards, estimated at the date of modification. The fair value of the original modified award will be recognised over the remainder of the original vesting period, whilst the incremental fair value is recognised over the new vesting period.
2025
October December November December December
2024 2024 2024 2024 2024
Scheme description
LTIP
LTIP
DBP
3 Year SRSOS
5 Year SRSOS
Valuation model
n/a
n/a
n/a
Black Scholes
Black 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 2 months
5 years 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
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 \u00a35.7 million (2025: \u00a34.6 million) in relation to equity-settled share-based payment transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-428": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-357": { "value": "24. Contingent liabilities Contingent liabilities Contingent liabilities of the Group are disclosed unless the possibility of an outflow in settlement is remote. On 30 October 2025 the Competition and Markets Authority (CMA) made a decision to close its investigation into information sharing practices in the sector following binding commitments from certain housebuilders and a requirement for the housebuilders to work with industry bodies to develop and publish industry-wide UK competition law guidance for the wider sector. The CMA did not find that the Competition Act 1998 had been infringed, and the acceptance of commitments did not involve any admission of wrongdoing by the housebuilders. An application to commence a proposed collective class action was filed in the Competition Appeal Tribunal on 24 June 2026 against seven major housebuilders, including Bellway. The application alleges that exchanges of competitively sensitive information breached competition law, affected competition and resulted in higher prices for certain purchasers of new-build homes. The application states it is informed by the CMA decision referred to above. The proposed collective action remains at a very early stage and, as a result, it is not yet possible to assess the likely outcome. Accordingly, no provision has been recognised in respect of the proposed action.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-429": { "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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-358": { "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 104
to 124.
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:
2026 2025
\u00a3m \u00a3m
Invoiced to joint arrangements in respect of accounting,
management fees, interest on loans, land purchases and
infrastructure works
49.4
33.3
Amounts owed to joint arrangements in respect of land
purchases and management fees at the year end
(3.1)
(3.1)
Amounts owed by joint arrangements in respect of
accounting, management fees, interest, land purchases
and infrastructure works
67.9
71.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-382": { "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 104 to 124. 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:
2026 2025
\u00a3m \u00a3m
Invoiced to joint arrangements in respect of accounting,
management fees, interest on loans, land purchases and
infrastructure works
49.4
33.3
Amounts owed to joint arrangements in respect of land
purchases and management fees at the year end
(3.1)
(3.1)
Amounts owed by joint arrangements in respect of
accounting, management fees, interest, land purchases
and infrastructure works
67.9
71.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-359": { "value": "
26. Alternative performance measures
Bellway uses a variety of alternative performance measures (APMs) which, although
financial measures of either historical or future performance, financial position or cash
flows, are not defined or specified by IFRSs. They may not be directly comparable with other
companies\u2019 alternative performance measures, and are not intended to be a substitute
for any IFRS measures of performance, but are considered to be key measures used for
assessing the performance of the business. The Directors use a combination of APMs
and IFRS measures when reviewing the performance, position and cash of the Group.
Certain APMs previously presented by the Group have been removed as they are no longer
used by the Directors when reviewing the performance of the Group. The APMs that have
not been continued are: Capital invested in land, net of land creditors, and work-in-progress;
Total growth in value per ordinary share (over 3 years); Annualised accounting return in NAV
and dividends paid since 31 July 2022 (3-year return); Annualised accounting return in NAV
and dividends paid since 31 July 2015 (10-year return); Underlying capital growth in the
period; Capital growth in the period; and, Cash generated from operations before
investment in land, net of land creditors, and work-in-progress.
The APMs used by the Group are defined below:
\u2013 Underlying \u2013 Underlying refers to any performance measure before net legacy building
safety expense and other exceptional items. The Directors consider that the removal
of the net legacy building safety expense and other exceptional items provides a useful
understanding of the underlying performance of the Group when reviewed alongside
statutory measures.
\u2013 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.
\u2013 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.
\u2013 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.
\u2013 Net asset value per ordinary share (NAV) \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.
\u2013 Return on capital employed (RoCE) \u2013 This is calculated as operating profit divided by the
average capital employed. Capital employed is defined as the total of equity plus net debt
or less net cash. Average capital employed is calculated based on opening, half year and
closing capital employed. RoCE is also calculated using capital employed including land
creditors. 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. 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.
2026 2025
Capital Capital
employed employed
2026 2026 including 2025 2025 including
Capital Land land Capital Land land
employed creditors creditors employed creditors creditors
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Underlying
operating profit
320.6
320.6
303.5
303.5
Operating
profit
299.1
299.1
250.7
250.7
Capital
employed/land
creditors:
Opening
3,514.4
337.6
3,852.0
3,475.9
225.3
3,701.2
Half year
3,594.9
289.6
3,884.5
3,530.4
289.7
3,820.1
Closing
3,363.1
265.0
3,628.1
3,514.4
33 7.6
3,852.0
Average
3,490.8
297.4
3,788.2
3,506.9
284.2
3,791.1
Underlying
return on
capital
employed
9.2%
8.5%
8.7%
8.0%
Return
on capital
employed
8.6%
7.9%
7.1%
6.6%
\u2013 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 is using its assets to generate revenue.
2026 2025
\u00a3m \u00a3m
Revenue
3,162.2
2,782.8
Average capital employed
3,490.8
3,506.9
Asset turn
0.91
0.79
\u2013 Pre-tax return on equity (RoE) \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.
2026 2025
\u00a3m \u00a3m
Underlying profit before taxation
305.7
289.1
Profit before taxation
270.2
221.9
Net assets:
Opening
3,556.2
3,465.4
Half year
3,522.9
3,522.4
Closing
3,520.8
3,556.2
Average
3,533.3
3,514.7
Underlying pre-tax return on equity
8.7%
8.2%
Pre-tax return on equity
7.6%
6.3%
\u2013 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.
2026 2025
\u00a3m \u00a3m
Underlying profit for the year
218.7
209.7
Profit for the year
193.4
157.5
Net assets:
Opening
3,556.2
3,465.4
Half year
3,522.9
3,522.4
Closing
3,520.8
3,556.2
Average
3,533.3
3,514.7
Underlying post-tax return on equity
6.2%
6.0%
Post-tax return on equity
5.5%
4.5%
\u2013 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.
\u2013 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.
\u2013 Adjusted operating cashflow (before land spend, legacy building safety spend,
shareholder returns and changes in debt borrowings) \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, net of reimbursement asset,
shareholder returns and changes in debt borrowings. Land spend is cashflows related
to the acquisition of land in the period. 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.
2026 2025
\u00a3m \u00a3m
Net increase/(decrease) in cash and cash equivalents
115.9
52.3
Add back:
Land spend
496.0
472.0
Utilisation of total legacy building safety improvements provision
33.0
44.6
Dividends paid
83.9
70.0
Share buyback programme
139.8
\u2013
Adjusted operating cashflow (before land spend, legacy building
safety spend, shareholder returns and changes in debt borrowings)
868.6
638.9
\u2013 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.
2026 2025
\u00a3m \u00a3m
Net cash/(debt)
157.7
41.8
Land creditors
(265.0)
(337.6)
(107.3)
(295.8)
Total equity
(3,520.8)
(3,556.2)
Adjusted gearing
3.0%
8.3%
\u2013 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.
2026 2025
\u00a3m \u00a3m
Net cash/(debt)
157.7
41.8
Total equity
(3,520.8)
(3,556.2)
Gearing
\u2013
\u2013
\u2013 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": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-360": { "value": "
27. Post balance sheet events
Share buyback
The Board has approved a return of \u00a375 million surplus capital to shareholders, through
the initial tranche of the Second Share Buyback Programme, with contract terms agreed on
1 September 2026 and amended solely to increase the size from \u00a350 million to \u00a375 million,
on 12 October 2026. As set out in the Chair\u2019s Statement, the full value of the Second Share
Buyback Programme, which will cover FY27, is \u00a3150 million..
Acquisition of Llanmoor Development Co. Limited
The Group acquired 100% of both the ordinary and preference share capital of Llanmoor
Development Co. Limited on 30 September 2026 for consideration of \u00a340.4 million, payable
over 3 years. As this transaction was very recent the acquisition accounting has not yet
been completed. In line with IFRS 3 \u2018Business Combinations\u2019, the acquisition accounting
will be finalised within 12 months of the acquisition date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-383": { "value": "
Group undertakings
The Directors set out below information relating to the Group undertakings (excluding
resident management companies) as at 31 July 2026. All of these Group undertakings are
registered in England and Wales unless otherwise stated. They are engaged in housebuilding
and associated activities, have coterminous year ends with the Group, 100% of their ordinary
share capital is held by the Company and the registered address is the same as the
Company (unless otherwise stated).
Where Bellway owns 100% of the voting rights of a business, the company is considered
to be controlled by Bellway and is treated as a subsidiary.
Subsidiaries \u2013 trading
Bellway Homes Limited
Bellway Housing Trust Limited
Bellway Properties Limited
Bellway (Services) Limited
Litrose Investments Limited
Bellway Home Space Limited
Woolsington One Limited**
Ashberry Strategic Land Limited**
Bellway Joint Ventures Limited**
Fradley Residential LLP**
Joint arrangements
Cramlington Developments Limited (50% owned, year end of 30 June)**
a
Leebell Developments Limited (50% owned, year end of 30 June)**
a
Ponton Road LLP (50% owned)**
Lambeth Regeneration LLP (50% owned)**
Bellway Latimer Cherry Hinton LLP (50% owned)**
Langley Sustainable Urban Extension Limited (33% owned)**
b
Subsidiaries \u2013 dormant*
Ashberry Homes Limited
Bellway (Builders) Limited
Bellway Financial Services Limited
Bellway London Limited
Bellway Trustee Company Limited
Bulldog Premium Growth I Limited
George Blackett Limited
Homes2Let Limited
J. T. B. (Chapel Farm) Estates Limited
J. T. B. Estates Limited
John T. Bell & Sons (1976) Limited
Nixons Kitchens Limited
Seaton GR SPV 13 Limited
Seaton GR SPV 14 Limited
Seaton Thirteen Limited
Other entities
Artex Axcell (Guernsey) PCC Limited (formerly Artex Insurance (Guernsey) PCC Limited)
c
Notes:
* Dormant
** These shares are held indirectly.
a Registered address is Persimmon House, Fulford, York, YO19 4FE
b Registered address is One Eleven, Edmund Street, Birmingham, B3 2HJ
c Registered address is PO Box 230, Heritage Hall, Le Marchant Street, St Peter Port, Guernsey, GY1 4JH
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-399": { "value": "Group undertakings The Directors set out below information relating to the Group undertakings (excluding resident management companies) as at 31 July 2026. All of these Group undertakings are registered in England and Wales unless otherwise stated. They are engaged in housebuilding and associated activities, have coterminous year ends with the Group, 100% of their ordinary share capital is held by the Company and the registered address is the same as the Company (unless otherwise stated). Where Bellway owns 100% of the voting rights of a business, the company is considered to be controlled by Bellway and is treated as a subsidiary.
Subsidiaries \u2013 trading
Bellway Homes Limited
Bellway Housing Trust Limited
Bellway Properties Limited
Bellway (Services) Limited
Litrose Investments Limited
Bellway Home Space Limited
Woolsington One Limited**
Ashberry Strategic Land Limited**
Bellway Joint Ventures Limited**
Fradley Residential LLP**
Joint arrangements
Cramlington Developments Limited (50% owned, year end of 30 June)**
a
Leebell Developments Limited (50% owned, year end of 30 June)**
a
Ponton Road LLP (50% owned)**
Lambeth Regeneration LLP (50% owned)**
Bellway Latimer Cherry Hinton LLP (50% owned)**
Langley Sustainable Urban Extension Limited (33% owned)**
b
Subsidiaries \u2013 dormant*
Ashberry Homes Limited
Bellway (Builders) Limited
Bellway Financial Services Limited
Bellway London Limited
Bellway Trustee Company Limited
Bulldog Premium Growth I Limited
George Blackett Limited
Homes2Let Limited
J. T. B. (Chapel Farm) Estates Limited
J. T. B. Estates Limited
John T. Bell & Sons (1976) Limited
Nixons Kitchens Limited
Seaton GR SPV 13 Limited
Seaton GR SPV 14 Limited
Seaton Thirteen Limited
Other entities
Artex Axcell (Guernsey) PCC Limited (formerly Artex Insurance (Guernsey) PCC Limited)
c Notes: * Dormant ** These shares are held indirectly. a Registered address is Persimmon House, Fulford, York, YO19 4FE b Registered address is One Eleven, Edmund Street, Birmingham, B3 2HJ c Registered address is PO Box 230, Heritage Hall, Le Marchant Street, St Peter Port, Guernsey, GY1 4JH ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } }, "fact-6": { "value": "Woolsington House Woolsington Newcastle Upon Tyne NE13 8BF", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800CY4L3HST4FGZ98", "period": "2025-08-01T00:00:00/2026-08-01T00:00:00" } } } }