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General information
4imprint Group plc, registered number 177991, is a public limited company incorporated in England and Wales, domiciled in the UK
and listed on the London Stock Exchange. Its registered office is 25 Southampton Buildings, London WC2A 1AL.
The Group presents the consolidated financial statements in US dollars and numbers are shown in US dollars thousands. A
substantial portion of the Group\u2019s revenue and earnings are denominated in US dollars and the Board is of the opinion that a US
dollar presentation gives a more meaningful view of the Group\u2019s financial performance and position.
Accounting policies
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have
been consistently applied to all the periods presented.
Basis of preparation
The financial statements have been prepared under the historical cost convention in accordance with UK-adopted International
Accounting Standards.
New accounting standards applicable for the first time in this reporting period have no impact on the Group\u2019s results or
balance sheet.
Environmental risks
In preparing the financial statements, management has considered the impact of environmental risks. Whilst the impact of
environmental risks is still developing and therefore all possible future outcomes are uncertain, risks known to the Group have been
considered in forming judgments, estimates and assumptions and in assessing viability and going concern. These considerations did
not have a material impact on the financial statements.
Going concern
In making their assessment of going concern from the date of approval of these financial statements until 29 June 2024, the Directors
have carefully considered the Group\u2019s prospects:
\u2013 The Group\u2019s strategy, market position and business model, as set out in the Strategic Report section on pages 9 to 19 of the 2022
Annual Report.
\u2013 The principal risks and uncertainties facing the Group, as outlined in the Principal Risks & Uncertainties section on pages 41 to 49
of the 2022 Annual Report and further detailed below.
\u2013 Information contained in the Financial Review concerning the Group\u2019s financial position, cash flows and liquidity.
\u2013 Regular management reporting and updates from the Executive Directors.
\u2013 Recent detailed financial forecasts and analysis.
Principal risks and uncertainties
The Directors have carefully considered the Group\u2019s principal risks and uncertainties in assessing the Group\u2019s prospects, which
include strategic risks, operational risks, reputational risks, and environmental risks. Whilst all the risks identified could have an
impact on the Group, given the prevailing external climate and potential to impact the Group\u2019s financial position and longer-term
viability, macroeconomic and environmental risks are considered in further detail below.
Macroeconomic risks
Whilst the risk of a negative effect on demand for our products from the pandemic is considered to have receded during the year,
the macroeconomic and geopolitical environment remains challenging.
The ongoing uncertainty associated with the outlook for a potential global recession and continued geopolitical unrest poses
downside risks to growth and the cost base. Inflationary pressures (mainly in relation to product, transportation, and labour costs)
have persisted since the onset of the pandemic although the impact on the business has to date been successfully mitigated
through appropriate and timely adjustments to the customer proposition, the marketing mix and expense budgets. In addition, the
maintenance of high levels of liquidity has facilitated continued investment in the business for future growth.
The operational and financial resilience of the business through the pandemic and current economic and political uncertainty,
coupled with the strong financial position of the Group, give the Board confidence that the strategy, competitive position, and
business model remain entirely relevant and that despite residual uncertainty as to future market conditions, the Group expects to
be in a good position both to withstand further economic stress and to take market share opportunities as they arise.
The potential impacts from the current macroeconomic risks and associated mitigating actions have been reflected in the demand
and cost assumptions of the financial forecasts used to assess viability and going concern.
Environmental risks
As a primary strategic objective of the Group and as noted above in the assessment of prospects, environment-related risks and
opportunities are specifically considered by the Board in their assessment of viability and going concern.
The Group has established an appropriate governance structure, in the form of the Group Environmental Committee and Business
Risk Management Committee, to identify new and emerging risks related to climate change and the environment.
Going concern continued
Environmental risks have the potential to impact the Group\u2019s ability to achieve its strategic objectives through damage to our
reputation, our operational facilities and those of our supplier partners, and the failure to respond to trends and shifts in consumer
product preferences.
As detailed more fully in the Sustainability section, the Group has proactively responded to these risks with several initiatives.
These include the achievement of CarbonNeutral
\u00ae
company status, the installation of a solar panel array at our distribution centre
in Oshkosh, the introduction of our Better Choices\u2122 programme to make it easier for our customers to find products with the
characteristics that are most important to them, and participation in the UPS carbon neutral shipping programme. The flexible nature
of our \u2018drop-ship\u2019 model and close relationships maintained with key and alternative suppliers allows for relatively rapid adjustment t o
episodes of extreme weather.
Whilst governmental and societal responses to climate change risks are still developing, and therefore all possible future outcomes
are not known, the Group has embedded environmental matters into its strategic objectives and sees climate change and other
aspects of environmental stewardship as a fundamental part of a commitment to build a commercially and environmentally
sustainable business that delivers value to all stakeholders.
The cash flow impacts of our environmental initiatives are incorporated into the financial forecasts used to assess viability and
going concern.
Assessment of going concern
Whilst the principal risks and uncertainties outlined on pages 41 to 49 of the 2022 Annual Report could all have an impact on the
Group\u2019s performance, the Board considers that the key factor that would prejudice the ongoing viability and liquidity of the Group
would be a severe downturn in demand, which negatively impacts new customer acquisition and existing customer retention.
The \u2018base case\u2019 three-year plan, developed for the purposes of the Group\u2019s strategic planning process, provides the basis for
the financial modelling used to assess viability. Over the three-year period this \u2018base case\u2019 shows improving financial results, an
accumulating cash balance and no liquidity concerns.
Severe, but plausible, downside demand assumptions were then determined and used to adjust the \u2018base case\u2019 forecast to model
the effects on the Group\u2019s liquidity. These \u2018downside\u2019 scenarios assume a significant deterioration in demand patterns during 2023,
similar to those experienced in 2020 when the pandemic started, with order volumes for the first year of the three-year forecast
period dropping back to around 70% of 2022 levels, before gradually recovering back to 2022 order levels by 2025. Marketing and
direct costs were flexed in line with revenue, capital expenditure was moderated to reflect the reduction in demand, and dividend
payments were reduced in line with earnings per share, but other payroll and overhead costs remained at 2022 levels with an
allowance for inflationary increases. These \u2018downside\u2019 scenarios are intended to simulate a severe shock to demand resulting in
sustained diminished corporate demand in a downsized promotional products market.
Even under the severe stress built into the \u2018downside\u2019 models, the Group retains strong liquidity throughout the assessment period.
This liquidity is in the form of cash balances. In addition, there are further mitigating actions that the Group could take, including
further cutting marketing costs and reducing headcount, that are not reflected in the distressed forecast but would, if required, be
fully under the Group\u2019s control.
Given the scalability of the Group\u2019s business model, as demonstrated over the past few years, the absence of external financing, and
low fixed or working capital requirements, a reverse stress testing scenario has not been undertaken. The Group has proven, during
the onset of the pandemic in 2020, its ability to flex its marketing and other costs to mitigate the impact of falls in revenue and retains
flexibility to further reduce other costs should the need arise.
Though the Group maintains a $20m line of credit with its US bankers that expires on 31 May 2024 and a small overdraft facility
with its UK bankers that expires on 31 December 2023, the modelling in both the \u2018base case\u2019 and \u2018downside\u2019 scenarios shows the
maintenance of positive cash balances throughout the assessment period and, as such, there is no current requirement to utilise the
facilities or intention to secure any additional facilities.
The assumptions used in the \u2018base case\u2019 and \u2018downside\u2019 scenarios and resulting financial forecasts have been reviewed and approved
by the Board. The conclusion of this review is that the Group has significant flexibility in its variable costs, a low fixed cost base, and
enters the 2023 financial year with a strong cash and bank deposits position of $86.8m, enabling it to remain cash positive even
under severe economic stress.
Going concern
Based on their assessment, the Directors have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group\u2019s and Company\u2019s ability to continue as a going concern from
the date the financial statements are approved until 29 June 2024. Accordingly, they continue to adopt the going concern basis in
preparing the Group\u2019s and Company\u2019s financial statements.
Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the period. Subsidiaries are all entities (including structured 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 to direct the activities of the entity. The financial statements of subsidiaries, as amended to conform to Group accounting policies, are included in the consolidated financial statements from the date that control commences until the date that control ceases. All subsidiaries have the same year-end date as the Group. Estimates and judgments The preparation of the consolidated financial statements requires management to make judgments and estimates that affect the application of accounting policies, the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Critical accounting judgments are those judgments, apart from those involving estimations, that have been made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Key assumptions and sources of estimation uncertainty are those that have a significant risk of resulting in a material adjustment to the carrying amounts of the Group\u2019s assets and liabilities within the next financial year. Management considers the following to be the critical accounting judgments and key assumptions and sources of estimation uncertainty: Critical accounting judgments Revenue For most of its product line, the Group operates a \u2018drop-ship\u2019 business model whereby suppliers hold blank inventory, imprint the product and ship directly to customers. In order to determine the amount of revenue to recognise, it is necessary for the Group to make a judgment to assess if it is acting as principal or an agent in fulfilling the performance obligations and promises to customers for these transactions. The Group has full discretion to accept orders, agrees artwork with the customer, sets the transaction price, selects the suppliers used to fulfil orders, and considers its customer satisfaction promises (\u2018on-time or free\u2019, price and quality guarantees) to be integral to meeting its performance obligations. Accordingly, the Group is of the opinion that it acts as principal in providing goods to customers and recognises the gross amount of consideration as revenue. Retirement benefit asset At the balance sheet date, the fair value of the defined benefit assets exceeded the present value of the defined benefit obligations of the 4imprint 2016 Pension Plan. Although the Group anticipates that the surplus will be utilised during the life of the plan to address members\u2019 liabilities, the Group recognises the surplus in full on the basis that it is management\u2019s judgment that there are no restrictions on the return of residual plan assets in the event of a winding up of the plan after all member obligations have been met. Key assumptions and sources of estimation uncertainty Pensions As detailed in note 18, the Group sponsors a defined benefit pension scheme closed to new members and future accrual. Period- end recognition of the liabilities under this scheme requires a number of significant actuarial assumptions to be made, including inflation rate, discount rate and mortality rates. Small changes in assumptions can have a significant impact on the amounts recorded in other comprehensive income and on the pension liabilities in the balance sheet. Sensitivities to changes in these assumptions are disclosed in note 18. Other areas of judgment and accounting estimates The consolidated financial statements include other areas of judgment and accounting estimates. Whist these areas do not meet the IAS 1 definition of critical accounting judgments or significant accounting estimates, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or uncertainties. The other areas of judgment and accounting estimates include the estimation of the future cash flows of subsidiary companies and the determination of appropriate discount rates, growth rates, and probability of default rates necessary for undertaking impairment reviews and assessing the recoverability of assets (refer to note 8 for further information on the impairment review process), and levels of provisions required in relation to trade and other receivables (refer to note 14) and inventories (refer to note 13).
Other accounting policies
Revenue
The activity from which the Group derives revenue is the sale and delivery of promotional products.
The Group primarily operates a \u2018drop-ship\u2019 model in which it acts as principal as it has control over the goods and services before
transfer to the customer. The Group also acts as principal for apparel goods that are decorated within the Group\u2019s facilities and
shipped directly to the customer. The Group recognises the gross amount of consideration as revenue in both instances.
It is common for a customer order to include several different product lines. Individual order lines are separately priced, have
separately agreed delivery dates, and are capable of being used or enjoyed by the customer on their own, separately from any
other order lines included in the overall customer order. The Group therefore considers each order line to constitute a separate
performance obligation. Revenue is recognised at a point in time upon delivery and acceptance by the customer as this is when
control of the goods has transferred.
The price for each order line is fixed at the time of order, inclusive of any discounts given for that order line. Revenue is shown net o f
discounts, credits, refunds, VAT and sales tax. The value of provisions for credits and refunds is determined using the expected valu e
methodology based upon historical experience of credits/refunds issued and levels of revenue.
Payment terms vary by customer but are generally either payment with order or within 30 days of delivery.
Supplier rebates
Amounts due under rebate agreements are recognised based on volumes of products purchased during the period to which
the rebates relate at the relevant rebate rates, per supplier agreements. Amounts are credited to the cost of purchase of goods
for resale and any accrued income is included in other receivables. Provision is made against such receivables to the extent it is
considered that the amounts are not recoverable.
Segmental reporting
The reporting requirements of IFRS 8 require operating segments to be identified based on internal reports about components of
the Group that are regularly reviewed by the chief operating decision maker to allocate resources to the segments and to assess
their performance. The chief operating decision maker has been identified by the Directors as the Board. The Group has two
operating segments, North America and UK & Ireland. The costs of the Head Office are reported separately to the Board, but this is
not an operating segment.
Leases
A lease is defined as a contract that conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. At the commencement date of a lease a right-of-use asset and a lease liability are recognised in the
financial statements.
The lease liability is initially measured at the present value of expected future lease payments discounted at the interest rate implicit
in the lease or, if that rate cannot be determined, the lessee\u2019s incremental borrowing rate. Subsequently the lease liability decreases
by the lease payments made, offset by interest on the liability, and may be re-measured to reflect any reassessment of expected
payments or to reflect any lease modifications.
The right-of-use asset is initially measured at cost. This comprises the amount of the initial lease liability plus: any lease payments
made on or before the commencement date less incentives received; any incremental costs of obtaining the lease; and, if any, the
costs of decommissioning the asset and any restoration work to return the asset to the condition required under the terms of the
lease. Subsequently the right-of-use asset is measured using the cost model. The asset is amortised on a straight-line basis over the
expected term of the lease, adjusted for any re-measurement of the lease liability, and is shown net of the accumulated depreciatio n
and any impairment provisions.
The Group has elected to use the recognition exemptions for low value assets and short-term leases (leases with a duration of 12
months or less) which are expensed to operating profit on a straight-line basis over the term of the lease.
Share-based payments
Share options, which are all equity-settled, are measured at fair value at the date of grant allowing for any market conditions, if
applicable. The fair value is charged to the income statement over the vesting period of the share option schemes on a straight-line
basis. The value of the charge is adjusted each year to reflect any non-market or service conditions that impact the expected numbe r
of options that will become exercisable. All options cancelled are fully expensed to the income statement upon cancellation.
Exceptional items
Income or costs which are both material and non-recurring, whose significance is sufficient to warrant separate disclosure in the
financial statements, are referred to as exceptional items. The Directors consider that the separate disclosure of these items assists
in understanding the Group\u2019s financial performance.
Taxation The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity in which case the tax is recognised in other comprehensive income or directly in equity, respectively. Tax attributable to the defined benefit pension scheme is recognised in the income statement except to the extent it relates to actuarial movements recognised in other comprehensive income. Current income tax is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries operate and generate taxable income. Transactions and calculations for which the ultimate tax determination is uncertain may arise during the ordinary course of business. Should an uncertain tax position arise, where a risk of an additional tax liability has been identified and it is considered probable that the Group will be required to settle that tax, a tax provision is recognised. This is assessed on a case-by-case basis. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group\u2019s financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction, other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined on an undiscounted basis using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences or losses can be utilised. Deferred tax movements in respect of losses recognised or derecognised in the period are allocated between the income statement, other comprehensive income and equity in proportion to the origin of those losses. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net . Dividends Final equity dividends and where relevant, special equity dividends, are recognised in the Group\u2019s financial statements in the period in which the dividends are approved by the Shareholders. Interim equity dividends are recognised when paid. Foreign currency The functional and presentation currency of the Company is Sterling. However, the Group\u2019s financial statements are presented in US dollars, reflecting that most of the Group\u2019s revenues and transactions are generated in North America in US dollars. Transactions in currencies other than the functional currency of the Company or subsidiary concerned are recorded at the exchange rate prevailing at the date of the transaction. At each balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the balance sheet date. Translation differences on monetary items are taken to the income statement. On consolidation the balance sheets of Sterling enterprises are translated into US dollars at the exchange rate ruling at the balance sheet date and income statements are translated at average rates for the period under review. One-off material transactions are translated at the spot rate on the transaction date. The resulting exchange differences are taken to the cumulative translation differences reserve and are reported in the statement of comprehensive income. On disposal of an operation any cumulative exchange differences held in Shareholders\u2019 equity are recycled to the income statement. Derivative instruments Derivatives are recognised initially at fair value and are re-measured at fair value at each reporting date. The Group only uses derivative forward foreign exchange contracts to hedge highly probable cash flows that meet the qualifying criteria for hedge accounting and never for maturities more than 12 months. The fair value of the hedging derivative is classified as a current asset or liability. The Group applies hedge accounting to these transactions designating them as cash flow hedges. The effective portion of changes in these cash flow hedges are deferred in a hedging reserve, where material, and then charged to the income statement when the forecast sale or purchase occurs, or if the forecast transaction is no longer expected to occur. Any ineffective portion of the cash flow hedge is recognised immediately in the income statement. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the fair value of the consideration transferred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. The excess of the cost of acquisition over the Group\u2019s share of identifiable net assets is recorded as goodwill. Acquisition-related costs are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the Group\u2019s cash-generating units that are expected to benefit from the combination. Goodwill is not amortised but is reviewed annually for impairment.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. No depreciation is
provided on freehold land. For all other property, plant and equipment, depreciation is calculated to write off their cost less residual
value by equal annual instalments over the period of their estimated useful lives, which are reviewed on a regular basis. Leasehold
assets are depreciated over the shorter of the term of the lease or their estimated useful lives.
Cost comprises the purchase price plus costs directly incurred in bringing the asset into use.
The principal useful lives currently fall within the following ranges:
Freehold and long leasehold buildings 50 years
Short leasehold buildings Life of lease
Plant, machinery, fixtures and fittings 3\u201315 years
Computer hardware 3 years
Profits and losses on disposal, which have arisen from over or under depreciation, are accounted for in arriving at operating profit
and are separately disclosed when material.
Intangible assets
Acquired software licences and expenditure on developing websites and other computer systems, providing they meet the criteria
for recognition under IAS 38, are capitalised, held at historic cost and amortised from the date of commissioning on a straight-line
basis over their useful economic lives (currently three to five years). Amortisation is charged to operating expenses. Internal non-
development costs are expensed to operating expenses as incurred.
An expense is recognised in operating expenses for advertising and promotional activities when, in the case of goods, the business
has a right of access to the goods or, for services, when the business has received the service.
Impairment of assets
All property, plant and equipment and intangible assets are reviewed for impairment in accordance with IAS 36 \u2018Impairment
of Assets\u2019 if there is an indication that the carrying value of the asset may have been impaired. Where an impairment review is
required, the carrying value of the assets is measured against their value in use based on future estimated cash flows, discounted
by the appropriate discount rate, resulting from the use of those assets. Assets are grouped at the lowest level for which there is a
separately identifiable cash flow (cash-generating unit). An impairment loss is recognised for the amount at which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value
in use.
Inventories
Inventories are valued at the lower of cost and net realisable value using the first-in first-out basis. Net realisable value is the
estimated selling price in the ordinary course of business, less applicable variable selling expenses. Items in transit where the Group
has control are included in inventories.
Trade and other receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less provision for impairment. A provision for impairment of trade receivables is established based on the expected credit
loss. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss
allowance for all trade receivables, which are grouped based on shared credit risk characteristics and the days past due. The amount
of the provision is recognised in the income statement. Trade receivables are discounted when the time value of money is considered
material. Receivables also include credit and debit card sales which have not reached the bank at the reporting date.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held on call with banks and other short-term highly liquid investments
with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the balance
sheet. In the cash flow statement, cash and cash equivalents are shown net of bank overdrafts. Cash deposits and other short-term
highly liquid investments with an original maturity in excess of three months are classified as other financial assets.
Trade payables and contract liabilities
Trade payables are recognised initially at fair value and subsequently measured at amortised cost. Trade and other payables are
discounted when the time value of money is considered material.
Contract liabilities reflect the Group\u2019s obligation to transfer goods to a customer and arise where a customer has paid an amount of
consideration in advance of receiving the goods.
Pensions The Group operates defined contribution plans for the majority of its UK and US employees. The regular contributions are charged to the income statement as they are incurred. The Group sponsors a defined benefit scheme, which is closed to new members and future accrual. The Group accounts for the defined benefit scheme under IAS 19 \u2018Employee Benefits\u2019. The deficit of the defined benefit pension scheme is recognised in full on the balance sheet if the present value of the defined benefit obligation exceeds the fair value of plan assets at the balance sheet date. If the assets exceed the obligations then a judgment is made to determine the level of refund available from the scheme in recognising the amount of the surplus to be recognised. A full actuarial valuation is carried out at least every three years and the defined benefit obligation is updated on an annual basis, by independent actuaries, using the projected unit credit method. Lump sum contributions to the defined benefit scheme to reduce the deficit are included within \u2018cash generated from operations\u2019, alongside the regular contributions. Pension charges recognised in the income statement consist of administration costs of the scheme, past service costs, and a finance charge/credit based on the net pension scheme position calculated in accordance with IAS 19. Differences between the actual and expected return on assets, experience gains and losses and changes in actuarial assumptions are included directly in the statement of comprehensive income. Borrowings Borrowings are measured initially at fair value net of transaction costs incurred and subsequently carried at amortised cost using the effective interest rate method. Arrangement fees are amortised over the life of the borrowing. Own shares held by employee share trusts The Company is the sponsoring entity of an employee benefit trust (EBT) and, notwithstanding the legal duties of the Trustees, the Group considers that it has \u2018de facto\u2019 control of the EBT. The trust is accounted for as assets and liabilities of the Company and included in the consolidated financial statements. The Company\u2019s equity instruments held by the EBT are accounted for as if they were the Company\u2019s own equity and are treated as treasury shares. No gain or loss is recognised in profit or loss or other comprehensive income on the purchase, sale or cancellation of the Company\u2019s own equity held by the EBT. Government grants Government grants are recognised at fair value when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants compensating for expenses incurred are recognised as a deduction of the related expenses in the consolidated income statement on a systematic basis in the same periods in which the expenses are incurred. Grants deducted from expenses are included in \u2018cash generated from operations\u2019 in the consolidated cash flow statement on a consistent basis with the related expenses. IFRS standards effective in future financial statements The IASB and IFRS IC have issued new or amended standards and interpretations which are effective for accounting periods as noted below. Standards and interpretations which have been issued but are not yet effective will be applied by the Group in the accounting period that they become effective. Management does not believe the impact of adopting the new or amended standards and interpretations listed below will have a material impact on the results or net assets of the Group. Annual Improvements to IFRS Standards 2018-2020 Cycle (effective 1 January 2022) Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework (effective 1 January 2022) Amendments to IAS 16 \u2013 Property, Plant and Equipment: Proceeds before Intended Use (1 January 2022) Amendments to IAS 37 \u2013 Onerous Contracts: Cost of Fulfilling a Contract (1 January 2022) IFRS 17 Insurance Contracts (effective 1 January 2023) Amendments to IFRS 17 \u2013 Initial Application of IFRS 17 & IFRS 9 \u2013 Comparative Information (effective 1 January 2023) Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current (effective 1 January 2023)* Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies (effective 1 January 2023) Amendments to IAS 8 \u2013 Definition of Accounting Estimates (1 January 2023) Amendments to IAS 12 \u2013 Deferred Tax relating to Assets and Liabilities arising from a Single Transaction (1 January 2023)* * Not yet endorsed by the UK . ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-211": { "value": "General information 4imprint Group plc, registered number 177991, is a public limited company incorporated in England and Wales, domiciled in the UK and listed on the London Stock Exchange. Its registered office is 25 Southampton Buildings, London WC2A 1AL. The Group presents the consolidated financial statements in US dollars and numbers are shown in US dollars thousands. A substantial portion of the Group\u2019s revenue and earnings are denominated in US dollars and the Board is of the opinion that a US dollar presentation gives a more meaningful view of the Group\u2019s financial performance and position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-209": { "value": "General information 4imprint Group plc, registered number 177991, is a public limited company incorporated in England and Wales, domiciled in the UK and listed on the London Stock Exchange. Its registered office is 25 Southampton Buildings, London WC2A 1AL. The Group presents the consolidated financial statements in US dollars and numbers are shown in US dollars thousands. A substantial portion of the Group\u2019s revenue and earnings are denominated in US dollars and the Board is of the opinion that a US dollar presentation gives a more meaningful view of the Group\u2019s financial performance and position. Accounting policies The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented. Basis of preparation The financial statements have been prepared under the historical cost convention in accordance with UK-adopted International Accounting Standards. New accounting standards applicable for the first time in this reporting period have no impact on the Group\u2019s results or balance sheet. Environmental risks In preparing the financial statements, management has considered the impact of environmental risks. Whilst the impact of environmental risks is still developing and therefore all possible future outcomes are uncertain, risks known to the Group have been considered in forming judgments, estimates and assumptions and in assessing viability and going concern. These considerations did not have a material impact on the financial statements. Going concern In making their assessment of going concern from the date of approval of these financial statements until 29 June 2024, the Directors have carefully considered the Group\u2019s prospects: \u2013 The Group\u2019s strategy, market position and business model, as set out in the Strategic Report section on pages 9 to 19 of the 2022 Annual Report. \u2013 The principal risks and uncertainties facing the Group, as outlined in the Principal Risks & Uncertainties section on pages 41 to 49 of the 2022 Annual Report and further detailed below. \u2013 Information contained in the Financial Review concerning the Group\u2019s financial position, cash flows and liquidity. \u2013 Regular management reporting and updates from the Executive Directors. \u2013 Recent detailed financial forecasts and analysis. Principal risks and uncertainties The Directors have carefully considered the Group\u2019s principal risks and uncertainties in assessing the Group\u2019s prospects, which include strategic risks, operational risks, reputational risks, and environmental risks. Whilst all the risks identified could have an impact on the Group, given the prevailing external climate and potential to impact the Group\u2019s financial position and longer-term viability, macroeconomic and environmental risks are considered in further detail below. Macroeconomic risks Whilst the risk of a negative effect on demand for our products from the pandemic is considered to have receded during the year, the macroeconomic and geopolitical environment remains challenging. The ongoing uncertainty associated with the outlook for a potential global recession and continued geopolitical unrest poses downside risks to growth and the cost base. Inflationary pressures (mainly in relation to product, transportation, and labour costs) have persisted since the onset of the pandemic although the impact on the business has to date been successfully mitigated through appropriate and timely adjustments to the customer proposition, the marketing mix and expense budgets. In addition, the maintenance of high levels of liquidity has facilitated continued investment in the business for future growth. The operational and financial resilience of the business through the pandemic and current economic and political uncertainty, coupled with the strong financial position of the Group, give the Board confidence that the strategy, competitive position, and business model remain entirely relevant and that despite residual uncertainty as to future market conditions, the Group expects to be in a good position both to withstand further economic stress and to take market share opportunities as they arise. The potential impacts from the current macroeconomic risks and associated mitigating actions have been reflected in the demand and cost assumptions of the financial forecasts used to assess viability and going concern. Environmental risks As a primary strategic objective of the Group and as noted above in the assessment of prospects, environment-related risks and opportunities are specifically considered by the Board in their assessment of viability and going concern. The Group has established an appropriate governance structure, in the form of the Group Environmental Committee and Business Risk Management Committee, to identify new and emerging risks related to climate change and the environment. NOTES TO THE FINANCIAL STATEMENTS Going concern continued Environmental risks have the potential to impact the Group\u2019s ability to achieve its strategic objectives through damage to our reputation, our operational facilities and those of our supplier partners, and the failure to respond to trends and shifts in consumer product preferences. As detailed more fully in the Sustainability section, the Group has proactively responded to these risks with several initiatives. These include the achievement of CarbonNeutral \u00ae company status, the installation of a solar panel array at our distribution centre in Oshkosh, the introduction of our Better Choices\u2122 programme to make it easier for our customers to find products with the characteristics that are most important to them, and participation in the UPS carbon neutral shipping programme. The flexible nature of our \u2018drop-ship\u2019 model and close relationships maintained with key and alternative suppliers allows for relatively rapid adjustment t episodes of extreme weather. Whilst governmental and societal responses to climate change risks are still developing, and therefore all possible future outcomes are not known, the Group has embedded environmental matters into its strategic objectives and sees climate change and other aspects of environmental stewardship as a fundamental part of a commitment to build a commercially and environmentally sustainable business that delivers value to all stakeholders. The cash flow impacts of our environmental initiatives are incorporated into the financial forecasts used to assess viability and going concern. Assessment of going concern Whilst the principal risks and uncertainties outlined on pages 41 to 49 of the 2022 Annual Report could all have an impact on the Group\u2019s performance, the Board considers that the key factor that would prejudice the ongoing viability and liquidity of the Group would be a severe downturn in demand, which negatively impacts new customer acquisition and existing customer retention. The \u2018base case\u2019 three-year plan, developed for the purposes of the Group\u2019s strategic planning process, provides the basis for the financial modelling used to assess viability. Over the three-year period this \u2018base case\u2019 shows improving financial results, an accumulating cash balance and no liquidity concerns. Severe, but plausible, downside demand assumptions were then determined and used to adjust the \u2018base case\u2019 forecast to model the effects on the Group\u2019s liquidity. These \u2018downside\u2019 scenarios assume a significant deterioration in demand patterns during 2023, similar to those experienced in 2020 when the pandemic started, with order volumes for the first year of the three-year forecast period dropping back to around 70% of 2022 levels, before gradually recovering back to 2022 order levels by 2025. Marketing and direct costs were flexed in line with revenue, capital expenditure was moderated to reflect the reduction in demand, and dividend payments were reduced in line with earnings per share, but other payroll and overhead costs remained at 2022 levels with an allowance for inflationary increases. These \u2018downside\u2019 scenarios are intended to simulate a severe shock to demand resulting in sustained diminished corporate demand in a downsized promotional products market. Even under the severe stress built into the \u2018downside\u2019 models, the Group retains strong liquidity throughout the assessment period. This liquidity is in the form of cash balances. In addition, there are further mitigating actions that the Group could take, including further cutting marketing costs and reducing headcount, that are not reflected in the distressed forecast but would, if required, be fully under the Group\u2019s control. Given the scalability of the Group\u2019s business model, as demonstrated over the past few years, the absence of external financing, and low fixed or working capital requirements, a reverse stress testing scenario has not been undertaken. The Group has proven, during the onset of the pandemic in 2020, its ability to flex its marketing and other costs to mitigate the impact of falls in revenue and retains flexibility to further reduce other costs should the need arise. Though the Group maintains a $20m line of credit with its US bankers that expires on 31 May 2024 and a small overdraft facility with its UK bankers that expires on 31 December 2023, the modelling in both the \u2018base case\u2019 and \u2018downside\u2019 scenarios shows the maintenance of positive cash balances throughout the assessment period and, as such, there is no current requirement to utilise the facilities or intention to secure any additional facilities. The assumptions used in the \u2018base case\u2019 and \u2018downside\u2019 scenarios and resulting financial forecasts have been reviewed and approved by the Board. The conclusion of this review is that the Group has significant flexibility in its variable costs, a low fixed cost base, and enters the 2023 financial year with a strong cash and bank deposits position of $86.8m, enabling it to remain cash positive even under severe economic stress. Going concern Based on their assessment, the Directors have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group\u2019s and Company\u2019s ability to continue as a going concern from the date the financial statements are approved until 29 June 2024. Accordingly, they continue to adopt the going concern basis in preparing the Group\u2019s and Company\u2019s financial statements. NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries for the period.
Subsidiaries are all entities (including structured 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 to direct the activities of the entity. The financial statements of subsidiaries, as amended to conform to Group
accounting policies, are included in the consolidated financial statements from the date that control commences until the date that
control ceases.
All subsidiaries have the same year-end date as the Group.
Estimates and judgments
The preparation of the consolidated financial statements requires management to make judgments and estimates that affect the
application of accounting policies, the amounts reported for assets and liabilities as at the balance sheet date and the amounts
reported for revenues and expenses during the year.
Critical accounting judgments are those judgments, apart from those involving estimations, that have been made in the process
of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial
statements. Key assumptions and sources of estimation uncertainty are those that have a significant risk of resulting in a material
adjustment to the carrying amounts of the Group\u2019s assets and liabilities within the next financial year.
Management considers the following to be the critical accounting judgments and key assumptions and sources of
estimation uncertainty:
Critical accounting judgments
Revenue
For most of its product line, the Group operates a \u2018drop-ship\u2019 business model whereby suppliers hold blank inventory, imprint the
product and ship directly to customers. In order to determine the amount of revenue to recognise, it is necessary for the Group to
make a judgment to assess if it is acting as principal or an agent in fulfilling the performance obligations and promises to customers
for these transactions.
The Group has full discretion to accept orders, agrees artwork with the customer, sets the transaction price, selects the suppliers
used to fulfil orders, and considers its customer satisfaction promises (\u2018on-time or free\u2019, price and quality guarantees) to be integral to
meeting its performance obligations.
Accordingly, the Group is of the opinion that it acts as principal in providing goods to customers and recognises the gross amount of
consideration as revenue.
Retirement benefit asset
At the balance sheet date, the fair value of the defined benefit assets exceeded the present value of the defined benefit obligations
of the 4imprint 2016 Pension Plan. Although the Group anticipates that the surplus will be utilised during the life of the plan to
address members\u2019 liabilities, the Group recognises the surplus in full on the basis that it is management\u2019s judgment that there are no
restrictions on the return of residual plan assets in the event of a winding up of the plan after all member obligations have been met.
Key assumptions and sources of estimation uncertainty
Pensions
As detailed in note 18, the Group sponsors a defined benefit pension scheme closed to new members and future accrual. Period-
end recognition of the liabilities under this scheme requires a number of significant actuarial assumptions to be made, including
inflation rate, discount rate and mortality rates. Small changes in assumptions can have a significant impact on the amounts recorded
in other comprehensive income and on the pension liabilities in the balance sheet. Sensitivities to changes in these assumptions are
disclosed in note 18.
Other areas of judgment and accounting estimates
The consolidated financial statements include other areas of judgment and accounting estimates. Whist these areas do not meet
the IAS 1 definition of critical accounting judgments or significant accounting estimates, the recognition and measurement of certain
material assets and liabilities are based on assumptions and/or uncertainties. The other areas of judgment and accounting estimates
include the estimation of the future cash flows of subsidiary companies and the determination of appropriate discount rates, growth
rates, and probability of default rates necessary for undertaking impairment reviews and assessing the recoverability of assets (refer
to note 8 for further information on the impairment review process), and levels of provisions required in relation to trade and other
receivables (refer to note 14) and inventories (refer to note 13).
Other accounting policies Revenue The activity from which the Group derives revenue is the sale and delivery of promotional products. The Group primarily operates a \u2018drop-ship\u2019 model in which it acts as principal as it has control over the goods and services before transfer to the customer. The Group also acts as principal for apparel goods that are decorated within the Group\u2019s facilities and shipped directly to the customer. The Group recognises the gross amount of consideration as revenue in both instances. It is common for a customer order to include several different product lines. Individual order lines are separately priced, have separately agreed delivery dates, and are capable of being used or enjoyed by the customer on their own, separately from any other order lines included in the overall customer order. The Group therefore considers each order line to constitute a separate performance obligation. Revenue is recognised at a point in time upon delivery and acceptance by the customer as this is when control of the goods has transferred. The price for each order line is fixed at the time of order, inclusive of any discounts given for that order line. Revenue is shown net o discounts, credits, refunds, VAT and sales tax. The value of provisions for credits and refunds is determined using the expected valu methodology based upon historical experience of credits/refunds issued and levels of revenue. Payment terms vary by customer but are generally either payment with order or within 30 days of delivery. Supplier rebates Amounts due under rebate agreements are recognised based on volumes of products purchased during the period to which the rebates relate at the relevant rebate rates, per supplier agreements. Amounts are credited to the cost of purchase of goods for resale and any accrued income is included in other receivables. Provision is made against such receivables to the extent it is considered that the amounts are not recoverable. Segmental reporting The reporting requirements of IFRS 8 require operating segments to be identified based on internal reports about components of the Group that are regularly reviewed by the chief operating decision maker to allocate resources to the segments and to assess their performance. The chief operating decision maker has been identified by the Directors as the Board. The Group has two operating segments, North America and UK & Ireland. The costs of the Head Office are reported separately to the Board, but this is not an operating segment. Leases A lease is defined as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of a lease a right-of-use asset and a lease liability are recognised in the financial statements. The lease liability is initially measured at the present value of expected future lease payments discounted at the interest rate implicit in the lease or, if that rate cannot be determined, the lessee\u2019s incremental borrowing rate. Subsequently the lease liability decreases by the lease payments made, offset by interest on the liability, and may be re-measured to reflect any reassessment of expected payments or to reflect any lease modifications. The right-of-use asset is initially measured at cost. This comprises the amount of the initial lease liability plus: any lease payments made on or before the commencement date less incentives received; any incremental costs of obtaining the lease; and, if any, the costs of decommissioning the asset and any restoration work to return the asset to the condition required under the terms of the lease. Subsequently the right-of-use asset is measured using the cost model. The asset is amortised on a straight-line basis over the expected term of the lease, adjusted for any re-measurement of the lease liability, and is shown net of the accumulated depreciatio and any impairment provisions. The Group has elected to use the recognition exemptions for low value assets and short-term leases (leases with a duration of 12 months or less) which are expensed to operating profit on a straight-line basis over the term of the lease. Share-based payments Share options, which are all equity-settled, are measured at fair value at the date of grant allowing for any market conditions, if applicable. The fair value is charged to the income statement over the vesting period of the share option schemes on a straight-line basis. The value of the charge is adjusted each year to reflect any non-market or service conditions that impact the expected numbe of options that will become exercisable. All options cancelled are fully expensed to the income statement upon cancellation. Exceptional items Income or costs which are both material and non-recurring, whose significance is sufficient to warrant separate disclosure in the financial statements, are referred to as exceptional items. The Directors consider that the separate disclosure of these items assists in understanding the Group\u2019s financial performance. NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent
that it relates to items recognised in other comprehensive income, or directly in equity in which case the tax is recognised in other
comprehensive income or directly in equity, respectively. Tax attributable to the defined benefit pension scheme is recognised in the
income statement except to the extent it relates to actuarial movements recognised in other comprehensive income.
Current income tax is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries
where the Group\u2019s subsidiaries operate and generate taxable income.
Transactions and calculations for which the ultimate tax determination is uncertain may arise during the ordinary course of business.
Should an uncertain tax position arise, where a risk of an additional tax liability has been identified and it is considered probable that
the Group will be required to settle that tax, a tax provision is recognised. This is assessed on a case-by-case basis.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the Group\u2019s financial statements. However, deferred income tax is not accounted for
if it arises from initial recognition of an asset or liability in a transaction, other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined on an undiscounted basis using
tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the
related deferred income tax asset is realised, or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which
the temporary differences or losses can be utilised. Deferred tax movements in respect of losses recognised or derecognised in
the period are allocated between the income statement, other comprehensive income and equity in proportion to the origin of
those losses.
Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle
the balances net .
Dividends
Final equity dividends and where relevant, special equity dividends, are recognised in the Group\u2019s financial statements in the period
in which the dividends are approved by the Shareholders. Interim equity dividends are recognised when paid.
Foreign currency
The functional and presentation currency of the Company is Sterling. However, the Group\u2019s financial statements are presented in US
dollars, reflecting that most of the Group\u2019s revenues and transactions are generated in North America in US dollars.
Transactions in currencies other than the functional currency of the Company or subsidiary concerned are recorded at the exchange
rate prevailing at the date of the transaction. At each balance sheet date, monetary assets and liabilities denominated in foreign
currencies are translated at the exchange rate prevailing at the balance sheet date. Translation differences on monetary items are
taken to the income statement.
On consolidation the balance sheets of Sterling enterprises are translated into US dollars at the exchange rate ruling at the balance
sheet date and income statements are translated at average rates for the period under review. One-off material transactions are
translated at the spot rate on the transaction date. The resulting exchange differences are taken to the cumulative translation
differences reserve and are reported in the statement of comprehensive income.
On disposal of an operation any cumulative exchange differences held in Shareholders\u2019 equity are recycled to the income statement.
Derivative instruments
Derivatives are recognised initially at fair value and are re-measured at fair value at each reporting date.
The Group only uses derivative forward foreign exchange contracts to hedge highly probable cash flows that meet the qualifying
criteria for hedge accounting and never for maturities more than 12 months. The fair value of the hedging derivative is classified as a
current asset or liability.
The Group applies hedge accounting to these transactions designating them as cash flow hedges. The effective portion of changes
in these cash flow hedges are deferred in a hedging reserve, where material, and then charged to the income statement when the
forecast sale or purchase occurs, or if the forecast transaction is no longer expected to occur. Any ineffective portion of the cash flow
hedge is recognised immediately in the income statement.
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the fair value of the
consideration transferred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
measured initially at their fair value at the acquisition date. The excess of the cost of acquisition over the Group\u2019s share of identifiable
net assets is recorded as goodwill. Acquisition-related costs are expensed as incurred.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the
Group\u2019s cash-generating units that are expected to benefit from the combination. Goodwill is not amortised but is reviewed annually
for impairment.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. No depreciation is provided on freehold land. For all other property, plant and equipment, depreciation is calculated to write off their cost less residual value by equal annual instalments over the period of their estimated useful lives, which are reviewed on a regular basis. Leasehold assets are depreciated over the shorter of the term of the lease or their estimated useful lives. Cost comprises the purchase price plus costs directly incurred in bringing the asset into use. The principal useful lives currently fall within the following ranges: Freehold and long leasehold buildings 50 years Short leasehold buildings Life of lease Plant, machinery, fixtures and fittings 3\u201315 years Computer hardware 3 years Profits and losses on disposal, which have arisen from over or under depreciation, are accounted for in arriving at operating profit and are separately disclosed when material. Intangible assets Acquired software licences and expenditure on developing websites and other computer systems, providing they meet the criteria for recognition under IAS 38, are capitalised, held at historic cost and amortised from the date of commissioning on a straight-line basis over their useful economic lives (currently three to five years). Amortisation is charged to operating expenses. Internal non- development costs are expensed to operating expenses as incurred. An expense is recognised in operating expenses for advertising and promotional activities when, in the case of goods, the business has a right of access to the goods or, for services, when the business has received the service. Impairment of assets All property, plant and equipment and intangible assets are reviewed for impairment in accordance with IAS 36 \u2018Impairment of Assets\u2019 if there is an indication that the carrying value of the asset may have been impaired. Where an impairment review is required, the carrying value of the assets is measured against their value in use based on future estimated cash flows, discounted by the appropriate discount rate, resulting from the use of those assets. Assets are grouped at the lowest level for which there is a separately identifiable cash flow (cash-generating unit). An impairment loss is recognised for the amount at which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Inventories Inventories are valued at the lower of cost and net realisable value using the first-in first-out basis. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Items in transit where the Group has control are included in inventories. Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established based on the expected credit loss. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables, which are grouped based on shared credit risk characteristics and the days past due. The amount of the provision is recognised in the income statement. Trade receivables are discounted when the time value of money is considered material. Receivables also include credit and debit card sales which have not reached the bank at the reporting date. Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held on call with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. In the cash flow statement, cash and cash equivalents are shown net of bank overdrafts. Cash deposits and other short-term highly liquid investments with an original maturity in excess of three months are classified as other financial assets. Trade payables and contract liabilities Trade payables are recognised initially at fair value and subsequently measured at amortised cost. Trade and other payables are discounted when the time value of money is considered material. Contract liabilities reflect the Group\u2019s obligation to transfer goods to a customer and arise where a customer has paid an amount of consideration in advance of receiving the goods.
Pensions
The Group operates defined contribution plans for the majority of its UK and US employees. The regular contributions are charged
to the income statement as they are incurred.
The Group sponsors a defined benefit scheme, which is closed to new members and future accrual. The Group accounts for the
defined benefit scheme under IAS 19 \u2018Employee Benefits\u2019. The deficit of the defined benefit pension scheme is recognised in full on
the balance sheet if the present value of the defined benefit obligation exceeds the fair value of plan assets at the balance sheet
date. If the assets exceed the obligations then a judgment is made to determine the level of refund available from the scheme
in recognising the amount of the surplus to be recognised. A full actuarial valuation is carried out at least every three years and
the defined benefit obligation is updated on an annual basis, by independent actuaries, using the projected unit credit method.
Lump sum contributions to the defined benefit scheme to reduce the deficit are included within \u2018cash generated from operations\u2019,
alongside the regular contributions.
Pension charges recognised in the income statement consist of administration costs of the scheme, past service costs, and a finance
charge/credit based on the net pension scheme position calculated in accordance with IAS 19.
Differences between the actual and expected return on assets, experience gains and losses and changes in actuarial assumptions
are included directly in the statement of comprehensive income.
Borrowings
Borrowings are measured initially at fair value net of transaction costs incurred and subsequently carried at amortised cost using
the effective interest rate method. Arrangement fees are amortised over the life of the borrowing.
Own shares held by employee share trusts
The Company is the sponsoring entity of an employee benefit trust (EBT) and, notwithstanding the legal duties of the Trustees,
the Group considers that it has \u2018de facto\u2019 control of the EBT. The trust is accounted for as assets and liabilities of the Company
and included in the consolidated financial statements. The Company\u2019s equity instruments held by the EBT are accounted for as
if they were the Company\u2019s own equity and are treated as treasury shares. No gain or loss is recognised in profit or loss or other
comprehensive income on the purchase, sale or cancellation of the Company\u2019s own equity held by the EBT.
Government grants
Government grants are recognised at fair value when there is reasonable assurance that the conditions associated with the grants
have been complied with and the grants will be received. Grants compensating for expenses incurred are recognised as a deduction
of the related expenses in the consolidated income statement on a systematic basis in the same periods in which the expenses are
incurred. Grants deducted from expenses are included in \u2018cash generated from operations\u2019 in the consolidated cash flow statement
on a consistent basis with the related expenses.
IFRS standards effective in future financial statements
The IASB and IFRS IC have issued new or amended standards and interpretations which are effective for accounting periods as noted
below. Standards and interpretations which have been issued but are not yet effective will be applied by the Group in the accounting
period that they become effective. Management does not believe the impact of adopting the new or amended standards and
interpretations listed below will have a material impact on the results or net assets of the Group.
Annual Improvements to IFRS Standards 2018-2020 Cycle (effective 1 January 2022)
Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework (effective 1 January 2022)
Amendments to IAS 16 \u2013 Property, Plant and Equipment: Proceeds before Intended Use (1 January 2022)
Amendments to IAS 37 \u2013 Onerous Contracts: Cost of Fulfilling a Contract (1 January 2022)
IFRS 17 Insurance Contracts (effective 1 January 2023)
Amendments to IFRS 17 \u2013 Initial Application of IFRS 17 & IFRS 9 \u2013 Comparative Information (effective 1 January 2023)
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current (effective 1 January 2023)*
Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies (effective 1 January 2023)
Amendments to IAS 8 \u2013 Definition of Accounting Estimates (1 January 2023)
Amendments to IAS 12 \u2013 Deferred Tax relating to Assets and Liabilities arising from a Single Transaction (1 January 2023)*
* Not yet endorsed by the UK .
1 Segmental reporting The chief operating decision maker has been identified as the Board of Directors and the segmental analysis is presented based on the Group\u2019s internal reporting to the Board. At 31 December 2022, the Group has two operating segments, North America and UK & Ireland. The costs of the Head Office are reported separately to the Board, but this is not an operating segment. Revenue 2022 $\u2019000 2021 $\u2019000 North America 1,120,517 773,710 UK & Ireland 19,769 13,612 Total Group revenue 1,140,286 787,322 Profit 2022 $\u2019000 2021 $\u2019000 North America 107,965 36,006 UK & Ireland (54) (1,464) Operating profit from Direct Marketing operations 107,911 34,542 Head Office costs (5,009) (3,896) Operating profit 102,902 30,646 Net finance income/(cost) (note 4) 804 (417) Profit before tax 103,706 30,229 Other segmental information Assets Liabilities Capital expenditure Depreciation Amortisation 2022 $\u2019000 2021 $\u2019000 2022 $\u2019000 2021 $\u2019000 2022 $\u2019000 2021 $\u2019000 2022 $\u2019000 2021 $\u2019000 2022 $\u2019000 2021 $\u2019000 North America 146,401 120,284 (95,817) (81,674) 7,998 3,415 (3,537) (3,135) (1,915) (1,756) UK & Ireland 3,175 3,017 (3,345) (2,618) 36 50 (52) (99) (17) (21) Head Office 90,717 44,481 (911) (524) 26 \u2013 (5) (3) \u2013 \u2013 240,293 167,782 (100,073) (84,816) 8,060 3,465 (3,594) (3,237) (1,932) (1,777) Head Office assets include other financial assets \u2013 bank deposits, cash and cash equivalents, deferred tax assets and the retirement benefit asset. Head Office liabilities include other payables and accruals. Geographical analysis of revenue and non-current assets 2022 North America $\u2019000 UK $\u2019000 All other countries $\u2019000 Total $\u2019000 Total revenue by destination 1,120,723 18,835 728 1,14 0,286 Property, plant and equipment 28,506 749 \u2013 29,255 Intangible assets 913 44 \u2013 957 Goodwill 1,010 \u2013 \u2013 1,010 Right-of-use assets 13,103 \u2013 \u2013 13,103 2021 North America $\u2019000 UK $\u2019000 All other countries $\u2019000 Total $\u2019000 Total revenue by destination 773,755 13,084 483 787,322 Property, plant and equipment 23,812 855 \u2013 24,667 Intangible assets 996 49 \u2013 1,045 Right-of-use assets 11,725 \u2013 \u2013 11,725 NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2 Operating expenses
Note
2022
$\u2019000
2021
$\u2019000
The following items have been charged/(credited) in arriving at operating profit:
Purchase of goods for resale and consumables 744,906 518,944
Changes in inventories 2,469 (9,288)
Impairment loss on trade receivables 14 4,773 1,669
Staff costs 3 86,819 66,918
Marketing expenditure (excluding staff costs) 121,216 120,317
Depreciation of property, plant and equipment 8 3,594 3,237
Amortisation of intangible assets 9 424 437
Amortisation of right-of-use assets 11 1,508 1,340
Short-term and low value operating lease payments 16 213 168
Defined benefit pension scheme administration costs 18 521 340
Net exchange losses 237 67
Other operating expenses* 70,704 52,527
1,037,38 4 756,676
* Other operating expenses comprise various other operating expenses, the largest items of which relate to credit card charges, medical insurance and facility costs.
During the period the Group obtained the following services from its auditor at costs as detailed below:
2022
$\u2019000
2021
$\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Parent Company and audit of consolidated
financial statements 596 457
Fees payable to the Company\u2019s auditor and its associates for other services:
\u2013 the audit of Company\u2019s subsidiaries pursuant to legislation 28 28
624 485
3 Employees
Staff costs Note
2022
$\u2019000
2021
$\u2019000
Wages and salaries 77,750 59,616
Social security costs 5,701 4,578
Pension costs \u2013 defined contribution plans 18 2,533 2,117
Share option charges 23 815 602
Social security costs in respect of share options 23 20 5
86,819 66,918
Average monthly number of people (including Executive Directors) employed
2022
Number
2021
Number
Distribution and production 545 446
Sales and marketing 538 494
Administration 227 209
1,310 1,149
Key management compensation
2022
$\u2019000
2021
$\u2019000
Salaries, fees and short-term employee benefits 2,192 1,332
Social security costs 91 87
Pension costs \u2013 defined contribution plans 24 22
Share option charges 134 79
Social security costs in respect of share options 2 1
2,443 1,521
3 Employees continued Key management compensation in the period comprised the emoluments of all Directors (which are disclosed separately in the Remuneration Report). Directors\u2019 remuneration 2022 $\u2019000 2021 $\u2019000 Aggregate emoluments 2,192 1,332 Pension costs \u2013 defined contribution plans 24 22 4 Net finance income/(cost) 2022 $\u2019000 2021 $\u2019000 Finance income/(cost) Bank and other interest receivable 1,162 33 Bank interest payable (27) (58) Lease interest charge (note 16) (398) (377) Pension finance income/(charge) (note 18) 67 (15) Net finance income/(cost) 804 (417) 5 Taxation 2022 $\u2019000 2021 $\u2019000 Current tax UK tax \u2013 current 1,191 \u2013 Overseas tax \u2013 current 23,970 5,910 Overseas tax \u2013 prior periods 24 15 Total current tax 25,185 5,925 Deferred tax Origination and reversal of temporary differences (1,537) 1,718 Adjustment in respect of prior periods (85) \u2013 Total deferred tax (notes 12 and 19) (1,622) 1,718 Taxation 23,563 7,6 43 The tax for the period is different to the standard rate of corporation tax in the respective countries of operation. The differences ar explained below: 2022 $\u2019000 2021 $\u2019000 Profit before tax 103,706 30,229 Profit before tax for each country of operation multiplied by rate of corporation tax applicable in the respective countries 25,440 7,0 87 Effects of: Adjustments in respect of prior periods (61) 15 Expenses not deductible for tax purposes and non-taxable income (16) 4 Other differences (417) 62 UK tax losses utilised in the period (196) (274) UK losses (recognised)/de-recognised for deferred tax (1,187) 749 Taxation 23,563 7,6 43 \u2018Other differences\u2019 includes adjustments in respect of share options, US leases and a US Federal tax credit of $472k for the investment in a solar array at the Oshkosh distribution centre. \u2018UK losses (recognised)/de-recognised for deferred tax\u2019 relates to changes to the deferred tax asset in respect of brought forward UK tax losses which are forecast to be utilised against UK taxable profits over the next three years. Management does not consider that there are any material uncertain tax positions. NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Income tax credited/(debited) to other comprehensive income is as follows:
2022
$\u2019000
2021
$\u2019000
Current tax relating to post-employment obligations 1,191 \u2013
Deferred tax relating to post-employment obligations (note 12) (344) (213)
Deferred tax relating to UK tax losses (note 12) 876 (1,198)
Effect of change in UK tax rate (note 12) 33 \u2013
1,756 (1,411)
Income tax credited/(debited) to equity is as follows:
2022
$\u2019000
2021
$\u2019000
Deferred tax relating to UK tax losses (note 12) 148 (228)
Deferred tax relating to share options (note 19) 52 5
200 (223)
6 Earnings per share
Basic and diluted
The basic and diluted earnings per share are calculated based on the following data:
2022
$\u2019000
2021
$\u2019000
Profit after tax 80,143 22,586
2022
Number
\u2018000
2021
Number
\u2018000
Basic weighted average number of shares 28,064 28,072
Adjustment for employee share options 61 68
Diluted weighted average number of shares 28,125 28,140
2022
Cents
2021
Cents
Basic earnings per share 285.57 80.46
Diluted earnings per share 284.95 80.26
The basic weighted average number of shares excludes shares held in the 4imprint Group plc employee benefit trust. The effect of
this is to reduce the average number by 21,632 (2021: 13,888).
The basic earnings per share is calculated based on the profit for the financial period divided by the basic weighted average number
of shares.
For diluted earnings per share, the basic weighted average number of ordinary shares in issue is adjusted to assume conversion of
all potential dilutive ordinary shares. The potential dilutive ordinary shares relate to those share options granted to employees where
the exercise price is less than the average market price of the Company\u2019s ordinary shares and which are likely to vest at the balance
sheet date.
7 Dividends
Equity dividends \u2013 ordinary shares
2022
$\u2019000
2021
$\u2019000
Interim paid: 40.00c (2021: 15.00c) 10,587 4,134
Final paid: 30.00c (2021: 00.00c) 8,135 \u2013
18,722 4,134
The Directors are proposing a final regular dividend in respect of the period ended 31 December 2022 of 120.00c per share, as well
as a special dividend of 200.00c per share. Subject to Shareholder approval at the AGM, these dividends are payable on 1 June 2023
to Shareholders registered on 5 May 2023. These financial statements do not reflect these proposed dividends.
8 Property, plant and equipment Land and buildings $\u2019000 Plant, machinery, fixtures & fittings $\u2019000 Computer hardware $\u2019000 Total $\u2019000 Cost: At 2 January 2022 18,970 21,177 2,880 43,027 Additions 2,694 4,458 567 7,719 Acquisition of a business (note 10) \u2013 686 4 690 Disposals \u2013 (207) (397) (604) Exchange difference (91) (52) (6) (149) At 31 December 2022 21,573 26,062 3,048 50,683 Depreciation: At 2 January 2022 3,711 13,187 1,462 18,360 Charge for the period 601 2,262 731 3,594 Disposals \u2013 (74) (397) (471 Exchange difference (13) (38) (4) (55) At 31 December 2022 4,299 15,337 1,792 21,428 Net book value at 31 December 2022 17,274 10,725 1,256 29,255 Freehold land with a value of $1,006,000 (2021: $1,034,000) has not been depreciated. Land and buildings $\u2019000 Plant, machinery, fixtures & fittings $\u2019000 Computer hardware $\u2019000 Total $\u2019000 Cost: At 3 January 2021 18,584 19,775 2,079 40,438 Additions 383 1,445 1,255 3,083 Transfers 13 (13) \u2013 \u2013 Disposals \u2013 (24) (453) (477) Exchange difference (10) (6) (1) (17) At 1 January 2022 18,970 21,177 2,880 43,027 Depreciation: At 3 January 2021 3,126 11,125 1,355 15,606 Charge for the period 586 2,091 560 3,237 Transfers 1 (1) \u2013 \u2013 Disposals \u2013 (24) (453) (477) Exchange difference (2) (4) \u2013 (6) At 1 January 2022 3,711 13,187 1,462 18,360 Net book value at 1 January 2022 15,259 7,990 1,418 24,667 Impairment review IAS 36 \u2018Impairment of Assets\u2019 requires an assessment at each reporting date of whether there is any indication that an asset may be impaired (see note 10 for details on the impairment testing of goodwill). For the purposes of impairment testing, the Group is considered to have two cash-generating units (CGUs), being the US and UK businesses. An assessment of both the US and UK CGUs did not identify any indications of impairment and accordingly, no indicator-based impairment testing has been undertaken. The US CGU has reported strong demand levels and financial results in 2022. Following the lifting of the COVID-19 Plan B measures in the UK on 27 January 2022 which impacted results in the first two months of 2022, the UK CGU has made a good recovery from the lingering effects of the pandemic. This improvement has been reflected in improve demand and a return to profitability for the CGU for the ten months from March to December 2022. The external environment continues to remain uncertain, manifesting in rising interest rates, high inflation, and low economic growth. Despite these factors being present, both the US and UK businesses have shown the resilient nature of their operations and managed to grow significantly against 2021. These external factors are therefore not considered to represent impairment indicators themselves. NOTES TO THE FINANCIAL STATEMENTS CONTINUED
9 Intangible assets
Computer software
2022
$\u2019000
2021
$\u2019000
Cost:
At start of period 2,509 2,546
Additions 341 382
Disposals (368) (417)
Exchange difference (16) (2)
At end of period 2,466 2,509
Amortisation:
At start of period 1,464 1,446
Charge for the period 424 437
Disposals (368) (417)
Exchange difference (11) (2)
At end of period 1,509 1,464
Net book value at end of period 957 1,045
The average remaining life of intangible assets is 2.3 years (2021: 2.4 years).
Impairment review
See notes 8 and 10 (goodwill) for details of the impairment review undertaken for the Group\u2019s non-current assets.
10 Business combinations
Acquisition of screen-printing business
On 25 April 2022, the Group acquired the trade and assets of Fox Graphics Ltd, a private company based in Oshkosh, Wisconsin, that
specialises in screen-printing services. The acquired screen-printing operations will enable the Group to bring this capability in-house.
With future investment the objective is to secure the capacity to meet the anticipated growth in demand for the apparel category.
The acquisition constitutes a business combination as defined in IFRS 3, as the three elements of a business (input, process, output)
have been identified as having been acquired. Accordingly, the acquisition has been accounted for using the acquisition method.
The fair values of the identifiable assets acquired and liabilities assumed as at the date of acquisition were:
Fair value
recognised on
acquisition
$\u2019000
Assets
Property, plant and equipment 686
Computer hardware 4
Right-of-use assets 111
801
Liabilities
Lease liabilities (111)
(111)
Total identifiable net assets at fair value 690
Goodwill arising on acquisition 1,010
Purchase consideration transferred 1,700
Analysis of cash flows on acquisition:
Cash paid 1,700
Net cash flow on acquisition 1,700
10 Business combinations continued In addition to the purchase consideration transferred, a potential further $560,000 is payable in annual instalments over the five-yea period following closing, subject to certain conditions being satisfied, including the continued employment of the selling shareholder with the Group. These contingent payments constitute remuneration for future services and will be expensed to profit and loss as services are rendered; $67,000 has been recognised in operating expenses in the income statement and in trade and other payable in the balance sheet. Reconciliation of the carrying amount of goodwill at the beginning and end of the reporting period is presented below: Goodwill $\u2019000 Cost At 2 January 2022 \u2013 Acquisition of screen-printing trade and assets 1,010 At 31 December 2022 1,010 The Group did not acquire any receivables as part of the business combination. The acquired business generated revenues and net income of approximately $2.0m and $0.4m respectively for the twelve months ended 31 December 2021. The Group was the principal customer of the acquired business, contributing approximately $1.7m of th total $2.0m of revenue and approximately $0.3m of the total $0.4m net income. The impact on the Group\u2019s financial statements, both from the date of acquisition and as if the acquisition had taken place at the beginning of the period, are not material as demonstrated by the full year results of Fox Graphics Ltd noted above. As most of the revenue of the acquired business was contributed by the Group, these transactions will be eliminated upon consolidation from the date of acquisition as intra-group trading and thus only external sales will impact Group revenue (based on 2021 results, this would be expected to add circa $0.3m to revenue for a full year). The Group will benefit from lower product costs associated with integrating the production operations of Fox Graphics Ltd; based on 2021 results and without any new investment by the Group, th acquisition would be expected to add circa $0.4m to the Group\u2019s profit before tax for a full year. The goodwill recognised is primarily attributable to the specialised operational knowledge acquired and benefits of bringing the activities of the screen-printing business in-house to secure capacity and support the growing demand for decorated garments fro our customers. The total amount of goodwill that is expected to be deductible for tax purposes is $1,010,000. As required by IAS 36 \u2018Impairment of Assets\u2019, goodwill is required to be tested for impairment annually. The screen-printing operations contribute to the cash flows of the US CGU and therefore the goodwill arising on acquisition has been tested in conjunction with the other assets of that CGU. The recoverable amount of the US CGU exceeds the carrying amount of the assets and thus no impairment of the goodwill balance is required. Total acquisition-related transaction costs of $17,000 have been included in operating expenses in the income statement and are part of operating cash flows in the cash flow statement. 11 Right-of-use assets Leasehold land and buildings $\u2019000 Cost: At 2 January 2022 15,784 Additions* 2,886 At 31 December 2022 18,670 Depreciation: At 2 January 2022 4,059 Charge for the period 1,508 At 31 December 2022 5,567 Net book value at 31 December 2022 13,103 * New leases were entered for premises relating to the acquisition of a screen-printing business during the year (see notes 10 and 16). NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Leasehold land
and buildings
$\u2019000
Cost:
At 3 January 2021 15,784
Additions \u2013
At 1 January 2022 15,784
Depreciation:
At 3 January 2021 2,719
Charge for the period 1,340
At 1 January 2022 4,059
Net book value at 1 January 2022 11,725
Impairment review
See notes 8 and 10 (goodwill) for details of the impairment review undertaken for the Group\u2019s non-current assets.
12 Deferred tax assets
2022
$\u2019000
2021
$\u2019000
At start of period 600 4,272
Deferred tax credited/(charged) to income statement 1,182 (2,055)
Deferred tax credited/(charged) to other comprehensive income 532 (1, 411)
Deferred tax credited/(charged) to equity 148 (228)
Effect of change in UK tax rate in other comprehensive income 33 \u2013
Exchange difference (114) 22
At end of period 2,381 600
The deferred tax asset at 31 December 2022 has been calculated at a tax rate of 19% in respect of deferred tax items that are
expected to reverse before 1 April 2023 (2021: 19%) and 25% in respect of deferred tax items expected to reverse after 1 April 2023
(2021: 19%); and 25% (2021: 25%) in respect of US deferred tax items.
Trading forecasts approved by the Board and covering a three-year period support the recoverability of the recognised deferred
tax assets. The forecasts used for this review were the forecasts used for impairment testing and the going concern and viability
assessment and covered the three-year period from 2023 to 2025.
No deferred tax is recognised on the unremitted earnings of overseas subsidiaries. No tax is expected to be payable on them in the
foreseeable future.
$0.2m of the deferred tax asset is expected to reverse within the next twelve months (2021: $0.6m).
The movement in the deferred tax asset during the period is shown in the following table. Deferred tax assets and liabilities are only
offset where there is a legally enforceable right of offset and there is an intention to settle the balances net.
Deferred tax analysis
Depreciation/
capital
allowances
$\u2019000
Pension
$\u2019000
UK tax
losses
$\u2019000
Total
$\u2019000
At 2 January 2022 3 597 \u2013 600
Deferred tax credited/(charged) to income statement (5) \u2013 1,187 1,182
Deferred tax credited/(charged) to other comprehensive income \u2013 (344) 876 532
Deferred tax credited to equity \u2013 \u2013 148 148
Effect of change in UK tax rate in other comprehensive income \u2013 33 \u2013 33
Exchange difference (1) (54) (59) (114)
At 31 December 2022 (3) 232 2 ,152 2,381
12 Deferred tax assets continued Depreciation/ capital allowances $\u2019000 Pension $\u2019000 UK tax losses $\u2019000 Total $\u2019000 At 3 January 2021 3 2,111 2,158 4,272 Deferred tax charged to income statement \u2013 (1,306) (749) (2,055) Deferred tax charged to other comprehensive income \u2013 (213) (1,198) (1,411) Deferred tax charged to equity \u2013 \u2013 (228) (228) Exchange difference \u2013 5 17 22 At 1 January 2022 3 597 \u2013 600 Deferred tax assets have been recognised where it is considered that there will be sufficient taxable profit available in future against which the deductible temporary timing differences can be utilised. Following a review of forecast UK taxable profits and the use of brought forward losses over the next three years, a deferred tax asset for UK tax losses has been recognised in the period. Deferred tax is recognised in the income statement, other comprehensive income or in equity when the items it relates to are recognised, in the same or a different period, in those categories. Deferred tax recognised or de-recognised on losses is allocated between the income statement, other comprehensive income and equity in proportion to how the losses arose. No deferred tax asset has been recognised for UK losses carried forward of $20.8m (2021: $34.0m) which are not forecast to be utilised in the next three years. These losses have no expiry date and may be available for offset against future profits. 13 Inventories 2022 $\u2019000 2021 $\u2019000 Finished goods and goods for resale 18,090 20,559 During both the current and previous period, inventory was carried at cost less appropriate provisions. The carrying values did not exceed their net realisable value. $13,032,000 (2021: $16,753,000) of the inventories balance relates to goods in transit to customer at the balance sheet date. Provisions held against inventory total $60,000 (2021: $70,000). During the period there was a credit to the income statement of $10,000 in respect of provisions for slow-moving and obsolete stock (2021: $111,000). The nominal provisions held against inventories reflect the minimal levels of inventory held under the \u2018drop-ship\u2019 business model, the generic nature of items held and consistently high levels of inventory turnover. The amount of inventory charged to the income statement is shown in note 2. 14 Trade and other receivables 2022 $\u2019000 2021 $\u2019000 Trade receivables \u2013 gross 66,163 48,700 Provision for credits (2,342) (1,808) Provision for impairment of trade receivables (4,793) (1,669) Trade receivables \u2013 net 59,028 45,223 Other receivables 21,264 14,104 Prepayments 7,219 4,262 87,511 63,589 The provision for credits, which covers promises made in our proposition to customers (page 15), has increased in line with trading activity. Trade terms are a maximum of 30 days credit. Due to their short-term nature the fair value of trade and other receivables does not differ from the book value. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provide for in full when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include amongst others, the failure of the debtor to engage in a repayment plan with the Group or a subsequent failure to make agreed payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Management has assessed the expected credit losses for trade receivables, which includes invoiced receivables and unbilled accrued
revenue, taking into account the uncertainty arising from the current challenging macroeconomic and geopolitical environment
and the related risks to general economic conditions and growth. In addition, certain individual customers (where there is objective
evidence of credit impairment) have been provided for on a specific basis. This has resulted in an impairment charge to the income
statement of $4,773,000 (2021: $1,669,000). The resultant provision for impairment of trade receivables continues to represent a
small percentage of the trade receivables balance, reflecting the high volume and low value nature of customer transactions.
Other receivables include rebates receivable of $18,702,000 (2021: $12,596,000).
Management has reviewed other receivables and concluded that there is no impairment required of any receivables other than trade
receivables. Certain measures undertaken during the pandemic, particularly in relation to rebates receivable where more interim
receipts of rebates were agreed with suppliers, have helped to reduce the Group\u2019s credit exposures.
The ageing of past due trade receivables which are not impaired, based on the customer\u2019s creditworthiness and payment history,
is as follows:
Time past due date
2022
$\u2019000
2021
$\u2019000
Up to 3 months 15,741 12,169
3 to 6 months 7,295 2,660
Over 6 months 1,928 199
24,964 15,028
The ageing of impaired trade receivables is as follows:
Time past due date
2022
$\u2019000
2021
$\u2019000
Current 493 657
Up to 3 months 713 581
3 to 6 months 1,529 344
Over 6 months 2,058 87
4,793 1,669
The trade receivables impairment provision is calculated using the simplified approach to the expected credit loss model. The
provisions made are based on the following percentages:
Age of trade receivable
2022 2021
Amount
$\u2019000
Provision
%
Amount
$\u2019000
Provision
%
Current 34,557 1.4 30,852 2.1
31 \u2013 60 days 10,781 2.9 8,109 2.8
61 \u2013 90 days 5,673 7.0 4,641 7.6
91 \u2013 180 days 8,824 17.3 3,004 11.5
181 \u2013 365 days 3,864 50.1 270 27. 4
Over 365 days 122 100.0 16 81.3
These percentages are based on a combination of historical experience and current economic conditions.
The carrying amounts of trade and other receivables are denominated in the following currencies:
2022
$\u2019000
2021
$\u2019000
Sterling 2,647 2,356
US dollars 80,399 57,357
Euros 71 75
Canadian dollars 4,394 3,801
87,511 63,589
14 Trade and other receivables continued Movements in the provision for impairment of trade receivables are as follows: 2022 $\u2019000 2021 $\u2019000 At start of period 1,669 866 Utilised (1,643) (866) Provided 4,773 1,669 Exchange difference (6) \u2013 At end of period 4,793 1,669 15 Other financial assets and cash and cash equivalents 2022 $\u2019000 2021 $\u2019000 Other financial assets \u2013 bank deposits 34,913 \u2013 2022 $\u2019000 2021 $\u2019000 Cash at bank and in hand 51,839 41,589 Other financial assets comprise bank deposits with an original maturity in excess of three months but not greater than one year. 16 Leases The Group leases premises in Oshkosh and Appleton, Wisconsin. The lease for office premises in Oshkosh, which was renewed in 2020, has a five-year term with a five-year extension option. New leases entered during the period as part of the strategic decision to bring screen-printing capability in-house are as follows: \u2013 A seventeen-month sublease on premises in Oshkosh entered as part of the acquisition of the trade and assets of Fox Graphics Ltd (see note 10) resulted in additions to the lease liability and right-of-use asset of $111k respectively. \u2013 A new ten-year lease on premises in Appleton was subsequently entered into to facilitate the expansion of the screen-printing operations, adding $2,775k to lease liabilities and right-of-use assets respectively. The interest rate inherent in the lease could not be ascertained; therefore, estimates have been used based upon incremental costs of borrowing for a similar term and asset, obtained from the Group\u2019s US bankers. A change of plus or minus 1.0% in the interest rate would result in a decrease/increase in the lease liability at the year-end of $0.1m respectively. In addition, there are various items of leasehold land and buildings (office facilities in London) and machinery on short-term leases, and some office equipment with low value. The Group applies the IFRS 16 exemptions for short-term and low value leases. No leases contain variable payment terms. Details on right-of-use assets, including analysis by asset class, are shown in note 11. Lease liabilities 2022 $\u2019000 2021 $\u2019000 Due within one year 1,435 1,150 Due in two to three years 2,955 2,407 Due in four to five years 3,449 2,733 Due in over five years 5,911 5,799 The movement in lease liabilities in the period is shown below: 2022 $\u2019000 2021 $\u2019000 At start of period 12,089 13,206 Additions 2,886 \u2013 Interest charge 398 377 Lease interest payments \u2013 operating cash flow (398) (377) Lease capital payments \u2013 financing cash flow (1,225) (1,117) At end of period 13,750 12,089 NOTES TO THE FINANCIAL STATEMENTS CONTINUED
The amounts recognised in the income statement are as follows:
2022
$\u2019000
2021
$\u2019000
Depreciation of right-of-use assets (note 11) 1,508 1,340
Interest expense on lease liabilities 398 377
Short-term and low value leases 213 168
2,119 1,885
The cash outflow on leases in the period was $1,836,000 (2021: $1,662,000).
17 Trade and other payables \u2013 current
2022
$\u2019000
2021
$\u2019000
Trade payables 59,672 51,065
Other tax and social security payable 5,572 3,708
Other payables 278 186
Contract liabilities 8,647 10,434
Accruals 10,592 6,484
84,761 71,877
All trade payables have a maturity of 30 days or less from the balance sheet date. Due to their short-term nature, the fair value of
trade and other payables does not differ from the book value.
Contract liabilities represents the Group\u2019s obligation to transfer goods to customers for which payment has been received in
advance. The closing balance has reduced to $8.65m from $10.43m in 2021 reflecting the improvement in supply chain conditions
through the period. The opening contract liabilities balance of $10.43m has been recognised as revenue in 2022 (opening contract
liabilities balance recognised as revenue in 2021 was $5.90m).
The Group expects to complete its remaining performance obligations in respect of the closing contract liabilities balance of $8.65m
and recognise the full amount as revenue in 2023.
18 Employee pension schemes
The Group operates defined contribution plans for its UK and US employees. The regular contributions are charged to the income
statement as they are incurred. The charges recognised in the income statement are:
2022
$\u2019000
2021
$\u2019000
Defined contribution plans \u2013 employers\u2019 contributions (note 3) 2,533 2,117
The Group also sponsors a UK defined benefit pension scheme which is closed to new members and future accrual.
The amounts recognised in the income statement are as follows:
2022
$\u2019000
2021
$\u2019000
Administration costs paid by the scheme 521 340
Pension finance (income)/charge (note 4) (67) 15
Total defined benefit pension charge 454 355
The amounts recognised in the balance sheet comprise:
2022
$\u2019000
2021
$\u2019000
Present value of funded obligations (20,290) (37,826)
Fair value of scheme assets 21,524 39,800
Net asset recognised on the balance sheet 1,234 1,974
The funds of the scheme are held in trust and administered by a corporate Trustee, to meet pension liabilities for 328 former
employees of the Group. The level of retirement benefit is principally based on salary earned in the best three consecutive tax years
in the ten years prior to leaving active service and is linked to changes in inflation both pre- and post-retirement.
18 Employee pension schemes continued The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator, and Guidance Notes adopted by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension plans in the UK. The Trustee of the scheme is required to act in the best interest of the scheme\u2019s beneficiaries. The appointment of trustees is determined by the scheme\u2019s trust documentation. The scheme typically exposes the Company to actuarial risks such as investment risk, interest rate risk, mortality risk and longevity risk. A decrease in corporate bond yields, a rise in inflation or an increase in life expectancy would result in an increase to scheme liabilities. This would detrimentally impact the balance sheet position, potentially require an increase in future cash contributions from the Company and may give rise to increased charges in future income statements. Caps on inflationary increases are in place to protect the scheme against extreme inflation. Assets are held in a Sterling liquidity fund and in gilt funds, with the overall objective of providing a hedge against movement in the liabilities due to interest rate fluctuation and inflation. The leveraged gilt funds use the repurchase of bonds to assist in the hedging of risks. An actuarial valuation was undertaken as at 30 September 2019 in accordance with the scheme funding requirements of the Pensions Act 2004. The actuarial valuation showed a deficit of \u00a319.4m. A recovery plan has been agreed with the Trustee under which the Company commits to a revised schedule of contributions. The recovery plan period is five years and under the plan a lump sum of \u00a37.5m was paid in May 2020 and ongoing contributions of \u00a32.53m per annum are payable by the Company. These contributions commenced on 1 July 2020 and increase by 3% annually. In addition, an annual allowance of \u00a30.31m, rising by 3% annually, is payable towards costs of administration of the scheme. For the purposes of IAS 19, numbers from the actuarial valuation as at 30 September 2019, which was carried out by a qualified independent actuary, have been updated on an approximate basis to 31 December 2022. There have been no changes in the valuation methodology adopted for this period\u2019s disclosures compared to the previous period\u2019s disclosures. Changes in the present value of the net defined benefit obligation are as follows: Present value of obligations $\u2019000 Fair value of scheme assets $\u2019000 Net asset/ (obligation) $\u2019000 Balance at 3 January 2021 (42,627) 39,317 (3,310) Administration costs paid by the scheme (340) \u2013 (340) Interest (expense)/income (523) 508 (15) Return on scheme assets (excluding interest income) \u2013 (1,391) (1,391) Re-measurement gains due to changes in scheme experience 33 \u2013 33 Re-measurement gains due to changes in demographic assumptions 106 \u2013 106 Re-measurement gains due to changes in financial assumptions 2,367 \u2013 2,367 Contributions by employer \u2013 4,589 4,589 Benefits paid 2,708 (2,708) \u2013 Exchange gain/(loss) 450 (515) (65) Balance at 1 January 2022 (37,826) 39,800 1,974 Administration costs paid by the scheme (521) \u2013 (521) Interest (expense)/income (602) 669 67 Return on scheme assets (excluding interest income) \u2013 (16,374) (16,374) Re-measurement losses due to changes in scheme experience (1,270) \u2013 (1,270) Re-measurement gains due to changes in demographic assumptions 38 \u2013 38 Re-measurement gains due to changes in financial assumptions 13,148 \u2013 13,14 8 Contributions by employer \u2013 4,367 4,367 Benefits paid 3,071 (3,071) \u2013 Exchange gain/(loss) 3,672 (3,867) (195) Balance at 31 December 2022 (20,290) 21,524 1,234 The major categories of scheme assets as a percentage of total scheme assets are as follows: 2022 2021 $\u2019000 % $\u2019000 % Multi-asset credit fund 0 0.0 9,624 24.2 Sterling liquidity fund 9,946 46.2 7,051 17.7 Gilt funds 3,879 18.0 5,980 15.0 Index-linked gilt funds 1,772 8.2 4,376 11.0 Leveraged gilt funds 4,227 19.7 7,901 19.9 Leveraged index-linked gilt funds 1,370 6.4 3,737 9.4 Cash 330 1.5 1,131 2.8 NOTES TO THE FINANCIAL STATEMENTS CONTINUED
The scheme holds no 4imprint Group plc shares or any property occupied by the Group.
It is the policy of the Trustee and the Company to review the investment strategy from time to time and at the time of each funding
valuation. Following the completion of the 2019 valuation and agreement from the Company to the lump sum contribution, after due
consideration, this resulted in a switch from the previous investment portfolio to a de-risked portfolio containing: a Sterling liquidity
fund; and a revised selection of gilt funds designed to match the interest rate and inflation exposure of the scheme liabilities, with the
aim of being fully funded on a gilts+0% p.a. basis by the end of the current recovery plan in mid-2024.
The Trustee investment objectives and the processes undertaken to measure and manage the risks inherent in the scheme
investment strategy are documented in the scheme\u2019s Statement of Investment Principles, which can be found on the Company\u2019s
website at https://investors.4imprint.com/governance/4imprint-2016-pension-plan.
The assets are held in gilt and index-linked gilt funds, some of which are leveraged to provide a hedge against movements in the
pension liabilities due to interest rate fluctuation and inflation. These funds invest in gilts, index-linked gilts, gilt repos, reverse gilt
repos and a Sterling liquidity fund, with the aim to provide similar interest rate and inflation sensitivities to those of the scheme. The
Sterling liquidity fund invests in certificates of deposit, fixed and floating rate notes, fixed rate commercial paper and bonds listed or
traded on one or more recognised exchanges.
None of the funds are quoted but they invest in quoted investments and, in the case of the leveraged funds, in gilt repos. The
funds are valued at net asset values by the fund managers, with the gilt repo valuations performed by the investment manager\u2019s
valuation specialists.
The principal assumptions applied by the actuaries, as determined by the Directors, at each period-end were:
2022
%
2021
%
Rate of increase in pensions in payment 3.08 3.25
Rate of increase in deferred pensions 2.66 2.75
Discount rate 4.82 1.80
Inflation assumption \u2013 RPI 3.16 3.35
\u2003\u2003\u2003\u2003\u2003\u2003\u2003\u2003\u2003\u2002\u2013 CPI 2.66 2.75
The mortality assumptions adopted at 31 December 2022 reflect the most recent version of the tables used in the September 2019
triennial valuation. The assumptions imply the following life expectancies at age 65:
2022
Years
2021
Years
Male currently aged 45 22.3 22.3
Female currently aged 45 24.2 24.2
Male currently aged 65 21.3 21.3
Female currently aged 65 23.1 23.0
The sensitivities on the key actuarial assumptions at the end of the period were:
Change in assumption Change in defined benefit obligation
Discount rate Decrease of 1.0% +16.6%
Rate of inflation Increase of 1.0% +4.5%
Rate of mortality Increase in life expectancy of one year +3.6%
The sensitivities shown above are approximate. Each sensitivity considers each change in isolation and is calculated using the same
methodology as used for the calculation of the defined benefit obligation at the end of the period. The inflation sensitivity includes
the impact of changes to the assumptions for revaluation and pension increases. In practice it is unlikely that the changes would
occur in isolation.
The weighted average duration of the defined benefit obligation at 31 December 2022 is 15 years (2021: 19 years).
19 Deferred tax liabilities
2022
$\u2019000
2021
$\u2019000
At start of period 850 1,193
Adjustment in respect of prior periods credited to income statement (85) \u2013
Deferred tax credited to income statement (355) (337)
Deferred tax credited to equity (52) (5)
Exchange difference (1) (1)
At end of period 357 850
19 Deferred tax liabilities continued The deferred tax liability at 31 December 2022 has been calculated at a tax rate of 19% in respect of deferred tax items that are expected to reverse before 1 April 2023 (2021: 19%) and 25% in respect of deferred tax items expected to reverse after 1 April 2023 (2021: 19%); and 25% (2021: 25%) in respect of US deferred tax items. The movements in the net deferred tax liability (subject to the offsetting of balances within the same jurisdiction as permitted by IAS 12) during the period, are shown in the following table. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net. Deferred tax analysis Depreciation/ capital allowances $\u2019000 Other $\u2019000 Total $\u2019000 At 2 January 2022 2,563 (1,713) 850 Adjustment in respect of prior periods credited to income statement \u2013 (85) (85) Deferred tax charged/(credited) to income statement 370 (725) (355) Deferred tax charged to equity \u2013 (52) (52) Exchange difference (2) 1 (1) At 31 December 2022 2,931 (2,574) 357 \u2018Other\u2019 includes short-term timing differences and future deductions relating to conditional share awards for US employees of which $38,000 (2021: $151,000) is expected to reverse within the next twelve months. Depreciation/ capital allowances $\u2019000 Other $\u2019000 Total $\u2019000 At 3 January 2021 2,461 (1,268) 1,193 Deferred tax charged/(credited) to income statement 103 (440) (337) Deferred tax charged to equity \u2013 (5) (5) Exchange difference (1) \u2013 (1) At 1 January 2022 2,563 (1,713) 850 20 Borrowings The Group had the following committed floating rate borrowing facilities available: Borrowing facilities 2022 $\u2019000 2021 $\u2019000 Expiring in more than one year 20,000 20,000 Committed facilities comprise an unsecured US$20.0m line of credit for 4imprint, Inc., which expires on 31 May 2024. The Company also has an unsecured UK overdraft facility of \u00a31.0m that is repayable on demand, which expires on 31 December 2023. These facilities were undrawn at the year-end (2021: undrawn). 21 Financial risk management The Group\u2019s activities expose it to a variety of financial risks including currency risk, credit risk, liquidity risk and capital risk. Currency risk The Group operates internationally and is exposed to various currency movements. Risk arises predominantly from the remittance of overseas earnings in US dollars. In addition, Group subsidiaries may make both sales and purchases in a currency other than thei functional currency and have foreign currency trade receivables and trade payables in relation to these transactions. The Group uses derivative financial instruments to partly hedge foreign currency cash flows arising from sales and purchases of goods, as well as remittances from its overseas subsidiaries. The Group does not hedge the currency exposure of profits and assets of its overseas subsidiaries or other financial transactions. At 31 December 2022 the Group had no forward currency contracts outstanding (2021: none). The movement in the exchange rates compared to the prior period increased profit after tax by $0.44m and decreased net assets b $5.16m. The average rate used to translate profits was US$1.24 (2021: US$1.38) and the closing rate was US$1.20 (2021: US$1.35). A strengthening in the Sterling exchange rate by 10% (the approximate range of movement of the exchange rate during the year) would have reduced profit in the period by $0.39m and net assets would have been increased at the period-end by $4.32m. NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Credit risk
Credit risk arises from deposits with banks and financial institutions, as well as credit exposures to trade receivable balances due
from customers and other receivable balances due from suppliers.
The risk associated with banks and financial institutions is managed on a Group basis and all banking relationships must be approved
by the Chief Financial Officer or the Board based on the credit rating of the bank.
The Group holds cash balances on deposit with its principal US and UK banks.
Financial instruments
The table below sets out the Group\u2019s financial instruments by category:
Financial assets at amortised cost
2022
$\u2019000
2021
$\u2019000
Trade and other receivables (excluding prepayments) (note 14) 80,292 59,327
Other financial assets \u2013 bank deposits (note 15) 34,913 \u2013
Cash and cash equivalents (note 15) 51,839 41,589
Financial liabilities at amortised cost
Trade and other payables (excluding non-financial liabilities) (note 17) (76,114) (61,443)
Lease commitments
2022
$\u2019000
2021
$\u2019000
Due within one year 1,870 1,494
Due in two to three years 3,685 2,987
Due in four to five years 3,970 3,161
Due over five years 6,268 6,123
All trade receivables and payables have contracted maturities of 30 days or less from the balance sheet dates. All other receivables
and payables are due/payable within one year.
Trade receivables are amounts due from customers for goods sold in the ordinary course of business. Other receivables are non-
derivative financial assets with fixed or determinable payments that are not quoted in an active market. If collection of the amounts is
expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are shown net of credits and expected credit losses. The expected credit losses on other receivables are $nil
(2021: $nil).
Cash and bank deposits were held with the following banks at the period-end:
2022
Rating
2022
Deposit
$\u2019000
2021
Rating
2021
Deposit
$\u2019000
Lloyds Bank plc Aa3 40,224 Aa3 12,712
JPMorgan Chase Bank, N.A. Aa1 46,511 Aa1 28,862
Other 17 15
86,752 41,589
There is no concentration of credit risk with respect to trade receivables as the Group has a large number of customers.
Management of credit risk arising from customers is delegated to the senior management of each business to a maximum level
per customer, above which it is referred to the Chief Financial Officer for approval. External credit agency assessment reports are
referred to as part of this process.
Liquidity risk
Group borrowing requirements are managed centrally and the majority of borrowing arrangements are currently with the Group\u2019s
principal US and UK banks. Terms are agreed which are considered appropriate for the funding requirements of the Group at
that time.
Operating working capital is managed to levels agreed with the Group and cash forecasts are reviewed regularly by management.
The Group monitors its levels of cash and indebtedness to ensure adequate liquid funds are available to meet the foreseeable
requirements of the Group. The Group does not actively monitor a gearing ratio but seeks to maintain an appropriate level of
financial flexibility. Details of borrowing facilities are given in note 20 and lease liabilities in note 16.
At 31 December 2022, the total other financial assets \u2013 bank deposits and cash and cash equivalents position (note 15) of the
Group was $86.75m (2021: $41.59m).
21 Financial risk management continued Capital risk management The objective for managing cash, debt and equity capital is to safeguard the Company\u2019s ability to continue as a going concern, in order to provide returns for Shareholders and benefits for other stakeholders. The policy for capital allocation is shown on page 38. In 2022 the Company has provided returns to Shareholders in the form of dividends, details of which are included in note 7. Shares were purchased by an employee benefit trust to cover options maturing during the period and future maturities of the 2015 Incentive Plan and Deferred Bonus Plan. 22 Share capital 2022 $\u2019000 202 $\u2019000 Issued and fully paid 28,085,530 (2021: 28,085,530) ordinary shares of 38 6 / 13 p each 18,842 18,842 All shares have the same rights. The Company issued no ordinary shares in the period (2021: none). Share option exercises were satisfied by transfer of shares fro an employee benefit trust. The following options have been granted and were outstanding under the Company\u2019s share option schemes: Scheme Date of grant Number of ordinary shares 2022 Number of option holders 2022 Number of ordinary shares 2021 Subscription price Date exercisable From To US ESPP 17/05/21 89,388 561 97,624 $27.61 Jul 2023 Jul 202 UK SAYE 25/09/19 2,059 6 13,880 \u00a322.70 Nov 2022 Nov 202 2015 Incentive Plan 28/03/19 16,993 2 39,285 $nil Mar 2022 Mar 202 2015 Incentive Plan 30/03/20 12,640 7 12,640 $nil Mar 2023 Mar 203 Total 121,080 163,429 The weighted average exercise price for options outstanding at 31 December 2022 was \u00a317.31 (2021: \u00a314.16). Details of share schemes are disclosed in note 23. Deferred Bonus Plan (formerly the 2015 Incentive Plan/Deferred Annual Bonus Scheme) Under the Deferred Bonus Plan (DBP) 50% of the annual bonus of the Chief Executive Officer, Chief Financial Officer and certain senior managers will be deferred into shares as awards of $nil cost options or conditional shares, based on the share price at 31 December of the relevant year. The awards will be made in a 42-day period following the announcement of the Group\u2019s full year results and the options will normally not be exercisable until at least three years from the date of the award, conditional upon the person still being in the employment of a Group Company. The awards to Executive Directors, from 4 March 2019, will not be exercisable until five years from the date of the award. It is expected that 26,366 options or conditional shares, with a total fair value of $1,357,105 will be awarded in respect of the 2022 bonus (2021: nil). 23 Share-based payments Share options may be granted to senior management and, in addition, SAYE and ESPP schemes are offered to all UK and US employees. The exercise price for SAYE and ESPP options is equal to the market rate, less any discount up to the limit imposed by t local tax authority at the pricing date. The fair value of the options is determined using the Black-Scholes model for SAYE and ESPP schemes and is spread over the vesting period of the options. The significant inputs into the model are: an expected life of between 2.2 and 3.0 years for the ESPP and SAYE options; volatility that is measured at the standard deviation of expected share price returns based on historical statistical analysis of daily share prices and adjusted for any periods of extraordinary volatility; and a risk-free rate that is based on zero coupo government bond yields. 2022 $\u2019000 202 $\u2019000 Charge resulting from spreading the fair value of options 815 60 Social security costs in respect of share options 20 5 Total 835 60 NOTES TO THE FINANCIAL STATEMENTS CONTINUED
The fair value per option granted and the assumptions used in the calculation are as follows:
US
ESPP
scheme
UK
SAYE
scheme
Grant date 17/05/21 25/09/19
Share price at grant date \u00a323.00 \u00a329.90
Exercise price $27.61 \u00a322.70
Number of employees 561 6
Shares under option 89,388 2,059
Vesting period (years) 2.2 3.0
Expected volatility 30% 30%
Option life (years) 2.2 3.5
Expected life (years) 2.2 3.0
Risk-free rate 0.09% 0.36%
Expected dividends expressed as a dividend yield 2.0% 2.0%
Possibility of ceasing employment before vesting 2% 5%
Expectations of meeting performance criteria 100% 100%
Fair value per option \u00a35.03 \u00a38.09
In respect of the executive awards under the 2015 Incentive Plan, now replaced by the DBP, the fair value of the awards of options or
conditional shares made in 2019 and 2020 are based on the share price at 31 December 2018 and 31 December 2019 respectively.
The option life is between 4.25 to 6.25 years from the start of the financial year to which the awards relate. The fair value of the
expected awards to be made under the DBP of 26,366 options or conditional shares in respect of 2022 is based on the share price
at 31 December 2022.
A reconciliation of option movements over the period is shown below:
2022 2021
Number
of shares
Weighted
average
exercise price
(\u00a3)
Number
of shares
Weighted
average
exercise price
(\u00a3)
Outstanding at start of period 163,429 14.16 84,524 4.31
Granted 0 0.00 100,630 20.07
Forfeited/cancelled (7,721) 22.33 (5,135) 21.18
Exercised (34,628) 8.08 (16,590) 0.05
Outstanding at end of period 121,080 17.31 163,429 14.16
Exercisable at end of period \u2013 \u2013 \u2013 \u2013
Range of exercise prices
2022 2021
Weighted
average
exercise
price
Number of
shares
Weighted average remaining
life (years)
Weighted
average
exercise
price
Number of
shares
Weighted average remaining
life (years)
Expected Contractual Expected Contractual
Nil $0.00 29,633 0.82 0.82 to 0.88 $0.00 51,925 1.14 1.14 to 1.47
\u00a320 \u2013 21 $27.61 89,388 0.56 0.56 $27.61 97,624 1.56 1.56
\u00a322 \u2013 23 \u00a322.70 2,059 0.33 0.83 \u00a322.70 13,880 0.83 1.33
24 Other reserves Capital redemption reserve $\u2019000 Cumulative translation differences $\u2019000 Total $\u2019000 Balance at 3 January 2021 369 5,748 6,117 Currency translation differences \u2013 (97) (97) Balance at 1 January 2022 369 5,651 6,020 Currency translation differences \u2013 (1,614) (1,614) Balance at 31 December 2022 369 4,037 4,406 The capital redemption reserve arose on the redemption of preference shares in 2000. The currency translation difference represents the accumulated exchange movements on non-US dollar functional currency subsidiaries from 29 December 2003 (transition date to IFRS) to the balance sheet date. 25 Cash generated from operations 2022 $\u2019000 2021 $\u2019000 Profit before tax 103,706 30,229 Adjustments for: Depreciation of property, plant and equipment 3,594 3,237 Amortisation of intangible assets 424 437 Amortisation of right-of-use assets 1,508 1,340 Loss on disposal of property, plant and equipment 84 \u2013 Share option charges 815 602 Net finance (income)/cost (804) 417 Defined benefit pension administration charge 521 340 Contributions to defined benefit pension scheme (4,367) (4,589) Changes in working capital: Decrease/(increase) in inventories 2,469 (9,288) Increase in trade and other receivables (24,164) (26,831) Increase in trade and other payables 13,254 22,363 Cash generated from operations 97,040 18,257 26 Contingent liabilities The Group has a contingent liability of $493,000 in respect of potential payments for future services relating to the acquisition of a screen-printing business during the period (2021: none). See note 10 for further details. 27 Capital commitments The Group had capital commitments contracted for but not provided for in the financial statements at 31 December 2022 for property, plant and equipment of $2.7m (2021: $nil). 28 Related party transactions Transactions and balances between the Company and its subsidiaries have been eliminated on consolidation. The Group did not participate in any related party transactions with parties outside of the Group. Key management compensation is disclosed in note 3. NOTES TO THE FINANCIAL STATEMENTS CONTINUED", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-2": { "value": "4imprint Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-5": { "value": "UK ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-6": { "value": "25 Southampton Buildings, London WC2A 1AL", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-212": { "value": "Accounting policies The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-213": { "value": "Basis of preparation The financial statements have been prepared under the historical cost convention in accordance with UK-adopted International Accounting Standards. New accounting standards applicable for the first time in this reporting period have no impact on the Group\u2019s results or balance sheet. Environmental risks In preparing the financial statements, management has considered the impact of environmental risks. Whilst the impact of environmental risks is still developing and therefore all possible future outcomes are uncertain, risks known to the Group have been considered in forming judgments, estimates and assumptions and in assessing viability and going concern. These considerations did not have a material impact on the financial statements. Going concern In making their assessment of going concern from the date of approval of these financial statements until 29 June 2024, the Directors have carefully considered the Group\u2019s prospects: \u2013 The Group\u2019s strategy, market position and business model, as set out in the Strategic Report section on pages 9 to 19 of the 2022 Annual Report. \u2013 The principal risks and uncertainties facing the Group, as outlined in the Principal Risks & Uncertainties section on pages 41 to 49 of the 2022 Annual Report and further detailed below. \u2013 Information contained in the Financial Review concerning the Group\u2019s financial position, cash flows and liquidity. \u2013 Regular management reporting and updates from the Executive Directors. \u2013 Recent detailed financial forecasts and analysis. Principal risks and uncertainties The Directors have carefully considered the Group\u2019s principal risks and uncertainties in assessing the Group\u2019s prospects, which include strategic risks, operational risks, reputational risks, and environmental risks. Whilst all the risks identified could have an impact on the Group, given the prevailing external climate and potential to impact the Group\u2019s financial position and longer-term viability, macroeconomic and environmental risks are considered in further detail below. Macroeconomic risks Whilst the risk of a negative effect on demand for our products from the pandemic is considered to have receded during the year, the macroeconomic and geopolitical environment remains challenging. The ongoing uncertainty associated with the outlook for a potential global recession and continued geopolitical unrest poses downside risks to growth and the cost base. Inflationary pressures (mainly in relation to product, transportation, and labour costs) have persisted since the onset of the pandemic although the impact on the business has to date been successfully mitigated through appropriate and timely adjustments to the customer proposition, the marketing mix and expense budgets. In addition, the maintenance of high levels of liquidity has facilitated continued investment in the business for future growth. The operational and financial resilience of the business through the pandemic and current economic and political uncertainty, coupled with the strong financial position of the Group, give the Board confidence that the strategy, competitive position, and business model remain entirely relevant and that despite residual uncertainty as to future market conditions, the Group expects to be in a good position both to withstand further economic stress and to take market share opportunities as they arise. The potential impacts from the current macroeconomic risks and associated mitigating actions have been reflected in the demand and cost assumptions of the financial forecasts used to assess viability and going concern. Environmental risks As a primary strategic objective of the Group and as noted above in the assessment of prospects, environment-related risks and opportunities are specifically considered by the Board in their assessment of viability and going concern. The Group has established an appropriate governance structure, in the form of the Group Environmental Committee and Business Risk Management Committee, to identify new and emerging risks related to climate change and the environment. Going concern continued Environmental risks have the potential to impact the Group\u2019s ability to achieve its strategic objectives through damage to our reputation, our operational facilities and those of our supplier partners, and the failure to respond to trends and shifts in consumer product preferences. As detailed more fully in the Sustainability section, the Group has proactively responded to these risks with several initiatives. These include the achievement of CarbonNeutral \u00ae company status, the installation of a solar panel array at our distribution centre in Oshkosh, the introduction of our Better Choices\u2122 programme to make it easier for our customers to find products with the characteristics that are most important to them, and participation in the UPS carbon neutral shipping programme. The flexible nature of our \u2018drop-ship\u2019 model and close relationships maintained with key and alternative suppliers allows for relatively rapid adjustment t o episodes of extreme weather. Whilst governmental and societal responses to climate change risks are still developing, and therefore all possible future outcomes are not known, the Group has embedded environmental matters into its strategic objectives and sees climate change and other aspects of environmental stewardship as a fundamental part of a commitment to build a commercially and environmentally sustainable business that delivers value to all stakeholders. The cash flow impacts of our environmental initiatives are incorporated into the financial forecasts used to assess viability and going concern. Assessment of going concern Whilst the principal risks and uncertainties outlined on pages 41 to 49 of the 2022 Annual Report could all have an impact on the Group\u2019s performance, the Board considers that the key factor that would prejudice the ongoing viability and liquidity of the Group would be a severe downturn in demand, which negatively impacts new customer acquisition and existing customer retention. The \u2018base case\u2019 three-year plan, developed for the purposes of the Group\u2019s strategic planning process, provides the basis for the financial modelling used to assess viability. Over the three-year period this \u2018base case\u2019 shows improving financial results, an accumulating cash balance and no liquidity concerns. Severe, but plausible, downside demand assumptions were then determined and used to adjust the \u2018base case\u2019 forecast to model the effects on the Group\u2019s liquidity. These \u2018downside\u2019 scenarios assume a significant deterioration in demand patterns during 2023, similar to those experienced in 2020 when the pandemic started, with order volumes for the first year of the three-year forecast period dropping back to around 70% of 2022 levels, before gradually recovering back to 2022 order levels by 2025. Marketing and direct costs were flexed in line with revenue, capital expenditure was moderated to reflect the reduction in demand, and dividend payments were reduced in line with earnings per share, but other payroll and overhead costs remained at 2022 levels with an allowance for inflationary increases. These \u2018downside\u2019 scenarios are intended to simulate a severe shock to demand resulting in sustained diminished corporate demand in a downsized promotional products market. Even under the severe stress built into the \u2018downside\u2019 models, the Group retains strong liquidity throughout the assessment period. This liquidity is in the form of cash balances. In addition, there are further mitigating actions that the Group could take, including further cutting marketing costs and reducing headcount, that are not reflected in the distressed forecast but would, if required, be fully under the Group\u2019s control. Given the scalability of the Group\u2019s business model, as demonstrated over the past few years, the absence of external financing, and low fixed or working capital requirements, a reverse stress testing scenario has not been undertaken. The Group has proven, during the onset of the pandemic in 2020, its ability to flex its marketing and other costs to mitigate the impact of falls in revenue and retains flexibility to further reduce other costs should the need arise. Though the Group maintains a $20m line of credit with its US bankers that expires on 31 May 2024 and a small overdraft facility with its UK bankers that expires on 31 December 2023, the modelling in both the \u2018base case\u2019 and \u2018downside\u2019 scenarios shows the maintenance of positive cash balances throughout the assessment period and, as such, there is no current requirement to utilise the facilities or intention to secure any additional facilities. The assumptions used in the \u2018base case\u2019 and \u2018downside\u2019 scenarios and resulting financial forecasts have been reviewed and approved by the Board. The conclusion of this review is that the Group has significant flexibility in its variable costs, a low fixed cost base, and enters the 2023 financial year with a strong cash and bank deposits position of $86.8m, enabling it to remain cash positive even under severe economic stress. Going concern Based on their assessment, the Directors have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group\u2019s and Company\u2019s ability to continue as a going concern from the date the financial statements are approved until 29 June 2024. Accordingly, they continue to adopt the going concern basis in preparing the Group\u2019s and Company\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-265": { "value": "Environmental risks In preparing the financial statements, management has considered the impact of environmental risks. Whilst the impact of environmental risks is still developing and therefore all possible future outcomes are uncertain, risks known to the Group have been considered in forming judgments, estimates and assumptions and in assessing viability and going concern. These considerations did not have a material impact on the financial statements. ", "dimensions": { "concept": "imprintgroupplc:DescriptionOfAccountingPolicyForEnvironmentalRisks", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-266": { "value": "Going concern In making their assessment of going concern from the date of approval of these financial statements until 29 June 2024, the Directors have carefully considered the Group\u2019s prospects: \u2013 The Group\u2019s strategy, market position and business model, as set out in the Strategic Report section on pages 9 to 19 of the 2022 Annual Report. \u2013 The principal risks and uncertainties facing the Group, as outlined in the Principal Risks & Uncertainties section on pages 41 to 49 of the 2022 Annual Report and further detailed below. \u2013 Information contained in the Financial Review concerning the Group\u2019s financial position, cash flows and liquidity. \u2013 Regular management reporting and updates from the Executive Directors. \u2013 Recent detailed financial forecasts and analysis. Principal risks and uncertainties The Directors have carefully considered the Group\u2019s principal risks and uncertainties in assessing the Group\u2019s prospects, which include strategic risks, operational risks, reputational risks, and environmental risks. Whilst all the risks identified could have an impact on the Group, given the prevailing external climate and potential to impact the Group\u2019s financial position and longer-term viability, macroeconomic and environmental risks are considered in further detail below. Macroeconomic risks Whilst the risk of a negative effect on demand for our products from the pandemic is considered to have receded during the year, the macroeconomic and geopolitical environment remains challenging. The ongoing uncertainty associated with the outlook for a potential global recession and continued geopolitical unrest poses downside risks to growth and the cost base. Inflationary pressures (mainly in relation to product, transportation, and labour costs) have persisted since the onset of the pandemic although the impact on the business has to date been successfully mitigated through appropriate and timely adjustments to the customer proposition, the marketing mix and expense budgets. In addition, the maintenance of high levels of liquidity has facilitated continued investment in the business for future growth. The operational and financial resilience of the business through the pandemic and current economic and political uncertainty, coupled with the strong financial position of the Group, give the Board confidence that the strategy, competitive position, and business model remain entirely relevant and that despite residual uncertainty as to future market conditions, the Group expects to be in a good position both to withstand further economic stress and to take market share opportunities as they arise. The potential impacts from the current macroeconomic risks and associated mitigating actions have been reflected in the demand and cost assumptions of the financial forecasts used to assess viability and going concern. Environmental risks As a primary strategic objective of the Group and as noted above in the assessment of prospects, environment-related risks and opportunities are specifically considered by the Board in their assessment of viability and going concern. The Group has established an appropriate governance structure, in the form of the Group Environmental Committee and Business Risk Management Committee, to identify new and emerging risks related to climate change and the environment. Going concern continued Environmental risks have the potential to impact the Group\u2019s ability to achieve its strategic objectives through damage to our reputation, our operational facilities and those of our supplier partners, and the failure to respond to trends and shifts in consumer product preferences. As detailed more fully in the Sustainability section, the Group has proactively responded to these risks with several initiatives. These include the achievement of CarbonNeutral \u00ae company status, the installation of a solar panel array at our distribution centre in Oshkosh, the introduction of our Better Choices\u2122 programme to make it easier for our customers to find products with the characteristics that are most important to them, and participation in the UPS carbon neutral shipping programme. The flexible nature of our \u2018drop-ship\u2019 model and close relationships maintained with key and alternative suppliers allows for relatively rapid adjustment t o episodes of extreme weather. Whilst governmental and societal responses to climate change risks are still developing, and therefore all possible future outcomes are not known, the Group has embedded environmental matters into its strategic objectives and sees climate change and other aspects of environmental stewardship as a fundamental part of a commitment to build a commercially and environmentally sustainable business that delivers value to all stakeholders. The cash flow impacts of our environmental initiatives are incorporated into the financial forecasts used to assess viability and going concern. Assessment of going concern Whilst the principal risks and uncertainties outlined on pages 41 to 49 of the 2022 Annual Report could all have an impact on the Group\u2019s performance, the Board considers that the key factor that would prejudice the ongoing viability and liquidity of the Group would be a severe downturn in demand, which negatively impacts new customer acquisition and existing customer retention. The \u2018base case\u2019 three-year plan, developed for the purposes of the Group\u2019s strategic planning process, provides the basis for the financial modelling used to assess viability. Over the three-year period this \u2018base case\u2019 shows improving financial results, an accumulating cash balance and no liquidity concerns. Severe, but plausible, downside demand assumptions were then determined and used to adjust the \u2018base case\u2019 forecast to model the effects on the Group\u2019s liquidity. These \u2018downside\u2019 scenarios assume a significant deterioration in demand patterns during 2023, similar to those experienced in 2020 when the pandemic started, with order volumes for the first year of the three-year forecast period dropping back to around 70% of 2022 levels, before gradually recovering back to 2022 order levels by 2025. Marketing and direct costs were flexed in line with revenue, capital expenditure was moderated to reflect the reduction in demand, and dividend payments were reduced in line with earnings per share, but other payroll and overhead costs remained at 2022 levels with an allowance for inflationary increases. These \u2018downside\u2019 scenarios are intended to simulate a severe shock to demand resulting in sustained diminished corporate demand in a downsized promotional products market. Even under the severe stress built into the \u2018downside\u2019 models, the Group retains strong liquidity throughout the assessment period. This liquidity is in the form of cash balances. In addition, there are further mitigating actions that the Group could take, including further cutting marketing costs and reducing headcount, that are not reflected in the distressed forecast but would, if required, be fully under the Group\u2019s control. Given the scalability of the Group\u2019s business model, as demonstrated over the past few years, the absence of external financing, and low fixed or working capital requirements, a reverse stress testing scenario has not been undertaken. The Group has proven, during the onset of the pandemic in 2020, its ability to flex its marketing and other costs to mitigate the impact of falls in revenue and retains flexibility to further reduce other costs should the need arise. Though the Group maintains a $20m line of credit with its US bankers that expires on 31 May 2024 and a small overdraft facility with its UK bankers that expires on 31 December 2023, the modelling in both the \u2018base case\u2019 and \u2018downside\u2019 scenarios shows the maintenance of positive cash balances throughout the assessment period and, as such, there is no current requirement to utilise the facilities or intention to secure any additional facilities. The assumptions used in the \u2018base case\u2019 and \u2018downside\u2019 scenarios and resulting financial forecasts have been reviewed and approved by the Board. The conclusion of this review is that the Group has significant flexibility in its variable costs, a low fixed cost base, and enters the 2023 financial year with a strong cash and bank deposits position of $86.8m, enabling it to remain cash positive even under severe economic stress. Going concern Based on their assessment, the Directors have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group\u2019s and Company\u2019s ability to continue as a going concern from the date the financial statements are approved until 29 June 2024. Accordingly, they continue to adopt the going concern basis in preparing the Group\u2019s and Company\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-214": { "value": "Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the period. Subsidiaries are all entities (including structured 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 to direct the activities of the entity. The financial statements of subsidiaries, as amended to conform to Group accounting policies, are included in the consolidated financial statements from the date that control commences until the date that control ceases. All subsidiaries have the same year-end date as the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-215": { "value": "Estimates and judgments The preparation of the consolidated financial statements requires management to make judgments and estimates that affect the application of accounting policies, the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Critical accounting judgments are those judgments, apart from those involving estimations, that have been made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Key assumptions and sources of estimation uncertainty are those that have a significant risk of resulting in a material adjustment to the carrying amounts of the Group\u2019s assets and liabilities within the next financial year. Management considers the following to be the critical accounting judgments and key assumptions and sources of estimation uncertainty: Critical accounting judgments Revenue For most of its product line, the Group operates a \u2018drop-ship\u2019 business model whereby suppliers hold blank inventory, imprint the product and ship directly to customers. In order to determine the amount of revenue to recognise, it is necessary for the Group to make a judgment to assess if it is acting as principal or an agent in fulfilling the performance obligations and promises to customers for these transactions. The Group has full discretion to accept orders, agrees artwork with the customer, sets the transaction price, selects the suppliers used to fulfil orders, and considers its customer satisfaction promises (\u2018on-time or free\u2019, price and quality guarantees) to be integral to meeting its performance obligations. Accordingly, the Group is of the opinion that it acts as principal in providing goods to customers and recognises the gross amount of consideration as revenue. Retirement benefit asset At the balance sheet date, the fair value of the defined benefit assets exceeded the present value of the defined benefit obligations of the 4imprint 2016 Pension Plan. Although the Group anticipates that the surplus will be utilised during the life of the plan to address members\u2019 liabilities, the Group recognises the surplus in full on the basis that it is management\u2019s judgment that there are no restrictions on the return of residual plan assets in the event of a winding up of the plan after all member obligations have been met. Key assumptions and sources of estimation uncertainty Pensions As detailed in note 18, the Group sponsors a defined benefit pension scheme closed to new members and future accrual. Period- end recognition of the liabilities under this scheme requires a number of significant actuarial assumptions to be made, including inflation rate, discount rate and mortality rates. Small changes in assumptions can have a significant impact on the amounts recorded in other comprehensive income and on the pension liabilities in the balance sheet. Sensitivities to changes in these assumptions are disclosed in note 18. Other areas of judgment and accounting estimates The consolidated financial statements include other areas of judgment and accounting estimates. Whist these areas do not meet the IAS 1 definition of critical accounting judgments or significant accounting estimates, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or uncertainties. The other areas of judgment and accounting estimates include the estimation of the future cash flows of subsidiary companies and the determination of appropriate discount rates, growth rates, and probability of default rates necessary for undertaking impairment reviews and assessing the recoverability of assets (refer to note 8 for further information on the impairment review process), and levels of provisions required in relation to trade and other receivables (refer to note 14) and inventories (refer to note 13). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-216": { "value": "Revenue The activity from which the Group derives revenue is the sale and delivery of promotional products. The Group primarily operates a \u2018drop-ship\u2019 model in which it acts as principal as it has control over the goods and services before transfer to the customer. The Group also acts as principal for apparel goods that are decorated within the Group\u2019s facilities and shipped directly to the customer. The Group recognises the gross amount of consideration as revenue in both instances. It is common for a customer order to include several different product lines. Individual order lines are separately priced, have separately agreed delivery dates, and are capable of being used or enjoyed by the customer on their own, separately from any other order lines included in the overall customer order. The Group therefore considers each order line to constitute a separate performance obligation. Revenue is recognised at a point in time upon delivery and acceptance by the customer as this is when control of the goods has transferred. The price for each order line is fixed at the time of order, inclusive of any discounts given for that order line. Revenue is shown net o f discounts, credits, refunds, VAT and sales tax. The value of provisions for credits and refunds is determined using the expected valu e methodology based upon historical experience of credits/refunds issued and levels of revenue. Payment terms vary by customer but are generally either payment with order or within 30 days of delivery. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-217": { "value": "Supplier rebates Amounts due under rebate agreements are recognised based on volumes of products purchased during the period to which the rebates relate at the relevant rebate rates, per supplier agreements. Amounts are credited to the cost of purchase of goods for resale and any accrued income is included in other receivables. Provision is made against such receivables to the extent it is considered that the amounts are not recoverable. ", "dimensions": { "concept": "imprintgroupplc:DescriptionForAccountingPolicyForSupplierRebates", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-218": { "value": "Segmental reporting The reporting requirements of IFRS 8 require operating segments to be identified based on internal reports about components of the Group that are regularly reviewed by the chief operating decision maker to allocate resources to the segments and to assess their performance. The chief operating decision maker has been identified by the Directors as the Board. The Group has two operating segments, North America and UK & Ireland. The costs of the Head Office are reported separately to the Board, but this is not an operating segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-219": { "value": "Leases A lease is defined as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of a lease a right-of-use asset and a lease liability are recognised in the financial statements. The lease liability is initially measured at the present value of expected future lease payments discounted at the interest rate implicit in the lease or, if that rate cannot be determined, the lessee\u2019s incremental borrowing rate. Subsequently the lease liability decreases by the lease payments made, offset by interest on the liability, and may be re-measured to reflect any reassessment of expected payments or to reflect any lease modifications. The right-of-use asset is initially measured at cost. This comprises the amount of the initial lease liability plus: any lease payments made on or before the commencement date less incentives received; any incremental costs of obtaining the lease; and, if any, the costs of decommissioning the asset and any restoration work to return the asset to the condition required under the terms of the lease. Subsequently the right-of-use asset is measured using the cost model. The asset is amortised on a straight-line basis over the expected term of the lease, adjusted for any re-measurement of the lease liability, and is shown net of the accumulated depreciatio n and any impairment provisions. The Group has elected to use the recognition exemptions for low value assets and short-term leases (leases with a duration of 12 months or less) which are expensed to operating profit on a straight-line basis over the term of the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-220": { "value": "Share-based payments Share options, which are all equity-settled, are measured at fair value at the date of grant allowing for any market conditions, if applicable. The fair value is charged to the income statement over the vesting period of the share option schemes on a straight-line basis. The value of the charge is adjusted each year to reflect any non-market or service conditions that impact the expected numbe r of options that will become exercisable. All options cancelled are fully expensed to the income statement upon cancellation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-221": { "value": "Exceptional items Income or costs which are both material and non-recurring, whose significance is sufficient to warrant separate disclosure in the financial statements, are referred to as exceptional items. The Directors consider that the separate disclosure of these items assists in understanding the Group\u2019s financial performance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-222": { "value": "Taxation The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity in which case the tax is recognised in other comprehensive income or directly in equity, respectively. Tax attributable to the defined benefit pension scheme is recognised in the income statement except to the extent it relates to actuarial movements recognised in other comprehensive income. Current income tax is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries operate and generate taxable income. Transactions and calculations for which the ultimate tax determination is uncertain may arise during the ordinary course of business. Should an uncertain tax position arise, where a risk of an additional tax liability has been identified and it is considered probable that the Group will be required to settle that tax, a tax provision is recognised. This is assessed on a case-by-case basis. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group\u2019s financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction, other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined on an undiscounted basis using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences or losses can be utilised. Deferred tax movements in respect of losses recognised or derecognised in the period are allocated between the income statement, other comprehensive income and equity in proportion to the origin of those losses. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-267": { "value": "Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group\u2019s financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction, other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined on an undiscounted basis using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences or losses can be utilised. Deferred tax movements in respect of losses recognised or derecognised in the period are allocated between the income statement, other comprehensive income and equity in proportion to the origin of those losses. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-223": { "value": "Dividends Final equity dividends and where relevant, special equity dividends, are recognised in the Group\u2019s financial statements in the period in which the dividends are approved by the Shareholders. Interim equity dividends are recognised when paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-224": { "value": "Foreign currency The functional and presentation currency of the Company is Sterling. However, the Group\u2019s financial statements are presented in US dollars, reflecting that most of the Group\u2019s revenues and transactions are generated in North America in US dollars. Transactions in currencies other than the functional currency of the Company or subsidiary concerned are recorded at the exchange rate prevailing at the date of the transaction. At each balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the balance sheet date. Translation differences on monetary items are taken to the income statement. On consolidation the balance sheets of Sterling enterprises are translated into US dollars at the exchange rate ruling at the balance sheet date and income statements are translated at average rates for the period under review. One-off material transactions are translated at the spot rate on the transaction date. The resulting exchange differences are taken to the cumulative translation differences reserve and are reported in the statement of comprehensive income. On disposal of an operation any cumulative exchange differences held in Shareholders\u2019 equity are recycled to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-268": { "value": "Derivative instruments Derivatives are recognised initially at fair value and are re-measured at fair value at each reporting date. The Group only uses derivative forward foreign exchange contracts to hedge highly probable cash flows that meet the qualifying criteria for hedge accounting and never for maturities more than 12 months. The fair value of the hedging derivative is classified as a current asset or liability. The Group applies hedge accounting to these transactions designating them as cash flow hedges. The effective portion of changes in these cash flow hedges are deferred in a hedging reserve, where material, and then charged to the income statement when the forecast sale or purchase occurs, or if the forecast transaction is no longer expected to occur. Any ineffective portion of the cash flow hedge is recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-225": { "value": "Derivative instruments Derivatives are recognised initially at fair value and are re-measured at fair value at each reporting date. The Group only uses derivative forward foreign exchange contracts to hedge highly probable cash flows that meet the qualifying criteria for hedge accounting and never for maturities more than 12 months. The fair value of the hedging derivative is classified as a current asset or liability. The Group applies hedge accounting to these transactions designating them as cash flow hedges. The effective portion of changes in these cash flow hedges are deferred in a hedging reserve, where material, and then charged to the income statement when the forecast sale or purchase occurs, or if the forecast transaction is no longer expected to occur. Any ineffective portion of the cash flow hedge is recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-269": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the fair value of the consideration transferred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. The excess of the cost of acquisition over the Group\u2019s share of identifiable net assets is recorded as goodwill. Acquisition-related costs are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the Group\u2019s cash-generating units that are expected to benefit from the combination. Goodwill is not amortised but is reviewed annually for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-226": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the fair value of the consideration transferred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. The excess of the cost of acquisition over the Group\u2019s share of identifiable net assets is recorded as goodwill. Acquisition-related costs are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the Group\u2019s cash-generating units that are expected to benefit from the combination. Goodwill is not amortised but is reviewed annually for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-227": { "value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. No depreciation is provided on freehold land. For all other property, plant and equipment, depreciation is calculated to write off their cost less residual value by equal annual instalments over the period of their estimated useful lives, which are reviewed on a regular basis. Leasehold assets are depreciated over the shorter of the term of the lease or their estimated useful lives. Cost comprises the purchase price plus costs directly incurred in bringing the asset into use. The principal useful lives currently fall within the following ranges: Freehold and long leasehold buildings 50 years Short leasehold buildings Life of lease Plant, machinery, fixtures and fittings 3\u201315 years Computer hardware 3 years Profits and losses on disposal, which have arisen from over or under depreciation, are accounted for in arriving at operating profit and are separately disclosed when material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-228": { "value": "Intangible assets Acquired software licences and expenditure on developing websites and other computer systems, providing they meet the criteria for recognition under IAS 38, are capitalised, held at historic cost and amortised from the date of commissioning on a straight-line basis over their useful economic lives (currently three to five years). Amortisation is charged to operating expenses. Internal non- development costs are expensed to operating expenses as incurred. An expense is recognised in operating expenses for advertising and promotional activities when, in the case of goods, the business has a right of access to the goods or, for services, when the business has received the service. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-229": { "value": "Impairment of assets All property, plant and equipment and intangible assets are reviewed for impairment in accordance with IAS 36 \u2018Impairment of Assets\u2019 if there is an indication that the carrying value of the asset may have been impaired. Where an impairment review is required, the carrying value of the assets is measured against their value in use based on future estimated cash flows, discounted by the appropriate discount rate, resulting from the use of those assets. Assets are grouped at the lowest level for which there is a separately identifiable cash flow (cash-generating unit). An impairment loss is recognised for the amount at which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-230": { "value": "Inventories Inventories are valued at the lower of cost and net realisable value using the first-in first-out basis. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Items in transit where the Group has control are included in inventories. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-231": { "value": "Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established based on the expected credit loss. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables, which are grouped based on shared credit risk characteristics and the days past due. The amount of the provision is recognised in the income statement. Trade receivables are discounted when the time value of money is considered material. Receivables also include credit and debit card sales which have not reached the bank at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-232": { "value": "Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held on call with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. In the cash flow statement, cash and cash equivalents are shown net of bank overdrafts. Cash deposits and other short-term highly liquid investments with an original maturity in excess of three months are classified as other financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-270": { "value": "Trade payables and contract liabilities Trade payables are recognised initially at fair value and subsequently measured at amortised cost. Trade and other payables are discounted when the time value of money is considered material. Contract liabilities reflect the Group\u2019s obligation to transfer goods to a customer and arise where a customer has paid an amount of consideration in advance of receiving the goods. ", "dimensions": { "concept": "imprintgroupplc:DescriptionOfAccountingPolicyForContractLiabilities", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-233": { "value": "Trade payables and contract liabilities Trade payables are recognised initially at fair value and subsequently measured at amortised cost. Trade and other payables are discounted when the time value of money is considered material. Contract liabilities reflect the Group\u2019s obligation to transfer goods to a customer and arise where a customer has paid an amount of consideration in advance of receiving the goods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-234": { "value": "Pensions The Group operates defined contribution plans for the majority of its UK and US employees. The regular contributions are charged to the income statement as they are incurred. The Group sponsors a defined benefit scheme, which is closed to new members and future accrual. The Group accounts for the defined benefit scheme under IAS 19 \u2018Employee Benefits\u2019. The deficit of the defined benefit pension scheme is recognised in full on the balance sheet if the present value of the defined benefit obligation exceeds the fair value of plan assets at the balance sheet date. If the assets exceed the obligations then a judgment is made to determine the level of refund available from the scheme in recognising the amount of the surplus to be recognised. A full actuarial valuation is carried out at least every three years and the defined benefit obligation is updated on an annual basis, by independent actuaries, using the projected unit credit method. Lump sum contributions to the defined benefit scheme to reduce the deficit are included within \u2018cash generated from operations\u2019, alongside the regular contributions. Pension charges recognised in the income statement consist of administration costs of the scheme, past service costs, and a finance charge/credit based on the net pension scheme position calculated in accordance with IAS 19. Differences between the actual and expected return on assets, experience gains and losses and changes in actuarial assumptions are included directly in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-235": { "value": "Borrowings Borrowings are measured initially at fair value net of transaction costs incurred and subsequently carried at amortised cost using the effective interest rate method. Arrangement fees are amortised over the life of the borrowing. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-237": { "value": "Own shares held by employee share trusts The Company is the sponsoring entity of an employee benefit trust (EBT) and, notwithstanding the legal duties of the Trustees, the Group considers that it has \u2018de facto\u2019 control of the EBT. The trust is accounted for as assets and liabilities of the Company and included in the consolidated financial statements. The Company\u2019s equity instruments held by the EBT are accounted for as if they were the Company\u2019s own equity and are treated as treasury shares. No gain or loss is recognised in profit or loss or other comprehensive income on the purchase, sale or cancellation of the Company\u2019s own equity held by the EBT. ", "dimensions": { "concept": "imprintgroupplc:DescriptionOfAccountingPolicyForOwnSharesHeldByEmployeeShareTrusts", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-236": { "value": "Government grants Government grants are recognised at fair value when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants compensating for expenses incurred are recognised as a deduction of the related expenses in the consolidated income statement on a systematic basis in the same periods in which the expenses are incurred. Grants deducted from expenses are included in \u2018cash generated from operations\u2019 in the consolidated cash flow statement on a consistent basis with the related expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-238": { "value": "IFRS standards effective in future financial statements The IASB and IFRS IC have issued new or amended standards and interpretations which are effective for accounting periods as noted below. Standards and interpretations which have been issued but are not yet effective will be applied by the Group in the accounting period that they become effective. Management does not believe the impact of adopting the new or amended standards and interpretations listed below will have a material impact on the results or net assets of the Group. Annual Improvements to IFRS Standards 2018-2020 Cycle (effective 1 January 2022) Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework (effective 1 January 2022) Amendments to IAS 16 \u2013 Property, Plant and Equipment: Proceeds before Intended Use (1 January 2022) Amendments to IAS 37 \u2013 Onerous Contracts: Cost of Fulfilling a Contract (1 January 2022) IFRS 17 Insurance Contracts (effective 1 January 2023) Amendments to IFRS 17 \u2013 Initial Application of IFRS 17 & IFRS 9 \u2013 Comparative Information (effective 1 January 2023) Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current (effective 1 January 2023)* Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies (effective 1 January 2023) Amendments to IAS 8 \u2013 Definition of Accounting Estimates (1 January 2023) Amendments to IAS 12 \u2013 Deferred Tax relating to Assets and Liabilities arising from a Single Transaction (1 January 2023)* * Not yet endorsed by the UK ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-239": { "value": "
1 Segmental reporting
The chief operating decision maker has been identified as the Board of Directors and the segmental analysis is presented based on
the Group\u2019s internal reporting to the Board.
At 31 December 2022, the Group has two operating segments, North America and UK & Ireland. The costs of the Head Office are
reported separately to the Board, but this is not an operating segment.
Revenue
2022
$\u2019000
2021
$\u2019000
North America 1,120,517 773,710
UK & Ireland 19,769 13,612
Total Group revenue 1,140,286 787,322
Profit
2022
$\u2019000
2021
$\u2019000
North America 107,965 36,006
UK & Ireland (54) (1,464)
Operating profit from Direct Marketing operations 107,911 34,542
Head Office costs (5,009) (3,896)
Operating profit 102,902 30,646
Net finance income/(cost) (note 4) 804 (417)
Profit before tax 103,706 30,229
Other segmental information
Assets Liabilities Capital expenditure Depreciation Amortisation
2022
$\u2019000
2021
$\u2019000
2022
$\u2019000
2021
$\u2019000
2022
$\u2019000
2021
$\u2019000
2022
$\u2019000
2021
$\u2019000
2022
$\u2019000
2021
$\u2019000
North America 146,401 120,284 (95,817) (81,674) 7,998 3,415 (3,537) (3,135) (1,915) (1,756)
UK & Ireland 3,175 3,017 (3,345) (2,618) 36 50 (52) (99) (17) (21)
Head Office 90,717 44,481 (911) (524) 26 \u2013 (5) (3) \u2013 \u2013
240,293 167,782 (100,073) (84,816) 8,060 3,465 (3,594) (3,237) (1,932) (1,777)
Head Office assets include other financial assets \u2013 bank deposits, cash and cash equivalents, deferred tax assets and the retirement
benefit asset. Head Office liabilities include other payables and accruals.
Geographical analysis of revenue and non-current assets
2022
North
America
$\u2019000
UK
$\u2019000
All other
countries
$\u2019000
Total
$\u2019000
Total revenue by destination 1,120,723 18,835 728 1,14 0,286
Property, plant and equipment 28,506 749 \u2013 29,255
Intangible assets 913 44 \u2013 957
Goodwill 1,010 \u2013 \u2013 1,010
Right-of-use assets 13,103 \u2013 \u2013 13,103
2021
North
America
$\u2019000
UK
$\u2019000
All other
countries
$\u2019000
Total
$\u2019000
Total revenue by destination 773,755 13,084 483 787,322
Property, plant and equipment 23,812 855 \u2013 24,667
Intangible assets 996 49 \u2013 1,045
Right-of-use assets 11,725 \u2013 \u2013 11,725
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-240": { "value": "2 Operating expenses Note 2022 $\u2019000 2021 $\u2019000 The following items have been charged/(credited) in arriving at operating profit: Purchase of goods for resale and consumables 744,906 518,944 Changes in inventories 2,469 (9,288) Impairment loss on trade receivables 14 4,773 1,669 Staff costs 3 86,819 66,918 Marketing expenditure (excluding staff costs) 121,216 120,317 Depreciation of property, plant and equipment 8 3,594 3,237 Amortisation of intangible assets 9 424 437 Amortisation of right-of-use assets 11 1,508 1,340 Short-term and low value operating lease payments 16 213 168 Defined benefit pension scheme administration costs 18 521 340 Net exchange losses 237 67 Other operating expenses* 70,704 52,527 1,037,38 4 756,676 * Other operating expenses comprise various other operating expenses, the largest items of which relate to credit card charges, medical insurance and facility costs. During the period the Group obtained the following services from its auditor at costs as detailed below: 2022 $\u2019000 2021 $\u2019000 Fees payable to the Company\u2019s auditor for the audit of the Parent Company and audit of consolidated financial statements 596 457 Fees payable to the Company\u2019s auditor and its associates for other services: \u2013 the audit of Company\u2019s subsidiaries pursuant to legislation 28 28 624 485 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-271": { "value": "During the period the Group obtained the following services from its auditor at costs as detailed below: 2022 $\u2019000 2021 $\u2019000 Fees payable to the Company\u2019s auditor for the audit of the Parent Company and audit of consolidated financial statements 596 457 Fees payable to the Company\u2019s auditor and its associates for other services: \u2013 the audit of Company\u2019s subsidiaries pursuant to legislation 28 28 624 485 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-241": { "value": "3 Employees Staff costs Note 2022 $\u2019000 2021 $\u2019000 Wages and salaries 77,750 59,616 Social security costs 5,701 4,578 Pension costs \u2013 defined contribution plans 18 2,533 2,117 Share option charges 23 815 602 Social security costs in respect of share options 23 20 5 86,819 66,918 Average monthly number of people (including Executive Directors) employed 2022 Number 2021 Number Distribution and production 545 446 Sales and marketing 538 494 Administration 227 209 1,310 1,149 Key management compensation 2022 $\u2019000 2021 $\u2019000 Salaries, fees and short-term employee benefits 2,192 1,332 Social security costs 91 87 Pension costs \u2013 defined contribution plans 24 22 Share option charges 134 79 Social security costs in respect of share options 2 1 2,443 1,521 3 Employees continued Key management compensation in the period comprised the emoluments of all Directors (which are disclosed separately in the Remuneration Report). Directors\u2019 remuneration 2022 $\u2019000 2021 $\u2019000 Aggregate emoluments 2,192 1,332 Pension costs \u2013 defined contribution plans 24 22 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-272": { "value": "Key management compensation in the period comprised the emoluments of all Directors (which are disclosed separately in the Remuneration Report). Directors\u2019 remuneration 2022 $\u2019000 2021 $\u2019000 Aggregate emoluments 2,192 1,332 Pension costs \u2013 defined contribution plans 24 22 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-242": { "value": "4 Net finance income/(cost) 2022 $\u2019000 2021 $\u2019000 Finance income/(cost) Bank and other interest receivable 1,162 33 Bank interest payable (27) (58) Lease interest charge (note 16) (398) (377) Pension finance income/(charge) (note 18) 67 (15) Net finance income/(cost) 804 (417) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-285": { "value": "4 Net finance income/(cost) 2022 $\u2019000 2021 $\u2019000 Finance income/(cost) Bank and other interest receivable 1,162 33 Bank interest payable (27) (58) Lease interest charge (note 16) (398) (377) Pension finance income/(charge) (note 18) 67 (15) Net finance income/(cost) 804 (417) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-273": { "value": "4 Net finance income/(cost) 2022 $\u2019000 2021 $\u2019000 Finance income/(cost) Bank and other interest receivable 1,162 33 Bank interest payable (27) (58) Lease interest charge (note 16) (398) (377) Pension finance income/(charge) (note 18) 67 (15) Net finance income/(cost) 804 (417) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-243": { "value": "5 Taxation 2022 $\u2019000 2021 $\u2019000 Current tax UK tax \u2013 current 1,191 \u2013 Overseas tax \u2013 current 23,970 5,910 Overseas tax \u2013 prior periods 24 15 Total current tax 25,185 5,925 Deferred tax Origination and reversal of temporary differences (1,537) 1,718 Adjustment in respect of prior periods (85) \u2013 Total deferred tax (notes 12 and 19) (1,622) 1,718 Taxation 23,563 7,6 43 The tax for the period is different to the standard rate of corporation tax in the respective countries of operation. The differences ar e explained below: 2022 $\u2019000 2021 $\u2019000 Profit before tax 103,706 30,229 Profit before tax for each country of operation multiplied by rate of corporation tax applicable in the respective countries 25,440 7,0 87 Effects of: Adjustments in respect of prior periods (61) 15 Expenses not deductible for tax purposes and non-taxable income (16) 4 Other differences (417) 62 UK tax losses utilised in the period (196) (274) UK losses (recognised)/de-recognised for deferred tax (1,187) 749 Taxation 23,563 7,6 43 \u2018Other differences\u2019 includes adjustments in respect of share options, US leases and a US Federal tax credit of $472k for the investment in a solar array at the Oshkosh distribution centre. \u2018UK losses (recognised)/de-recognised for deferred tax\u2019 relates to changes to the deferred tax asset in respect of brought forward UK tax losses which are forecast to be utilised against UK taxable profits over the next three years. Management does not consider that there are any material uncertain tax positions. Income tax credited/(debited) to other comprehensive income is as follows: 2022 $\u2019000 2021 $\u2019000 Current tax relating to post-employment obligations 1,191 \u2013 Deferred tax relating to post-employment obligations (note 12) (344) (213) Deferred tax relating to UK tax losses (note 12) 876 (1,198) Effect of change in UK tax rate (note 12) 33 \u2013 1,756 (1,411) Income tax credited/(debited) to equity is as follows: 2022 $\u2019000 2021 $\u2019000 Deferred tax relating to UK tax losses (note 12) 148 (228) Deferred tax relating to share options (note 19) 52 5 200 (223) ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-244": { "value": "6 Earnings per share Basic and diluted The basic and diluted earnings per share are calculated based on the following data: 2022 $\u2019000 2021 $\u2019000 Profit after tax 80,143 22,586 2022 Number \u2018000 2021 Number \u2018000 Basic weighted average number of shares 28,064 28,072 Adjustment for employee share options 61 68 Diluted weighted average number of shares 28,125 28,140 2022 Cents 2021 Cents Basic earnings per share 285.57 80.46 Diluted earnings per share 284.95 80.26 The basic weighted average number of shares excludes shares held in the 4imprint Group plc employee benefit trust. The effect of this is to reduce the average number by 21,632 (2021: 13,888). The basic earnings per share is calculated based on the profit for the financial period divided by the basic weighted average number of shares. For diluted earnings per share, the basic weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive ordinary shares. The potential dilutive ordinary shares relate to those share options granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares and which are likely to vest at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-245": { "value": "7 Dividends Equity dividends \u2013 ordinary shares 2022 $\u2019000 2021 $\u2019000 Interim paid: 40.00c (2021: 15.00c) 10,587 4,134 Final paid: 30.00c (2021: 00.00c) 8,135 \u2013 18,722 4,134 The Directors are proposing a final regular dividend in respect of the period ended 31 December 2022 of 120.00c per share, as well as a special dividend of 200.00c per share. Subject to Shareholder approval at the AGM, these dividends are payable on 1 June 2023 to Shareholders registered on 5 May 2023. These financial statements do not reflect these proposed dividends. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-246": { "value": "
8 Property, plant and equipment
Land and
buildings
$\u2019000
Plant,
machinery,
fixtures &
fittings
$\u2019000
Computer
hardware
$\u2019000
Total
$\u2019000
Cost:
At 2 January 2022 18,970 21,177 2,880 43,027
Additions 2,694 4,458 567 7,719
Acquisition of a business (note 10) \u2013 686 4 690
Disposals \u2013 (207) (397) (604)
Exchange difference (91) (52) (6) (149)
At 31 December 2022 21,573 26,062 3,048 50,683
Depreciation:
At 2 January 2022 3,711 13,187 1,462 18,360
Charge for the period 601 2,262 731 3,594
Disposals \u2013 (74) (397) (471 )
Exchange difference (13) (38) (4) (55)
At 31 December 2022 4,299 15,337 1,792 21,428
Net book value at 31 December 2022 17,274 10,725 1,256 29,255
Freehold land with a value of $1,006,000 (2021: $1,034,000) has not been depreciated.
Land and
buildings
$\u2019000
Plant,
machinery,
fixtures &
fittings
$\u2019000
Computer
hardware
$\u2019000
Total
$\u2019000
Cost:
At 3 January 2021 18,584 19,775 2,079 40,438
Additions 383 1,445 1,255 3,083
Transfers 13 (13) \u2013 \u2013
Disposals \u2013 (24) (453) (477)
Exchange difference (10) (6) (1) (17)
At 1 January 2022 18,970 21,177 2,880 43,027
Depreciation:
At 3 January 2021 3,126 11,125 1,355 15,606
Charge for the period 586 2,091 560 3,237
Transfers 1 (1) \u2013 \u2013
Disposals \u2013 (24) (453) (477)
Exchange difference (2) (4) \u2013 (6)
At 1 January 2022 3,711 13,187 1,462 18,360
Net book value at 1 January 2022 15,259 7,990 1,418 24,667
Impairment review
IAS 36 \u2018Impairment of Assets\u2019 requires an assessment at each reporting date of whether there is any indication that an asset may
be impaired (see note 10 for details on the impairment testing of goodwill). For the purposes of impairment testing, the Group is
considered to have two cash-generating units (CGUs), being the US and UK businesses.
An assessment of both the US and UK CGUs did not identify any indications of impairment and accordingly, no indicator-based
impairment testing has been undertaken. The US CGU has reported strong demand levels and financial results in 2022. Following
the lifting of the COVID-19 Plan B measures in the UK on 27 January 2022 which impacted results in the first two months of 2022,
the UK CGU has made a good recovery from the lingering effects of the pandemic. This improvement has been reflected in improve d
demand and a return to profitability for the CGU for the ten months from March to December 2022.
The external environment continues to remain uncertain, manifesting in rising interest rates, high inflation, and low economic
growth. Despite these factors being present, both the US and UK businesses have shown the resilient nature of their operations
and managed to grow significantly against 2021. These external factors are therefore not considered to represent impairment
indicators themselves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-247": { "value": "9 Intangible assets Computer software 2022 $\u2019000 2021 $\u2019000 Cost: At start of period 2,509 2,546 Additions 341 382 Disposals (368) (417) Exchange difference (16) (2) At end of period 2,466 2,509 Amortisation: At start of period 1,464 1,446 Charge for the period 424 437 Disposals (368) (417) Exchange difference (11) (2) At end of period 1,509 1,464 Net book value at end of period 957 1,045 The average remaining life of intangible assets is 2.3 years (2021: 2.4 years). Impairment review See notes 8 and 10 (goodwill) for details of the impairment review undertaken for the Group\u2019s non-current assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-248": { "value": "10 Business combinations Acquisition of screen-printing business On 25 April 2022, the Group acquired the trade and assets of Fox Graphics Ltd, a private company based in Oshkosh, Wisconsin, that specialises in screen-printing services. The acquired screen-printing operations will enable the Group to bring this capability in-house. With future investment the objective is to secure the capacity to meet the anticipated growth in demand for the apparel category. The acquisition constitutes a business combination as defined in IFRS 3, as the three elements of a business (input, process, output) have been identified as having been acquired. Accordingly, the acquisition has been accounted for using the acquisition method. The fair values of the identifiable assets acquired and liabilities assumed as at the date of acquisition were: Fair value recognised on acquisition $\u2019000 Assets Property, plant and equipment 686 Computer hardware 4 Right-of-use assets 111 801 Liabilities Lease liabilities (111) (111) Total identifiable net assets at fair value 690 Goodwill arising on acquisition 1,010 Purchase consideration transferred 1,700 Analysis of cash flows on acquisition: Cash paid 1,700 Net cash flow on acquisition 1,700 10 Business combinations continued In addition to the purchase consideration transferred, a potential further $560,000 is payable in annual instalments over the five-yea r period following closing, subject to certain conditions being satisfied, including the continued employment of the selling shareholder with the Group. These contingent payments constitute remuneration for future services and will be expensed to profit and loss as services are rendered; $67,000 has been recognised in operating expenses in the income statement and in trade and other payable s in the balance sheet. Reconciliation of the carrying amount of goodwill at the beginning and end of the reporting period is presented below: Goodwill $\u2019000 Cost At 2 January 2022 \u2013 Acquisition of screen-printing trade and assets 1,010 At 31 December 2022 1,010 The Group did not acquire any receivables as part of the business combination. The acquired business generated revenues and net income of approximately $2.0m and $0.4m respectively for the twelve months ended 31 December 2021. The Group was the principal customer of the acquired business, contributing approximately $1.7m of th e total $2.0m of revenue and approximately $0.3m of the total $0.4m net income. The impact on the Group\u2019s financial statements, both from the date of acquisition and as if the acquisition had taken place at the beginning of the period, are not material as demonstrated by the full year results of Fox Graphics Ltd noted above. As most of the revenue of the acquired business was contributed by the Group, these transactions will be eliminated upon consolidation from the date of acquisition as intra-group trading and thus only external sales will impact Group revenue (based on 2021 results, this would be expected to add circa $0.3m to revenue for a full year). The Group will benefit from lower product costs associated with integrating the production operations of Fox Graphics Ltd; based on 2021 results and without any new investment by the Group, th e acquisition would be expected to add circa $0.4m to the Group\u2019s profit before tax for a full year. The goodwill recognised is primarily attributable to the specialised operational knowledge acquired and benefits of bringing the activities of the screen-printing business in-house to secure capacity and support the growing demand for decorated garments fro m our customers. The total amount of goodwill that is expected to be deductible for tax purposes is $1,010,000. As required by IAS 36 \u2018Impairment of Assets\u2019, goodwill is required to be tested for impairment annually. The screen-printing operations contribute to the cash flows of the US CGU and therefore the goodwill arising on acquisition has been tested in conjunction with the other assets of that CGU. The recoverable amount of the US CGU exceeds the carrying amount of the assets and thus no impairment of the goodwill balance is required. Total acquisition-related transaction costs of $17,000 have been included in operating expenses in the income statement and are part of operating cash flows in the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-249": { "value": "11 Right-of-use assets Leasehold land and buildings $\u2019000 Cost: At 2 January 2022 15,784 Additions* 2,886 At 31 December 2022 18,670 Depreciation: At 2 January 2022 4,059 Charge for the period 1,508 At 31 December 2022 5,567 Net book value at 31 December 2022 13,103 * New leases were entered for premises relating to the acquisition of a screen-printing business during the year (see notes 10 and 16). Leasehold land and buildings $\u2019000 Cost: At 3 January 2021 15,784 Additions \u2013 At 1 January 2022 15,784 Depreciation: At 3 January 2021 2,719 Charge for the period 1,340 At 1 January 2022 4,059 Net book value at 1 January 2022 11,725 Impairment review See notes 8 and 10 (goodwill) for details of the impairment review undertaken for the Group\u2019s non-current assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-250": { "value": "12 Deferred tax assets 2022 $\u2019000 2021 $\u2019000 At start of period 600 4,272 Deferred tax credited/(charged) to income statement 1,182 (2,055) Deferred tax credited/(charged) to other comprehensive income 532 (1, 411) Deferred tax credited/(charged) to equity 148 (228) Effect of change in UK tax rate in other comprehensive income 33 \u2013 Exchange difference (114) 22 At end of period 2,381 600 The deferred tax asset at 31 December 2022 has been calculated at a tax rate of 19% in respect of deferred tax items that are expected to reverse before 1 April 2023 (2021: 19%) and 25% in respect of deferred tax items expected to reverse after 1 April 2023 (2021: 19%); and 25% (2021: 25%) in respect of US deferred tax items. Trading forecasts approved by the Board and covering a three-year period support the recoverability of the recognised deferred tax assets. The forecasts used for this review were the forecasts used for impairment testing and the going concern and viability assessment and covered the three-year period from 2023 to 2025. No deferred tax is recognised on the unremitted earnings of overseas subsidiaries. No tax is expected to be payable on them in the foreseeable future. $0.2m of the deferred tax asset is expected to reverse within the next twelve months (2021: $0.6m). The movement in the deferred tax asset during the period is shown in the following table. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net. Deferred tax analysis Depreciation/ capital allowances $\u2019000 Pension $\u2019000 UK tax losses $\u2019000 Total $\u2019000 At 2 January 2022 3 597 \u2013 600 Deferred tax credited/(charged) to income statement (5) \u2013 1,187 1,182 Deferred tax credited/(charged) to other comprehensive income \u2013 (344) 876 532 Deferred tax credited to equity \u2013 \u2013 148 148 Effect of change in UK tax rate in other comprehensive income \u2013 33 \u2013 33 Exchange difference (1) (54) (59) (114) At 31 December 2022 (3) 232 2 ,152 2,381 12 Deferred tax assets continued Depreciation/ capital allowances $\u2019000 Pension $\u2019000 UK tax losses $\u2019000 Total $\u2019000 At 3 January 2021 3 2,111 2,158 4,272 Deferred tax charged to income statement \u2013 (1,306) (749) (2,055) Deferred tax charged to other comprehensive income \u2013 (213) (1,198) (1,411) Deferred tax charged to equity \u2013 \u2013 (228) (228) Exchange difference \u2013 5 17 22 At 1 January 2022 3 597 \u2013 600 Deferred tax assets have been recognised where it is considered that there will be sufficient taxable profit available in future against which the deductible temporary timing differences can be utilised. Following a review of forecast UK taxable profits and the use of brought forward losses over the next three years, a deferred tax asset for UK tax losses has been recognised in the period. Deferred tax is recognised in the income statement, other comprehensive income or in equity when the items it relates to are recognised, in the same or a different period, in those categories. Deferred tax recognised or de-recognised on losses is allocated between the income statement, other comprehensive income and equity in proportion to how the losses arose. No deferred tax asset has been recognised for UK losses carried forward of $20.8m (2021: $34.0m) which are not forecast to be utilised in the next three years. These losses have no expiry date and may be available for offset against future profits. 19 Deferred tax liabilities 2022 $\u2019000 2021 $\u2019000 At start of period 850 1,193 Adjustment in respect of prior periods credited to income statement (85) \u2013 Deferred tax credited to income statement (355) (337) Deferred tax credited to equity (52) (5) Exchange difference (1) (1) At end of period 357 850 19 Deferred tax liabilities continued The deferred tax liability at 31 December 2022 has been calculated at a tax rate of 19% in respect of deferred tax items that are expected to reverse before 1 April 2023 (2021: 19%) and 25% in respect of deferred tax items expected to reverse after 1 April 2023 (2021: 19%); and 25% (2021: 25%) in respect of US deferred tax items. The movements in the net deferred tax liability (subject to the offsetting of balances within the same jurisdiction as permitted by IAS 12) during the period, are shown in the following table. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net. Deferred tax analysis Depreciation/ capital allowances $\u2019000 Other $\u2019000 Total $\u2019000 At 2 January 2022 2,563 (1,713) 850 Adjustment in respect of prior periods credited to income statement \u2013 (85) (85) Deferred tax charged/(credited) to income statement 370 (725) (355) Deferred tax charged to equity \u2013 (52) (52) Exchange difference (2) 1 (1) At 31 December 2022 2,931 (2,574) 357 \u2018Other\u2019 includes short-term timing differences and future deductions relating to conditional share awards for US employees of which $38,000 (2021: $151,000) is expected to reverse within the next twelve months. Depreciation/ capital allowances $\u2019000 Other $\u2019000 Total $\u2019000 At 3 January 2021 2,461 (1,268) 1,193 Deferred tax charged/(credited) to income statement 103 (440) (337) Deferred tax charged to equity \u2013 (5) (5) Exchange difference (1) \u2013 (1) At 1 January 2022 2,563 (1,713) 850 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-251": { "value": "13 Inventories 2022 $\u2019000 2021 $\u2019000 Finished goods and goods for resale 18,090 20,559 During both the current and previous period, inventory was carried at cost less appropriate provisions. The carrying values did not exceed their net realisable value. $13,032,000 (2021: $16,753,000) of the inventories balance relates to goods in transit to customer s at the balance sheet date. Provisions held against inventory total $60,000 (2021: $70,000). During the period there was a credit to the income statement of $10,000 in respect of provisions for slow-moving and obsolete stock (2021: $111,000). The nominal provisions held against inventories reflect the minimal levels of inventory held under the \u2018drop-ship\u2019 business model, the generic nature of items held and consistently high levels of inventory turnover. The amount of inventory charged to the income statement is shown in note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-252": { "value": "14 Trade and other receivables 2022 $\u2019000 2021 $\u2019000 Trade receivables \u2013 gross 66,163 48,700 Provision for credits (2,342) (1,808) Provision for impairment of trade receivables (4,793) (1,669) Trade receivables \u2013 net 59,028 45,223 Other receivables 21,264 14,104 Prepayments 7,219 4,262 87,511 63,589 The provision for credits, which covers promises made in our proposition to customers (page 15), has increased in line with trading activity. Trade terms are a maximum of 30 days credit. Due to their short-term nature the fair value of trade and other receivables does not differ from the book value. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provide d for in full when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include , amongst others, the failure of the debtor to engage in a repayment plan with the Group or a subsequent failure to make agreed payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. Management has assessed the expected credit losses for trade receivables, which includes invoiced receivables and unbilled accrued revenue, taking into account the uncertainty arising from the current challenging macroeconomic and geopolitical environment and the related risks to general economic conditions and growth. In addition, certain individual customers (where there is objective evidence of credit impairment) have been provided for on a specific basis. This has resulted in an impairment charge to the income statement of $4,773,000 (2021: $1,669,000). The resultant provision for impairment of trade receivables continues to represent a small percentage of the trade receivables balance, reflecting the high volume and low value nature of customer transactions. Other receivables include rebates receivable of $18,702,000 (2021: $12,596,000). Management has reviewed other receivables and concluded that there is no impairment required of any receivables other than trade receivables. Certain measures undertaken during the pandemic, particularly in relation to rebates receivable where more interim receipts of rebates were agreed with suppliers, have helped to reduce the Group\u2019s credit exposures. The ageing of past due trade receivables which are not impaired, based on the customer\u2019s creditworthiness and payment history, is as follows: Time past due date 2022 $\u2019000 2021 $\u2019000 Up to 3 months 15,741 12,169 3 to 6 months 7,295 2,660 Over 6 months 1,928 199 24,964 15,028 The ageing of impaired trade receivables is as follows: Time past due date 2022 $\u2019000 2021 $\u2019000 Current 493 657 Up to 3 months 713 581 3 to 6 months 1,529 344 Over 6 months 2,058 87 4,793 1,669 The trade receivables impairment provision is calculated using the simplified approach to the expected credit loss model. The provisions made are based on the following percentages: Age of trade receivable 2022 2021 Amount $\u2019000 Provision % Amount $\u2019000 Provision % Current 34,557 1.4 30,852 2.1 31 \u2013 60 days 10,781 2.9 8,109 2.8 61 \u2013 90 days 5,673 7.0 4,641 7.6 91 \u2013 180 days 8,824 17.3 3,004 11.5 181 \u2013 365 days 3,864 50.1 270 27. 4 Over 365 days 122 100.0 16 81.3 These percentages are based on a combination of historical experience and current economic conditions. The carrying amounts of trade and other receivables are denominated in the following currencies: 2022 $\u2019000 2021 $\u2019000 Sterling 2,647 2,356 US dollars 80,399 57,357 Euros 71 75 Canadian dollars 4,394 3,801 87,511 63,589 14 Trade and other receivables continued Movements in the provision for impairment of trade receivables are as follows: 2022 $\u2019000 2021 $\u2019000 At start of period 1,669 866 Utilised (1,643) (866) Provided 4,773 1,669 Exchange difference (6) \u2013 At end of period 4,793 1,669 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-253": { "value": "15 Other financial assets and cash and cash equivalents 2022 $\u2019000 2021 $\u2019000 Other financial assets \u2013 bank deposits 34,913 \u2013 2022 $\u2019000 2021 $\u2019000 Cash at bank and in hand 51,839 41,589 Other financial assets comprise bank deposits with an original maturity in excess of three months but not greater than one year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-274": { "value": "15 Other financial assets and cash and cash equivalents 2022 $\u2019000 2021 $\u2019000 Other financial assets \u2013 bank deposits 34,913 \u2013 2022 $\u2019000 2021 $\u2019000 Cash at bank and in hand 51,839 41,589 Other financial assets comprise bank deposits with an original maturity in excess of three months but not greater than one year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-254": { "value": "16 Leases The Group leases premises in Oshkosh and Appleton, Wisconsin. The lease for office premises in Oshkosh, which was renewed in 2020, has a five-year term with a five-year extension option. New leases entered during the period as part of the strategic decision to bring screen-printing capability in-house are as follows: \u2013 A seventeen-month sublease on premises in Oshkosh entered as part of the acquisition of the trade and assets of Fox Graphics Ltd (see note 10) resulted in additions to the lease liability and right-of-use asset of $111k respectively. \u2013 A new ten-year lease on premises in Appleton was subsequently entered into to facilitate the expansion of the screen-printing operations, adding $2,775k to lease liabilities and right-of-use assets respectively. The interest rate inherent in the lease could not be ascertained; therefore, estimates have been used based upon incremental costs of borrowing for a similar term and asset, obtained from the Group\u2019s US bankers. A change of plus or minus 1.0% in the interest rate would result in a decrease/increase in the lease liability at the year-end of $0.1m respectively. In addition, there are various items of leasehold land and buildings (office facilities in London) and machinery on short-term leases, and some office equipment with low value. The Group applies the IFRS 16 exemptions for short-term and low value leases. No leases contain variable payment terms. Details on right-of-use assets, including analysis by asset class, are shown in note 11. Lease liabilities 2022 $\u2019000 2021 $\u2019000 Due within one year 1,435 1,150 Due in two to three years 2,955 2,407 Due in four to five years 3,449 2,733 Due in over five years 5,911 5,799 The movement in lease liabilities in the period is shown below: 2022 $\u2019000 2021 $\u2019000 At start of period 12,089 13,206 Additions 2,886 \u2013 Interest charge 398 377 Lease interest payments \u2013 operating cash flow (398) (377) Lease capital payments \u2013 financing cash flow (1,225) (1,117) At end of period 13,750 12,089 The amounts recognised in the income statement are as follows: 2022 $\u2019000 2021 $\u2019000 Depreciation of right-of-use assets (note 11) 1,508 1,340 Interest expense on lease liabilities 398 377 Short-term and low value leases 213 168 2,119 1,885 The cash outflow on leases in the period was $1,836,000 (2021: $1,662,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-255": { "value": "17 Trade and other payables \u2013 current 2022 $\u2019000 2021 $\u2019000 Trade payables 59,672 51,065 Other tax and social security payable 5,572 3,708 Other payables 278 186 Contract liabilities 8,647 10,434 Accruals 10,592 6,484 84,761 71,877 All trade payables have a maturity of 30 days or less from the balance sheet date. Due to their short-term nature, the fair value of trade and other payables does not differ from the book value. Contract liabilities represents the Group\u2019s obligation to transfer goods to customers for which payment has been received in advance. The closing balance has reduced to $8.65m from $10.43m in 2021 reflecting the improvement in supply chain conditions through the period. The opening contract liabilities balance of $10.43m has been recognised as revenue in 2022 (opening contract liabilities balance recognised as revenue in 2021 was $5.90m). The Group expects to complete its remaining performance obligations in respect of the closing contract liabilities balance of $8.65m and recognise the full amount as revenue in 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-256": { "value": "18 Employee pension schemes The Group operates defined contribution plans for its UK and US employees. The regular contributions are charged to the income statement as they are incurred. The charges recognised in the income statement are: 2022 $\u2019000 2021 $\u2019000 Defined contribution plans \u2013 employers\u2019 contributions (note 3) 2,533 2,117 The Group also sponsors a UK defined benefit pension scheme which is closed to new members and future accrual. The amounts recognised in the income statement are as follows: 2022 $\u2019000 2021 $\u2019000 Administration costs paid by the scheme 521 340 Pension finance (income)/charge (note 4) (67) 15 Total defined benefit pension charge 454 355 The amounts recognised in the balance sheet comprise: 2022 $\u2019000 2021 $\u2019000 Present value of funded obligations (20,290) (37,826) Fair value of scheme assets 21,524 39,800 Net asset recognised on the balance sheet 1,234 1,974 The funds of the scheme are held in trust and administered by a corporate Trustee, to meet pension liabilities for 328 former employees of the Group. The level of retirement benefit is principally based on salary earned in the best three consecutive tax years in the ten years prior to leaving active service and is linked to changes in inflation both pre- and post-retirement. 18 Employee pension schemes continued The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator, and Guidance Notes adopted by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension plans in the UK. The Trustee of the scheme is required to act in the best interest of the scheme\u2019s beneficiaries. The appointment of trustees is determined by the scheme\u2019s trust documentation. The scheme typically exposes the Company to actuarial risks such as investment risk, interest rate risk, mortality risk and longevity risk. A decrease in corporate bond yields, a rise in inflation or an increase in life expectancy would result in an increase to scheme liabilities. This would detrimentally impact the balance sheet position, potentially require an increase in future cash contributions from the Company and may give rise to increased charges in future income statements. Caps on inflationary increases are in place to protect the scheme against extreme inflation. Assets are held in a Sterling liquidity fund and in gilt funds, with the overall objective of providing a hedge against movement in the liabilities due to interest rate fluctuation and inflation. The leveraged gilt funds use the repurchase of bonds to assist in the hedging of risks. An actuarial valuation was undertaken as at 30 September 2019 in accordance with the scheme funding requirements of the Pensions Act 2004. The actuarial valuation showed a deficit of \u00a319.4m. A recovery plan has been agreed with the Trustee under which the Company commits to a revised schedule of contributions. The recovery plan period is five years and under the plan a lump sum of \u00a37.5m was paid in May 2020 and ongoing contributions of \u00a32.53m per annum are payable by the Company. These contributions commenced on 1 July 2020 and increase by 3% annually. In addition, an annual allowance of \u00a30.31m, rising by 3% annually, is payable towards costs of administration of the scheme. For the purposes of IAS 19, numbers from the actuarial valuation as at 30 September 2019, which was carried out by a qualified independent actuary, have been updated on an approximate basis to 31 December 2022. There have been no changes in the valuation methodology adopted for this period\u2019s disclosures compared to the previous period\u2019s disclosures. Changes in the present value of the net defined benefit obligation are as follows: Present value of obligations $\u2019000 Fair value of scheme assets $\u2019000 Net asset/ (obligation) $\u2019000 Balance at 3 January 2021 (42,627) 39,317 (3,310) Administration costs paid by the scheme (340) \u2013 (340) Interest (expense)/income (523) 508 (15) Return on scheme assets (excluding interest income) \u2013 (1,391) (1,391) Re-measurement gains due to changes in scheme experience 33 \u2013 33 Re-measurement gains due to changes in demographic assumptions 106 \u2013 106 Re-measurement gains due to changes in financial assumptions 2,367 \u2013 2,367 Contributions by employer \u2013 4,589 4,589 Benefits paid 2,708 (2,708) \u2013 Exchange gain/(loss) 450 (515) (65) Balance at 1 January 2022 (37,826) 39,800 1,974 Administration costs paid by the scheme (521) \u2013 (521) Interest (expense)/income (602) 669 67 Return on scheme assets (excluding interest income) \u2013 (16,374) (16,374) Re-measurement losses due to changes in scheme experience (1,270) \u2013 (1,270) Re-measurement gains due to changes in demographic assumptions 38 \u2013 38 Re-measurement gains due to changes in financial assumptions 13,148 \u2013 13,14 8 Contributions by employer \u2013 4,367 4,367 Benefits paid 3,071 (3,071) \u2013 Exchange gain/(loss) 3,672 (3,867) (195) Balance at 31 December 2022 (20,290) 21,524 1,234 The major categories of scheme assets as a percentage of total scheme assets are as follows: 2022 2021 $\u2019000 % $\u2019000 % Multi-asset credit fund 0 0.0 9,624 24.2 Sterling liquidity fund 9,946 46.2 7,051 17.7 Gilt funds 3,879 18.0 5,980 15.0 Index-linked gilt funds 1,772 8.2 4,376 11.0 Leveraged gilt funds 4,227 19.7 7,901 19.9 Leveraged index-linked gilt funds 1,370 6.4 3,737 9.4 Cash 330 1.5 1,131 2.8 The scheme holds no 4imprint Group plc shares or any property occupied by the Group. It is the policy of the Trustee and the Company to review the investment strategy from time to time and at the time of each funding valuation. Following the completion of the 2019 valuation and agreement from the Company to the lump sum contribution, after due consideration, this resulted in a switch from the previous investment portfolio to a de-risked portfolio containing: a Sterling liquidity fund; and a revised selection of gilt funds designed to match the interest rate and inflation exposure of the scheme liabilities, with the aim of being fully funded on a gilts+0% p.a. basis by the end of the current recovery plan in mid-2024. The Trustee investment objectives and the processes undertaken to measure and manage the risks inherent in the scheme investment strategy are documented in the scheme\u2019s Statement of Investment Principles, which can be found on the Company\u2019s website at https://investors.4imprint.com/governance/4imprint-2016-pension-plan. The assets are held in gilt and index-linked gilt funds, some of which are leveraged to provide a hedge against movements in the pension liabilities due to interest rate fluctuation and inflation. These funds invest in gilts, index-linked gilts, gilt repos, reverse gilt repos and a Sterling liquidity fund, with the aim to provide similar interest rate and inflation sensitivities to those of the scheme. The Sterling liquidity fund invests in certificates of deposit, fixed and floating rate notes, fixed rate commercial paper and bonds listed or traded on one or more recognised exchanges. None of the funds are quoted but they invest in quoted investments and, in the case of the leveraged funds, in gilt repos. The funds are valued at net asset values by the fund managers, with the gilt repo valuations performed by the investment manager\u2019s valuation specialists. The principal assumptions applied by the actuaries, as determined by the Directors, at each period-end were: 2022 % 2021 % Rate of increase in pensions in payment 3.08 3.25 Rate of increase in deferred pensions 2.66 2.75 Discount rate 4.82 1.80 Inflation assumption \u2013 RPI 3.16 3.35\u2003\u2003\u2003\u2003\u2003\u2003\u2003\u2003\u2003\u2002\u2013 CPI 2.66 2.75 The mortality assumptions adopted at 31 December 2022 reflect the most recent version of the tables used in the September 2019 triennial valuation. The assumptions imply the following life expectancies at age 65: 2022 Years 2021 Years Male currently aged 45 22.3 22.3 Female currently aged 45 24.2 24.2 Male currently aged 65 21.3 21.3 Female currently aged 65 23.1 23.0 The sensitivities on the key actuarial assumptions at the end of the period were: Change in assumption Change in defined benefit obligation Discount rate Decrease of 1.0% +16.6% Rate of inflation Increase of 1.0% +4.5% Rate of mortality Increase in life expectancy of one year +3.6% The sensitivities shown above are approximate. Each sensitivity considers each change in isolation and is calculated using the same methodology as used for the calculation of the defined benefit obligation at the end of the period. The inflation sensitivity includes the impact of changes to the assumptions for revaluation and pension increases. In practice it is unlikely that the changes would occur in isolation. The weighted average duration of the defined benefit obligation at 31 December 2022 is 15 years (2021: 19 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-275": { "value": "The Group operates defined contribution plans for its UK and US employees. The regular contributions are charged to the income statement as they are incurred. The charges recognised in the income statement are: 2022 $\u2019000 2021 $\u2019000 Defined contribution plans \u2013 employers\u2019 contributions (note 3) 2,533 2,117 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-276": { "value": "The Group also sponsors a UK defined benefit pension scheme which is closed to new members and future accrual. The amounts recognised in the income statement are as follows: 2022 $\u2019000 2021 $\u2019000 Administration costs paid by the scheme 521 340 Pension finance (income)/charge (note 4) (67) 15 Total defined benefit pension charge 454 355 The amounts recognised in the balance sheet comprise: 2022 $\u2019000 2021 $\u2019000 Present value of funded obligations (20,290) (37,826) Fair value of scheme assets 21,524 39,800 Net asset recognised on the balance sheet 1,234 1,974 The funds of the scheme are held in trust and administered by a corporate Trustee, to meet pension liabilities for 328 former employees of the Group. The level of retirement benefit is principally based on salary earned in the best three consecutive tax years in the ten years prior to leaving active service and is linked to changes in inflation both pre- and post-retirement. 18 Employee pension schemes continued The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator, and Guidance Notes adopted by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension plans in the UK. The Trustee of the scheme is required to act in the best interest of the scheme\u2019s beneficiaries. The appointment of trustees is determined by the scheme\u2019s trust documentation. The scheme typically exposes the Company to actuarial risks such as investment risk, interest rate risk, mortality risk and longevity risk. A decrease in corporate bond yields, a rise in inflation or an increase in life expectancy would result in an increase to scheme liabilities. This would detrimentally impact the balance sheet position, potentially require an increase in future cash contributions from the Company and may give rise to increased charges in future income statements. Caps on inflationary increases are in place to protect the scheme against extreme inflation. Assets are held in a Sterling liquidity fund and in gilt funds, with the overall objective of providing a hedge against movement in the liabilities due to interest rate fluctuation and inflation. The leveraged gilt funds use the repurchase of bonds to assist in the hedging of risks. An actuarial valuation was undertaken as at 30 September 2019 in accordance with the scheme funding requirements of the Pensions Act 2004. The actuarial valuation showed a deficit of \u00a319.4m. A recovery plan has been agreed with the Trustee under which the Company commits to a revised schedule of contributions. The recovery plan period is five years and under the plan a lump sum of \u00a37.5m was paid in May 2020 and ongoing contributions of \u00a32.53m per annum are payable by the Company. These contributions commenced on 1 July 2020 and increase by 3% annually. In addition, an annual allowance of \u00a30.31m, rising by 3% annually, is payable towards costs of administration of the scheme. For the purposes of IAS 19, numbers from the actuarial valuation as at 30 September 2019, which was carried out by a qualified independent actuary, have been updated on an approximate basis to 31 December 2022. There have been no changes in the valuation methodology adopted for this period\u2019s disclosures compared to the previous period\u2019s disclosures. Changes in the present value of the net defined benefit obligation are as follows: Present value of obligations $\u2019000 Fair value of scheme assets $\u2019000 Net asset/ (obligation) $\u2019000 Balance at 3 January 2021 (42,627) 39,317 (3,310) Administration costs paid by the scheme (340) \u2013 (340) Interest (expense)/income (523) 508 (15) Return on scheme assets (excluding interest income) \u2013 (1,391) (1,391) Re-measurement gains due to changes in scheme experience 33 \u2013 33 Re-measurement gains due to changes in demographic assumptions 106 \u2013 106 Re-measurement gains due to changes in financial assumptions 2,367 \u2013 2,367 Contributions by employer \u2013 4,589 4,589 Benefits paid 2,708 (2,708) \u2013 Exchange gain/(loss) 450 (515) (65) Balance at 1 January 2022 (37,826) 39,800 1,974 Administration costs paid by the scheme (521) \u2013 (521) Interest (expense)/income (602) 669 67 Return on scheme assets (excluding interest income) \u2013 (16,374) (16,374) Re-measurement losses due to changes in scheme experience (1,270) \u2013 (1,270) Re-measurement gains due to changes in demographic assumptions 38 \u2013 38 Re-measurement gains due to changes in financial assumptions 13,148 \u2013 13,14 8 Contributions by employer \u2013 4,367 4,367 Benefits paid 3,071 (3,071) \u2013 Exchange gain/(loss) 3,672 (3,867) (195) Balance at 31 December 2022 (20,290) 21,524 1,234 The major categories of scheme assets as a percentage of total scheme assets are as follows: 2022 2021 $\u2019000 % $\u2019000 % Multi-asset credit fund 0 0.0 9,624 24.2 Sterling liquidity fund 9,946 46.2 7,051 17.7 Gilt funds 3,879 18.0 5,980 15.0 Index-linked gilt funds 1,772 8.2 4,376 11.0 Leveraged gilt funds 4,227 19.7 7,901 19.9 Leveraged index-linked gilt funds 1,370 6.4 3,737 9.4 Cash 330 1.5 1,131 2.8 The scheme holds no 4imprint Group plc shares or any property occupied by the Group. It is the policy of the Trustee and the Company to review the investment strategy from time to time and at the time of each funding valuation. Following the completion of the 2019 valuation and agreement from the Company to the lump sum contribution, after due consideration, this resulted in a switch from the previous investment portfolio to a de-risked portfolio containing: a Sterling liquidity fund; and a revised selection of gilt funds designed to match the interest rate and inflation exposure of the scheme liabilities, with the aim of being fully funded on a gilts+0% p.a. basis by the end of the current recovery plan in mid-2024. The Trustee investment objectives and the processes undertaken to measure and manage the risks inherent in the scheme investment strategy are documented in the scheme\u2019s Statement of Investment Principles, which can be found on the Company\u2019s website at https://investors.4imprint.com/governance/4imprint-2016-pension-plan. The assets are held in gilt and index-linked gilt funds, some of which are leveraged to provide a hedge against movements in the pension liabilities due to interest rate fluctuation and inflation. These funds invest in gilts, index-linked gilts, gilt repos, reverse gilt repos and a Sterling liquidity fund, with the aim to provide similar interest rate and inflation sensitivities to those of the scheme. The Sterling liquidity fund invests in certificates of deposit, fixed and floating rate notes, fixed rate commercial paper and bonds listed or traded on one or more recognised exchanges. None of the funds are quoted but they invest in quoted investments and, in the case of the leveraged funds, in gilt repos. The funds are valued at net asset values by the fund managers, with the gilt repo valuations performed by the investment manager\u2019s valuation specialists. The principal assumptions applied by the actuaries, as determined by the Directors, at each period-end were: 2022 % 2021 % Rate of increase in pensions in payment 3.08 3.25 Rate of increase in deferred pensions 2.66 2.75 Discount rate 4.82 1.80 Inflation assumption \u2013 RPI 3.16 3.35\u2003\u2003\u2003\u2003\u2003\u2003\u2003\u2003\u2003\u2002\u2013 CPI 2.66 2.75 The mortality assumptions adopted at 31 December 2022 reflect the most recent version of the tables used in the September 2019 triennial valuation. The assumptions imply the following life expectancies at age 65: 2022 Years 2021 Years Male currently aged 45 22.3 22.3 Female currently aged 45 24.2 24.2 Male currently aged 65 21.3 21.3 Female currently aged 65 23.1 23.0 The sensitivities on the key actuarial assumptions at the end of the period were: Change in assumption Change in defined benefit obligation Discount rate Decrease of 1.0% +16.6% Rate of inflation Increase of 1.0% +4.5% Rate of mortality Increase in life expectancy of one year +3.6% The sensitivities shown above are approximate. Each sensitivity considers each change in isolation and is calculated using the same methodology as used for the calculation of the defined benefit obligation at the end of the period. The inflation sensitivity includes the impact of changes to the assumptions for revaluation and pension increases. In practice it is unlikely that the changes would occur in isolation. The weighted average duration of the defined benefit obligation at 31 December 2022 is 15 years (2021: 19 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-257": { "value": "20 Borrowings The Group had the following committed floating rate borrowing facilities available: Borrowing facilities 2022 $\u2019000 2021 $\u2019000 Expiring in more than one year 20,000 20,000 Committed facilities comprise an unsecured US$20.0m line of credit for 4imprint, Inc., which expires on 31 May 2024. The Company also has an unsecured UK overdraft facility of \u00a31.0m that is repayable on demand, which expires on 31 December 2023. These facilities were undrawn at the year-end (2021: undrawn). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-258": { "value": "21 Financial risk management The Group\u2019s activities expose it to a variety of financial risks including currency risk, credit risk, liquidity risk and capital risk. Currency risk The Group operates internationally and is exposed to various currency movements. Risk arises predominantly from the remittance of overseas earnings in US dollars. In addition, Group subsidiaries may make both sales and purchases in a currency other than thei r functional currency and have foreign currency trade receivables and trade payables in relation to these transactions. The Group uses derivative financial instruments to partly hedge foreign currency cash flows arising from sales and purchases of goods, as well as remittances from its overseas subsidiaries. The Group does not hedge the currency exposure of profits and assets of its overseas subsidiaries or other financial transactions. At 31 December 2022 the Group had no forward currency contracts outstanding (2021: none). The movement in the exchange rates compared to the prior period increased profit after tax by $0.44m and decreased net assets b y $5.16m. The average rate used to translate profits was US$1.24 (2021: US$1.38) and the closing rate was US$1.20 (2021: US$1.35). A strengthening in the Sterling exchange rate by 10% (the approximate range of movement of the exchange rate during the year) would have reduced profit in the period by $0.39m and net assets would have been increased at the period-end by $4.32m. Credit risk Credit risk arises from deposits with banks and financial institutions, as well as credit exposures to trade receivable balances due from customers and other receivable balances due from suppliers. The risk associated with banks and financial institutions is managed on a Group basis and all banking relationships must be approved by the Chief Financial Officer or the Board based on the credit rating of the bank. The Group holds cash balances on deposit with its principal US and UK banks. Financial instruments The table below sets out the Group\u2019s financial instruments by category: Financial assets at amortised cost 2022 $\u2019000 2021 $\u2019000 Trade and other receivables (excluding prepayments) (note 14) 80,292 59,327 Other financial assets \u2013 bank deposits (note 15) 34,913 \u2013 Cash and cash equivalents (note 15) 51,839 41,589 Financial liabilities at amortised cost Trade and other payables (excluding non-financial liabilities) (note 17) (76,114) (61,443) Lease commitments 2022 $\u2019000 2021 $\u2019000 Due within one year 1,870 1,494 Due in two to three years 3,685 2,987 Due in four to five years 3,970 3,161 Due over five years 6,268 6,123 All trade receivables and payables have contracted maturities of 30 days or less from the balance sheet dates. All other receivables and payables are due/payable within one year. Trade receivables are amounts due from customers for goods sold in the ordinary course of business. Other receivables are non- derivative financial assets with fixed or determinable payments that are not quoted in an active market. If collection of the amounts is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are shown net of credits and expected credit losses. The expected credit losses on other receivables are $nil (2021: $nil). Cash and bank deposits were held with the following banks at the period-end: 2022 Rating 2022 Deposit $\u2019000 2021 Rating 2021 Deposit $\u2019000 Lloyds Bank plc Aa3 40,224 Aa3 12,712 JPMorgan Chase Bank, N.A. Aa1 46,511 Aa1 28,862 Other 17 15 86,752 41,589 There is no concentration of credit risk with respect to trade receivables as the Group has a large number of customers. Management of credit risk arising from customers is delegated to the senior management of each business to a maximum level per customer, above which it is referred to the Chief Financial Officer for approval. External credit agency assessment reports are referred to as part of this process. Liquidity risk Group borrowing requirements are managed centrally and the majority of borrowing arrangements are currently with the Group\u2019s principal US and UK banks. Terms are agreed which are considered appropriate for the funding requirements of the Group at that time. Operating working capital is managed to levels agreed with the Group and cash forecasts are reviewed regularly by management. The Group monitors its levels of cash and indebtedness to ensure adequate liquid funds are available to meet the foreseeable requirements of the Group. The Group does not actively monitor a gearing ratio but seeks to maintain an appropriate level of financial flexibility. Details of borrowing facilities are given in note 20 and lease liabilities in note 16. At 31 December 2022, the total other financial assets \u2013 bank deposits and cash and cash equivalents position (note 15) of the Group was $86.75m (2021: $41.59m). 21 Financial risk management continued Capital risk management The objective for managing cash, debt and equity capital is to safeguard the Company\u2019s ability to continue as a going concern, in order to provide returns for Shareholders and benefits for other stakeholders. The policy for capital allocation is shown on page 38. In 2022 the Company has provided returns to Shareholders in the form of dividends, details of which are included in note 7. Shares were purchased by an employee benefit trust to cover options maturing during the period and future maturities of the 2015 Incentive Plan and Deferred Bonus Plan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-277": { "value": "Currency risk The Group operates internationally and is exposed to various currency movements. Risk arises predominantly from the remittance of overseas earnings in US dollars. In addition, Group subsidiaries may make both sales and purchases in a currency other than thei r functional currency and have foreign currency trade receivables and trade payables in relation to these transactions. The Group uses derivative financial instruments to partly hedge foreign currency cash flows arising from sales and purchases of goods, as well as remittances from its overseas subsidiaries. The Group does not hedge the currency exposure of profits and assets of its overseas subsidiaries or other financial transactions. At 31 December 2022 the Group had no forward currency contracts outstanding (2021: none). The movement in the exchange rates compared to the prior period increased profit after tax by $0.44m and decreased net assets b y $5.16m. The average rate used to translate profits was US$1.24 (2021: US$1.38) and the closing rate was US$1.20 (2021: US$1.35). A strengthening in the Sterling exchange rate by 10% (the approximate range of movement of the exchange rate during the year) would have reduced profit in the period by $0.39m and net assets would have been increased at the period-end by $4.32m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-278": { "value": "Credit risk Credit risk arises from deposits with banks and financial institutions, as well as credit exposures to trade receivable balances due from customers and other receivable balances due from suppliers. The risk associated with banks and financial institutions is managed on a Group basis and all banking relationships must be approved by the Chief Financial Officer or the Board based on the credit rating of the bank. The Group holds cash balances on deposit with its principal US and UK banks. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-279": { "value": "Financial instruments The table below sets out the Group\u2019s financial instruments by category: Financial assets at amortised cost 2022 $\u2019000 2021 $\u2019000 Trade and other receivables (excluding prepayments) (note 14) 80,292 59,327 Other financial assets \u2013 bank deposits (note 15) 34,913 \u2013 Cash and cash equivalents (note 15) 51,839 41,589 Financial liabilities at amortised cost Trade and other payables (excluding non-financial liabilities) (note 17) (76,114) (61,443) Lease commitments 2022 $\u2019000 2021 $\u2019000 Due within one year 1,870 1,494 Due in two to three years 3,685 2,987 Due in four to five years 3,970 3,161 Due over five years 6,268 6,123 All trade receivables and payables have contracted maturities of 30 days or less from the balance sheet dates. All other receivables and payables are due/payable within one year. Trade receivables are amounts due from customers for goods sold in the ordinary course of business. Other receivables are non- derivative financial assets with fixed or determinable payments that are not quoted in an active market. If collection of the amounts is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are shown net of credits and expected credit losses. The expected credit losses on other receivables are $nil (2021: $nil). Cash and bank deposits were held with the following banks at the period-end: 2022 Rating 2022 Deposit $\u2019000 2021 Rating 2021 Deposit $\u2019000 Lloyds Bank plc Aa3 40,224 Aa3 12,712 JPMorgan Chase Bank, N.A. Aa1 46,511 Aa1 28,862 Other 17 15 86,752 41,589 There is no concentration of credit risk with respect to trade receivables as the Group has a large number of customers. Management of credit risk arising from customers is delegated to the senior management of each business to a maximum level per customer, above which it is referred to the Chief Financial Officer for approval. External credit agency assessment reports are referred to as part of this process. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-280": { "value": "Liquidity risk Group borrowing requirements are managed centrally and the majority of borrowing arrangements are currently with the Group\u2019s principal US and UK banks. Terms are agreed which are considered appropriate for the funding requirements of the Group at that time. Operating working capital is managed to levels agreed with the Group and cash forecasts are reviewed regularly by management. The Group monitors its levels of cash and indebtedness to ensure adequate liquid funds are available to meet the foreseeable requirements of the Group. The Group does not actively monitor a gearing ratio but seeks to maintain an appropriate level of financial flexibility. Details of borrowing facilities are given in note 20 and lease liabilities in note 16. At 31 December 2022, the total other financial assets \u2013 bank deposits and cash and cash equivalents position (note 15) of the Group was $86.75m (2021: $41.59m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-281": { "value": "Capital risk management The objective for managing cash, debt and equity capital is to safeguard the Company\u2019s ability to continue as a going concern, in order to provide returns for Shareholders and benefits for other stakeholders. The policy for capital allocation is shown on page 38. In 2022 the Company has provided returns to Shareholders in the form of dividends, details of which are included in note 7. Shares were purchased by an employee benefit trust to cover options maturing during the period and future maturities of the 2015 Incentive Plan and Deferred Bonus Plan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-259": { "value": "22 Share capital 2022 $\u2019000 202 1 $\u2019000 Issued and fully paid 28,085,530 (2021: 28,085,530) ordinary shares of 38 6 / 13 p each 18,842 18,842 All shares have the same rights. The Company issued no ordinary shares in the period (2021: none). Share option exercises were satisfied by transfer of shares fro m an employee benefit trust. The following options have been granted and were outstanding under the Company\u2019s share option schemes: Scheme Date of grant Number of ordinary shares 2022 Number of option holders 2022 Number of ordinary shares 2021 Subscription price Date exercisable From To US ESPP 17/05/21 89,388 561 97,624 $27.61 Jul 2023 Jul 202 3 UK SAYE 25/09/19 2,059 6 13,880 \u00a322.70 Nov 2022 Nov 202 3 2015 Incentive Plan 28/03/19 16,993 2 39,285 $nil Mar 2022 Mar 202 9 2015 Incentive Plan 30/03/20 12,640 7 12,640 $nil Mar 2023 Mar 203 0 Total 121,080 163,429 The weighted average exercise price for options outstanding at 31 December 2022 was \u00a317.31 (2021: \u00a314.16). Details of share schemes are disclosed in note 23. Deferred Bonus Plan (formerly the 2015 Incentive Plan/Deferred Annual Bonus Scheme) Under the Deferred Bonus Plan (DBP) 50% of the annual bonus of the Chief Executive Officer, Chief Financial Officer and certain senior managers will be deferred into shares as awards of $nil cost options or conditional shares, based on the share price at 31 December of the relevant year. The awards will be made in a 42-day period following the announcement of the Group\u2019s full year results and the options will normally not be exercisable until at least three years from the date of the award, conditional upon the person still being in the employment of a Group Company. The awards to Executive Directors, from 4 March 2019, will not be exercisable until five years from the date of the award. It is expected that 26,366 options or conditional shares, with a total fair value of $1,357,105 will be awarded in respect of the 2022 bonus (2021: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-260": { "value": "23 Share-based payments Share options may be granted to senior management and, in addition, SAYE and ESPP schemes are offered to all UK and US employees. The exercise price for SAYE and ESPP options is equal to the market rate, less any discount up to the limit imposed by t he local tax authority at the pricing date. The fair value of the options is determined using the Black-Scholes model for SAYE and ESPP schemes and is spread over the vesting period of the options. The significant inputs into the model are: an expected life of between 2.2 and 3.0 years for the ESPP and SAYE options; volatility that is measured at the standard deviation of expected share price returns based on historical statistical analysis of daily share prices and adjusted for any periods of extraordinary volatility; and a risk-free rate that is based on zero coupo n government bond yields. 2022 $\u2019000 202 1 $\u2019000 Charge resulting from spreading the fair value of options 815 60 2 Social security costs in respect of share options 20 5 Total 835 60 7 The fair value per option granted and the assumptions used in the calculation are as follows: US ESPP scheme UK SAYE scheme Grant date 17/05/21 25/09/19 Share price at grant date \u00a323.00 \u00a329.90 Exercise price $27.61 \u00a322.70 Number of employees 561 6 Shares under option 89,388 2,059 Vesting period (years) 2.2 3.0 Expected volatility 30% 30% Option life (years) 2.2 3.5 Expected life (years) 2.2 3.0 Risk-free rate 0.09% 0.36% Expected dividends expressed as a dividend yield 2.0% 2.0% Possibility of ceasing employment before vesting 2% 5% Expectations of meeting performance criteria 100% 100% Fair value per option \u00a35.03 \u00a38.09 In respect of the executive awards under the 2015 Incentive Plan, now replaced by the DBP, the fair value of the awards of options or conditional shares made in 2019 and 2020 are based on the share price at 31 December 2018 and 31 December 2019 respectively. The option life is between 4.25 to 6.25 years from the start of the financial year to which the awards relate. The fair value of the expected awards to be made under the DBP of 26,366 options or conditional shares in respect of 2022 is based on the share price at 31 December 2022. A reconciliation of option movements over the period is shown below: 2022 2021 Number of shares Weighted average exercise price (\u00a3) Number of shares Weighted average exercise price (\u00a3) Outstanding at start of period 163,429 14.16 84,524 4.31 Granted 0 0.00 100,630 20.07 Forfeited/cancelled (7,721) 22.33 (5,135) 21.18 Exercised (34,628) 8.08 (16,590) 0.05 Outstanding at end of period 121,080 17.31 163,429 14.16 Exercisable at end of period \u2013 \u2013 \u2013 \u2013 Range of exercise prices 2022 2021 Weighted average exercise price Number of shares Weighted average remaining life (years) Weighted average exercise price Number of shares Weighted average remaining life (years) Expected Contractual Expected Contractual Nil $0.00 29,633 0.82 0.82 to 0.88 $0.00 51,925 1.14 1.14 to 1.47 \u00a320 \u2013 21 $27.61 89,388 0.56 0.56 $27.61 97,624 1.56 1.56 \u00a322 \u2013 23 \u00a322.70 2,059 0.33 0.83 \u00a322.70 13,880 0.83 1.33 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-261": { "value": "24 Other reserves Capital redemption reserve $\u2019000 Cumulative translation differences $\u2019000 Total $\u2019000 Balance at 3 January 2021 369 5,748 6,117 Currency translation differences \u2013 (97) (97) Balance at 1 January 2022 369 5,651 6,020 Currency translation differences \u2013 (1,614) (1,614) Balance at 31 December 2022 369 4,037 4,406 The capital redemption reserve arose on the redemption of preference shares in 2000. The currency translation difference represents the accumulated exchange movements on non-US dollar functional currency subsidiaries from 29 December 2003 (transition date to IFRS) to the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-262": { "value": "25 Cash generated from operations 2022 $\u2019000 2021 $\u2019000 Profit before tax 103,706 30,229 Adjustments for: Depreciation of property, plant and equipment 3,594 3,237 Amortisation of intangible assets 424 437 Amortisation of right-of-use assets 1,508 1,340 Loss on disposal of property, plant and equipment 84 \u2013 Share option charges 815 602 Net finance (income)/cost (804) 417 Defined benefit pension administration charge 521 340 Contributions to defined benefit pension scheme (4,367) (4,589) Changes in working capital: Decrease/(increase) in inventories 2,469 (9,288) Increase in trade and other receivables (24,164) (26,831) Increase in trade and other payables 13,254 22,363 Cash generated from operations 97,040 18,257 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-263": { "value": "26 Contingent liabilities The Group has a contingent liability of $493,000 in respect of potential payments for future services relating to the acquisition of a screen-printing business during the period (2021: none). See note 10 for further details. 27 Capital commitments The Group had capital commitments contracted for but not provided for in the financial statements at 31 December 2022 for property, plant and equipment of $2.7m (2021: $nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-283": { "value": "26 Contingent liabilities The Group has a contingent liability of $493,000 in respect of potential payments for future services relating to the acquisition of a screen-printing business during the period (2021: none). See note 10 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-282": { "value": "27 Capital commitments The Group had capital commitments contracted for but not provided for in the financial statements at 31 December 2022 for property, plant and equipment of $2.7m (2021: $nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-264": { "value": "28 Related party transactions Transactions and balances between the Company and its subsidiaries have been eliminated on consolidation. The Group did not participate in any related party transactions with parties outside of the Group. Key management compensation is disclosed in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } }, "fact-284": { "value": "28 Related party transactions Transactions and balances between the Company and its subsidiaries have been eliminated on consolidation. The Group did not participate in any related party transactions with parties outside of the Group. Key management compensation is disclosed in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800G95T751RN2CT94", "period": "2022-01-02T00:00:00/2023-01-01T00:00:00" } } } }