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1. Group accounting policies
General information
Norcros plc (the Company), and its subsidiaries (together the Group), is a market-leading designer and supplier of high-quality
bathroom and kitchen products in the UK, Europe and South African markets.
The Company is incorporated in the UK as a public company limited by shares and registered in England and Wales. The shares
of the Company are listed on the premium segment of the London Stock Exchange market of listed securities. The address of its
registered office is Ladyfield House, Station Road, Wilmslow SK9 1BU, UK. The Company is domiciled in the UK.
Basis of preparation
The consolidated financial statements have been prepared under the historical cost convention, except for derivative financial
instruments and contingent consideration, which are stated at their fair value. The Group consolidated statements have been
prepared in accordance with UK-adopted International Accounting Standards.
The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The
areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
consolidated financial statements, are detailed in the section on critical estimates on page 170. Although these estimates are
based on management\u2019s best knowledge of amounts, events or actions, actual results may differ from expectations.
Accounting reference date
UK company law permits a company to draw up financial statements to a date seven days either side of its accounting
reference date. For operational reasons, the Company has in the current financial year adopted an accounting period of
52 weeks and, as a result of this, the exact year end date was 30 March 2025. All references to the financial year, therefore,
relate to the 52 weeks commencing on 1 April 2024. In the previous year, the accounting period was 52 weeks, beginning on
3 April 2023 and ending on 31 March 2024.
Going concern
In adopting the going concern basis for preparing the financial statements, the Directors have considered the Group\u2019s business
activities, and the principal risks and uncertainties including current macroeconomic factors in the context of the current operating
environment. The Group, in acknowledging its TCFD requirements, has also considered climate risks in the financial statements.
A going concern financial assessment was developed on a bottom-up basis by taking the output of the annual budgeting
process built up by individual businesses and then subjected to review and challenge by the Board. The financial model was
then stress tested by modelling the most extreme but plausible scenario, that being a global pandemic similar in nature to
COVID-19. This has been based on the actual impact of the COVID-19 pandemic on the Group, which, at its peak, saw a
revenue reduction of 25% on the prior year over a six-month period. The scenario also incorporates management actions the
Group has at its disposal, including a number of cash conservation and cost reduction measures including capital expenditure
reductions, dividend decreases and restructuring activities.
The Group continues to exhibit sufficient and prudent levels of liquidity headroom against our key banking financial covenants
during the 12-month period under assessment and the Group banking facility expires in October 2027. Reverse stress testing has
also been applied to the financial model, which represents a further decline in sales compared with the reasonable worst case.
Such a scenario, and the sequence of events that could lead to it, is considered to be implausible and remote.
As a result of this detailed assessment, the Board has concluded that the Company is able to meet its obligations when they fall
due for a period of at least 12 months from the date of this report. For this reason, the Company continues to adopt the going
concern basis for preparing the Group financial statements. In forming this view, the Board has also concluded that no material
uncertainty exists in its use of the going concern basis of preparation.
Summary of material accounting policies
The material accounting policies adopted in the preparation of the financial statements are set out as follows. These policies
have been consistently applied to all periods presented.
We are not aware of any new, amended or forthcoming accounting standards that will have a material impact on the financial
statements of the Group in the current year or future years.
Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group 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. The results of subsidiaries acquired or disposed of in the year are included in the consolidated financial statements from the date on which the Group has the ability to exercise control and are no longer consolidated from the date that control ceases. Costs related to the acquisition or disposal are not included in underlying operating profit. Where necessary, adjustments are made to the financial statements of subsidiaries to bring them into line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair value at the date of acquisition and, where necessary, the accounting policies of acquired subsidiaries are adjusted to bring them in line with those of the Group. Any excess of the consideration (excluding payments contingent on future employment) over the fair values of the identifiable net assets acquired is recognised as goodwill. Any discount on acquisition (a deficiency in the cost of acquisition below the fair values of the identifiable net assets acquired) is credited to the Income Statement in the period of acquisition. Payments that are contingent on future employment are charged to the Consolidated Income Statement. All acquisition costs are expensed as incurred. Key sources of estimation uncertainty and critical judgements in applying the Group\u2019s accounting policies The Group\u2019s accounting policies have been set by management and approved by the Audit and Risk Committee. The application of these accounting policies to specific scenarios requires estimates and judgements to be made concerning the future. Under IFRS, estimates or judgements are considered critical where they involve a significant risk that may cause a material adjustment to the carrying amounts of assets and liabilities from period to period. This may be because the estimate or judgement involves matters that are highly uncertain, or because different estimation methods or assumptions could reasonably have been used. Once identified, critical estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the Balance Sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are: \u2022 retirement benefit obligations \u2013 accounting for retirement benefit schemes under IAS 19 (revised) requires an assessment of the future benefits payable in accordance with actuarial assumptions. The future inflation, discount rate and mortality assumptions applied in the calculation of scheme liabilities, which are set out in note 24, represent a key source of estimation uncertainty for the Group. \u2022 long-term growth and discount rates \u2013 as part of the Group\u2019s assessment of the carrying value of cash-generating units, the Group uses estimates of segmental long-term growth rates based on macroeconomic projections for the geographies in which the unit operates. Discount rates for each segment are estimated based upon the risk-free rate for government bonds adjusted for a risk premium to reflect the increased risk of investing in equities and investing in the Group\u2019s specific sectors and regions .
Critical judgements in applying the Group\u2019s accounting policies
In the process of applying the Group\u2019s accounting policies, the Directors have made the following judgements that have the
most significant effect on the amounts recognised in the financial statements (apart from those involving estimations, which
are dealt with above) and have been identified as being particularly complex or involve subjective assessments:
\u2022 defined benefit pension scheme surplus \u2013 management has concluded that the Group has an unconditional right to a
refund from the UK defined benefit pension scheme once the liabilities have been discharged and that the trustees of the
scheme do not have the unilateral right to wind up the scheme. Therefore, the asset is not restricted. See note 24 for further
details of the scheme; and
\u2022 customer rebate, incentive and promotional support accruals \u2013 a number of the Group\u2019s customers are offered rebates,
incentives and promotional support in order to encourage trade and cement strong relationships. Accounting for such
arrangements involves judgement as agreement periods typically run for a number of months or years, and may involve
assumptions around volumes of product purchased or sold into the future (for example: when the assessment period is not
concurrent with the Group\u2019s financial year). However, where applicable, accrual calculations are underpinned by signed
contracts and there has historically been a strong correlation between the amounts accrued in respect of a particular
period and the amounts subsequently paid.
Revenue recognition
The Group derives revenue predominantly from the sale of goods to customers. Revenue from the sale of goods is recognised
when control of the goods has been transferred to the buyer. Control transfers when the customer has the ability to direct the
use of and substantially obtain all of the benefits of the goods. This is generally on receipt of goods by the customer.
The Group also derives revenue from services provided alongside the supply of goods, mainly installation services. This revenue
is recognised over time and calculated using the \u201coutput method\u201d by reference to regular surveys of the work performed, as this
delivers the most accurate recognition given the nature of the goods and services provided.
Revenue is measured at the fair value of the consideration received or receivable. Revenue represents the amounts receivable
for goods supplied or services provided, stated net of discounts, returns, rebates and value-added taxes. Accumulated
experience is used to estimate and provide for rebates, discounts and expected returns using the expected value method, and
revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. An accrual is made at
each Balance Sheet date (included within accruals and deferred income) as a deduction from revenue to reflect management\u2019s
best estimate of amounts to be paid in respect of arrangements in place with customers regarding rebates, discounts and
expected returns.
Incremental costs of fulfilling a contract, such as testing costs, are capitalised in \u201cTrade and other receivables\u201d if the cost has
been incurred and are amortised over the life of the contract if the period over which the Group obtains benefit from is over
12 months. Contract-related support costs are accrued in \u201cTrade and other payables\u201d if the trigger for payment has been met.
Both types of cost are recorded in the Income Statement against underlying operating profit.
Segmental reporting
The Group operates in two main geographical areas: the UK and Ireland and South Africa. All inter-segment transactions are
made on an arm\u2019s length basis. The chief operating decision maker (being the Board) assesses performance and allocates
resources based on geography and accordingly segments have been determined on this basis. Corporate costs are allocated to
segments on the basis of external turnover.
Goodwill
Goodwill is recognised as an asset and reviewed for impairment at least annually or whenever there is an indicator of
impairment. Goodwill is carried at cost less amortisation charged prior to the Group\u2019s transition to IFRS less accumulated
impairment losses. Any impairment is recognised in the period in which it is identified and is never reversed.
Intangible assets
Acquired intangible assets comprise customer relationships, brands, trade names and patents recognised as separately
identifiable assets on acquisition, as well as product certification costs and development costs that meet the criteria for
capitalisation (as explained below in the accounting policy for research and development costs). They are valued at cost less
accumulated amortisation, with amortisation being charged on a straight-line basis.
The estimated useful lives of Group assets are as follows:
Customer relationships 8\u201315 years
Brands, trade name and patents 8\u201315 years
Development costs 5 years
Product certification costs 5 years
Impairment of long-life assets
Property, plant and equipment assets are reviewed on an annual basis to determine whether events or changes in
circumstances indicate that the carrying amount of the assets may not be recoverable. If any such indication exists, the
recoverable amount of the asset is estimated as either the higher of the asset\u2019s net selling price or value-in-use; the resultant
impairment (the amount by which the carrying amount of the asset exceeds its recoverable amount) is recognised as a charge
in the Income Statement.
The value-in-use is calculated as the present value of the estimated future cash flows expected to result from the use of assets
and their eventual disposal proceeds. In order to calculate the present value of estimated future cash flows, the Group uses
an appropriate discount rate adjusted for any associated risk. Estimated future cash flows used in the impairment calculation
represent management\u2019s best view of likely future market conditions and current decisions on the use of each asset or
asset group.
Property, plant and equipment
Property, plant and equipment is initially measured at cost. Cost comprises the purchase price (after deducting trade discounts
and rebates) and any directly attributable costs. Property, plant and equipment is stated at cost less accumulated depreciation
and any provision for impairment in value. Impairment charges are recognised in the Income Statement when the carrying
amount of an asset is greater than the estimated recoverable amount, calculated with reference to future discounted cash
flows that the assets are expected to generate when considered as part of an income-generating unit. Land is not depreciated.
Depreciation on other assets is provided on a straight-line basis to write down assets to their residual value evenly over the
estimated useful lives of the assets from the date of acquisition by the Group.
The estimated useful lives of Group assets are as follows:
Buildings 25\u201350 years
Plant and equipment 3\u201315 years
The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate at each Balance Sheet date.
Assets held for sale are measured at the lower of carrying value (cost less accumulated depreciation) and fair value less costs to
sell. The Group classified assets as held for sale when there is a commitment to a plan to sell the asset and it is probable that a
sale will take place in the following year.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable,
labour and overheads that have been incurred in bringing the inventories to their present location and condition. The Group
measures cost on either a first in, first out or a standard cost basis depending on the level of manufacturing in the relevant
business. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling
expenses. Provisions are made for slow-moving and obsolete items.
Taxation
Current tax, which comprises UK and overseas corporation tax, is provided at amounts expected to be paid (or recovered)
using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and
liabilities in the Balance Sheet and the corresponding tax bases used in the computation of taxable profits and is accounted for
using the Balance Sheet liability method.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to
the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised.
Deferred tax is calculated at the tax rates that are expected to apply in the period in which the liability is settled or the asset
is realised and is charged in the Income Statement, except where it relates to items charged or credited to equity via the
Statement of Comprehensive Income, when the deferred tax is also dealt with in equity and is shown in the Statement of
Comprehensive Income.
Deferred tax charges/credits in relation to fair value movements of derivative contracts and actuarial movements in pension
scheme assets and liabilities are charged/credited directly to the Statement of Other Comprehensive Income.
Provisions
Warranty provisions \u2013 provision is made for the estimated liability on products under warranty. Liability is recognised upon the
sale of a product and is estimated using historical data.
Restructuring provisions \u2013 provision is made for costs of restructuring activities to be carried out by the Group when the Group
is demonstrably committed to incurring the cost in a future period and the cost can be reliably measured.
Legal provision \u2013 provision is made for the estimated costs committed to at the year end to bring the case to a conclusion.
Provisions are measured at the best estimate of the amount to be spent and discounted where material.
Employee benefits
The Group operates various post-employment schemes, including both defined benefit and defined contribution pension plans
and post-employment medical plans.
(a) Pension obligations
A defined contribution plan is a pension plan under which the Group pays fixed contributions to a separate entity. The Group
has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all
employees the benefits relating to employee service in the current and prior periods.
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as age, years of service and compensation.
The surplus recognised in the Consolidated Balance Sheet in respect of defined benefit pension plans is the present value of the
defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is
calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit
obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds
that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the
terms of the related pension obligation. Surpluses are only recognised to the extent that they are recoverable.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited
to equity in other comprehensive income in the period in which they arise, net of the related deferred tax.
Past service costs are recognised immediately in income.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans
on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have
been paid. The contributions are recognised as an employee benefit expense when they are due. Prepaid contributions are
recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
(b) Other post-employment obligations
Some Group companies provide post-retirement healthcare benefits to their retirees. The entitlement to these benefits is
usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period.
The expected costs of these benefits are accrued over the period of employment using the same accounting methodology
as used for defined benefit pension plans. Actuarial gains and losses arising from experience adjustments and changes in
actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.
These obligations are valued annually by independent qualified actuaries.
(c) Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever
an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the
earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity
recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the
case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are
discounted to their present value.
(d) Profit sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit sharing, based on a formula that takes into
consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognises a
provision where contractually obliged or where there is a past practice that has created a constructive obligation.
Exceptional items
Exceptional items are disclosed separately in accordance with the requirements of IAS 1 \u2018Presentation of financial statements\u2019.
They include profits and losses on disposal of non-current assets outside the normal course of business, restructuring costs and
large or significant one-off items which, in management\u2019s judgement, need to be disclosed to enable the user to obtain a proper
understanding of the Group\u2019s financial performance.
IAS 19R administrative expenses
The administrative expenses incurred by the Trustee in connection with managing the Group\u2019s pension schemes are recognised
in the Consolidated Income Statement. These costs are excluded from underlying operating profit as they do not relate to the
performance of the business.
Acquisition and disposal related costs
Acquisition and disposal related costs include deferred remuneration, amortisation of intangibles arising on business
combinations, profits or losses on disposal and professional advisory fees. These costs are excluded from underlying operating
profit as they are non-recurring in nature or outside of the normal course of business.
Financial assets and liabilities
Borrowings
The Group measures all borrowings initially at fair value. This is taken to be the fair value of the consideration received.
Transaction costs (any such costs that are incremental and directly attributable to the issue of the financial instrument) are
included in the calculation of the effective interest rate and are, in effect, amortised through the Income Statement over the
duration of the borrowing.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for
at least 12 months after the Balance Sheet date .
Derivative financial instruments
The Group\u2019s activities expose it primarily to the financial risks of changes in foreign exchange rates and to fluctuations in
interest rates. The Group uses derivative financial instruments (solely foreign currency forward contracts) to hedge its risks
associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions.
The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as
well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents
its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging
transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Group designates net
positions and hedge documentation is prepared in accordance with IFRS 9.
The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
principles in the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use
derivative financial instruments for speculative purposes.
Derivative financial instruments are initially measured at fair value at the contract date and are re-measured to fair value at
subsequent reporting dates. Changes in the fair value of derivative financial instruments that are designated and effective as
hedges of future cash flows are recognised directly in other comprehensive income, and any ineffective portion is recognised
immediately in the Income Statement.
Cash and cash equivalents
Cash and cash equivalents in the Cash Flow Statement include cash in hand and deposits held at call with banks. Cash and
cash equivalents are offset against borrowings only when there is a legally enforceable right to do so and there is a clear
intention to undertake settlement of such borrowings held with the same counterparty within a short timeframe after the
year end .
Trade receivables
Trade receivables are amounts due from customers for goods sold in the ordinary course of business. If collection is expected in
one year or less they are classified as current assets; otherwise, they are presented as non-current assets. Trade receivables are
recognised initially at the amount of consideration that is unconditional.
The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them
subsequently at amortised cost using the effective interest method, less appropriate allowances for estimated credit losses
(provision for impairment). The Group assesses on a forward-looking basis the expected credit losses associated with its debt
instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant
increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to
be recognised from initial recognition of the receivables. To measure the expected credit losses, trade receivables are grouped
based on shared credit risk characteristics and the length of time overdue. An estimate is made of the expected credit loss
based on the Group\u2019s past history, existing market conditions and forward-looking estimates at the end of each reporting
period. The maximum exposure at the end of the reporting period is the carrying amount of these receivables.
Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.
Fair value estimation
The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the Balance Sheet
date. The Group determines the fair value of its remaining financial instruments through the use of estimated discounted
cash flows.
The carrying values less impairment provision of trade receivables and payables are assumed to approximate to their fair values
due to their short-term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future
contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments.
Research and development
Expenditure on research is charged against profits for the year in which it is incurred. Development costs are capitalised
once the technical feasibility of a project has been established and a business plan, which demonstrates how the project will
generate future economic benefits, has been approved. Development costs are amortised on a straight-line basis over their
expected useful lives from the point at which the asset is capable of operating in the manner intended by management.
Dividend distribution
Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the
period in which the dividends are approved by the Company\u2019s shareholders, or when paid if earlier.
Foreign currency transactions
Functional currency
Items included in the financial statements of each entity in the Group are measured using the currency that best reflects
the economic substance of the underlying events and circumstances relevant to that entity (the functional currency). The
consolidated financial statements are presented in Sterling, which is the functional and presentational currency of the
parent entity.
Transactions and balances
Monetary assets and liabilities expressed in currencies other than the functional currency are translated at rates applicable at
the year end and trading results of overseas subsidiaries at average rates for the year. Exchange gains and losses of a trading
nature are dealt with in arriving at operating profit.
Translation of overseas net assets
Exchange gains and losses arising on the retranslation of foreign operations and results are taken directly to other
comprehensive income.
Share capital
Issued share capital is recorded in the Balance Sheet at nominal value with any premium at the date of issue being credited to
the share premium account.
Treasury shares
The cost of the purchase of own shares is taken directly to reserves and is included in the treasury reserve.
Hedging reserve
The hedging reserve represents the accumulated movements in the Group\u2019s derivative financial instruments that have been
designated as hedging instruments. Amounts are transferred in and out of the reserve on the revaluation, or realisation, of
identified hedging instruments.
Share-based payments
The Group operates a number of equity-settled, share-based compensation plans. The fair value of the employee services
received in exchange for the grant of options is recognised as an expense. The total amount to be expensed over the vesting
period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting
conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At
each Balance Sheet date, the Company revises its estimates of the number of options that are expected to vest. It recognises the
impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity.
Share-based payments are settled through the Norcros Group Employee Benefit Trust, which holds shares in Norcros Group plc
that have either been purchased on the market or issued by the Company and satisfies awards made under various employee
incentive schemes. The shareholding of the Group Employee Benefit Trust is consolidated within the consolidated accounts of
the Group.
Leases
Recognition
At the date of commencement, the Group assesses whether a contract is or contains a lease by judging whether the contract is
in relation to a specified asset and to what extent the Group obtains substantially all the economic benefits from, and has the
right to direct the use of, that asset.
The Group recognises a right-of-use (ROU) asset and a lease liability at the commencement of the lease.
Short-term and low-value assets
The Group has elected not to recognise ROU assets and lease liabilities for leases where the total lease term is less than or
equal to 12 months, or for leases of assets with a value less than \u00a35,000. The payments for such leases are recognised within
cost of sales or administrative expenses on a straight-line basis over the lease term and presented within cash generated from
operations in the Cash Flow Statement.
Non-lease components
Fees for components such as property taxes, maintenance, repairs and other services, which are either variable or transfer
benefits separate to the Group\u2019s right to use the asset, are separated from lease components based on their relative stand-
alone selling price. These components are expensed in the Income Statement as incurred.
Lease liabilities
Lease liabilities are initially measured at the present value of future lease payments at the commencement date. Lease
payments are discounted using the interest rate implicit in the lease, or where this cannot be readily determined, the lessee\u2019s
incremental borrowing rate. Lease payments include the following payments due within the non-cancellable term of the lease,
as well as the term of any extension options where these are considered reasonably certain to be exercised:
\u2022 fixed payments;
\u2022 variable payments that depend on an index or rate; and
\u2022 the exercise price of purchase or termination options if it is considered reasonably certain these will be exercised.
Subsequent to the commencement date, the lease liability is measured at the initial value, plus an interest charge determined
using the incremental borrowing rate, less lease payments already made, such as deposits. The interest expense is recorded in
finance costs in the Income Statement. The liability is re-measured when future lease payments change, when the exercise of
extension or termination options becomes reasonably certain, or when the lease is modified.
Payments for the principal element of recognised lease liabilities are presented within cash flows (used in)/generated from
financing activities in the Cash Flow Statement. The interest element is recognised in net cash generated from operations.
Right-of-use assets
The ROU asset is initially measured at cost, being the value of the lease liability, plus the value of any lease payments made at
or before the commencement date, initial direct costs and the cost of any restoration obligations, less any incentives received.
The ROU asset is subsequently measured at cost less accumulated depreciation and impairment losses. The ROU asset is
adjusted for any re-measurement of the lease liability. The ROU asset is subject to testing for impairment where there are any
impairment indicators.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-306": { "value": "General information Norcros plc (the Company), and its subsidiaries (together the Group), is a market-leading designer and supplier of high-quality bathroom and kitchen products in the UK, Europe and South African markets. The Company is incorporated in the UK as a public company limited by shares and registered in England and Wales. The shares of the Company are listed on the premium segment of the London Stock Exchange market of listed securities. The address of its registered office is Ladyfield House, Station Road, Wilmslow SK9 1BU, UK. The Company is domiciled in the UK. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "Norcros plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-304": { "value": "Norcros plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "value": "UK, Europe and South African", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-6": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-7": { "value": " Ladyfield House, Station Road, Wilmslow SK9 1BU, UK", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-8": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-307": { "value": "Basis of preparation The consolidated financial statements have been prepared under the historical cost convention, except for derivative financial instruments and contingent consideration, which are stated at their fair value. The Group consolidated statements have been prepared in accordance with UK-adopted International Accounting Standards. The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are detailed in the section on critical estimates on page 170. Although these estimates are based on management\u2019s best knowledge of amounts, events or actions, actual results may differ from expectations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-358": { "value": "The consolidated financial statements have been prepared under the historical cost convention, except for derivative financial instruments and contingent consideration, which are stated at their fair value. The Group consolidated statements have been prepared in accordance with UK-adopted International Accounting Standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-308": { "value": "Accounting reference date UK company law permits a company to draw up financial statements to a date seven days either side of its accounting reference date. For operational reasons, the Company has in the current financial year adopted an accounting period of 52 weeks and, as a result of this, the exact year end date was 30 March 2025. All references to the financial year, therefore, relate to the 52 weeks commencing on 1 April 2024. In the previous year, the accounting period was 52 weeks, beginning on 3 April 2023 and ending on 31 March 2024. ", "dimensions": { "concept": "norcrosplc:DisclosureOfAccountingReferenceDate", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-309": { "value": "Going concern In adopting the going concern basis for preparing the financial statements, the Directors have considered the Group\u2019s business activities, and the principal risks and uncertainties including current macroeconomic factors in the context of the current operating environment. The Group, in acknowledging its TCFD requirements, has also considered climate risks in the financial statements. A going concern financial assessment was developed on a bottom-up basis by taking the output of the annual budgeting process built up by individual businesses and then subjected to review and challenge by the Board. The financial model was then stress tested by modelling the most extreme but plausible scenario, that being a global pandemic similar in nature to COVID-19. This has been based on the actual impact of the COVID-19 pandemic on the Group, which, at its peak, saw a revenue reduction of 25% on the prior year over a six-month period. The scenario also incorporates management actions the Group has at its disposal, including a number of cash conservation and cost reduction measures including capital expenditure reductions, dividend decreases and restructuring activities. The Group continues to exhibit sufficient and prudent levels of liquidity headroom against our key banking financial covenants during the 12-month period under assessment and the Group banking facility expires in October 2027. Reverse stress testing has also been applied to the financial model, which represents a further decline in sales compared with the reasonable worst case. Such a scenario, and the sequence of events that could lead to it, is considered to be implausible and remote. As a result of this detailed assessment, the Board has concluded that the Company is able to meet its obligations when they fall due for a period of at least 12 months from the date of this report. For this reason, the Company continues to adopt the going concern basis for preparing the Group financial statements. In forming this view, the Board has also concluded that no material uncertainty exists in its use of the going concern basis of preparation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-310": { "value": "
Basis of consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group 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.
The results of subsidiaries acquired or disposed of in the year are included in the consolidated financial statements from the
date on which the Group has the ability to exercise control and are no longer consolidated from the date that control ceases.
Costs related to the acquisition or disposal are not included in underlying operating profit.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring them into line with those used by
the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation.
On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair value at the date of
acquisition and, where necessary, the accounting policies of acquired subsidiaries are adjusted to bring them in line with those
of the Group. Any excess of the consideration (excluding payments contingent on future employment) over the fair values of
the identifiable net assets acquired is recognised as goodwill. Any discount on acquisition (a deficiency in the cost of acquisition
below the fair values of the identifiable net assets acquired) is credited to the Income Statement in the period of acquisition.
Payments that are contingent on future employment are charged to the Consolidated Income Statement. All acquisition costs
are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-359": { "value": "Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group 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. The results of subsidiaries acquired or disposed of in the year are included in the consolidated financial statements from the date on which the Group has the ability to exercise control and are no longer consolidated from the date that control ceases. Costs related to the acquisition or disposal are not included in underlying operating profit. Where necessary, adjustments are made to the financial statements of subsidiaries to bring them into line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair value at the date of acquisition and, where necessary, the accounting policies of acquired subsidiaries are adjusted to bring them in line with those of the Group. Any excess of the consideration (excluding payments contingent on future employment) over the fair values of the identifiable net assets acquired is recognised as goodwill. Any discount on acquisition (a deficiency in the cost of acquisition below the fair values of the identifiable net assets acquired) is credited to the Income Statement in the period of acquisition. Payments that are contingent on future employment are charged to the Consolidated Income Statement. All acquisition costs are expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-314": { "value": "Key sources of estimation uncertainty and critical judgements in applying the Group\u2019s accounting policies The Group\u2019s accounting policies have been set by management and approved by the Audit and Risk Committee. The application of these accounting policies to specific scenarios requires estimates and judgements to be made concerning the future. Under IFRS, estimates or judgements are considered critical where they involve a significant risk that may cause a material adjustment to the carrying amounts of assets and liabilities from period to period. This may be because the estimate or judgement involves matters that are highly uncertain, or because different estimation methods or assumptions could reasonably have been used. Once identified, critical estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the Balance Sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are: \u2022 retirement benefit obligations \u2013 accounting for retirement benefit schemes under IAS 19 (revised) requires an assessment of the future benefits payable in accordance with actuarial assumptions. The future inflation, discount rate and mortality assumptions applied in the calculation of scheme liabilities, which are set out in note 24, represent a key source of estimation uncertainty for the Group. \u2022 long-term growth and discount rates \u2013 as part of the Group\u2019s assessment of the carrying value of cash-generating units, the Group uses estimates of segmental long-term growth rates based on macroeconomic projections for the geographies in which the unit operates. Discount rates for each segment are estimated based upon the risk-free rate for government bonds adjusted for a risk premium to reflect the increased risk of investing in equities and investing in the Group\u2019s specific sectors and regions Critical judgements in applying the Group\u2019s accounting policies In the process of applying the Group\u2019s accounting policies, the Directors have made the following judgements that have the most significant effect on the amounts recognised in the financial statements (apart from those involving estimations, which are dealt with above) and have been identified as being particularly complex or involve subjective assessments: \u2022 defined benefit pension scheme surplus \u2013 management has concluded that the Group has an unconditional right to a refund from the UK defined benefit pension scheme once the liabilities have been discharged and that the trustees of the scheme do not have the unilateral right to wind up the scheme. Therefore, the asset is not restricted. See note 24 for further details of the scheme; and \u2022 customer rebate, incentive and promotional support accruals \u2013 a number of the Group\u2019s customers are offered rebates, incentives and promotional support in order to encourage trade and cement strong relationships. Accounting for such arrangements involves judgement as agreement periods typically run for a number of months or years, and may involve assumptions around volumes of product purchased or sold into the future (for example: when the assessment period is not concurrent with the Group\u2019s financial year). However, where applicable, accrual calculations are underpinned by signed contracts and there has historically been a strong correlation between the amounts accrued in respect of a particular period and the amounts subsequently paid. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-311": { "value": "Revenue recognition The Group derives revenue predominantly from the sale of goods to customers. Revenue from the sale of goods is recognised when control of the goods has been transferred to the buyer. Control transfers when the customer has the ability to direct the use of and substantially obtain all of the benefits of the goods. This is generally on receipt of goods by the customer. The Group also derives revenue from services provided alongside the supply of goods, mainly installation services. This revenue is recognised over time and calculated using the \u201coutput method\u201d by reference to regular surveys of the work performed, as this delivers the most accurate recognition given the nature of the goods and services provided. Revenue is measured at the fair value of the consideration received or receivable. Revenue represents the amounts receivable for goods supplied or services provided, stated net of discounts, returns, rebates and value-added taxes. Accumulated experience is used to estimate and provide for rebates, discounts and expected returns using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. An accrual is made at each Balance Sheet date (included within accruals and deferred income) as a deduction from revenue to reflect management\u2019s best estimate of amounts to be paid in respect of arrangements in place with customers regarding rebates, discounts and expected returns. Incremental costs of fulfilling a contract, such as testing costs, are capitalised in \u201cTrade and other receivables\u201d if the cost has been incurred and are amortised over the life of the contract if the period over which the Group obtains benefit from is over 12 months. Contract-related support costs are accrued in \u201cTrade and other payables\u201d if the trigger for payment has been met. Both types of cost are recorded in the Income Statement against underlying operating profit. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-312": { "value": "Segmental reporting The Group operates in two main geographical areas: the UK and Ireland and South Africa. All inter-segment transactions are made on an arm\u2019s length basis. The chief operating decision maker (being the Board) assesses performance and allocates resources based on geography and accordingly segments have been determined on this basis. Corporate costs are allocated to segments on the basis of external turnover. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-394": { "value": "Goodwill Goodwill is recognised as an asset and reviewed for impairment at least annually or whenever there is an indicator of impairment. Goodwill is carried at cost less amortisation charged prior to the Group\u2019s transition to IFRS less accumulated impairment losses. Any impairment is recognised in the period in which it is identified and is never reversed. Acquisition and disposal related costs Acquisition and disposal related costs include deferred remuneration, amortisation of intangibles arising on business combinations, profits or losses on disposal and professional advisory fees. These costs are excluded from underlying operating profit as they are non-recurring in nature or outside of the normal course of business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-360": { "value": "Goodwill Goodwill is recognised as an asset and reviewed for impairment at least annually or whenever there is an indicator of impairment. Goodwill is carried at cost less amortisation charged prior to the Group\u2019s transition to IFRS less accumulated impairment losses. Any impairment is recognised in the period in which it is identified and is never reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-313": { "value": "Goodwill Goodwill is recognised as an asset and reviewed for impairment at least annually or whenever there is an indicator of impairment. Goodwill is carried at cost less amortisation charged prior to the Group\u2019s transition to IFRS less accumulated impairment losses. Any impairment is recognised in the period in which it is identified and is never reversed. Intangible assets Acquired intangible assets comprise customer relationships, brands, trade names and patents recognised as separately identifiable assets on acquisition, as well as product certification costs and development costs that meet the criteria for capitalisation (as explained below in the accounting policy for research and development costs). They are valued at cost less accumulated amortisation, with amortisation being charged on a straight-line basis. The estimated useful lives of Group assets are as follows: Customer relationships 8\u201315 years Brands, trade name and patents 8\u201315 years Development costs 5 years Product certification costs 5 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-364": { "value": "Intangible assets Acquired intangible assets comprise customer relationships, brands, trade names and patents recognised as separately identifiable assets on acquisition, as well as product certification costs and development costs that meet the criteria for capitalisation (as explained below in the accounting policy for research and development costs). They are valued at cost less accumulated amortisation, with amortisation being charged on a straight-line basis. The estimated useful lives of Group assets are as follows: Customer relationships 8\u201315 years Brands, trade name and patents 8\u201315 years Development costs 5 years Product certification costs 5 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-315": { "value": "Impairment of long-life assets Property, plant and equipment assets are reviewed on an annual basis to determine whether events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated as either the higher of the asset\u2019s net selling price or value-in-use; the resultant impairment (the amount by which the carrying amount of the asset exceeds its recoverable amount) is recognised as a charge in the Income Statement. The value-in-use is calculated as the present value of the estimated future cash flows expected to result from the use of assets and their eventual disposal proceeds. In order to calculate the present value of estimated future cash flows, the Group uses an appropriate discount rate adjusted for any associated risk. Estimated future cash flows used in the impairment calculation represent management\u2019s best view of likely future market conditions and current decisions on the use of each asset or asset group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-361": { "value": "Impairment of long-life assets Property, plant and equipment assets are reviewed on an annual basis to determine whether events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated as either the higher of the asset\u2019s net selling price or value-in-use; the resultant impairment (the amount by which the carrying amount of the asset exceeds its recoverable amount) is recognised as a charge in the Income Statement. The value-in-use is calculated as the present value of the estimated future cash flows expected to result from the use of assets and their eventual disposal proceeds. In order to calculate the present value of estimated future cash flows, the Group uses an appropriate discount rate adjusted for any associated risk. Estimated future cash flows used in the impairment calculation represent management\u2019s best view of likely future market conditions and current decisions on the use of each asset or asset group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-362": { "value": "Property, plant and equipment Property, plant and equipment is initially measured at cost. Cost comprises the purchase price (after deducting trade discounts and rebates) and any directly attributable costs. Property, plant and equipment is stated at cost less accumulated depreciation and any provision for impairment in value. Impairment charges are recognised in the Income Statement when the carrying amount of an asset is greater than the estimated recoverable amount, calculated with reference to future discounted cash flows that the assets are expected to generate when considered as part of an income-generating unit. Land is not depreciated. Depreciation on other assets is provided on a straight-line basis to write down assets to their residual value evenly over the estimated useful lives of the assets from the date of acquisition by the Group. The estimated useful lives of Group assets are as follows: Buildings 25\u201350 years Plant and equipment 3\u201315 years The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate at each Balance Sheet date. Assets held for sale are measured at the lower of carrying value (cost less accumulated depreciation) and fair value less costs to sell. The Group classified assets as held for sale when there is a commitment to a plan to sell the asset and it is probable that a sale will take place in the following year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-316": { "value": "Property, plant and equipment Property, plant and equipment is initially measured at cost. Cost comprises the purchase price (after deducting trade discounts and rebates) and any directly attributable costs. Property, plant and equipment is stated at cost less accumulated depreciation and any provision for impairment in value. Impairment charges are recognised in the Income Statement when the carrying amount of an asset is greater than the estimated recoverable amount, calculated with reference to future discounted cash flows that the assets are expected to generate when considered as part of an income-generating unit. Land is not depreciated. Depreciation on other assets is provided on a straight-line basis to write down assets to their residual value evenly over the estimated useful lives of the assets from the date of acquisition by the Group. The estimated useful lives of Group assets are as follows: Buildings 25\u201350 years Plant and equipment 3\u201315 years The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate at each Balance Sheet date. Assets held for sale are measured at the lower of carrying value (cost less accumulated depreciation) and fair value less costs to sell. The Group classified assets as held for sale when there is a commitment to a plan to sell the asset and it is probable that a sale will take place in the following year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-317": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, labour and overheads that have been incurred in bringing the inventories to their present location and condition. The Group measures cost on either a first in, first out or a standard cost basis depending on the level of manufacturing in the relevant business. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Provisions are made for slow-moving and obsolete items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-363": { "value": "Taxation Current tax, which comprises UK and overseas corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the Balance Sheet and the corresponding tax bases used in the computation of taxable profits and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is calculated at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised and is charged in the Income Statement, except where it relates to items charged or credited to equity via the Statement of Comprehensive Income, when the deferred tax is also dealt with in equity and is shown in the Statement of Comprehensive Income. Deferred tax charges/credits in relation to fair value movements of derivative contracts and actuarial movements in pension scheme assets and liabilities are charged/credited directly to the Statement of Other Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-318": { "value": "Taxation Current tax, which comprises UK and overseas corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the Balance Sheet and the corresponding tax bases used in the computation of taxable profits and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is calculated at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised and is charged in the Income Statement, except where it relates to items charged or credited to equity via the Statement of Comprehensive Income, when the deferred tax is also dealt with in equity and is shown in the Statement of Comprehensive Income. Deferred tax charges/credits in relation to fair value movements of derivative contracts and actuarial movements in pension scheme assets and liabilities are charged/credited directly to the Statement of Other Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-319": { "value": "Provisions Warranty provisions \u2013 provision is made for the estimated liability on products under warranty. Liability is recognised upon the sale of a product and is estimated using historical data. Restructuring provisions \u2013 provision is made for costs of restructuring activities to be carried out by the Group when the Group is demonstrably committed to incurring the cost in a future period and the cost can be reliably measured. Legal provision \u2013 provision is made for the estimated costs committed to at the year end to bring the case to a conclusion. Provisions are measured at the best estimate of the amount to be spent and discounted where material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-320": { "value": "Employee benefits The Group operates various post-employment schemes, including both defined benefit and defined contribution pension plans and post-employment medical plans. (a) Pension obligations A defined contribution plan is a pension plan under which the Group pays fixed contributions to a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The surplus recognised in the Consolidated Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Surpluses are only recognised to the extent that they are recoverable. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise, net of the related deferred tax. Past service costs are recognised immediately in income. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. (b) Other post-employment obligations Some Group companies provide post-retirement healthcare benefits to their retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using the same accounting methodology as used for defined benefit pension plans. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. These obligations are valued annually by independent qualified actuaries. (c) Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value. (d) Profit sharing and bonus plans The Group recognises a liability and an expense for bonuses and profit sharing, based on a formula that takes into consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-365": { "value": "(c) Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-321": { "value": "Exceptional items Exceptional items are disclosed separately in accordance with the requirements of IAS 1 \u2018Presentation of financial statements\u2019. They include profits and losses on disposal of non-current assets outside the normal course of business, restructuring costs and large or significant one-off items which, in management\u2019s judgement, need to be disclosed to enable the user to obtain a proper understanding of the Group\u2019s financial performance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-323": { "value": "IAS 19R administrative expenses The administrative expenses incurred by the Trustee in connection with managing the Group\u2019s pension schemes are recognised in the Consolidated Income Statement. These costs are excluded from underlying operating profit as they do not relate to the performance of the business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-322": { "value": "Acquisition and disposal related costs Acquisition and disposal related costs include deferred remuneration, amortisation of intangibles arising on business combinations, profits or losses on disposal and professional advisory fees. These costs are excluded from underlying operating profit as they are non-recurring in nature or outside of the normal course of business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-395": { "value": "Financial assets and liabilities Borrowings The Group measures all borrowings initially at fair value. This is taken to be the fair value of the consideration received. Transaction costs (any such costs that are incremental and directly attributable to the issue of the financial instrument) are included in the calculation of the effective interest rate and are, in effect, amortised through the Income Statement over the duration of the borrowing. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the Balance Sheet date . Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign exchange rates and to fluctuations in interest rates. The Group uses derivative financial instruments (solely foreign currency forward contracts) to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Group designates net positions and hedge documentation is prepared in accordance with IFRS 9. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles in the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially measured at fair value at the contract date and are re-measured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and any ineffective portion is recognised immediately in the Income Statement. Cash and cash equivalents Cash and cash equivalents in the Cash Flow Statement include cash in hand and deposits held at call with banks. Cash and cash equivalents are offset against borrowings only when there is a legally enforceable right to do so and there is a clear intention to undertake settlement of such borrowings held with the same counterparty within a short timeframe after the year end . Trade receivables Trade receivables are amounts due from customers for goods sold in the ordinary course of business. If collection is expected in one year or less they are classified as current assets; otherwise, they are presented as non-current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method, less appropriate allowances for estimated credit losses (provision for impairment). The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. To measure the expected credit losses, trade receivables are grouped based on shared credit risk characteristics and the length of time overdue. An estimate is made of the expected credit loss based on the Group\u2019s past history, existing market conditions and forward-looking estimates at the end of each reporting period. The maximum exposure at the end of the reporting period is the carrying amount of these receivables. Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-366": { "value": "Financial assets and liabilities Borrowings The Group measures all borrowings initially at fair value. This is taken to be the fair value of the consideration received. Transaction costs (any such costs that are incremental and directly attributable to the issue of the financial instrument) are included in the calculation of the effective interest rate and are, in effect, amortised through the Income Statement over the duration of the borrowing. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the Balance Sheet date Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign exchange rates and to fluctuations in interest rates. The Group uses derivative financial instruments (solely foreign currency forward contracts) to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Group designates net positions and hedge documentation is prepared in accordance with IFRS 9. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles in the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially measured at fair value at the contract date and are re-measured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and any ineffective portion is recognised immediately in the Income Statement. Cash and cash equivalents Cash and cash equivalents in the Cash Flow Statement include cash in hand and deposits held at call with banks. Cash and cash equivalents are offset against borrowings only when there is a legally enforceable right to do so and there is a clear intention to undertake settlement of such borrowings held with the same counterparty within a short timeframe after the year end . Trade receivables Trade receivables are amounts due from customers for goods sold in the ordinary course of business. If collection is expected in one year or less they are classified as current assets; otherwise, they are presented as non-current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method, less appropriate allowances for estimated credit losses (provision for impairment). The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. To measure the expected credit losses, trade receivables are grouped based on shared credit risk characteristics and the length of time overdue. An estimate is made of the expected credit loss based on the Group\u2019s past history, existing market conditions and forward-looking estimates at the end of each reporting period. The maximum exposure at the end of the reporting period is the carrying amount of these receivables. Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-324": { "value": "Financial assets and liabilities Borrowings The Group measures all borrowings initially at fair value. This is taken to be the fair value of the consideration received. Transaction costs (any such costs that are incremental and directly attributable to the issue of the financial instrument) are included in the calculation of the effective interest rate and are, in effect, amortised through the Income Statement over the duration of the borrowing. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the Balance Sheet date . Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign exchange rates and to fluctuations in interest rates. The Group uses derivative financial instruments (solely foreign currency forward contracts) to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Group designates net positions and hedge documentation is prepared in accordance with IFRS 9. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles in the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially measured at fair value at the contract date and are re-measured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and any ineffective portion is recognised immediately in the Income Statement. Cash and cash equivalents Cash and cash equivalents in the Cash Flow Statement include cash in hand and deposits held at call with banks. Cash and cash equivalents are offset against borrowings only when there is a legally enforceable right to do so and there is a clear intention to undertake settlement of such borrowings held with the same counterparty within a short timeframe after the year end . Trade receivables Trade receivables are amounts due from customers for goods sold in the ordinary course of business. If collection is expected in one year or less they are classified as current assets; otherwise, they are presented as non-current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method, less appropriate allowances for estimated credit losses (provision for impairment). The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. To measure the expected credit losses, trade receivables are grouped based on shared credit risk characteristics and the length of time overdue. An estimate is made of the expected credit loss based on the Group\u2019s past history, existing market conditions and forward-looking estimates at the end of each reporting period. The maximum exposure at the end of the reporting period is the carrying amount of these receivables. Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Fair value estimation The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the Balance Sheet date. The Group determines the fair value of its remaining financial instruments through the use of estimated discounted cash flows. The carrying values less impairment provision of trade receivables and payables are assumed to approximate to their fair values due to their short-term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. Hedging reserve The hedging reserve represents the accumulated movements in the Group\u2019s derivative financial instruments that have been designated as hedging instruments. Amounts are transferred in and out of the reserve on the revaluation, or realisation, of identified hedging instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-409": { "value": "Borrowings The Group measures all borrowings initially at fair value. This is taken to be the fair value of the consideration received. Transaction costs (any such costs that are incremental and directly attributable to the issue of the financial instrument) are included in the calculation of the effective interest rate and are, in effect, amortised through the Income Statement over the duration of the borrowing. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the Balance Sheet date . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-421": { "value": "Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign exchange rates and to fluctuations in interest rates. The Group uses derivative financial instruments (solely foreign currency forward contracts) to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Group designates net positions and hedge documentation is prepared in accordance with IFRS 9. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles in the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially measured at fair value at the contract date and are re-measured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and any ineffective portion is recognised immediately in the Income Statement. Hedging reserve The hedging reserve represents the accumulated movements in the Group\u2019s derivative financial instruments that have been designated as hedging instruments. Amounts are transferred in and out of the reserve on the revaluation, or realisation, of identified hedging instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-418": { "value": "Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign exchange rates and to fluctuations in interest rates. The Group uses derivative financial instruments (solely foreign currency forward contracts) to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Group designates net positions and hedge documentation is prepared in accordance with IFRS 9. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles in the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially measured at fair value at the contract date and are re-measured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and any ineffective portion is recognised immediately in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-413": { "value": "Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign exchange rates and to fluctuations in interest rates. The Group uses derivative financial instruments (solely foreign currency forward contracts) to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Group designates net positions and hedge documentation is prepared in accordance with IFRS 9. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles in the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially measured at fair value at the contract date and are re-measured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and any ineffective portion is recognised immediately in the Income Statement. Hedging reserve The hedging reserve represents the accumulated movements in the Group\u2019s derivative financial instruments that have been designated as hedging instruments. Amounts are transferred in and out of the reserve on the revaluation, or realisation, of identified hedging instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-410": { "value": "Cash and cash equivalents Cash and cash equivalents in the Cash Flow Statement include cash in hand and deposits held at call with banks. Cash and cash equivalents are offset against borrowings only when there is a legally enforceable right to do so and there is a clear intention to undertake settlement of such borrowings held with the same counterparty within a short timeframe after the year end ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-411": { "value": "Trade receivables Trade receivables are amounts due from customers for goods sold in the ordinary course of business. If collection is expected in one year or less they are classified as current assets; otherwise, they are presented as non-current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method, less appropriate allowances for estimated credit losses (provision for impairment). The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. To measure the expected credit losses, trade receivables are grouped based on shared credit risk characteristics and the length of time overdue. An estimate is made of the expected credit loss based on the Group\u2019s past history, existing market conditions and forward-looking estimates at the end of each reporting period. The maximum exposure at the end of the reporting period is the carrying amount of these receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-412": { "value": "Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-367": { "value": "Fair value estimation The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the Balance Sheet date. The Group determines the fair value of its remaining financial instruments through the use of estimated discounted cash flows. The carrying values less impairment provision of trade receivables and payables are assumed to approximate to their fair values due to their short-term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-396": { "value": "Fair value estimation The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the Balance Sheet date. The Group determines the fair value of its remaining financial instruments through the use of estimated discounted cash flows. The carrying values less impairment provision of trade receivables and payables are assumed to approximate to their fair values due to their short-term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-325": { "value": "Research and development Expenditure on research is charged against profits for the year in which it is incurred. Development costs are capitalised once the technical feasibility of a project has been established and a business plan, which demonstrates how the project will generate future economic benefits, has been approved. Development costs are amortised on a straight-line basis over their expected useful lives from the point at which the asset is capable of operating in the manner intended by management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-326": { "value": "Dividend distribution Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders, or when paid if earlier. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-327": { "value": "Foreign currency transactions Functional currency Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (the functional currency). The consolidated financial statements are presented in Sterling, which is the functional and presentational currency of the parent entity. Transactions and balances Monetary assets and liabilities expressed in currencies other than the functional currency are translated at rates applicable at the year end and trading results of overseas subsidiaries at average rates for the year. Exchange gains and losses of a trading nature are dealt with in arriving at operating profit. Translation of overseas net assets Exchange gains and losses arising on the retranslation of foreign operations and results are taken directly to other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-368": { "value": "Functional currency Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (the functional currency). The consolidated financial statements are presented in Sterling, which is the functional and presentational currency of the parent entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-331": { "value": "Share capital Issued share capital is recorded in the Balance Sheet at nominal value with any premium at the date of issue being credited to the share premium account. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-328": { "value": "Treasury shares The cost of the purchase of own shares is taken directly to reserves and is included in the treasury reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-329": { "value": "Share-based payments The Group operates a number of equity-settled, share-based compensation plans. The fair value of the employee services received in exchange for the grant of options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each Balance Sheet date, the Company revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity. Share-based payments are settled through the Norcros Group Employee Benefit Trust, which holds shares in Norcros Group plc that have either been purchased on the market or issued by the Company and satisfies awards made under various employee incentive schemes. The shareholding of the Group Employee Benefit Trust is consolidated within the consolidated accounts of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-330": { "value": "Leases Recognition At the date of commencement, the Group assesses whether a contract is or contains a lease by judging whether the contract is in relation to a specified asset and to what extent the Group obtains substantially all the economic benefits from, and has the right to direct the use of, that asset. The Group recognises a right-of-use (ROU) asset and a lease liability at the commencement of the lease. Short-term and low-value assets The Group has elected not to recognise ROU assets and lease liabilities for leases where the total lease term is less than or equal to 12 months, or for leases of assets with a value less than \u00a35,000. The payments for such leases are recognised within cost of sales or administrative expenses on a straight-line basis over the lease term and presented within cash generated from operations in the Cash Flow Statement. Non-lease components Fees for components such as property taxes, maintenance, repairs and other services, which are either variable or transfer benefits separate to the Group\u2019s right to use the asset, are separated from lease components based on their relative stand- alone selling price. These components are expensed in the Income Statement as incurred. Lease liabilities Lease liabilities are initially measured at the present value of future lease payments at the commencement date. Lease payments are discounted using the interest rate implicit in the lease, or where this cannot be readily determined, the lessee\u2019s incremental borrowing rate. Lease payments include the following payments due within the non-cancellable term of the lease, as well as the term of any extension options where these are considered reasonably certain to be exercised: \u2022 fixed payments; \u2022 variable payments that depend on an index or rate; and \u2022 the exercise price of purchase or termination options if it is considered reasonably certain these will be exercised. Subsequent to the commencement date, the lease liability is measured at the initial value, plus an interest charge determined using the incremental borrowing rate, less lease payments already made, such as deposits. The interest expense is recorded in finance costs in the Income Statement. The liability is re-measured when future lease payments change, when the exercise of extension or termination options becomes reasonably certain, or when the lease is modified. Payments for the principal element of recognised lease liabilities are presented within cash flows (used in)/generated from financing activities in the Cash Flow Statement. The interest element is recognised in net cash generated from operations. Right-of-use assets The ROU asset is initially measured at cost, being the value of the lease liability, plus the value of any lease payments made at or before the commencement date, initial direct costs and the cost of any restoration obligations, less any incentives received. The ROU asset is subsequently measured at cost less accumulated depreciation and impairment losses. The ROU asset is adjusted for any re-measurement of the lease liability. The ROU asset is subject to testing for impairment where there are any impairment indicators. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-333": { "value": "
2. Segmental reporting
The Group operates in two main geographical areas: the UK and South Africa. All inter-segment transactions are made on an
arm\u2019s length basis. The chief operating decision maker (being the Board) assesses performance and allocates resources based
on geography and accordingly segments have been determined on this basis. Corporate costs are allocated to segments on
the basis of external turnover. Finance income and costs are not split between the segments.
Year ended 31 March 2025
South
UK Africa Group
\u00a3m \u00a3m \u00a3m
Revenue
256.4
111.7
368.1
Underlying operating profit
39.8
3.4
43.2
IAS 19R administrative expenses
(1.8)
\u2013
(1.8)
Acquisition and disposal related costs
(25.2)
(0.2)
(25.4)
Exceptional operating items
(6.2)
(1.5)
(7.7)
Operating profit
6.6
1.7
8.3
Finance costs (net)
(6.3)
Profit before taxation
2.0
Taxation
1.5
Profit for the year
3.5
Net debt excluding lease liabilities
(36.8)
Segmental assets
302.8
85.2
388.0
Segmental liabilities
(153.9)
(26.2)
(180.1)
Additions to tangible, intangibles and right-of use assets
6.2
4.5
10.7
Depreciation and amortisation
11.5
5.0
16.5
Year ended 31 March 2024
South
UK Africa Group
\u00a3m \u00a3m \u00a3m
Revenue
281.9
110.2
392.1
Underlying operating profit
38.4
4.8
43.2
IAS 19R administrative expenses
(1.3)
\u2013
(1.3)
Acquisition and disposal related costs
(4.1)
(0.2)
(4.3)
Exceptional operating items
2.3
\u2013
2.3
Operating profit
35.3
4.6
39.9
Finance costs (net)
(7.3)
Profit before taxation
32.6
Taxation
(5.8)
Profit for the year
26.8
Net debt excluding lease liabilities
(37.3)
Segmental assets
334.6
90.7
425.3
Segmental liabilities
(171.8)
(31.1)
(202.9)
Additions to tangible, intangibles and right-of-use assets
7.2
4.1
11.3
Depreciation and amortisation
10.9
4.6
15.5
The split of revenue by geographical destination of the customer is below:
2025 2024
\u00a3m \u00a3m
UK
224.1
251.0
Africa
112.8
111.4
Rest of World
31.2
29.7
368.1
392.1
No one customer had revenue over 10% of total Group revenue (2024: none).
Reported revenue within the South African segment contains \u00a33.7m (2024: \u00a34.2m) of revenue from services performed that
have been recognised over time, and within the UK segment contains \u00a30.2m (2024: \u00a30.3m) of extended warranty revenue that
has been recognised over time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-370": { "value": "The split of revenue by geographical destination of the customer is below:
2025 2024
\u00a3m \u00a3m
UK
224.1
251.0
Africa
112.8
111.4
Rest of World
31.2
29.7
368.1
392.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-332": { "value": "
3. Operating profit
Operating profit is derived after deducting cost of sales of \u00a3208.0m (2024: \u00a3227.1m), distribution costs of \u00a331.4m (2024: \u00a333.8m)
and administrative expenses, inclusive of exceptional and acquisition and disposal related costs, of \u00a3120.4m (2024: \u00a391.3m).
The following items have been included in arriving at operating profit:
2025 2024
\u00a3m \u00a3m
Staff costs (see note 4)
71.1
75.8
Depreciation of property, plant and equipment (all owned assets)
4.4
4.0
Amortisation of intangible assets
6.9
6.8
Depreciation of right-of-use assets
5.2
4.7
Operating lease rentals payable for short-term and low-value leases:
\u2013 plant and machinery
1.2
1.5
\u2013 other
1.0
0.7
Research and development expenditure
5.8
5.3
All items relate to continuing operations.
Auditor\u2019s remuneration
During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditor and
its associates:
2025 2024
\u00a3m \u00a3m
Audit of the Parent Company and consolidated financial statements
0.3
0.2
Audit of the Company\u2019s subsidiaries
0.5
0.5
0.8
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-419": { "value": "3. Operating profit Operating profit is derived after deducting cost of sales of \u00a3208.0m (2024: \u00a3227.1m), distribution costs of \u00a331.4m (2024: \u00a333.8m) and administrative expenses, inclusive of exceptional and acquisition and disposal related costs, of \u00a3120.4m (2024: \u00a391.3m). The following items have been included in arriving at operating profit:
2025 2024
\u00a3m \u00a3m
Staff costs (see note 4)
71.1
75.8
Depreciation of property, plant and equipment (all owned assets)
4.4
4.0
Amortisation of intangible assets
6.9
6.8
Depreciation of right-of-use assets
5.2
4.7
Operating lease rentals payable for short-term and low-value leases:
\u2013 plant and machinery
1.2
1.5
\u2013 other
1.0
0.7
Research and development expenditure
5.8
5.3
All items relate to continuing operations. Auditor\u2019s remuneration During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditor and its associates:
2025 2024
\u00a3m \u00a3m
Audit of the Parent Company and consolidated financial statements
0.3
0.2
Audit of the Company\u2019s subsidiaries
0.5
0.5
0.8
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-414": { "value": "3. Operating profit Operating profit is derived after deducting cost of sales of \u00a3208.0m (2024: \u00a3227.1m), distribution costs of \u00a331.4m (2024: \u00a333.8m) and administrative expenses, inclusive of exceptional and acquisition and disposal related costs, of \u00a3120.4m (2024: \u00a391.3m). The following items have been included in arriving at operating profit:
2025 2024
\u00a3m \u00a3m
Staff costs (see note 4)
71.1
75.8
Depreciation of property, plant and equipment (all owned assets)
4.4
4.0
Amortisation of intangible assets
6.9
6.8
Depreciation of right-of-use assets
5.2
4.7
Operating lease rentals payable for short-term and low-value leases:
\u2013 plant and machinery
1.2
1.5
\u2013 other
1.0
0.7
Research and development expenditure
5.8
5.3
All items relate to continuing operations. Auditor\u2019s remuneration During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditor and its associates:
2025 2024
\u00a3m \u00a3m
Audit of the Parent Company and consolidated financial statements
0.3
0.2
Audit of the Company\u2019s subsidiaries
0.5
0.5
0.8
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-371": { "value": "The following items have been included in arriving at operating profit:
2025 2024
\u00a3m \u00a3m
Staff costs (see note 4)
71.1
75.8
Depreciation of property, plant and equipment (all owned assets)
4.4
4.0
Amortisation of intangible assets
6.9
6.8
Depreciation of right-of-use assets
5.2
4.7
Operating lease rentals payable for short-term and low-value leases:
\u2013 plant and machinery
1.2
1.5
\u2013 other
1.0
0.7
Research and development expenditure
5.8
5.3
All items relate to continuing operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-397": { "value": "The following items have been included in arriving at operating profit:
2025 2024
\u00a3m \u00a3m
Staff costs (see note 4)
71.1
75.8
Depreciation of property, plant and equipment (all owned assets)
4.4
4.0
Amortisation of intangible assets
6.9
6.8
Depreciation of right-of-use assets
5.2
4.7
Operating lease rentals payable for short-term and low-value leases:
\u2013 plant and machinery
1.2
1.5
\u2013 other
1.0
0.7
Research and development expenditure
5.8
5.3
All items relate to continuing operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-369": { "value": "Auditor\u2019s remuneration During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditor and its associates:
2025 2024
\u00a3m \u00a3m
Audit of the Parent Company and consolidated financial statements
0.3
0.2
Audit of the Company\u2019s subsidiaries
0.5
0.5
0.8
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-334": { "value": "
4. Employees
2025 2024
\u00a3m \u00a3m
Staff costs including Directors\u2019 remuneration:
\u2013 wages and salaries
62.7
66.3
\u2013 social security costs
4.3
4.7
\u2013 share-based payments (see note 10)
0.3
0.9
Pension costs:
\u2013 defined contribution (see note 24)
3.8
3.9
Total staff costs
71.1
75.8
2025 2024
Number Number
Average monthly numbers employed:
\u2013 UK
885
1,171
\u2013 overseas
1,118
1,099
2,003
2,270
Full details of Directors\u2019 remuneration can be found in the Remuneration Report on pages 122 to 146.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-336": { "value": "5. Acquisition and disposal related costs and exceptional operating items An analysis of acquisition disposal related costs and exceptional operating items is shown below:
2025 2024
Acquisition and disposal related costs \u00a3m \u00a3m
Intangible asset amortisation
1
6.5
6.5
Advisory fees
2
1.1
0.2
Johnson Tiles UK loss on disposal and associated property costs
3
22.2
\u2013
Deferred contingent consideration
4
(3.0)
(3.0)
Deferred remuneration
5
(1.4)
0.6
25.4
4.3
1 Non-cash amortisation charges in respect of acquired intangible assets. 2 Professional advisory fees incurred in connection with the Group\u2019s business combination activities. 3 On 19 May 2024, the trade and assets of the Johnson Tiles UK division were sold to Johnson Tiles Ltd, a new company incorporated and run by the former divisional management team. The sale completed at a consideration lower than the carrying value of the assets of the business and as a result the Group incurred a loss on disposal of \u00a322.2m. Revenue in the period of \u00a34.3m (2024: \u00a331.1m) and the underlying operating profit in the period of \u00a3nil (2024: \u00a30.7m) have been included in the underlying results for the current and prior year. In addition, the Group incurred \u00a31.6m of remediation costs in relation to the site retained following the sale of the trade and assets. These costs are offset by a \u00a31.6m profit on the subsequent sale of part of the site to Johnson Tiles Ltd. 4 Relates to the release of the deferred contingent consideration arising on the acquisition of Grant Westfield. 5 In accordance with IFRS 3, a proportion of the deferred contingent consideration had been treated as remuneration and, accordingly, expensed to the Income Statement as incurred. In the current year, the accrued deferred remuneration was released. In the prior year, a cost of \u00a30.6m in relation to the Grant Westfield acquisition was recognised.
2025 2024
Exceptional operating items \u00a3m \u00a3m
Restructuring costs
1
4.6
1.7
Costs in relation to new Enterprise Resource Planning systems
2
2.0
\u2013
Legal case
3
1.1
\u2013
Reversal of impairment
4
\u2013
(4.0)
7.7
(2.3)
1 In the current year, restructuring costs of \u00a34.6m have been incurred, predominantly in relation to the consolidation of warehousing and distribution costs at Grant Westfield. In the prior year, exceptional restructuring costs of \u00a31.7m were incurred in relation to the restructuring programme implemented at Johnson Tiles UK and the warehouse consolidation at VADO. 2 Costs incurred in relation to the implementation of new Enterprise Resource Planning systems. 3 Costs incurred in the year and the estimated future economic outlay in relation to an ongoing legal case. 4 The reversal of previous land and buildings impairments of the Johnson Tiles UK site, following an independent valuation in the prior year", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-335": { "value": "
6. Finance costs
2025 2024
\u00a3m \u00a3m
Interest payable on bank borrowings
5.0
5.2
Interest on lease liabilities
1.7
1.6
Discounting of deferred contingent consideration
\u2013
0.9
Amortisation of costs of raising debt finance
0.4
0.4
Finance costs
7.1
8.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-415": { "value": "6. Finance costs
2025 2024
\u00a3m \u00a3m
Interest payable on bank borrowings
5.0
5.2
Interest on lease liabilities
1.7
1.6
Discounting of deferred contingent consideration
\u2013
0.9
Amortisation of costs of raising debt finance
0.4
0.4
Finance costs
7.1
8.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-398": { "value": "6. Finance costs
2025 2024
\u00a3m \u00a3m
Interest payable on bank borrowings
5.0
5.2
Interest on lease liabilities
1.7
1.6
Discounting of deferred contingent consideration
\u2013
0.9
Amortisation of costs of raising debt finance
0.4
0.4
Finance costs
7.1
8.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-372": { "value": "6. Finance costs
2025 2024
\u00a3m \u00a3m
Interest payable on bank borrowings
5.0
5.2
Interest on lease liabilities
1.7
1.6
Discounting of deferred contingent consideration
\u2013
0.9
Amortisation of costs of raising debt finance
0.4
0.4
Finance costs
7.1
8.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-337": { "value": "
7. Taxation
Taxation comprises:
2025 2024
\u00a3m \u00a3m
Current
UK taxation
(0.6)
3.8
Overseas taxation
2.8
3.2
Prior year adjustment
(1.3)
1.1
Total current taxation
0.9
8.1
Deferred
Origination and reversal of temporary differences
(3.1)
(0. 3)
Prior year adjustment
0.7
(2.0)
Total deferred taxation
(2.4)
(2.3)
Total tax (credit)/charge
(1.5)
5.8
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax
rate applicable to profits of the consolidated entities as follows:
2025 2024
\u00a3m \u00a3m
Profit before tax
2.0
32.6
Tax calculated at domestic tax rates applicable to profits and losses in the respective countries
(0.9)
7.0
Tax effects of:
\u2013 adjustments in respect of prior years
(0.6)
(0.9)
\u2013 non-taxable income
(1.1)
(1.0)
\u2013 expenses not deductible for tax purposes
1.1
0.7
Total tax (credit)/charge
(1.5)
5.8
The weighted average applicable tax rate was (45.0%) (2024: 21.5%); the decrease relates to the weighting of corporation tax
losses in relation to the UK result relative to the profits made in Ireland and South Africa. The standard rate of corporation tax in
the UK is 25% (2024: 25%), in South Africa 27% (2024: 27%) and in Ireland 12.5% (2024: 12.5%). The Group\u2019s effective underlying
tax rate for the year was 22.6% (2024: 20.9%).
Taxation on items taken directly to other comprehensive income were a current tax credit of \u00a30.5m and a deferred tax credit of
\u00a32.4m in relation to pensions (see note 24).
22. Deferred tax
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and when the deferred income taxes relate to the same fiscal authority.
Deferred tax is calculated in full on temporary differences under the liability method. The movement on the deferred tax
account is as shown below.
The analysis of deferred tax assets and liabilities is as follows:
Accelerated Retirement
tax benefit Tax
depreciation obligations Intangibles losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
(0.4)
(3.7)
(14.1)
\u2013
3.2
(15.0)
Credited to the Consolidated
Income Statement
0.3
\u2013
1.5
\u2013
0.5
2.3
Charged to other
comprehensive income
\u2013
(0.4)
\u2013
\u2013
(0.4)
(0.8)
Exchange differences
\u2013
\u2013
\u2013
\u2013
0.1
0.1
At 31 March 2024
(0.1)
(4.1)
(12.6)
\u2013
3.4
(13.4)
(Charged)/credited to the
Consolidated Income Statement
(0.9)
\u2013
1.5
2.6
(0.8)
2.4
Credited to other
comprehensive income
\u2013
2.4
\u2013
\u2013
\u2013
2.4
At 31 March 2025
(1.0)
(1.7)
(11.1)
2.6
2.6
(8.6)
Disclosed on the consolidated balance sheet as:
Deferred tax assets
(0.5)
\u2013
\u2013
\u2013
1.9
1.4
Deferred tax liabilities
(0.5)
(1.7)
(11.1)
2.6
0.7
(10.0)
2025 2024
\u00a3m \u00a3m
Deferred tax assets:
\u2013 to be recovered after more than 12 months
5.4
5.3
\u2013 to be recovered within 12 months
2.1
0.2
7.5
5.5
Deferred tax liabilities:
\u2013 to be charged after more than 12 months
(11.3)
(17.7)
\u2013 to be charged within 12 months
(4.8)
(1.2)
(16.1)
(18.9)
Deferred tax liabilities (net)
(8.6)
(13.4)
Other deferred tax assets relate to share-based payment expenses, provisions and other temporary differences.
No deferred tax asset has been recognised in respect of \u00a378.6m (2024: \u00a378.6m) of UK capital losses and \u00a326.1m (2024: \u00a326.1m)
of UK non-trade loan relationship deficits, the utilisation of which the Group believes is improbable. These historical losses
have not changed for many years. The Group has also not recognised a deferred tax asset in relation to restricted interest
disallowances totalling \u00a30.6m (2024: \u00a30.3m) on the basis that future utilisation is improbable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-399": { "value": "7. Taxation Taxation comprises:
2025 2024
\u00a3m \u00a3m
Current
UK taxation
(0.6)
3.8
Overseas taxation
2.8
3.2
Prior year adjustment
(1.3)
1.1
Total current taxation
0.9
8.1
Deferred
Origination and reversal of temporary differences
(3.1)
(0. 3)
Prior year adjustment
0.7
(2.0)
Total deferred taxation
(2.4)
(2.3)
Total tax (credit)/charge
(1.5)
5.8
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
2025 2024
\u00a3m \u00a3m
Profit before tax
2.0
32.6
Tax calculated at domestic tax rates applicable to profits and losses in the respective countries
(0.9)
7.0
Tax effects of:
\u2013 adjustments in respect of prior years
(0.6)
(0.9)
\u2013 non-taxable income
(1.1)
(1.0)
\u2013 expenses not deductible for tax purposes
1.1
0.7
Total tax (credit)/charge
(1.5)
5.8
The weighted average applicable tax rate was (45.0%) (2024: 21.5%); the decrease relates to the weighting of corporation tax losses in relation to the UK result relative to the profits made in Ireland and South Africa. The standard rate of corporation tax in the UK is 25% (2024: 25%), in South Africa 27% (2024: 27%) and in Ireland 12.5% (2024: 12.5%). The Group\u2019s effective underlying tax rate for the year was 22.6% (2024: 20.9%). Taxation on items taken directly to other comprehensive income were a current tax credit of \u00a30.5m and a deferred tax credit of \u00a32.4m in relation to pensions (see note 24). 22. Deferred tax Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax is calculated in full on temporary differences under the liability method. The movement on the deferred tax account is as shown below. The analysis of deferred tax assets and liabilities is as follows:
Accelerated Retirement
tax benefit Tax
depreciation obligations Intangibles losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
(0.4)
(3.7)
(14.1)
\u2013
3.2
(15.0)
Credited to the Consolidated
Income Statement
0.3
\u2013
1.5
\u2013
0.5
2.3
Charged to other
comprehensive income
\u2013
(0.4)
\u2013
\u2013
(0.4)
(0.8)
Exchange differences
\u2013
\u2013
\u2013
\u2013
0.1
0.1
At 31 March 2024
(0.1)
(4.1)
(12.6)
\u2013
3.4
(13.4)
(Charged)/credited to the
Consolidated Income Statement
(0.9)
\u2013
1.5
2.6
(0.8)
2.4
Credited to other
comprehensive income
\u2013
2.4
\u2013
\u2013
\u2013
2.4
At 31 March 2025
(1.0)
(1.7)
(11.1)
2.6
2.6
(8.6)
Disclosed on the consolidated balance sheet as:
Deferred tax assets
(0.5)
\u2013
\u2013
\u2013
1.9
1.4
Deferred tax liabilities
(0.5)
(1.7)
(11.1)
2.6
0.7
(10.0)
2025 2024
\u00a3m \u00a3m
Deferred tax assets:
\u2013 to be recovered after more than 12 months
5.4
5.3
\u2013 to be recovered within 12 months
2.1
0.2
7.5
5.5
Deferred tax liabilities:
\u2013 to be charged after more than 12 months
(11.3)
(17.7)
\u2013 to be charged within 12 months
(4.8)
(1.2)
(16.1)
(18.9)
Deferred tax liabilities (net)
(8.6)
(13.4)
Other deferred tax assets relate to share-based payment expenses, provisions and other temporary differences. No deferred tax asset has been recognised in respect of \u00a378.6m (2024: \u00a378.6m) of UK capital losses and \u00a326.1m (2024: \u00a326.1m) of UK non-trade loan relationship deficits, the utilisation of which the Group believes is improbable. These historical losses have not changed for many years. The Group has also not recognised a deferred tax asset in relation to restricted interest disallowances totalling \u00a30.6m (2024: \u00a30.3m) on the basis that future utilisation is improbable.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-373": { "value": "7. Taxation Taxation comprises:
2025 2024
\u00a3m \u00a3m
Current
UK taxation
(0.6)
3.8
Overseas taxation
2.8
3.2
Prior year adjustment
(1.3)
1.1
Total current taxation
0.9
8.1
Deferred
Origination and reversal of temporary differences
(3.1)
(0. 3)
Prior year adjustment
0.7
(2.0)
Total deferred taxation
(2.4)
(2.3)
Total tax (credit)/charge
(1.5)
5.8
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
2025 2024
\u00a3m \u00a3m
Profit before tax
2.0
32.6
Tax calculated at domestic tax rates applicable to profits and losses in the respective countries
(0.9)
7.0
Tax effects of:
\u2013 adjustments in respect of prior years
(0.6)
(0.9)
\u2013 non-taxable income
(1.1)
(1.0)
\u2013 expenses not deductible for tax purposes
1.1
0.7
Total tax (credit)/charge
(1.5)
5.8
The weighted average applicable tax rate was (45.0%) (2024: 21.5%); the decrease relates to the weighting of corporation tax losses in relation to the UK result relative to the profits made in Ireland and South Africa. The standard rate of corporation tax in the UK is 25% (2024: 25%), in South Africa 27% (2024: 27%) and in Ireland 12.5% (2024: 12.5%). The Group\u2019s effective underlying tax rate for the year was 22.6% (2024: 20.9%). Taxation on items taken directly to other comprehensive income were a current tax credit of \u00a30.5m and a deferred tax credit of \u00a32.4m in relation to pensions (see note 24). 22. Deferred tax Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax is calculated in full on temporary differences under the liability method. The movement on the deferred tax account is as shown below. The analysis of deferred tax assets and liabilities is as follows:
Accelerated Retirement
tax benefit Tax
depreciation obligations Intangibles losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
(0.4)
(3.7)
(14.1)
\u2013
3.2
(15.0)
Credited to the Consolidated
Income Statement
0.3
\u2013
1.5
\u2013
0.5
2.3
Charged to other
comprehensive income
\u2013
(0.4)
\u2013
\u2013
(0.4)
(0.8)
Exchange differences
\u2013
\u2013
\u2013
\u2013
0.1
0.1
At 31 March 2024
(0.1)
(4.1)
(12.6)
\u2013
3.4
(13.4)
(Charged)/credited to the
Consolidated Income Statement
(0.9)
\u2013
1.5
2.6
(0.8)
2.4
Credited to other
comprehensive income
\u2013
2.4
\u2013
\u2013
\u2013
2.4
At 31 March 2025
(1.0)
(1.7)
(11.1)
2.6
2.6
(8.6)
Disclosed on the consolidated balance sheet as:
Deferred tax assets
(0.5)
\u2013
\u2013
\u2013
1.9
1.4
Deferred tax liabilities
(0.5)
(1.7)
(11.1)
2.6
0.7
(10.0)
2025 2024
\u00a3m \u00a3m
Deferred tax assets:
\u2013 to be recovered after more than 12 months
5.4
5.3
\u2013 to be recovered within 12 months
2.1
0.2
7.5
5.5
Deferred tax liabilities:
\u2013 to be charged after more than 12 months
(11.3)
(17.7)
\u2013 to be charged within 12 months
(4.8)
(1.2)
(16.1)
(18.9)
Deferred tax liabilities (net)
(8.6)
(13.4)
Other deferred tax assets relate to share-based payment expenses, provisions and other temporary differences. No deferred tax asset has been recognised in respect of \u00a378.6m (2024: \u00a378.6m) of UK capital losses and \u00a326.1m (2024: \u00a326.1m) of UK non-trade loan relationship deficits, the utilisation of which the Group believes is improbable. These historical losses have not changed for many years. The Group has also not recognised a deferred tax asset in relation to restricted interest disallowances totalling \u00a30.6m (2024: \u00a30.3m) on the basis that future utilisation is improbable.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-338": { "value": "
8. Alternative performance measures
The Group makes use of a number of alternative performance measures to assess business performance and provide additional
useful information to shareholders. Such alternative performance measures should not be viewed as a replacement of, or
superior to, those defined by Generally Accepted Accounting Principles (GAAP). Definitions of alternative performance
measures used by the Group and, where relevant, reconciliations from GAAP-defined reporting measures to the Group\u2019s
alternative performance measures are provided below.
The alternative performance measures used by the Group are:
Measure
Definition
Underlying operating profit
Operating profit before IAS 19R administrative expenses, acquisition and disposal related
costs and exceptional operating items.
Underlying profit before taxation
Profit before taxation before IAS 19R administrative expenses, acquisition and disposal
related costs, exceptional operating items, amortisation of costs of raising finance,
discounting of deferred contingent consideration, discounting of property lease provisions
and finance income relating to pension schemes.
Underlying taxation
The Group\u2019s effective underlying tax rate applied to underlying profit before tax.
Underlying earnings
Underlying profit before tax less underlying taxation.
Underlying capital employed
Capital employed on a pre-IFRS 16 basis adjusted for business combinations, where
relevant, to reflect the net assets in both the opening and closing capital employed
balances, and the average impact of exchange rate movements.
Underlying operating margin
Underlying operating profit expressed as a percentage of revenue.
Underlying return on capital Underlying operating profit on a pre-IFRS 16 basis expressed as a percentage of the
employed (ROCE) average of opening and closing underlying capital employed.
Basic underlying earnings per shareUnderlying earnings divided by the weighted average number of shares for basic earnings per share.
Diluted underlying earnings Underlying earnings divided by the weighted average number of shares for diluted earnings
per share per share.
Underlying EBITDA
Underlying EBITDA is derived from underlying operating profit before depreciation and
amortisation excluding the impact of IFRS 16 in line with our banking covenants.
Underlying operating cash flow
Cash generated from continuing operations before cash outflows from exceptional items
and acquisition and disposal related costs and pension fund deficit recovery contributions.
Underlying net debt
Underlying net debt is the net of cash, capitalised costs of raising finance and total
borrowings. IFRS 16 lease commitments are not included in line with our banking covenants.
Pro-forma underlying EBITDA
An annualised underlying EBITDA figure used for the purpose of calculating banking
covenant ratios.
Pro-forma leverage
Net debt expressed as a ratio of pro-forma underlying EBITDA.
Reconciliations from GAAP-defined reporting measures to the Group\u2019s alternative
performance measures
Consolidated Income Statement
(A) UNDERLYING PROFIT BEFORE TAXATION AND UNDERLYING EARNINGS
2025 2024
\u00a3m \u00a3m
Profit before taxation
2.0
32.6
Adjusted for:
\u2013 IAS 19R administrative expenses
1.8
1.3
\u2013 IAS 19R finance income
(0.8)
(0.8)
\u2013 acquisition and disposal related costs (see note 5)
25.4
4.3
\u2013 exceptional operating items (see note 5)
7.7
(2.3)
\u2013 amortisation of costs of raising finance
0.4
0.4
\u2013 discounting of deferred contingent consideration
\u2013
0.9
Underlying profit before taxation
36.5
36.4
Taxation attributable to underlying profit before taxation
(7.3)
(7.6)
Underlying earnings
29.2
28.8
(B) UNDERLYING OPERATING PROFIT AND EBITDA (PRE-IFRS 16)
2025 2024
\u00a3m \u00a3m
Operating profit
8.3
39.9
Adjusted for:
\u2013 IAS 19R administrative expenses
1.8
1.3
\u2013 acquisition and disposal related costs (see note 5)
25.4
4.3
\u2013 exceptional operating items (see note 5)
7.7
(2.3)
Underlying operating profit
43.2
43.2
Adjusted for:
\u2013 depreciation and amortisation (owned assets)
4.8
4.3
\u2013 depreciation of leased assets (see note 14)
5.2
4.7
\u2013 lease costs (see note 19)
(6.8)
(6.5)
Underlying EBITDA (pre-IFRS 16)
46.4
45.7
Consolidated Cash Flow Statement
(A) UNDERLYING OPERATING CASH FLOW
2025 2024
\u00a3m \u00a3m
Cash generated from operations (see note 27)
28.3
49.0
Adjusted for:
\u2013 cash flows from exceptional items and acquisition and disposal related costs (see note 27)
7.5
3.4
\u2013 pension fund deficit recovery contributions (see note 24)
3.1
4.0
Underlying operating cash flow
38.9
56.4
Consolidated Balance Sheet
(A) UNDERLYING CAPITAL EMPLOYED AND UNDERLYING RETURN ON CAPITAL EMPLOYED
2025 2024
\u00a3m \u00a3m
Net assets
207.9
222.4
Adjusted for:
\u2013 pension scheme asset (net of associated tax)
(5.1)
(12.4)
\u2013 right-of-use assets (IFRS 16)
(16.7)
(18.0)
\u2013 lease liabilities (IFRS 16)
20.6
22.2
\u2013 cash and cash equivalents
(22.7)
(30.8)
\u2013 financial liabilities \u2013 borrowings
59.5
68.1
243.5
251.5
Foreign exchange adjustment
1.5
(1.9)
Adjustment for disposals
(15.3)
\u2013
Underlying capital employed
229.7
249.6
Average underlying capital employed
240.6
251.7
Underlying operating profit (pre-IFRS 16)
41.6
41.4
Underlying return on capital employed
17.3%
16.4%
Items are excluded from alternative performance measures in order to align with the way the Group assesses business performance.
Underlying operating profit (pre-IFRS 16) of \u00a341.6m (2024: \u00a341.4m) is calculated by adjusting underlying operating profit of
\u00a343.2m (2024: \u00a343.2m) for the add-back of lease costs of \u00a36.8m (2024: \u00a36.5m) and the deduction of depreciation of leased
assets of \u00a35.2m (2024: \u00a34.7m).
", "dimensions": { "concept": "norcrosplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-339": { "value": "
9. Earnings per share
Basic EPS is calculated by dividing the profit attributable to shareholders by the weighted average number of ordinary shares in
issue during the year, excluding those held in the Norcros Employee Benefit Trust.
For diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential
dilutive ordinary shares. At 31 March 2025, the potential dilutive ordinary shares amounted to 513,488 (2024: 811,567) as
calculated in accordance with IAS 33.
The calculation of EPS is based on the following profits and numbers of shares:
2025 2024
\u00a3m \u00a3m
Profit for the year
3.5
26.8
2025 2024
Number Number
Weighted average number of shares for basic earnings per share
89,497,030
89,003,947
Share options
513,488
811,567
Weighted average number of shares for diluted earnings per share
90,010,518
89,815,514
2025
2024
Basic earnings per share:
From profit for the year
3.9p
30.1p
Diluted earnings per share:
From profit for the year
3.9p
29.8p
Basic and diluted underlying earnings per share
Basic and diluted underlying earnings per share have also been provided, which reflects underlying earnings from continuing
operations divided by the weighted average number of shares set out above.
2025 2024
\u00a3m \u00a3m
Underlying earnings (see note 8)
29.2
28.8
2025
2024
Basic underlying earnings per share
32.6p
32.4p
Diluted underlying earnings per share
32.4p
32.1p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-340": { "value": "
10. Share-based payments
Weighted
average
Exercise share
price price Date from
per at date of 1 April 31 March which Expiry
share exercise
2024
Granted
Exercised
Lapsed
2025 exercisable date
Approved Performance
Nil
241p
47,149
\u2013
(37,542)
\u2013
9,607
25.11.23
25.11.30
Share Plan 2020 (APSP)
Approved Performance
Nil
245p
606,715
\u2013
(259,503)
(343,890)
3,322
20.07.24
21.07.31
Share Plan 2021 (APSP)
Approved Performance
Nil
\u2013
1,048,777
\u2013
\u2013
(96,087)
952,690
19.07.25
19.07.32
Share Plan 2022 (APSP)
Approved Performance
Nil
\u2013
1,602,344
\u2013
\u2013
(170,523)
1,431,821
26.07.26
26.07.33
Share Plan 2023 (APSP)
Approved Performance
Nil
\u2013
\u2013
1,338,668
\u2013
\u2013
1,338,668
24.07.27
24.07.34
Share Plan 2024 (APSP)
Deferred Bonus Plan
Nil
245p
109,455
\u2013
(109,455)
\u2013
\u2013
25.11.23
25.11.30
2021 (DBP)
Deferred Bonus Plan
Nil
\u2013
128,992
\u2013
\u2013
\u2013
128,992
19.07.25
19.07.32
2022 (DBP)
Deferred Bonus Plan
Nil
\u2013
72,770
\u2013
\u2013
\u2013
72,770
26.07.26
26.07.33
2023 (DBP)
Save As You Earn
164p
225p
90,202
\u2013
(52,679)
(37,523)
\u2013
01.03.24
31.08.24
Scheme (13)
(SAYE)
Save As You Earn
266p
\u2013
35,470
\u2013
\u2013
(15,112)
20,358
01.03.25
31.08.25
Scheme (14)
(SAYE)
Save As You Earn
161p
241p
371,240
\u2013
(28,997)
(90, 845)
251,398
01.03.26
31.08.26
Scheme (15)
(SAYE)
Save As You Earn
141p
252p
761,397
\u2013
(24,126)
(193,943)
543,328
01.03.27
31.08.27
Scheme (16)
(SAYE)
Save As You Earn
216p
\u2013
\u2013
203,503
\u2013
(1, 366)
202,137
01.03.28
31.08.28
Scheme (17)
(SAYE)
Details of the terms of the APSP, DBP and SAYE schemes are disclosed in the Directors\u2019 Remuneration Report.
For SAYE schemes, the weighted average exercise price of all outstanding share options at 31 March 2025 was 163p (2024:
152p). The weighted average exercise price for APSP and DBP schemes, of all outstanding share options, at 31 March 2025 was
\u00a3nil (2024: \u00a3nil).
In accordance with IFRS 2, the fair value of equity-settled share-based payments to employees is determined at the date
of grant and is expensed on a straight-line basis over the vesting period based on the Group\u2019s estimate of shares that will
eventually vest. A charge of \u00a30.3m was recognised in respect of share options in the year (2024: \u00a30.9m) including \u00a30.1m (2024:
\u00a30.2m) in respect of the Directors\u2019 share options. The highest paid Director\u2019s share options accounted for \u00a30.1m (2024: \u00a30.1m) of
the charge. The Group uses a Black\u2013Scholes pricing model to determine the annual charge for its share-based payments. The
assumptions used in this model for each share-based payment are as follows:
SAYE (13)
SAYE (14)
SAYE (15)
SAYE (16)
SAYE (17)
Date of grant
23.12.20
20.12.21
12.01.23
22.12.23
23.12.24
Initial exercise price
164p
266p
161p
141p
216p
Number of shares granted initially
692,908
173,385
735,679
780,078
203,503
Expected volatility
42.2%
44.5%
45.5%
41.0%
39.2%
Expected option life
3 years
3 years
3 years
3 years
3 years
Risk-free rate
1.3%
1.9%
3.8%
4.8%
4.6%
Expected dividend yield
3.8%
2.8%
4.8%
6.0%
4.4%
APSP 2020
APSP 2021
APSP 2022
APSP 2023
APSP 2024
Date of grant
25.11.20
21.07.21
19.07.22
26.07.23
24.07.24
Initial exercise price
Nil
Nil
Nil
Nil
Nil
Number of shares granted initially
970,695
700,458
1,069,374
1,622,919
1,338,668
Expected volatility
42.2%
44.5%
45.5%
41.0%
39.2%
Expected option life
3 years
3 years
3 years
3 years
3 years
Risk-free rate
1.3%
1.9%
3.8%
4.8%
4.6%
Expected dividend yield
3.8%
2.8%
\u2013
\u2013
\u2013
DBP 2021
DBP 2022
DBP 2023
Date of grant
21.07.21
19.07.22
26.07.23
Initial exercise price
Nil
Nil
Nil
Number of shares granted initially
109,455
128,992
72,770
Expected volatility
44.5%
45.5%
41.0%
Expected option life
3 years
3 years
3 years
Risk-free rate
1.9%
3.8%
4.8%
Expected dividend yield
2.8%
\u2013
\u2013
The share price at 28 March 2025 was 235.0p. The average price during the year was 230.7p. Expected volatility is the
Company\u2019s three-year historical share price volatility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-341": { "value": "
11. Goodwill
2025 2024
\u00a3m \u00a3m
At 1 April
107.3
107.9
Additions
0.1
\u2013
Exchange differences
\u2013
(0.6)
At 31 March
107.4
107. 3
Goodwill is allocated to the Group\u2019s cash-generating units (CGUs). A summary of the goodwill allocation is presented below:
2025 2024
\u00a3m \u00a3m
Croydex
7.8
7.8
Abode
0.8
0.8
Triton Showers
19.1
19.1
MERLYN
25.5
25.5
Grant Westfield
47.7
47.7
Tile Africa
2.3
2.3
House of Plumbing
4.2
4.1
107.4
107.3
The recoverable amount of a CGU is determined by a value-in-use calculation. These calculations use cash flow projections
derived from data and metrics used on an ongoing basis, with the key assumptions being those regarding discount rates,
growth rates, future gross margin improvements and cash flows.
The key assumptions for the value-in-use calculations are:
\u2022 cash flows before income taxes are based on approved budgets and management projections for the first five years;
\u2022 long-term growth rates of 2.0% (2024: 2.0%) for Croydex, Abode, MERLYN, Triton Showers and Grant Westfield, and 4.0%
(2024: 4.0%) for Tile Africa and House of Plumbing applied to the period beyond which detailed budgets and forecasts do
not exist, based on macroeconomic projections for the geographies in which the entities operate; and
\u2022 pre-tax discount rates of 12.0% (2024: 12.5%) in the UK and 18.7% (2024: 19.8%) in South Africa based upon the risk-free rate
for government bonds adjusted for a risk premium to reflect the increased risk of investing in equities and investing in the
Group\u2019s specific sectors and regions.
Management has applied sensitivities to the key assumptions, including discount rates and growth rates and, with the
exception of House of Plumbing, believes that there are no reasonably possible scenarios that would result in an impairment
of goodwill. As a result of the challenging macroeconomic environment in South Africa, there is a lower level of headroom for
House of Plumbing and as such, an adjustment to the underlying assumptions or an increase in the discount rate could give rise
to a potential impairment.
12. Intangible assets
Brands,
Customer trade names Development
relationships and patents costs Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
71.0
13.1
1.7
85.8
Reclassified
\u2013
\u2013
0.5
0.5
Additions
\u2013
\u2013
1.2
1.2
Exchange differences
(0.2)
\u2013
\u2013
(0.2)
At 31 March 2024
70.8
13.1
3.4
87.3
Additions
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
(1.5)
(1.5)
At 31 March 2025
70.8
13.1
2.2
86.1
Accumulated amortisation
At 1 April 2023
19.3
6.6
0.7
26.6
Reclassified
\u2013
\u2013
0.1
0.1
Charge for the year
5.4
1.1
0.3
6.8
Exchange differences
(0.1)
\u2013
\u2013
(0.1)
At 31 March 2024
24.6
7.7
1.1
33.4
Charge for the year
5.4
1.1
0.4
6.9
Disposals
\u2013
\u2013
(0.3)
(0.3)
At 31 March 2025
30.0
8.8
1.2
40.0
Net book amount at 31 March 2024
46.2
5.4
2.3
53.9
Net book amount at 31 March 2025
40.8
4.3
1.0
46.1
The amortisation charge for intangibles generated on acquisition is \u00a36.5m (2024: \u00a36.5m) for the year and is included in the acquisition and disposal related costs in the Consolidated Income Statement. The amortisation charge for internally generated or acquired intangibles was \u00a30.4m (2024: \u00a30.3m) and was included in the Consolidated Income Statement in the current and prior year ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-374": { "value": "11. Goodwill
2025 2024
\u00a3m \u00a3m
At 1 April
107.3
107.9
Additions
0.1
\u2013
Exchange differences
\u2013
(0.6)
At 31 March
107.4
107. 3
Goodwill is allocated to the Group\u2019s cash-generating units (CGUs). A summary of the goodwill allocation is presented below:
2025 2024
\u00a3m \u00a3m
Croydex
7.8
7.8
Abode
0.8
0.8
Triton Showers
19.1
19.1
MERLYN
25.5
25.5
Grant Westfield
47.7
47.7
Tile Africa
2.3
2.3
House of Plumbing
4.2
4.1
107.4
107.3
The recoverable amount of a CGU is determined by a value-in-use calculation. These calculations use cash flow projections derived from data and metrics used on an ongoing basis, with the key assumptions being those regarding discount rates, growth rates, future gross margin improvements and cash flows. The key assumptions for the value-in-use calculations are: \u2022 cash flows before income taxes are based on approved budgets and management projections for the first five years; \u2022 long-term growth rates of 2.0% (2024: 2.0%) for Croydex, Abode, MERLYN, Triton Showers and Grant Westfield, and 4.0% (2024: 4.0%) for Tile Africa and House of Plumbing applied to the period beyond which detailed budgets and forecasts do not exist, based on macroeconomic projections for the geographies in which the entities operate; and \u2022 pre-tax discount rates of 12.0% (2024: 12.5%) in the UK and 18.7% (2024: 19.8%) in South Africa based upon the risk-free rate for government bonds adjusted for a risk premium to reflect the increased risk of investing in equities and investing in the Group\u2019s specific sectors and regions. Management has applied sensitivities to the key assumptions, including discount rates and growth rates and, with the exception of House of Plumbing, believes that there are no reasonably possible scenarios that would result in an impairment of goodwill. As a result of the challenging macroeconomic environment in South Africa, there is a lower level of headroom for House of Plumbing and as such, an adjustment to the underlying assumptions or an increase in the discount rate could give rise to a potential impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-375": { "value": "12. Intangible assets
Brands,
Customer trade names Development
relationships and patents costs Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
71.0
13.1
1.7
85.8
Reclassified
\u2013
\u2013
0.5
0.5
Additions
\u2013
\u2013
1.2
1.2
Exchange differences
(0.2)
\u2013
\u2013
(0.2)
At 31 March 2024
70.8
13.1
3.4
87.3
Additions
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
(1.5)
(1.5)
At 31 March 2025
70.8
13.1
2.2
86.1
Accumulated amortisation
At 1 April 2023
19.3
6.6
0.7
26.6
Reclassified
\u2013
\u2013
0.1
0.1
Charge for the year
5.4
1.1
0.3
6.8
Exchange differences
(0.1)
\u2013
\u2013
(0.1)
At 31 March 2024
24.6
7.7
1.1
33.4
Charge for the year
5.4
1.1
0.4
6.9
Disposals
\u2013
\u2013
(0.3)
(0.3)
At 31 March 2025
30.0
8.8
1.2
40.0
Net book amount at 31 March 2024
46.2
5.4
2.3
53.9
Net book amount at 31 March 2025
40.8
4.3
1.0
46.1
The amortisation charge for intangibles generated on acquisition is \u00a36.5m (2024: \u00a36.5m) for the year and is included in the acquisition and disposal related costs in the Consolidated Income Statement. The amortisation charge for internally generated or acquired intangibles was \u00a30.4m (2024: \u00a30.3m) and was included in the Consolidated Income Statement in the current and prior year .", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-342": { "value": "
13. Property, plant and equipment
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
33.3
104.7
138.0
Reclassified
\u2013
(0. 5)
(0.5)
Exchange differences
(0.7)
(2.4)
(3.1)
Additions
0.5
5.7
6.2
Disposals
(0.3)
(6.9)
(7.2)
At 31 March 2024
32.8
100.6
133.4
Exchange differences
\u2013
0.1
0.1
Additions
0.9
5.3
6.2
Transfer to asset held for sale
(11.1)
\u2013
(11.1)
Disposals
(9.6)
(38.6)
(48.2)
At 31 March 2025
13.0
67.4
80.4
Accumulated depreciation
At 1 April 2023
23.7
89.5
113.2
Exchange differences
(0.2)
(1.8)
(2.0)
Reclassified
\u2013
(0.1)
(0.1)
Reversal of prior impairment
(4.0)
\u2013
(4.0)
Charge for the year
0.5
3.5
4.0
Disposals
(0.3)
(5.5)
(5.8)
At 31 March 2024
19.7
85.6
105.3
Exchange differences
\u2013
0.1
0.1
Charge for the year
0.5
3.9
4.4
Transfer to asset held for sale
(7.4)
\u2013
(7.4)
Disposals
(6.5)
(37.3)
(43.8)
At 31 March 2025
6.3
52.3
58.6
Net book amount at 31 March 2024
13.1
15.0
28.1
Net book amount at 31 March 2025
6.7
15.1
21.8
Plant and equipment include motor vehicles, computer equipment, and plant and machinery.
Asset held for sale
\u00a33.7m of land and buildings, representing the remaining element of the site previously used by Johnson Tiles UK, has been
reclassified to asset held for sale at 31 March 2025. There was a commitment to a plan to sell at the year end.
2025 2024
\u00a3m \u00a3m
Transfer from property, plant and equipment to asset held for sale
3.7
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-345": { "value": "
14. Right-of-use assets
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
30.0
7.5
37.5
Exchange differences
(1.5)
(0.1)
(1 .6)
Additions
2.0
1.9
3.9
Modifications
(0.3)
0.1
(0.2)
Disposals
(1.2)
(1.8)
(3.0)
At 31 March 2024
29.0
7.6
36.6
Additions
2.2
1.8
4.0
Modifications
2.0
\u2013
2.0
Disposals
(4.9)
(3.5)
(8.4)
At 31 March 2025
28.3
5.9
34.2
Accumulated depreciation
At 1 April 2023
12.3
5.2
17.5
Exchange differences
(0.7)
(0.1)
(0.8)
Charge for the year
3.6
1.1
4.7
Disposals
(1.2)
(1 .6)
(2.8)
At 31 March 2024
14.0
4.6
18.6
Charge for the year
4.0
1.2
5.2
Impairment
0.1
\u2013
0.1
Disposals
(3.3)
(3.1)
(6.4)
At 31 March 2025
14.8
2.7
17.5
Net book amount at 31 March 2024
15.0
3.0
18.0
Net book amount at 31 March 2025
13.5
3.2
16.7
19. Lease liabilities
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
At 1 April 2023
21.5
3.2
24.7
Exchange differences
(1.1)
(0.1)
(1.2)
Additions
2.0
1.9
3.9
Modifications
(0.3)
0.1
(0.2)
Disposals
\u2013
(0.1)
(0.1)
Interest charge
1.4
0.2
1.6
Gross lease payments
(4.9)
(1.6)
(6. 5)
At 1 April 2024
18.6
3.6
22.2
Additions
2.2
1.8
4.0
Modifications
2.0
\u2013
2.0
Disposals
(1.5)
(0.9)
(2.4)
Transferred
(0.1)
\u2013
(0.1)
Interest charge
1.4
0.3
1.7
Gross lease payments
(5.4)
(1.4)
(6.8)
At 31 March 2025
17.2
3.4
20.6
Lease liabilities are split into \u00a36.5m (2024: \u00a36.3m) payable in less than one year and \u00a314.1m (2024: \u00a315.9m) payable after
one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-377": { "value": "14. Right-of-use assets
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
30.0
7.5
37.5
Exchange differences
(1.5)
(0.1)
(1 .6)
Additions
2.0
1.9
3.9
Modifications
(0.3)
0.1
(0.2)
Disposals
(1.2)
(1.8)
(3.0)
At 31 March 2024
29.0
7.6
36.6
Additions
2.2
1.8
4.0
Modifications
2.0
\u2013
2.0
Disposals
(4.9)
(3.5)
(8.4)
At 31 March 2025
28.3
5.9
34.2
Accumulated depreciation
At 1 April 2023
12.3
5.2
17.5
Exchange differences
(0.7)
(0.1)
(0.8)
Charge for the year
3.6
1.1
4.7
Disposals
(1.2)
(1 .6)
(2.8)
At 31 March 2024
14.0
4.6
18.6
Charge for the year
4.0
1.2
5.2
Impairment
0.1
\u2013
0.1
Disposals
(3.3)
(3.1)
(6.4)
At 31 March 2025
14.8
2.7
17.5
Net book amount at 31 March 2024
15.0
3.0
18.0
Net book amount at 31 March 2025
13.5
3.2
16.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-344": { "value": "15. Inventories
2025 2024
\u00a3m \u00a3m
Raw materials and consumables
11.3
12.2
Work in progress
0.6
1.2
Finished goods
76.3
84.0
88.2
97.4
Provisions held against inventories totalled \u00a36.4m (2024: \u00a38.8m). The cost of inventories recognised as an expense within cost of sales in the Income Statement amounted to \u00a3180.1m (2024: \u00a3193.3m). During the year, the Group charged \u00a30.8m (2024: \u00a31.2m) of inventory write-downs to the Income Statement within cost of sales", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-343": { "value": "
16. Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
66.6
69.3
Less: impairment loss allowance
(1.7)
(1.8)
Trade receivables \u2013 net
64.9
67.5
Other receivables
1.7
1.7
Prepayments and accrued income
5.1
3.4
71.7
72.6
All trade and other receivables are current. The net carrying amounts of trade and other receivables are considered to be a
reasonable approximation of their fair values.
The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies:
2025 2024
\u00a3m \u00a3m
Sterling
56.2
59.3
South African Rand
14.4
12.4
Euro
1.1
0.9
71.7
72.6
Impairment of trade receivables
Not 0\u20131 month 1\u20132 months 2\u20133 months >3 months
yet due overdue overdue overdue overdue Total
31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.2%
2.2%
8.3%
14.3%
31.0%
2.6%
Gross trade receivables
56.0
4.5
1.2
0.7
4.2
66.6
Loss allowance
0.1
0.1
0.1
0.1
1.3
1.7
Not yet 0\u20131 month 1\u20132 months 2\u20133 months >3 months
due overdue overdue overdue overdue Total
31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.2%
1.5%
9.1%
14.3%
35.0%
2.6%
Gross trade receivables
56.9
6.6
1.1
0.7
4.0
69.3
Loss allowance
0.1
0.1
0.1
0.1
1.4
1.8
Movements on the provision for impairment of trade receivables were as follows:
2025 2024
\u00a3m \u00a3m
At the beginning of the year
1.8
1.5
Acquired
\u2013
\u2013
Provision for receivables impairment
0.4
0.7
Receivables written off during the year as uncollectable
(0.5)
(0.3)
Exchange differences
\u2013
(0.1)
At the end of the year
1.7
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-400": { "value": "16. Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
66.6
69.3
Less: impairment loss allowance
(1.7)
(1.8)
Trade receivables \u2013 net
64.9
67.5
Other receivables
1.7
1.7
Prepayments and accrued income
5.1
3.4
71.7
72.6
All trade and other receivables are current. The net carrying amounts of trade and other receivables are considered to be a reasonable approximation of their fair values. The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies:
2025 2024
\u00a3m \u00a3m
Sterling
56.2
59.3
South African Rand
14.4
12.4
Euro
1.1
0.9
71.7
72.6
Impairment of trade receivables
Not 0\u20131 month 1\u20132 months 2\u20133 months >3 months
yet due overdue overdue overdue overdue Total
31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.2%
2.2%
8.3%
14.3%
31.0%
2.6%
Gross trade receivables
56.0
4.5
1.2
0.7
4.2
66.6
Loss allowance
0.1
0.1
0.1
0.1
1.3
1.7
Not yet 0\u20131 month 1\u20132 months 2\u20133 months >3 months
due overdue overdue overdue overdue Total
31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.2%
1.5%
9.1%
14.3%
35.0%
2.6%
Gross trade receivables
56.9
6.6
1.1
0.7
4.0
69.3
Loss allowance
0.1
0.1
0.1
0.1
1.4
1.8
Movements on the provision for impairment of trade receivables were as follows:
2025 2024
\u00a3m \u00a3m
At the beginning of the year
1.8
1.5
Acquired
\u2013
\u2013
Provision for receivables impairment
0.4
0.7
Receivables written off during the year as uncollectable
(0.5)
(0.3)
Exchange differences
\u2013
(0.1)
At the end of the year
1.7
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-376": { "value": "16. Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
66.6
69.3
Less: impairment loss allowance
(1.7)
(1.8)
Trade receivables \u2013 net
64.9
67.5
Other receivables
1.7
1.7
Prepayments and accrued income
5.1
3.4
71.7
72.6
All trade and other receivables are current. The net carrying amounts of trade and other receivables are considered to be a reasonable approximation of their fair values. The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies:
2025 2024
\u00a3m \u00a3m
Sterling
56.2
59.3
South African Rand
14.4
12.4
Euro
1.1
0.9
71.7
72.6
Impairment of trade receivables
Not 0\u20131 month 1\u20132 months 2\u20133 months >3 months
yet due overdue overdue overdue overdue Total
31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.2%
2.2%
8.3%
14.3%
31.0%
2.6%
Gross trade receivables
56.0
4.5
1.2
0.7
4.2
66.6
Loss allowance
0.1
0.1
0.1
0.1
1.3
1.7
Not yet 0\u20131 month 1\u20132 months 2\u20133 months >3 months
due overdue overdue overdue overdue Total
31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.2%
1.5%
9.1%
14.3%
35.0%
2.6%
Gross trade receivables
56.9
6.6
1.1
0.7
4.0
69.3
Loss allowance
0.1
0.1
0.1
0.1
1.4
1.8
Movements on the provision for impairment of trade receivables were as follows:
2025 2024
\u00a3m \u00a3m
At the beginning of the year
1.8
1.5
Acquired
\u2013
\u2013
Provision for receivables impairment
0.4
0.7
Receivables written off during the year as uncollectable
(0.5)
(0.3)
Exchange differences
\u2013
(0.1)
At the end of the year
1.7
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-420": { "value": "Impairment of trade receivables
Not 0\u20131 month 1\u20132 months 2\u20133 months >3 months
yet due overdue overdue overdue overdue Total
31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.2%
2.2%
8.3%
14.3%
31.0%
2.6%
Gross trade receivables
56.0
4.5
1.2
0.7
4.2
66.6
Loss allowance
0.1
0.1
0.1
0.1
1.3
1.7
Not yet 0\u20131 month 1\u20132 months 2\u20133 months >3 months
due overdue overdue overdue overdue Total
31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.2%
1.5%
9.1%
14.3%
35.0%
2.6%
Gross trade receivables
56.9
6.6
1.1
0.7
4.0
69.3
Loss allowance
0.1
0.1
0.1
0.1
1.4
1.8
Movements on the provision for impairment of trade receivables were as follows:
2025 2024
\u00a3m \u00a3m
At the beginning of the year
1.8
1.5
Acquired
\u2013
\u2013
Provision for receivables impairment
0.4
0.7
Receivables written off during the year as uncollectable
(0.5)
(0.3)
Exchange differences
\u2013
(0.1)
At the end of the year
1.7
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-416": { "value": "Impairment of trade receivables
Not 0\u20131 month 1\u20132 months 2\u20133 months >3 months
yet due overdue overdue overdue overdue Total
31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.2%
2.2%
8.3%
14.3%
31.0%
2.6%
Gross trade receivables
56.0
4.5
1.2
0.7
4.2
66.6
Loss allowance
0.1
0.1
0.1
0.1
1.3
1.7
Not yet 0\u20131 month 1\u20132 months 2\u20133 months >3 months
due overdue overdue overdue overdue Total
31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
0.2%
1.5%
9.1%
14.3%
35.0%
2.6%
Gross trade receivables
56.9
6.6
1.1
0.7
4.0
69.3
Loss allowance
0.1
0.1
0.1
0.1
1.4
1.8
Movements on the provision for impairment of trade receivables were as follows:
2025 2024
\u00a3m \u00a3m
At the beginning of the year
1.8
1.5
Acquired
\u2013
\u2013
Provision for receivables impairment
0.4
0.7
Receivables written off during the year as uncollectable
(0.5)
(0.3)
Exchange differences
\u2013
(0.1)
At the end of the year
1.7
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-346": { "value": "
17. Cash and cash equivalents
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
22.7
30.8
Credit risk on cash and cash equivalents is limited as the counterparties are banks with strong credit ratings assigned by
international credit rating agencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-378": { "value": "17. Cash and cash equivalents
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
22.7
30.8
Credit risk on cash and cash equivalents is limited as the counterparties are banks with strong credit ratings assigned by international credit rating agencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-347": { "value": "
18. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
48.2
45.4
Other tax and social security payables
6.8
6.1
Other payables
2.3
2.8
Accruals and deferred income
29.4
34.8
86.7
89.1
The fair value of trade payables does not differ materially from the book value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-401": { "value": "18. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
48.2
45.4
Other tax and social security payables
6.8
6.1
Other payables
2.3
2.8
Accruals and deferred income
29.4
34.8
86.7
89.1
The fair value of trade payables does not differ materially from the book value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-379": { "value": "18. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
48.2
45.4
Other tax and social security payables
6.8
6.1
Other payables
2.3
2.8
Accruals and deferred income
29.4
34.8
86.7
89.1
The fair value of trade payables does not differ materially from the book value. 26. Other non-current liabilities
2025 2024
\u00a3m \u00a3m
Deferred contingent consideration
\u2013
3.0
Deferred remuneration
\u2013
1.4
Other non-current liabilities
0.2
0.2
0.2
4.6
In the prior year, deferred contingent consideration and deferred remuneration were recognised at fair value as they were dependent on the future financial performance of Grant Westfield. These liabilities have been released (see note 5). Other non- current liabilities relate to post-retirement healthcare liabilities in our South African business.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-348": { "value": "
20. Financial liabilities \u2013 borrowings
2025 2024
\u00a3m \u00a3m
Non-current
Bank borrowings (unsecured):
\u2013 bank loans
60.0
69.0
\u2013 less: costs of raising finance
(0.5)
(0.9)
Total borrowings
59.5
68.1
The fair value of bank loans equals their carrying amount, as they bear interest at floating rates.
The repayment terms of borrowings are as follows:
2025 2024
\u00a3m \u00a3m
Not later than one year
\u2013
\u2013
After more than one year:
\u2013 between one and two years \u2013 \u2013
\u2013 between two and five years 60.0 69.0
\u2013 costs of raising finance (0.5) (0.9)
Total borrowings 59.5 68.1
Capital risk management
The amount of committed banking facility remains at \u00a3130m (plus a \u00a370m uncommitted accordion). The Group exercised the
second of its two one-year extension options in the prior year, extending the maturity date to October 2027.
This facility provides the Group with a sound financial structure for the medium term and, by reference to the \u00a3130m facility
available at year end, with \u00a390.8m of headroom being available at 31 March 2025 (2024: \u00a390.0m), after taking into account net
debt and ancillary facilities in use of \u00a31.9m (2024: \u00a31.8m) and overseas cash. The Group has been in compliance with all banking
covenants (leverage and interest cover covenants) during the year.
Interest rate profile
The effective interest rates at the Balance Sheet dates were as follows:
2025 2024
% %
Bank loans
6.6
7.1
At 31 March 2025, the bank loans carried interest based on SONIA plus a margin of 2.1% (2024: SONIA plus 1.9%).
Net debt
The Group\u2019s net debt is calculated as follows:
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
22.7
30.8
Total borrowings
(59.5)
(68.1)
(36.8)
(37.3)
Currency profile of net debt
The carrying value of the Group\u2019s net debt is denominated in the following currencies:
2025 2024
\u00a3m \u00a3m
Sterling
(42.3)
(52.3)
Euro
0.2
0.3
US Dollar
0.1
0.1
South African Rand
5.0
13.4
Chinese Renminbi
0.2
1.2
(36.8)
(37.3)
21. Financial instruments
During the year, the Group held financial instruments relating to the risks of the Group\u2019s operations.
Financial risk management
The Group\u2019s operations expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and energy
price risk), credit risk and liquidity risk. The Group actively seeks to limit the adverse effects of these risks on the financial
performance of the Group.
Currency risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currencies, primarily the US
Dollar, Euro, Renminbi and South African Rand. Foreign exchange risk arises from future commercial transactions, recognised
assets and liabilities, and net investments in foreign operations.
Foreign exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts.
The foreign currency risk associated with anticipated sales and purchase transactions is hedged out up to 12 months on a rolling
basis. Basis adjustments are made to the initial carrying amounts of inventories when the inventories are initially recorded.
For the hedges of highly probable forecast sales and purchases, as the critical terms (i.e. the notional amount and life) of the
foreign exchange forward contracts and their corresponding hedged items are the same, the Group performs a qualitative
assessment of effectiveness and it is expected that the value of the forward contracts and the value of the corresponding
hedged items will systematically change in the opposite direction in response to movements in the underlying exchange rates.
This means that there is an economic relationship between the hedging instrument (the foreign exchange forward derivatives)
and the hedged item (highly probable forecast sales and purchases in foreign currency).
The notional value of the hedging instrument (the derivative) is consistent with the designated value of the underlying exposure.
Therefore, the hedge ratio is 1:1 in all cases. However, future rebalancing can be performed if needed.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own
credit risk on the fair value of the forward contracts, which is not reflected in the fair value of the hedged item attributable to
changes in foreign exchange rates. Other sources of ineffectiveness arising from these hedging relationships are changes in the
settlement date or amount. However, the Group reviews all hedges on every reporting date to ensure their effectiveness.
The exchange rates used in the preparation of these financial statements are as follows.
Average rate vs \u00a3
2025 2024
South African Rand
23.29
23.60
Euro
1.19
1.16
US Dollar
1.28
1.26
Closing rate vs \u00a3
2025
2024
South African Rand
23.82
23.92
Euro
1.20
1.17
US Dollar
1.29
1.26
Interest rate risk
The Group\u2019s interest rate risk arises from long-term borrowings. The Group has the ability to secure a substantial proportion of its
bank loans at fixed rates via interest rate swaps. However, due to the cash generated to pay down borrowings and historically low
UK SONIA rates, the Group has decided not to take out any such swaps at the present time. This position is regularly reassessed.
Credit risk Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers. Each Group business is responsible for managing and analysing the credit risk of potential customers prior to offering credit terms and on an ongoing basis and uses independent ratings agencies, past trading experience and other factors in order to assess the credit quality of the customer. Additionally, the Group maintains a credit insurance policy for all its operations, which covers a substantial portion of the Group\u2019s trade debtors. For banks and financial institutions, only independently rated parties with a strong rating are accepted. Liquidity risk The Group\u2019s banking facilities are designed to ensure there are sufficient funds available for current operations and the Group\u2019s further development plans. Cash flow forecasting is performed by the Group\u2019s businesses on a rolling basis and is monitored centrally to ensure that sufficient cash is available to meet operational needs, whilst maintaining an appropriate level of headroom on undrawn committed borrowing facilities. At 31 March 2025, the facility had \u00a390.8m of headroom (2024: \u00a390.0m) after taking account of ancillary facilities and overseas cash. The maturity date of the facility is October 2027. Financial instruments The Group\u2019s financial instruments comprise borrowings, cash, trade receivables and payables and forward exchange contracts. Based on the hierarchy defined in IFRS 13, deferred contingent consideration is classified as a level 3 instrument. The Group\u2019s financial instruments are classified as level 2 instruments. Consequently, fair value measurements are derived from inputs other than quoted prices included within level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Financial liabilities The table below analyses the value of the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the Balance Sheet date to the contractual maturity date.
Later than Later than
one year two years
Not later but not later but not later
than one than two than five Later than
year years years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
1
4.9
4.9
76.9
\u2013
86.7
Lease liabilities
2
6.3
5.7
10.8
4.6
27.4
Trade and other payables
3
89.1
4.7
\u2013
0.2
94.0
At 31 March 2024
100.3
15.3
87.7
4.8
208.1
Borrowings
1
3.9
3.9
69.6
\u2013
77.4
Lease liabilities
2
6.5
5.4
9.6
6.3
27.8
Trade and other payables
86.7
\u2013
\u2013
\u2013
86.7
At 31 March 2025
97.1
9.3
79.2
6.3
191.9
1 Borrowings are undiscounted and include interest costs calculated using the applicable interest rate at year end. 2 Lease liabilities are on an undiscounted basis. 3 Trade and other payables due later than one year but not later than two years relate to deferred contingent consideration and deferred remuneration in relation to the acquisition of Grant Westfield and are on an undiscounted basis
Derivative foreign currency contracts
The following table details the foreign currency forward contracts outstanding at the end of the reporting year.
Change in fair
Carrying Notional value taken to
amount amount hedge reserve
\u00a3m \u00a3m \u00a3m
As at 31 March 2024
Liabilities
(0.6)
49.2
1.4
As at 31 March 2025
Liabilities
(0.5)
49.8
0.1
As at 31 March 2025, the aggregate amount of (losses)/gains under foreign exchange forward contracts deferred in the cash
flow hedge reserve relating to these anticipated future purchase transactions is a loss of \u00a30.5m (2024: loss of \u00a30.6m). It is
anticipated that the purchases will take place during the 12 months of the financial year ended 31 March 2026, at which time the
amount deferred in equity will be removed from equity and included in the carrying amount of the inventories that are expected
to be sold within 12 months of purchase.
Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Hedging
reserve
\u00a3m
Fair value
At 1 April 2024
(0.4)
Effective portion of changes in fair value
0.1
Amount transferred to inventories
\u2013
Tax effect
\u2013
At 31 March 2025
(0.3)
Sensitivity analysis
IFRS 7 requires the disclosure of a sensitivity analysis that details the effects on the Group\u2019s profit and loss and equity of
reasonably possible fluctuations in market rates. To demonstrate these, reasonably possible variations of a 1% increase or
decrease in market interest rates and a 5% strengthening or weakening in major currencies have been chosen.
1% increase or decrease on market interest rates for most of the coming year
As the Group has borrowings of \u00a360.0m, the effect of a 1% change in market interest rates would be a change in the net
finance costs of approximately \u00a30.6m (2024: \u00a30.7m) per annum.
(b) 5% strengthening or weakening in major currencies
A number of the Group\u2019s assets are held overseas and, as such, variations in foreign currencies will affect the carrying value
of these assets. A 5% strengthening or weakening of Sterling across all currencies would lead to a circa \u00a33.0m (2024: \u00a32.9m)
decrease or increase in net assets respectively.
The Group\u2019s profits and losses are exposed to both translational and transactional risk of fluctuations in foreign currency. The
Group seeks to mitigate the majority of its transactional risk using forward foreign exchange contracts and product pricing.
Taking into account the unmitigated translational impact, a 5% strengthening or weakening in Sterling against all other
currencies would result in an increase or decrease in reported profits of circa \u00a30.2m (2024: \u00a30.2m) respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-380": { "value": "20. Financial liabilities \u2013 borrowings
2025 2024
\u00a3m \u00a3m
Non-current
Bank borrowings (unsecured):
\u2013 bank loans
60.0
69.0
\u2013 less: costs of raising finance
(0.5)
(0.9)
Total borrowings
59.5
68.1
The fair value of bank loans equals their carrying amount, as they bear interest at floating rates. The repayment terms of borrowings are as follows:
2025 2024
\u00a3m \u00a3m
Not later than one year
\u2013
\u2013
After more than one year:
\u2013 between one and two years \u2013 \u2013
\u2013 between two and five years 60.0 69.0
\u2013 costs of raising finance (0.5) (0.9)
Total borrowings 59.5 68.1
Capital risk management The amount of committed banking facility remains at \u00a3130m (plus a \u00a370m uncommitted accordion). The Group exercised the second of its two one-year extension options in the prior year, extending the maturity date to October 2027. This facility provides the Group with a sound financial structure for the medium term and, by reference to the \u00a3130m facility available at year end, with \u00a390.8m of headroom being available at 31 March 2025 (2024: \u00a390.0m), after taking into account net debt and ancillary facilities in use of \u00a31.9m (2024: \u00a31.8m) and overseas cash. The Group has been in compliance with all banking covenants (leverage and interest cover covenants) during the year. Interest rate profile The effective interest rates at the Balance Sheet dates were as follows:
2025 2024
% %
Bank loans
6.6
7.1
At 31 March 2025, the bank loans carried interest based on SONIA plus a margin of 2.1% (2024: SONIA plus 1.9%). Net debt The Group\u2019s net debt is calculated as follows:
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
22.7
30.8
Total borrowings
(59.5)
(68.1)
(36.8)
(37.3)
Currency profile of net debt The carrying value of the Group\u2019s net debt is denominated in the following currencies:
2025 2024
\u00a3m \u00a3m
Sterling
(42.3)
(52.3)
Euro
0.2
0.3
US Dollar
0.1
0.1
South African Rand
5.0
13.4
Chinese Renminbi
0.2
1.2
(36.8)
(37.3)
Financial liabilities
The table below analyses the value of the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining
period at the Balance Sheet date to the contractual maturity date.
Later than Later than
one year two years
Not later but not later but not later
than one than two than five Later than
year years years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
1
4.9
4.9
76.9
\u2013
86.7
Lease liabilities
2
6.3
5.7
10.8
4.6
27.4
Trade and other payables
3
89.1
4.7
\u2013
0.2
94.0
At 31 March 2024
100.3
15.3
87.7
4.8
208.1
Borrowings
1
3.9
3.9
69.6
\u2013
77.4
Lease liabilities
2
6.5
5.4
9.6
6.3
27.8
Trade and other payables
86.7
\u2013
\u2013
\u2013
86.7
At 31 March 2025
97.1
9.3
79.2
6.3
191.9
1 Borrowings are undiscounted and include interest costs calculated using the applicable interest rate at year end.
2 Lease liabilities are on an undiscounted basis.
3 Trade and other payables due later than one year but not later than two years relate to deferred contingent consideration and deferred remuneration in relation to the
acquisition of Grant Westfield and are on an undiscounted basis .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-402": { "value": "20. Financial liabilities \u2013 borrowings
2025 2024
\u00a3m \u00a3m
Non-current
Bank borrowings (unsecured):
\u2013 bank loans
60.0
69.0
\u2013 less: costs of raising finance
(0.5)
(0.9)
Total borrowings
59.5
68.1
The fair value of bank loans equals their carrying amount, as they bear interest at floating rates. The repayment terms of borrowings are as follows:
2025 2024
\u00a3m \u00a3m
Not later than one year
\u2013
\u2013
After more than one year:
\u2013 between one and two years \u2013 \u2013
\u2013 between two and five years 60.0 69.0
\u2013 costs of raising finance (0.5) (0.9)
Total borrowings 59.5 68.1
Capital risk management The amount of committed banking facility remains at \u00a3130m (plus a \u00a370m uncommitted accordion). The Group exercised the second of its two one-year extension options in the prior year, extending the maturity date to October 2027. This facility provides the Group with a sound financial structure for the medium term and, by reference to the \u00a3130m facility available at year end, with \u00a390.8m of headroom being available at 31 March 2025 (2024: \u00a390.0m), after taking into account net debt and ancillary facilities in use of \u00a31.9m (2024: \u00a31.8m) and overseas cash. The Group has been in compliance with all banking covenants (leverage and interest cover covenants) during the year. Interest rate profile The effective interest rates at the Balance Sheet dates were as follows:
2025 2024
% %
Bank loans
6.6
7.1
At 31 March 2025, the bank loans carried interest based on SONIA plus a margin of 2.1% (2024: SONIA plus 1.9%). Net debt The Group\u2019s net debt is calculated as follows:
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
22.7
30.8
Total borrowings
(59.5)
(68.1)
(36.8)
(37.3)
Currency profile of net debt The carrying value of the Group\u2019s net debt is denominated in the following currencies:
2025 2024
\u00a3m \u00a3m
Sterling
(42.3)
(52.3)
Euro
0.2
0.3
US Dollar
0.1
0.1
South African Rand
5.0
13.4
Chinese Renminbi
0.2
1.2
(36.8)
(37.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-417": { "value": "Capital risk management The amount of committed banking facility remains at \u00a3130m (plus a \u00a370m uncommitted accordion). The Group exercised the second of its two one-year extension options in the prior year, extending the maturity date to October 2027. This facility provides the Group with a sound financial structure for the medium term and, by reference to the \u00a3130m facility available at year end, with \u00a390.8m of headroom being available at 31 March 2025 (2024: \u00a390.0m), after taking into account net debt and ancillary facilities in use of \u00a31.9m (2024: \u00a31.8m) and overseas cash. The Group has been in compliance with all banking covenants (leverage and interest cover covenants) during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-381": { "value": "Financial risk management The Group\u2019s operations expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and energy price risk), credit risk and liquidity risk. The Group actively seeks to limit the adverse effects of these risks on the financial performance of the Group. Currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currencies, primarily the US Dollar, Euro, Renminbi and South African Rand. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities, and net investments in foreign operations. Foreign exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts. The foreign currency risk associated with anticipated sales and purchase transactions is hedged out up to 12 months on a rolling basis. Basis adjustments are made to the initial carrying amounts of inventories when the inventories are initially recorded. For the hedges of highly probable forecast sales and purchases, as the critical terms (i.e. the notional amount and life) of the foreign exchange forward contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the forward contracts and the value of the corresponding hedged items will systematically change in the opposite direction in response to movements in the underlying exchange rates. This means that there is an economic relationship between the hedging instrument (the foreign exchange forward derivatives) and the hedged item (highly probable forecast sales and purchases in foreign currency). The notional value of the hedging instrument (the derivative) is consistent with the designated value of the underlying exposure. Therefore, the hedge ratio is 1:1 in all cases. However, future rebalancing can be performed if needed. The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the forward contracts, which is not reflected in the fair value of the hedged item attributable to changes in foreign exchange rates. Other sources of ineffectiveness arising from these hedging relationships are changes in the settlement date or amount. However, the Group reviews all hedges on every reporting date to ensure their effectiveness. The exchange rates used in the preparation of these financial statements are as follows.
Average rate vs \u00a3
2025 2024
South African Rand
23.29
23.60
Euro
1.19
1.16
US Dollar
1.28
1.26
Closing rate vs \u00a3
2025
2024
South African Rand
23.82
23.92
Euro
1.20
1.17
US Dollar
1.29
1.26
Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. The Group has the ability to secure a substantial proportion of its bank loans at fixed rates via interest rate swaps. However, due to the cash generated to pay down borrowings and historically low UK SONIA rates, the Group has decided not to take out any such swaps at the present time. This position is regularly reassessed. Credit risk Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers. Each Group business is responsible for managing and analysing the credit risk of potential customers prior to offering credit terms and on an ongoing basis and uses independent ratings agencies, past trading experience and other factors in order to assess the credit quality of the customer. Additionally, the Group maintains a credit insurance policy for all its operations, which covers a substantial portion of the Group\u2019s trade debtors. For banks and financial institutions, only independently rated parties with a strong rating are accepted. Liquidity risk The Group\u2019s banking facilities are designed to ensure there are sufficient funds available for current operations and the Group\u2019s further development plans. Cash flow forecasting is performed by the Group\u2019s businesses on a rolling basis and is monitored centrally to ensure that sufficient cash is available to meet operational needs, whilst maintaining an appropriate level of headroom on undrawn committed borrowing facilities. At 31 March 2025, the facility had \u00a390.8m of headroom (2024: \u00a390.0m) after taking account of ancillary facilities and overseas cash. The maturity date of the facility is October 2027. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-403": { "value": "Currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currencies, primarily the US Dollar, Euro, Renminbi and South African Rand. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities, and net investments in foreign operations. Foreign exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts. The foreign currency risk associated with anticipated sales and purchase transactions is hedged out up to 12 months on a rolling basis. Basis adjustments are made to the initial carrying amounts of inventories when the inventories are initially recorded. For the hedges of highly probable forecast sales and purchases, as the critical terms (i.e. the notional amount and life) of the foreign exchange forward contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the forward contracts and the value of the corresponding hedged items will systematically change in the opposite direction in response to movements in the underlying exchange rates. This means that there is an economic relationship between the hedging instrument (the foreign exchange forward derivatives) and the hedged item (highly probable forecast sales and purchases in foreign currency). The notional value of the hedging instrument (the derivative) is consistent with the designated value of the underlying exposure. Therefore, the hedge ratio is 1:1 in all cases. However, future rebalancing can be performed if needed. The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the forward contracts, which is not reflected in the fair value of the hedged item attributable to changes in foreign exchange rates. Other sources of ineffectiveness arising from these hedging relationships are changes in the settlement date or amount. However, the Group reviews all hedges on every reporting date to ensure their effectiveness. The exchange rates used in the preparation of these financial statements are as follows.
Average rate vs \u00a3
2025 2024
South African Rand
23.29
23.60
Euro
1.19
1.16
US Dollar
1.28
1.26
Closing rate vs \u00a3
2025
2024
South African Rand
23.82
23.92
Euro
1.20
1.17
US Dollar
1.29
1.26
Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. The Group has the ability to secure a substantial proportion of its bank loans at fixed rates via interest rate swaps. However, due to the cash generated to pay down borrowings and historically low UK SONIA rates, the Group has decided not to take out any such swaps at the present time. This position is regularly reassessed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-405": { "value": "
Credit risk
Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial
institutions, as well as credit exposures to customers. Each Group business is responsible for managing and analysing the credit
risk of potential customers prior to offering credit terms and on an ongoing basis and uses independent ratings agencies, past
trading experience and other factors in order to assess the credit quality of the customer. Additionally, the Group maintains
a credit insurance policy for all its operations, which covers a substantial portion of the Group\u2019s trade debtors. For banks and
financial institutions, only independently rated parties with a strong rating are accepted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-404": { "value": "
Liquidity risk
The Group\u2019s banking facilities are designed to ensure there are sufficient funds available for current operations and the Group\u2019s
further development plans. Cash flow forecasting is performed by the Group\u2019s businesses on a rolling basis and is monitored
centrally to ensure that sufficient cash is available to meet operational needs, whilst maintaining an appropriate level of
headroom on undrawn committed borrowing facilities. At 31 March 2025, the facility had \u00a390.8m of headroom (2024: \u00a390.0m)
after taking account of ancillary facilities and overseas cash. The maturity date of the facility is October 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-406": { "value": "Derivative foreign currency contracts The following table details the foreign currency forward contracts outstanding at the end of the reporting year.
Change in fair
Carrying Notional value taken to
amount amount hedge reserve
\u00a3m \u00a3m \u00a3m
As at 31 March 2024
Liabilities
(0.6)
49.2
1.4
As at 31 March 2025
Liabilities
(0.5)
49.8
0.1
As at 31 March 2025, the aggregate amount of (losses)/gains under foreign exchange forward contracts deferred in the cash flow hedge reserve relating to these anticipated future purchase transactions is a loss of \u00a30.5m (2024: loss of \u00a30.6m). It is anticipated that the purchases will take place during the 12 months of the financial year ended 31 March 2026, at which time the amount deferred in equity will be removed from equity and included in the carrying amount of the inventories that are expected to be sold within 12 months of purchase. Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Hedging
reserve
\u00a3m
Fair value
At 1 April 2024
(0.4)
Effective portion of changes in fair value
0.1
Amount transferred to inventories
\u2013
Tax effect
\u2013
At 31 March 2025
(0.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-382": { "value": "Derivative foreign currency contracts The following table details the foreign currency forward contracts outstanding at the end of the reporting year.
Change in fair
Carrying Notional value taken to
amount amount hedge reserve
\u00a3m \u00a3m \u00a3m
As at 31 March 2024
Liabilities
(0.6)
49.2
1.4
As at 31 March 2025
Liabilities
(0.5)
49.8
0.1
As at 31 March 2025, the aggregate amount of (losses)/gains under foreign exchange forward contracts deferred in the cash flow hedge reserve relating to these anticipated future purchase transactions is a loss of \u00a30.5m (2024: loss of \u00a30.6m). It is anticipated that the purchases will take place during the 12 months of the financial year ended 31 March 2026, at which time the amount deferred in equity will be removed from equity and included in the carrying amount of the inventories that are expected to be sold within 12 months of purchase. Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Hedging
reserve
\u00a3m
Fair value
At 1 April 2024
(0.4)
Effective portion of changes in fair value
0.1
Amount transferred to inventories
\u2013
Tax effect
\u2013
At 31 March 2025
(0.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-383": { "value": "Sensitivity analysis IFRS 7 requires the disclosure of a sensitivity analysis that details the effects on the Group\u2019s profit and loss and equity of reasonably possible fluctuations in market rates. To demonstrate these, reasonably possible variations of a 1% increase or decrease in market interest rates and a 5% strengthening or weakening in major currencies have been chosen. 1% increase or decrease on market interest rates for most of the coming year As the Group has borrowings of \u00a360.0m, the effect of a 1% change in market interest rates would be a change in the net finance costs of approximately \u00a30.6m (2024: \u00a30.7m) per annum. (b) 5% strengthening or weakening in major currencies A number of the Group\u2019s assets are held overseas and, as such, variations in foreign currencies will affect the carrying value of these assets. A 5% strengthening or weakening of Sterling across all currencies would lead to a circa \u00a33.0m (2024: \u00a32.9m) decrease or increase in net assets respectively. The Group\u2019s profits and losses are exposed to both translational and transactional risk of fluctuations in foreign currency. The Group seeks to mitigate the majority of its transactional risk using forward foreign exchange contracts and product pricing. Taking into account the unmitigated translational impact, a 5% strengthening or weakening in Sterling against all other currencies would result in an increase or decrease in reported profits of circa \u00a30.2m (2024: \u00a30.2m) respectively.", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-349": { "value": "
23. Provisions
Warranty Restructuring Legal
provision provision provision Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
0.9
4.8
\u2013 5.7
Charged to the Income Statement
0.1
1.9
\u2013 2.0
Utilisation
\u2013
(6.0)
\u2013 (6.0)
At 31 March 2024
1.0
0.7
\u2013 1.7
Charged to the Income Statement
0.1
0.4
0.3 0.8
Transferred
\u2013
0.1
\u2013
0.1
Utilisation
\u2013
(1.0)
\u2013 (1.0)
At 31 March 2025
1.1
0.2
0.3 1.6
The warranty provision has been recognised for expected claims on products that remain under warranty. It is expected that
this expenditure will be incurred within five years of the Balance Sheet date.
The restructuring provision brought forward related to committed redundancy costs in Johnson Tiles UK and costs in relation to
the warehouse consolidation at VADO.
A \u00a30.3m legal provision has been recognised to reflect the estimated future economic outlay in finalising an ongoing legal case.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-384": { "value": "23. Provisions
Warranty Restructuring Legal
provision provision provision Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
0.9
4.8
\u2013 5.7
Charged to the Income Statement
0.1
1.9
\u2013 2.0
Utilisation
\u2013
(6.0)
\u2013 (6.0)
At 31 March 2024
1.0
0.7
\u2013 1.7
Charged to the Income Statement
0.1
0.4
0.3 0.8
Transferred
\u2013
0.1
\u2013
0.1
Utilisation
\u2013
(1.0)
\u2013 (1.0)
At 31 March 2025
1.1
0.2
0.3 1.6
The warranty provision has been recognised for expected claims on products that remain under warranty. It is expected that this expenditure will be incurred within five years of the Balance Sheet date. The restructuring provision brought forward related to committed redundancy costs in Johnson Tiles UK and costs in relation to the warehouse consolidation at VADO. A \u00a30.3m legal provision has been recognised to reflect the estimated future economic outlay in finalising an ongoing legal case.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-350": { "value": "
24. Retirement benefit obligations
(a) Pension costs
Norcros Security Plan
The Norcros Security Plan (the Plan), the principal UK pension scheme of the Group\u2019s UK subsidiaries, is funded by a separate
trust fund that operates under UK trust law and is a separate legal entity from the Company. The Plan is governed by a Trustee
company, which has a board currently composed of three employer representatives and three member representatives. The
Trustee is required by law to act in the best interests of the Plan members and is responsible for setting policies together with
the Company.
It is predominantly a defined benefit scheme, with a modest element of defined contribution benefits. Norcros plc itself has no
employees other than the Directors and so has no liabilities in respect of these pension schemes. The scheme closed to new
members and future accrual with effect from 1 April 2013, though active members retain a salary link. This means that employed
members of the Plan who were building up benefits at the date of closure to accrual will receive a pension based on their
service to 1 April 2013 but using their final pensionable salary at the point they leave employment or retire from the Plan. As a
result of the closure, a new defined contribution pension scheme was implemented to replace the Plan from the same date.
The weighted average duration of the defined benefit obligation is approximately nine years (2024: ten years) and can be
attributed to the scheme members as follows:
2025
2024
Employee members
1%
2%
Deferred members
19%
28%
Pensioner members
80%
70%
Total
100%
100%
The Plan assets do not include any investments in the Company or any property or other assets utilised by the Company.
The Plan is funded by the Company based on a separate actuarial valuation for funding purposes for which the assumptions
may differ from those below. Funding requirements are formally set out in the Statement of Funding Principles, Schedule of
Contributions and Recovery Plan agreed between the Trustee and the Company.
In the current year, the Group reached agreement with the Trustee on the 31 March 2024 triennial actuarial valuation for the UK
defined benefit scheme. The actuarial deficit at 31 March 2024 was \u00a311.7m (2021: \u00a335.8m). The current deficit repair contributions
were agreed at \u00a33.8m per annum from 1 April 2022 to June 2027 (increasing with CPI, capped at 5%, each year).
The deficit repair contributions in the current year were \u00a33.1m, plus a payment of \u00a31.0m made immediately after the year end. It
was agreed that these payments would continue until the scheme is deemed to be in surplus on a technical provisions basis, at
which point the contributions would be directed to an escrow agreement. The next triennial actuarial valuation is expected to
take place during the year ending 31 March 2028.
Risks
The Plan exposes the Company to a number of actuarial risks, which may result in a material change in the net scheme surplus/
deficit and potentially result in an increase in cash contributions in later years and higher charges being recognised in future
Income Statements. Given the long-term time horizon of the scheme\u2019s cash flows, this may result in volatility in the valuation of
the net scheme surplus from year to year. The main risks are set out below:
Mortality risk \u2013 the assumptions used by the Group allow for improvements in life expectancy. However, if life expectancy improves
at a faster rate than assumed, this would result in greater payments from the Plan and consequently an increase in scheme
liabilities. The Group regularly reviews the mortality assumptions to minimise the risk of using an inappropriate assumption.
Interest rate risk \u2013 a reduction in corporate bond yields would result in a lower discount rate being used to value the scheme
liabilities and consequently result in an increase in scheme liabilities. Additionally, an increase in inflation would increase the
scheme liabilities as the majority of the pension payments increase in line with inflation, although there are a number of caps in
place to ensure that the impact of high inflation is minimised. To mitigate some of the investment volatility, a proportion of the
scheme assets are held in liability-driven investments, which involve hedging some of the Plan\u2019s exposure to changes in interest
rates and inflation by investing in assets that match the sensitivity of its liabilities. This means that if interest rates or inflation
expectations change, assets and liabilities rise or fall together, and the funding level of the Plan should be less volatile.
Investment risk and currency risk \u2013 a reduction in the value of investments caused by fluctuating exchange rates and a variety
of other market factors would result in a lower valuation of scheme assets. The scheme invests in a diversified range of asset
classes to mitigate the risk of falls in any one area of the investments and implements partial currency hedging on the overseas
assets to mitigate currency risk.
Defined contribution pension schemes
Contributions made to these schemes amounted to \u00a33.8m (2024: \u00a33.9m).
(b) IAS 19R \u2018Employee benefits\u2019
Norcros Security Plan
The valuation used for IAS 19R disclosures has been based on the most recent actuarial valuation at 31 March 2024 and
updated by PwC, a firm of qualified actuaries, to take account of the requirements of IAS 19R in order to assess the liabilities of
the scheme at 31 March 2025. Scheme assets are stated at their market value at 31 March 2025.
(I) THE PRINCIPAL ASSUMPTIONS USED TO CALCULATE THE SCHEME LIABILITIES OF THE NORCROS SECURITY
PLAN UNDER IAS 19R ARE:
2025 2024
Projected Projected
unit unit
Discount rate 5.60% 4.85%
Inflation rate (RPI) 3.20% 3.30%
Inflation rate (CPI) 2.55% 2.65%
Increases to pensions in payment (other than pre-1988 GMP liabilities) 2.94% 3.00%
Salary increases 2.80% 2.90%
The mortality assumptions are based on standard mortality tables, which allow for future mortality improvements and are
summarised below:
2025
2024
Life expectancy at age 65:
Current pensioners \u2013 males
20.7
19.4
Current pensioners \u2013 females
22.7
22.0
Future pensioners \u2013 males (currently aged 45)
21.7
20.3
Future pensioners \u2013 females (currently aged 45)
23.9
23.1
Members are assumed to take a 25% (2024: 25%) cash commutation sum on retirement.
(II) THE AMOUNTS RECOGNISED IN THE INCOME STATEMENT ARE AS FOLLOWS:
2025 2024
\u00a3m \u00a3m
Included in operating profit:
IAS 19R pension administration expenses
1.8
1.3
IAS 19R finance income
(0.8)
(0.8)
Total cost recognised in the Income Statement
1.0
0.5
(III) THE AMOUNTS RECOGNISED IN THE BALANCE SHEET ARE DETERMINED AS FOLLOWS:
Value at Value at
31 March 31 March
2025 2024
\u00a3m \u00a3m
Equities
30.1
31.4
Bonds
32.1
66.3
High yield
43.7
58.3
Liability-driven investments
153.0
119.9
Cash and gilts
5.1
15.6
Total fair value of scheme assets
264.0
291.5
Present value of scheme liabilities
(257.2)
(275.0)
Pension asset
6.8
16.5
The fair value of the scheme assets analysed by asset category and subdivided between those assets that have a quoted
market price in an active market and those that do not (such as investment funds) are as follows:
Value at 31 March 2025 Value at 31 March 2024
Quoted Unquoted Total Quoted Unquoted Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
\u2013
30.1
30.1
\u2013
31.4
31.4
Bonds
\u2013
32.1
32.1
\u2013
66.3
66.3
High yield
\u2013
43.7
43.7
\u2013
58.3
58.3
Liability-driven investments
\u2013
153.0
153.0
\u2013
119.9
119.9
Cash and gilts
5.1
\u2013
5.1
15.6
\u2013
15.6
Total fair value of scheme assets
5.1
258.9
264.0
15.6
275.9
291.5
The majority of the Plan\u2019s assets are invested in pooled investment vehicles, where the fair value has been determined by the
individual fund managers by applying fair value principles to the underlying investments.
(IV) THE MOVEMENT IN THE SCHEME SURPLUS IN THE YEAR IS AS FOLLOWS:
2025 2024
\u00a3m \u00a3m
Asset at the beginning of the year
16.5
14.9
Employer contributions \u2013 deficit recovery
3.1
4.0
IAS 19R pension administration expenses
(1.8)
(1.3)
IAS 19R finance income
0.8
0.8
Actuarial losses
(11.8)
(1.9)
Asset at the end of the year
6.8
16.5
(V) THE RECONCILIATION OF SCHEME ASSETS IS AS FOLLOWS:
2025 2024
\u00a3m \u00a3m
Opening fair value of scheme assets
291.5
299.9
Employer contributions \u2013 deficit recovery
3.1
4.0
Interest income
13.6
14.2
Benefits paid
(23.8)
(24.3)
Actuarial losses on scheme assets
(18.6)
(1.0)
IAS 19R pension administration expenses
(1.8)
(1.3)
Closing fair value of scheme assets
264.0
291.5
(VI) THE RECONCILIATION OF SCHEME LIABILITIES IS AS FOLLOWS:
2025 2024
\u00a3m \u00a3m
Opening scheme liabilities
(275.0)
(285.0)
Interest cost
(12.8)
(13.4)
Actuarial gains arising from changes in financial assumptions
18.4
7.1
Actuarial losses arising from changes in demographic assumptions
(10.0)
(3.1)
Actuarial losses arising from experience adjustment
(1.6)
(4.9)
Benefits paid
23.8
24.3
Closing fair value of scheme liabilities
(257.2)
(275.0)
(VII) AMOUNTS RECOGNISED IN OTHER COMPREHENSIVE INCOME ARE AS FOLLOWS:
2025 2024
\u00a3m \u00a3m
Actuarial losses
(11.8)
(1.9)
Deferred tax
2.9
0.5
(8.9)
(1.4)
(VIII) SENSITIVITIES
Judgements are required in relation to the principal assumptions. The sensitivities regarding these principal assumptions used to
measure the Plan\u2019s liabilities are as follows:
Impact on scheme
obligations
2025 2024
Assumption \u00a3m \u00a3m
Discount rate \u2013 0.1% decrease
2.1
2.6
Inflation rate (RPI and CPI)
1
\u2013 0.1% increase
1.2
1.4
Increase in life expectancy by one year
11.5
11.9
1 This includes the impact of salary increases and both deferred and in payment pension increase assumptions.
The above sensitivities are applied to adjust the defined benefit obligation at the end of the year. Whilst the analysis does
not take account of the full distribution of cash flows expected under the scheme, it does provide an approximation as to the
sensitivity of the assumptions shown.
No changes have been made to the method and assumptions used in this analysis from those used in the previous year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-385": { "value": "Norcros Security Plan The Norcros Security Plan (the Plan), the principal UK pension scheme of the Group\u2019s UK subsidiaries, is funded by a separate trust fund that operates under UK trust law and is a separate legal entity from the Company. The Plan is governed by a Trustee company, which has a board currently composed of three employer representatives and three member representatives. The Trustee is required by law to act in the best interests of the Plan members and is responsible for setting policies together with the Company. It is predominantly a defined benefit scheme, with a modest element of defined contribution benefits. Norcros plc itself has no employees other than the Directors and so has no liabilities in respect of these pension schemes. The scheme closed to new members and future accrual with effect from 1 April 2013, though active members retain a salary link. This means that employed members of the Plan who were building up benefits at the date of closure to accrual will receive a pension based on their service to 1 April 2013 but using their final pensionable salary at the point they leave employment or retire from the Plan. As a result of the closure, a new defined contribution pension scheme was implemented to replace the Plan from the same date. The weighted average duration of the defined benefit obligation is approximately nine years (2024: ten years) and can be attributed to the scheme members as follows:
2025
2024
Employee members
1%
2%
Deferred members
19%
28%
Pensioner members
80%
70%
Total
100%
100%
The Plan assets do not include any investments in the Company or any property or other assets utilised by the Company. The Plan is funded by the Company based on a separate actuarial valuation for funding purposes for which the assumptions may differ from those below. Funding requirements are formally set out in the Statement of Funding Principles, Schedule of Contributions and Recovery Plan agreed between the Trustee and the Company. In the current year, the Group reached agreement with the Trustee on the 31 March 2024 triennial actuarial valuation for the UK defined benefit scheme. The actuarial deficit at 31 March 2024 was \u00a311.7m (2021: \u00a335.8m). The current deficit repair contributions were agreed at \u00a33.8m per annum from 1 April 2022 to June 2027 (increasing with CPI, capped at 5%, each year). The deficit repair contributions in the current year were \u00a33.1m, plus a payment of \u00a31.0m made immediately after the year end. It was agreed that these payments would continue until the scheme is deemed to be in surplus on a technical provisions basis, at which point the contributions would be directed to an escrow agreement. The next triennial actuarial valuation is expected to take place during the year ending 31 March 2028. Risks The Plan exposes the Company to a number of actuarial risks, which may result in a material change in the net scheme surplus/ deficit and potentially result in an increase in cash contributions in later years and higher charges being recognised in future Income Statements. Given the long-term time horizon of the scheme\u2019s cash flows, this may result in volatility in the valuation of the net scheme surplus from year to year. The main risks are set out below: Mortality risk \u2013 the assumptions used by the Group allow for improvements in life expectancy. However, if life expectancy improves at a faster rate than assumed, this would result in greater payments from the Plan and consequently an increase in scheme liabilities. The Group regularly reviews the mortality assumptions to minimise the risk of using an inappropriate assumption. Interest rate risk \u2013 a reduction in corporate bond yields would result in a lower discount rate being used to value the scheme liabilities and consequently result in an increase in scheme liabilities. Additionally, an increase in inflation would increase the scheme liabilities as the majority of the pension payments increase in line with inflation, although there are a number of caps in place to ensure that the impact of high inflation is minimised. To mitigate some of the investment volatility, a proportion of the scheme assets are held in liability-driven investments, which involve hedging some of the Plan\u2019s exposure to changes in interest rates and inflation by investing in assets that match the sensitivity of its liabilities. This means that if interest rates or inflation expectations change, assets and liabilities rise or fall together, and the funding level of the Plan should be less volatile. Investment risk and currency risk \u2013 a reduction in the value of investments caused by fluctuating exchange rates and a variety of other market factors would result in a lower valuation of scheme assets. The scheme invests in a diversified range of asset classes to mitigate the risk of falls in any one area of the investments and implements partial currency hedging on the overseas assets to mitigate currency risk. Defined contribution pension schemes Contributions made to these schemes amounted to \u00a33.8m (2024: \u00a33.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-407": { "value": "Defined contribution pension schemes Contributions made to these schemes amounted to \u00a33.8m (2024: \u00a33.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-351": { "value": "
25. Called-up share capital
2025 2024
\u00a3m \u00a3m
Issued and fully paid
2025:
89,818,983
(2024: 89,596,593) ordinary shares of 10p each
8.9
8.9
In the year, 112,935 of 10p ordinary shares were issued in order to satisfy vesting of options under the Company\u2019s SAYE schemes.
At 31 March 2025, 256,631 shares were held by the Employee Benefit Trust (2024: 297,563).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-386": { "value": "25. Called-up share capital
2025 2024
\u00a3m \u00a3m
Issued and fully paid
2025:
89,818,983
(2024: 89,596,593) ordinary shares of 10p each
8.9
8.9
In the year, 112,935 of 10p ordinary shares were issued in order to satisfy vesting of options under the Company\u2019s SAYE schemes. At 31 March 2025, 256,631 shares were held by the Employee Benefit Trust (2024: 297,563).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-352": { "value": "
26. Other non-current liabilities
2025 2024
\u00a3m \u00a3m
Deferred contingent consideration
\u2013
3.0
Deferred remuneration
\u2013
1.4
Other non-current liabilities
0.2
0.2
0.2
4.6
In the prior year, deferred contingent consideration and deferred remuneration were recognised at fair value as they were
dependent on the future financial performance of Grant Westfield. These liabilities have been released (see note 5). Other non-
current liabilities relate to post-retirement healthcare liabilities in our South African business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-408": { "value": "26. Other non-current liabilities
2025 2024
\u00a3m \u00a3m
Deferred contingent consideration
\u2013
3.0
Deferred remuneration
\u2013
1.4
Other non-current liabilities
0.2
0.2
0.2
4.6
In the prior year, deferred contingent consideration and deferred remuneration were recognised at fair value as they were dependent on the future financial performance of Grant Westfield. These liabilities have been released (see note 5). Other non- current liabilities relate to post-retirement healthcare liabilities in our South African business.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-353": { "value": "
27. Consolidated Cash Flow Statement
(a) Cash generated from operations
The analysis of cash generated from operations is given below
2025 2024
\u00a3m \u00a3m
Profit before taxation
2.0
32.6
Adjustments for:
\u2013 IAS 19R administrative expenses included in the Income Statement
1.8
1.3
\u2013 acquisition and disposal related costs included in the Income Statement
25.4
4.3
\u2013 exceptional items included in the Income Statement
7.7
(2.3)
\u2013 finance costs included in the Income Statement
7.1
8.1
\u2013 IAS 19R finance credit included in the Income Statement
(0.8)
(0.8)
\u2013 cash flows from exceptional items and acquisition and disposal related costs
(7.5)
(3.4)
\u2013 settlement of share options
(0.5)
\u2013
\u2013 depreciation of property, plant and equipment
4.4
4.0
\u2013 underlying amortisation
0.4
0.3
\u2013 depreciation of right-of-use assets
5.2
4.7
\u2013 pension fund deficit recovery contributions
(3.1)
(4.0)
\u2013 IFRS 2 charges
0.3
0.9
Operating cash flows before movement in working capital
42.4
45.7
Changes in working capital:
\u2013 (increase)/decrease in inventories
(10.3)
2.9
\u2013 (increase)/decrease in trade and other receivables
(4.4)
9.3
\u2013 increase/(decrease) in trade and other payables
0.6
(8.9)
Cash generated from operations
28.3
49.0
(b) Outflow related to exceptional items
This includes expenditure charged to exceptional provisions relating to acquisition and disposal related costs (excluding
deferred remuneration) and other business rationalisation and restructuring costs.
(c) Analysis of underlying net debt
Current Non\u2011current Underlying Lease
Cash borrowings borrowings net debt liabilities Net debt
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
29.0
\u2013
(78.9)
(49.9)
(24.7)
(74.6)
Cash flow
3.3
\u2013
11.0
14.3
6.5
20.8
Non-cash finance costs
\u2013
\u2013
(0.2)
(0.2)
(1.6)
(1.8)
Other non-cash movements
\u2013
\u2013
\u2013
\u2013
(3.6)
(3.6)
Exchange movement
(1.5)
\u2013
\u2013
(1.5)
1.2
(0. 3)
At 31 March 2024
30.8
\u2013
(68.1)
(37.3)
(22.2)
(59.5)
Cash flow
(8.3)
\u2013
9.0
0.7
6.8
7.5
Non-cash finance costs
\u2013
\u2013
(0.4)
(0.4)
(2.0)
(2.4)
Other non-cash movements
\u2013
\u2013
\u2013
\u2013
(3.2)
(3.2)
Exchange movement
0.2
\u2013
\u2013
0.2
\u2013
0.2
At 31 March 2025
22.7
\u2013
(59.5)
(36.8)
(20.6)
(57.4)
Non-cash finance costs relate to the movement in the capitalised costs of raising debt finance in the year and interest on
lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-387": { "value": "27. Consolidated Cash Flow Statement (a) Cash generated from operations The analysis of cash generated from operations is given below
2025 2024
\u00a3m \u00a3m
Profit before taxation
2.0
32.6
Adjustments for:
\u2013 IAS 19R administrative expenses included in the Income Statement
1.8
1.3
\u2013 acquisition and disposal related costs included in the Income Statement
25.4
4.3
\u2013 exceptional items included in the Income Statement
7.7
(2.3)
\u2013 finance costs included in the Income Statement
7.1
8.1
\u2013 IAS 19R finance credit included in the Income Statement
(0.8)
(0.8)
\u2013 cash flows from exceptional items and acquisition and disposal related costs
(7.5)
(3.4)
\u2013 settlement of share options
(0.5)
\u2013
\u2013 depreciation of property, plant and equipment
4.4
4.0
\u2013 underlying amortisation
0.4
0.3
\u2013 depreciation of right-of-use assets
5.2
4.7
\u2013 pension fund deficit recovery contributions
(3.1)
(4.0)
\u2013 IFRS 2 charges
0.3
0.9
Operating cash flows before movement in working capital
42.4
45.7
Changes in working capital:
\u2013 (increase)/decrease in inventories
(10.3)
2.9
\u2013 (increase)/decrease in trade and other receivables
(4.4)
9.3
\u2013 increase/(decrease) in trade and other payables
0.6
(8.9)
Cash generated from operations
28.3
49.0
(b) Outflow related to exceptional items This includes expenditure charged to exceptional provisions relating to acquisition and disposal related costs (excluding deferred remuneration) and other business rationalisation and restructuring costs. (c) Analysis of underlying net debt
Current Non\u2011current Underlying Lease
Cash borrowings borrowings net debt liabilities Net debt
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
29.0
\u2013
(78.9)
(49.9)
(24.7)
(74.6)
Cash flow
3.3
\u2013
11.0
14.3
6.5
20.8
Non-cash finance costs
\u2013
\u2013
(0.2)
(0.2)
(1.6)
(1.8)
Other non-cash movements
\u2013
\u2013
\u2013
\u2013
(3.6)
(3.6)
Exchange movement
(1.5)
\u2013
\u2013
(1.5)
1.2
(0. 3)
At 31 March 2024
30.8
\u2013
(68.1)
(37.3)
(22.2)
(59.5)
Cash flow
(8.3)
\u2013
9.0
0.7
6.8
7.5
Non-cash finance costs
\u2013
\u2013
(0.4)
(0.4)
(2.0)
(2.4)
Other non-cash movements
\u2013
\u2013
\u2013
\u2013
(3.2)
(3.2)
Exchange movement
0.2
\u2013
\u2013
0.2
\u2013
0.2
At 31 March 2025
22.7
\u2013
(59.5)
(36.8)
(20.6)
(57.4)
Non-cash finance costs relate to the movement in the capitalised costs of raising debt finance in the year and interest on lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-354": { "value": "
28. Dividends
A final dividend in respect of the year ended 31 March 2024 of \u00a36.1m (6. 8p per 10p ordinary share) was paid on 2 August 2024,
and an interim dividend of \u00a33 .1m (3. 5p per 10p ordinary share) was paid on 14 January 2025. A final dividend in respect of
the year ended 31 March 2025 of \u00a36.2m (6. 9p per 10p ordinary share) is to be proposed at the Annual General Meeting on
23 July 2025. These financial statements do not reflect this dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-388": { "value": "0.068", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-390": { "value": "3100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-389": { "value": "0.035", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-391": { "value": "0.069", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-355": { "value": "
29. Capital commitments
2025 2024
\u00a3m \u00a3m
Contracts placed for future capital expenditure not provided in the financial statements
0.5
0.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-392": { "value": "29. Capital commitments
2025 2024
\u00a3m \u00a3m
Contracts placed for future capital expenditure not provided in the financial statements
0.5
0.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-356": { "value": "
30. Related party transactions
The Group considers its Directors to be the key management personnel. Compensation for Directors who have the sole
responsibility for planning, directing and controlling the Group are set out in the Remuneration Report on pages 122 to 146.
Share-based payments in relation to the Directors can be found in note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-393": { "value": "30. Related party transactions The Group considers its Directors to be the key management personnel. Compensation for Directors who have the sole responsibility for planning, directing and controlling the Group are set out in the Remuneration Report on pages 122 to 146. Share-based payments in relation to the Directors can be found in note 10.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-357": { "value": "
31. Disposal of Johnson Tiles UK
On 19 May 2024, the Group sold the trade and assets of the Johnson Tiles UK division to Johnson Tiles Ltd, a new company
incorporated and run by the former divisional management team.
Consideration for the sale was \u00a31m, with a further modest earn out dependent on future equity value of the business, with both
payable in April 2028. This \u00a31m deferred consideration has been discounted to \u00a30.7m in the table below.
The following table summarises the total loss on disposal by detailing the fair value of the assets and liabilities as at the date of
sale net of deferred consideration:
\u00a3m
Discounted deferred consideration
(0.7)
Recognised amounts of identifiable assets and liabilities
Property, plant and equipment
1.5
Right-of use-assets
0.2
Inventories
19.7
Trade and other receivables
6.9
Trade and other payables
(4.7)
Lease liabilities
(0.8)
Assets and liabilities disposed
22.8
Total loss on disposal
22.1
Total costs relating to the transaction of \u00a30.8m have been expensed to the Consolidated Income Statement of which \u00a30.6m
is within acquisition and disposal related costs in the year ended 31 March 2025 and the remaining \u00a30.2m recognised in the
prior year.
The revenue and profit after tax included in the Consolidated Statement of Comprehensive Income since 1 April 2024
contributed by Johnson Tiles UK are \u00a34.3m and \u00a3nil, respectively.
The net cash outflow from the transaction reported within the Cash Flow Statement under \u201cacquisition and disposal related
costs\u201d was \u00a30.2m representing \u00a30.6m of professional fees, partially offset by \u00a30.4m in relation to plant and machinery sales to
third parties other than Johnson Tiles Ltd.
", "dimensions": { "concept": "norcrosplc:DisclosureOfDisposalOfJohnsonTilesUK", "language": "en", "entity": "scheme:213800EIMJZZA1GBIE18", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }