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1 GENERAL INFORMATION
ASOS Plc (\u201cthe Company\u201d) and its subsidiaries (together, \u201cthe Group\u201d) is a global fashion retailer. The Company is a public limited company whose
shares are publicly traded on the London Stock Exchange. The Company is incorporated and domiciled in the UK and the address of its registered
office is Greater London House, Hampstead Road, London NW1 7FB.
The financial period represents the 52 weeks to 1 September 2024 (prior financial period: 1 September 2022 to 3 September 2023). The financial
information comprises the results of the Company and its subsidiaries.
Within these consolidated financial statements, \u201c2024\u201d refers to the 52 weeks to 1 September 2024, or as at 1 September 2024; and \u201c2023\u201d
refers to the financial period 1 September 2022 to 3 September 2023, or as at 3 September 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-3": { "value": "ASOS Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-316": { "value": "ASOS Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-5": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-315": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-317": { "value": "Greater London House, Hampstead Road, London NW1 7FB", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-319": { "value": "
2 MATERIAL ACCOUNTING POLICIES, JUDGEMENTS AND ESTIMATES
2.1 Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards (IFRS)
and with the requirements of the Companies Act 2006 and the Listing Rules as applicable to companies reporting under those standards.
The financial statements have been prepared under the historical cost basis of accounting, excluding derivative financial instruments which are
held at fair value. The financial statements are presented in sterling and all values are rounded to the nearest million pounds except where
otherwise indicated.
Material accounting policies have been included in the relevant notes to which the policies relate, and those relating to the financial statements as
a whole can be read further below. Unless otherwise stated, significant accounting policies have been applied consistently to all periods
presented in the financial statements.
2.2 Going concern
The Directors are satisfied that the Group has sufficient resources to continue in operation for a period of at least 12 months from the date of
approval of the financial statements, and therefore continue to adopt the going concern basis in preparing the financial statements. To support
this assessment, detailed cash flow forecasts were prepared for the 18-month period to February 2026.
In assessing the Group\u2019s going concern position, the Directors have considered the Group\u2019s detailed budgeting and forecasting process which
reflects the Group\u2019s financial performance, position, and cash flows over the going concern period (the base case). These cash flow forecasts
represent the Directors\u2019 best estimate of trading performance and cost implications in the market based on current agreements, market
experience and consumer demand expectations. In conjunction with this, the Directors considered the Group\u2019s business activities and principal
risks, reviewing the Group\u2019s cash flows, liquidity positions and borrowing facilities for the going concern period.
At 1 September 2024, the Group was fully drawn on the \u00a3200m term loan with Bantry Bay, and had an undrawn Revolving Credit Facility (\u201cRCF\u201d) of
\u00a317m, with a maturity of April 2026, along with \u00a3500m convertible bonds with a maturity of April 2026. The review included the continued
availability of borrowings following the post balance sheet repurchase, amendment and extension of both the convertible bond and Bantry Bay
debt facilities, details of which can be found in Note 30. Following the partial term loan repayment and changes to the Bantry Bay agreement, the
assessment included an opening balance of drawn Bantry Bay debt facility of \u00a3150m (with equivalent undrawn RCF of \u00a329m) and \u00a3327m of
convertible bonds (of which \u00a374m held a maturity date of April 2026) within the liquidity forecast.
The Group has previously been subject to a minimum liquidity threshold of \u00a390m, which has been removed as part of the new agreement and
therefore the only covenant applicable, and primary test in the assessment, is that the Group must remain in a positive liquidity position.
Key assumptions \u2013 forecasting business cash flows
The assessment of the Group\u2019s going concern position required significant management judgement, including in determining the key assumptions
that have the greatest impact on forecasts of future business performance and the range of reasonably possible outcomes of those
assumptions. The economic environment has remained challenging throughout FY24 with cost of living pressures continuing to impact customer
spending and sentiment, however there have been improvements experienced in both the macro environment and ASOS share performance in Q4
of FY24. The future impact that the economic environment will have on ASOS performance however is uncertain, so for the purposes of the
Group\u2019s going concern assessment, the Directors have therefore made assumptions on the likely future cash flows in the uncertain macro
environment.
The assumptions considered include the full transition to the Group\u2019s new commercial model, as well as a sustained marginal recovery in the
macro trading environment, with the online fashion market assumed to experience low single digit % growth on an aggregated basis across the
Group\u2019s key territories. The base case assumes a less aggressive share loss in FY25 than experienced in FY24 owed to recent performance and
the success of the adoption of the new commercial model, with assumed ASOS sales growth rates of -5% to -10%, returning to double digit YoY
growth by the end of the assessment period. Improvements in adjusted gross margin of at least 300bps vs FY24 are assumed during FY25 with
further YoY growth in H1 FY26 of c.200bps. These forecasted cash flows include the ongoing impact of the disposal of the Topshop and Topman
brands from the Group.
Aligned to the Group\u2019s principal risks, the Directors have also considered various severe but plausible downside scenarios against the base case,
comprising of the following assumptions:
\u2022 Sales growth reduction;
\u2022 Gross margin reduction;
\u2022 Potential working capital cash impacts.
The downside scenarios are considered across both FY25 and H1 FY26, with the greater degree of assumption-based improvements and
subsequent volatility in the outer periods commanding more severe downside sensitivities. Sensitivities mapped against the base case within the
downside case are highlighted below:
Downside vs base case
FY25
H1 FY26
Sales
(8)%
(20)%
Gross Margin
(320)bps
(400)bps
Working Capital impact (average)
\u00a3(88)m
\u00a3(77)m
Should the Group see such significant events unfold it has several mitigating actions it can implement to manage its liquidity risk, such as deferring
capital investment spend, deferring or reducing stock intake to match the sales reduction, and implementing further cost management to
maintain a sufficient level of liquidity headroom during the going concern period. The combined impact of the above downside scenarios and
mitigations does not trigger a liquidity breach at any point in the going concern period.
Reverse stress tests have also been performed on both the Group\u2019s revenue and gross margin. The tests under consideration hold all metrics in
line with the downside case highlighted above, analysing how far the stress metric would need to decline against the base case to cause a liquidity
event. Such results would have to see over a 22% decline in sales over the base case or an aggregate decline in gross margin rate from the base
case of over 550bps across the entire assessment period. Both are considered remote based on results of previous significant economic events
and recent trading performance, particularly on the basis that the Group is annualising the challenging market conditions in FY24.
In assessing the group\u2019s ability to continue as a going concern the directors have considered climate change risks as disclosed within Task Force
on Climate-related Financial Disclosures (TCFD) report on pages 34 to 45. Specifically the disclosed impacts represent unmitigated scenarios
that do not reflect the Group\u2019s proactive risk management or strategic initiatives. Any potential impacts within the going concern period are not
considered material and are significantly lower than the disclosed reasonable worst case that takes into account all matters of which the Group
is currently aware, including potential climate-related impacts, and are within the reverse stress test tolerances. As a result, climate risks are
effectively encompassed within the scenarios already modelled and it is not considered that climate-related risks affect the Group\u2019s ability to
continue as a going concern.
The Directors have also considered the \u00a374m convertible bonds that mature in April 2026 (outside of the assessment window) and concluded that
they can be repaid within both a base case and downside scenario. The Group is also subject to a springing maturity clause in the term loan facility
in April 2026, conditional upon forward projection of base case cash flows, which was also considered as part of the assessment and is not
expected to be triggered.
Based on the above, the Directors have concluded that, on the basis of there being liquidity headroom under both the base case and downside
scenarios, and the consideration that the reverse stress test scenario is remote, it is appropriate to adopt the going concern basis of accounting
in the preparation of the Group\u2019s annual financial statements, with no material uncertainty to disclose.
2.3 Climate change within the financial statements
In preparing the Group\u2019s financial statements, consideration has been given to the impact of both physical and transition climate change risks, as
described within the Task Force on Climate-Related Financial Disclosures (TCFD) section on pages 34 to 45, and how these may impact the
financial statements. The scenarios and time horizons included within the Group\u2019s TCFD disclosures are useful for assessing the Group\u2019s potential
climate-related risks and opportunities, but are based on unmitigated assumptions. This means that they explore the potential impacts of climate
on the business without assuming the implementation of any additional mitigation efforts by either the Group or its stakeholders (e.g.
governments or industries) to reduce the likelihood of these risks being realised. These scenarios are exploratory in nature and are not
predictions or forecasts. They rely on assumptions based on the current understanding of climate trends, with the recognition that actual
outcomes may vary as policies, technologies, and market responses continue to develop. While it is not believed that these climate change risks
have a material impact on the financial statements, further narrative disclosure has been provided in the following notes:
\u2022 Going Concern \u2013 Note 2.2
\u2022 Significant accounting judgements and estimates \u2013 Note 2.7
\u2022 The recognition of deferred tax assets - Note 9
\u2022 Property, plant and equipment \u2013 Note 12
\u2022 Impairment of non-financial assets \u2013 Note 14
\u2022 Provisions \u2013 Note 21
It is recognised that the uncertainty and complexity of these issues may make it challenging to fully capture their potential impact. The ongoing
assessment of these risks will be refined in future financial statements as they become clearer, taking into account the requirements of UK-
adopted international accounting standards.
2.4 Basis of consolidation
a) Subsidiaries
Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity where 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 results of subsidiaries are included in the income statement from the date of acquisition or, in the case of disposals, up to the
effective date of disposal. Intercompany transactions and balances between Group companies are eliminated upon consolidation.
A list of all the subsidiaries of the Group is included on page 186. All apply accounting policies which are consistent with those of the rest of the
Group.
The Employee Benefit Trust and Link Market Trust Services Limited (\u201cThe Trusts\u201d) are separately administered discretionary trusts, the assets of
which mainly comprise shares in the Company. The assets, liabilities, income and costs of the Trusts are consolidated by the Group.
b) Foreign currencies
Foreign currency transactions
The consolidated financial statements are presented in pound sterling, which is the ultimate parent company\u2019s functional currency. Transactions
in foreign currencies are translated into pound sterling at the exchange rate on the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated at the exchange rate ruling at that date. Foreign exchange
differences arising on translation are recognised in the income statement.
Foreign operations
On consolidation, the assets and liabilities of the Group\u2019s foreign operations are translated into pound sterling at exchange rates prevailing at the
year-end date. Profits and losses are translated at average exchange rates for the relevant accounting periods. Exchange differences arising
are recognised in the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation reserve.
2.5 New accounting standards
The Group adopted the following accounting standards and amendments during the year with no material impact:
\u2022 IFRS 17 Insurance Contracts
\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12
\u2022 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12
The application of these new interpretations and amendments did not have a material impact on the financial statements.
The Group is assessing the impact of the following standards, interpretations and amendments that are not yet effective:
\u2022 Amendments to the IFRS for SMEs Accounting Standard \u2013 International Tax Reform \u2013 Pillar Two Model Rules
\u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 Leases
\u2022 Classification of liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 Presentation of
Financial Statements
\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2013 Supplier Finance Arrangements
\u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
\u2022 IFRS S2 Climate-related Disclosures
\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
\u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7
Financial Instruments: Disclosures
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures
\u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 Consolidated Financial
Statements and IAS 28 Investments in Associates and Joint Ventures
The Group has considered the impact of the remaining above standards and revisions and has concluded that they will not have material impact
on the Group\u2019s financial statements, with the exception of IFRS 18 which is under review.
2.6 Alternative Performance Measures (APMs)
In the reporting of financial information, the Directors use various APMs. These APMs should be considered in addition to, and are not intended to
be a substitute for, IFRS measurements. As they are not defined by International Financial Reporting Standards, they may not be directly
comparable with other companies\u2019 APMs.
The Directors believe that these APMs provide additional useful information for understanding the financial performance and health of the
Group. They are also used to enhance the comparability of information between reporting periods (such as adjusted profit) by adjusting for
non-recurring or uncontrollable factors which affect IFRS measures, to aid users in understanding the Group\u2019s performance. Consequently,
APMs are used by the Directors and management for performance analysis, planning, reporting and incentive setting purposes.
The income statement shows the items excluded from adjusted profit with a more detailed analysis of the adjustments set out in Note 3. Other
APMs that the Group has focused on in the period are defined and reconciled on pages 188 to 193. All of the APMs relate to the current period\u2019s
results and comparative periods.
2.7 Significant accounting judgements and estimates
The preparation of the Group\u2019s financial statements requires the use of judgements, estimates and assumptions in applying the Group\u2019s
accounting policies to determine the reported amounts of assets, liabilities, income and expenses.
Estimates and judgements are continually reviewed and are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the current circumstances. Actual results may differ from these estimates. Any revisions to
accounting estimates are applied prospectively. The Audit Committee considers estimates and judgements made by management, as detailed in
the Audit Committee Report on pages 96 to 101.
Key sources of estimation uncertainty
The key sources of estimation uncertainty at the reporting period end that may have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities within the next financial period are as below:
\u2022 Impairment of non-financial assets \u2013 refer to Note 14
\u2022 Inventory valuation \u2013 refer to Note 15
\u2022 Recognition of deferred tax assets \u2013 refer to Note 9
The recognition of deferred tax assets has been added as a key source of estimation uncertainty this year.
Critical accounting judgements
Critical judgements, apart from those involving estimations, that are applied in the preparation of the consolidated Group financial statements
are discussed below:
\u2022 Going concern \u2013 refer to Note 2.2
\u2022 Identification of adjusting items \u2013 refer to Note 3
\u2022 Lease term \u2013 refer to Note 13
Impact of climate change on the Group\u2019s judgements and estimates
In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has been given to the impact of climate change risk on
these. It is not considered that climate change risks have any material impacts on the Group\u2019s judgements or sources of estimation uncertainty
for the following reasons:
Estimate/judgement
Explanation
Impairment of non-financial assets
\u2022
Refer to Note 14
Inventory valuation
\u2022
Inventory is a current asset, and therefore by definition expected to be sold within one year. The
Group has considered the FY25 impacts of the considered climate risks, and concluded that there is
not a material risk to inventory valuation.
Recognition of deferred tax assets
\u2022
Refer to Note 9
Going concern
\u2022
Refer to Note 2.2
Identification of adjusting items
\u2022
Relates to in-year activity therefore not impacted by climate change.
Identification of lease terms
\u2022
Judgement related to the Group\u2019s lease portfolio, for which the risk from climate change is not
considered material. The warehouses and head office sites are located in areas which the Group
would not expect to be physically impacted by climate change.
Accounting policy
Revenue arises from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of returns, related discounts and value
added taxes. Revenue is recognised when performance obligations are satisfied, at the transaction price allocated to that obligation. Further
information is included below.
Accounting policy
Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using
the effective interest rate method.
Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that
necessarily take a substantial period of time to prepare for their intended use, and for the Group relate to the automation projects within its
fulfilment centres.
Accounting policy
Current tax
Current tax is accounted for on the basis of tax laws enacted or substantively enacted at the balance sheet date. Current tax is charged
or credited to the income statement, except when it relates to items charged to equity or other comprehensive income.
Deferred tax
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on the
tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the income
statement, except when it relates to items charged or credited directly to equity or other comprehensive income.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent
that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities
are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other
assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Current and deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current
tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority, on either the taxable
entity or different taxable entities, and where there is an intention to settle the balances on a net basis.
Significant source of estimation uncertainty \u2013 Recognition of deferred tax assets
In accordance with IAS 12 \u201cIncome Taxes\u201d, the Company recognises deferred tax assets to the extent that it is probable that future taxable profit
will be available, against which the deductible temporary differences and the carry-forward of unused tax losses can be utilised. In line therefore
with the judgements and estimates disclosed with going concern (refer Note 2) and impairment (refer Note 14), the recognition of deferred tax
assets requires the Group to make significant estimates about the future profitability of its operations.
In determining the amount of deferred tax assets recognised, management makes estimates of future taxable profits and the likelihood of their
being recovered within a reasonably foreseeable timeframe, being a minimum of five years, aligned to the Group\u2019s strategic planning process.
In making these estimates, management considers the current and projected financial performance of the Group, including profit margins,
revenue growth, and cost management strategies, which are derived from management forecasts and consistent with those used as part
of the Group\u2019s going concern and impairment assessments. Risk adjustments are then applied, with a greater adjustment applied to periods
where there is less evidence of profits, in particular, those further in the future. The Group also considers the timing and amount of deductible
temporary differences. As at 1 September 2024, the Group has net deferred tax assets of \u00a3114.8m of which \u00a362.5m have been recognised.
A further \u00a352.3m of deferred tax assets in relation to losses have not been recognised.
The deferred tax assets have no expiry date and the Group believes that it is probable that future taxable profits, together with the reversal of
existing temporary differences, will be sufficient to utilise the recognised deferred tax assets, however actual outcomes could differ from these
estimates due to changes in the factors mentioned above. A movement of +/-10% in the forecast taxable profits would increase/decrease the
amount of deferred tax asset recognised by \u00a37.8m, and is considered a reasonable possible change.
The deferred tax assets unrecognised relate to losses on a mix of adjusted and non-adjusted items. Therefore the charge relating to the
unrecognised deferred tax asset has been apportioned between adjusted and unadjusted profit in proportion to the total tax losses arising
within each category, with \u00a325.3m recognised outside adjusted profit, and \u00a327.0m within adjusted profit.
Accounting policy
Goodwill
Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net
identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested
for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment.
Brands and customer relationships
Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently
amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated
income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the
consolidated income statement in the period in which it occurs. Acquired brands and customer relationships relate to brand names and wholesale
customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years.
Software
Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated
on a straight-line basis over the assets\u2019 expected economic lives of between 5 to 15 years and recognised within administrative expenses in the
consolidated income statement.
The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This
does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological
advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and
payroll-related costs for employees who are directly associated with the project.
For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible
assets within software:
\u2013 The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the
software independently of the host vendor.
\u2013 The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes for example the development of
software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group.
Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s
application software, are recognised as operating expenses when the services are received.
Accounting policy
Property, plant and equipment is stated at historical cost less accumulated depreciation and any recognised provision for impairment. Capital
work in progress is held at cost less any recognised provision for impairment. Cost includes the original purchase price of the asset and the costs
attributable to bringing the asset to its working condition for intended use.
Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated economic useful life of:
Fixtures, fittings, plant and machinery: 5 to 15 years
Computer hardware: 3 to 5 years
Accounting policy
Right-of-use assets
Right-of-use assets are recognised at the commencement date of the lease, when the underlying asset is available for use. The cost of right-of-
use assets comprises the amount of lease liabilities recognised, any initial direct costs incurred, lease payments made at or before the
commencement date and less any lease incentives received. Right-of-use assets are subsequently measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any subsequent remeasurement of lease liabilities and dilapidation provisions.
The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term.
Lease liabilities
Lease liabilities are recognised at the commencement date of the lease and are measured at the present value of lease payments to be made
over the lease term, discounted using an incremental borrowing rate (IBR) at the lease commencement date.
The lease payments include fixed payments and variable lease payments that depend on an index or a rate (using the relevant rate at the
commencement date of the lease), less any lease incentives receivable. Any variable lease payments that do not depend on an index or a rate are
recognised as an expense in the period in which the event or condition that triggers the payment occurs, however the Group currently has no
such variable lease payments. Contracts may contain both lease and non-lease components, in which case the Group allocates the consideration
in the contract to the different components based on their relative stand-alone prices.
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the
lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease (a break clause), if it is reasonably
certain not to be exercised.
After the commencement date of the lease, the lease liability is subsequently measured by increasing the carrying amount to reflect interest on
the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The carrying
amount of lease liabilities is remeasured when there is a change in the future lease payments due to a change in the lease term such as a
recognition of an extension or break option, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset.
Short-term leases and low value assets
Payments associated with short-term leases and leases of a low value are recognised on a straight-line basis as an expense in the profit or loss, in
line with the practical expedient of IFRS 16. Short-term leases are leases with a term of 12 months or less. Low-value leases mainly comprise IT
equipment. The amounts recognised in the financial period are shown in note 6.
Lessor accounting policy The Group sub-lets leased properties relating to unused office capacity. Where the Group subleases assets, the sublease classification (as a finance lease or operating lease) is assessed with reference to the head lease right-of-use asset. This assessment considers, among other factors, whether the sublease represents the majority of the remaining life of the head lease. For any subleases that have been assessed to be operating leases, the related right-of-use assets have been reclassified to investment properties. Investment property assets are carried at cost less accumulated depreciation and any recognised impairment in value. The depreciation policies for investment property are consistent with those described for right-of-use assets. Operating lease income is recognised as earned on a straight-line basis over the lease term. For sub-leased assets assessed to be finance leases, the right-of-use asset is derecognised, and a receivable recognised at an amount equal to the net investment in the lease. This is initially calculated and recognised using the IBR prevalent in the underlying headlease at the recognition date. Any difference between the derecognised right-of-use asset and the newly recognised amounts due for leases under finance leases is immediately recognised in the income statement. Accounting policy Goodwill Goodwill is not amortised but is reviewed for impairment at least annually (or more frequently where there is an indication that the asset may be impaired) by assessing the recoverable amount of each cash-generating unit (\u201cCGU\u201d), or group of CGUs, to which the goodwill relates. Impairment is assessed by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose and value-in-use. Where the carrying value of the CGU exceeds the recoverable amount, an impairment loss is recognised in the income statement. The impairment charge is allocated first against goodwill and then pro-rata over other assets within the CGU by reference to the carrying amount of each remaining asset in the unit. Impairment losses recognised for goodwill are not subsequently reversed. Goodwill at ASOS predominantly relates to that recognised as part of the acquisition of Arcadia, and is monitored on an entity wide basis at the reporting segment level as a singular CGU, the ASOS Group CGU. Other non-financial assets Property, plant and equipment (PPE), right-of-use assets, and finite-lived intangible assets are assessed on an ongoing basis to determine whether there is an indication that the net book value is no longer supportable. If any such indication exists, the recoverable amount of the asset, being the higher of its fair value less costs to dispose and its value-in-use, is estimated in order to determine the extent of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or CGU) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement.
Accounting policy
Inventories comprise goods held for resale and are valued at the lower of cost and net realisable value using the weighted average cost basis.
Cost comprises the purchase price and any other directly attributable costs incurred in bringing the inventories to the present location and
condition, less trade discounts and rebates. Net realisable value is the estimated selling price in the ordinary course of business less variable
selling expenses.
Accounting policy
Trade receivables are non-interest bearing and are stated at invoice value less an allowance for expected credit losses, using the simplified
approach under IFRS 9, with adjustments for factors specific to each receivable.
Accounting policies
The Group presents its cash flow statement using the indirect method, whereby profit is reconciled to net cash from operating activities by
adjusting profit and loss for non-cash items. The Group has chosen to present interest received as cash flows from investing activities because
they are returns on the Group\u2019s investments.
Interest paid on borrowings and leases is presented within cash flows from financing activities as they are held for cash management purposes,
as are cash payments for the principal element of lease liabilities.
Accounting policy
Trade and other payables are non-interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest rate method.
Accounting policies
Convertible debt
Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of
the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at
amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings.
The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the
embedded option to convert the liability into equity of the Group, is included in equity as a separate category.
Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative
carrying values at the date of issue. The portion relating to the equity component is charged directly against equity.
Other loans/borrowings
Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded
at amortised cost using the effective interest method until extinguished.
Arrangement costs for loan facilities such as the Group\u2019s revolving credit facility (RCF) are capitalised and amortised over the life of the facility
at a constant rate.
Accounting policy
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to
passage of time is recognised as interest expense. Provisions for onerous contracts are recognised when the Group believes that the unavoidable
costs of meeting or exiting the contract exceed the economic benefits expected to be received under the contract.
Accounting policy
Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new ordinary shares are shown
in equity as a deduction, net of tax, from the proceeds.
Accounting policies
See accounting policies as follows:
\u2022 Trade and other receivables \u2013 Note 17
\u2022 Cash and cash equivalents \u2013 Note 18
\u2022 Trade and other payables \u2013 Note 19
\u2022 Leases \u2013 Note 13
\u2022 Borrowings \u2013 Note 20
\u2022 Derivative financial instruments \u2013 Note 25
Accounting policy
The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are
designated as cash flow hedges, and are initially measured at fair value on the contract date and then measured at fair value at subsequent
reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy,
the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment
of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised
directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item
subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated
in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other
comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement.
Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the
income statement as they arise.
Accounting policies
The Group issues equity-settled share-based payments to certain employees, whereby employees render services in exchange for shares
or rights over shares of the parent company.
The fair value of the employee services rendered is determined by reference to the fair value of the shares awarded or options granted, excluding
the impact of any non-market vesting conditions. All share options are valued using an option-pricing model. This fair value is charged to the
income statement over the vesting period of the share-based payment scheme with a corresponding increase in equity.
The value of the charge is adjusted in the income statement over the remainder of the vesting period to reflect expected and actual levels
of options vesting, with the corresponding adjustments made in equity.
The Group incurred a cost of \u00a33.4m (2023: \u00a35.2m) net of capitalised costs totalling \u00a31.2m (2023: \u00a31.2m) in relation to share-based payments
during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-320": { "value": "2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards (IFRS) and with the requirements of the Companies Act 2006 and the Listing Rules as applicable to companies reporting under those standards. The financial statements have been prepared under the historical cost basis of accounting, excluding derivative financial instruments which are held at fair value. The financial statements are presented in sterling and all values are rounded to the nearest million pounds except where otherwise indicated. Material accounting policies have been included in the relevant notes to which the policies relate, and those relating to the financial statements as a whole can be read further below. Unless otherwise stated, significant accounting policies have been applied consistently to all periods presented in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-321": { "value": "2.2 Going concern The Directors are satisfied that the Group has sufficient resources to continue in operation for a period of at least 12 months from the date of approval of the financial statements, and therefore continue to adopt the going concern basis in preparing the financial statements. To support this assessment, detailed cash flow forecasts were prepared for the 18-month period to February 2026. In assessing the Group\u2019s going concern position, the Directors have considered the Group\u2019s detailed budgeting and forecasting process which reflects the Group\u2019s financial performance, position, and cash flows over the going concern period (the base case). These cash flow forecasts represent the Directors\u2019 best estimate of trading performance and cost implications in the market based on current agreements, market experience and consumer demand expectations. In conjunction with this, the Directors considered the Group\u2019s business activities and principal risks, reviewing the Group\u2019s cash flows, liquidity positions and borrowing facilities for the going concern period. At 1 September 2024, the Group was fully drawn on the \u00a3200m term loan with Bantry Bay, and had an undrawn Revolving Credit Facility (\u201cRCF\u201d) of \u00a317m, with a maturity of April 2026, along with \u00a3500m convertible bonds with a maturity of April 2026. The review included the continued availability of borrowings following the post balance sheet repurchase, amendment and extension of both the convertible bond and Bantry Bay debt facilities, details of which can be found in Note 30. Following the partial term loan repayment and changes to the Bantry Bay agreement, the assessment included an opening balance of drawn Bantry Bay debt facility of \u00a3150m (with equivalent undrawn RCF of \u00a329m) and \u00a3327m of convertible bonds (of which \u00a374m held a maturity date of April 2026) within the liquidity forecast. The Group has previously been subject to a minimum liquidity threshold of \u00a390m, which has been removed as part of the new agreement and therefore the only covenant applicable, and primary test in the assessment, is that the Group must remain in a positive liquidity position. Key assumptions \u2013 forecasting business cash flows The assessment of the Group\u2019s going concern position required significant management judgement, including in determining the key assumptions that have the greatest impact on forecasts of future business performance and the range of reasonably possible outcomes of those assumptions. The economic environment has remained challenging throughout FY24 with cost of living pressures continuing to impact customer spending and sentiment, however there have been improvements experienced in both the macro environment and ASOS share performance in Q4 of FY24. The future impact that the economic environment will have on ASOS performance however is uncertain, so for the purposes of the Group\u2019s going concern assessment, the Directors have therefore made assumptions on the likely future cash flows in the uncertain macro environment. The assumptions considered include the full transition to the Group\u2019s new commercial model, as well as a sustained marginal recovery in the macro trading environment, with the online fashion market assumed to experience low single digit % growth on an aggregated basis across the Group\u2019s key territories. The base case assumes a less aggressive share loss in FY25 than experienced in FY24 owed to recent performance and the success of the adoption of the new commercial model, with assumed ASOS sales growth rates of -5% to -10%, returning to double digit YoY growth by the end of the assessment period. Improvements in adjusted gross margin of at least 300bps vs FY24 are assumed during FY25 with further YoY growth in H1 FY26 of c.200bps. These forecasted cash flows include the ongoing impact of the disposal of the Topshop and Topman brands from the Group. Aligned to the Group\u2019s principal risks, the Directors have also considered various severe but plausible downside scenarios against the base case, comprising of the following assumptions: \u2022 Sales growth reduction; \u2022 Gross margin reduction; \u2022 Potential working capital cash impacts. The downside scenarios are considered across both FY25 and H1 FY26, with the greater degree of assumption-based improvements and subsequent volatility in the outer periods commanding more severe downside sensitivities. Sensitivities mapped against the base case within the downside case are highlighted below:
Downside vs base case
FY25
H1 FY26
Sales
(8)%
(20)%
Gross Margin
(320)bps
(400)bps
Working Capital impact (average)
\u00a3(88)m
\u00a3(77)m
Should the Group see such significant events unfold it has several mitigating actions it can implement to manage its liquidity risk, such as deferring capital investment spend, deferring or reducing stock intake to match the sales reduction, and implementing further cost management to maintain a sufficient level of liquidity headroom during the going concern period. The combined impact of the above downside scenarios and mitigations does not trigger a liquidity breach at any point in the going concern period. Reverse stress tests have also been performed on both the Group\u2019s revenue and gross margin. The tests under consideration hold all metrics in line with the downside case highlighted above, analysing how far the stress metric would need to decline against the base case to cause a liquidity event. Such results would have to see over a 22% decline in sales over the base case or an aggregate decline in gross margin rate from the base case of over 550bps across the entire assessment period. Both are considered remote based on results of previous significant economic events and recent trading performance, particularly on the basis that the Group is annualising the challenging market conditions in FY24. In assessing the group\u2019s ability to continue as a going concern the directors have considered climate change risks as disclosed within Task Force on Climate-related Financial Disclosures (TCFD) report on pages 34 to 45. Specifically the disclosed impacts represent unmitigated scenarios that do not reflect the Group\u2019s proactive risk management or strategic initiatives. Any potential impacts within the going concern period are not considered material and are significantly lower than the disclosed reasonable worst case that takes into account all matters of which the Group is currently aware, including potential climate-related impacts, and are within the reverse stress test tolerances. As a result, climate risks are effectively encompassed within the scenarios already modelled and it is not considered that climate-related risks affect the Group\u2019s ability to continue as a going concern. The Directors have also considered the \u00a374m convertible bonds that mature in April 2026 (outside of the assessment window) and concluded that they can be repaid within both a base case and downside scenario. The Group is also subject to a springing maturity clause in the term loan facility in April 2026, conditional upon forward projection of base case cash flows, which was also considered as part of the assessment and is not expected to be triggered. Based on the above, the Directors have concluded that, on the basis of there being liquidity headroom under both the base case and downside scenarios, and the consideration that the reverse stress test scenario is remote, it is appropriate to adopt the going concern basis of accounting in the preparation of the Group\u2019s annual financial statements, with no material uncertainty to disclose. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-322": { "value": "2.3 Climate change within the financial statements In preparing the Group\u2019s financial statements, consideration has been given to the impact of both physical and transition climate change risks, as described within the Task Force on Climate-Related Financial Disclosures (TCFD) section on pages 34 to 45, and how these may impact the financial statements. The scenarios and time horizons included within the Group\u2019s TCFD disclosures are useful for assessing the Group\u2019s potential climate-related risks and opportunities, but are based on unmitigated assumptions. This means that they explore the potential impacts of climate on the business without assuming the implementation of any additional mitigation efforts by either the Group or its stakeholders (e.g. governments or industries) to reduce the likelihood of these risks being realised. These scenarios are exploratory in nature and are not predictions or forecasts. They rely on assumptions based on the current understanding of climate trends, with the recognition that actual outcomes may vary as policies, technologies, and market responses continue to develop. While it is not believed that these climate change risks have a material impact on the financial statements, further narrative disclosure has been provided in the following notes: \u2022 Going Concern \u2013 Note 2.2 \u2022 Significant accounting judgements and estimates \u2013 Note 2.7 \u2022 The recognition of deferred tax assets - Note 9 \u2022 Property, plant and equipment \u2013 Note 12 \u2022 Impairment of non-financial assets \u2013 Note 14 \u2022 Provisions \u2013 Note 21 It is recognised that the uncertainty and complexity of these issues may make it challenging to fully capture their potential impact. The ongoing assessment of these risks will be refined in future financial statements as they become clearer, taking into account the requirements of UK- adopted international accounting standards. ", "dimensions": { "concept": "asosplc:DescriptionOfAccountingPolicyForClimateChangeWithinTheFinancialStatements", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-323": { "value": "2.4 Basis of consolidation a) Subsidiaries Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity where 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 results of subsidiaries are included in the income statement from the date of acquisition or, in the case of disposals, up to the effective date of disposal. Intercompany transactions and balances between Group companies are eliminated upon consolidation. A list of all the subsidiaries of the Group is included on page 186. All apply accounting policies which are consistent with those of the rest of the Group. The Employee Benefit Trust and Link Market Trust Services Limited (\u201cThe Trusts\u201d) are separately administered discretionary trusts, the assets of which mainly comprise shares in the Company. The assets, liabilities, income and costs of the Trusts are consolidated by the Group. b) Foreign currencies Foreign currency transactions The consolidated financial statements are presented in pound sterling, which is the ultimate parent company\u2019s functional currency. Transactions in foreign currencies are translated into pound sterling at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Foreign operations On consolidation, the assets and liabilities of the Group\u2019s foreign operations are translated into pound sterling at exchange rates prevailing at the year-end date. Profits and losses are translated at average exchange rates for the relevant accounting periods. Exchange differences arising are recognised in the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation reserve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-352": { "value": "a) Subsidiaries Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity where 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 results of subsidiaries are included in the income statement from the date of acquisition or, in the case of disposals, up to the effective date of disposal. Intercompany transactions and balances between Group companies are eliminated upon consolidation. A list of all the subsidiaries of the Group is included on page 186. All apply accounting policies which are consistent with those of the rest of the Group. The Employee Benefit Trust and Link Market Trust Services Limited (\u201cThe Trusts\u201d) are separately administered discretionary trusts, the assets of which mainly comprise shares in the Company. The assets, liabilities, income and costs of the Trusts are consolidated by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-353": { "value": "b) Foreign currencies Foreign currency transactions The consolidated financial statements are presented in pound sterling, which is the ultimate parent company\u2019s functional currency. Transactions in foreign currencies are translated into pound sterling at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Foreign operations On consolidation, the assets and liabilities of the Group\u2019s foreign operations are translated into pound sterling at exchange rates prevailing at the year-end date. Profits and losses are translated at average exchange rates for the relevant accounting periods. Exchange differences arising are recognised in the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-380": { "value": "The consolidated financial statements are presented in pound sterling, which is the ultimate parent company\u2019s functional currency. Transactions in foreign currencies are translated into pound sterling at the exchange rate on the date of the transaction.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-354": { "value": "2.5 New accounting standards The Group adopted the following accounting standards and amendments during the year with no material impact: \u2022 IFRS 17 Insurance Contracts \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 The application of these new interpretations and amendments did not have a material impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-324": { "value": "2.5 New accounting standards The Group adopted the following accounting standards and amendments during the year with no material impact: \u2022 IFRS 17 Insurance Contracts \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 The application of these new interpretations and amendments did not have a material impact on the financial statements. The Group is assessing the impact of the following standards, interpretations and amendments that are not yet effective: \u2022 Amendments to the IFRS for SMEs Accounting Standard \u2013 International Tax Reform \u2013 Pillar Two Model Rules \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 Leases \u2022 Classification of liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 Presentation of Financial Statements \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2013 Supplier Finance Arrangements \u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information \u2022 IFRS S2 Climate-related Disclosures \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures \u2022 IFRS 18 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures \u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures The Group has considered the impact of the remaining above standards and revisions and has concluded that they will not have material impact on the Group\u2019s financial statements, with the exception of IFRS 18 which is under review. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-355": { "value": "The Group is assessing the impact of the following standards, interpretations and amendments that are not yet effective: \u2022 Amendments to the IFRS for SMEs Accounting Standard \u2013 International Tax Reform \u2013 Pillar Two Model Rules \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 Leases \u2022 Classification of liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 Presentation of Financial Statements \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2013 Supplier Finance Arrangements \u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information \u2022 IFRS S2 Climate-related Disclosures \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures \u2022 IFRS 18 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures \u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures The Group has considered the impact of the remaining above standards and revisions and has concluded that they will not have material impact on the Group\u2019s financial statements, with the exception of IFRS 18 which is under review. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-325": { "value": "2.6 Alternative Performance Measures (APMs) In the reporting of financial information, the Directors use various APMs. These APMs should be considered in addition to, and are not intended to be a substitute for, IFRS measurements. As they are not defined by International Financial Reporting Standards, they may not be directly comparable with other companies\u2019 APMs. The Directors believe that these APMs provide additional useful information for understanding the financial performance and health of the Group. They are also used to enhance the comparability of information between reporting periods (such as adjusted profit) by adjusting for non-recurring or uncontrollable factors which affect IFRS measures, to aid users in understanding the Group\u2019s performance. Consequently, APMs are used by the Directors and management for performance analysis, planning, reporting and incentive setting purposes. The income statement shows the items excluded from adjusted profit with a more detailed analysis of the adjustments set out in Note 3. Other APMs that the Group has focused on in the period are defined and reconciled on pages 188 to 193. All of the APMs relate to the current period\u2019s results and comparative periods. ", "dimensions": { "concept": "asosplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-326": { "value": "2.7 Significant accounting judgements and estimates The preparation of the Group\u2019s financial statements requires the use of judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually reviewed and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances. Actual results may differ from these estimates. Any revisions to accounting estimates are applied prospectively. The Audit Committee considers estimates and judgements made by management, as detailed in the Audit Committee Report on pages 96 to 101. Key sources of estimation uncertainty The key sources of estimation uncertainty at the reporting period end that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial period are as below: \u2022 Impairment of non-financial assets \u2013 refer to Note 14 \u2022 Inventory valuation \u2013 refer to Note 15 \u2022 Recognition of deferred tax assets \u2013 refer to Note 9 The recognition of deferred tax assets has been added as a key source of estimation uncertainty this year. Critical accounting judgements Critical judgements, apart from those involving estimations, that are applied in the preparation of the consolidated Group financial statements are discussed below: \u2022 Going concern \u2013 refer to Note 2.2 \u2022 Identification of adjusting items \u2013 refer to Note 3 \u2022 Lease term \u2013 refer to Note 13 Impact of climate change on the Group\u2019s judgements and estimates In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has been given to the impact of climate change risk on these. It is not considered that climate change risks have any material impacts on the Group\u2019s judgements or sources of estimation uncertainty for the following reasons:
Estimate/judgement
Explanation
Impairment of non-financial assets
\u2022
Refer to Note 14
Inventory valuation
\u2022
Inventory is a current asset, and therefore by definition expected to be sold within one year. The
Group has considered the FY25 impacts of the considered climate risks, and concluded that there is
not a material risk to inventory valuation.
Recognition of deferred tax assets
\u2022
Refer to Note 9
Going concern
\u2022
Refer to Note 2.2
Identification of adjusting items
\u2022
Relates to in-year activity therefore not impacted by climate change.
Identification of lease terms
\u2022
Judgement related to the Group\u2019s lease portfolio, for which the risk from climate change is not
considered material. The warehouses and head office sites are located in areas which the Group
would not expect to be physically impacted by climate change.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-356": { "value": "Key sources of estimation uncertainty The key sources of estimation uncertainty at the reporting period end that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial period are as below: \u2022 Impairment of non-financial assets \u2013 refer to Note 14 \u2022 Inventory valuation \u2013 refer to Note 15 \u2022 Recognition of deferred tax assets \u2013 refer to Note 9 The recognition of deferred tax assets has been added as a key source of estimation uncertainty this year. Critical accounting judgements Critical judgements, apart from those involving estimations, that are applied in the preparation of the consolidated Group financial statements are discussed below: \u2022 Going concern \u2013 refer to Note 2.2 \u2022 Identification of adjusting items \u2013 refer to Note 3 \u2022 Lease term \u2013 refer to Note 13 Impact of climate change on the Group\u2019s judgements and estimates In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has been given to the impact of climate change risk on these. It is not considered that climate change risks have any material impacts on the Group\u2019s judgements or sources of estimation uncertainty for the following reasons: Estimate/judgement Explanation Impairment of non-financial assets \u2022 Refer to Note 14 Inventory valuation \u2022 Inventory is a current asset, and therefore by definition expected to be sold within one year. The Group has considered the FY25 impacts of the considered climate risks, and concluded that there is not a material risk to inventory valuation. Recognition of deferred tax assets \u2022 Refer to Note 9 Going concern \u2022 Refer to Note 2.2 Identification of adjusting items \u2022 Relates to in-year activity therefore not impacted by climate change. Identification of lease terms \u2022 Judgement related to the Group\u2019s lease portfolio, for which the risk from climate change is not considered material. The warehouses and head office sites are located in areas which the Group would not expect to be physically impacted by climate change. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-327": { "value": "
3 ADJUSTED PROFIT BEFORE TAX
Critical accounting judgement \u2013 identification of adjusted items
In order to provide shareholders with additional insight into the year-on-year performance of the business, an adjusted measure of profit is
provided to supplement the reported IFRS numbers, and reflects how the business measures performance internally. Adjusted items are those
which are significant either by virtue of their size and/or nature, the inclusion of which could distort comparability between periods. The
assessment is made both on an individual basis and, if of a similar type, in aggregate.
The assessment of whether to adjust certain items requires judgement, and covers the nature of the item, the cause of its occurrence and the
scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with prior periods. The
same assessment is applied consistently to any reversals of prior adjusting items. Adjusted profit before tax is not an IFRS measure and therefore
not directly comparable to other companies.
Income statement
2024
Administrative Finance
Revenue Cost of sales expenses expenses Total before tax Tax Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Commercial operating
9.8
(104.6)
\u2013
\u2013
(94.8)
23.6
(71.2)
model change
Property-related costs
\u2013
\u2013
(141.5)
(2.9)
(144.4)
3 6.1
(108.3)
Other strategic initiatives
\u2013
\u2013
(3.4)
\u2013
(3.4)
0.9
(2.5)
Amortisation of acquisition
\u2013
\u2013
(10.7)
\u2013
(10.7)
2.7
(8.0)
intangibles
Unrecognised deferred tax
\u2013
\u2013
\u2013
\u2013
\u2013
(25.3)
(25.3)
assets
9.8
(104.6)
(155.6)
(2.9)
(253.3)
38.0
(215.3)
2023 Administrative
Revenue Cost of sales expenses Finance expenses Total before tax Tax Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Commercial operating
11.5
(130.0)
(14.7)
\u2013
(133.2)
33.2
(100.0)
model change
Property-related costs
\u2013
\u2013
(60.2)
(0.5)
(60.7)
15.2
(45.5)
Other strategic initiatives
\u2013
\u2013
(24.6)
(6.4)
(31.0)
7.4
(23.6)
Amortisation of acquisition
\u2013
\u2013
(10.7)
\u2013
(10.7)
2.7
(8.0)
intangibles
Other items
\u2013
14.1
(4.9)
\u2013
9.2
(2.3)
6.9
11.5
(115.9)
(115.1)
(6.9)
(226.4)
56.2
(170.2)
Cash flow statement
The total cash flow impact of adjusting items is as follows:
2024 2023
\u00a3m \u00a3m
Commercial operating model change
0.2
3.5
Other strategic initiatives
(20.4)
(56.9)
Total adjusting items within operating cash flow
(20.2)
(53.4)
Commercial operating model change
During the prior period, the Board approved the introduction of a new commercial operating model. The new model involves a more disciplined
approach to intake, increased speed to market and clearing product more quickly to reduce the Group\u2019s inventory requirement, increase full
price sales and hence gross margin, and improve customer engagement. To unlock these benefits, the Group has had to clear old stock acquired
under its previous ways of working via clearance routes, resulting in additional costs recognised in the prior period of \u00a3133.2m.
The Group has been transitioning to the new model throughout the period, utilising increased discounting during the first half to accelerate the
clearance of aged stock. In the second half of the period, the Group tested the suppression of remaining older stock to increase the full-price
sales mix in line with the new operating model principles. The increases in gross margin were in line with those anticipated as part of the new
operating model. As a result, a decision was taken to recognise a provision against this inventory with a view to fully removing from the website
and selling via clearance routes, allowing the Group to operate fully on the new model from the beginning of the next financial year.
Additional net costs were recognised in the current period totalling \u00a393.0m. The remaining net cost of \u00a31.8m relates to the sell through of
inventory written down in the prior period. Net expenditure incurred to date in relation to the commercial model change totals \u00a3228.0m, across
2023 and 2024.
Property-related costs
Adjusted property-related costs comprise the following, of which \u00a3141.8m relates to the closure of the Lichfield fulfilment centre, announced
during the current period:
2024 2023
\u00a3m \u00a3m
Impairment of property, plant and equipment (a)
(97.7)
(5.6)
Impairment of intangible assets (a)
(2.2)
(1.7)
Impairment of right-of-use assets (a)
(15.8)
(20.0)
Impairment of investment property (a)
(4.2)
(1.3)
Non-capitalised asset spend (b)
(16.5)
\u2013
Onerous occupancy costs (c)
(5.3)
(18.3)
Accelerated depreciation (d)
\u2013
(7.6)
Recognition of net investment in lease receivable (e)
4.4
\u2013
Other closure costs (f)
(7.1)
(6.2)
(144.4)
(60.7)
a) Impairment of assets following activity to vacate sites the Group operates from, which for the current period predominantly relates to the
Group\u2019s Lichfield fulfilment centre. During the current period, the Board approved the commencement of a process to mothball the Lichfield
fulfilment centre, following completion of the automation project in this period. The site is not yet being actively marketed, however during the
period the Group commenced and completed activities to vacate and mothball the site. The recoverable amount for the Lichfield fulfilment
centre was based on its value-in-use, and determined to be \u00a3nil on the basis that the site would be mothballed. Investment property amounts
relate to impairments on vacant office space.
b) Following activity to commence vacating the Lichfield fulfilment centre at the end of January 2024, the Group considered whether subsequent
committed spend to complete the automation could be capitalised and concluded not, on the basis that it was no longer probable that the
spend would result in future economic benefits. The spend has therefore been recognised in the income statement during the period, outside of
adjusted profit. Prior to this date, the spend incurred was considered capital.
c) Onerous contract costs that the Group is contractually committed to due to being party to a lease on a site agreed to be exited. Upon initial
recognition of such provisions, management uses its best estimates of the relevant costs to be incurred as well as expected closure dates. This
excludes business rates on leased property which are recognised in the period they are incurred.
d) Where sites are to be vacated in a later period, the remaining useful economic lives of corresponding sites are reassessed to align with closure
dates, resulting in an acceleration in depreciation of these assets. The accelerated depreciation (over and above the charge absent the
closure decision) is recognised within adjusting items.
e) During the period, the Group sublet its distribution centre in Austell, which had been vacated and therefore impaired in the prior period. The
sublet constitutes the remaining term of the lease and therefore constitutes a finance lease under IFRS 16 \u201cLeases\u201d. A lease receivable (within
other receivables on the balance sheet) has therefore been recognised, with a net income statement gain of \u00a34.4m.
f) Includes costs associated with vacating sites, such as severance and stock transfers, as well as business rates and interest costs on
vacant sites.
Other strategic initiatives
After the period end date, on 5 September 2024, the Group announced that it had entered into a binding agreement with a subsidiary of
Heartland A/S to sell the Topshop and Topman brand names from ASOS. Costs of \u00a33.4m have therefore been recognised, relating to consultancy
and other professional costs. The transaction subsequently completed on 9 October 2024. Refer to Note 30 for more information.
Amortisation of acquired intangible assets
Amortisation of acquired intangible assets is adjusted for as acquisitions are outside business-as-usual operations for ASOS. These assets would
not normally be recognised outside of a business combination, therefore the associated amortisation is adjusted.
Unrecognised deferred tax assets
Deferred tax assets of \u00a352.3m were not recognised in the period and were instead recognised in the income statement. Of the amounts
unrecognised, \u00a325.3m was attributed to losses excluded from adjusted profit. Further information is included in Note 9.
", "dimensions": { "concept": "asosplc:DisclosureOfAdjustedProfitBeforeTax", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-328": { "value": "4 REVENUE Accounting policy Revenue arises from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of returns, related discounts and value added taxes. Revenue is recognised when performance obligations are satisfied, at the transaction price allocated to that obligation. Further information is included below. Retail sales Retail sales represent the majority of the Group\u2019s revenue, and consist of internet sales. Revenues for goods are recognised on dispatch to the customer instead of delivery to the customer for practical reasons. The impact of this is assessed at each reporting period and is immaterial to Group revenue and profits. Where consideration has been received in advance of the performance obligation being satisfied (such as gift card sales or unshipped sales), a contract liability is recognised. Returns are provided for as a reduction to revenue when sales are recorded, based on management\u2019s best estimate of the amount required, taking into account historical trends and past experience. A refund liability is recognised within trade and other payables, and a separate right of return asset is recognised and included within inventory which represents the right to recover product from the customer. Revenue from other services Revenue from other services relates to premier subscription revenue, marketing revenue earned from the website, commission revenue, delivery receipt payments and revenue recognised in relation to wholesale sales and jobber sales. Revenue relating to the Group\u2019s ASOS Premier subscription (which span a year) is recognised on a straight-line basis throughout the year\u2019s subscription. Revenue from marketing services is recognised as performance obligations are completed in line with the terms and conditions of each contract. Commission revenue relates to the sale of third-party products where it has been determined that the Group is acting as an agent. Sales commission from third parties is recognised when the related goods or services are sold. In line with retail sales, delivery receipts and wholesale revenue are recognised on dispatch to the customer instead of at delivery. The impact is not material to the Group\u2019s results.
2024 2023
\u00a3m \u00a3m
Retail sales
2,760.5
3,388.2
Premier subscription revenue
21.1
24.7
Marketing and other services
1
31.7
20.7
Delivery receipts
62.6
72.7
Wholesale revenue
29.9
43.2
2,905.8
3,549.5
1 Marketing and other services includes commission income.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-400": { "value": "Accounting policy Revenue arises from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of returns, related discounts and value added taxes. Revenue is recognised when performance obligations are satisfied, at the transaction price allocated to that obligation. Further information is included below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-329": { "value": "
5 SEGMENTAL ANALYSIS
IFRS 8 \u201cOperating Segments\u201d requires operating segments to be identified on the basis of internal reporting on 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 determined to be the Management Committee. It is the Management Committee that reviews the
Group\u2019s internal reporting in order to assess performance and allocate resources across the business. In doing so, the Management Committee
reviews performance across the Group via a number of sources, comprising regular monthly management accounts, and ad hoc analysis that
provides deep dives into different areas, including territory, brands and revenue streams.
In determining the Group\u2019s operating segments, management has considered the level of information which is regularly reviewed by the
Management Committee. Information regularly reviewed by the Management Committee is at a consolidated Group level only, with some
disaggregated revenue information and associated metrics provided for the geographical territories of the UK, the US, Europe and the Rest of
the World. However, decisions on resource allocation are not made based on this information. Such decisions are made on ad hoc analysis,
separately provided to the Management Committee, and does not constitute information that is either regularly provided to, nor reviewed by,
the Management Committee. As a result, it has been concluded that the Group has only one operating segment (the Group level).
The following sets out the Group\u2019s revenue in the key geographic markets in which customers are located:
2024
UK EU US Rest of World Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retail sales
1,270.4
977.8
298.2
214.1
2,760.5
Income from other services
63.2
30.6
40.6
10.9
145.3
Total revenue
1,333.6
1,008.4
338.8
225.0
2,905.8
Cost of sales
(1,743.3)
Gross profit
1,162.5
Distribution expenses
(326.1)
Administrative expenses
(1,170.3)
Other income
2.0
Operating loss
(331.9)
Finance income
12.0
Finance expenses
(59.4)
Loss before tax
(379.3)
Non-current assets
1
668.6
175.0
183.2
\u2013
1,026.8
2023
UK EU US Rest of World Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retail sales
1,494.6
1,127.3
443.6
322.7
3,388.2
Income from other services
59.8
29.4
57.5
14.6
161.3
Total revenue
1,554.4
1,156.7
5 01.1
337.3
3,549.5
Cost of sales
(2,090.5)
Gross profit
1,459.0
Distribution expenses
(429.7)
Administrative expenses
(1,279.8)
Other Income
2.0
Operating loss
(248.5)
Finance income
5.0
Finance expenses
(53.2)
Loss before tax
(296.7)
Non-current assets
1
994.1
177.9
162.0
\u2013
1,334.0
1 Non-current assets above exclude goodwill, derivative financial assets and deferred tax assets.
Due to the nature of its activities, the Group is not reliant on any individual major customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-330": { "value": "
6 OPERATING LOSS
Operating loss is stated after charging/(crediting):
2024 2023
\u00a3m \u00a3m
Depreciation and amortisation:
Property, plant and equipment
28.9
31.4
Right-of-use assets
25.1
35.9
Investment properties
1.0
0.5
Other intangible assets
117.3
104.7
Impairment of non-financial assets:
Property, plant and equipment
97.7
5.6
Right-of-use assets
15.8
20.0
Investment properties
4.2
1.3
Other intangible assets
2.2
5.2
Onerous contract charges
5.3
18.3
Net foreign exchange gains
2.1
\u2013
Expense relating to short-term leases
1.0
2.3
Expense relating to leases of low value assets that are not shown above as short-term leases
0.3
0.4
Sub-let income relating to leases under IFRS 16
(1.5)
(1.4)
Gain on recognition of net investment in lease receivable
(4.4)
\u2013
2024 2023
\u00a3m \u00a3m
Auditors' remuneration:
Audit and audit-related services:
Statutory audit of parent company and consolidated financial statements
1.4
1.1
Statutory audit of the Company\u2019s subsidiaries pursuant to legislation
0.2
0.2
1.6
1.3
Costs relating to the audit of the parent company are borne by ASOS.com Limited. The policy for the approval of non-audit fees is set out in the
Audit Committee Report on pages 96 to 101. Costs related to non-audit services provided by the Group\u2019s auditors were \u00a31.0m (2023: \u00a30.3m), the
majority of which are in relation to work associated with the sale of the Topshop and Topman brands, see Note 30 for further detail.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-381": { "value": "6 OPERATING LOSS
Operating loss is stated after charging/(crediting):
2024 2023
\u00a3m \u00a3m
Depreciation and amortisation:
Property, plant and equipment
28.9
31.4
Right-of-use assets
25.1
35.9
Investment properties
1.0
0.5
Other intangible assets
117.3
104.7
Impairment of non-financial assets:
Property, plant and equipment
97.7
5.6
Right-of-use assets
15.8
20.0
Investment properties
4.2
1.3
Other intangible assets
2.2
5.2
Onerous contract charges
5.3
18.3
Net foreign exchange gains
2.1
\u2013
Expense relating to short-term leases
1.0
2.3
Expense relating to leases of low value assets that are not shown above as short-term leases
0.3
0.4
Sub-let income relating to leases under IFRS 16
(1.5)
(1.4)
Gain on recognition of net investment in lease receivable
(4.4)
\u2013
2024 2023
\u00a3m \u00a3m
Auditors' remuneration:
Audit and audit-related services:
Statutory audit of parent company and consolidated financial statements
1.4
1.1
Statutory audit of the Company\u2019s subsidiaries pursuant to legislation
0.2
0.2
1.6
1.3
Costs relating to the audit of the parent company are borne by ASOS.com Limited. The policy for the approval of non-audit fees is set out in the Audit Committee Report on pages 96 to 101. Costs related to non-audit services provided by the Group\u2019s auditors were \u00a31.0m (2023: \u00a30.3m), the majority of which are in relation to work associated with the sale of the Topshop and Topman brands, see Note 30 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-392": { "value": "2024 2023 \u00a3m \u00a3m Depreciation and amortisation: Property, plant and equipment 28.9 31.4 Right-of-use assets 25.1 35.9 Investment properties 1.0 0.5 Other intangible assets 117.3 104.7 Impairment of non-financial assets: Property, plant and equipment 97.7 5.6 Right-of-use assets 15.8 20.0 Investment properties 4.2 1.3 Other intangible assets 2.2 5.2 Onerous contract charges 5.3 18.3 Net foreign exchange gains 2.1 \u2013 Expense relating to short-term leases 1.0 2.3 Expense relating to leases of low value assets that are not shown above as short-term leases 0.3 0.4 Sub-let income relating to leases under IFRS 16 (1.5) (1.4) Gain on recognition of net investment in lease receivable (4.4) \u2013 12 PROPERTY, PLANT AND EQUIPMENT Accounting policy Property, plant and equipment is stated at historical cost less accumulated depreciation and any recognised provision for impairment. Capital work in progress is held at cost less any recognised provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated economic useful life of: Fixtures, fittings, plant and machinery: 5 to 15 years Computer hardware: 3 to 5 years
Fixtures,
fittings, plant Computer Assets under
and machinery hardware construction Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
As at 4 September 2023
410.7
43.0
109.2
562.9
Additions
1.2
4.0
42.0
47.2
Disposals
\u2013
(1.8)
\u2013
(1.8)
Transfers
0.2
0.1
(0.3)
\u2013
As at 1 September 2024
412.1
45.3
150.9
608.3
Accumulated depreciation and impairment
As at 4 September 2023
165.4
32.1
2.8
200.3
Charge for the year
22.5
6.4
\u2013
28.9
Disposals
\u2013
(1.8)
\u2013
(1.8)
Impairment charge for the year
31.0
1.2
65.5
97.7
As at 1 September 2024
218.9
37.9
68.3
325.1
Net book value at 1 September 2024
193.2
7.4
82.6
283.2
Cost
As at 1 September 2022
408.5
41.1
65.4
515.0
Additions
1.1
0.6
46.2
47.9
Transfers
1.1
1.3
(2.4)
\u2013
As at 3 September 2023
410.7
43.0
109.2
562.9
Accumulated depreciation and impairment
As at 1 September 2022
134.8
26.0
2.5
163.3
Charge for the period
25.4
6.0
\u2013
31.4
Impairment charge for the period
5.2
0.1
0.3
5.6
As at 3 September 2023
165.4
32.1
2.8
200.3
Net book value at 3 September 2023
245.3
10.9
106.4
362.6
Significant assets under construction as at 1 September 2024 consists primarily of amounts spent to automate the Atlanta fulfilment centre totalling \u00a379.8m (2023: \u00a358.0m). Refer to Note 3 for details of impairments. 12.1 Interest capitalised
2024 2023
\u00a3m \u00a3m
Included within additions
7.7
4.8
Accumulated capitalised interest (net of disposals) included within cost
14.7
7.0
Accumulated capitalised interest (net of disposals) held within net book value
9.3
7.0
Capitalisation rate
7.9%
5.3%
12.2 Climate change The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. This includes consideration over climate change related risks which may impact the useful lives of the Group\u2019s assets, such as the impact of acute weather events on fulfilment centres. During the year, no changes were made to the remaining useful lives of the Group\u2019s assets as a result of climate change risks.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-357": { "value": "
2024 2023
\u00a3m \u00a3m
Auditors' remuneration:
Audit and audit-related services:
Statutory audit of parent company and consolidated financial statements
1.4
1.1
Statutory audit of the Company\u2019s subsidiaries pursuant to legislation
0.2
0.2
1.6
1.3
Costs relating to the audit of the parent company are borne by ASOS.com Limited. The policy for the approval of non-audit fees is set out in the Audit Committee Report on pages 96 to 101. Costs related to non-audit services provided by the Group\u2019s auditors were \u00a31.0m (2023: \u00a30.3m), the majority of which are in relation to work associated with the sale of the Topshop and Topman brands, see Note 30 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-331": { "value": "
7 EMPLOYEE COSTS
7.1. Employee benefit expenses
2024 2023
\u00a3m \u00a3m
Wages and salaries including bonus and termination benefits
186.1
192 .1
Social security costs
21.6
21.5
Pension costs
7.7
8.3
Share-based payment charges
4.6
6.4
Gross total
220.0
228.3
Less: staff costs capitalised in relation to capitalised projects
(64.6)
(58.3)
155.4
170.0
7.2. Average employee numbers (including Directors)
2024
2023
By activity:
Fashion
921
1,120
Operations
1,168
1,249
Technology
938
983
3,027
3,352
Details of key management compensation can be found in Note 27 and within the Directors\u2019 Remuneration Report on pages 102 to 115.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-399": { "value": "8 FINANCE INCOME AND EXPENSES Accounting policy Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use, and for the Group relate to the automation projects within its fulfilment centres.
2024 2023
\u00a3m \u00a3m
Finance income
Interest on deposits
12.0
5.0
Finance expenses
Interest on borrowings
(58.5)
(50.8)
IFRS 16 lease interest
(5.5)
(5.6)
Provisions \u2013 unwind of discount
(3.1)
(1.6)
Interest capitalised
7.7
4.8
Total finance expenses
(59.4)
(53.2)
Net finance expenses
(47.4)
(48.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-396": { "value": "8 FINANCE INCOME AND EXPENSES Accounting policy Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use, and for the Group relate to the automation projects within its fulfilment centres.
2024 2023
\u00a3m \u00a3m
Finance income
Interest on deposits
12.0
5.0
Finance expenses
Interest on borrowings
(58.5)
(50.8)
IFRS 16 lease interest
(5.5)
(5.6)
Provisions \u2013 unwind of discount
(3.1)
(1.6)
Interest capitalised
7.7
4.8
Total finance expenses
(59.4)
(53.2)
Net finance expenses
(47.4)
(48.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-393": { "value": "8 FINANCE INCOME AND EXPENSES Accounting policy Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use, and for the Group relate to the automation projects within its fulfilment centres.
2024 2023
\u00a3m \u00a3m
Finance income
Interest on deposits
12.0
5.0
Finance expenses
Interest on borrowings
(58.5)
(50.8)
IFRS 16 lease interest
(5.5)
(5.6)
Provisions \u2013 unwind of discount
(3.1)
(1.6)
Interest capitalised
7.7
4.8
Total finance expenses
(59.4)
(53.2)
Net finance expenses
(47.4)
(48.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-382": { "value": "8 FINANCE INCOME AND EXPENSES Accounting policy Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use, and for the Group relate to the automation projects within its fulfilment centres.
2024 2023
\u00a3m \u00a3m
Finance income
Interest on deposits
12.0
5.0
Finance expenses
Interest on borrowings
(58.5)
(50.8)
IFRS 16 lease interest
(5.5)
(5.6)
Provisions \u2013 unwind of discount
(3.1)
(1.6)
Interest capitalised
7.7
4.8
Total finance expenses
(59.4)
(53.2)
Net finance expenses
(47.4)
(48.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-358": { "value": "8 FINANCE INCOME AND EXPENSES Accounting policy Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use, and for the Group relate to the automation projects within its fulfilment centres.
2024 2023
\u00a3m \u00a3m
Finance income
Interest on deposits
12.0
5.0
Finance expenses
Interest on borrowings
(58.5)
(50.8)
IFRS 16 lease interest
(5.5)
(5.6)
Provisions \u2013 unwind of discount
(3.1)
(1.6)
Interest capitalised
7.7
4.8
Total finance expenses
(59.4)
(53.2)
Net finance expenses
(47.4)
(48.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-332": { "value": "8 FINANCE INCOME AND EXPENSES Accounting policy Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use, and for the Group relate to the automation projects within its fulfilment centres.
2024 2023
\u00a3m \u00a3m
Finance income
Interest on deposits
12.0
5.0
Finance expenses
Interest on borrowings
(58.5)
(50.8)
IFRS 16 lease interest
(5.5)
(5.6)
Provisions \u2013 unwind of discount
(3.1)
(1.6)
Interest capitalised
7.7
4.8
Total finance expenses
(59.4)
(53.2)
Net finance expenses
(47.4)
(48.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-424": { "value": "Accounting policy Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use, and for the Group relate to the automation projects within its fulfilment centres. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-402": { "value": "Accounting policy Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use, and for the Group relate to the automation projects within its fulfilment centres. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-416": { "value": "Accounting policy Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use, and for the Group relate to the automation projects within its fulfilment centres. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-333": { "value": "9 TAXATION Accounting policy Current tax Current tax is accounted for on the basis of tax laws enacted or substantively enacted at the balance sheet date. Current tax is charged or credited to the income statement, except when it relates to items charged to equity or other comprehensive income. Deferred tax Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or other comprehensive income. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority, on either the taxable entity or different taxable entities, and where there is an intention to settle the balances on a net basis. Significant source of estimation uncertainty \u2013 Recognition of deferred tax assets In accordance with IAS 12 \u201cIncome Taxes\u201d, the Company recognises deferred tax assets to the extent that it is probable that future taxable profit will be available, against which the deductible temporary differences and the carry-forward of unused tax losses can be utilised. In line therefore with the judgements and estimates disclosed with going concern (refer Note 2) and impairment (refer Note 14), the recognition of deferred tax assets requires the Group to make significant estimates about the future profitability of its operations. In determining the amount of deferred tax assets recognised, management makes estimates of future taxable profits and the likelihood of their being recovered within a reasonably foreseeable timeframe, being a minimum of five years, aligned to the Group\u2019s strategic planning process. In making these estimates, management considers the current and projected financial performance of the Group, including profit margins, revenue growth, and cost management strategies, which are derived from management forecasts and consistent with those used as part of the Group\u2019s going concern and impairment assessments. Risk adjustments are then applied, with a greater adjustment applied to periods where there is less evidence of profits, in particular, those further in the future. The Group also considers the timing and amount of deductible temporary differences. As at 1 September 2024, the Group has net deferred tax assets of \u00a3114.8m of which \u00a362.5m have been recognised. A further \u00a352.3m of deferred tax assets in relation to losses have not been recognised. The deferred tax assets have no expiry date and the Group believes that it is probable that future taxable profits, together with the reversal of existing temporary differences, will be sufficient to utilise the recognised deferred tax assets, however actual outcomes could differ from these estimates due to changes in the factors mentioned above. A movement of +/-10% in the forecast taxable profits would increase/decrease the amount of deferred tax asset recognised by \u00a37.8m, and is considered a reasonable possible change. The deferred tax assets unrecognised relate to losses on a mix of adjusted and non-adjusted items. Therefore the charge relating to the unrecognised deferred tax asset has been apportioned between adjusted and unadjusted profit in proportion to the total tax losses arising within each category, with \u00a325.3m recognised outside adjusted profit, and \u00a327.0m within adjusted profit. 9.1 Income statement
2024 2023
\u00a3m \u00a3m
Current period UK tax
\u2013
\u2013
Current period overseas tax
3.6
3.4
Adjustment in respect of prior period corporation tax
(4.4)
(4.1)
Total current tax credit
(0.8)
(0.7)
Origination and reversal of temporary differences
(42.4)
(73.2)
Adjustment from changes in tax rates
\u2013
(0.1)
Adjustment in respect of prior periods
2.6
0.4
Total deferred tax credit
(39.8)
(72.9)
Total income tax credit in income statement
(40.6)
(73.6)
Analysed as:
Tax on adjusted loss
(2.6)
(17.4)
Tax on items excluded from adjusted loss
(38.0)
(56.2)
Total income tax credit in income statement
(40.6)
(73.6)
Effective tax rate
10.7%
24.8%
Reconciliation of tax credit
The effective tax rate of 10.7% (2023: 24.8%) is lower than (2023: higher than) the rate of corporation tax in the UK of 25.0%
(2023: 21.5%). The differences are explained below:
2024 2023
\u00a3m \u00a3m
Loss before tax
(379.3)
(296.7)
Tax on loss at standard rate of UK corporation tax of 25% (2023: 21.5%)
(94.8)
(63.8)
Effects of:
Expenses not deductible for taxation purposes
2.0
3.9
Tax incentives
\u2013
(1.1)
Rate differences: overseas tax
0.2
0.5
UK tax rate differential
\u2013
(10.0)
Tax adjustments on share-based payments
1.3
0.6
Adjustment in respect of prior years
(1.6)
(3.7)
Unrecognised losses
52.3
\u2013
Total tax credit in the income statement
(40.6)
(73.6)
On 11 July 2023, the government of the UK, where the parent company is incorporated, enacted the Pillar Two income taxes legislation effective
from 1 January 2024. Under the legislation, the parent company will be required to pay, in the UK, top-up tax on profits of its subsidiaries and any
UK profits that are taxed at an effective tax rate of less than 15%. The introduction of this legislation is not anticipated to have a material impact
on the financial position of the Group since the countries in which the Group has operations, including the UK, all pay taxes above 15% and
forecasts support the expectation that, after considering relevant adjustments, this will continue to be the case. Had the rules applied to the
period ended 1 September 2024, the transitional safe harbours would have applied such that no top-up taxes arose. The Group continues to
assess the impact of the Pillar Two income taxes legislation on its future financial performance. The Group has applied the exception under IAS 12
\u2018Income Taxes\u2019 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
9.2 Tax recognised in other comprehensive income
2024 2023
\u00a3m \u00a3m
Deferred tax credit on movement of derivative financial instruments
(4.0)
(2.0)
9.3 Tax recognised in the statement of changes in equity
2024 2023
\u00a3m \u00a3m
Deferred tax charge/(credit) on movement in tax base of share options
0.1
(0.2)
9.4 Deferred tax analysis
The movements in deferred tax assets and liabilities during the financial period, prior to the offsetting of the balances within the same tax
jurisdiction, are shown below:
Research
and
Accelerated Derivatives Corporate development
capital Share-based and foreign Interest expenditure
allowances payments exchange Losses Restriction credit Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 September 2022
(26.9)
(1.0)
(7.7)
\u2013
\u2013
(18.2)
(4.4)
(58.2)
(Charge)/credit to income statement
(7.4)
0.6
\u2013
84.9
\u2013
(2.6)
(2.6)
72.9
Credit to other comprehensive
income
\u2013
\u2013
2.0
\u2013
\u2013
\u2013
\u2013
2.0
Credit to equity
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
Balance sheet credit for withheld tax
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
0.9
As at 3 September 2023
(34.3)
(0.2)
(5.7)
84.9
\u2013
(19.9)
(7.0)
17.8
(Charge)/credit to income statement
10.6
(0.6)
\u2013
3.9
23.7
2.1
0.1
39.8
Credit to other comprehensive
income
\u2013
\u2013
4.0
\u2013
\u2013
\u2013
\u2013
4.0
Charge to equity
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
Balance sheet credit for withheld tax
\u2013
\u2013
\u2013
\u2013
\u2013
1.0
\u2013
1.0
As at 1 September 2024
(23.7)
(0.9)
(1.7)
88.8
23.7
(16.8)
(6.9)
62.5
The other deferred tax liability comprises:
2024 2023
\u00a3m \u00a3m
Unpaid pension expenses
0.4
0.4
Capitalised borrowing costs
(5.8)
(5.4)
Temporary differences arising on acquired customer relationships
(3.4)
(4.1)
Temporary deductions arising on the amortisation of acquired brands
(1.1)
(0.8)
Temporary differences arising as a result of IFRS 16
3.0
2.9
(6.9)
(7.0)
Deferred tax assets and liabilities have been offset where they are due to reverse in the same jurisdiction. The following is the analysis of the
deferred tax balances (after offset):
2024 2023
\u00a3m \u00a3m
Deferred tax \u2013 US
3.2
2.9
Deferred tax \u2013 UK
59.3
14.9
62.5
17.8
9.5 Climate change
The Group has considered the potential impacts of climate risks as disclosed within the Task Force on Climate-related Financial Disclosures
(TCFD) section (pages 34 to 45). While estimated impacts to either revenue or costs (and therefore profit) are noted, they are significantly lower
than the existing risk adjustments already applied, which are used to factor in a range of uncertainties and financial sensitivities, including
potential climate-related impacts. As a result climate risks are effectively encompassed within the broader risk adjustments already applied, and
it is not considered that climate change-related risks result in any changes to the recognition of deferred tax assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-401": { "value": "Current tax Current tax is accounted for on the basis of tax laws enacted or substantively enacted at the balance sheet date. Current tax is charged or credited to the income statement, except when it relates to items charged to equity or other comprehensive income. Deferred tax Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or other comprehensive income. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority, on either the taxable entity or different taxable entities, and where there is an intention to settle the balances on a net basis. Significant source of estimation uncertainty \u2013 Recognition of deferred tax assets In accordance with IAS 12 \u201cIncome Taxes\u201d, the Company recognises deferred tax assets to the extent that it is probable that future taxable profit will be available, against which the deductible temporary differences and the carry-forward of unused tax losses can be utilised. In line therefore with the judgements and estimates disclosed with going concern (refer Note 2) and impairment (refer Note 14), the recognition of deferred tax assets requires the Group to make significant estimates about the future profitability of its operations. In determining the amount of deferred tax assets recognised, management makes estimates of future taxable profits and the likelihood of their being recovered within a reasonably foreseeable timeframe, being a minimum of five years, aligned to the Group\u2019s strategic planning process. In making these estimates, management considers the current and projected financial performance of the Group, including profit margins, revenue growth, and cost management strategies, which are derived from management forecasts and consistent with those used as part of the Group\u2019s going concern and impairment assessments. Risk adjustments are then applied, with a greater adjustment applied to periods where there is less evidence of profits, in particular, those further in the future. The Group also considers the timing and amount of deductible temporary differences. As at 1 September 2024, the Group has net deferred tax assets of \u00a3114.8m of which \u00a362.5m have been recognised. A further \u00a352.3m of deferred tax assets in relation to losses have not been recognised. The deferred tax assets have no expiry date and the Group believes that it is probable that future taxable profits, together with the reversal of existing temporary differences, will be sufficient to utilise the recognised deferred tax assets, however actual outcomes could differ from these estimates due to changes in the factors mentioned above. A movement of +/-10% in the forecast taxable profits would increase/decrease the amount of deferred tax asset recognised by \u00a37.8m, and is considered a reasonable possible change. The deferred tax assets unrecognised relate to losses on a mix of adjusted and non-adjusted items. Therefore the charge relating to the unrecognised deferred tax asset has been apportioned between adjusted and unadjusted profit in proportion to the total tax losses arising within each category, with \u00a325.3m recognised outside adjusted profit, and \u00a327.0m within adjusted profit. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-417": { "value": "Deferred tax Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or other comprehensive income. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority, on either the taxable entity or different taxable entities, and where there is an intention to settle the balances on a net basis. Significant source of estimation uncertainty \u2013 Recognition of deferred tax assets In accordance with IAS 12 \u201cIncome Taxes\u201d, the Company recognises deferred tax assets to the extent that it is probable that future taxable profit will be available, against which the deductible temporary differences and the carry-forward of unused tax losses can be utilised. In line therefore with the judgements and estimates disclosed with going concern (refer Note 2) and impairment (refer Note 14), the recognition of deferred tax assets requires the Group to make significant estimates about the future profitability of its operations. In determining the amount of deferred tax assets recognised, management makes estimates of future taxable profits and the likelihood of their being recovered within a reasonably foreseeable timeframe, being a minimum of five years, aligned to the Group\u2019s strategic planning process. In making these estimates, management considers the current and projected financial performance of the Group, including profit margins, revenue growth, and cost management strategies, which are derived from management forecasts and consistent with those used as part of the Group\u2019s going concern and impairment assessments. Risk adjustments are then applied, with a greater adjustment applied to periods where there is less evidence of profits, in particular, those further in the future. The Group also considers the timing and amount of deductible temporary differences. As at 1 September 2024, the Group has net deferred tax assets of \u00a3114.8m of which \u00a362.5m have been recognised. A further \u00a352.3m of deferred tax assets in relation to losses have not been recognised. The deferred tax assets have no expiry date and the Group believes that it is probable that future taxable profits, together with the reversal of existing temporary differences, will be sufficient to utilise the recognised deferred tax assets, however actual outcomes could differ from these estimates due to changes in the factors mentioned above. A movement of +/-10% in the forecast taxable profits would increase/decrease the amount of deferred tax asset recognised by \u00a37.8m, and is considered a reasonable possible change. The deferred tax assets unrecognised relate to losses on a mix of adjusted and non-adjusted items. Therefore the charge relating to the unrecognised deferred tax asset has been apportioned between adjusted and unadjusted profit in proportion to the total tax losses arising within each category, with \u00a325.3m recognised outside adjusted profit, and \u00a327.0m within adjusted profit. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-383": { "value": "9.4 Deferred tax analysis The movements in deferred tax assets and liabilities during the financial period, prior to the offsetting of the balances within the same tax jurisdiction, are shown below:
Research
and
Accelerated Derivatives Corporate development
capital Share-based and foreign Interest expenditure
allowances payments exchange Losses Restriction credit Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 September 2022
(26.9)
(1.0)
(7.7)
\u2013
\u2013
(18.2)
(4.4)
(58.2)
(Charge)/credit to income statement
(7.4)
0.6
\u2013
84.9
\u2013
(2.6)
(2.6)
72.9
Credit to other comprehensive
income
\u2013
\u2013
2.0
\u2013
\u2013
\u2013
\u2013
2.0
Credit to equity
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
Balance sheet credit for withheld tax
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
0.9
As at 3 September 2023
(34.3)
(0.2)
(5.7)
84.9
\u2013
(19.9)
(7.0)
17.8
(Charge)/credit to income statement
10.6
(0.6)
\u2013
3.9
23.7
2.1
0.1
39.8
Credit to other comprehensive
income
\u2013
\u2013
4.0
\u2013
\u2013
\u2013
\u2013
4.0
Charge to equity
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
Balance sheet credit for withheld tax
\u2013
\u2013
\u2013
\u2013
\u2013
1.0
\u2013
1.0
As at 1 September 2024
(23.7)
(0.9)
(1.7)
88.8
23.7
(16.8)
(6.9)
62.5
The other deferred tax liability comprises:
2024 2023
\u00a3m \u00a3m
Unpaid pension expenses
0.4
0.4
Capitalised borrowing costs
(5.8)
(5.4)
Temporary differences arising on acquired customer relationships
(3.4)
(4.1)
Temporary deductions arising on the amortisation of acquired brands
(1.1)
(0.8)
Temporary differences arising as a result of IFRS 16
3.0
2.9
(6.9)
(7.0)
Deferred tax assets and liabilities have been offset where they are due to reverse in the same jurisdiction. The following is the analysis of the deferred tax balances (after offset):
2024 2023
\u00a3m \u00a3m
Deferred tax \u2013 US
3.2
2.9
Deferred tax \u2013 UK
59.3
14.9
62.5
17.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-359": { "value": "9.4 Deferred tax analysis The movements in deferred tax assets and liabilities during the financial period, prior to the offsetting of the balances within the same tax jurisdiction, are shown below:
Research
and
Accelerated Derivatives Corporate development
capital Share-based and foreign Interest expenditure
allowances payments exchange Losses Restriction credit Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 September 2022
(26.9)
(1.0)
(7.7)
\u2013
\u2013
(18.2)
(4.4)
(58.2)
(Charge)/credit to income statement
(7.4)
0.6
\u2013
84.9
\u2013
(2.6)
(2.6)
72.9
Credit to other comprehensive
income
\u2013
\u2013
2.0
\u2013
\u2013
\u2013
\u2013
2.0
Credit to equity
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
Balance sheet credit for withheld tax
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
0.9
As at 3 September 2023
(34.3)
(0.2)
(5.7)
84.9
\u2013
(19.9)
(7.0)
17.8
(Charge)/credit to income statement
10.6
(0.6)
\u2013
3.9
23.7
2.1
0.1
39.8
Credit to other comprehensive
income
\u2013
\u2013
4.0
\u2013
\u2013
\u2013
\u2013
4.0
Charge to equity
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
Balance sheet credit for withheld tax
\u2013
\u2013
\u2013
\u2013
\u2013
1.0
\u2013
1.0
As at 1 September 2024
(23.7)
(0.9)
(1.7)
88.8
23.7
(16.8)
(6.9)
62.5
The other deferred tax liability comprises:
2024 2023
\u00a3m \u00a3m
Unpaid pension expenses
0.4
0.4
Capitalised borrowing costs
(5.8)
(5.4)
Temporary differences arising on acquired customer relationships
(3.4)
(4.1)
Temporary deductions arising on the amortisation of acquired brands
(1.1)
(0.8)
Temporary differences arising as a result of IFRS 16
3.0
2.9
(6.9)
(7.0)
Deferred tax assets and liabilities have been offset where they are due to reverse in the same jurisdiction. The following is the analysis of the deferred tax balances (after offset):
2024 2023
\u00a3m \u00a3m
Deferred tax \u2013 US
3.2
2.9
Deferred tax \u2013 UK
59.3
14.9
62.5
17.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-334": { "value": "
10 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to the owners of the parent company ASOS Plc by the weighted average
number of ordinary shares in issue during the period. Own shares held by the Employee Benefit Trust and Link Trust are excluded from the
weighted average number of ordinary shares.
Diluted earnings per share is calculated on the same basis as basic earnings per share, but where the weighted average share numbers have also
been adjusted for the weighted average effects of potentially dilutive shares. These represent share options granted by the Group, including
performance-based options, where the scheme to date performance is deemed to have been earned. It also includes the number of shares that
would be issued if all convertible bonds are assumed to be converted unless the convertible instrument is out-of-the-money.
2024
2023
Weighted average share capital
Weighted average shares in issue for basic earnings per share (no. of shares)
119,085,260
104,729,376
Weighted average effect of dilutive options (no. of shares)
1
\u2013
\u2013
Weighted average effect of convertible bond (no. of shares)
2
\u2013
\u2013
Weighted average shares in issue for diluted earnings per share (no. of shares)
119,085,260
104,729,376
Losses
Loss attributable to owners of the parent company for basic earnings per share (\u00a3m)
(338.7)
(223.1)
Interest expense on convertible bonds (\u00a3m)
1,2
\u2013
\u2013
Diluted loss attributable to owners of the parent company for diluted loss per share (\u00a3m)
(338.7)
(223.1)
Basic loss per share (pence per share)
(284.4)
(213.0)
Diluted loss per share (pence per share)
(284.4)
(213.0)
1 Dilutive shares and interest not included where their effect is anti-dilutive.
2 The impact of convertible bonds has been excluded as it is assumed they will not be exercised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-384": { "value": "11 GOODWILL AND OTHER INTANGIBLE ASSETS Accounting policy Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. Brands and customer relationships Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the consolidated income statement in the period in which it occurs. Acquired brands and customer relationships relate to brand names and wholesale customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years. Software Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated on a straight-line basis over the assets\u2019 expected economic lives of between 5 to 15 years and recognised within administrative expenses in the consolidated income statement. The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and payroll-related costs for employees who are directly associated with the project. For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible assets within software: \u2013 The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. \u2013 The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes for example the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group. Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Assets under construction Software under development is held at cost less any recognised impairment loss.
Brands and Customer Assets under
Goodwill domain names relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
As at 4 September 2023
35.5
219.6
24.4
863.5
19.0
1,162.0
Additions
\u2013
\u2013
\u2013
90.6
7.9
98.5
Transfers to assets held for sale
\u2013
(187.9)
\u2013
\u2013
\u2013
(187.9)
Transfers
\u2013
\u2013
\u2013
12.1
(12.1)
\u2013
As at 1 September 2024
35.5
31.7
24.4
966.2
14.8
1,072.6
Accumulated amortisation and
impairment
As at 4 September 2023
0.3
19.8
7.8
431.5
2.1
461.5
Amortisation expense
\u2013
7.7
3.0
106.6
\u2013
117.3
Transfer to assets held for sale
\u2013
(22.4)
\u2013
\u2013
\u2013
(22.4)
Impairment charge for the period
\u2013
\u2013
\u2013
1.8
0.4
2.2
As at 1 September 2024
0.3
5.1
10.8
539.9
2.5
558.6
Net book value at 1 September 2024
35.2
26.6
13.6
426.3
12.3
514.0
Cost
As at 1 September 2022
35.5
219.6
24.4
752.4
3.6
1,035.5
Additions
\u2013
\u2013
\u2013
109.4
17.1
126.5
Transfers
\u2013
\u2013
\u2013
1.7
(1.7)
\u2013
As at 3 September 2023
35.5
219.6
24.4
863.5
19.0
1,162.0
Accumulated amortisation and impairment
As at 1 September 2022
0.3
12.0
4.7
334.6
\u2013
351.6
Amortisation expense
\u2013
7.8
3.1
93.8
\u2013
104.7
Impairment charge for the period
\u2013
\u2013
\u2013
3.1
2 .1
5.2
As at 3 September 2023
0.3
19.8
7.8
431.5
2.1
461.5
Net book value at 3 September 2023
35.2
199.8
16.6
432.0
16.9
700.5
Intangible assets under construction relates to spend on software-based projects, including the enhancement of the Group\u2019s mobile apps/ website, and other software. No individual projects are material in value. Refer to Note 16 for details of transfers to assets held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-360": { "value": "11 GOODWILL AND OTHER INTANGIBLE ASSETS Accounting policy Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. Brands and customer relationships Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the consolidated income statement in the period in which it occurs. Acquired brands and customer relationships relate to brand names and wholesale customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years. Software Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated on a straight-line basis over the assets\u2019 expected economic lives of between 5 to 15 years and recognised within administrative expenses in the consolidated income statement. The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and payroll-related costs for employees who are directly associated with the project. For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible assets within software: \u2013 The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. \u2013 The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes for example the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group. Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Assets under construction Software under development is held at cost less any recognised impairment loss.
Brands and Customer Assets under
Goodwill domain names relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
As at 4 September 2023
35.5
219.6
24.4
863.5
19.0
1,162.0
Additions
\u2013
\u2013
\u2013
90.6
7.9
98.5
Transfers to assets held for sale
\u2013
(187.9)
\u2013
\u2013
\u2013
(187.9)
Transfers
\u2013
\u2013
\u2013
12.1
(12.1)
\u2013
As at 1 September 2024
35.5
31.7
24.4
966.2
14.8
1,072.6
Accumulated amortisation and
impairment
As at 4 September 2023
0.3
19.8
7.8
431.5
2.1
461.5
Amortisation expense
\u2013
7.7
3.0
106.6
\u2013
117.3
Transfer to assets held for sale
\u2013
(22.4)
\u2013
\u2013
\u2013
(22.4)
Impairment charge for the period
\u2013
\u2013
\u2013
1.8
0.4
2.2
As at 1 September 2024
0.3
5.1
10.8
539.9
2.5
558.6
Net book value at 1 September 2024
35.2
26.6
13.6
426.3
12.3
514.0
Cost
As at 1 September 2022
35.5
219.6
24.4
752.4
3.6
1,035.5
Additions
\u2013
\u2013
\u2013
109.4
17.1
126.5
Transfers
\u2013
\u2013
\u2013
1.7
(1.7)
\u2013
As at 3 September 2023
35.5
219.6
24.4
863.5
19.0
1,162.0
Accumulated amortisation and impairment
As at 1 September 2022
0.3
12.0
4.7
334.6
\u2013
351.6
Amortisation expense
\u2013
7.8
3.1
93.8
\u2013
104.7
Impairment charge for the period
\u2013
\u2013
\u2013
3.1
2 .1
5.2
As at 3 September 2023
0.3
19.8
7.8
431.5
2.1
461.5
Net book value at 3 September 2023
35.2
199.8
16.6
432.0
16.9
700.5
Intangible assets under construction relates to spend on software-based projects, including the enhancement of the Group\u2019s mobile apps/ website, and other software. No individual projects are material in value. Refer to Note 16 for details of transfers to assets held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-335": { "value": "11 GOODWILL AND OTHER INTANGIBLE ASSETS Accounting policy Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. Brands and customer relationships Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the consolidated income statement in the period in which it occurs. Acquired brands and customer relationships relate to brand names and wholesale customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years. Software Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated on a straight-line basis over the assets\u2019 expected economic lives of between 5 to 15 years and recognised within administrative expenses in the consolidated income statement. The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and payroll-related costs for employees who are directly associated with the project. For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible assets within software: \u2013 The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. \u2013 The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes for example the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group. Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Assets under construction Software under development is held at cost less any recognised impairment loss.
Brands and Customer Assets under
Goodwill domain names relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
As at 4 September 2023
35.5
219.6
24.4
863.5
19.0
1,162.0
Additions
\u2013
\u2013
\u2013
90.6
7.9
98.5
Transfers to assets held for sale
\u2013
(187.9)
\u2013
\u2013
\u2013
(187.9)
Transfers
\u2013
\u2013
\u2013
12.1
(12.1)
\u2013
As at 1 September 2024
35.5
31.7
24.4
966.2
14.8
1,072.6
Accumulated amortisation and
impairment
As at 4 September 2023
0.3
19.8
7.8
431.5
2.1
461.5
Amortisation expense
\u2013
7.7
3.0
106.6
\u2013
117.3
Transfer to assets held for sale
\u2013
(22.4)
\u2013
\u2013
\u2013
(22.4)
Impairment charge for the period
\u2013
\u2013
\u2013
1.8
0.4
2.2
As at 1 September 2024
0.3
5.1
10.8
539.9
2.5
558.6
Net book value at 1 September 2024
35.2
26.6
13.6
426.3
12.3
514.0
Cost
As at 1 September 2022
35.5
219.6
24.4
752.4
3.6
1,035.5
Additions
\u2013
\u2013
\u2013
109.4
17.1
126.5
Transfers
\u2013
\u2013
\u2013
1.7
(1.7)
\u2013
As at 3 September 2023
35.5
219.6
24.4
863.5
19.0
1,162.0
Accumulated amortisation and impairment
As at 1 September 2022
0.3
12.0
4.7
334.6
\u2013
351.6
Amortisation expense
\u2013
7.8
3.1
93.8
\u2013
104.7
Impairment charge for the period
\u2013
\u2013
\u2013
3.1
2 .1
5.2
As at 3 September 2023
0.3
19.8
7.8
431.5
2.1
461.5
Net book value at 3 September 2023
35.2
199.8
16.6
432.0
16.9
700.5
Intangible assets under construction relates to spend on software-based projects, including the enhancement of the Group\u2019s mobile apps/ website, and other software. No individual projects are material in value. Refer to Note 16 for details of transfers to assets held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-403": { "value": "Accounting policy Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. Brands and customer relationships Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the consolidated income statement in the period in which it occurs. Acquired brands and customer relationships relate to brand names and wholesale customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years. Software Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated on a straight-line basis over the assets\u2019 expected economic lives of between 5 to 15 years and recognised within administrative expenses in the consolidated income statement. The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and payroll-related costs for employees who are directly associated with the project. For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible assets within software: \u2013 The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. \u2013 The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes for example the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group. Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-425": { "value": "Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-418": { "value": "Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-419": { "value": "Brands and customer relationships Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the consolidated income statement in the period in which it occurs. Acquired brands and customer relationships relate to brand names and wholesale customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years. Software Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated on a straight-line basis over the assets\u2019 expected economic lives of between 5 to 15 years and recognised within administrative expenses in the consolidated income statement. The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and payroll-related costs for employees who are directly associated with the project. For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible assets within software: \u2013 The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. \u2013 The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes for example the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group. Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-336": { "value": "12 PROPERTY, PLANT AND EQUIPMENT Accounting policy Property, plant and equipment is stated at historical cost less accumulated depreciation and any recognised provision for impairment. Capital work in progress is held at cost less any recognised provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated economic useful life of: Fixtures, fittings, plant and machinery: 5 to 15 years Computer hardware: 3 to 5 years
Fixtures,
fittings, plant Computer Assets under
and machinery hardware construction Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
As at 4 September 2023
410.7
43.0
109.2
562.9
Additions
1.2
4.0
42.0
47.2
Disposals
\u2013
(1.8)
\u2013
(1.8)
Transfers
0.2
0.1
(0.3)
\u2013
As at 1 September 2024
412.1
45.3
150.9
608.3
Accumulated depreciation and impairment
As at 4 September 2023
165.4
32.1
2.8
200.3
Charge for the year
22.5
6.4
\u2013
28.9
Disposals
\u2013
(1.8)
\u2013
(1.8)
Impairment charge for the year
31.0
1.2
65.5
97.7
As at 1 September 2024
218.9
37.9
68.3
325.1
Net book value at 1 September 2024
193.2
7.4
82.6
283.2
Cost
As at 1 September 2022
408.5
41.1
65.4
515.0
Additions
1.1
0.6
46.2
47.9
Transfers
1.1
1.3
(2.4)
\u2013
As at 3 September 2023
410.7
43.0
109.2
562.9
Accumulated depreciation and impairment
As at 1 September 2022
134.8
26.0
2.5
163.3
Charge for the period
25.4
6.0
\u2013
31.4
Impairment charge for the period
5.2
0.1
0.3
5.6
As at 3 September 2023
165.4
32.1
2.8
200.3
Net book value at 3 September 2023
245.3
10.9
106.4
362.6
Significant assets under construction as at 1 September 2024 consists primarily of amounts spent to automate the Atlanta fulfilment centre totalling \u00a379.8m (2023: \u00a358.0m). Refer to Note 3 for details of impairments.
12.1 Interest capitalised
2024 2023
\u00a3m \u00a3m
Included within additions
7.7
4.8
Accumulated capitalised interest (net of disposals) included within cost
14.7
7.0
Accumulated capitalised interest (net of disposals) held within net book value
9.3
7.0
Capitalisation rate
7.9%
5.3%
12.2 Climate change
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. This includes
consideration over climate change related risks which may impact the useful lives of the Group\u2019s assets, such as the impact of acute weather
events on fulfilment centres. During the year, no changes were made to the remaining useful lives of the Group\u2019s assets as a result of climate
change risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-420": { "value": "Accounting policy Property, plant and equipment is stated at historical cost less accumulated depreciation and any recognised provision for impairment. Capital work in progress is held at cost less any recognised provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated economic useful life of: Fixtures, fittings, plant and machinery: 5 to 15 years Computer hardware: 3 to 5 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-404": { "value": "Accounting policy Property, plant and equipment is stated at historical cost less accumulated depreciation and any recognised provision for impairment. Capital work in progress is held at cost less any recognised provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated economic useful life of: Fixtures, fittings, plant and machinery: 5 to 15 years Computer hardware: 3 to 5 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-337": { "value": "13 LEASES 13.1 Group as lessee The Group currently holds leases for its fulfilment centres and office space. Leases typically run for terms of between 7 and 25 years and may include break clauses or options to renew beyond the non-cancellable period. The majority of the Group\u2019s leases are subject to market review, usually every 5-6 years. The Group presents additions to right-of-use assets in line with the disclosure requirements of IFRS 16 \u201cLeases\u201d. In doing so, modifications include the impact of lease terminations, modifications, reassessments, and changes to dilapidation estimates. Accounting policy Right-of-use assets Right-of-use assets are recognised at the commencement date of the lease, when the underlying asset is available for use. The cost of right-of- use assets comprises the amount of lease liabilities recognised, any initial direct costs incurred, lease payments made at or before the commencement date and less any lease incentives received. Right-of-use assets are subsequently measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any subsequent remeasurement of lease liabilities and dilapidation provisions. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term. Lease liabilities Lease liabilities are recognised at the commencement date of the lease and are measured at the present value of lease payments to be made over the lease term, discounted using an incremental borrowing rate (IBR) at the lease commencement date. The lease payments include fixed payments and variable lease payments that depend on an index or a rate (using the relevant rate at the commencement date of the lease), less any lease incentives receivable. Any variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs, however the Group currently has no such variable lease payments. Contracts may contain both lease and non-lease components, in which case the Group allocates the consideration in the contract to the different components based on their relative stand-alone prices. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease (a break clause), if it is reasonably certain not to be exercised. After the commencement date of the lease, the lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The carrying amount of lease liabilities is remeasured when there is a change in the future lease payments due to a change in the lease term such as a recognition of an extension or break option, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and low value assets Payments associated with short-term leases and leases of a low value are recognised on a straight-line basis as an expense in the profit or loss, in line with the practical expedient of IFRS 16. Short-term leases are leases with a term of 12 months or less. Low-value leases mainly comprise IT equipment. The amounts recognised in the financial period are shown in note 6.
a) Right-of-use assets
2024 2023
\u00a3m \u00a3m
At the beginning of the period
295.2
380.3
Modifications/reassessments
2.6
(9.6)
Impairment charge
(15.8)
(20.0)
Depreciation charge
(25.1)
(35.9)
Transfers to investment property
\u2013
(12.8)
Foreign exchange differences
(2.9)
(6.8)
At the end of the period
254.0
295.2
Right-of-use assets comprise entirely leases for land and buildings.
b) Lease liabilities
2024 2023
\u00a3m \u00a3m
At the beginning of the period
329.0
38 0.1
Modifications/reassessments
(9.9)
(21.1)
Payments
(31.0)
(28.0)
Interest expense
5.5
5.6
Foreign exchange differences
(4.0)
(7.6)
At the end of the period
289.6
329.0
Current
27.2
25.3
Non-current
262.4
303.7
289.6
329.0
c) Maturity analysis for lease liabilities
2024 2023
\u00a3m \u00a3m
Contractual undiscounted cash flows
Within one year
32.7
30.5
Within two to five years
121.8
126.2
Within five to ten years
114.1
133.5
Within ten to fifteen years
37.4
52.0
In more than fifteen years
13.8
18.5
319.8
360.7
Future finance charge on lease liabilities
(30.2)
(31.7)
Present value of future leases
289.6
329.0
Critical accounting judgement \u2013 lease terms
The inclusion of a lease extension period or lease break period in the lease term is a key judgement for the Group and considers all relevant
factors that create an economic incentive for it to exercise them. For leased properties, this includes the current and expected profitability
of the respective site, as well as the length of time until the option can be exercised. Any changes to the Group\u2019s judgement over lease terms
will impact both the right-of-use asset and lease liability.
Set out below are the undiscounted future rental payments not currently included within the reported lease liability for where lease extensions
have not been included, or for where break options have been assumed:
2024 2023
\u00a3m \u00a3m
Extension options expected not to be exercised
127.7
129.2
Break clauses expected to be exercised
12.6
\u2013
13.2 Group as lessor
Lessor accounting policy
The Group sub-lets leased properties relating to unused office capacity. Where the Group subleases assets, the sublease classification
(as a finance lease or operating lease) is assessed with reference to the head lease right-of-use asset. This assessment considers, among
other factors, whether the sublease represents the majority of the remaining life of the head lease. For any subleases that have been assessed
to be operating leases, the related right-of-use assets have been reclassified to investment properties.
Investment property assets are carried at cost less accumulated depreciation and any recognised impairment in value. The depreciation policies
for investment property are consistent with those described for right-of-use assets. Operating lease income is recognised as earned on a
straight-line basis over the lease term.
For sub-leased assets assessed to be finance leases, the right-of-use asset is derecognised, and a receivable recognised at an amount equal to
the net investment in the lease. This is initially calculated and recognised using the IBR prevalent in the underlying headlease at the recognition
date. Any difference between the derecognised right-of-use asset and the newly recognised amounts due for leases under finance leases is
immediately recognised in the income statement.
Investment Property
An analysis of investment properties is included below:
2024 2023
\u00a3m \u00a3m
Net book value
Opening balance
10.9
\u2013
Transfers to investment property
\u2013
12.8
Modifications/reassessments
1.4
(0.1)
Impairment charge
(4.2)
(1.3)
Depreciation charge
(1.0)
(0.5)
Closing balance
7.1
10.9
The direct operating expenses arising from investment property in the period was immaterial. There are additionally no restrictions or relevant
contractual obligations involved in the sublet of these properties.
The estimated fair value of the Group\u2019s investment property is \u00a37.1m (2023: \u00a312.5m). This fair value has been determined by applying an
appropriate rental yield to the rentals earned by the investment property. A valuation has not been performed by an independent valuer.
Rental income is receivable as follows:
2024 2023
\u00a3m \u00a3m
Minimum lease payments receivable on leases of investment properties are as follows:
Within one year
1.9
1.2
Within two to five years
4.7
4.5
Within five to ten years
4.2
6.1
In more than ten years
\u2013
\u2013
Net investment in lease
During the period, the Group sublet its distribution centre in Austell, for which the sublease was for the remainder of the lease term.
The net investment in the lease is presented in the consolidated balance sheet within receivables as follows:
2024 2023
\u00a3m \u00a3m
Current
1.2
\u2013
Non-current
3.7
\u2013
Total
4.9
\u2013
Rental income is receivable as follows:
2024 2023
\u00a3m \u00a3m
Less than 1 year
1.2
\u2013
Within one to two years
1.9
\u2013
Within two to three years
1.9
\u2013
In more than three years
\u2013
\u2013
Total undiscounted lease receipts
5.0
\u2013
Unearned finance income
(0.1)
\u2013
Net investment in leases
4.9
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-405": { "value": "Accounting policy Right-of-use assets Right-of-use assets are recognised at the commencement date of the lease, when the underlying asset is available for use. The cost of right-of- use assets comprises the amount of lease liabilities recognised, any initial direct costs incurred, lease payments made at or before the commencement date and less any lease incentives received. Right-of-use assets are subsequently measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any subsequent remeasurement of lease liabilities and dilapidation provisions. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term. Lease liabilities Lease liabilities are recognised at the commencement date of the lease and are measured at the present value of lease payments to be made over the lease term, discounted using an incremental borrowing rate (IBR) at the lease commencement date. The lease payments include fixed payments and variable lease payments that depend on an index or a rate (using the relevant rate at the commencement date of the lease), less any lease incentives receivable. Any variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs, however the Group currently has no such variable lease payments. Contracts may contain both lease and non-lease components, in which case the Group allocates the consideration in the contract to the different components based on their relative stand-alone prices. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease (a break clause), if it is reasonably certain not to be exercised. After the commencement date of the lease, the lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The carrying amount of lease liabilities is remeasured when there is a change in the future lease payments due to a change in the lease term such as a recognition of an extension or break option, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and low value assets Payments associated with short-term leases and leases of a low value are recognised on a straight-line basis as an expense in the profit or loss, in line with the practical expedient of IFRS 16. Short-term leases are leases with a term of 12 months or less. Low-value leases mainly comprise IT equipment. The amounts recognised in the financial period are shown in note 6. Lessor accounting policy The Group sub-lets leased properties relating to unused office capacity. Where the Group subleases assets, the sublease classification (as a finance lease or operating lease) is assessed with reference to the head lease right-of-use asset. This assessment considers, among other factors, whether the sublease represents the majority of the remaining life of the head lease. For any subleases that have been assessed to be operating leases, the related right-of-use assets have been reclassified to investment properties. Investment property assets are carried at cost less accumulated depreciation and any recognised impairment in value. The depreciation policies for investment property are consistent with those described for right-of-use assets. Operating lease income is recognised as earned on a straight-line basis over the lease term. For sub-leased assets assessed to be finance leases, the right-of-use asset is derecognised, and a receivable recognised at an amount equal to the net investment in the lease. This is initially calculated and recognised using the IBR prevalent in the underlying headlease at the recognition date. Any difference between the derecognised right-of-use asset and the newly recognised amounts due for leases under finance leases is immediately recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-361": { "value": "a) Right-of-use assets
2024 2023
\u00a3m \u00a3m
At the beginning of the period
295.2
380.3
Modifications/reassessments
2.6
(9.6)
Impairment charge
(15.8)
(20.0)
Depreciation charge
(25.1)
(35.9)
Transfers to investment property
\u2013
(12.8)
Foreign exchange differences
(2.9)
(6.8)
At the end of the period
254.0
295.2
Right-of-use assets comprise entirely leases for land and buildings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-362": { "value": "c) Maturity analysis for lease liabilities
2024 2023
\u00a3m \u00a3m
Contractual undiscounted cash flows
Within one year
32.7
30.5
Within two to five years
121.8
126.2
Within five to ten years
114.1
133.5
Within ten to fifteen years
37.4
52.0
In more than fifteen years
13.8
18.5
319.8
360.7
Future finance charge on lease liabilities
(30.2)
(31.7)
Present value of future leases
289.6
329.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-363": { "value": "Investment Property An analysis of investment properties is included below:
2024 2023
\u00a3m \u00a3m
Net book value
Opening balance
10.9
\u2013
Transfers to investment property
\u2013
12.8
Modifications/reassessments
1.4
(0.1)
Impairment charge
(4.2)
(1.3)
Depreciation charge
(1.0)
(0.5)
Closing balance
7.1
10.9
The direct operating expenses arising from investment property in the period was immaterial. There are additionally no restrictions or relevant contractual obligations involved in the sublet of these properties. The estimated fair value of the Group\u2019s investment property is \u00a37.1m (2023: \u00a312.5m). This fair value has been determined by applying an appropriate rental yield to the rentals earned by the investment property. A valuation has not been performed by an independent valuer. Rental income is receivable as follows:
2024 2023
\u00a3m \u00a3m
Minimum lease payments receivable on leases of investment properties are as follows:
Within one year
1.9
1.2
Within two to five years
4.7
4.5
Within five to ten years
4.2
6.1
In more than ten years
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-338": { "value": "
14 IMPAIRMENT OF NON-FINANCIAL ASSETS
Accounting policy
Goodwill
Goodwill is not amortised but is reviewed for impairment at least annually (or more frequently where there is an indication that the asset may
be impaired) by assessing the recoverable amount of each cash-generating unit (\u201cCGU\u201d), or group of CGUs, to which the goodwill relates.
Impairment is assessed by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose and
value-in-use. Where the carrying value of the CGU exceeds the recoverable amount, an impairment loss is recognised in the income statement.
The impairment charge is allocated first against goodwill and then pro-rata over other assets within the CGU by reference to the carrying
amount of each remaining asset in the unit. Impairment losses recognised for goodwill are not subsequently reversed.
Goodwill at ASOS predominantly relates to that recognised as part of the acquisition of Arcadia, and is monitored on an entity wide basis at the
reporting segment level as a singular CGU, the ASOS Group CGU.
Other non-financial assets
Property, plant and equipment (PPE), right-of-use assets, and finite-lived intangible assets are assessed on an ongoing basis to determine whether
there is an indication that the net book value is no longer supportable. If any such indication exists, the recoverable amount of the asset, being the
higher of its fair value less costs to dispose and its value-in-use, is estimated in order to determine the extent of the impairment loss. Where the
asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which
the asset belongs.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is
reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement.
Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or CGU) is increased to the
revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have
been determined if no impairment loss had been recognised for the asset (or CGU) in prior years. A reversal of an impairment loss is recognised
immediately as a credit to the Group income statement.
14.1 Inputs and assumptions
Cash-generating units
CGUs are deemed the smallest group of assets that independently generate cash inflows and are independent of the cash flows generated
by other assets. It was determined that the Group only has one CGU (the Group level), on the basis that the majority of assets within the Group
are shared (i.e. software assets that support the entire Group), therefore unable to be allocated on a reasonable or consistent basis in any
other way.
Composition of CGU
For impairment testing purposes, the CGU comprises the following:
2024 2023
\u00a3m \u00a3m
Goodwill and other intangible assets
514.0
700.5
Property, plant and equipment
283.2
362.6
Right-of-use assets
254.0
295.2
1,051.2
1,358.3
Assets relating to the Lichfield fulfilment centre were tested separately and excluded from the above due to the decision during the period
to vacate the site, as were assets held for sale which have been assessed separately (see Note 16).
Identification of impairment indicator
Given the reported loss recognised during the period, combined with the volatility within the macroeconomic environment and the market
capitalisation of the Group being below the Group\u2019s net assets, an indicator of impairment was deemed to exist during the financial period.
Approach and assumptions
The recoverable amount for the CGU has been determined using a value-in-use calculation which is based upon the cash flows expected to be
generated, derived from the latest budget and forecast data which are reviewed by the Board, and consistent with those used for the Group\u2019s
going concern and viability assessments. Budget and forecast data reflects both past experience and future expectations of market conditions.
The forecasted cash flows include the ongoing impact of the disposal of the Topshop and Topman brands from the Group.
The key assumptions in measuring the value-in-use are as follows:
Assumption
Details
Cash flow years/assumptions
\u2022
Derived from medium-term forecasts reviewed and approved by the Board which cover a period of five
years. Growth rates are then reduced to 2% (the long-term growth rate) over four years, with cash flows
subsequently extrapolated to perpetuity with a growth rate of 2% (2023: 2%).
\u2022
Whilst the value-in-use excludes lease rentals (a financing cash flow under IFRS 16 \u201cLeases\u201d), an
estimated cash outflow for future lease renewals is assumed from the current lease end dates.
Discount rate
\u2022
A post-tax discount rate representing the Group\u2019s weighted average cost of capital (WACC),
subsequently grossed up to a pre-tax rate using an iterative calculation that yields the same value-in-use
when tax cash flows are excluded.
\u2022
The post-tax WACC has been calculated using the capital asset pricing model, the inputs of which include
a UK risk-free rate based on government bond rates, a UK equity risk premium and levered debt premium
benchmarked to externally available data, and an average beta derived from a comparator group.
\u2022
The resulting discount rates are:
2024
2023
Post-tax rate
Pre-tax rate
Post-tax rate
Pre-tax rate
12.7%
15.5%
13.0%
15.6%
14.2 Outputs
Outside of specific impairments recognised during the period in relation to sites identified for exit as disclosed in Note 3, no further impairments
were identified as a result of the impairment review described above, with c.\u00a3600m of headroom noted.
Key source of estimation uncertainty \u2013 assumptions in relation to impairment assessment
Of the above assumptions, the value-in-use calculations are most sensitive to changes in the discount rate, the long-term growth rate and
forecast cash flows (comprising revenue, gross margin and fixed overheads). As noted above, cash flows are derived from forecasts reviewed by
the Board, and in line with those used for the going concern and viability assessments which assume sales growth rates of (5)% to (10)% for the
first year, with subsequent periods thereafter returning to +5% to +15% year-on-year growth. Improvements in adjusted gross margin of at least
300bps vs FY24 are assumed during FY25 with up to a further c.200bps growth over the remaining years.
A sensitivity analysis for a reasonable possible change in assumptions was conducted on the impairment tests, where management assessed a
scenario in which the revenue growth rates within the five-year forecasted cash flows (being the most sensitive assumption) were reduced by
half. To reflect this adjustment, a corresponding reduction in variable costs and cost of sales was modeled to maintain the gross margin
percentage in line with original forecasts. Under this sensitivity scenario, an impairment of approximately \u00a375 million would be recognised.
The following table shows the amount by which the assumptions would have to change to make the recoverable amount equal to the carrying
value to show the headroom sensitivity. It is not considered that a reasonable possible change in the discount rate, fixed overheads nor the long
term growth rate would cause an impairment, therefore they are not included below.
Sensitivity
2024
2023
A reduction in forecast annual growth rates of:
1
(2.7)%
(1.8)%
A reduction in forecast revenue vs base case of:
2
(11.4)%
(6.9)%
A reduction in forecast gross margin in each year of:
2
(2.4)%
(1.2)%
1 Applied to Group five-year plan period
2 Applied to all years within the assessment period
14.3 Climate change
The Group\u2019s scenario analysis performed as part of the Task Force on Climate-related Financial Disclosures (TCFD) report (pages 34 to 45)
identifies a number of physical and transitional climate related risks that could impact both revenue and costs for the Group, and cover scenarios
including no policies (>4oC by 2100); stated policies (2.5oC by 2100); and the Paris Agreement Ambition (1.5oC by 2050).
The most material of these relate to the Paris Agreement Ambition. The combined impacts of all risks within this scenario have therefore been
modelled, by adjusting revenue and costs within the Group\u2019s impairment model and determining the impact on headroom. As noted, the potential
impacts represent unmitigated scenarios that do not reflect the Group\u2019s proactive risk management or strategic initiatives. The scenarios
have therefore been used as a sensitivity to assess the resilience of the Group\u2019s assets to long-term climate-related risks. A reduction in the
value-in-use of circa \u00a3250m was noted, however headroom still remained. As such, climate change-related risks modelled in isolation to any
other impairment sensitivities do not have a material impact on the Group\u2019s impairment considerations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-421": { "value": "Accounting policy Goodwill Goodwill is not amortised but is reviewed for impairment at least annually (or more frequently where there is an indication that the asset may be impaired) by assessing the recoverable amount of each cash-generating unit (\u201cCGU\u201d), or group of CGUs, to which the goodwill relates. Impairment is assessed by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose and value-in-use. Where the carrying value of the CGU exceeds the recoverable amount, an impairment loss is recognised in the income statement. The impairment charge is allocated first against goodwill and then pro-rata over other assets within the CGU by reference to the carrying amount of each remaining asset in the unit. Impairment losses recognised for goodwill are not subsequently reversed. Goodwill at ASOS predominantly relates to that recognised as part of the acquisition of Arcadia, and is monitored on an entity wide basis at the reporting segment level as a singular CGU, the ASOS Group CGU. Other non-financial assets Property, plant and equipment (PPE), right-of-use assets, and finite-lived intangible assets are assessed on an ongoing basis to determine whether there is an indication that the net book value is no longer supportable. If any such indication exists, the recoverable amount of the asset, being the higher of its fair value less costs to dispose and its value-in-use, is estimated in order to determine the extent of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or CGU) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-406": { "value": "Accounting policy Goodwill Goodwill is not amortised but is reviewed for impairment at least annually (or more frequently where there is an indication that the asset may be impaired) by assessing the recoverable amount of each cash-generating unit (\u201cCGU\u201d), or group of CGUs, to which the goodwill relates. Impairment is assessed by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose and value-in-use. Where the carrying value of the CGU exceeds the recoverable amount, an impairment loss is recognised in the income statement. The impairment charge is allocated first against goodwill and then pro-rata over other assets within the CGU by reference to the carrying amount of each remaining asset in the unit. Impairment losses recognised for goodwill are not subsequently reversed. Goodwill at ASOS predominantly relates to that recognised as part of the acquisition of Arcadia, and is monitored on an entity wide basis at the reporting segment level as a singular CGU, the ASOS Group CGU. Other non-financial assets Property, plant and equipment (PPE), right-of-use assets, and finite-lived intangible assets are assessed on an ongoing basis to determine whether there is an indication that the net book value is no longer supportable. If any such indication exists, the recoverable amount of the asset, being the higher of its fair value less costs to dispose and its value-in-use, is estimated in order to determine the extent of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or CGU) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-339": { "value": "15 INVENTORIES Accounting policy Inventories comprise goods held for resale and are valued at the lower of cost and net realisable value using the weighted average cost basis. Cost comprises the purchase price and any other directly attributable costs incurred in bringing the inventories to the present location and condition, less trade discounts and rebates. Net realisable value is the estimated selling price in the ordinary course of business less variable selling expenses.
2024 2023
\u00a3m \u00a3m
Gross finished goods
683.6
892.4
Inventory provision
(163.3)
(124.4)
Net inventory recognised on consolidated balance sheet
520.3
768.0
The carrying value of inventory shown on the balance sheet includes a \u00a349.2m (2023: \u00a352.1m) right to recover asset in relation to the inventory expected to be received back from customers as returns. The amount of inventories recognised as an expense and charged to cost of sales for the period was \u00a31,743.3m (2023: \u00a32,104.6m). Key source of estimation uncertainty \u2013 inventory provisions As disclosed in Note 3, additional inventory provisions were recognised in the period to write down inventory that has been identified to be sold via offsite clearance to accelerate the Group\u2019s transition to its commercial model. The provisions write inventory down to its net realisable value, being expected income less any related selling costs. In addition to these specific provisions, the Group\u2019s approach to inventory provisioning is to hold a net realisable value provision for inventory sold via the Group\u2019s website and is based on forecast expected loss rates. In addition, provisions are recognised for inventory that will ultimately be sold off-site via clearance routes at the end of its lifecycle in line with the new commercial model. Both provisions consider historical trends, as well as consideration of current and forecast economic conditions. The provisions are calculated using estimates of loss rates and website sell through rates, both of which are calculated based on historical data from the prior 12 months\u2019 sales when categorising the stock by age banding. Provisions recognised are net of any expected proceeds to be received. The provisions are therefore most sensitive to the following assumptions: \u2022 Forecast loss rates \u2022 Forecast sell through rates \u2022 Offsite sales price assumptions
The movements in the Group\u2019s provisions based on reasonable possible changes to the above assumptions are as follows:
2024
2023
Decrease in Increase in Decrease in Increase in
provision provision provision provision
\u00a3m \u00a3m \u00a3m \u00a3m
Using loss rates from FY23/FY22
\u2013
4.0
(6.6)
\u2013
A change in the anticipated sell through rates of +/-0.5% (2023: +/-5%)
1
(7.1)
7.1
(5.4)
7.1
A change in the anticipated offsite sales price of +/-10%
(2.2)
2.2
(0.7)
0.7
1 2023 provision considered sell through on closing inventory. This was refined in the period to consider sell through on inventory intake.
With the exception of provisions excluded from adjusted profit, inventory provisions are adjusted at each reporting period rather than
throughout the period to ensure inventory is not carried at an amount greater than net realisable value. Write-downs and write-backs of
inventory balances are therefore represented by net movements in the inventory provision. Provisions/write-downs recognised during the
financial period as part of the transition to the new commercial model (recognised outside adjusted profit) totalled \u00a393.0m (2023: \u00a3122.7m)
\u2013 and are part of the \u00a394.8m (2023: \u00a3133.2m) commercial operating model costs highlighted in Note 3. There have been no reversals of the
commercial model transition provisions during the period. Excluding inventory provisions recognised as part of the commercial model transition,
the net provisions/write-down movements totalled a cost of \u00a30.9m this period (2023: \u00a319.3m cost).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-407": { "value": "Accounting policy Inventories comprise goods held for resale and are valued at the lower of cost and net realisable value using the weighted average cost basis. Cost comprises the purchase price and any other directly attributable costs incurred in bringing the inventories to the present location and condition, less trade discounts and rebates. Net realisable value is the estimated selling price in the ordinary course of business less variable selling expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-340": { "value": "
16 ASSETS HELD FOR SALE
On 5 September 2024, the Group entered into a binding agreement to sell the intellectual property relating to the Topshop and Topman brands
to a subsidiary of Heartland A/S, for a consideration as follows:
\u2022 Cash of \u00a3135m
\u2022 25% of the issued ordinary shares in the entity that will hold the brands, valued at \u00a345m
The transaction subsequently completed on 9 October 2024. Although the agreement occurred shortly after the year-end date, as at the
year-end, the deal was significantly progressed, with management committed to a sale, key terms mostly agreed, and it being highly probable
that the sale would complete within a year. It was therefore concluded that the assets meet the definition of being held for sale at the period
end as follows:
\u00a3m
Assets to be disposed
Carrying value of brands
165.5
Total assets to be disposed
165.5
Sales proceeds
Cash
135.0
Shares
45.0
Remaining disposal costs
(0.7)
Total fair value less costs to sell
179.3
Assets held for sale
165.5
The asset held for sale has been recognised at \u00a3165.5m, being the lower of the carrying value and fair value less costs to sell. There were no
assets held for sale at the prior year balance sheet date.
Other costs already incurred in relation to the sale totalled \u00a33.4m during the year (see Note 3).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-364": { "value": "16 ASSETS HELD FOR SALE On 5 September 2024, the Group entered into a binding agreement to sell the intellectual property relating to the Topshop and Topman brands to a subsidiary of Heartland A/S, for a consideration as follows: \u2022 Cash of \u00a3135m \u2022 25% of the issued ordinary shares in the entity that will hold the brands, valued at \u00a345m The transaction subsequently completed on 9 October 2024. Although the agreement occurred shortly after the year-end date, as at the year-end, the deal was significantly progressed, with management committed to a sale, key terms mostly agreed, and it being highly probable that the sale would complete within a year. It was therefore concluded that the assets meet the definition of being held for sale at the period end as follows:
\u00a3m
Assets to be disposed
Carrying value of brands
165.5
Total assets to be disposed
165.5
Sales proceeds
Cash
135.0
Shares
45.0
Remaining disposal costs
(0.7)
Total fair value less costs to sell
179.3
Assets held for sale
165.5
The asset held for sale has been recognised at \u00a3165.5m, being the lower of the carrying value and fair value less costs to sell. There were no assets held for sale at the prior year balance sheet date. Other costs already incurred in relation to the sale totalled \u00a33.4m during the year (see Note 3).", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-385": { "value": "17 TRADE AND OTHER RECEIVABLES Accounting policy Trade receivables are non-interest bearing and are stated at invoice value less an allowance for expected credit losses, using the simplified approach under IFRS 9, with adjustments for factors specific to each receivable. 17.1 Analysis of trade and other receivables
2024
2023
Non-current Current Total Current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
\u2013
19.9
19.9
28.4
Other receivables
\u2013
14.0
14.0
27.7
Allowance for expected credit losses
\u2013
(1.0)
(1.0)
(0.4)
Trade and other receivables net of provision for doubtful debts
\u2013
32.9
32.9
55.7
Net investment in lease receivable
3.7
1.2
4.9
\u2013
Prepayments
\u2013
8.6
8.6
12.9
Accrued income
\u2013
10.7
10.7
12.8
3.7
53.4
57.1
81.4
Included within accrued income and other receivables are amounts relating to supplier rebates on inventory purchases totalling \u00a32.0m (2023: \u00a34.1m). Remaining accrued income predominantly comprises unbilled services for which the Group has satisfied the performance obligation within the contract. 17.2 Expected credit losses The Group\u2019s exposure to credit risk is minimal given that the customer base is large and unrelated and that the overwhelming majority of customer transactions are settled through cash or secure electronic means. New parties wishing to obtain credit terms with the Group are credit checked prior to invoices being raised and credit limits are determined on an individual basis.
2024 0 \u2013 30 days 30 \u2013 60 days 60 \u2013 90 days 90 \u2013 180 days Over 180 days
\u00a3m
Not due
past due past due past due past due
past due
Total
Trade receivables
11.1
4.1
2.6
0.8
0.2
1.1
19.9
Other receivables
14.0
\u2013
\u2013
\u2013
\u2013
\u2013
14.0
Gross carrying amount
25.1
4.1
2.6
0.8
0.2
1.1
33.9
Allowance for expected
\u2013
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
credit losses
Net carrying amount
25.1
4.1
2.6
0.8
0.2
0.1
32.9
2023 0 \u2013 30 days 30 \u2013 60 days 60 \u2013 90 days 90 \u2013 180 days Over 180 days
\u00a3m
Not due
past due past due past due past due
past due
Total
Trade receivables
6.2
3.6
9.9
3.1
4.2
1.4
28.4
Other receivables
5.0
7.4
2.8
6.9
1.0
4.6
27.7
Gross carrying amount
11.2
11.0
12.7
10.0
5.2
6.0
56.1
Allowance for expected
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.3)
(0.4)
credit losses
Net carrying amount
11.2
11.0
12.7
10.0
5.1
5.7
55.7
17.3 Major counterparties The Group has nil (2023: nil) major counterparties with receivables totalling \u00a3nil (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-341": { "value": "17 TRADE AND OTHER RECEIVABLES Accounting policy Trade receivables are non-interest bearing and are stated at invoice value less an allowance for expected credit losses, using the simplified approach under IFRS 9, with adjustments for factors specific to each receivable. 17.1 Analysis of trade and other receivables
2024
2023
Non-current Current Total Current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
\u2013
19.9
19.9
28.4
Other receivables
\u2013
14.0
14.0
27.7
Allowance for expected credit losses
\u2013
(1.0)
(1.0)
(0.4)
Trade and other receivables net of provision for doubtful debts
\u2013
32.9
32.9
55.7
Net investment in lease receivable
3.7
1.2
4.9
\u2013
Prepayments
\u2013
8.6
8.6
12.9
Accrued income
\u2013
10.7
10.7
12.8
3.7
53.4
57.1
81.4
Included within accrued income and other receivables are amounts relating to supplier rebates on inventory purchases totalling \u00a32.0m (2023: \u00a34.1m). Remaining accrued income predominantly comprises unbilled services for which the Group has satisfied the performance obligation within the contract. 17.2 Expected credit losses The Group\u2019s exposure to credit risk is minimal given that the customer base is large and unrelated and that the overwhelming majority of customer transactions are settled through cash or secure electronic means. New parties wishing to obtain credit terms with the Group are credit checked prior to invoices being raised and credit limits are determined on an individual basis.
2024 0 \u2013 30 days 30 \u2013 60 days 60 \u2013 90 days 90 \u2013 180 days Over 180 days
\u00a3m
Not due
past due past due past due past due
past due
Total
Trade receivables
11.1
4.1
2.6
0.8
0.2
1.1
19.9
Other receivables
14.0
\u2013
\u2013
\u2013
\u2013
\u2013
14.0
Gross carrying amount
25.1
4.1
2.6
0.8
0.2
1.1
33.9
Allowance for expected
\u2013
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
credit losses
Net carrying amount
25.1
4.1
2.6
0.8
0.2
0.1
32.9
2023 0 \u2013 30 days 30 \u2013 60 days 60 \u2013 90 days 90 \u2013 180 days Over 180 days
\u00a3m
Not due
past due past due past due past due
past due
Total
Trade receivables
6.2
3.6
9.9
3.1
4.2
1.4
28.4
Other receivables
5.0
7.4
2.8
6.9
1.0
4.6
27.7
Gross carrying amount
11.2
11.0
12.7
10.0
5.2
6.0
56.1
Allowance for expected
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.3)
(0.4)
credit losses
Net carrying amount
11.2
11.0
12.7
10.0
5.1
5.7
55.7
17.3 Major counterparties The Group has nil (2023: nil) major counterparties with receivables totalling \u00a3nil (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-408": { "value": "Accounting policy Trade receivables are non-interest bearing and are stated at invoice value less an allowance for expected credit losses, using the simplified approach under IFRS 9, with adjustments for factors specific to each receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-365": { "value": "
2024
2023
Non-current Current Total Current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
\u2013
19.9
19.9
28.4
Other receivables
\u2013
14.0
14.0
27.7
Allowance for expected credit losses
\u2013
(1.0)
(1.0)
(0.4)
Trade and other receivables net of provision for doubtful debts
\u2013
32.9
32.9
55.7
Net investment in lease receivable
3.7
1.2
4.9
\u2013
Prepayments
\u2013
8.6
8.6
12.9
Accrued income
\u2013
10.7
10.7
12.8
3.7
53.4
57.1
81.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-394": { "value": "
2024
2023
Non-current Current Total Current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
\u2013
19.9
19.9
28.4
Other receivables
\u2013
14.0
14.0
27.7
Allowance for expected credit losses
\u2013
(1.0)
(1.0)
(0.4)
Trade and other receivables net of provision for doubtful debts
\u2013
32.9
32.9
55.7
Net investment in lease receivable
3.7
1.2
4.9
\u2013
Prepayments
\u2013
8.6
8.6
12.9
Accrued income
\u2013
10.7
10.7
12.8
3.7
53.4
57.1
81.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-397": { "value": "
2024
2023
Non-current Current Total Current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
\u2013
19.9
19.9
28.4
Other receivables
\u2013
14.0
14.0
27.7
Allowance for expected credit losses
\u2013
(1.0)
(1.0)
(0.4)
Trade and other receivables net of provision for doubtful debts
\u2013
32.9
32.9
55.7
Net investment in lease receivable
3.7
1.2
4.9
\u2013
Prepayments
\u2013
8.6
8.6
12.9
Accrued income
\u2013
10.7
10.7
12.8
3.7
53.4
57.1
81.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-366": { "value": "
17.2 Expected credit losses
The Group\u2019s exposure to credit risk is minimal given that the customer base is large and unrelated and that the overwhelming majority of
customer transactions are settled through cash or secure electronic means. New parties wishing to obtain credit terms with the Group
are credit checked prior to invoices being raised and credit limits are determined on an individual basis.
2024 0 \u2013 30 days 30 \u2013 60 days 60 \u2013 90 days 90 \u2013 180 days Over 180 days
\u00a3m
Not due
past due past due past due past due
past due
Total
Trade receivables
11.1
4.1
2.6
0.8
0.2
1.1
19.9
Other receivables
14.0
\u2013
\u2013
\u2013
\u2013
\u2013
14.0
Gross carrying amount
25.1
4.1
2.6
0.8
0.2
1.1
33.9
Allowance for expected
\u2013
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
credit losses
Net carrying amount
25.1
4.1
2.6
0.8
0.2
0.1
32.9
2023 0 \u2013 30 days 30 \u2013 60 days 60 \u2013 90 days 90 \u2013 180 days Over 180 days
\u00a3m
Not due
past due past due past due past due
past due
Total
Trade receivables
6.2
3.6
9.9
3.1
4.2
1.4
28.4
Other receivables
5.0
7.4
2.8
6.9
1.0
4.6
27.7
Gross carrying amount
11.2
11.0
12.7
10.0
5.2
6.0
56.1
Allowance for expected
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.3)
(0.4)
credit losses
Net carrying amount
11.2
11.0
12.7
10.0
5.1
5.7
55.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-386": { "value": "18 CASH AND CASH EQUIVALENTS Accounting policies The Group presents its cash flow statement using the indirect method, whereby profit is reconciled to net cash from operating activities by adjusting profit and loss for non-cash items. The Group has chosen to present interest received as cash flows from investing activities because they are returns on the Group\u2019s investments. Interest paid on borrowings and leases is presented within cash flows from financing activities as they are held for cash management purposes, as are cash payments for the principal element of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-342": { "value": "18 CASH AND CASH EQUIVALENTS Accounting policies The Group presents its cash flow statement using the indirect method, whereby profit is reconciled to net cash from operating activities by adjusting profit and loss for non-cash items. The Group has chosen to present interest received as cash flows from investing activities because they are returns on the Group\u2019s investments. Interest paid on borrowings and leases is presented within cash flows from financing activities as they are held for cash management purposes, as are cash payments for the principal element of lease liabilities.
2024 2023
\u00a3m \u00a3m
Cash in hand and bank balances
83.1
85.6
Money market fund investments
270.2
142.7
Short-term deposits
37.7
125.0
Closing cash and cash equivalents
391.0
353.3
Cash and cash equivalents includes uncleared payment provider receipts of \u00a368.8m, which are typically received within three business days (2023: \u00a363.3m). Included within cash and cash equivalents is \u00a38.1m (2023: \u00a34.1m) of cash collected on behalf of partners of the Direct-to-Consumer fulfilment proposition \u201cPartner Fulfils\u201d. ASOS Payments UK Limited and the Group are entitled to interest amounts earned on the deposits and amounts are held in a segregated bank account that is settled on a monthly basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-409": { "value": "Accounting policies The Group presents its cash flow statement using the indirect method, whereby profit is reconciled to net cash from operating activities by adjusting profit and loss for non-cash items. The Group has chosen to present interest received as cash flows from investing activities because they are returns on the Group\u2019s investments. Interest paid on borrowings and leases is presented within cash flows from financing activities as they are held for cash management purposes, as are cash payments for the principal element of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-343": { "value": "19 TRADE AND OTHER PAYABLES Accounting policy Trade and other payables are non-interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. 19.1 Analysis of trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
10 8.1
71.3
Other payables
165.9
174.7
Accruals
242.3
238.7
Returns provision
99.2
108.2
Deferred revenue
41.6
52.1
Taxation and social security
14.6
35.4
671.7
680.4
Trade payables comprise amounts owed in relation to inventory purchases. Other payables comprise amounts owed in relation to all other purchases.
19.2 Deferred revenue
Contract liabilities represent consideration received for performance obligations not yet satisfied, and relate to gift card liabilities where the
majority of the liability is expected to be settled within a year, and customer orders not yet shipped.
2024 2023
Gift cards and vouchers \u00a3m \u00a3m
At the beginning of the period
21.3
25.1
Purchases
99.4
130.5
Revenue recognised which has previously been deferred
(106.3)
(134.3)
At the end of the period
14.4
21.3
Orders awaiting shipment and premier subscriptions
27.2
30.8
Total deferred revenue
41.6
52 .1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-410": { "value": "Accounting policy Trade and other payables are non-interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-367": { "value": "
2024 2023
\u00a3m \u00a3m
Trade payables
10 8.1
71.3
Other payables
165.9
174.7
Accruals
242.3
238.7
Returns provision
99.2
108.2
Deferred revenue
41.6
52.1
Taxation and social security
14.6
35.4
671.7
680.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-368": { "value": "19.2 Deferred revenue Contract liabilities represent consideration received for performance obligations not yet satisfied, and relate to gift card liabilities where the majority of the liability is expected to be settled within a year, and customer orders not yet shipped.
2024 2023
Gift cards and vouchers \u00a3m \u00a3m
At the beginning of the period
21.3
25.1
Purchases
99.4
130.5
Revenue recognised which has previously been deferred
(106.3)
(134.3)
At the end of the period
14.4
21.3
Orders awaiting shipment and premier subscriptions
27.2
30.8
Total deferred revenue
41.6
52 .1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-369": { "value": "20 BORROWINGS Accounting policies Convertible debt Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity as a separate category. Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Other loans/borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded at amortised cost using the effective interest method until extinguished. Arrangement costs for loan facilities such as the Group\u2019s revolving credit facility (RCF) are capitalised and amortised over the life of the facility at a constant rate.
2024 2023
\u00a3m \u00a3m
Convertible bond
478.1
464.4
Term Loan
190.2
184.8
Nordstrom Loan
19.8
20.4
Put option liability
1
\u2013
3.2
688.1
672.8
Current
1.6
1.5
Non-current
686.5
671.3
688.1
672.8
1 The put option liability has been reclassed to other payables during the year. Convertible bonds due 2026 On 16 April 2021 the Group issued \u00a3500m of convertible bonds. The unsecured instruments pay a coupon of 0.75% until April 2026, or the conversion date, if earlier. The initial conversion price was set at \u00a379.65 per share. The fair value of the debt component was determined using the market interest rate for an equivalent non-convertible bond, deemed to be 3.4%. As a result, \u00a3440.1m was recognised as a liability on the balance sheet on issue and the remainder of the proceeds, \u00a359.9m, which represents the equity component, was credited to reserves. Issue costs of \u00a39.0m were allocated between equity (\u00a31.0m) and debt (\u00a38.0m). After the period-end, in September 2024, the Group launched a refinancing exercise of the Convertible Bonds due 2026 as follows: \u2022 \u00a3253.0m was exchanged into new Convertible Bonds due 2028, \u2022 \u00a3173.4m of the Convertible Bonds due 2026 was accepted for repurchase at a discount to par of 15%, and \u2022 As a result, \u00a373.6m remains in the Convertible Bonds due 2026. Further information is included in Note 30. Term loan In May 2023, the Group entered into a \u00a3200m senior term loan and a \u00a375m super senior RCF (together the \u201cFacilities\u201d) with specialist lender Bantry Bay Capital Limited through to April 2026, with the optionality to further extend to May 2028 subject to meeting lender requirements. Both the senior term loan and RCF (when drawn) bear interest at a margin above SONIA. The amount available in relation to the RCF is determined by reference to a calculated borrowing base (derived from inventory and intellectual property, both with certain adjustments applied) less the amount drawn under the term loan. At the period end this was \u00a317.2m. The RCF incurs commitment fees at a market rate and is currently undrawn. The Facilities carry a fixed and floating charge over all assets of the following chargors in the Group \u2013 ASOS Plc, ASOS.com Limited, ASOS Intermediate Holdings Limited, Mornington & Co (No. 1) Limited and Mornington & Co (No. 2) Limited. After the period-end, ASOS announced an amendment and extension of its existing facilities agreement with Bantry Bay Capital to May 2027 with an option for a 12-month extension. Further information is included in Note 30. Nordstrom loan On 12 July 2021 the Group announced a strategic partnership with Nordstrom, a U.S.-based multi-channel retailer, to drive growth in North America. As part of this venture, Nordstrom purchased a minority interest in ASOS Holdings Limited which holds the Topshop, Topman, Miss Selfridge and HIIT brands in exchange for \u00a310 as well as providing a \u00a321.9m loan, subsequently partially repaid. The loan attracts interest at a market rate of 6.5% per annum. After the period-end date, c.\u00a313m was repaid. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-344": { "value": "20 BORROWINGS Accounting policies Convertible debt Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity as a separate category. Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Other loans/borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded at amortised cost using the effective interest method until extinguished. Arrangement costs for loan facilities such as the Group\u2019s revolving credit facility (RCF) are capitalised and amortised over the life of the facility at a constant rate.
2024 2023
\u00a3m \u00a3m
Convertible bond
478.1
464.4
Term Loan
190.2
184.8
Nordstrom Loan
19.8
20.4
Put option liability
1
\u2013
3.2
688.1
672.8
Current
1.6
1.5
Non-current
686.5
671.3
688.1
672.8
1 The put option liability has been reclassed to other payables during the year.
Convertible bonds due 2026
On 16 April 2021 the Group issued \u00a3500m of convertible bonds. The unsecured instruments pay a coupon of 0.75% until April 2026, or the
conversion date, if earlier. The initial conversion price was set at \u00a379.65 per share. The fair value of the debt component was determined using the
market interest rate for an equivalent non-convertible bond, deemed to be 3.4%. As a result, \u00a3440.1m was recognised as a liability on the balance
sheet on issue and the remainder of the proceeds, \u00a359.9m, which represents the equity component, was credited to reserves. Issue costs of
\u00a39.0m were allocated between equity (\u00a31.0m) and debt (\u00a38.0m).
After the period-end, in September 2024, the Group launched a refinancing exercise of the Convertible Bonds due 2026 as follows:
\u2022 \u00a3253.0m was exchanged into new Convertible Bonds due 2028,
\u2022 \u00a3173.4m of the Convertible Bonds due 2026 was accepted for repurchase at a discount to par of 15%, and
\u2022 As a result, \u00a373.6m remains in the Convertible Bonds due 2026.
Further information is included in Note 30.
Term loan
In May 2023, the Group entered into a \u00a3200m senior term loan and a \u00a375m super senior RCF (together the \u201cFacilities\u201d) with specialist lender
Bantry Bay Capital Limited through to April 2026, with the optionality to further extend to May 2028 subject to meeting lender requirements.
Both the senior term loan and RCF (when drawn) bear interest at a margin above SONIA. The amount available in relation to the RCF is determined
by reference to a calculated borrowing base (derived from inventory and intellectual property, both with certain adjustments applied) less the
amount drawn under the term loan. At the period end this was \u00a317.2m. The RCF incurs commitment fees at a market rate and is currently
undrawn.
The Facilities carry a fixed and floating charge over all assets of the following chargors in the Group \u2013 ASOS Plc, ASOS.com Limited, ASOS
Intermediate Holdings Limited, Mornington & Co (No. 1) Limited and Mornington & Co (No. 2) Limited.
After the period-end, ASOS announced an amendment and extension of its existing facilities agreement with Bantry Bay Capital to May 2027
with an option for a 12-month extension. Further information is included in Note 30.
Nordstrom loan
On 12 July 2021 the Group announced a strategic partnership with Nordstrom, a U.S.-based multi-channel retailer, to drive growth in North
America. As part of this venture, Nordstrom purchased a minority interest in ASOS Holdings Limited which holds the Topshop, Topman,
Miss Selfridge and HIIT brands in exchange for \u00a310 as well as providing a \u00a321.9m loan, subsequently partially repaid. The loan attracts interest
at a market rate of 6.5% per annum. After the period-end date, c.\u00a313m was repaid.
24 FINANCIAL INSTRUMENTS Accounting policies See accounting policies as follows: \u2022 Trade and other receivables \u2013 Note 17 \u2022 Cash and cash equivalents \u2013 Note 18 \u2022 Trade and other payables \u2013 Note 19 \u2022 Leases \u2013 Note 13 \u2022 Borrowings \u2013 Note 20 \u2022 Derivative financial instruments \u2013 Note 25 24.1 Financial instruments by category The carrying amount of the Group\u2019s financial assets, financial liabilities and derivative financial instruments as at the balance sheet date are as follows:
Fair value
through profit
Amortised cost or loss Total
2024 \u00a3m \u00a3m \u00a3m
Derivative financial assets
\u2013
9.8
9.8
Cash and cash equivalents
391.0
\u2013
391.0
Trade and other receivables
1
48.3
\u2013
48.3
Derivative financial liabilities
\u2013
(7.1)
(7.1)
Lease liabilities
(289.6)
\u2013
(289.6)
Trade and other payables
2
(601.3)
\u2013
(601.3)
Borrowings
(6 88.1)
\u2013
(688.1)
(1,139.7)
2.7
(1,137.0)
Fair value
through profit
Amortised cost or loss Total
2023 \u00a3m \u00a3m \u00a3m
Derivative financial assets
\u2013
26.5
26.5
Cash and cash equivalents
353.3
\u2013
353.3
Trade and other receivables
1
68.5
\u2013
68.5
Derivative financial liabilities
\u2013
(6.5)
(6.5)
Lease liabilities
(329.0)
\u2013
(329.0)
Trade and other payables
2
(578.5)
\u2013
(578.5)
Borrowings
(672.8)
\u2013
(672.8)
(1,158.5)
20.0
(1,138.5)
1 Trade and other receivables excludes prepayments and VAT receivables. 2 Trade and other payables excludes deferred revenue and any amounts in relation to taxation. Derivative financial instruments are currently held at fair value on the balance sheet \u2013 all are within level 2 of the fair value hierarchy.
24.2 Carrying amount versus fair value
Set out below is a comparison of the carrying amount and the fair value of financial instruments that are carried in the financial statements at a
value other than fair value. The fair value of financial assets and liabilities are based on prices available from the market on which the instruments
are traded. Where market values are not available, the fair values of financial assets and liabilities have been calculated by discounting expected
future cash flows at prevailing interest rates. The fair values of cash and cash equivalents, trade receivables, and trade payables are assumed to
approximate to their book values.
Carrying
Fair value amount Fair value
2024 hierarchy \u00a3m \u00a3m
Convertible bond
1
(478.1)
(358.3)
Nordstrom loan
2
(19.8)
(9.6)
Term loan
2
(190.2)
(200.8)
Total
(6 88.1)
(568.7)
Carrying
1 Fair value amount Fair value
2023 hierarchy \u00a3m \u00a3m
Convertible bond
1
(464.4)
(344.9)
Nordstrom loan
2
(20.4)
(9.8)
Term loan
2
(184.8)
(200.3)
Total
(669.6)
(555.0)
1 The methodology to calculate the fair value of the Term Loan and Nordstrom Loan has been refined during the period. Prior period comparatives have been
restated.
Fair value hierarchy is defined as:
\u2022 Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the
balance sheet date. This level includes listed equity securities and debt instruments on public exchanges.
\u2022 Level 2 fair value measurements are derived from inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The fair value of financial instruments is determined by discounting
expected cash flows at prevailing interest rates.
\u2022 Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
24.3 Offsetting financial instruments
There are no financial assets and financial liabilities that are offset in the balance sheet.
25 DERIVATIVE FINANCIAL INSTRUMENTS Accounting policy The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, and are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. 25.1 The effects of hedge accounting on the Group\u2019s financial position and performance The table below provides a breakdown of the Group\u2019s cash flow hedges as well as derivatives not in a formal hedge accounting relationship:
2024
2023
Fair value Fair value
Notional Asset Liability Notional Asset Liability
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign currency derivatives
Inventory hedges
122.1
1.4
(4.7)
191.4
7.2
(1.2)
Capex hedges
13.2
\u2013
(0.7)
24.3
0.5
(0.9)
Sales hedges
292.3
8.4
(0.8)
395.8
18.6
(3.8)
Derivatives not in a formal hedging relationship
Foreign currency derivatives
238.7
\u2013
(0.9)
239.7
0.2
(0.6)
Total
666.3
9.8
(7.1)
851.2
26.5
(6.5)
There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange contracts match the terms of the expected highly probable forecast transactions (i.e. notional amount and expected payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange contracts are identical to the hedged risk components. Hedge effectiveness is determined at inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. Hedge ineffectiveness can arise from: \u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments. \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument compared to the hedged items. \u2022 Changes to the forecasted cash flows of hedged item. The derivatives have been fair valued at 1 September 2024 with reference to forward exchange rates and option pricing models that are quoted in an active market, with the resulting value discounted back to present value.
25.2 Maturity profile of hedging instruments
The table below analyses the Group\u2019s derivative financial instruments into relevant maturity groupings based on the remaining period at the
balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Maturity More than
2024
1 to 6 months
6 to 12 months one year
US dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
82.9
37.7
14.7
Average GBP:USD contract rate
1.28
1.27
1.27
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
113.3
88.2
23.9
Average GBP:EUR contract rate
1.15
1.16
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
38.3
24.8
3.8
Average GBP: Other contract rate
Various currencies
Maturity More than
2023
1 to 6 months
6 to 12 months one year
US dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
66.6
109.3
39.8
Average GBP:USD contract rate
1.31
1.28
1.30
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
86.6
97.0
25.6
Average GBP:EUR contract rate
1.14
1.15
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
74.3
73.8
38.5
Average GBP: Other contract rate
Various currencies
25.3 Impact of change in value of hedged items on cash flow hedge reserve
Change in value
Change in value of hedging
of hedged item instrument for Cumulative
for calculating calculating impact on cash
hedge hedge flow hedge
ineffectiveness ineffectiveness reserve
2024 \u00a3m \u00a3m \u00a3m
Hedges of foreign currency sales
(6.7)
6.7
7.6
Hedges of foreign currency inventory purchases
4.6
(4.6)
(2.3)
Hedges of foreign currency purchases of property, plant and equipment
0.6
(0.6)
0.9
Change in value Change in value
of hedged item of hedging Cumulative
for calculating instrument for impact on cash
hedge calculating hedge flow hedge
ineffectiveness ineffectiveness reserve
2023 \u00a3m \u00a3m \u00a3m
Hedges of foreign currency sales
(30.5)
30.5
14.8
Hedges of foreign currency inventory purchases
53.8
(53.8)
4.5
Hedges of foreign currency purchases of property, plant and equipment
6.3
(6.3)
2.1
25.4 Analysis of fair value movements in cash flow hedge reserve by risk category
Fair value
movements
recognised in
other
comprehensive Amounts
Opening income reclassified Closing
2024 \u00a3m \u00a3m \u00a3m
\u00a3m
Reclassification recognised in
Hedges of foreign currency sales
14.8
6.7
(13.9)
7.6
Revenue
Hedges of foreign currency
4.5
(4.6)
(2.2)
(2.3)
Inventory
inventory purchases
Hedges of foreign currency
2.1
(0.6)
(0.6)
0.9
Property, plant and
purchases of property, plant equipment
and equipment
Tax
(4.2)
4.0
\u2013
(0.2)
17.2
5.5
(16.7)
6.0
Fair value
movements
recognised in
other
comprehensive Amounts
Opening income reclassified Closing
2023 \u00a3m \u00a3m \u00a3m
\u00a3m
Reclassification recognised in
Hedges of foreign currency sales
(17.4)
30.5
1.7
14.8
Revenue
Hedges of foreign currency
43.6
(53.8)
14.7
4.5
Inventory
inventory purchases
Hedges of foreign currency purchases
6.2
(6.3)
2.2
2 .1
Property, plant and
of property, plant and equipment equipment
Tax
(6.2)
2.0
\u2013
(4.2)
26.2
(27.6)
18.6
17.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-426": { "value": "Accounting policies Convertible debt Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity as a separate category. Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Other loans/borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded at amortised cost using the effective interest method until extinguished. Arrangement costs for loan facilities such as the Group\u2019s revolving credit facility (RCF) are capitalised and amortised over the life of the facility at a constant rate. Accounting policy The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, and are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-422": { "value": "Accounting policies Convertible debt Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity as a separate category. Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Other loans/borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded at amortised cost using the effective interest method until extinguished. Arrangement costs for loan facilities such as the Group\u2019s revolving credit facility (RCF) are capitalised and amortised over the life of the facility at a constant rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-411": { "value": "Accounting policies Convertible debt Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity as a separate category. Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Other loans/borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded at amortised cost using the effective interest method until extinguished. Arrangement costs for loan facilities such as the Group\u2019s revolving credit facility (RCF) are capitalised and amortised over the life of the facility at a constant rate. Accounting policies See accounting policies as follows: \u2022 Trade and other receivables \u2013 Note 17 \u2022 Cash and cash equivalents \u2013 Note 18 \u2022 Trade and other payables \u2013 Note 19 \u2022 Leases \u2013 Note 13 \u2022 Borrowings \u2013 Note 20 \u2022 Derivative financial instruments \u2013 Note 25 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-345": { "value": "21 PROVISIONS Accounting policy Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the contract exceed the economic benefits expected to be received under the contract.
Onerous
Dilapidations occupancy Total
\u00a3m \u00a3m \u00a3m
As at 4 September 2023
53.4
16.8
70.2
Recognised
13.7
5.3
19.0
Utilised
\u2013
(2.4)
(2.4)
Unwinding of discount
2.3
0.8
3.1
Exchange differences
(0.7)
\u2013
(0.7)
As at 1 September 2024
68.7
20.5
89.2
Current
\u2013
2.7
2.7
Non-current
68.7
17.8
86.5
As at 1 September 2024
68.7
20.5
89.2
As at 1 September 2022
41.9
\u2013
41.9
Recognised
11.2
18.3
29.5
Utilised
\u2013
(1.8)
(1.8)
Unwinding of discount
1.3
0.3
1.6
Exchange differences
(1.0)
\u2013
(1.0)
As at 3 September 2023
53.4
16.8
70.2
Current
\u2013
2.0
2.0
Non-current
53.4
14.8
68.2
As at 3 September 2023
53.4
16.8
70.2
Dilapidation provisions Dilapidations are recognised where there is a present obligation to repair and restore leased properties to their preoccupancy state at the end of the lease term. They are measured at the present value of the expenditures expected to be required to settle the obligation, calculated using a nominal pre-tax annual discount rate, based on government bond yields of an appropriate tenure within the country that the lease is held. No adjustments are made to the discount rate for inflation as inflationary increases are already included in the undiscounted cash flows. Similarly, risk is also considered when determining the cash flows, therefore no adjustments are made to the discount rate for risk. The discount rates used range from 2.5% to 4.3% (2023: 2.7% to 4.7%). The increase in dilapidation provisions in the period relates to movements in discount rates, combined with increases in dilapidation estimates as automation work continued on the Lichfield and Atlanta fulfilment centres. The timing of forecast cash outflows is linked to the underlying lease expiry dates, with the next most significant outflow anticipated to occur in 2028. Whilst there is inherent uncertainty in terms of the quantum of cash outflows expected, they represent management\u2019s best estimates for individual properties, with reference to previous experience and size of leased property. It is not considered that there is a significant risk of material adjustment to the carrying amounts of dilapidation provisions due to such estimates, and therefore they are not disclosed as a significant source of estimation uncertainty to the Group.
Onerous occupancy provisions
Where the Group no longer operates from a leased property, onerous property contract provisions are recognised for the least net cost of
exiting from the contract. The amounts provided are based on the Group\u2019s best estimates of the likely committed outflows and site closure dates.
These provisions do not include rent in accordance with IFRS 16, nor business rates, however do include unavoidable costs related to the lease
such as service charges and insurance.
Cash flows are discounted to present value using a nominal pre-tax annual discount rate, based on government bond yields of an appropriate
tenure within the country that the lease is held. No adjustments are made to the discount rate for inflation as inflationary increases are already
included in the undiscounted cash flows. As the cash flows are known due to being contractual, the discount rate is not adjusted for risk.
The discount rates for onerous occupancy provisions are 4.0% (2023: 4.3% to 4.4%).
Where the Group is able to exit lease contracts before the expiry date or agree sublets, this results in the release of any associated property
provisions. Such events are subject to the agreement of landlords, therefore the Group makes no assumptions on the ability to either exit or
sublet a property until a position is agreed. Utilisation of the above amounts is expected to be incurred in conjunction with the profile of the leases
to which they relate. Refer to Note 3 for more detail on the amount recognised in the period.
Whilst all provisions are sensitive to the discount rate used, given they are derived from government bond yields, it is not considered that there
is a significant risk of a reasonable possible change resulting in a material movement in the provisions.
Climate change
The Group remains committed to its stated climate goals and takes into consideration the potential impact of climate change on its legal and
constructive obligations, including compliance with carbon emissions regulations and environmental liabilities. Following a thorough review of its
provisions, the Group has determined that no adjustments are necessary for climate-related risks, and no new provisions need to be recognized
for climate-related matters at this time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-412": { "value": "Accounting policy Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the contract exceed the economic benefits expected to be received under the contract. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-370": { "value": "22 SHARE CAPITAL, SHARE PREMIUM AND OTHER RESERVES 22.1 Share capital and share premium Accounting policy Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.
2024 2023 2024 2023
Number of Number of
ordinary shares ordinary shares \u00a3m \u00a3m
Called up share capital
Allotted, issued and fully paid ordinary shares of 3.5p
119,334,341
119,236,85
0
4.2
4.2
Share premium account
Share premium
322.6
322.6
The movements in the called up share capital and share premium are as follows:
Number of Share capital Share premium
ordinary shares \u00a3m \u00a3m
As at 4 September 2023
119,236,850
4.2
322.6
Allotted in respect of share option schemes
97,491
\u2013
\u2013
As at 1 September 2024
119,334,341
4.2
322.6
Number of Share capital Share premium
ordinary shares \u00a3m \u00a3m
As at 1 September 2022
99,940,235
3.5
245.7
Allotted in respect of share option schemes
202,814
\u2013
\u2013
New shares issues
19,093,801
0.7
76.9
As at 3 September 2023
119,23
6,85
0
4.2
322.6
22.2 Other reserves The table below sets out the movements in other reserves:
Currency
Cash flow translation Convertible Other
hedge reserve reserve bond reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m
As at 4 September 2023
17.2
(3.0)
58.9
73.1
Net translation movements
\u2013
\u2013
\u2013
\u2013
Net fair value gains on cash flow hedges
1.5
\u2013
\u2013
1.5
Fair value movements reclassified from cash flow hedge reserve to
consolidated income statement
(13.9)
\u2013
\u2013
(13.9)
Cash flow hedges gains and losses transferred to non-financial assets
(2.8)
\u2013
\u2013
(2.8)
Tax on above items
4.0
\u2013
\u2013
4.0
Balance as at 1 September 2024
6.0
(3.0)
58.9
61.9
As at 1 September 2022
26.2
(2.7)
58.9
82.4
Net translation movements
\u2013
(0.3)
\u2013
(0.3)
Net fair value losses on cash flow hedges
(29.6)
\u2013
\u2013
(29.6)
Fair value movements reclassified from cash flow hedge reserve to
consolidated income statement
1.7
\u2013
\u2013
1.7
Cash flow hedges gains and losses transferred to non-financial assets
16.9
\u2013
\u2013
16.9
Tax on above items
2.0
\u2013
\u2013
2.0
Balance as at 3 September 2023
17.2
(3.0)
58.9
73.1
Cash flow hedge reserve The cash flow hedge reserve represents the effective portion of gains or losses on derivatives designated as, and that qualify as, cash flow hedges. Amounts are transferred to the balance sheet and included within the initial cost of the asset which is being hedged, or to the income statement, as appropriate. Currency translation reserve The currency translation reserve accumulates foreign exchange differences arising on the translation of net assets in foreign operations which are recognised in Other Comprehensive Income. The cumulative amount is reclassified to retained earnings when the related investment is disposed. Convertible bond reserve The convertible bond reserve represents the equity component of the \u00a3500m convertible bond issued in April 2021. 22.3 Employee Benefit Trust The provision of shares to satisfy some of the Group\u2019s share incentive plans is facilitated by the Group\u2019s Employee Benefit Trust and Link Market Services Trustees Limited (the \u201cTrusts\u201d). Investment in own shares are recorded at cost, net of directly attributable costs for the purchase of issued, or issuance of new shares, and recognised within equity (within retained earnings). The costs of operating the Trusts are borne by the Group and are not material.
2024
2023
Market value Nominal value Number of Market value Nominal value Number of
\u00a3m \u00a3m ordinary shares \u00a3m \u00a3m ordinary shares
Investment in own shares
0.6
\u2013
172,721
1.0
\u2013
228,814
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-346": { "value": "22 SHARE CAPITAL, SHARE PREMIUM AND OTHER RESERVES 22.1 Share capital and share premium Accounting policy Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.
2024 2023 2024 2023
Number of Number of
ordinary shares ordinary shares \u00a3m \u00a3m
Called up share capital
Allotted, issued and fully paid ordinary shares of 3.5p
119,334,341
119,236,85
0
4.2
4.2
Share premium account
Share premium
322.6
322.6
The movements in the called up share capital and share premium are as follows:
Number of Share capital Share premium
ordinary shares \u00a3m \u00a3m
As at 4 September 2023
119,236,850
4.2
322.6
Allotted in respect of share option schemes
97,491
\u2013
\u2013
As at 1 September 2024
119,334,341
4.2
322.6
Number of Share capital Share premium
ordinary shares \u00a3m \u00a3m
As at 1 September 2022
99,940,235
3.5
245.7
Allotted in respect of share option schemes
202,814
\u2013
\u2013
New shares issues
19,093,801
0.7
76.9
As at 3 September 2023
119,23
6,85
0
4.2
322.6
22.2 Other reserves
The table below sets out the movements in other reserves:
Currency
Cash flow translation Convertible Other
hedge reserve reserve bond reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m
As at 4 September 2023
17.2
(3.0)
58.9
73.1
Net translation movements
\u2013
\u2013
\u2013
\u2013
Net fair value gains on cash flow hedges
1.5
\u2013
\u2013
1.5
Fair value movements reclassified from cash flow hedge reserve to
consolidated income statement
(13.9)
\u2013
\u2013
(13.9)
Cash flow hedges gains and losses transferred to non-financial assets
(2.8)
\u2013
\u2013
(2.8)
Tax on above items
4.0
\u2013
\u2013
4.0
Balance as at 1 September 2024
6.0
(3.0)
58.9
61.9
As at 1 September 2022
26.2
(2.7)
58.9
82.4
Net translation movements
\u2013
(0.3)
\u2013
(0.3)
Net fair value losses on cash flow hedges
(29.6)
\u2013
\u2013
(29.6)
Fair value movements reclassified from cash flow hedge reserve to
consolidated income statement
1.7
\u2013
\u2013
1.7
Cash flow hedges gains and losses transferred to non-financial assets
16.9
\u2013
\u2013
16.9
Tax on above items
2.0
\u2013
\u2013
2.0
Balance as at 3 September 2023
17.2
(3.0)
58.9
73.1
Cash flow hedge reserve
The cash flow hedge reserve represents the effective portion of gains or losses on derivatives designated as, and that qualify as, cash flow
hedges. Amounts are transferred to the balance sheet and included within the initial cost of the asset which is being hedged, or to the income
statement, as appropriate.
Currency translation reserve
The currency translation reserve accumulates foreign exchange differences arising on the translation of net assets in foreign operations which
are recognised in Other Comprehensive Income. The cumulative amount is reclassified to retained earnings when the related investment is
disposed.
Convertible bond reserve
The convertible bond reserve represents the equity component of the \u00a3500m convertible bond issued in April 2021.
22.3 Employee Benefit Trust
The provision of shares to satisfy some of the Group\u2019s share incentive plans is facilitated by the Group\u2019s Employee Benefit Trust and Link Market
Services Trustees Limited (the \u201cTrusts\u201d). Investment in own shares are recorded at cost, net of directly attributable costs for the purchase of
issued, or issuance of new shares, and recognised within equity (within retained earnings). The costs of operating the Trusts are borne by the
Group and are not material.
2024
2023
Market value Nominal value Number of Market value Nominal value Number of
\u00a3m \u00a3m ordinary shares \u00a3m \u00a3m ordinary shares
Investment in own shares
0.6
\u2013
172,721
1.0
\u2013
228,814
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-413": { "value": "Accounting policy Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-387": { "value": "22.2 Other reserves The table below sets out the movements in other reserves:
Currency
Cash flow translation Convertible Other
hedge reserve reserve bond reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m
As at 4 September 2023
17.2
(3.0)
58.9
73.1
Net translation movements
\u2013
\u2013
\u2013
\u2013
Net fair value gains on cash flow hedges
1.5
\u2013
\u2013
1.5
Fair value movements reclassified from cash flow hedge reserve to
consolidated income statement
(13.9)
\u2013
\u2013
(13.9)
Cash flow hedges gains and losses transferred to non-financial assets
(2.8)
\u2013
\u2013
(2.8)
Tax on above items
4.0
\u2013
\u2013
4.0
Balance as at 1 September 2024
6.0
(3.0)
58.9
61.9
As at 1 September 2022
26.2
(2.7)
58.9
82.4
Net translation movements
\u2013
(0.3)
\u2013
(0.3)
Net fair value losses on cash flow hedges
(29.6)
\u2013
\u2013
(29.6)
Fair value movements reclassified from cash flow hedge reserve to
consolidated income statement
1.7
\u2013
\u2013
1.7
Cash flow hedges gains and losses transferred to non-financial assets
16.9
\u2013
\u2013
16.9
Tax on above items
2.0
\u2013
\u2013
2.0
Balance as at 3 September 2023
17.2
(3.0)
58.9
73.1
Cash flow hedge reserve The cash flow hedge reserve represents the effective portion of gains or losses on derivatives designated as, and that qualify as, cash flow hedges. Amounts are transferred to the balance sheet and included within the initial cost of the asset which is being hedged, or to the income statement, as appropriate. Currency translation reserve The currency translation reserve accumulates foreign exchange differences arising on the translation of net assets in foreign operations which are recognised in Other Comprehensive Income. The cumulative amount is reclassified to retained earnings when the related investment is disposed. Convertible bond reserve The convertible bond reserve represents the equity component of the \u00a3500m convertible bond issued in April 2021. 22.3 Employee Benefit Trust The provision of shares to satisfy some of the Group\u2019s share incentive plans is facilitated by the Group\u2019s Employee Benefit Trust and Link Market Services Trustees Limited (the \u201cTrusts\u201d). Investment in own shares are recorded at cost, net of directly attributable costs for the purchase of issued, or issuance of new shares, and recognised within equity (within retained earnings). The costs of operating the Trusts are borne by the Group and are not material.
2024
2023
Market value Nominal value Number of Market value Nominal value Number of
\u00a3m \u00a3m ordinary shares \u00a3m \u00a3m ordinary shares
Investment in own shares
0.6
\u2013
172,721
1.0
\u2013
228,814
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-347": { "value": "The Group\u2019s Treasury function seeks to reduce exposures to capital risk, liquidity risk, credit risk, interest rate risk and foreign currency risk, to ensure liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The Group does not engage in speculative trading in financial instruments and transacts only in relation to underlying business requirements. The Group\u2019s treasury policies and procedures are reviewed annually with material changes approved by the Audit Committee. 23.1 Capital risk The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders through an appropriate balance of debt and equity funding, while maintaining a strong credit rating and sufficient headroom. There have been no changes to capital risk management policies during the period. Refer to Note 28 for the value of the Group\u2019s net debt, and the consolidated statement of changes in equity for the value of the Group\u2019s equity. The Board can manage the Group\u2019s capital structure by diversifying the debt portfolio, issuing new shares or repurchasing shares in the open market and flexing capital expenditure. From time-to-time, the Employee Benefit Trust may purchase shares in the Company from the open market for the purpose of satisfying awards under the Group\u2019s employee share plans, however the Group does not currently operate a defined share buy-back plan. The Group\u2019s Term Loan and RCF have previously been subject to a minimum liquidity threshold of \u00a390m, which has been removed as part of the new agreement and replaced with a condition to maintain positive liquidity. Further information is included within Note 30. 23.2 Liquidity risk Liquidity risk is the risk that the Group may be unable to meet its financial obligations as they fall due. The Group manages its exposure to liquidity risk by continuously monitoring short and long-term forecasts and actual cash flows, ensuring it has the necessary banking and reserve borrowing facilities available to meet the requirements of the business. At 1 September 2024, the Group was fully drawn on the \u00a3200m term loan with Bantry Bay, and had an undrawn revolving credit facility (\u201cRCF\u201d) of \u00a317m, both with a maturity of April 2026. Borrowings under the RCF and term loan bear interest at a rate linked to SONIA. Commitment fees are payable on the daily undrawn balance of the RCF. On 5 September 2024, the facilities were subject to a 12-month extension \u2013 refer to Note 30. In April 2021 the Group issued convertible bonds to fund future growth totalling \u00a3500m. The unsecured instruments pay a coupon of 0.75% until April 2026, or the conversion date, if earlier. Refer to Note 30 for details of post-period end changes. Surplus cash is invested with relationship banks and money market funds to optimise returns on cash balances, while also considering counterparty risk and business liquidity requirements. 23 FINANCIAL RISK MANAGEMENT
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period to the contractual
maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows or an estimate of cash flows in respect of
floating interest rate liabilities.
Less than 1 year 1 to 2 years 2 to 5 years Over 5 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Term loan
30.2
217.6
\u2013
\u2013
Convertible bond
3.8
503.8
\u2013
\u2013
Nordstrom loan
1.3
1.3
3.9
19.8
Trade and other payables
1
601.3
\u2013
\u2013
\u2013
Derivatives \u2013 gross settled
Cash inflows
812.5
51.3
\u2013
\u2013
Cash outflows
(807.9)
(51.0)
\u2013
\u2013
Less than 1 year 1 to 2 years 2 to 5 years Over 5 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Term loan
31.1
31.1
218.1
\u2013
Convertible bond
3.8
3.8
503.8
\u2013
Nordstrom loan
1.3
1.3
4.0
20.3
Obligation to repurchase own shares
\u2013
\u2013
\u2013
4.9
Trade and other payables
1
578.5
\u2013
\u2013
\u2013
Derivatives \u2013 gross settled
Cash inflows
1,023.1
107.8
\u2013
\u2013
Cash outflows
(1,008.7)
(102.5)
\u2013
\u2013
1 Excludes deferred revenue and any amounts in relation to taxation.
The maturities of lease liabilities are disclosed separately in Note 13.
23.3 Credit risk
Credit risk is the risk that a counterparty may default on its obligation to the Group in relation to lending, hedging, settlement and other financial
activities. The Group\u2019s principal financial assets are trade and other receivables, financial derivatives, and cash and cash equivalents. The
Group\u2019s credit risk is primarily attributable to its trade and other receivables and financial counterparties. The amounts included in the
consolidated balance sheet are net of allowances for doubtful receivables.
The Group has a low retail credit risk due to transactions being principally of high volume, low value and short maturity. The Group\u2019s trade
receivables are primarily with companies with which the Group has long-standing relationships, and wholesale suppliers, and therefore the risk
of default and write-offs due to bad debts is considered to be low.
The Group has no significant concentration of credit risk, as exposure is spread over a large number of counterparties and customers. The credit
risk on liquid funds is considered to be low, as the Group Treasury Policy limits the total value that can be placed with each approved counterparty
to minimise the risk of loss.
The Group considers its maximum exposure to credit risk to be as follows:
2024 2023
\u00a3m \u00a3m
Trade and other receivables
48.3
68.5
Cash and cash equivalents
391.0
353.3
Derivative financial assets
9.8
26.5
Total
449.1
448.3
Trade and other receivables above exclude prepayments and VAT receivables.
23.4 Interest rate risk
Interest rate risk is the risk of increased costs arising from unexpected movements in interest rates impacting the Group\u2019s borrowing portfolio.
Interest on financial instruments is classified as fixed rate if interest resets on the instruments are less frequent than once every 12 months.
Interest on financial instruments is classified as floating rate if interest resets on the instruments occur every 12 months or more frequently.
The Group is exposed to cash flow interest rate risk on its RCF to the extent that this is utilised, and \u00a3200m term loan, which both incur interest
linked to SONIA. The Group\u2019s remaining borrowings pay fixed coupons.
The mix of the Group\u2019s financial assets and liabilities at the balance sheet date was as follows:
2024
2023
Fixed Floating Total Fixed Floating Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
\u2013
391.0
391.0
\u2013
353.3
353.3
Borrowings
(497.9)
(190.2)
(6 88.1)
(488.0)
(184.8)
(672.8)
Total
(497.9)
200.8
(297.1)
(488.0)
168.5
(319.5)
The Group considers that a 100bps movement in interest rates is a reasonable measure of volatility. The sensitivity analysis has been prepared
on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt portfolio are all constant as at 1 September
2024. The sensitivity of floating rate balances to a change of 100bps in the interest rate (or such lesser amount as would result in a zero rate of
interest) at the balance sheet date is shown below:
2024 2023
Impact on Impact on
pre-tax profit pre-tax profit
\u00a3m \u00a3m
Change in floating rate +/-100bps
1.9/(1.9)
0.6/(0.6)
23.5 Foreign currency risk
The Group operates internationally and is therefore exposed to foreign currency transaction risk, primarily on sales denominated in Euros and US
dollars as well as on US dollar denominated purchases. The Group\u2019s presentational currency is pound sterling, therefore the Group is also exposed
to foreign currency translation risks due to movements in foreign exchange rates on the translation of non-sterling assets and liabilities.
The primary use of forward exchange and option contracts for sales and inventory purchases per the Group\u2019s hedging policy is to hedge material
currency exposures with layered hedges over a 18-month period, with up to 100% coverage of the net unmatched exposure for the first six
months preceding the forecast cash flows, and coverage decreasing between months 7 and 18. These forward foreign exchange contracts are
classified as Level 2 derivative financial instruments under IFRS 13, \u201cFair Value Measurement\u201d.
The following table illustrates the hypothetical sensitivity of the Group\u2019s reported profit before tax and other comprehensive income to a 10%
increase and decrease in the value of each of these currencies relative to pound sterling at the reporting date, assuming all other variables
remain unchanged. The sensitivity rate of 10% is deemed to represent a reasonably possible change based on historic exchange rate volatility.
The following assumptions were made in calculating the sensitivity analysis:
\u2022 Exchange rate fluctuations on currency derivatives that form part of an effective cash flow hedge relationship affect the fair value reserve
in equity and the fair value of the hedging derivatives, with no impact on the Income Statement.
\u2022 All hedge relationships are fully effective.
The sensitivities are calculated with reference to a single moment in time and are subject to change due to a number of factors including
fluctuating trade payable, cash balances and changes in the currency mix. In addition, each of the sensitivities is calculated in isolation while,
in reality, foreign currencies do not move independently. Positive figures represent an increase in profit before tax or in other comprehensive
income. . The sensitivity calculation has been refined during the year with prior year sensitivities updated as appropriate.
Profit before tax
Other comprehensive income
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling strengthens by 10% against:
US dollar
(0.1)
(1.4)
(6.3)
(13.9)
Euro
(5.6)
2.2
20.6
16.7
Sterling weakens by 10% against:
US dollar
0.1
1.7
7.7
17.0
Euro
6.9
(2.7)
(25.2)
(20.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-371": { "value": "
23.1 Capital risk
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for
shareholders and benefits for other stakeholders through an appropriate balance of debt and equity funding, while maintaining a strong credit
rating and sufficient headroom. There have been no changes to capital risk management policies during the period. Refer to Note 28 for the value
of the Group\u2019s net debt, and the consolidated statement of changes in equity for the value of the Group\u2019s equity.
The Board can manage the Group\u2019s capital structure by diversifying the debt portfolio, issuing new shares or repurchasing shares in the open
market and flexing capital expenditure. From time-to-time, the Employee Benefit Trust may purchase shares in the Company from the open
market for the purpose of satisfying awards under the Group\u2019s employee share plans, however the Group does not currently operate a defined
share buy-back plan.
The Group\u2019s Term Loan and RCF have previously been subject to a minimum liquidity threshold of \u00a390m, which has been removed as part
of the new agreement and replaced with a condition to maintain positive liquidity. Further information is included within Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-372": { "value": "
23.2 Liquidity risk
Liquidity risk is the risk that the Group may be unable to meet its financial obligations as they fall due.
The Group manages its exposure to liquidity risk by continuously monitoring short and long-term forecasts and actual cash flows, ensuring it has
the necessary banking and reserve borrowing facilities available to meet the requirements of the business. At 1 September 2024, the Group was
fully drawn on the \u00a3200m term loan with Bantry Bay, and had an undrawn revolving credit facility (\u201cRCF\u201d) of \u00a317m, both with a maturity of April
2026. Borrowings under the RCF and term loan bear interest at a rate linked to SONIA. Commitment fees are payable on the daily undrawn
balance of the RCF. On 5 September 2024, the facilities were subject to a 12-month extension \u2013 refer to Note 30.
In April 2021 the Group issued convertible bonds to fund future growth totalling \u00a3500m. The unsecured instruments pay a coupon of 0.75%
until April 2026, or the conversion date, if earlier. Refer to Note 30 for details of post-period end changes.
Surplus cash is invested with relationship banks and money market funds to optimise returns on cash balances, while also considering
counterparty risk and business liquidity requirements.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows or an estimate of cash flows in respect of floating interest rate liabilities.
Less than 1 year 1 to 2 years 2 to 5 years Over 5 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Term loan
30.2
217.6
\u2013
\u2013
Convertible bond
3.8
503.8
\u2013
\u2013
Nordstrom loan
1.3
1.3
3.9
19.8
Trade and other payables
1
601.3
\u2013
\u2013
\u2013
Derivatives \u2013 gross settled
Cash inflows
812.5
51.3
\u2013
\u2013
Cash outflows
(807.9)
(51.0)
\u2013
\u2013
Less than 1 year 1 to 2 years 2 to 5 years Over 5 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Term loan
31.1
31.1
218.1
\u2013
Convertible bond
3.8
3.8
503.8
\u2013
Nordstrom loan
1.3
1.3
4.0
20.3
Obligation to repurchase own shares
\u2013
\u2013
\u2013
4.9
Trade and other payables
1
578.5
\u2013
\u2013
\u2013
Derivatives \u2013 gross settled
Cash inflows
1,023.1
107.8
\u2013
\u2013
Cash outflows
(1,008.7)
(102.5)
\u2013
\u2013
1 Excludes deferred revenue and any amounts in relation to taxation. The maturities of lease liabilities are disclosed separately in Note 13. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-373": { "value": "23.3 Credit risk Credit risk is the risk that a counterparty may default on its obligation to the Group in relation to lending, hedging, settlement and other financial activities. The Group\u2019s principal financial assets are trade and other receivables, financial derivatives, and cash and cash equivalents. The Group\u2019s credit risk is primarily attributable to its trade and other receivables and financial counterparties. The amounts included in the consolidated balance sheet are net of allowances for doubtful receivables. The Group has a low retail credit risk due to transactions being principally of high volume, low value and short maturity. The Group\u2019s trade receivables are primarily with companies with which the Group has long-standing relationships, and wholesale suppliers, and therefore the risk of default and write-offs due to bad debts is considered to be low. The Group has no significant concentration of credit risk, as exposure is spread over a large number of counterparties and customers. The credit risk on liquid funds is considered to be low, as the Group Treasury Policy limits the total value that can be placed with each approved counterparty to minimise the risk of loss. The Group considers its maximum exposure to credit risk to be as follows:
2024 2023
\u00a3m \u00a3m
Trade and other receivables
48.3
68.5
Cash and cash equivalents
391.0
353.3
Derivative financial assets
9.8
26.5
Total
449.1
448.3
Trade and other receivables above exclude prepayments and VAT receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-374": { "value": "23.4 Interest rate risk Interest rate risk is the risk of increased costs arising from unexpected movements in interest rates impacting the Group\u2019s borrowing portfolio. Interest on financial instruments is classified as fixed rate if interest resets on the instruments are less frequent than once every 12 months. Interest on financial instruments is classified as floating rate if interest resets on the instruments occur every 12 months or more frequently. The Group is exposed to cash flow interest rate risk on its RCF to the extent that this is utilised, and \u00a3200m term loan, which both incur interest linked to SONIA. The Group\u2019s remaining borrowings pay fixed coupons. The mix of the Group\u2019s financial assets and liabilities at the balance sheet date was as follows:
2024
2023
Fixed Floating Total Fixed Floating Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
\u2013
391.0
391.0
\u2013
353.3
353.3
Borrowings
(497.9)
(190.2)
(6 88.1)
(488.0)
(184.8)
(672.8)
Total
(497.9)
200.8
(297.1)
(488.0)
168.5
(319.5)
The Group considers that a 100bps movement in interest rates is a reasonable measure of volatility. The sensitivity analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt portfolio are all constant as at 1 September 2024. The sensitivity of floating rate balances to a change of 100bps in the interest rate (or such lesser amount as would result in a zero rate of interest) at the balance sheet date is shown below:
2024 2023
Impact on Impact on
pre-tax profit pre-tax profit
\u00a3m \u00a3m
Change in floating rate +/-100bps
1.9/(1.9)
0.6/(0.6)
23.5 Foreign currency risk The Group operates internationally and is therefore exposed to foreign currency transaction risk, primarily on sales denominated in Euros and US dollars as well as on US dollar denominated purchases. The Group\u2019s presentational currency is pound sterling, therefore the Group is also exposed to foreign currency translation risks due to movements in foreign exchange rates on the translation of non-sterling assets and liabilities. The primary use of forward exchange and option contracts for sales and inventory purchases per the Group\u2019s hedging policy is to hedge material currency exposures with layered hedges over a 18-month period, with up to 100% coverage of the net unmatched exposure for the first six months preceding the forecast cash flows, and coverage decreasing between months 7 and 18. These forward foreign exchange contracts are classified as Level 2 derivative financial instruments under IFRS 13, \u201cFair Value Measurement\u201d. The following table illustrates the hypothetical sensitivity of the Group\u2019s reported profit before tax and other comprehensive income to a 10% increase and decrease in the value of each of these currencies relative to pound sterling at the reporting date, assuming all other variables remain unchanged. The sensitivity rate of 10% is deemed to represent a reasonably possible change based on historic exchange rate volatility. The following assumptions were made in calculating the sensitivity analysis: \u2022 Exchange rate fluctuations on currency derivatives that form part of an effective cash flow hedge relationship affect the fair value reserve in equity and the fair value of the hedging derivatives, with no impact on the Income Statement. \u2022 All hedge relationships are fully effective. The sensitivities are calculated with reference to a single moment in time and are subject to change due to a number of factors including fluctuating trade payable, cash balances and changes in the currency mix. In addition, each of the sensitivities is calculated in isolation while, in reality, foreign currencies do not move independently. Positive figures represent an increase in profit before tax or in other comprehensive income. . The sensitivity calculation has been refined during the year with prior year sensitivities updated as appropriate.
Profit before tax
Other comprehensive income
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling strengthens by 10% against:
US dollar
(0.1)
(1.4)
(6.3)
(13.9)
Euro
(5.6)
2.2
20.6
16.7
Sterling weakens by 10% against:
US dollar
0.1
1.7
7.7
17.0
Euro
6.9
(2.7)
(25.2)
(20.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-388": { "value": "24.2 Carrying amount versus fair value Set out below is a comparison of the carrying amount and the fair value of financial instruments that are carried in the financial statements at a value other than fair value. The fair value of financial assets and liabilities are based on prices available from the market on which the instruments are traded. Where market values are not available, the fair values of financial assets and liabilities have been calculated by discounting expected future cash flows at prevailing interest rates. The fair values of cash and cash equivalents, trade receivables, and trade payables are assumed to approximate to their book values.
Carrying
Fair value amount Fair value
2024 hierarchy \u00a3m \u00a3m
Convertible bond
1
(478.1)
(358.3)
Nordstrom loan
2
(19.8)
(9.6)
Term loan
2
(190.2)
(200.8)
Total
(6 88.1)
(568.7)
Carrying
1 Fair value amount Fair value
2023 hierarchy \u00a3m \u00a3m
Convertible bond
1
(464.4)
(344.9)
Nordstrom loan
2
(20.4)
(9.8)
Term loan
2
(184.8)
(200.3)
Total
(669.6)
(555.0)
1 The methodology to calculate the fair value of the Term Loan and Nordstrom Loan has been refined during the period. Prior period comparatives have been restated. Fair value hierarchy is defined as: \u2022 Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the balance sheet date. This level includes listed equity securities and debt instruments on public exchanges. \u2022 Level 2 fair value measurements are derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The fair value of financial instruments is determined by discounting expected cash flows at prevailing interest rates. \u2022 Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-375": { "value": "24.2 Carrying amount versus fair value Set out below is a comparison of the carrying amount and the fair value of financial instruments that are carried in the financial statements at a value other than fair value. The fair value of financial assets and liabilities are based on prices available from the market on which the instruments are traded. Where market values are not available, the fair values of financial assets and liabilities have been calculated by discounting expected future cash flows at prevailing interest rates. The fair values of cash and cash equivalents, trade receivables, and trade payables are assumed to approximate to their book values.
Carrying
Fair value amount Fair value
2024 hierarchy \u00a3m \u00a3m
Convertible bond
1
(478.1)
(358.3)
Nordstrom loan
2
(19.8)
(9.6)
Term loan
2
(190.2)
(200.8)
Total
(6 88.1)
(568.7)
Carrying
1 Fair value amount Fair value
2023 hierarchy \u00a3m \u00a3m
Convertible bond
1
(464.4)
(344.9)
Nordstrom loan
2
(20.4)
(9.8)
Term loan
2
(184.8)
(200.3)
Total
(669.6)
(555.0)
1 The methodology to calculate the fair value of the Term Loan and Nordstrom Loan has been refined during the period. Prior period comparatives have been restated. Fair value hierarchy is defined as: \u2022 Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the balance sheet date. This level includes listed equity securities and debt instruments on public exchanges. \u2022 Level 2 fair value measurements are derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The fair value of financial instruments is determined by discounting expected cash flows at prevailing interest rates. \u2022 Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-376": { "value": "24.3 Offsetting financial instruments There are no financial assets and financial liabilities that are offset in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-389": { "value": "25 DERIVATIVE FINANCIAL INSTRUMENTS Accounting policy The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, and are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. 25.1 The effects of hedge accounting on the Group\u2019s financial position and performance The table below provides a breakdown of the Group\u2019s cash flow hedges as well as derivatives not in a formal hedge accounting relationship:
2024
2023
Fair value Fair value
Notional Asset Liability Notional Asset Liability
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign currency derivatives
Inventory hedges
122.1
1.4
(4.7)
191.4
7.2
(1.2)
Capex hedges
13.2
\u2013
(0.7)
24.3
0.5
(0.9)
Sales hedges
292.3
8.4
(0.8)
395.8
18.6
(3.8)
Derivatives not in a formal hedging relationship
Foreign currency derivatives
238.7
\u2013
(0.9)
239.7
0.2
(0.6)
Total
666.3
9.8
(7.1)
851.2
26.5
(6.5)
There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange contracts match the terms of the expected highly probable forecast transactions (i.e. notional amount and expected payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange contracts are identical to the hedged risk components. Hedge effectiveness is determined at inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. Hedge ineffectiveness can arise from: \u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments. \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument compared to the hedged items. \u2022 Changes to the forecasted cash flows of hedged item. The derivatives have been fair valued at 1 September 2024 with reference to forward exchange rates and option pricing models that are quoted in an active market, with the resulting value discounted back to present value. 25.2 Maturity profile of hedging instruments The table below analyses the Group\u2019s derivative financial instruments into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Maturity More than
2024
1 to 6 months
6 to 12 months one year
US dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
82.9
37.7
14.7
Average GBP:USD contract rate
1.28
1.27
1.27
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
113.3
88.2
23.9
Average GBP:EUR contract rate
1.15
1.16
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
38.3
24.8
3.8
Average GBP: Other contract rate
Various currencies
Maturity More than
2023
1 to 6 months
6 to 12 months one year
US dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
66.6
109.3
39.8
Average GBP:USD contract rate
1.31
1.28
1.30
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
86.6
97.0
25.6
Average GBP:EUR contract rate
1.14
1.15
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
74.3
73.8
38.5
Average GBP: Other contract rate
Various currencies
25.3 Impact of change in value of hedged items on cash flow hedge reserve
Change in value
Change in value of hedging
of hedged item instrument for Cumulative
for calculating calculating impact on cash
hedge hedge flow hedge
ineffectiveness ineffectiveness reserve
2024 \u00a3m \u00a3m \u00a3m
Hedges of foreign currency sales
(6.7)
6.7
7.6
Hedges of foreign currency inventory purchases
4.6
(4.6)
(2.3)
Hedges of foreign currency purchases of property, plant and equipment
0.6
(0.6)
0.9
Change in value Change in value
of hedged item of hedging Cumulative
for calculating instrument for impact on cash
hedge calculating hedge flow hedge
ineffectiveness ineffectiveness reserve
2023 \u00a3m \u00a3m \u00a3m
Hedges of foreign currency sales
(30.5)
30.5
14.8
Hedges of foreign currency inventory purchases
53.8
(53.8)
4.5
Hedges of foreign currency purchases of property, plant and equipment
6.3
(6.3)
2.1
25.4 Analysis of fair value movements in cash flow hedge reserve by risk category
Fair value
movements
recognised in
other
comprehensive Amounts
Opening income reclassified Closing
2024 \u00a3m \u00a3m \u00a3m
\u00a3m
Reclassification recognised in
Hedges of foreign currency sales
14.8
6.7
(13.9)
7.6
Revenue
Hedges of foreign currency
4.5
(4.6)
(2.2)
(2.3)
Inventory
inventory purchases
Hedges of foreign currency
2.1
(0.6)
(0.6)
0.9
Property, plant and
purchases of property, plant equipment
and equipment
Tax
(4.2)
4.0
\u2013
(0.2)
17.2
5.5
(16.7)
6.0
Fair value
movements
recognised in
other
comprehensive Amounts
Opening income reclassified Closing
2023 \u00a3m \u00a3m \u00a3m
\u00a3m
Reclassification recognised in
Hedges of foreign currency sales
(17.4)
30.5
1.7
14.8
Revenue
Hedges of foreign currency
43.6
(53.8)
14.7
4.5
Inventory
inventory purchases
Hedges of foreign currency purchases
6.2
(6.3)
2.2
2 .1
Property, plant and
of property, plant and equipment equipment
Tax
(6.2)
2.0
\u2013
(4.2)
26.2
(27.6)
18.6
17.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-377": { "value": "25 DERIVATIVE FINANCIAL INSTRUMENTS Accounting policy The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, and are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. 25.1 The effects of hedge accounting on the Group\u2019s financial position and performance The table below provides a breakdown of the Group\u2019s cash flow hedges as well as derivatives not in a formal hedge accounting relationship:
2024
2023
Fair value Fair value
Notional Asset Liability Notional Asset Liability
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign currency derivatives
Inventory hedges
122.1
1.4
(4.7)
191.4
7.2
(1.2)
Capex hedges
13.2
\u2013
(0.7)
24.3
0.5
(0.9)
Sales hedges
292.3
8.4
(0.8)
395.8
18.6
(3.8)
Derivatives not in a formal hedging relationship
Foreign currency derivatives
238.7
\u2013
(0.9)
239.7
0.2
(0.6)
Total
666.3
9.8
(7.1)
851.2
26.5
(6.5)
There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange contracts match the terms of the expected highly probable forecast transactions (i.e. notional amount and expected payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange contracts are identical to the hedged risk components. Hedge effectiveness is determined at inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. Hedge ineffectiveness can arise from: \u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments. \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument compared to the hedged items. \u2022 Changes to the forecasted cash flows of hedged item. The derivatives have been fair valued at 1 September 2024 with reference to forward exchange rates and option pricing models that are quoted in an active market, with the resulting value discounted back to present value. 25.2 Maturity profile of hedging instruments The table below analyses the Group\u2019s derivative financial instruments into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Maturity More than
2024
1 to 6 months
6 to 12 months one year
US dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
82.9
37.7
14.7
Average GBP:USD contract rate
1.28
1.27
1.27
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
113.3
88.2
23.9
Average GBP:EUR contract rate
1.15
1.16
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
38.3
24.8
3.8
Average GBP: Other contract rate
Various currencies
Maturity More than
2023
1 to 6 months
6 to 12 months one year
US dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
66.6
109.3
39.8
Average GBP:USD contract rate
1.31
1.28
1.30
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
86.6
97.0
25.6
Average GBP:EUR contract rate
1.14
1.15
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
74.3
73.8
38.5
Average GBP: Other contract rate
Various currencies
25.3 Impact of change in value of hedged items on cash flow hedge reserve
Change in value
Change in value of hedging
of hedged item instrument for Cumulative
for calculating calculating impact on cash
hedge hedge flow hedge
ineffectiveness ineffectiveness reserve
2024 \u00a3m \u00a3m \u00a3m
Hedges of foreign currency sales
(6.7)
6.7
7.6
Hedges of foreign currency inventory purchases
4.6
(4.6)
(2.3)
Hedges of foreign currency purchases of property, plant and equipment
0.6
(0.6)
0.9
Change in value Change in value
of hedged item of hedging Cumulative
for calculating instrument for impact on cash
hedge calculating hedge flow hedge
ineffectiveness ineffectiveness reserve
2023 \u00a3m \u00a3m \u00a3m
Hedges of foreign currency sales
(30.5)
30.5
14.8
Hedges of foreign currency inventory purchases
53.8
(53.8)
4.5
Hedges of foreign currency purchases of property, plant and equipment
6.3
(6.3)
2.1
25.4 Analysis of fair value movements in cash flow hedge reserve by risk category
Fair value
movements
recognised in
other
comprehensive Amounts
Opening income reclassified Closing
2024 \u00a3m \u00a3m \u00a3m
\u00a3m
Reclassification recognised in
Hedges of foreign currency sales
14.8
6.7
(13.9)
7.6
Revenue
Hedges of foreign currency
4.5
(4.6)
(2.2)
(2.3)
Inventory
inventory purchases
Hedges of foreign currency
2.1
(0.6)
(0.6)
0.9
Property, plant and
purchases of property, plant equipment
and equipment
Tax
(4.2)
4.0
\u2013
(0.2)
17.2
5.5
(16.7)
6.0
Fair value
movements
recognised in
other
comprehensive Amounts
Opening income reclassified Closing
2023 \u00a3m \u00a3m \u00a3m
\u00a3m
Reclassification recognised in
Hedges of foreign currency sales
(17.4)
30.5
1.7
14.8
Revenue
Hedges of foreign currency
43.6
(53.8)
14.7
4.5
Inventory
inventory purchases
Hedges of foreign currency purchases
6.2
(6.3)
2.2
2 .1
Property, plant and
of property, plant and equipment equipment
Tax
(6.2)
2.0
\u2013
(4.2)
26.2
(27.6)
18.6
17.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-427": { "value": "Accounting policy The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, and are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-423": { "value": "Accounting policy The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, and are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-414": { "value": "Accounting policy The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, and are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-348": { "value": "26 SHARE-BASED PAYMENTS Accounting policies The Group issues equity-settled share-based payments to certain employees, whereby employees render services in exchange for shares or rights over shares of the parent company. The fair value of the employee services rendered is determined by reference to the fair value of the shares awarded or options granted, excluding the impact of any non-market vesting conditions. All share options are valued using an option-pricing model. This fair value is charged to the income statement over the vesting period of the share-based payment scheme with a corresponding increase in equity. The value of the charge is adjusted in the income statement over the remainder of the vesting period to reflect expected and actual levels of options vesting, with the corresponding adjustments made in equity. The Group incurred a cost of \u00a33.4m (2023: \u00a35.2m) net of capitalised costs totalling \u00a31.2m (2023: \u00a31.2m) in relation to share-based payments during the year. 26.1 Save As You Earn (SAYE) scheme Under the terms of the current SAYE scheme, the Board grants options to purchase ordinary shares in the Company to employees who enter into an HMRC-approved SAYE scheme for a term of three years. Options are granted at up to a 20% discount to the market price of the shares on the day preceding the date of offer and are normally exercisable for a period of six months after completion of the SAYE contract. These option grants are settled on exercise either through the issue of new ordinary shares or through a transfer of shares from the Employee Benefit Trust.
2024
2023
Weighted Weighted
Number average Number average
of options exercise price of options exercise price
(no. of shares) (pence) (no. of shares) (pence)
Outstanding at beginning of period
1,345,993
350
287,037
1,933
Granted
1,663,748
312
1,
497,39
0
298
Lapsed
(1,032,956)
560
(438,434)
1,209
Exercised
(1,282)
225
\u2013
\u2013
Outstanding at end of period
1,975,503
374
1,345,993
350
Exercisable at end of period
169
532
4,323
914
The weighted average share price for options exercised over the period was 351 pence. The weighted average remaining contractual life of options outstanding at 1 September 2024 was 2.6 years (2023: 2.3 years). The fair value of SAYE options granted during the current and prior periods was calculated using the Black-Scholes model, assuming the following inputs:
2024
2023
Grant 1
Grant 2
Share price (pence)
400
344
665
Exercise price (pence)
312
317
532
Expected volatility (%)
64
63
63
Expected life (years)
3.6
3.5
2 .1
Risk-free rate (%)
4.0
4.1
3.3
Dividend yield
\u2013
\u2013
\u2013
Weighted average fair value of options (pence)
225
174
298
Volatility has been estimated by taking the historical volatility in the Company\u2019s share price over a three-year period. 26.2 ASOS Long-Term Incentive Scheme (ALTIS) Under the terms of the ALTIS, certain Executive Directors and Senior Leaders may be granted conditional awards, the base value of which is calculated as a fixed multiple of salary, and will only vest to the extent the related performance targets, as detailed in the Directors\u2019 Remuneration Report on page 102, are met. These awards are settled on exercise either through the issue of new ordinary shares or through a transfer of shares from the Employee Benefit Trust.
Awards granted under the ALTIS are shown below:
2024
2023
Outstanding at beginning of period
1,820,720
790,724
Granted
1,797,919
1,564,478
Lapsed
(54 0,136)
(510,069)
Exercised
(148,352)
(24,413)
Outstanding at end of period
2 ,930,151
1,820,720
The weighted average share price for awards exercised over the period was 381 pence. The weighted average remaining contractual life of share
awards outstanding at 1 September 2024 was 1.8 years (2023: 1.8 years). Details of shares conditionally allocated at 1 September 2024 are set
out below:
Date of grant
2024
2023
ALTIS '20
\u2013
160,375
ALTIS '21
236,104
29
0,16
0
ALTIS '22
1,098,176
1,370,185
ALTIS '23
1,595,871
\u2013
Total
2,930,151
1,820,720
The fair value of awards granted during the current and prior periods under sales, EPS and ESG performance conditions were calculated using
the Black-Scholes model, and the fair value of awards granted under the ALTIS TSR (Total Shareholder Return) performance conditions were
calculated using the Monte Carlo model. Both sets of inputs are shown below:
2024
2023
Grant 1
Grant 2
Grant 3
Grant 4
Grant 5
Grant 1
Grant 2
Share price (pence)
365
377
348
344
377
642
406
Exercise price (pence)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Expected volatility (%)
74.2
66.1
67.1
66.7
66.1
72.4
69.8
Expected life (years)
2.1
2.5
2.8
2.8
2.5
2.9
2.4
Risk-free rate (%)
4.5
4.0
4.3
4.0
4.0
3.2
4.6
Dividend yield
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Weighted average fair value of options for
EPS performance condition (pence)
365
377
348
344
377
642
406
Weighted average fair value of options for
TSR performance condition (pence)
1
\u2013
\u2013
\u2013
\u2013
\u2013
270
171
1 Inputs to the Monte Carlo model for all grants from 2023 were as follows: share price of 642 pence, exercise price of nil, expected volatility of 57.0%, expected life
of 2.8 years, risk-free rate of 3.2% and dividend yield of nil.
Volatility has been estimated by taking the historical volatility in the Company\u2019s share price over a three-year period.
26.3 Restricted Stock Unit (RSU)
Certain Executive Directors and Senior Leaders may be granted conditional awards, the base value of which is calculated as a fixed multiple of
salary, and will only vest to the extent the members remain in employment to the end of the vesting period. These RSUs are granted under the
ALTIS rules and will be share-settled.
Awards granted are shown below:
2024
2023
Outstanding at beginning of period
229,866
114,294
Granted
1,296,199
323,208
Lapsed
(58,031)
(29,235)
Exercised
(151,739)
(178,401)
Outstanding end of period
1,316,295
229,866
The weighted average share price for awards exercised over the period was 360 pence. The weighted average remaining contractual life of share
awards outstanding at 1 September 2024 was 2.2 years (2023: 0.4 years).
No performance conditions were included in the fair value calculations. The fair value per award granted during the period and the assumptions
used in the calculation as well as details of shares conditionally allocated are as follows:
Fair value of
options
Date of grant
(pence)
2024
2023
30.08.22
727
\u2013
4,814
19.01.23
761
\u2013
104,996
31.05.23
354
70,622
120,056
31.01.24
378
810,421
\u2013
25.04.24
378
435,252
\u2013
1,316,295
229,866
26.4 Share Incentive Plan (SIP)
Under the terms of the SIP, in 2012 and 2013 the Board awarded free shares to every employee under an HMRC-approved SIP. Shares must be
held in trust for a period of at least three years after grant date and became transferable to SIP-recipients three years after date of grant. The
trustee of the SIP is Link Market Services Trustees Limited. Only 2,338 shares remain allocated to SIP-recipients at the period end (2023: 2,901).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-415": { "value": "Accounting policies The Group issues equity-settled share-based payments to certain employees, whereby employees render services in exchange for shares or rights over shares of the parent company. The fair value of the employee services rendered is determined by reference to the fair value of the shares awarded or options granted, excluding the impact of any non-market vesting conditions. All share options are valued using an option-pricing model. This fair value is charged to the income statement over the vesting period of the share-based payment scheme with a corresponding increase in equity. The value of the charge is adjusted in the income statement over the remainder of the vesting period to reflect expected and actual levels of options vesting, with the corresponding adjustments made in equity. The Group incurred a cost of \u00a33.4m (2023: \u00a35.2m) net of capitalised costs totalling \u00a31.2m (2023: \u00a31.2m) in relation to share-based payments during the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-349": { "value": "
27 RELATED PARTY TRANSACTIONS
27.1 Key management personnel
The aggregate compensation to key management personnel, being the Directors of ASOS Plc (Executive and Non-Executive) and the members of
the Management Committee was as follows:
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
5.7
5.1
Post-employment benefits
0.3
0.3
Share-based payments charge
0.8
0.9
Joining costs and loss of office costs
0.2
0.5
7.0
6.8
Components of the highest-paid Director\u2019s remuneration are detailed in the Directors\u2019 remuneration table on page 108.
27.2 Transactions with other related parties
During the period, the Group made purchases of inventory, net of VAT, totalling \u00a359.7m (2023: \u00a365.9m) from Aktieselskabet af 5.5.2010, a
company which has a significant shareholding in the Group. At 1 September 2024, the amount due to Aktieselskabet af 5.5.2010 was \u00a311.2m
(2023: \u00a36.8m).
Frasers Group is now a related party since 15 March 2024, becoming one of the Group\u2019s major shareholders during the period. During the period,
the Group made purchases of inventory, net of VAT, totalling \u00a30.6m (2023: not applicable) from entities under the control of Frasers Group.
At 1 September 2024, the amount due to Frasers Group entities was \u00a30.1m (2023: not applicable).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-378": { "value": "27 RELATED PARTY TRANSACTIONS 27.1 Key management personnel The aggregate compensation to key management personnel, being the Directors of ASOS Plc (Executive and Non-Executive) and the members of the Management Committee was as follows:
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
5.7
5.1
Post-employment benefits
0.3
0.3
Share-based payments charge
0.8
0.9
Joining costs and loss of office costs
0.2
0.5
7.0
6.8
Components of the highest-paid Director\u2019s remuneration are detailed in the Directors\u2019 remuneration table on page 108. 27.2 Transactions with other related parties During the period, the Group made purchases of inventory, net of VAT, totalling \u00a359.7m (2023: \u00a365.9m) from Aktieselskabet af 5.5.2010, a company which has a significant shareholding in the Group. At 1 September 2024, the amount due to Aktieselskabet af 5.5.2010 was \u00a311.2m (2023: \u00a36.8m). Frasers Group is now a related party since 15 March 2024, becoming one of the Group\u2019s major shareholders during the period. During the period, the Group made purchases of inventory, net of VAT, totalling \u00a30.6m (2023: not applicable) from entities under the control of Frasers Group. At 1 September 2024, the amount due to Frasers Group entities was \u00a30.1m (2023: not applicable).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-390": { "value": "27.1 Key management personnel The aggregate compensation to key management personnel, being the Directors of ASOS Plc (Executive and Non-Executive) and the members of the Management Committee was as follows:
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
5.7
5.1
Post-employment benefits
0.3
0.3
Share-based payments charge
0.8
0.9
Joining costs and loss of office costs
0.2
0.5
7.0
6.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-350": { "value": "
28 NET DEBT RECONCILIATION
Group net debt comprises cash and cash equivalents less any borrowings drawn down at period-end (including accrued interest), but excluding
outstanding lease liabilities.
2024 2023
\u00a3m \u00a3m
Borrowings
(688.1)
(672.8)
Leases
(289.6)
(329.0)
Liabilities from financing activities
(977.7)
(1,001.8)
Cash and cash equivalents
391.0
353.3
Net debt
(586.7)
(648.5)
Net debt APM (ex-leases)
(297.1)
(319.5)
The table below sets out the movements in liabilities arising from financing activities:
Liabilities from
financing
Lease liabilities Borrowings activities
\u00a3m \u00a3m \u00a3m
As at 4 September 2023
(329.0)
(672.8)
(1,001.8)
Cash flows from financing activities
Repayments of principal
25.5
0.5
26.0
Interest paid
5.5
37.1
42.6
Non-cash movements
Movement in lease liabilities
9.9
\u2013
9.9
Foreign exchange impacts
4.0
\u2013
4.0
Accrued interest
(5.5)
(52.9)
(58.4)
As at 1 September 2024
(289.6)
(688.1)
(977.7)
Liabilities from
financing
Lease liabilities Borrowings activities
\u00a3m \u00a3m \u00a3m
As at 1 September 2022
(380.1)
(475.9)
(856.0)
Cash flows from financing activities
Repayments of principal/(drawdown of borrowings)
22.4
(198.3)
(175.9)
Interest paid
5.6
28.0
33.6
Financing fees paid
\u2013
15.8
15.8
Non-cash movements
Movement in lease liabilities
21.1
\u2013
21.1
Foreign exchange impacts
7.6
\u2013
7.6
Accrued interest
(5.6)
(42.4)
(48.0)
As at 3 September 2023
(329.0)
(672.8)
(1,001.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-391": { "value": "
29 COMMITMENTS AND CONTINGENCIES
29.1 Capital commitments
Capital expenditure committed at the reporting date but not yet incurred is as follows:
2024 2023
\u00a3m \u00a3m
Fixtures and fittings
15.9
71.3
Intangible assets
54.9
76.2
70.8
147.5
29.2 Subsidiary audit exemptions
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the \u201cAct\u201d) relating to the audit of
individual accounts by virtue of Section 479A of the Act.
Name
Company number
Name
Company number
ASOS Global Limited
07817472
Covetique Limited
07491491
ASOS Marketplace Limited
07289272
Crooked Tongues Limited
06579850
ASOS Payments Holdings Limited
13332420
Eight Paws Projects Limited
07990751
ASOS Projects Limited
08218702
Mornington & Co (No.1) Limited
08506761
ASOS Transaction Services Limited
08207408
Mornington & Co (No.2) Limited
08506877
ASOS Ventures Limited
09356546
ASOS Payments UK Limited
13337408
29.3 Contingent liabilities
From time to time, the Group is subject to various legal proceedings and claims that arise in the ordinary course of business, which due to the
fast-growing nature of the Group and its e-commerce base, may concern the Group\u2019s brand and trading name or its product designs. All such
cases brought against the Group are robustly defended and a liability is recorded only when it is probable that the case will result in a future
economic outflow which can be reliably measured.
As previously reported, ASOS is currently party to legal proceedings in overseas territories which the Group is robustly defending. The claim
considers the laws applicable to the sale of goods in the relevant territory, under which the claimants are seeking a financial remedy for alleged
breaches by ASOS of local laws. The claim remains in its early stages, and will be heard in two phases. Completion of such a claim can be a lengthy
process, with a final court decision of the first phase potentially taking up to two years after the initial hearing. The claim and its defence are
relatively complex, there are multiple factual and legal defences to the claims and the Group intends to defend them vigorously. The Group
therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of any liability were it to arise or the
potential impact on the Group at this stage. Furthermore, management are of the opinion that, given the early stages of the claim, disclosure
of any potential quantification could be prejudicial to the Group at this time.
As disclosed in the prior year annual accounts, the Group has made a voluntary disclosure to an overseas tax authority in relation to potentially
overclaimed VAT. As explained, whether or not the VAT was overclaimed was ultimately dependent on the relevant tax authority\u2019s view. The
overseas tax authority has now concluded that the VAT was correctly charged to ASOS, hence ASOS was correct in recovering the VAT and
no repayment or multi-party non-cash agreement is necessary. This issue is therefore considered successfully resolved without the liability
crystallising. The Group notes that there are a small number of suppliers who should likely have historically charged VAT on services but have not.
The Group has notified the relevant suppliers of this and any amount payable will not be material and will be able to be reclaimed by ASOS from
the overseas tax authority in the normal course of business .
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-395": { "value": "29 COMMITMENTS AND CONTINGENCIES 29.1 Capital commitments Capital expenditure committed at the reporting date but not yet incurred is as follows:
2024 2023
\u00a3m \u00a3m
Fixtures and fittings
15.9
71.3
Intangible assets
54.9
76.2
70.8
147.5
29.2 Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the \u201cAct\u201d) relating to the audit of individual accounts by virtue of Section 479A of the Act.
Name
Company number
Name
Company number
ASOS Global Limited
07817472
Covetique Limited
07491491
ASOS Marketplace Limited
07289272
Crooked Tongues Limited
06579850
ASOS Payments Holdings Limited
13332420
Eight Paws Projects Limited
07990751
ASOS Projects Limited
08218702
Mornington & Co (No.1) Limited
08506761
ASOS Transaction Services Limited
08207408
Mornington & Co (No.2) Limited
08506877
ASOS Ventures Limited
09356546
ASOS Payments UK Limited
13337408
29.3 Contingent liabilities From time to time, the Group is subject to various legal proceedings and claims that arise in the ordinary course of business, which due to the fast-growing nature of the Group and its e-commerce base, may concern the Group\u2019s brand and trading name or its product designs. All such cases brought against the Group are robustly defended and a liability is recorded only when it is probable that the case will result in a future economic outflow which can be reliably measured. As previously reported, ASOS is currently party to legal proceedings in overseas territories which the Group is robustly defending. The claim considers the laws applicable to the sale of goods in the relevant territory, under which the claimants are seeking a financial remedy for alleged breaches by ASOS of local laws. The claim remains in its early stages, and will be heard in two phases. Completion of such a claim can be a lengthy process, with a final court decision of the first phase potentially taking up to two years after the initial hearing. The claim and its defence are relatively complex, there are multiple factual and legal defences to the claims and the Group intends to defend them vigorously. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of any liability were it to arise or the potential impact on the Group at this stage. Furthermore, management are of the opinion that, given the early stages of the claim, disclosure of any potential quantification could be prejudicial to the Group at this time. As disclosed in the prior year annual accounts, the Group has made a voluntary disclosure to an overseas tax authority in relation to potentially overclaimed VAT. As explained, whether or not the VAT was overclaimed was ultimately dependent on the relevant tax authority\u2019s view. The overseas tax authority has now concluded that the VAT was correctly charged to ASOS, hence ASOS was correct in recovering the VAT and no repayment or multi-party non-cash agreement is necessary. This issue is therefore considered successfully resolved without the liability crystallising. The Group notes that there are a small number of suppliers who should likely have historically charged VAT on services but have not. The Group has notified the relevant suppliers of this and any amount payable will not be material and will be able to be reclaimed by ASOS from the overseas tax authority in the normal course of business .", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-379": { "value": "29 COMMITMENTS AND CONTINGENCIES 29.1 Capital commitments Capital expenditure committed at the reporting date but not yet incurred is as follows:
2024 2023
\u00a3m \u00a3m
Fixtures and fittings
15.9
71.3
Intangible assets
54.9
76.2
70.8
147.5
29.2 Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the \u201cAct\u201d) relating to the audit of individual accounts by virtue of Section 479A of the Act.
Name
Company number
Name
Company number
ASOS Global Limited
07817472
Covetique Limited
07491491
ASOS Marketplace Limited
07289272
Crooked Tongues Limited
06579850
ASOS Payments Holdings Limited
13332420
Eight Paws Projects Limited
07990751
ASOS Projects Limited
08218702
Mornington & Co (No.1) Limited
08506761
ASOS Transaction Services Limited
08207408
Mornington & Co (No.2) Limited
08506877
ASOS Ventures Limited
09356546
ASOS Payments UK Limited
13337408
29.3 Contingent liabilities From time to time, the Group is subject to various legal proceedings and claims that arise in the ordinary course of business, which due to the fast-growing nature of the Group and its e-commerce base, may concern the Group\u2019s brand and trading name or its product designs. All such cases brought against the Group are robustly defended and a liability is recorded only when it is probable that the case will result in a future economic outflow which can be reliably measured. As previously reported, ASOS is currently party to legal proceedings in overseas territories which the Group is robustly defending. The claim considers the laws applicable to the sale of goods in the relevant territory, under which the claimants are seeking a financial remedy for alleged breaches by ASOS of local laws. The claim remains in its early stages, and will be heard in two phases. Completion of such a claim can be a lengthy process, with a final court decision of the first phase potentially taking up to two years after the initial hearing. The claim and its defence are relatively complex, there are multiple factual and legal defences to the claims and the Group intends to defend them vigorously. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of any liability were it to arise or the potential impact on the Group at this stage. Furthermore, management are of the opinion that, given the early stages of the claim, disclosure of any potential quantification could be prejudicial to the Group at this time. As disclosed in the prior year annual accounts, the Group has made a voluntary disclosure to an overseas tax authority in relation to potentially overclaimed VAT. As explained, whether or not the VAT was overclaimed was ultimately dependent on the relevant tax authority\u2019s view. The overseas tax authority has now concluded that the VAT was correctly charged to ASOS, hence ASOS was correct in recovering the VAT and no repayment or multi-party non-cash agreement is necessary. This issue is therefore considered successfully resolved without the liability crystallising. The Group notes that there are a small number of suppliers who should likely have historically charged VAT on services but have not. The Group has notified the relevant suppliers of this and any amount payable will not be material and will be able to be reclaimed by ASOS from the overseas tax authority in the normal course of business ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-351": { "value": "29 COMMITMENTS AND CONTINGENCIES 29.1 Capital commitments Capital expenditure committed at the reporting date but not yet incurred is as follows:
2024 2023
\u00a3m \u00a3m
Fixtures and fittings
15.9
71.3
Intangible assets
54.9
76.2
70.8
147.5
29.2 Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the \u201cAct\u201d) relating to the audit of individual accounts by virtue of Section 479A of the Act.
Name
Company number
Name
Company number
ASOS Global Limited
07817472
Covetique Limited
07491491
ASOS Marketplace Limited
07289272
Crooked Tongues Limited
06579850
ASOS Payments Holdings Limited
13332420
Eight Paws Projects Limited
07990751
ASOS Projects Limited
08218702
Mornington & Co (No.1) Limited
08506761
ASOS Transaction Services Limited
08207408
Mornington & Co (No.2) Limited
08506877
ASOS Ventures Limited
09356546
ASOS Payments UK Limited
13337408
29.3 Contingent liabilities From time to time, the Group is subject to various legal proceedings and claims that arise in the ordinary course of business, which due to the fast-growing nature of the Group and its e-commerce base, may concern the Group\u2019s brand and trading name or its product designs. All such cases brought against the Group are robustly defended and a liability is recorded only when it is probable that the case will result in a future economic outflow which can be reliably measured. As previously reported, ASOS is currently party to legal proceedings in overseas territories which the Group is robustly defending. The claim considers the laws applicable to the sale of goods in the relevant territory, under which the claimants are seeking a financial remedy for alleged breaches by ASOS of local laws. The claim remains in its early stages, and will be heard in two phases. Completion of such a claim can be a lengthy process, with a final court decision of the first phase potentially taking up to two years after the initial hearing. The claim and its defence are relatively complex, there are multiple factual and legal defences to the claims and the Group intends to defend them vigorously. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of any liability were it to arise or the potential impact on the Group at this stage. Furthermore, management are of the opinion that, given the early stages of the claim, disclosure of any potential quantification could be prejudicial to the Group at this time. As disclosed in the prior year annual accounts, the Group has made a voluntary disclosure to an overseas tax authority in relation to potentially overclaimed VAT. As explained, whether or not the VAT was overclaimed was ultimately dependent on the relevant tax authority\u2019s view. The overseas tax authority has now concluded that the VAT was correctly charged to ASOS, hence ASOS was correct in recovering the VAT and no repayment or multi-party non-cash agreement is necessary. This issue is therefore considered successfully resolved without the liability crystallising. The Group notes that there are a small number of suppliers who should likely have historically charged VAT on services but have not. The Group has notified the relevant suppliers of this and any amount payable will not be material and will be able to be reclaimed by ASOS from the overseas tax authority in the normal course of business .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-398": { "value": "29.2 Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the \u201cAct\u201d) relating to the audit of individual accounts by virtue of Section 479A of the Act.
Name
Company number
Name
Company number
ASOS Global Limited
07817472
Covetique Limited
07491491
ASOS Marketplace Limited
07289272
Crooked Tongues Limited
06579850
ASOS Payments Holdings Limited
13332420
Eight Paws Projects Limited
07990751
ASOS Projects Limited
08218702
Mornington & Co (No.1) Limited
08506761
ASOS Transaction Services Limited
08207408
Mornington & Co (No.2) Limited
08506877
ASOS Ventures Limited
09356546
ASOS Payments UK Limited
13337408
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } }, "fact-428": { "value": "
30 POST BALANCE SHEET EVENTS
Disposal of Topshop and Topman brands
On 5 September 2024, the Group entered into a binding agreement to sell the intellectual property relating to the Topshop and Topman (TSTM)
brands to a subsidiary of Heartland A/S (a related party of the Group), for a consideration as follows:
\u2022 Cash of \u00a3135m.
\u2022 25% of the issued ordinary shares in the entity that will hold the brands, valued at \u00a345m.
As disclosed in Note 16, assets of \u00a3165.5m have been classified as held for sale as at the year-end. The transaction has subsequently completed,
resulting in the derecognition of the assets held for sale, the recognition of an investment in an associate of \u00a345m, and a profit on disposal of
c.\u00a314m.
ASOS has the right, at its sole discretion, to sell a 5% interest in the associate to Heartland A/S for \u00a39m.
As part of the arrangement, the purchasing entity has granted a licence to ASOS.com of 10 years (extendable up to 25 years at ASOS\u2019
discretion), pursuant to which ASOS.com has the exclusive right to continue to design TSTM products (subject to de minimis rights to design local
products) for global distribution and to sell Topshop and Topman products through the ASOS.com website in consideration for a royalty fee.
ASOS also has the right to operate Topshop.com and Topman.com globally, and has been granted exclusive wholesale distribution rights in the UK
and North America, while the purchasing entity retains the rights to open branded stores globally and distribute through wholesale partners
outside of the UK and North America.
Refinancing
After the period end, in September 2024, the Group launched a refinancing exercise of the Convertible Bonds due 2026 as follows:
\u2022 \u00a3253m was exchanged into new Convertible Bonds due 2028;
\u2022 \u00a3173.4m of the Convertible Bonds due 2026 was accepted for repurchase at a discount of par 15%, and
\u2022 As a result, \u00a373.6m remains in the Convertible Bonds due 2026.
The new Convertible Bonds were issued at par and carry a fixed annual coupon of 11%, payable semi-annually in arrears. The initial conversion
price has been set at \u00a379.65, in line with the Convertible Bond due 2026. The Bonds will be redeemed on 19 September 2028, unless previously
converted, exchanged, redeemed or purchased and cancelled in accordance with the terms and conditions of the Bonds, at a redemption price
of 120% of the principal amount.
In addition, ASOS announced an amendment and extension of its existing facilities agreement with Bantry Bay Capital to May 2027 with an option
for a 12-month extension. As part of this, \u00a350m of the term loan has been repaid, with a corresponding increase in the available accordion facility.
The Group\u2019s previous minimum liquidity covenant has been removed, and maintaining positive liquidity is the only condition now required to avoid
an event of default. In addition, the Group is also subject to a springing maturity clause in the term loan facility in April 2026, conditional upon
forward projection of base case cash flows.
Following the disposal of the brands and the refinancing exercise, the Group recognised a reduction in net debt of approximately \u00a3130m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2023-09-04T00:00:00/2024-09-02T00:00:00" } } } }