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Signi\ufb01cant accounting policies
a) General information
Trainline plc (the \u2018Company\u2019) and subsidiaries controlled by the Company (together, the
\u2018Group\u2019) are the leading independent rail and coach travel platform selling rail and coach
tickets worldwide. The Company is publicly listed on the London Stock Exchange (\u2018LSE\u2019)
and is incorporated and domiciled in the United Kingdom. The Company\u2019s registered
address is 120 Holborn, London EC1N 2TD.
The Group Financial Statements for the year ended 29 February 2024 were approved by
the Directors on 3 May 2024.
The Group Financial Statements of Trainline plc have been prepared in accordance
with UK-adopted International Accounting Standards and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards.
The accounting policies set out in the sections below have, unless otherwise stated, been
applied consistently to all periods presented within the Financial Statements and have
been applied consistently by all subsidiaries.
b) Basis of consolidation
The Group Financial Statements consolidate those of the Company and its subsidiaries
(together referred to as the \u2018Group\u2019).
The Financial Statements presented herein are for the year from 1 March 2023 to
29 February 2024.
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it
is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. The Financial
Statements of subsidiaries are included in the Consolidated Financial Statements from
the date on which control commences until the date on which control ceases. Control is
achieved when the Group (i) has power over the investee; (ii) is exposed, or has rights to
variable returns from its involvement with the investee; and (iii) has the ability to use its
power to affect the returns.
(ii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising
from intra-group transactions, are eliminated.
c) Basis of measurement
The Group and Parent Company Financial Statements are prepared on the historical cost
basis except for the following:
\u2022
Financial instruments at fair value through the income statement are measured at fair
value.
d) Functional and presentation currency
The Financial Statements are presented in pound sterling (\u00a3GBP), which is the functional
currency of the Parent Company. All amounts have been rounded to the nearest
thousand, unless otherwise indicated.
e) Going concern
The Consolidated Financial Statements have been prepared on a going concern basis,
which assumes that the Group will be able to meet its liabilities as they fall due over at
least the next 12 months from the date of the approval of these Financial Statements (the
\u2018going concern assessment period\u2019) including consideration of the covenants associated
with the Group\u2019s revolving credit facility at the next covenant test dates on 31 August 2024
and 28 February 2025, being the two relevant dates in this period.
The UK Corporate Governance Code requires the Board to assess and report on the
prospects of the Group and whether the business is a going concern. The Directors have
undertaken a rigorous assessment of going concern and liquidity, taking into account
financial forecasts and any key uncertainties and sensitivities.
Positive adjusted EBITDA of \u00a3122.1 million was earned in the period (FY2023: \u00a386.1
million) and net debt at 29 February 2024 was \u00a363.9 million (FY2023: \u00a3100.4 million)
resulting in a reduction in Net debt to adjusted EBITDA leverage ratio from 1.17 at
28 February 2023 to 0.52 at 29 February 2024. As at 29 February 2024 the Group was
in a net current liability position of \u00a371.5 million driven by the negative working capital
cycle whereby ticket sales amounts are received before amounts due are paid by
carriers (FY2023: \u00a395.2 million net current liability position). The Group has in place bank
guarantees of \u00a3183.4 million (FY2023: \u00a372.2 million) that can be utilised to settle trade
creditor balances. Bank guarantees are issued by lenders under the Group\u2019s revolving
credit facility and therefore reduce the Group\u2019s remaining available facility. Despite the net
current liability position, the Group has access to \u00a381.6 million additional funds under its
revolving credit facility (FY2023: \u00a3192.8 million). As such the Group has sufficient liquidity
to cover the net current liability position. The existing revolving credit facility has an initial
maturity date of November 2025 however the facility offers optionality of two 1-year
extensions after the initial maturity date.
\u00a0
\u00a0
\u00a0
\u00a0
The Directors performed a detailed going concern review using Board approved forecasts
(the \u2018base case\u2019) as well as considering two severe but plausible downside scenarios in
isolation, without any mitigations, and their potential impact on the Group\u2019s forecast. The
severe but plausible downside scenarios modelled were: (1) a 15% reduction in forecast
Group adjusted EBITDA caused by a circa 9% reduction in UK revenue, or a circa 12%
increase in Group marketing and other administrative expenses; and (2) a 1% increase
above the forecast SONIA interest rate benchmark.
In the base case and both severe but plausible downside scenarios the Group is able
to continue in operation and meet its liabilities as they fall due, with significant excess
liquidity. This includes complying with the net debt to adjusted EBITDA and the interest
coverage covenant requirements at the 31 August 2024 and 28 February 2025 test dates.
Following the assessment described above, the Directors are confident that the Group
has adequate resources to continue to meet its liabilities as they fall due and to remain in
operation for the going concern assessment period. The Board has therefore continued
to adopt the going concern basis in preparing the Consolidated Financial Statements.
f) Cost of sales
Cost of sales include costs in relation to the provision of rail tickets, industry system costs,
ancillary services, settlement and fulfilment costs and are recognised as incurred (at the
point of sale).
g) Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of
Group companies at exchange rates applicable on the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated to the
functional currency exchange rate at the reporting date. Non-monetary assets and liabilities
that are measured at fair value in a foreign currency are translated to the functional currency
at the exchange rate when the fair value was determined. Foreign currency differences
arising on translation are generally recognised in the income statement. Non-monetary items
that are measured based on historical cost in foreign currencies are not retranslated.
For the purpose of presenting the Consolidated Financial Statements, the assets and
liabilities of entities with a functional currency other than sterling are expressed in
sterling using exchange rates prevailing at the reporting date. Income and expense
items and cash flows are translated at the average exchange rates for each month and
exchange differences arising are recognised directly in other comprehensive income.
h) Use of judgements and estimates
In preparing these Financial Statements, management has made judgements, estimates
and assumptions that affect the application of the accounting policies and the reported
amounts of assets, liabilities, income and expenses.
Estimates and underlying assumptions are reviewed on an ongoing basis. Actual results
may differ from these estimates. Revision to estimates are recognised prospectively.
Key source of estimation uncertainty
The following estimate is deemed significant as it has been identified by management as
one which is subject to a high degree of estimation uncertainty:
\u2022
Note 10 \u2013 Goodwill impairment test: key assumptions underlying recoverable
amounts
The Group tests goodwill for impairment annually by comparing the carrying amount
against the recoverable amount. The recoverable amount is the higher of the fair value
less costs of disposal and value in use. There is inherent estimation uncertainty in
estimating the future cash flows and the time period over which they will occur. There
is also estimation uncertainty in arriving at an appropriate discount rate to apply to the
cash flows as well as an appropriate terminal growth rate. Each of these assumptions
have an impact on the overall value of cash flows expected and therefore the headroom
between the cash flows and carrying values of the cash generating units. An unfavourable
change in any of these assumptions could result in a significant change in headroom.
As such each of these constitute estimates in the assessment of the recoverable
amount of goodwill in respect of both the UK Consumer and International Consumer
cash-generating units (\u2018CGUs\u2019). Details of the impact of reasonably possible changes
to the future cash flows and timing of these are evaluated in Note 10 to the Financial
Statements.
Critical accounting judgements
Critical accounting judgements are those that the Group has made in the process of
applying the Group\u2019s accounting policies and that have the most significant effect on the
amounts recognised in the Financial Statements:
\u2022
Note 10 \u2013 Capitalisation of internal software development costs
The Group capitalises internal costs directly attributable to the development of intangible
assets. We consider this a critical judgement given the application of IAS 38 involves
the assessment of several different criteria that can be subjective and/or complex in
determining whether the costs meet the threshold for capitalisation. During the year
the Group has capitalised internal development costs amounting to \u00a337.5 million
(FY2023: \u00a332.2 million). While the Group makes judgements in determining the basis for
recognition of these internally developed assets, these judgements are formed in the
context of robust systems and controls.
i) New standards and interpretations adopted
A number of new standards are effective from 1 March 2023, but they do not have a
material effect on the Group\u2019s Financial Statements.
The following adopted IFRSs have been issued but have not been applied by the Group
in these Consolidated Financial Statements. Their adoption is not expected to have a
material effect on the Financial Statements unless otherwise indicated:
\u2022
De\ufb01nition of Accounting Estimates \u2013 Amendments to IAS 8 (e\ufb00ective date 1 January
2023);
\u2022
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement
2 (e\ufb00ective date 1 January 2023);
\u2022
Deferred tax related to assets and liabilities arising from a single transaction \u2013
Amendments to IAS 12 (e\ufb00ective date 1 January 2023);
\u2022
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 (e\ufb00ective
date 1 January 2023);
\u2022
IFRS 17 Insurance Contracts (e\ufb00ective date 1 January 2023).Accounting policy
Consumer
Commission revenue is earned from carriers on net ticket sales and service charges
billed to customers. Each sale or refund transaction represents a separate performance
obligation, and the related revenue is recognised at the time of the sale or refund.
Ancillary product o\ufb00erings sold through third parties generate other revenue earnings for
Trainline who act as an agent. Income is recognised at a point in time based on purchase
date, impressions or, in the case of hotels, customer stays. The Group acts as an agent
in these sale transactions, as it does not control the services prior to transferring them
to its customers. In refund transactions the Group acts as an agent in respect of the
refund of the ticket value that is due back to the customer, and as a principal in respect
of the refund fee, as it has full entitlement to the refund fee. Refund sales and fees are
recognised at the point the ticket is voided (cancelled) with the vendor.
Trainline Solutions
Revenue earned from branded travel portal platforms is recognised in three key elements
represented by bespoke feature builds, monthly maintenance, and commission and
service fees earned per transaction processed. Each of these elements represent a
separate performance obligation. Revenue is recognised over time, as each performance
obligation is satis\ufb01ed, for speci\ufb01c feature builds, and at point in time for bespoke feature
builds, maintenance, commission and service fees. For contracts with customers, invoices
are raised upon satisfaction of performance obligations, with payment due within 30
days.
The Group\u2019s operations and main revenue streams are those described in these Financial
Statements. The Group\u2019s revenue is derived from contracts with customers and is
disaggregated by primary geographical market and timing of revenue recognition.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Timing of revenue recognition
At point in time
396,718
327,147
Total revenue
396,718
327,147
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
Accounting policy
Income tax expense comprises current and deferred tax. It is recognised in the income
statement except to the extent that it relates to a business combination, or items
recognised directly in equity or in other comprehensive income.
(i) Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss
for the period and any adjustment to tax payable or receivable in respect of previous years.
It is measured using tax rates enacted or substantively enacted at the reporting date.
(ii) Deferred tax
Deferred tax is recognised in respect of temporary di\ufb00erences between the carrying
amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognised for:
\u2022
temporary di\ufb00erences on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that a\ufb00ects neither accounting nor taxable
pro\ufb01t or loss;
\u2022
temporary di\ufb00erences related to investments in subsidiaries, to the extent that the
Group can control the timing of the reversal of the temporary di\ufb00erences and it is
probable that they will not reverse in the foreseeable future; and
\u2022
taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary di\ufb00erences to the extent that it is probable that future taxable
pro\ufb01ts will be available against which they can be used before their expiry. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax bene\ufb01t will be realised.
Amounts will be recognised \ufb01rst to the extent that taxable temporary di\ufb00erences exist
and it is considered probable that they will reverse and give rise to future taxable pro\ufb01ts
against which losses or other assets may be utilised before their expiry. Assets will then
be recognised to the extent that forecasts or other evidence support the availability of
future pro\ufb01ts against which assets may be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
di\ufb00erences when they reverse, using tax rates enacted or substantively enacted at the
reporting date. The measurement of deferred tax re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are o\ufb00set only if certain criteria are met.
The IASB amended the scope of IAS 12 to clarify that the standard applies to income
taxes arising from tax law enacted or substantively enacted to implement the Pillar Two
model rules published by the OECD, including tax law that implements quali\ufb01ed domestic
minimum top up taxes described in those rules. The Group is not currently in scope of the
Pillar Two model rules. Notably, if the Group were in scope, the Parent Company would
not be expected to be required to pay a top-up tax where pro\ufb01ts from subsidiaries are
taxed at an e\ufb00ective tax rate greater than 15%.Accounting policy
The Group calculates earnings per share in accordance with the requirements of IAS 33
Earnings Per Share.
Four types of earnings per share are reported:
(i) Basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, divided by
the weighted average number of ordinary shares outstanding during the period, adjusted
for treasury shares held.
(ii) Diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, divided by
the weighted average number of shares outstanding used in the basic earnings per share
calculation, adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
(iii) Adjusted basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, adjusted to
remove the impact of exceptional items, gain on convertible bonds buyback, share-based
payment charges, amortisation of acquired intangibles and the tax impact of these items;
divided by the weighted average number of ordinary shares outstanding during the
period, adjusted for treasury shares held.
(iv) Adjusted diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, adjusted to
remove the impact of exceptional items, gain on convertible bond buyback, share-based
payment charges, amortisation of intangibles and the tax impact of these items; divided
by the weighted average number of shares outstanding used in the basic earnings per
share calculation adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
\n \n
At 29 February 2024
At 28 February 2023
Weighted average number of ordinary shares:
Ordinary shares
477,817,773
480,680,508
Treasury shares
(10,697,997)
(11,834,556)
Weighted number of ordinary shares
467,119,776
468,845,952
Dilutive impact of share options outstanding
12,034,501
4,216,223
Weighted number of dilutive shares
479,154,277
473,062,175
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t after tax
33,986
21,217
Earnings attributable to equity holders
33,986
21,217
Adjusted earnings
1
57,311
36,271
\n \n
2024
2023
pence
pence
Pro\ufb01t per share
Basic
7.28p
4.53p
Diluted
7.09p
4.48p
Adjusted pro\ufb01t per share
Basic
12.27p
7.74p
Diluted
11.96p
7.67p
1. Refer to the alternative performance measures section for the calculation of adjusted earnings.Accounting policy
(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.
(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically, and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged to
projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives and are
measured at cost less accumulated amortisation and any accumulated impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and
is recognised in administrative expenses in the income statement. Goodwill is not
amortised.
The estimated useful lives are as follows:
Software development
3\u20135 years
Brand valuation
10 years
Customer lists
5\u20137 years
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.Accounting policy
Items of property, plant and equipment (\u2018PPE\u2019) are measured at cost less accumulated
depreciation and any accumulated impairment losses. Any gain or loss on disposal
of an item of property, plant and equipment is recognised in the income statement.
Depreciation is calculated to write o\ufb00 the cost of items of property, plant and equipment
less their estimated residual values using the straight-line method over their estimated
useful lives and is generally recognised in the income statement. The estimated useful
lives of property, plant and equipment are as follows:
Plant and equipment
3-7 years
Leasehold improvements
3-10 years/remaining lease length if shorter
Right-of-use assets
Lease length
The Group tests the carrying value of assets including right-of-use (\u2018ROU\u2019) assets for
impairment if there is an indicator of impairment. PPE is included in the carrying value of
the Group\u2019s CGUs and has been included in the CGU impairment assessments (see Note
10). There were no additional indicators of speci\ufb01c impairment identi\ufb01ed during the year
relating to PPE (FY2023: no indicators).Accounting policy
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method. At the date borrowings are repaid any
attributable transaction costs are released as \ufb01nance costs.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Non-current liabilities
Revolving credit facility
1
58,292
57,385
Convertible bonds
2
81,652
81,105
Lease liabilities
7,336
10,524
Total non-current liabilities
147,280
149,014
Current liabilities
Accrued interest on secured bank loans
841
368
Lease liabilities
4,992
4,523
Total current liabilities
5,833
4,891
1.
Included within the revolving credit facility is the principal amount of \u00a360.0 million (FY2023: \u00a360.0 million)
and directly attributable transaction costs of \u00a31.7 million (FY2023: \u00a32.6 million).
2.
Included within the convertible bonds is the principal amount of \u00a382.7 million (FY2023: \u00a382.7 million) and
directly attributable transaction costs of \u00a31.0 million (FY2023: \u00a31.6 million). The fair value of this convertible
bond, as determined by the price on the Frankfurt Stock Exchange at 29 February 2024 is \u00a374.7 million
(FY2023: \u00a368.7 million). The carrying value is \u00a381.7 million. During FY2023 the Group bought back and
cancelled \u00a332.1 million (face value) of its own convertible bonds for \u00a328.1 million, resulting in a gain of
\u00a34.0 million presented on the income statement within \ufb01nance income.Accounting policy
Provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate
that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c
to the liability. The unwinding of the discount is recognised as a \ufb01nance cost.
The Group provides for the cost of dilapidations in relation to the o\ufb03ces over the
minimum term of the leases. It is expected that the cash \ufb02ows in relation to provisions
will occur at the end of the lease terms between 2026 and 2030. Accounting policy
Equity-settled share-based payment schemes are initially measured at fair value at the
grant date and recognised as a charge in the income statement over the vesting period
based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for
the e\ufb00ect of non-market vesting conditions. A corresponding increase in reserves is also
recognised in equity.Accounting policy
(i) Short-term employee bene\ufb01ts
Short-term employee bene\ufb01ts are expensed as the related service is provided. A liability is
recognised for the amount expected to be paid if there is a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee and
the obligation can be estimated reliably.
(ii) De\ufb01ned contribution plans
Obligations for contributions to de\ufb01ned contribution plans are expensed as the related
service is provided. Prepaid contribution is recognised as an asset to the extent that a
cash refund or a reduction in future payments is available.
(iii) De\ufb01ned bene\ufb01t plans
The Group participates in a de\ufb01ned bene\ufb01t scheme which is closed to new members. The
assets of the scheme are held separately from those of the Group. Pension scheme assets
are measured using market values.
The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t plans is calculated separately by
estimating the amount of future bene\ufb01t that employees have earned in the current and
prior periods, discounting that amount and deducting the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed every period end by a quali\ufb01ed
actuary using the projected unit credit method and discounted at the current rate of
return on a high-quality corporate bond of equivalent term and currency to the liability.
When the calculation results in a potential asset for the Group, the recognised asset
is limited to the present value of economic bene\ufb01ts available in the form of any future
refunds from the plan or reductions in future contributions to the plan. To calculate the
present value of economic bene\ufb01ts, consideration is given to any applicable minimum
funding requirements.
The scheme is subject to an asset ceiling, meaning when the scheme is remeasured and
shows a net asset position an \u2018asset ceiling\u2019 is applied equal to this amount, meaning
the Group recognises no asset on its statement of \ufb01nancial position. This is because the
Group does not have an irrevocable right to the surplus of the scheme. If the scheme is in
a net de\ufb01cit the Group would recognise the liability.
Remeasurement of the net de\ufb01ned bene\ufb01t liability, which comprises actuarial gains and
losses, the return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if
any, excluding interest), is recognised immediately in other comprehensive income. The
Group determines the net interest expense (income) on the net de\ufb01ned bene\ufb01t liability
(asset) for the period by applying the discount rate used to measure the de\ufb01ned bene\ufb01t
obligation at the beginning of the annual period to the then-net de\ufb01ned bene\ufb01t liability
(asset), taking into account any changes in the net de\ufb01ned bene\ufb01t liability (asset) during
the period as a result of contributions and bene\ufb01t payments. Net interest expense and
other expenses related to de\ufb01ned bene\ufb01t plans are recognised in the income statement.
When the bene\ufb01ts of a plan are changed or when a plan is curtailed, the resulting change
in bene\ufb01t that relates to past service or the gain or loss on curtailment is recognised
immediately in the income statement. The Group recognises gains and losses on the
settlement of a de\ufb01ned bene\ufb01t plan when the settlement occurs.
(iv) Termination bene\ufb01ts
Termination bene\ufb01ts are expensed at the earlier of when the Group can no longer
withdraw the o\ufb00er of those bene\ufb01ts and when the Group recognises costs for a
restructuring. If bene\ufb01ts are not expected to be settled wholly within 12 months of the
end of the reporting period, then they are discounted.Accounting policy
Categorisation within the hierarchy, measured or disclosed at fair value, has been
determined based on the lowest level of input that is signi\ufb01cant to the fair value
measurement as follows:
\u2022
Level 1 \u2013 valued using quoted prices in active markets for identical assets or liabilities
\u2022
Level 2 \u2013 valued by reference to valuation techniques using observable inputs other
than quoted prices included within Level 1
\u2022
Level 3 \u2013 valued by reference to valuation techniques using inputs that are not based
on observable market data.
\n \n
Measurement
2024
2023
level
\u00a3\u2019000
\u00a3\u2019000
Cash and cash equivalents
1
91,085
57,337
Trade and other receivables
2
41,860
43,307
Total \ufb01nancial assets
132,945
100,644
Trade and other payables
2
(164,696)
(163,425)
Loans and borrowings
2
(139,944)
(138,490)
Lease liabilities
2
(12,328)
(15,047)
Total \ufb01nancial liabilities
(316,968)
(316,962)
There have been no transfers between levels in any of the years. Other non-current
liabilities are valued using market established valuation techniques.
Accounting de\ufb01nitions
Financial assets
The Group classi\ufb01es its non-derivative \ufb01nancial assets into the following categories: cash
and cash equivalents and trade and other receivables. The classi\ufb01cation depends on
the purpose for which the assets are held. The classi\ufb01cation is \ufb01rst performed at initial
recognition and then re-evaluated at every reporting date for \ufb01nancial assets other than
those held at fair value through the income statement.
(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
The carrying value of cash in the statement of \ufb01nancial position is valued at
amortised cost.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the e\ufb00ective interest method, less
any impairment losses. Trade and other receivables are presented in current assets in the
statement of \ufb01nancial position, except for those with maturities greater than one year
after the reporting date.
Trade and other receivables, classi\ufb01ed as \ufb01nancial assets, exclude prepayments and
contract assets.
Financial liabilities
The Group classi\ufb01es its \ufb01nancial liabilities into the following categories: trade and other
payables, loans and borrowings, other non-current liabilities and lease liabilities.
(i) Trade and other payables
Trade payables and accruals, which include amounts owed to carriers in respect of ticket
sale monies that the Group has collected on their behalf and amounts due to other
suppliers for general business expenditure, are initially recognised at fair value less any
directly attributable transaction costs. Subsequent to initial recognition, these liabilities
are measured at amortised cost using the e\ufb00ective interest method.
Trade and other payables are classi\ufb01ed as \ufb01nancial liabilities, excluding deferred revenue
and accruals.
(ii) Loans and borrowings
The \ufb01nancial liabilities recognised in this category include secured loan facilities,
convertible bonds and preference shares held by the Group and are presented
in borrowings in both current and non-current liabilities in the statement of
\ufb01nancial position.
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method.
(iii) Lease liabilities
The Group recognises lease liabilities for leases within the scope of IFRS 16 Leases.Accounting policy
At inception of a contract, the Group assesses whether or not a contract is, or contains, a
lease. A contract is, or contains, a lease if the contract conveys the right to control the use
of an identi\ufb01ed asset for a period of time in exchange for consideration. When a lease is
recognised in a contract the Group recognises a right-of-use asset and a lease liability at
the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease prepayments made at or before the
commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the
site on which it is located, less any lease incentives received. The right-of-use asset is
subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease
term. The estimated useful lives of right-of-use assets are based on the length of the
leases. In addition, the right-of-use asset is periodically reduced by impairment losses, if
any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date, discounted using the interest rate implicit in the
lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing
rate based on the rate of interest that the Group paid on borrowings at the date of
lease inception.
The lease liability is measured at amortised cost using the e\ufb00ective interest method. It
is remeasured when there is a change in future lease payments arising from a change
in an index or rate, or if the Group changes its assessment of whether it will exercise a
purchase, extension or termination option. If there is an extension on the lease term that
is not considered a new lease, the lease liability is remeasured using revised payments
and a revised discount rate at the date of the modi\ufb01cation. A corresponding adjustment is
made to the right-of-use asset.
The Group presents right-of-use assets in property, plant and equipment and lease
liabilities in loans and borrowings in the statement of \ufb01nancial position.
The Group leases assets including land and o\ufb03ce buildings that are held within property,
plant and equipment. Information about leases for which the Group is a lessee is
presented below.
a) Right-of-use assets
Details of right-of-use assets are disclosed in Note 11.
b) Lease liabilities in the statement of \ufb01nancial position
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Current liabilities
4,992
4,523
Non-current liabilities
7,336
10,524
12,328
15,047
The maturity analysis of lease liabilities is disclosed in Note 14.
c) Amounts charged in the income statement
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Depreciation expense of right-of-use assets
4,088
3,906
Interest expense in lease liabilities
370
528
4,458
4,434
d) Cash out\ufb02ow
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Total cash out\ufb02ow for leases
4,228
4,940
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11897": { "value": "a) General information
Trainline plc (the \u2018Company\u2019) and subsidiaries controlled by the Company (together, the
\u2018Group\u2019) are the leading independent rail and coach travel platform selling rail and coach
tickets worldwide. The Company is publicly listed on the London Stock Exchange (\u2018LSE\u2019)
and is incorporated and domiciled in the United Kingdom. The Company\u2019s registered
address is 120 Holborn, London EC1N 2TD.
The Group Financial Statements for the year ended 29 February 2024 were approved by
the Directors on 3 May 2024.
The Group Financial Statements of Trainline plc have been prepared in accordance
with UK-adopted International Accounting Standards and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11900": { "value": "Trainline plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11901": { "value": "Trainline plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11902": { "value": "Trainline plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11903": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11905": { "value": "leading independent rail and coach travel platform selling rail and coach tickets worldwide.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11909": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11910": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11911": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11913": { "value": "120 Holborn, London EC1N 2TD.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11915": { "value": "The Group Financial Statements for the year ended 29 February 2024 were approved by the Directors on 3 May 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11916": { "value": "2024-02-29", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11927": { "value": "b) Basis of consolidation
The Group Financial Statements consolidate those of the Company and its subsidiaries
(together referred to as the \u2018Group\u2019).
The Financial Statements presented herein are for the year from 1 March 2023 to
29 February 2024.
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it
is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. The Financial
Statements of subsidiaries are included in the Consolidated Financial Statements from
the date on which control commences until the date on which control ceases. Control is
achieved when the Group (i) has power over the investee; (ii) is exposed, or has rights to
variable returns from its involvement with the investee; and (iii) has the ability to use its
power to affect the returns.
(ii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising
from intra-group transactions, are eliminated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11934": { "value": "(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it
is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. The Financial
Statements of subsidiaries are included in the Consolidated Financial Statements from
the date on which control commences until the date on which control ceases. Control is
achieved when the Group (i) has power over the investee; (ii) is exposed, or has rights to
variable returns from its involvement with the investee; and (iii) has the ability to use its
power to affect the returns.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11950": { "value": "c) Basis of measurement
The Group and Parent Company Financial Statements are prepared on the historical cost
basis except for the following:
\u2022
Financial instruments at fair value through the income statement are measured at fair
value.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11959": { "value": "d) Functional and presentation currency
The Financial Statements are presented in pound sterling (\u00a3GBP), which is the functional
currency of the Parent Company. All amounts have been rounded to the nearest
thousand, unless otherwise indicated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f11966": { "value": "e) Going concern
The Consolidated Financial Statements have been prepared on a going concern basis,
which assumes that the Group will be able to meet its liabilities as they fall due over at
least the next 12 months from the date of the approval of these Financial Statements (the
\u2018going concern assessment period\u2019) including consideration of the covenants associated
with the Group\u2019s revolving credit facility at the next covenant test dates on 31 August 2024
and 28 February 2025, being the two relevant dates in this period.
The UK Corporate Governance Code requires the Board to assess and report on the
prospects of the Group and whether the business is a going concern. The Directors have
undertaken a rigorous assessment of going concern and liquidity, taking into account
financial forecasts and any key uncertainties and sensitivities.
Positive adjusted EBITDA of \u00a3122.1 million was earned in the period (FY2023: \u00a386.1
million) and net debt at 29 February 2024 was \u00a363.9 million (FY2023: \u00a3100.4 million)
resulting in a reduction in Net debt to adjusted EBITDA leverage ratio from 1.17 at
28 February 2023 to 0.52 at 29 February 2024. As at 29 February 2024 the Group was
in a net current liability position of \u00a371.5 million driven by the negative working capital
cycle whereby ticket sales amounts are received before amounts due are paid by
carriers (FY2023: \u00a395.2 million net current liability position). The Group has in place bank
guarantees of \u00a3183.4 million (FY2023: \u00a372.2 million) that can be utilised to settle trade
creditor balances. Bank guarantees are issued by lenders under the Group\u2019s revolving
credit facility and therefore reduce the Group\u2019s remaining available facility. Despite the net
current liability position, the Group has access to \u00a381.6 million additional funds under its
revolving credit facility (FY2023: \u00a3192.8 million). As such the Group has sufficient liquidity
to cover the net current liability position. The existing revolving credit facility has an initial
maturity date of November 2025 however the facility offers optionality of two 1-year
extensions after the initial maturity date.
\u00a0
\u00a0
\u00a0
\u00a0
The Directors performed a detailed going concern review using Board approved forecasts
(the \u2018base case\u2019) as well as considering two severe but plausible downside scenarios in
isolation, without any mitigations, and their potential impact on the Group\u2019s forecast. The
severe but plausible downside scenarios modelled were: (1) a 15% reduction in forecast
Group adjusted EBITDA caused by a circa 9% reduction in UK revenue, or a circa 12%
increase in Group marketing and other administrative expenses; and (2) a 1% increase
above the forecast SONIA interest rate benchmark.
In the base case and both severe but plausible downside scenarios the Group is able
to continue in operation and meet its liabilities as they fall due, with significant excess
liquidity. This includes complying with the net debt to adjusted EBITDA and the interest
coverage covenant requirements at the 31 August 2024 and 28 February 2025 test dates.
Following the assessment described above, the Directors are confident that the Group
has adequate resources to continue to meet its liabilities as they fall due and to remain in
operation for the going concern assessment period. The Board has therefore continued
to adopt the going concern basis in preparing the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12071": { "value": "f) Cost of sales
Cost of sales include costs in relation to the provision of rail tickets, industry system costs,
ancillary services, settlement and fulfilment costs and are recognised as incurred (at the
point of sale).", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12078": { "value": "g) Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of
Group companies at exchange rates applicable on the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated to the
functional currency exchange rate at the reporting date. Non-monetary assets and liabilities
that are measured at fair value in a foreign currency are translated to the functional currency
at the exchange rate when the fair value was determined. Foreign currency differences
arising on translation are generally recognised in the income statement. Non-monetary items
that are measured based on historical cost in foreign currencies are not retranslated.
For the purpose of presenting the Consolidated Financial Statements, the assets and
liabilities of entities with a functional currency other than sterling are expressed in
sterling using exchange rates prevailing at the reporting date. Income and expense
items and cash flows are translated at the average exchange rates for each month and
exchange differences arising are recognised directly in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12095": { "value": "h) Use of judgements and estimates
In preparing these Financial Statements, management has made judgements, estimates
and assumptions that affect the application of the accounting policies and the reported
amounts of assets, liabilities, income and expenses.
Estimates and underlying assumptions are reviewed on an ongoing basis. Actual results
may differ from these estimates. Revision to estimates are recognised prospectively.
Key source of estimation uncertainty
The following estimate is deemed significant as it has been identified by management as
one which is subject to a high degree of estimation uncertainty:
\u2022
Note 10 \u2013 Goodwill impairment test: key assumptions underlying recoverable
amounts
The Group tests goodwill for impairment annually by comparing the carrying amount
against the recoverable amount. The recoverable amount is the higher of the fair value
less costs of disposal and value in use. There is inherent estimation uncertainty in
estimating the future cash flows and the time period over which they will occur. There
is also estimation uncertainty in arriving at an appropriate discount rate to apply to the
cash flows as well as an appropriate terminal growth rate. Each of these assumptions
have an impact on the overall value of cash flows expected and therefore the headroom
between the cash flows and carrying values of the cash generating units. An unfavourable
change in any of these assumptions could result in a significant change in headroom.
As such each of these constitute estimates in the assessment of the recoverable
amount of goodwill in respect of both the UK Consumer and International Consumer
cash-generating units (\u2018CGUs\u2019). Details of the impact of reasonably possible changes
to the future cash flows and timing of these are evaluated in Note 10 to the Financial
Statements.
Critical accounting judgements
Critical accounting judgements are those that the Group has made in the process of
applying the Group\u2019s accounting policies and that have the most significant effect on the
amounts recognised in the Financial Statements:
\u2022
Note 10 \u2013 Capitalisation of internal software development costs
The Group capitalises internal costs directly attributable to the development of intangible
assets. We consider this a critical judgement given the application of IAS 38 involves
the assessment of several different criteria that can be subjective and/or complex in
determining whether the costs meet the threshold for capitalisation. During the year
the Group has capitalised internal development costs amounting to \u00a337.5 million
(FY2023: \u00a332.2 million). While the Group makes judgements in determining the basis for
recognition of these internally developed assets, these judgements are formed in the
context of robust systems and controls.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12191": { "value": "i) New standards and interpretations adopted
A number of new standards are effective from 1 March 2023, but they do not have a
material effect on the Group\u2019s Financial Statements.
The following adopted IFRSs have been issued but have not been applied by the Group
in these Consolidated Financial Statements. Their adoption is not expected to have a
material effect on the Financial Statements unless otherwise indicated:
\u2022
De\ufb01nition of Accounting Estimates \u2013 Amendments to IAS 8 (e\ufb00ective date 1 January
2023);
\u2022
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement
2 (e\ufb00ective date 1 January 2023);
\u2022
Deferred tax related to assets and liabilities arising from a single transaction \u2013
Amendments to IAS 12 (e\ufb00ective date 1 January 2023);
\u2022
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 (e\ufb00ective
date 1 January 2023);
\u2022
IFRS 17 Insurance Contracts (e\ufb00ective date 1 January 2023).", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12215": { "value": "2. Operating segments
In accordance with IFRS 8 the Group determines and presents its operating segments
based on internal information that is provided to the Board, being the Group\u2019s Chief
Operating Decision Maker (\u2018CODM\u2019).
The Group\u2019s three operating and reporting segments are summarised as follows:
\u2022
UK Consumer \u2013 Travel apps and websites for individual travellers for journeys within
the UK
\u2022
International Consumer \u2013 Travel apps and websites for individual travellers for
journeys outside the UK including journeys between the UK and outside the UK, and
\u2022
Trainline Solutions
1
\u2013 Travel portal platform for Trainline\u2019s own branded business
units, in addition to external corporates, travel management companies and white
label ecommerce platforms for Train Operating Companies. This segment operates
Platform One Solutions and recharges a cost to the UK Consumer and International
Consumer segments.
1
The Group\u2019s technology platform, UK Trainline Solutions and International Trainline Solutions are
collectively referred to as \u2018Trainline Solutions\u2019.
No single customer accounted for 10% or more of the Group\u2019s sales. In general, the
transfer pricing policy implemented by the Group is market-based.
The CODM reviews discrete information by segment disaggregated to adjusted EBITDA to
better assess performance and to assist in resource-allocation decisions.
\u2022
the CODM monitors the three operating segments results at the level of net ticket
sales, revenue, gross pro\ufb01t and adjusted EBITDA as shown in this disclosure and
\u2022
no results at a pro\ufb01t before/after tax level or in relation to the statement of \ufb01nancial
position are reported to the CODM at a lower level than the consolidated Group.
Segmental analysis for the year ended 29 February 2024:
International
Trainline
UK Consumer
Consumer
Solutions
Total Group
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Net ticket sales
3,469,170
1,040,500
785,402
5,295,072
Revenue
208,802
53,156
134,760
396,718
Cost of sales
(63,472)
(17,364)
(10,597)
(91,433)
Gross pro\ufb01t
145,330
35,792
124,163
305,285
Marketing costs
(26,237)
(40,574)
(621)
(67,432)
Other administrative expenses
(33,477)
(11,901)
(70,342)
(115,720)
Adjusted EBITDA
85,616
(16,683)
53,200
122,133
Depreciation and amortisation
(41,662)
Exceptional items
(2,263)
Share-based payment charges
(22,629)
Operating pro\ufb01t
55,579
Net \ufb01nance costs
(7,464)
Pro\ufb01t before tax
48,115
Income tax expense
(14,129)
Pro\ufb01t after tax
33,986
Segmental analysis for the year ended 28 February 2023:
International
Trainline
\u00a0
UK Consumer
Consumer
Solutions
Total Group
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Net ticket sales
2,811,299
914,506
597,493
4,323,298
Revenue
172,066
45,387
109,694
327,147
Cost of sales
(50,211)
(15,318)
(9,394)
(74,923)
Gross pro\ufb01t
121,855
30,069
100,300
252,224
Marketing costs
(21,871)
(42,517)
(459)
(64,847)
Other administrative expenses
(28,729)
(9,415)
(63,135)
(101,279)
Adjusted EBITDA
71,255
(21,863)
36,706
86,098
Depreciation and amortisation
(41,167)
Share-based payment charges
(17,292)
Operating pro\ufb01t
27,639
Net \ufb01nance costs
(5,549)
Pro\ufb01t before tax
22,090
Income tax expense
(873)
Pro\ufb01t after tax
21,217
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12653": { "value": "3. Revenue
Accounting policy
Consumer
Commission revenue is earned from carriers on net ticket sales and service charges
billed to customers. Each sale or refund transaction represents a separate performance
obligation, and the related revenue is recognised at the time of the sale or refund.
Ancillary product o\ufb00erings sold through third parties generate other revenue earnings for
Trainline who act as an agent. Income is recognised at a point in time based on purchase
date, impressions or, in the case of hotels, customer stays. The Group acts as an agent
in these sale transactions, as it does not control the services prior to transferring them
to its customers. In refund transactions the Group acts as an agent in respect of the
refund of the ticket value that is due back to the customer, and as a principal in respect
of the refund fee, as it has full entitlement to the refund fee. Refund sales and fees are
recognised at the point the ticket is voided (cancelled) with the vendor.
Trainline Solutions
Revenue earned from branded travel portal platforms is recognised in three key elements
represented by bespoke feature builds, monthly maintenance, and commission and
service fees earned per transaction processed. Each of these elements represent a
separate performance obligation. Revenue is recognised over time, as each performance
obligation is satis\ufb01ed, for speci\ufb01c feature builds, and at point in time for bespoke feature
builds, maintenance, commission and service fees. For contracts with customers, invoices
are raised upon satisfaction of performance obligations, with payment due within 30
days.
The Group\u2019s operations and main revenue streams are those described in these Financial
Statements. The Group\u2019s revenue is derived from contracts with customers and is
disaggregated by primary geographical market and timing of revenue recognition.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Timing of revenue recognition
At point in time
396,718
327,147
Total revenue
396,718
327,147
Geographic information
In presenting the below information based on geography, revenue is based on the
geographical location of the customers. This di\ufb00ers from Note 2 which discloses revenue
based on the geographical location of the journey undertaken.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
UK
314,997
259,207
Rest of the world
81,721
67,940
Total revenue
396,718
327,147
Contract balances
The Group\u2019s contract balances consist of trade receivables, contract assets and contract
liabilities. Trade receivables are disclosed in Note 12.
The contract assets primarily relate to the Group\u2019s rights to consideration for services
provided but not invoiced at the reporting date. The contract assets are transferred
to receivables when invoiced. The Group\u2019s contract assets amounted to \u00a311.4 million
(FY2023: \u00a310.2 million) which are included in Note 12.
The contract liabilities primarily relate to the advance consideration received from
customers, for which revenue is recognised when the services are deemed to be
provided. The contract liabilities amounted to \u00a30.7 million (FY2023: \u00a30.5 million) which are
included within deferred revenue in Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12656": { "value": "Accounting policy
Consumer
Commission revenue is earned from carriers on net ticket sales and service charges
billed to customers. Each sale or refund transaction represents a separate performance
obligation, and the related revenue is recognised at the time of the sale or refund.
Ancillary product o\ufb00erings sold through third parties generate other revenue earnings for
Trainline who act as an agent. Income is recognised at a point in time based on purchase
date, impressions or, in the case of hotels, customer stays. The Group acts as an agent
in these sale transactions, as it does not control the services prior to transferring them
to its customers. In refund transactions the Group acts as an agent in respect of the
refund of the ticket value that is due back to the customer, and as a principal in respect
of the refund fee, as it has full entitlement to the refund fee. Refund sales and fees are
recognised at the point the ticket is voided (cancelled) with the vendor.
Trainline Solutions
Revenue earned from branded travel portal platforms is recognised in three key elements
represented by bespoke feature builds, monthly maintenance, and commission and
service fees earned per transaction processed. Each of these elements represent a
separate performance obligation. Revenue is recognised over time, as each performance
obligation is satis\ufb01ed, for speci\ufb01c feature builds, and at point in time for bespoke feature
builds, maintenance, commission and service fees. For contracts with customers, invoices
are raised upon satisfaction of performance obligations, with payment due within 30
days.
The Group\u2019s operations and main revenue streams are those described in these Financial
Statements. The Group\u2019s revenue is derived from contracts with customers and is
disaggregated by primary geographical market and timing of revenue recognition.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Timing of revenue recognition
At point in time
396,718
327,147
Total revenue
396,718
327,147
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12755": { "value": "Contract balances
The Group\u2019s contract balances consist of trade receivables, contract assets and contract
liabilities. Trade receivables are disclosed in Note 12.
The contract assets primarily relate to the Group\u2019s rights to consideration for services
provided but not invoiced at the reporting date. The contract assets are transferred
to receivables when invoiced. The Group\u2019s contract assets amounted to \u00a311.4 million
(FY2023: \u00a310.2 million) which are included in Note 12.
The contract liabilities primarily relate to the advance consideration received from
customers, for which revenue is recognised when the services are deemed to be
provided. The contract liabilities amounted to \u00a30.7 million (FY2023: \u00a30.5 million) which are
included within deferred revenue in Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12770": { "value": "4. Exceptional items
Exceptional items are costs or credits that, by virtue of their nature and incidence, have
been disclosed separately in order to improve a reader\u2019s understanding of the Financial
Statements. Exceptional items are one-o\ufb00 in nature or are not considered to be part of
the Group\u2019s underlying trading performance.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Restructuring costs
2,263
\u2013
Exceptional items
2,263
\u2013
Restructuring costs
Restructuring costs related to projects being undertaken to improve operating e\ufb03ciency.
The projects were completed by the end of FY2024. These costs relate to consultancy fees
and people costs in relation to the project and are non-recurring and incremental in nature.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12859": { "value": "5. Auditors\u2019 remuneration
This note details a breakdown of the auditors\u2019 remuneration recognised across the Group.
During the year, the Group obtained the following services from its auditors:
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Audit of these Financial Statements
630
471
Audit of Financial Statements of subsidiaries pursuant to legislation
99
84
Audit-related assurance services
55
52
Non-audit services
18
\u2013
Total auditors\u2019 remuneration
802
607
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12912": { "value": "6. Employee bene\ufb01t expenses
Sta\ufb00 costs presented in this note re\ufb02ect the total wage, tax, pension and share-based
payment charge relating to employees of the Group. These costs are allocated between
administrative expenses, cost of sales or capitalised where appropriate as part of
software development intangible assets. The allocation between these areas is dependent
on the area of business the employee works in and the activities they have undertaken.
Average number of full-time equivalent employees
\n \n
2024
2023
Number of
Number of
employees
employees
Sales and marketing
138
119
Operations
180
147
Technology and product
579
511
Management and administration
150
135
Total number of employees
1
1,047
912
Employee bene\ufb01ts expense
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Wages and salaries
84,885
73,449
Social security contributions
12,209
10,749
Contributions to de\ufb01ned contribution plans
3,396
2,993
Share-based payment expense
22,629
17,292
Total employee bene\ufb01ts
123,119
104,483
Details of Directors\u2019 remuneration are disclosed in Note 23 under Transactions with key
management personnel of the Group.18. Other employee bene\ufb01ts
This note explains the accounting policies governing the Group\u2019s pension schemes and
details the calculations and actuarial assumptions related to these.
The majority of the Group\u2019s employees are members of a de\ufb01ned contribution pension
scheme. Additionally, the Group operates one de\ufb01ned bene\ufb01t pension plan which is
closed to new entrants.
For de\ufb01ned contribution schemes, the Group pays contributions into separate funds on
behalf of the employee and has no further obligations to employees. The risks associated
with this type of plan are assumed by the member. Contributions paid by the Group in
respect of the current year are included within Note 6.
The de\ufb01ned bene\ufb01t scheme is a pension arrangement under which participating
members receive a pension bene\ufb01t at retirement determined by the scheme rules,
salary and length of pensionable service. The income statement charge for the de\ufb01ned
bene\ufb01t scheme is the current/past service cost and the net interest cost which is the
change in the net de\ufb01ned bene\ufb01t liability that arises from the passage of time. The Group
underwrites both \ufb01nancial and demographic risks associated with this type of plan.
Accounting policy
(i) Short-term employee bene\ufb01ts
Short-term employee bene\ufb01ts are expensed as the related service is provided. A liability is
recognised for the amount expected to be paid if there is a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee and
the obligation can be estimated reliably.
(ii) De\ufb01ned contribution plans
Obligations for contributions to de\ufb01ned contribution plans are expensed as the related
service is provided. Prepaid contribution is recognised as an asset to the extent that a
cash refund or a reduction in future payments is available.
(iii) De\ufb01ned bene\ufb01t plans
The Group participates in a de\ufb01ned bene\ufb01t scheme which is closed to new members. The
assets of the scheme are held separately from those of the Group. Pension scheme assets
are measured using market values.
The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t plans is calculated separately by
estimating the amount of future bene\ufb01t that employees have earned in the current and
prior periods, discounting that amount and deducting the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed every period end by a quali\ufb01ed
actuary using the projected unit credit method and discounted at the current rate of
return on a high-quality corporate bond of equivalent term and currency to the liability.
When the calculation results in a potential asset for the Group, the recognised asset
is limited to the present value of economic bene\ufb01ts available in the form of any future
refunds from the plan or reductions in future contributions to the plan. To calculate the
present value of economic bene\ufb01ts, consideration is given to any applicable minimum
funding requirements.
The scheme is subject to an asset ceiling, meaning when the scheme is remeasured and
shows a net asset position an \u2018asset ceiling\u2019 is applied equal to this amount, meaning
the Group recognises no asset on its statement of \ufb01nancial position. This is because the
Group does not have an irrevocable right to the surplus of the scheme. If the scheme is in
a net de\ufb01cit the Group would recognise the liability.
Remeasurement of the net de\ufb01ned bene\ufb01t liability, which comprises actuarial gains and
losses, the return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if
any, excluding interest), is recognised immediately in other comprehensive income. The
Group determines the net interest expense (income) on the net de\ufb01ned bene\ufb01t liability
(asset) for the period by applying the discount rate used to measure the de\ufb01ned bene\ufb01t
obligation at the beginning of the annual period to the then-net de\ufb01ned bene\ufb01t liability
(asset), taking into account any changes in the net de\ufb01ned bene\ufb01t liability (asset) during
the period as a result of contributions and bene\ufb01t payments. Net interest expense and
other expenses related to de\ufb01ned bene\ufb01t plans are recognised in the income statement.
When the bene\ufb01ts of a plan are changed or when a plan is curtailed, the resulting change
in bene\ufb01t that relates to past service or the gain or loss on curtailment is recognised
immediately in the income statement. The Group recognises gains and losses on the
settlement of a de\ufb01ned bene\ufb01t plan when the settlement occurs.
(iv) Termination bene\ufb01ts
Termination bene\ufb01ts are expensed at the earlier of when the Group can no longer
withdraw the o\ufb00er of those bene\ufb01ts and when the Group recognises costs for a
restructuring. If bene\ufb01ts are not expected to be settled wholly within 12 months of the
end of the reporting period, then they are discounted.
De\ufb01ned bene\ufb01t pension plan
(a) The Scheme
Qjump Limited, a subsidiary of the Group, operates a de\ufb01ned bene\ufb01t pension scheme
which is closed to new entrants. The Qjump Shared Cost Section of the Railways
Pension Scheme (\u2018the Scheme\u2019) is a funded scheme and provides bene\ufb01ts based on
\ufb01nal pensionable pay. The assets of the Scheme are held separately from those of the
Company and are managed by Railpen. The Trustees of Railpen are responsible for
governance of the plan and for appointing members to the Railpen Boards. As the
scheme is currently in an asset position no contributions are expected from the Group in
the coming year, apart from to cover the scheme administration costs.
Triennial valuation
The most recent published actuarial valuation was carried out by the Scheme Actuary as
at 31 December 2022.
IAS 19 Employee Bene\ufb01ts valuation
The IAS 19 valuations of the de\ufb01ned bene\ufb01t pension scheme have been updated at each
period end, the latest being 29 February 2024 by quali\ufb01ed independent actuaries Willis
Towers Watson Ltd. The main \ufb01nancial assumptions applied in the valuations and an
analysis of schemes\u2019 assets are as follows:
(i) Actuarial assumptions
The following were the principal actuarial assumptions at the reporting date (expressed
as weighted averages).
\n \n
2024
2023
% pa
% pa
Discount rate
5.20
5.10
Price in\ufb02ation (RPI measure)
3.15
3.20
Increases to deferred pensions (CPI measure)
2.75
2.80
Pension increase (CPI measure)
2.75
2.80
Salary increase
n/a
n/a
Assumptions regarding future mortality have been based on published statistics and
mortality tables. The current longevities underlying the values of the de\ufb01ned bene\ufb01t
obligation at the reporting date were as follows:
\n \n
2024
2023
years
years
Longevity at age 65 for current pensioners
Males
19.4
19.5
Females
22.2
22.4
Longevity at age 65 for current members aged 45
Males
20.6
20.8
Females
23.7
23.9
Assumptions used are best estimates from a range of possible actuarial assumptions,
which may not necessarily be borne out in practice.
Given the net position is not signi\ufb01cant, changes in assumptions are not likely to impact
the valuation signi\ufb01cantly.
When de\ufb01ned bene\ufb01t funds have an IAS 19 surplus, they are recorded at the lower of
that surplus and the future economic bene\ufb01ts available in the form of a cash refund or
a reduction in future contributions. Any adjustment to the surplus is recorded in other
comprehensive income.
\n \n
2024
2023
Liability
\u00a3\u2019000
\u00a3\u2019000
Deferred members
(2,336)
(2,533)
Pensioner members (including dependents)
(821)
(674)
Total
(3,157)
(3,207)
Assets
Value of assets at end of year
4,147
4,458
Funded status at end of year
990
1,251
Adjustment for the members\u2019 share of surplus
(396)
(500)
E\ufb00ect of asset ceiling
(594)
(751)
Net de\ufb01ned bene\ufb01t at end of year
\u2013
\u2013
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Employer\u2019s share of administration cost
17
16
Total employer\u2019s share of service cost
17
16
Employer\u2019s share of pension expense
17
16
(ii) Other comprehensive income (OCI)
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
(Gain)/loss due to the liability expense
(32)
417
Gain due to the liability assumption changes
(64)
(2,039)
Adjustment for the members\u2019 share
(118)
331
Return on plan assets greater than discount rate
392
794
Change in e\ufb00ect of the asset ceiling
(195)
481
Total gain recognised in OCI
(17)
(16)
(b) Movements in net de\ufb01ned bene\ufb01t liability
The following table shows the reconciliation from the opening balances to the closing
balances for net de\ufb01ned bene\ufb01t liability and its components.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
De\ufb01ned bene\ufb01t obligation
Opening balance
3,207
4,794
Interest cost
161
126
De\ufb01ned bene\ufb01t obligation
3,368
4,920
Actuarial gain arising from:
Financial assumptions
(76)
(1,981)
Experience adjustment
(32)
417
Demographic adjustment
12
(58)
(96)
(1,622)
Other
Bene\ufb01ts paid
(115)
(91)
Closing balance
3,157
3,207
Reconciliation of value of assets:
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Opening value of scheme assets
4,458
5,232
Interest income on assets
224
137
Return on plan assets greater than discount rate
(392)
(794)
Employer and employee contributions
\u2013
\u2013
Actual bene\ufb01t payments
(115)
(91)
Administration costs
(28)
(26)
Closing value of scheme assets
4,147
4,458
(c) Plan assets
Plan assets comprise:
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Growth assets
1
1,399
1,419
Government bonds
2,017
2,199
Non-government bonds
723
832
Other assets
8
8
4,147
4,458
1.
Includes funds with a growth focus, predominantly comprising global equity securities and infrastructure assets.
All equity securities and government bonds have quoted prices in active markets.
(d) Risk exposure
Through its de\ufb01ned bene\ufb01t pension plans, the Group is exposed to a number of risks, the
most signi\ufb01cant of which are detailed below:
\u2022
Asset volatility: There is a risk that a fall in asset values is not matched by a
corresponding reduction in the value placed on the Scheme\u2019s de\ufb01ned bene\ufb01t
obligation. The Scheme holds a proportion of growth assets, which are expected
to outperform corporate and government bond yields in the long term, but give
exposure to volatility and risk in the short term.
\u2022
Change in bond yields: A decrease in corporate bond yields will increase the value
placed on the Scheme\u2019s de\ufb01ned bene\ufb01t obligation, although this will be partially o\ufb00set
by an increase in the value of the Scheme\u2019s corporate bond holdings.
\u2022
In\ufb02ation risk: The majority of the Scheme\u2019s de\ufb01ned bene\ufb01t obligation is linked to
in\ufb02ation, where higher in\ufb02ation will lead to a higher value being placed on the de\ufb01ned
bene\ufb01t obligation. Some of the Scheme\u2019s assets are either una\ufb00ected by in\ufb02ation
or loosely correlated with in\ufb02ation (e.g. growth assets), meaning that an increase in
in\ufb02ation will generally increase the de\ufb01cit.
\u2022
Life expectancy: An increase in life expectancy will lead to an increased value being
placed on the Scheme\u2019s de\ufb01ned bene\ufb01t obligation. Future mortality rates cannot be
predicted with certainty.
(e) Sensitivity analysis
A quantitative sensitivity analysis for signi\ufb01cant assumptions as at 29 February and
28 February respectively is, as shown below:
\n \n
Approximate change in
de\ufb01ned bene\ufb01t obligation
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Discount rate
0.25% decrease
125
129
0.25% increase
(118)
(122)
Price in\ufb02ation (CPI measure)
0.25% decrease
(119)
(122)
0.25% increase
126
128
Life expectancy
Decrease by 1 year
88
99
Increase by 1 year
(88)
(99)
The above sensitivity analyses are based on a change in an assumption while holding all
other assumptions constant. In practice, this is unlikely to occur, and changes in some
of the assumptions might be correlated. When calculating the sensitivity of the de\ufb01ned
bene\ufb01t obligation to signi\ufb01cant actuarial assumptions, the same method has been
applied as when calculating the de\ufb01ned bene\ufb01t liability recognised in the balance sheet.
The methods and types of assumptions used in preparing the sensitivity analysis did not
change compared to the prior year.
(f) Funding arrangements
Under the UK\u2019s scheme speci\ufb01c funding regime, contributions are payable in line with the
Schedule of Contributions from the most recent formal actuarial valuation. There are no
contributions expected for next year.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f12920": { "value": "Average number of full-time equivalent employees \n \n
2024
2023
Number of
Number of
employees
employees
Sales and marketing
138
119
Operations
180
147
Technology and product
579
511
Management and administration
150
135
Total number of employees
1
1,047
912
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13030": { "value": "7. Net \ufb01nance costs
Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains/(losses) and gains/(losses) on the
buyback of convertible bonds.
On 26 July 2022, the Group entered into a \u00a3325.0 million revolving credit facility (refer to
Note 14 for further disclosure).
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13031": { "value": "7. Net \ufb01nance costs
Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains/(losses) and gains/(losses) on the
buyback of convertible bonds.
On 26 July 2022, the Group entered into a \u00a3325.0 million revolving credit facility (refer to
Note 14 for further disclosure).
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13032": { "value": "7. Net \ufb01nance costs
Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains/(losses) and gains/(losses) on the
buyback of convertible bonds.
On 26 July 2022, the Group entered into a \u00a3325.0 million revolving credit facility (refer to
Note 14 for further disclosure).
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13037": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains/(losses) and gains/(losses) on the
buyback of convertible bonds.
On 26 July 2022, the Group entered into a \u00a3325.0 million revolving credit facility (refer to
Note 14 for further disclosure).
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13038": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains/(losses) and gains/(losses) on the
buyback of convertible bonds.
On 26 July 2022, the Group entered into a \u00a3325.0 million revolving credit facility (refer to
Note 14 for further disclosure).
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13039": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains/(losses) and gains/(losses) on the
buyback of convertible bonds.
On 26 July 2022, the Group entered into a \u00a3325.0 million revolving credit facility (refer to
Note 14 for further disclosure).
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13040": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains/(losses) and gains/(losses) on the
buyback of convertible bonds.
On 26 July 2022, the Group entered into a \u00a3325.0 million revolving credit facility (refer to
Note 14 for further disclosure).
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13050": { "value": "Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13051": { "value": "Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13057": { "value": "Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g. Convertible bonds bought back and cancelled are derecognised from non-
current liabilities as set out in Note 14, with any gains and losses arising recognised in
\ufb01nance income and \ufb01nance costs.
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have
been pro-rated by the number of days they were employed within the Group.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,745
730
Gain on convertible bond buyback
\u2013
3,987
Net foreign exchange gain
\u2013
4
Finance income
2,745
4,721
Interest and fees on bank loans
(7,080)
(8,856)
Net foreign exchange loss
(1,839)
\u2013
Interest and fees on convertible bonds
(830)
(886)
Interest on lease liability
(429)
(528)
Other interest
(31)
\u2013
Finance costs
(10,209)
(10,270)
Net \ufb01nance costs recognised in the income statement
(7,464)
(5,549)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13231": { "value": "8. Taxation
This note analyses the tax expense for this \ufb01nancial year, which includes both current and
deferred tax. It also details tax accounting policies and presents a reconciliation between
pro\ufb01t before tax in the income statement multiplied by the rate of corporation tax and
the tax credit for the year.
The deferred tax section provides information on expected future tax charges and sets
out the assets and liabilities held across the Group.
Accounting policy
Income tax expense comprises current and deferred tax. It is recognised in the income
statement except to the extent that it relates to a business combination, or items
recognised directly in equity or in other comprehensive income.
(i) Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss
for the period and any adjustment to tax payable or receivable in respect of previous years.
It is measured using tax rates enacted or substantively enacted at the reporting date.
(ii) Deferred tax
Deferred tax is recognised in respect of temporary di\ufb00erences between the carrying
amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognised for:
\u2022
temporary di\ufb00erences on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that a\ufb00ects neither accounting nor taxable
pro\ufb01t or loss;
\u2022
temporary di\ufb00erences related to investments in subsidiaries, to the extent that the
Group can control the timing of the reversal of the temporary di\ufb00erences and it is
probable that they will not reverse in the foreseeable future; and
\u2022
taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary di\ufb00erences to the extent that it is probable that future taxable
pro\ufb01ts will be available against which they can be used before their expiry. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax bene\ufb01t will be realised.
Amounts will be recognised \ufb01rst to the extent that taxable temporary di\ufb00erences exist
and it is considered probable that they will reverse and give rise to future taxable pro\ufb01ts
against which losses or other assets may be utilised before their expiry. Assets will then
be recognised to the extent that forecasts or other evidence support the availability of
future pro\ufb01ts against which assets may be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
di\ufb00erences when they reverse, using tax rates enacted or substantively enacted at the
reporting date. The measurement of deferred tax re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are o\ufb00set only if certain criteria are met.
The IASB amended the scope of IAS 12 to clarify that the standard applies to income
taxes arising from tax law enacted or substantively enacted to implement the Pillar Two
model rules published by the OECD, including tax law that implements quali\ufb01ed domestic
minimum top up taxes described in those rules. The Group is not currently in scope of the
Pillar Two model rules. Notably, if the Group were in scope, the Parent Company would
not be expected to be required to pay a top-up tax where pro\ufb01ts from subsidiaries are
taxed at an e\ufb00ective tax rate greater than 15%.
Amounts recognised in the income statement
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Current tax charge
Current year corporation tax
10,855
13,843
Adjustment in respect of prior years
(2,749)
670
Total current tax charge
8,106
14,513
Deferred tax charge/(credit)
Current year
2,734
(9,302)
Adjustment in respect of prior years
3,199
(1,709)
E\ufb00ect of tax rate change on deferred tax
90
(2,629)
Total deferred tax charge/(credit)
6,023
(13,640)
Tax charge
14,129
873
UK corporation tax was calculated at 24.5% (FY2023: 19%) of the taxable pro\ufb01t for the
year. Taxation for territories outside of the UK was calculated at the rates prevailing in
the respective jurisdictions. The total tax charge of \u00a314.1 million (FY2023: charge of \u00a30.9
million) is made up of a current corporation tax charge of \u00a38.1 million (FY2023: charge of
\u00a314.5 million) arising in the UK, and a deferred tax charge of \u00a36.0 million (FY2023: credit of
\u00a313.6 million).
The Group made claims under the Super Deduction Capital Allowances regime giving rise
to a prior period current and deferred tax adjustment. Also included in the adjustments
in respect of the prior period is a release of deferred tax asset relating to share-based
employee incentives that have vested or did not settle and are no longer carried forward
as an asset.
Included in the current year deferred tax charge is predominantly the unwind of the
deferred tax credit following the utilisation of UK tax losses.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t before tax
48,115
22,090
Tax on pro\ufb01t at standard UK rate of 24.5% (FY2023: 19%)
11,788
4,197
E\ufb00ect of:
Expenses not deductible/income not deductible
527
(251)
Amounts not recognised
1
1,033
482
E\ufb00ect of changes in tax rates
89
(2,629)
Adjustment in respect of prior years
449
(1,039)
Share options
410
\u2013
Other
(167)
113
Total tax charge
14,129
873
E\ufb00ective tax rate
29%
4%
1.
Primarily relates to unrecognised losses which are either not expected to be recoverable or utilised in the
short term and therefore not recognised as deferred tax assets.
The consolidated tax rate for FY2024 was 24.5% which is in line with the UK corporation
tax rate of 25% (FY2023: 19%).
Tax (creditor)/debtor per the consolidated balance sheet:
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Current tax payable
(3,201)
(7,642)
Deferred tax asset/(liability) as at 29 February 2024:
\n \n
Acquired
Tangible
intangible
assets and
Share-based
Losses carried
assets
other
payments
forward
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2023
(2,673)
(3,974)
5,275
28,322
26,950
Adjustment in respect of
prior years
21
(3,723)
503
\u2013
(3,199)
Adjustments posted
through equity
\u2013
34
3,892
\u2013
3,926
Credit/(charge) to
consolidated income
statement
1,497
3,752
2,834
(10,907)
(2,824)
At 29 February 2024
(1,155)
(3,911)
12,504
17,415
24,853
Deferred tax asset/(liability) as at 28 February 2023:
\n \n
Acquired
Tangible
intangible
assets and
Share-based
Losses carried
assets
other
payments
forward
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2022
(3,655)
(3,378)
1,237
18,361
12,565
Adjustment in respect of
prior years
\u2013
(2,190)
\u2013
6,528
4,338
Adjustments posted
through equity
\u2013
(34)
779
\u2013
745
Credit/(charge) to
consolidated income
statement
982
1,628
3,259
3,433
9,302
At 28 February 2023
(2,673)
(3,974)
5,275
28,322
26,950
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13238": { "value": "The deferred tax section provides information on expected future tax charges and sets
out the assets and liabilities held across the Group.
Accounting policy
Income tax expense comprises current and deferred tax. It is recognised in the income
statement except to the extent that it relates to a business combination, or items
recognised directly in equity or in other comprehensive income.
(i) Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss
for the period and any adjustment to tax payable or receivable in respect of previous years.
It is measured using tax rates enacted or substantively enacted at the reporting date.
(ii) Deferred tax
Deferred tax is recognised in respect of temporary di\ufb00erences between the carrying
amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognised for:
\u2022
temporary di\ufb00erences on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that a\ufb00ects neither accounting nor taxable
pro\ufb01t or loss;
\u2022
temporary di\ufb00erences related to investments in subsidiaries, to the extent that the
Group can control the timing of the reversal of the temporary di\ufb00erences and it is
probable that they will not reverse in the foreseeable future; and
\u2022
taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary di\ufb00erences to the extent that it is probable that future taxable
pro\ufb01ts will be available against which they can be used before their expiry. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax bene\ufb01t will be realised.
Amounts will be recognised \ufb01rst to the extent that taxable temporary di\ufb00erences exist
and it is considered probable that they will reverse and give rise to future taxable pro\ufb01ts
against which losses or other assets may be utilised before their expiry. Assets will then
be recognised to the extent that forecasts or other evidence support the availability of
future pro\ufb01ts against which assets may be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
di\ufb00erences when they reverse, using tax rates enacted or substantively enacted at the
reporting date. The measurement of deferred tax re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are o\ufb00set only if certain criteria are met.
The IASB amended the scope of IAS 12 to clarify that the standard applies to income
taxes arising from tax law enacted or substantively enacted to implement the Pillar Two
model rules published by the OECD, including tax law that implements quali\ufb01ed domestic
minimum top up taxes described in those rules. The Group is not currently in scope of the
Pillar Two model rules. Notably, if the Group were in scope, the Parent Company would
not be expected to be required to pay a top-up tax where pro\ufb01ts from subsidiaries are
taxed at an e\ufb00ective tax rate greater than 15%.
Amounts recognised in the income statement
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Current tax charge
Current year corporation tax
10,855
13,843
Adjustment in respect of prior years
(2,749)
670
Total current tax charge
8,106
14,513
Deferred tax charge/(credit)
Current year
2,734
(9,302)
Adjustment in respect of prior years
3,199
(1,709)
E\ufb00ect of tax rate change on deferred tax
90
(2,629)
Total deferred tax charge/(credit)
6,023
(13,640)
Tax charge
14,129
873
UK corporation tax was calculated at 24.5% (FY2023: 19%) of the taxable pro\ufb01t for the
year. Taxation for territories outside of the UK was calculated at the rates prevailing in
the respective jurisdictions. The total tax charge of \u00a314.1 million (FY2023: charge of \u00a30.9
million) is made up of a current corporation tax charge of \u00a38.1 million (FY2023: charge of
\u00a314.5 million) arising in the UK, and a deferred tax charge of \u00a36.0 million (FY2023: credit of
\u00a313.6 million).
The Group made claims under the Super Deduction Capital Allowances regime giving rise
to a prior period current and deferred tax adjustment. Also included in the adjustments
in respect of the prior period is a release of deferred tax asset relating to share-based
employee incentives that have vested or did not settle and are no longer carried forward
as an asset.
Included in the current year deferred tax charge is predominantly the unwind of the
deferred tax credit following the utilisation of UK tax losses.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t before tax
48,115
22,090
Tax on pro\ufb01t at standard UK rate of 24.5% (FY2023: 19%)
11,788
4,197
E\ufb00ect of:
Expenses not deductible/income not deductible
527
(251)
Amounts not recognised
1
1,033
482
E\ufb00ect of changes in tax rates
89
(2,629)
Adjustment in respect of prior years
449
(1,039)
Share options
410
\u2013
Other
(167)
113
Total tax charge
14,129
873
E\ufb00ective tax rate
29%
4%
1.
Primarily relates to unrecognised losses which are either not expected to be recoverable or utilised in the
short term and therefore not recognised as deferred tax assets.
The consolidated tax rate for FY2024 was 24.5% which is in line with the UK corporation
tax rate of 25% (FY2023: 19%).
Tax (creditor)/debtor per the consolidated balance sheet:
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Current tax payable
(3,201)
(7,642)
Deferred tax asset/(liability) as at 29 February 2024:
\n \n
Acquired
Tangible
intangible
assets and
Share-based
Losses carried
assets
other
payments
forward
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2023
(2,673)
(3,974)
5,275
28,322
26,950
Adjustment in respect of
prior years
21
(3,723)
503
\u2013
(3,199)
Adjustments posted
through equity
\u2013
34
3,892
\u2013
3,926
Credit/(charge) to
consolidated income
statement
1,497
3,752
2,834
(10,907)
(2,824)
At 29 February 2024
(1,155)
(3,911)
12,504
17,415
24,853
Deferred tax asset/(liability) as at 28 February 2023:
\n \n
Acquired
Tangible
intangible
assets and
Share-based
Losses carried
assets
other
payments
forward
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2022
(3,655)
(3,378)
1,237
18,361
12,565
Adjustment in respect of
prior years
\u2013
(2,190)
\u2013
6,528
4,338
Adjustments posted
through equity
\u2013
(34)
779
\u2013
745
Credit/(charge) to
consolidated income
statement
982
1,628
3,259
3,433
9,302
At 28 February 2023
(2,673)
(3,974)
5,275
28,322
26,950
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13243": { "value": "Accounting policy
Income tax expense comprises current and deferred tax. It is recognised in the income
statement except to the extent that it relates to a business combination, or items
recognised directly in equity or in other comprehensive income.
(i) Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss
for the period and any adjustment to tax payable or receivable in respect of previous years.
It is measured using tax rates enacted or substantively enacted at the reporting date.
(ii) Deferred tax
Deferred tax is recognised in respect of temporary di\ufb00erences between the carrying
amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognised for:
\u2022
temporary di\ufb00erences on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that a\ufb00ects neither accounting nor taxable
pro\ufb01t or loss;
\u2022
temporary di\ufb00erences related to investments in subsidiaries, to the extent that the
Group can control the timing of the reversal of the temporary di\ufb00erences and it is
probable that they will not reverse in the foreseeable future; and
\u2022
taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary di\ufb00erences to the extent that it is probable that future taxable
pro\ufb01ts will be available against which they can be used before their expiry. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax bene\ufb01t will be realised.
Amounts will be recognised \ufb01rst to the extent that taxable temporary di\ufb00erences exist
and it is considered probable that they will reverse and give rise to future taxable pro\ufb01ts
against which losses or other assets may be utilised before their expiry. Assets will then
be recognised to the extent that forecasts or other evidence support the availability of
future pro\ufb01ts against which assets may be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
di\ufb00erences when they reverse, using tax rates enacted or substantively enacted at the
reporting date. The measurement of deferred tax re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are o\ufb00set only if certain criteria are met.
The IASB amended the scope of IAS 12 to clarify that the standard applies to income
taxes arising from tax law enacted or substantively enacted to implement the Pillar Two
model rules published by the OECD, including tax law that implements quali\ufb01ed domestic
minimum top up taxes described in those rules. The Group is not currently in scope of the
Pillar Two model rules. Notably, if the Group were in scope, the Parent Company would
not be expected to be required to pay a top-up tax where pro\ufb01ts from subsidiaries are
taxed at an e\ufb00ective tax rate greater than 15%.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13254": { "value": "(ii) Deferred tax
Deferred tax is recognised in respect of temporary di\ufb00erences between the carrying
amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognised for:
\u2022
temporary di\ufb00erences on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that a\ufb00ects neither accounting nor taxable
pro\ufb01t or loss;
\u2022
temporary di\ufb00erences related to investments in subsidiaries, to the extent that the
Group can control the timing of the reversal of the temporary di\ufb00erences and it is
probable that they will not reverse in the foreseeable future; and
\u2022
taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary di\ufb00erences to the extent that it is probable that future taxable
pro\ufb01ts will be available against which they can be used before their expiry. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax bene\ufb01t will be realised.
Amounts will be recognised \ufb01rst to the extent that taxable temporary di\ufb00erences exist
and it is considered probable that they will reverse and give rise to future taxable pro\ufb01ts
against which losses or other assets may be utilised before their expiry. Assets will then
be recognised to the extent that forecasts or other evidence support the availability of
future pro\ufb01ts against which assets may be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
di\ufb00erences when they reverse, using tax rates enacted or substantively enacted at the
reporting date. The measurement of deferred tax re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are o\ufb00set only if certain criteria are met.
The IASB amended the scope of IAS 12 to clarify that the standard applies to income
taxes arising from tax law enacted or substantively enacted to implement the Pillar Two
model rules published by the OECD, including tax law that implements quali\ufb01ed domestic
minimum top up taxes described in those rules. The Group is not currently in scope of the
Pillar Two model rules. Notably, if the Group were in scope, the Parent Company would
not be expected to be required to pay a top-up tax where pro\ufb01ts from subsidiaries are
taxed at an e\ufb00ective tax rate greater than 15%.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13895": { "value": "9. Earnings per share
This note sets out the accounting policy that applies to the calculation of earnings per
share, and how the Group has calculated the shares to be included in basic and diluted
earnings per share (\u2018EPS\u2019) calculations.
Accounting policy
The Group calculates earnings per share in accordance with the requirements of IAS 33
Earnings Per Share.
Four types of earnings per share are reported:
(i) Basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, divided by
the weighted average number of ordinary shares outstanding during the period, adjusted
for treasury shares held.
(ii) Diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, divided by
the weighted average number of shares outstanding used in the basic earnings per share
calculation, adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
(iii) Adjusted basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, adjusted to
remove the impact of exceptional items, gain on convertible bonds buyback, share-based
payment charges, amortisation of acquired intangibles and the tax impact of these items;
divided by the weighted average number of ordinary shares outstanding during the
period, adjusted for treasury shares held.
(iv) Adjusted diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, adjusted to
remove the impact of exceptional items, gain on convertible bond buyback, share-based
payment charges, amortisation of intangibles and the tax impact of these items; divided
by the weighted average number of shares outstanding used in the basic earnings per
share calculation adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
\n \n
At 29 February 2024
At 28 February 2023
Weighted average number of ordinary shares:
Ordinary shares
477,817,773
480,680,508
Treasury shares
(10,697,997)
(11,834,556)
Weighted number of ordinary shares
467,119,776
468,845,952
Dilutive impact of share options outstanding
12,034,501
4,216,223
Weighted number of dilutive shares
479,154,277
473,062,175
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t after tax
33,986
21,217
Earnings attributable to equity holders
33,986
21,217
Adjusted earnings
1
57,311
36,271
\n \n
2024
2023
pence
pence
Pro\ufb01t per share
Basic
7.28p
4.53p
Diluted
7.09p
4.48p
Adjusted pro\ufb01t per share
Basic
12.27p
7.74p
Diluted
11.96p
7.67p
1. Refer to the alternative performance measures section for the calculation of adjusted earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f13902": { "value": "Accounting policy
The Group calculates earnings per share in accordance with the requirements of IAS 33
Earnings Per Share.
Four types of earnings per share are reported:
(i) Basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, divided by
the weighted average number of ordinary shares outstanding during the period, adjusted
for treasury shares held.
(ii) Diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, divided by
the weighted average number of shares outstanding used in the basic earnings per share
calculation, adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
(iii) Adjusted basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, adjusted to
remove the impact of exceptional items, gain on convertible bonds buyback, share-based
payment charges, amortisation of acquired intangibles and the tax impact of these items;
divided by the weighted average number of ordinary shares outstanding during the
period, adjusted for treasury shares held.
(iv) Adjusted diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the period, adjusted to
remove the impact of exceptional items, gain on convertible bond buyback, share-based
payment charges, amortisation of intangibles and the tax impact of these items; divided
by the weighted average number of shares outstanding used in the basic earnings per
share calculation adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
\n \n
At 29 February 2024
At 28 February 2023
Weighted average number of ordinary shares:
Ordinary shares
477,817,773
480,680,508
Treasury shares
(10,697,997)
(11,834,556)
Weighted number of ordinary shares
467,119,776
468,845,952
Dilutive impact of share options outstanding
12,034,501
4,216,223
Weighted number of dilutive shares
479,154,277
473,062,175
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t after tax
33,986
21,217
Earnings attributable to equity holders
33,986
21,217
Adjusted earnings
1
57,311
36,271
\n \n
2024
2023
pence
pence
Pro\ufb01t per share
Basic
7.28p
4.53p
Diluted
7.09p
4.48p
Adjusted pro\ufb01t per share
Basic
12.27p
7.74p
Diluted
11.96p
7.67p
1. Refer to the alternative performance measures section for the calculation of adjusted earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14120": { "value": "10. Intangible assets and goodwill
The consolidated balance sheet contains a signi\ufb01cant goodwill carrying value which arose
when the Group acquired subsidiaries and paid a higher amount than the fair value of
the acquired net assets. Goodwill is not amortised but is subject to an annual impairment
review. Impairment reviews of goodwill make use of estimates.
Other intangible assets predominantly arise on acquisition of subsidiaries or are internally
developed. These intangible assets are amortised and tested for impairment when an
indicator of impairment exists.
Accounting policy
(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.
(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically, and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged to
projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives and are
measured at cost less accumulated amortisation and any accumulated impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and
is recognised in administrative expenses in the income statement. Goodwill is not
amortised.
The estimated useful lives are as follows:
Software development
3\u20135 years
Brand valuation
10 years
Customer lists
5\u20137 years
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.
Intangible assets and goodwill as at 29 February 2024:
Software
Brand
Customer
development
1
valuation
3
lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2023
161,528
51,738
92,701
445,905
751,872
Additions
37,532
\u2013
1,309
\u2013
38,841
Disposals
(11,689)
\u2013
\u2013
\u2013
(11,689)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
(2,183)
(2,183)
At 29 February 2024
187,371
51,738
94,010
443,722
776,841
Accumulated
amortisation and
impairment:
At 1 March 2023
(105,307)
(41,134)
(92,699)
(25,195)
(264,335)
Amortisation
(29,330)
(5,167)
(821)
\u2013
(35,318)
Disposals
11,689
\u2013
\u2013
\u2013
11,689
At 29 February 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Carrying amounts:
At 29 February 2024
64,423
5,437
490
418,527
488,877
1.
Total software development includes \u00a313.3 million of assets which represent work in progress and which are
not yet depreciating (FY2023: \u00a311.1 million).
2. Revaluation at the balance sheet date.
3. At FY2024, the remaining useful economic life was one year for brand valuation assets.
Intangible assets and goodwill as at 28 February 2023:
Software
Brand
Customer
development
1
valuation
3
lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2022
147,410
51,738
92,690
442,555
734,393
Additions
32,174
\u2013
11
\u2013
32,185
Disposals
(18,056)
\u2013
\u2013
\u2013
(18,056)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
3,350
3,350
At 28 February 2023
161,528
51,738
92,701
445,905
751,872
Accumulated
amortisation and
impairment:
At 1 March 2022
(93,488)
(35,967)
(92,589)
(25,195)
(247,239)
Amortisation
(29,840)
(5,167)
(110)
\u2013
(35,117)
Disposals
18,021
\u2013
\u2013
\u2013
18,021
At 28 February 2023
(105,307)
(41,134)
(92,699)
(25,195)
(264,335)
Carrying amounts:
At 28 February 2023
56,221
10,604
2
420,710
487,537
1.
Total software development includes \u00a311.1m of assets which represent work in progress and which are not
yet depreciating.
2. Revaluation at the balance sheet date.
3. At FY2023, the remaining useful economic life was two years for brand valuation assets.
Of the amortisation charge for the year, \u00a36.0 million (FY2023: \u00a35.3 million) related to the
amortisation of intangible assets which were recognised on the Group\u2019s acquisition of
Trainline.com Limited and Trainline SAS, while \u00a329.3 million (FY2023: \u00a329.8 million) related
to internally developed and purchased intangible assets recognised at historical cost.
Disposals in the year of \u00a311.7 million (FY2023: \u00a318.1 million) include \u00a311.7 million (FY2023:
\u00a318.1 million) of fully amortised internally developed software assets which were no
longer in use.
Goodwill impairment testing
The Group tests goodwill annually for impairment by reviewing the carrying amount
against the recoverable amount of the investment. The recoverable amount is the
higher of fair value less costs of disposal and value in use. However, in line with IAS 36
Impairment of Assets, fair value less costs of disposal is only determined where value in
use would result in impairment.
Goodwill acquired in a business combination is allocated on acquisition to the cash-
generating units (\u2018CGUs\u2019) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3418.5 million (FY2023: \u00a3420.7
million) which was initially recognised upon acquisition of the following of Trainline.com
Limited and Trainline SAS (formerly Capitaine Train SAS).
CGUs are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
2024
2023
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
67,256
69,439
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
418,527
420,710
For all CGUs the recoverable amount was determined by measuring their value in use
(\u2018VIU\u2019).
Assumptions
The key value in use assumptions for the goodwill impairment assessment were:
\n \n
2024
2023
2024
2023
International
International
UK Consumer
UK Consumer
Consumer
Consumer
Pre-tax discount rate
1
12.3%
10.9%
12.1%
13.2%
Terminal growth rate
2
2.5%
2.5%
2.5%
2.5%
Number of years forecasted before
terminal growth rate applied
5
5
5
5
1.
The pre-tax discount rate is based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c principal
risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk
premium and beta factor.
2.
The terminal growth rate re\ufb02ects the expected natural price and in\ufb02ation growth into perpetuity of the
business, taking into account the current market and sector risks.
There has been no impairment charge for any CGU during the year (FY2023: nil).
As noted above, the key assumptions that form part of the value in use assessment are
the pre-tax discount rate, the terminal growth rate, the number of years forecasted
before terminal growth rate is applied and the underlying cash forecasts. The pre-tax
discount rate was determined based upon the weighted average cost of capital re\ufb02ecting
speci\ufb01c principal risks and uncertainties. The discount rate takes into account the risk-
free rate of return, the market risk premium and beta factor re\ufb02ecting the average beta
for the Group and comparator companies which are used in deriving the cost of equity.
Further to this, the terminal growth rate was determined based on the past in\ufb02ation rate
and has been utilised to re\ufb02ect the long-term natural price growth and in\ufb02ation.
For the purpose of the goodwill impairment work, the Group prepares cash \ufb02ow forecasts
using \ufb01ve-year projections which are extrapolated from the Board-approved three-
year plan. The forecasts have been used in the VIU calculation along with risk-adjusted
discount rates. Cash \ufb02ows beyond the \ufb01ve-year period are extrapolated using a terminal
growth rate, for the purpose of goodwill impairment testing. The forecasts re\ufb02ect
management\u2019s expectations and best estimates in determining EBITDA for each CGU.
Management\u2019s expectations and best estimates are determined based on a detailed top
down and bottom up forecasting process which incorporates consideration of the Group\u2019s
strategy, expectations in respect of market size and market share while also taking
account of risks and uncertainties in the market.
The core assumptions in the cash \ufb02ow forecasts used in the impairment testing were:
UK: continues to grow sales, driven by ongoing investment in the Trainline platform, the
digitisation of ticketing and supported by modal shift tailwinds; and International: strong
continued sales growth at a higher level than the Group as a whole driven by investment
in marketing and continued development in the user experience. Where costs or assets
in the forecast are not reported to the CODM at a CGU level, as disclosed in Note 2, a
reasonable and consistent allocation basis is applied for the purposes of impairment
testing.
Trading assumptions are based on estimates of market size, estimates of market share
and long-term economic forecasts.
As the International Consumer CGU is currently loss making, the cash \ufb02ows are more
sensitive to a change in assumptions in the initial \ufb01ve-year forecast period than the UK
Consumer CGU.
Sensitivity analysis
The Group has conducted sensitivity analysis for reasonably possible changes to key
assumptions on each CGU\u2019s value in use. This included either increasing the discount rates,
reducing the terminal growth rate, or reducing the anticipated future cash \ufb02ows through
changes to revenue or costs in each of the years through to the terminal year. The sensitivity
assumptions applied to the value in use calculations are set out in the table below.
\n \n
2024
2023
2024
2023
International
International
UK Consumer
UK Consumer
Consumer
Consumer
Increase in discount rate
1pt
1pt
1pt
1pt
Reduction in long-term growth rate
applied in terminal year
0.5pt
0.5pt
0.5pt
0.5pt
Decrease in adjusted EBITDA forecast
in each year
15%
15%
15%
1
20%
None of the individual reasonably possible scenarios listed above resulted in an
impairment charge to any of the CGUs.
1.
In FY2024 the sensitivity of 15% was considered more appropriate than 20%. If the sensitivity was 20% in
line with prior year, this would not result in an impairment charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14121": { "value": "10. Intangible assets and goodwill
The consolidated balance sheet contains a signi\ufb01cant goodwill carrying value which arose
when the Group acquired subsidiaries and paid a higher amount than the fair value of
the acquired net assets. Goodwill is not amortised but is subject to an annual impairment
review. Impairment reviews of goodwill make use of estimates.
Other intangible assets predominantly arise on acquisition of subsidiaries or are internally
developed. These intangible assets are amortised and tested for impairment when an
indicator of impairment exists.
Accounting policy
(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.
(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically, and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged to
projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives and are
measured at cost less accumulated amortisation and any accumulated impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and
is recognised in administrative expenses in the income statement. Goodwill is not
amortised.
The estimated useful lives are as follows:
Software development
3\u20135 years
Brand valuation
10 years
Customer lists
5\u20137 years
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.
Intangible assets and goodwill as at 29 February 2024:
Software
Brand
Customer
development
1
valuation
3
lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2023
161,528
51,738
92,701
445,905
751,872
Additions
37,532
\u2013
1,309
\u2013
38,841
Disposals
(11,689)
\u2013
\u2013
\u2013
(11,689)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
(2,183)
(2,183)
At 29 February 2024
187,371
51,738
94,010
443,722
776,841
Accumulated
amortisation and
impairment:
At 1 March 2023
(105,307)
(41,134)
(92,699)
(25,195)
(264,335)
Amortisation
(29,330)
(5,167)
(821)
\u2013
(35,318)
Disposals
11,689
\u2013
\u2013
\u2013
11,689
At 29 February 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Carrying amounts:
At 29 February 2024
64,423
5,437
490
418,527
488,877
1.
Total software development includes \u00a313.3 million of assets which represent work in progress and which are
not yet depreciating (FY2023: \u00a311.1 million).
2. Revaluation at the balance sheet date.
3. At FY2024, the remaining useful economic life was one year for brand valuation assets.
Intangible assets and goodwill as at 28 February 2023:
Software
Brand
Customer
development
1
valuation
3
lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2022
147,410
51,738
92,690
442,555
734,393
Additions
32,174
\u2013
11
\u2013
32,185
Disposals
(18,056)
\u2013
\u2013
\u2013
(18,056)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
3,350
3,350
At 28 February 2023
161,528
51,738
92,701
445,905
751,872
Accumulated
amortisation and
impairment:
At 1 March 2022
(93,488)
(35,967)
(92,589)
(25,195)
(247,239)
Amortisation
(29,840)
(5,167)
(110)
\u2013
(35,117)
Disposals
18,021
\u2013
\u2013
\u2013
18,021
At 28 February 2023
(105,307)
(41,134)
(92,699)
(25,195)
(264,335)
Carrying amounts:
At 28 February 2023
56,221
10,604
2
420,710
487,537
1.
Total software development includes \u00a311.1m of assets which represent work in progress and which are not
yet depreciating.
2. Revaluation at the balance sheet date.
3. At FY2023, the remaining useful economic life was two years for brand valuation assets.
Of the amortisation charge for the year, \u00a36.0 million (FY2023: \u00a35.3 million) related to the
amortisation of intangible assets which were recognised on the Group\u2019s acquisition of
Trainline.com Limited and Trainline SAS, while \u00a329.3 million (FY2023: \u00a329.8 million) related
to internally developed and purchased intangible assets recognised at historical cost.
Disposals in the year of \u00a311.7 million (FY2023: \u00a318.1 million) include \u00a311.7 million (FY2023:
\u00a318.1 million) of fully amortised internally developed software assets which were no
longer in use.
Goodwill impairment testing
The Group tests goodwill annually for impairment by reviewing the carrying amount
against the recoverable amount of the investment. The recoverable amount is the
higher of fair value less costs of disposal and value in use. However, in line with IAS 36
Impairment of Assets, fair value less costs of disposal is only determined where value in
use would result in impairment.
Goodwill acquired in a business combination is allocated on acquisition to the cash-
generating units (\u2018CGUs\u2019) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3418.5 million (FY2023: \u00a3420.7
million) which was initially recognised upon acquisition of the following of Trainline.com
Limited and Trainline SAS (formerly Capitaine Train SAS).
CGUs are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
2024
2023
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
67,256
69,439
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
418,527
420,710
For all CGUs the recoverable amount was determined by measuring their value in use
(\u2018VIU\u2019).
Assumptions
The key value in use assumptions for the goodwill impairment assessment were:
\n \n
2024
2023
2024
2023
International
International
UK Consumer
UK Consumer
Consumer
Consumer
Pre-tax discount rate
1
12.3%
10.9%
12.1%
13.2%
Terminal growth rate
2
2.5%
2.5%
2.5%
2.5%
Number of years forecasted before
terminal growth rate applied
5
5
5
5
1.
The pre-tax discount rate is based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c principal
risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk
premium and beta factor.
2.
The terminal growth rate re\ufb02ects the expected natural price and in\ufb02ation growth into perpetuity of the
business, taking into account the current market and sector risks.
There has been no impairment charge for any CGU during the year (FY2023: nil).
As noted above, the key assumptions that form part of the value in use assessment are
the pre-tax discount rate, the terminal growth rate, the number of years forecasted
before terminal growth rate is applied and the underlying cash forecasts. The pre-tax
discount rate was determined based upon the weighted average cost of capital re\ufb02ecting
speci\ufb01c principal risks and uncertainties. The discount rate takes into account the risk-
free rate of return, the market risk premium and beta factor re\ufb02ecting the average beta
for the Group and comparator companies which are used in deriving the cost of equity.
Further to this, the terminal growth rate was determined based on the past in\ufb02ation rate
and has been utilised to re\ufb02ect the long-term natural price growth and in\ufb02ation.
For the purpose of the goodwill impairment work, the Group prepares cash \ufb02ow forecasts
using \ufb01ve-year projections which are extrapolated from the Board-approved three-
year plan. The forecasts have been used in the VIU calculation along with risk-adjusted
discount rates. Cash \ufb02ows beyond the \ufb01ve-year period are extrapolated using a terminal
growth rate, for the purpose of goodwill impairment testing. The forecasts re\ufb02ect
management\u2019s expectations and best estimates in determining EBITDA for each CGU.
Management\u2019s expectations and best estimates are determined based on a detailed top
down and bottom up forecasting process which incorporates consideration of the Group\u2019s
strategy, expectations in respect of market size and market share while also taking
account of risks and uncertainties in the market.
The core assumptions in the cash \ufb02ow forecasts used in the impairment testing were:
UK: continues to grow sales, driven by ongoing investment in the Trainline platform, the
digitisation of ticketing and supported by modal shift tailwinds; and International: strong
continued sales growth at a higher level than the Group as a whole driven by investment
in marketing and continued development in the user experience. Where costs or assets
in the forecast are not reported to the CODM at a CGU level, as disclosed in Note 2, a
reasonable and consistent allocation basis is applied for the purposes of impairment
testing.
Trading assumptions are based on estimates of market size, estimates of market share
and long-term economic forecasts.
As the International Consumer CGU is currently loss making, the cash \ufb02ows are more
sensitive to a change in assumptions in the initial \ufb01ve-year forecast period than the UK
Consumer CGU.
Sensitivity analysis
The Group has conducted sensitivity analysis for reasonably possible changes to key
assumptions on each CGU\u2019s value in use. This included either increasing the discount rates,
reducing the terminal growth rate, or reducing the anticipated future cash \ufb02ows through
changes to revenue or costs in each of the years through to the terminal year. The sensitivity
assumptions applied to the value in use calculations are set out in the table below.
\n \n
2024
2023
2024
2023
International
International
UK Consumer
UK Consumer
Consumer
Consumer
Increase in discount rate
1pt
1pt
1pt
1pt
Reduction in long-term growth rate
applied in terminal year
0.5pt
0.5pt
0.5pt
0.5pt
Decrease in adjusted EBITDA forecast
in each year
15%
15%
15%
1
20%
None of the individual reasonably possible scenarios listed above resulted in an
impairment charge to any of the CGUs.
1.
In FY2024 the sensitivity of 15% was considered more appropriate than 20%. If the sensitivity was 20% in
line with prior year, this would not result in an impairment charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14122": { "value": "10. Intangible assets and goodwill
The consolidated balance sheet contains a signi\ufb01cant goodwill carrying value which arose
when the Group acquired subsidiaries and paid a higher amount than the fair value of
the acquired net assets. Goodwill is not amortised but is subject to an annual impairment
review. Impairment reviews of goodwill make use of estimates.
Other intangible assets predominantly arise on acquisition of subsidiaries or are internally
developed. These intangible assets are amortised and tested for impairment when an
indicator of impairment exists.
Accounting policy
(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.
(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically, and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged to
projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives and are
measured at cost less accumulated amortisation and any accumulated impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and
is recognised in administrative expenses in the income statement. Goodwill is not
amortised.
The estimated useful lives are as follows:
Software development
3\u20135 years
Brand valuation
10 years
Customer lists
5\u20137 years
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.
Intangible assets and goodwill as at 29 February 2024:
Software
Brand
Customer
development
1
valuation
3
lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2023
161,528
51,738
92,701
445,905
751,872
Additions
37,532
\u2013
1,309
\u2013
38,841
Disposals
(11,689)
\u2013
\u2013
\u2013
(11,689)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
(2,183)
(2,183)
At 29 February 2024
187,371
51,738
94,010
443,722
776,841
Accumulated
amortisation and
impairment:
At 1 March 2023
(105,307)
(41,134)
(92,699)
(25,195)
(264,335)
Amortisation
(29,330)
(5,167)
(821)
\u2013
(35,318)
Disposals
11,689
\u2013
\u2013
\u2013
11,689
At 29 February 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Carrying amounts:
At 29 February 2024
64,423
5,437
490
418,527
488,877
1.
Total software development includes \u00a313.3 million of assets which represent work in progress and which are
not yet depreciating (FY2023: \u00a311.1 million).
2. Revaluation at the balance sheet date.
3. At FY2024, the remaining useful economic life was one year for brand valuation assets.
Intangible assets and goodwill as at 28 February 2023:
Software
Brand
Customer
development
1
valuation
3
lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2022
147,410
51,738
92,690
442,555
734,393
Additions
32,174
\u2013
11
\u2013
32,185
Disposals
(18,056)
\u2013
\u2013
\u2013
(18,056)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
3,350
3,350
At 28 February 2023
161,528
51,738
92,701
445,905
751,872
Accumulated
amortisation and
impairment:
At 1 March 2022
(93,488)
(35,967)
(92,589)
(25,195)
(247,239)
Amortisation
(29,840)
(5,167)
(110)
\u2013
(35,117)
Disposals
18,021
\u2013
\u2013
\u2013
18,021
At 28 February 2023
(105,307)
(41,134)
(92,699)
(25,195)
(264,335)
Carrying amounts:
At 28 February 2023
56,221
10,604
2
420,710
487,537
1.
Total software development includes \u00a311.1m of assets which represent work in progress and which are not
yet depreciating.
2. Revaluation at the balance sheet date.
3. At FY2023, the remaining useful economic life was two years for brand valuation assets.
Of the amortisation charge for the year, \u00a36.0 million (FY2023: \u00a35.3 million) related to the
amortisation of intangible assets which were recognised on the Group\u2019s acquisition of
Trainline.com Limited and Trainline SAS, while \u00a329.3 million (FY2023: \u00a329.8 million) related
to internally developed and purchased intangible assets recognised at historical cost.
Disposals in the year of \u00a311.7 million (FY2023: \u00a318.1 million) include \u00a311.7 million (FY2023:
\u00a318.1 million) of fully amortised internally developed software assets which were no
longer in use.
Goodwill impairment testing
The Group tests goodwill annually for impairment by reviewing the carrying amount
against the recoverable amount of the investment. The recoverable amount is the
higher of fair value less costs of disposal and value in use. However, in line with IAS 36
Impairment of Assets, fair value less costs of disposal is only determined where value in
use would result in impairment.
Goodwill acquired in a business combination is allocated on acquisition to the cash-
generating units (\u2018CGUs\u2019) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3418.5 million (FY2023: \u00a3420.7
million) which was initially recognised upon acquisition of the following of Trainline.com
Limited and Trainline SAS (formerly Capitaine Train SAS).
CGUs are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
2024
2023
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
67,256
69,439
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
418,527
420,710
For all CGUs the recoverable amount was determined by measuring their value in use
(\u2018VIU\u2019).
Assumptions
The key value in use assumptions for the goodwill impairment assessment were:
\n \n
2024
2023
2024
2023
International
International
UK Consumer
UK Consumer
Consumer
Consumer
Pre-tax discount rate
1
12.3%
10.9%
12.1%
13.2%
Terminal growth rate
2
2.5%
2.5%
2.5%
2.5%
Number of years forecasted before
terminal growth rate applied
5
5
5
5
1.
The pre-tax discount rate is based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c principal
risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk
premium and beta factor.
2.
The terminal growth rate re\ufb02ects the expected natural price and in\ufb02ation growth into perpetuity of the
business, taking into account the current market and sector risks.
There has been no impairment charge for any CGU during the year (FY2023: nil).
As noted above, the key assumptions that form part of the value in use assessment are
the pre-tax discount rate, the terminal growth rate, the number of years forecasted
before terminal growth rate is applied and the underlying cash forecasts. The pre-tax
discount rate was determined based upon the weighted average cost of capital re\ufb02ecting
speci\ufb01c principal risks and uncertainties. The discount rate takes into account the risk-
free rate of return, the market risk premium and beta factor re\ufb02ecting the average beta
for the Group and comparator companies which are used in deriving the cost of equity.
Further to this, the terminal growth rate was determined based on the past in\ufb02ation rate
and has been utilised to re\ufb02ect the long-term natural price growth and in\ufb02ation.
For the purpose of the goodwill impairment work, the Group prepares cash \ufb02ow forecasts
using \ufb01ve-year projections which are extrapolated from the Board-approved three-
year plan. The forecasts have been used in the VIU calculation along with risk-adjusted
discount rates. Cash \ufb02ows beyond the \ufb01ve-year period are extrapolated using a terminal
growth rate, for the purpose of goodwill impairment testing. The forecasts re\ufb02ect
management\u2019s expectations and best estimates in determining EBITDA for each CGU.
Management\u2019s expectations and best estimates are determined based on a detailed top
down and bottom up forecasting process which incorporates consideration of the Group\u2019s
strategy, expectations in respect of market size and market share while also taking
account of risks and uncertainties in the market.
The core assumptions in the cash \ufb02ow forecasts used in the impairment testing were:
UK: continues to grow sales, driven by ongoing investment in the Trainline platform, the
digitisation of ticketing and supported by modal shift tailwinds; and International: strong
continued sales growth at a higher level than the Group as a whole driven by investment
in marketing and continued development in the user experience. Where costs or assets
in the forecast are not reported to the CODM at a CGU level, as disclosed in Note 2, a
reasonable and consistent allocation basis is applied for the purposes of impairment
testing.
Trading assumptions are based on estimates of market size, estimates of market share
and long-term economic forecasts.
As the International Consumer CGU is currently loss making, the cash \ufb02ows are more
sensitive to a change in assumptions in the initial \ufb01ve-year forecast period than the UK
Consumer CGU.
Sensitivity analysis
The Group has conducted sensitivity analysis for reasonably possible changes to key
assumptions on each CGU\u2019s value in use. This included either increasing the discount rates,
reducing the terminal growth rate, or reducing the anticipated future cash \ufb02ows through
changes to revenue or costs in each of the years through to the terminal year. The sensitivity
assumptions applied to the value in use calculations are set out in the table below.
\n \n
2024
2023
2024
2023
International
International
UK Consumer
UK Consumer
Consumer
Consumer
Increase in discount rate
1pt
1pt
1pt
1pt
Reduction in long-term growth rate
applied in terminal year
0.5pt
0.5pt
0.5pt
0.5pt
Decrease in adjusted EBITDA forecast
in each year
15%
15%
15%
1
20%
None of the individual reasonably possible scenarios listed above resulted in an
impairment charge to any of the CGUs.
1.
In FY2024 the sensitivity of 15% was considered more appropriate than 20%. If the sensitivity was 20% in
line with prior year, this would not result in an impairment charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14135": { "value": "Accounting policy
(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.
(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically, and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged to
projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives and are
measured at cost less accumulated amortisation and any accumulated impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and
is recognised in administrative expenses in the income statement. Goodwill is not
amortised.
The estimated useful lives are as follows:
Software development
3\u20135 years
Brand valuation
10 years
Customer lists
5\u20137 years
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14139": { "value": "(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14150": { "value": "After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14160": { "value": "(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically, and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged to
projects. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14161": { "value": "(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically, and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged to
projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives and are
measured at cost less accumulated amortisation and any accumulated impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and
is recognised in administrative expenses in the income statement. Goodwill is not
amortised.
The estimated useful lives are as follows:
Software development
3\u20135 years
Brand valuation
10 years
Customer lists
5\u20137 years
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14239": { "value": "(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives and are
measured at cost less accumulated amortisation and any accumulated impairment losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14277": { "value": "
Software
Brand
Customer
development
1
valuation
3
lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2023
161,528
51,738
92,701
445,905
751,872
Additions
37,532
\u2013
1,309
\u2013
38,841
Disposals
(11,689)
\u2013
\u2013
\u2013
(11,689)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
(2,183)
(2,183)
At 29 February 2024
187,371
51,738
94,010
443,722
776,841
Accumulated
amortisation and
impairment:
At 1 March 2023
(105,307)
(41,134)
(92,699)
(25,195)
(264,335)
Amortisation
(29,330)
(5,167)
(821)
\u2013
(35,318)
Disposals
11,689
\u2013
\u2013
\u2013
11,689
At 29 February 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Carrying amounts:
At 29 February 2024
64,423
5,437
490
418,527
488,877
Software
Brand
Customer
development
1
valuation
3
lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2022
147,410
51,738
92,690
442,555
734,393
Additions
32,174
\u2013
11
\u2013
32,185
Disposals
(18,056)
\u2013
\u2013
\u2013
(18,056)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
3,350
3,350
At 28 February 2023
161,528
51,738
92,701
445,905
751,872
Accumulated
amortisation and
impairment:
At 1 March 2022
(93,488)
(35,967)
(92,589)
(25,195)
(247,239)
Amortisation
(29,840)
(5,167)
(110)
\u2013
(35,117)
Disposals
18,021
\u2013
\u2013
\u2013
18,021
At 28 February 2023
(105,307)
(41,134)
(92,699)
(25,195)
(264,335)
Carrying amounts:
At 28 February 2023
56,221
10,604
2
420,710
487,537
Plant and
Leasehold
Right-of-use
equipment
improvements
assets
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2023
7,729
6,835
27,875
42,439
Additions
1,866
\u2013
1,255
3,121
Disposals
(364)
(1)
(297)
(662)
At 29 February 2024
9,231
6,834
28,833
44,898
Accumulated depreciation and
impairment:
At 1 March 2023
(4,443)
(3,358)
(13,449)
(21,250)
Depreciation
(1,421)
(835)
(4,088)
(6,344)
Disposals
364
\u2013
280
644
At 29 February 2024
(5,500)
(4,193)
(17,257)
(26,950)
Carrying amounts:
At 29 February 2024
3,731
2,641
11,576
17,948
Plant and
Leasehold
Right-of-use
equipment
improvements
assets
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2022
7,379
6,984
27,461
41,824
Additions
2,089
\u2013
522
2,611
Disposals
(1,739)
(149)
(108)
(1,996)
At 28 February 2023
7,729
6,835
27,875
42,439
Accumulated depreciation and
impairment:
At 1 March 2022
(4,810)
(2,515)
(9,622)
(16,947)
Depreciation
(1,301)
(843)
(3,906)
(6,050)
Disposals
1,668
\u2013
79
1,747
At 28 February 2023
(4,443)
(3,358)
(13,449)
(21,250)
Carrying amounts:
At 28 February 2023
3,286
3,477
14,426
21,189
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f14768": { "value": "Goodwill impairment testing
The Group tests goodwill annually for impairment by reviewing the carrying amount
against the recoverable amount of the investment. The recoverable amount is the
higher of fair value less costs of disposal and value in use. However, in line with IAS 36
Impairment of Assets, fair value less costs of disposal is only determined where value in
use would result in impairment.
Goodwill acquired in a business combination is allocated on acquisition to the cash-
generating units (\u2018CGUs\u2019) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3418.5 million (FY2023: \u00a3420.7
million) which was initially recognised upon acquisition of the following of Trainline.com
Limited and Trainline SAS (formerly Capitaine Train SAS).
CGUs are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
2024
2023
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
67,256
69,439
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
418,527
420,710
For all CGUs the recoverable amount was determined by measuring their value in use
(\u2018VIU\u2019).
Assumptions
The key value in use assumptions for the goodwill impairment assessment were:
\n \n
2024
2023
2024
2023
International
International
UK Consumer
UK Consumer
Consumer
Consumer
Pre-tax discount rate
1
12.3%
10.9%
12.1%
13.2%
Terminal growth rate
2
2.5%
2.5%
2.5%
2.5%
Number of years forecasted before
terminal growth rate applied
5
5
5
5
1.
The pre-tax discount rate is based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c principal
risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk
premium and beta factor.
2.
The terminal growth rate re\ufb02ects the expected natural price and in\ufb02ation growth into perpetuity of the
business, taking into account the current market and sector risks.
There has been no impairment charge for any CGU during the year (FY2023: nil).
As noted above, the key assumptions that form part of the value in use assessment are
the pre-tax discount rate, the terminal growth rate, the number of years forecasted
before terminal growth rate is applied and the underlying cash forecasts. The pre-tax
discount rate was determined based upon the weighted average cost of capital re\ufb02ecting
speci\ufb01c principal risks and uncertainties. The discount rate takes into account the risk-
free rate of return, the market risk premium and beta factor re\ufb02ecting the average beta
for the Group and comparator companies which are used in deriving the cost of equity.
Further to this, the terminal growth rate was determined based on the past in\ufb02ation rate
and has been utilised to re\ufb02ect the long-term natural price growth and in\ufb02ation.
For the purpose of the goodwill impairment work, the Group prepares cash \ufb02ow forecasts
using \ufb01ve-year projections which are extrapolated from the Board-approved three-
year plan. The forecasts have been used in the VIU calculation along with risk-adjusted
discount rates. Cash \ufb02ows beyond the \ufb01ve-year period are extrapolated using a terminal
growth rate, for the purpose of goodwill impairment testing. The forecasts re\ufb02ect
management\u2019s expectations and best estimates in determining EBITDA for each CGU.
Management\u2019s expectations and best estimates are determined based on a detailed top
down and bottom up forecasting process which incorporates consideration of the Group\u2019s
strategy, expectations in respect of market size and market share while also taking
account of risks and uncertainties in the market.
The core assumptions in the cash \ufb02ow forecasts used in the impairment testing were:
UK: continues to grow sales, driven by ongoing investment in the Trainline platform, the
digitisation of ticketing and supported by modal shift tailwinds; and International: strong
continued sales growth at a higher level than the Group as a whole driven by investment
in marketing and continued development in the user experience. Where costs or assets
in the forecast are not reported to the CODM at a CGU level, as disclosed in Note 2, a
reasonable and consistent allocation basis is applied for the purposes of impairment
testing.
Trading assumptions are based on estimates of market size, estimates of market share
and long-term economic forecasts.
As the International Consumer CGU is currently loss making, the cash \ufb02ows are more
sensitive to a change in assumptions in the initial \ufb01ve-year forecast period than the UK
Consumer CGU.
Sensitivity analysis
The Group has conducted sensitivity analysis for reasonably possible changes to key
assumptions on each CGU\u2019s value in use. This included either increasing the discount rates,
reducing the terminal growth rate, or reducing the anticipated future cash \ufb02ows through
changes to revenue or costs in each of the years through to the terminal year. The sensitivity
assumptions applied to the value in use calculations are set out in the table below.
\n \n
2024
2023
2024
2023
International
International
UK Consumer
UK Consumer
Consumer
Consumer
Increase in discount rate
1pt
1pt
1pt
1pt
Reduction in long-term growth rate
applied in terminal year
0.5pt
0.5pt
0.5pt
0.5pt
Decrease in adjusted EBITDA forecast
in each year
15%
15%
15%
1
20%
None of the individual reasonably possible scenarios listed above resulted in an
impairment charge to any of the CGUs.
1.
In FY2024 the sensitivity of 15% was considered more appropriate than 20%. If the sensitivity was 20% in
line with prior year, this would not result in an impairment charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f15115": { "value": "11. Property, plant and equipment
This note details the physical assets used by the Group in running its business.
Accounting policy
Items of property, plant and equipment (\u2018PPE\u2019) are measured at cost less accumulated
depreciation and any accumulated impairment losses. Any gain or loss on disposal
of an item of property, plant and equipment is recognised in the income statement.
Depreciation is calculated to write o\ufb00 the cost of items of property, plant and equipment
less their estimated residual values using the straight-line method over their estimated
useful lives and is generally recognised in the income statement. The estimated useful
lives of property, plant and equipment are as follows:
Plant and equipment
3-7 years
Leasehold improvements
3-10 years/remaining lease length if shorter
Right-of-use assets
Lease length
The Group tests the carrying value of assets including right-of-use (\u2018ROU\u2019) assets for
impairment if there is an indicator of impairment. PPE is included in the carrying value of
the Group\u2019s CGUs and has been included in the CGU impairment assessments (see Note
10). There were no additional indicators of speci\ufb01c impairment identi\ufb01ed during the year
relating to PPE (FY2023: no indicators).
Property, plant and equipment as at 29 February 2024:
Plant and
Leasehold
Right-of-use
equipment
improvements
assets
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2023
7,729
6,835
27,875
42,439
Additions
1,866
\u2013
1,255
3,121
Disposals
(364)
(1)
(297)
(662)
At 29 February 2024
9,231
6,834
28,833
44,898
Accumulated depreciation and
impairment:
At 1 March 2023
(4,443)
(3,358)
(13,449)
(21,250)
Depreciation
(1,421)
(835)
(4,088)
(6,344)
Disposals
364
\u2013
280
644
At 29 February 2024
(5,500)
(4,193)
(17,257)
(26,950)
Carrying amounts:
At 29 February 2024
3,731
2,641
11,576
17,948
Property, plant and equipment as at 28 February 2023:
Plant and
Leasehold
Right-of-use
equipment
improvements
assets
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2022
7,379
6,984
27,461
41,824
Additions
2,089
\u2013
522
2,611
Disposals
(1,739)
(149)
(108)
(1,996)
At 28 February 2023
7,729
6,835
27,875
42,439
Accumulated depreciation and
impairment:
At 1 March 2022
(4,810)
(2,515)
(9,622)
(16,947)
Depreciation
(1,301)
(843)
(3,906)
(6,050)
Disposals
1,668
\u2013
79
1,747
At 28 February 2023
(4,443)
(3,358)
(13,449)
(21,250)
Carrying amounts:
At 28 February 2023
3,286
3,477
14,426
21,189
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f15120": { "value": "Accounting policy
Items of property, plant and equipment (\u2018PPE\u2019) are measured at cost less accumulated
depreciation and any accumulated impairment losses. Any gain or loss on disposal
of an item of property, plant and equipment is recognised in the income statement.
Depreciation is calculated to write o\ufb00 the cost of items of property, plant and equipment
less their estimated residual values using the straight-line method over their estimated
useful lives and is generally recognised in the income statement. The estimated useful
lives of property, plant and equipment are as follows:
Plant and equipment
3-7 years
Leasehold improvements
3-10 years/remaining lease length if shorter
Right-of-use assets
Lease length
The Group tests the carrying value of assets including right-of-use (\u2018ROU\u2019) assets for
impairment if there is an indicator of impairment. PPE is included in the carrying value of
the Group\u2019s CGUs and has been included in the CGU impairment assessments (see Note
10). There were no additional indicators of speci\ufb01c impairment identi\ufb01ed during the year
relating to PPE (FY2023: no indicators).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f15127": { "value": "Depreciation is calculated to write o\ufb00 the cost of items of property, plant and equipment
less their estimated residual values using the straight-line method over their estimated
useful lives and is generally recognised in the income statement. The estimated useful
lives of property, plant and equipment are as follows:
Plant and equipment
3-7 years
Leasehold improvements
3-10 years/remaining lease length if shorter
Right-of-use assets
Lease length
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f15524": { "value": "12. Trade and other receivables
Trade and other receivables include amounts due from credit card companies for
consumer ticket sales and amounts due from business customers and Train Operating
Companies on account. The contract assets primarily relate to the Group\u2019s rights to
consideration for services provided but not invoiced at the reporting date. Prepayments
consist of payments made prior to year end in respect of transactions in the normal
course of business.
Receivables are held with the objective to collect the contractual cash \ufb02ows and are
therefore recognised initially at fair value and subsequently measured at amortised cost
using the e\ufb00ective interest rate method, less provision for impairment. A provision for the
expected loss on trade and other receivables is established at inception. This is modi\ufb01ed
when there is a change in the credit risk. The amount of the expected loss for the Group is
\u00a30.3 million (FY2023: nil).
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Trade receivables
38,860
38,031
Other receivables
3,000
5,276
Prepayments
5,898
6,692
Contract assets
11,412
10,159
Total trade and other receivables
59,170
60,158
There is no material di\ufb00erence between the carrying value and fair value of trade
and other receivables. See Note 20 for more detail on the trade and other receivables
accounting policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f15611": { "value": "13. Trade and other payables
Trade and other payables include liabilities for ticket sale monies to be passed on to
carriers, as well as accounts payable and accruals for general business expenditure and
deferred revenue.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Trade payables
159,252
158,922
Accruals
47,367
36,241
Other creditors
5,444
4,503
Deferred revenue
703
536
Total trade and other payables
212,766
200,202
There is no material di\ufb00erence between the carrying value and fair value of trade and
other payables presented. See Note 20 for more detail on the trade and other payables
accounting policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f15669": { "value": "14. Loans and borrowings
This note details a breakdown of the various loans and borrowings of the Group. It also
provides the terms and repayment dates of each of these.
Accounting policy
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method. At the date borrowings are repaid any
attributable transaction costs are released as \ufb01nance costs.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Non-current liabilities
Revolving credit facility
1
58,292
57,385
Convertible bonds
2
81,652
81,105
Lease liabilities
7,336
10,524
Total non-current liabilities
147,280
149,014
Current liabilities
Accrued interest on secured bank loans
841
368
Lease liabilities
4,992
4,523
Total current liabilities
5,833
4,891
1.
Included within the revolving credit facility is the principal amount of \u00a360.0 million (FY2023: \u00a360.0 million)
and directly attributable transaction costs of \u00a31.7 million (FY2023: \u00a32.6 million).
2.
Included within the convertible bonds is the principal amount of \u00a382.7 million (FY2023: \u00a382.7 million) and
directly attributable transaction costs of \u00a31.0 million (FY2023: \u00a31.6 million). The fair value of this convertible
bond, as determined by the price on the Frankfurt Stock Exchange at 29 February 2024 is \u00a374.7 million
(FY2023: \u00a368.7 million). The carrying value is \u00a381.7 million. During FY2023 the Group bought back and
cancelled \u00a332.1 million (face value) of its own convertible bonds for \u00a328.1 million, resulting in a gain of
\u00a34.0 million presented on the income statement within \ufb01nance income.
Terms and repayment schedule as at 29 February 2024
\n \n
Carrying
Year of
Face value
amount
Agreement
Interest rate
maturity
\u00a3\u2019000
\u00a3\u2019000
Revolving credit facility
SONIA + 1.25%-2.5%
2025
2
60,000
58,292
Convertible bonds
1.00%
2026
82,700
81,652
Lease liabilities
Various
1
Various
12,328
12,328
Total borrowings
155,028
152,272
1. The average interest rate of lease liabilities is 4.16%.
2. Not including two 1-year extension clause.
The following are the remaining contractual maturities of \ufb01nancial liabilities at the
reporting date. The amounts are gross and undiscounted, and include estimated
future interest payments, so will not necessarily reconcile to amounts disclosed on the
statement of \ufb01nancial position.
\n \n
Total
contractual
Less than
Between
Between
cash \ufb02ows
1 year
1 and 2 years
1
2 and 5 years
Over 5 years
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Revolving credit facility
65,874
3,579
62,295
\u2013
\u2013
Convertible bonds
84,250
827
83,423
\u2013
\u2013
Lease liabilities
12,836
5,278
4,479
2,608
471
Total cash \ufb02ows
162,960
9,684
150,197
2,608
471
1. Not including two 1-year extension clause per the revolving credit facility.
Revolving credit facility
On 26 July 2022, the Group entered into a \u00a3325.0 million revolving credit facility with an
initial maturity date of 30 November 2025, with the option to extend for a further two,
1-year periods to 30 November 2027.
The facility in place during the year allows draw downs in cash or non-cash to cover
bank guarantees. At 29 February 2024, the cash drawn amount is \u00a360.0 million
(FY2023: \u00a360.0 million), the non-cash bank guarantee drawn amount is \u00a3183.4 million
(FY2023: \u00a372.2 million) and the undrawn amount on the facility is \u00a381.6 million
(FY2023: \u00a3192.8 million).
The facility in place during the year was secured by a \ufb01xed and \ufb02oating charge over
certain assets of the Group. Interest payable on the \u00a3325.0 million facility was at a margin
of 1.20% to 1.50% above SONIA.
The Group was subject to bank covenants, all of which have been met during the year. In
relation to the \u00a3325.0 million facility entered into on 26 July 2022: (1) net debt to adjusted
EBITDA must be no more than 3.00:1; and (2) adjusted EBITDA to net \ufb01nance charges
must be no less than 4.00:1.
Convertible bonds
On 7 January 2021, Trainline plc announced the launch of an o\ufb00ering of \u00a3150.0 million of
senior convertible bonds due in 2026. Settlement and delivery of convertible bonds took
place on 14 January 2021.
The total bond o\ufb00ering of \u00a3150.0 million covers a \ufb01ve-year term beginning on 14 January
2021 with a 1% per annum coupon payable semi-annually in arrears in equal instalments.
The initial conversion price was set at \u00a36.6671 representing a premium of 50% above
share price on 7 January 2021 (\u00a34.4447).
The bonds were accounted for as a liability of \u00a3150.0 million upon issuance. Directly
allocable fees were o\ufb00set against the liability and will be unwound over the lifetime of
the instrument. The bond was accounted for as a liability as certain terms and conditions
attached to the bonds meant Trainline plc has an unavoidable obligation to settle in cash.
Subsequent to this, bonds are measured at amortised cost.
During FY2023, the Group bought back and cancelled \u00a332.1 million (face value) of its
own convertible bonds for \u00a328.1 million, resulting in a gain of \u00a34.0 million presented on
the income statement within \ufb01nance income. There was no such transaction in FY2024.
As at the balance sheet date, the Group had convertible bonds with a principal amount of
\u00a382.7 million in issuance (FY2023: \u00a382.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f15674": { "value": "Accounting policy
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method. At the date borrowings are repaid any
attributable transaction costs are released as \ufb01nance costs.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Non-current liabilities
Revolving credit facility
1
58,292
57,385
Convertible bonds
2
81,652
81,105
Lease liabilities
7,336
10,524
Total non-current liabilities
147,280
149,014
Current liabilities
Accrued interest on secured bank loans
841
368
Lease liabilities
4,992
4,523
Total current liabilities
5,833
4,891
1.
Included within the revolving credit facility is the principal amount of \u00a360.0 million (FY2023: \u00a360.0 million)
and directly attributable transaction costs of \u00a31.7 million (FY2023: \u00a32.6 million).
2.
Included within the convertible bonds is the principal amount of \u00a382.7 million (FY2023: \u00a382.7 million) and
directly attributable transaction costs of \u00a31.0 million (FY2023: \u00a31.6 million). The fair value of this convertible
bond, as determined by the price on the Frankfurt Stock Exchange at 29 February 2024 is \u00a374.7 million
(FY2023: \u00a368.7 million). The carrying value is \u00a381.7 million. During FY2023 the Group bought back and
cancelled \u00a332.1 million (face value) of its own convertible bonds for \u00a328.1 million, resulting in a gain of
\u00a34.0 million presented on the income statement within \ufb01nance income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f16012": { "value": "Convertible bonds
On 7 January 2021, Trainline plc announced the launch of an o\ufb00ering of \u00a3150.0 million of
senior convertible bonds due in 2026. Settlement and delivery of convertible bonds took
place on 14 January 2021.
The total bond o\ufb00ering of \u00a3150.0 million covers a \ufb01ve-year term beginning on 14 January
2021 with a 1% per annum coupon payable semi-annually in arrears in equal instalments.
The initial conversion price was set at \u00a36.6671 representing a premium of 50% above
share price on 7 January 2021 (\u00a34.4447).
The bonds were accounted for as a liability of \u00a3150.0 million upon issuance. Directly
allocable fees were o\ufb00set against the liability and will be unwound over the lifetime of
the instrument. The bond was accounted for as a liability as certain terms and conditions
attached to the bonds meant Trainline plc has an unavoidable obligation to settle in cash.
Subsequent to this, bonds are measured at amortised cost.
During FY2023, the Group bought back and cancelled \u00a332.1 million (face value) of its
own convertible bonds for \u00a328.1 million, resulting in a gain of \u00a34.0 million presented on
the income statement within \ufb01nance income. There was no such transaction in FY2024.
As at the balance sheet date, the Group had convertible bonds with a principal amount of
\u00a382.7 million in issuance (FY2023: \u00a382.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f16034": { "value": "15. Provisions
The Group holds provisions in relation to dilapidations.
Accounting policy
Provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate
that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c
to the liability. The unwinding of the discount is recognised as a \ufb01nance cost.
The Group provides for the cost of dilapidations in relation to the o\ufb03ces over the
minimum term of the leases. It is expected that the cash \ufb02ows in relation to provisions
will occur at the end of the lease terms between 2026 and 2030.
Provisions
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
As at 1 March
778
873
Unwinding of discount
59
54
Utilised
\u2013
(149)
As at 29 and 28 February
837
778
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f16038": { "value": "Accounting policy
Provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate
that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c
to the liability. The unwinding of the discount is recognised as a \ufb01nance cost.
The Group provides for the cost of dilapidations in relation to the o\ufb03ces over the
minimum term of the leases. It is expected that the cash \ufb02ows in relation to provisions
will occur at the end of the lease terms between 2026 and 2030. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f16149": { "value": "16. Share-based payments
During the year the Group has operated a number of equity-settled share-based
payment schemes.
Accounting policy
Equity-settled share-based payment schemes are initially measured at fair value at the
grant date and recognised as a charge in the income statement over the vesting period
based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for
the e\ufb00ect of non-market vesting conditions. A corresponding increase in reserves is also
recognised in equity.
Share-based payment charges recognised within administrative costs
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Share-based payment schemes
22,629
17,292
Total income statement impact
22,629
17,292
The Group operates the following equity-settled share-based payment schemes with a
\u00a3nil exercise price:
Share Incentive Plan
The Share Incentive Plan (\u2018SIP\u2019) was o\ufb00ered to all UK Company sta\ufb00 employed at 16 March
2022, being the grant date. The awards will vest on 16 March 2025 and all employees that
have not opted out or left the business between 16 March 2022 and 16 March 2025 will be
entitled to shares in Trainline plc worth \u00a33,600 at grant date.
International Share Incentive Plan
The International Share Incentive Plan (\u2018SIP\u2019) was o\ufb00ered to all non-UK Company sta\ufb00
employed at 1 March 2022, being the grant date. The awards will vest on 28 February
2025 and all employees that have not opted out or left the business between 1 March
2022 and 28 February 2025 will be entitled to shares in Trainline plc worth \u00a33,600 at
grant date.
Restricted Share Plan (\u2018RSP\u2019)
The Restricted Share Plan (\u2018RSP\u2019) awards Restricted Share Units (\u2018RSUs\u2019) to certain
members of the executive team and senior management. The majority of awards vest
evenly in three tranches over a three-year period. All participants that have not left the
business on the vesting date will be entitled to RSUs which each represent the right to
receive one ordinary share in Trainline plc.
Performance Share Plan (\u2018PSP\u2019)
The Performance Share Plan (\u2018PSP\u2019) award is o\ufb00ered to certain members of the Board
and executive team. Awards vest three years after the grant date and are subject to the
Group meeting speci\ufb01ed performance conditions. Only participants that have not left
the business at the vesting date will be entitled to PSPs which each represent the right to
receive one ordinary share in Trainline plc.
Matching shares
From 20 April 2020, all Company employees were entitled to one free matching share
for every one partnership share they purchase under the SIPs, subject to remaining
employees for the three-year vesting period.
Deferred Share Bonus Plan (\u2018DSBP\u2019)
The DSBP was o\ufb00ered to the CEO and CFO for the purpose of deferring Executive Director
annual bonus in accordance with Company\u2019s Directors\u2019 Remuneration Policy. The \ufb01rst
award was granted to the CEO on 30 June 2022 and 50% vested on 19 May 2023 and
a further 50% will vest on 20 May 2024 provided the participant remains an employee
on vesting dates. The second award was granted to the CEO and CFO on 4 May 2023
and 50% will vest on 20 May 2024 and a further 50% will vest on 12 May 2025 provided
participants remain an employee on vesting dates.
Key assumptions used in valuing the share-based payments were as follows:
\n \n
International
Share Incentive
Share Incentive
Restricted Share
Performance
Deferred Shares
Plan
Plan
Plan
Share Plan
Bonus Plan
Matching shares
28 February
3 years after
3 years after
3 years after
Exit date
16 March 2025
2025
the grant date
1
the grant date
12 May 2025
2
the grant date
Attrition rate over life of award
24%
24%
3% \u2013 31%
4% \u2013 28%
0%
19%
Weighted average fair value estimated at grant date
3
199p
214p
272p
217p
270p
270p
1. Exit date is 1 year after grant date and annually for the following 2 years.
2. Exit date for \ufb01rst tranche and then annually for the following two years\u2019 awards.
3.
Awards with market-based performance conditions were valued using the Monte Carlo simulation approach. All other awards were valued based on the market value at grant date.
Carrying value and fair value of share-based payment liabilities
The carrying value and fair value of the Group\u2019s equity-settled share-based payment arrangements were determined using option pricing models.
The expense recognised in the year for share-based payments is \u00a322.6 million (FY2023: \u00a317.3 million), including the relevant employer\u2019s social security contributions.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Share Incentive Plan
599
440
International Share Incentive Plan
93
43
Restricted Share Plan
4,739
3,945
Performance Share Plan
16,403
12,442
Speci\ufb01c RSU Award
\u2013
27
Deferred Share Bonus Plan
619
258
Matching shares
176
137
Total income statement impact
22,629
17,292
The movements in share awards are summarised as follows:
\n \n
International
Share Incentive
Share Incentive
Restricted Share
Speci\ufb01c RSU
Performance
Deferred Share
Outstanding number
Plan
Plan
Plan
Award
Share Plan
Matching Shares
Bonus Plan
At 1 March 2022
255,386
21,425
1,618,532
28,572
4,316,861
106,860
\u2013
Granted
1,149,785
140,790
1,882,582
\u2013
15,209,755
86,308
133,243
Lapsed
(155,943)
(17,011)
(344,587)
\u2013
(1,287,968)
(23,344)
\u2013
Exercised
(234,818)
(18,854)
(1,200,613)
(28,572)
\u2013
(851)
\u2013
At 28 February 2023
1,014,410
126,350
1,955,914
\u2013
18,238,648
168,973
133,243
Granted
\u2013
\u2013
1,618,169
\u2013
7,496,908
107,409
185,076
Lapsed
(140,790)
(12,635)
(188,425)
\u2013
(2,461,405)
(23,367)
\u2013
Exercised
(48,636)
\u2013
(1,630,675)
\u2013
\u2013
(2,449)
(66,621)
At 29 February 2024
824,984
113,715
1,754,983
\u2013
23,274,151
250,566
251,698
The weighted average share price at the date share options were exercised was 260p (FY2023: 238p). The weighted average remaining contractual life of the share options were 1 year
and 3 months (FY2023: 1 year and 7 months). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f16154": { "value": "Accounting policy
Equity-settled share-based payment schemes are initially measured at fair value at the
grant date and recognised as a charge in the income statement over the vesting period
based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for
the e\ufb00ect of non-market vesting conditions. A corresponding increase in reserves is also
recognised in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f16725": { "value": "17. Capital and reserves
Share capital
Share capital represents the number of shares in issue at their nominal value.
Ordinary shares in the Group are issued, allotted and fully paid up. The holders of
ordinary shares are entitled to receive dividends as declared from time to time and are
entitled to one vote per share at meetings of the Company.
Shareholding at 29 February 2024
\n \n
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
471,032,086
4,710
Shareholding at 28 February 2023
\n \n
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
480,680,508
4,807
In September 2023, the Company commenced a share buyback programme to purchase
its own ordinary shares. The total number of shares bought back in FY2024 was 9,648,422
shares with a nominal value of \u00a396,484 (FY2023: nil) representing 2% (FY2023: 0%) of the
ordinary shares in issue (excluding shares held in treasury). All shares bought back in
FY2024 were cancelled.
The shares were acquired on the open market at a total consideration (excluding costs)
of \u00a327.7 million (FY2023: \u00a3nil). The maximum and minimum prices paid were \u00a33.36
(FY2023: \u00a3nil) and \u00a32.32 (FY2023: \u00a3nil) per share respectively. The average price paid was
\u00a32.87 (FY2023: \u00a3nil). Costs incurred on the purchase of own shares in relation to stamp
duty and broker expenses were \u00a3166,878 (FY2023: \u00a3nil).
Share premium
Share premium represents the amount over the nominal value which was received by the
Group upon the sale of the ordinary shares. Upon the date of listing the nominal value of
shares was \u00a31.00 (subsequently reduced to \u00a30.01 in FY2020) but the initial o\ufb00ering price
was \u00a33.50.
Share premium is stated net of any direct costs relating to the issue of shares.
On 19 December 2023, the High Court of Justice approved the cancellation of the amount
standing to the credit of the Company\u2019s share premium account in full. The cancellation
resulted in a corresponding increase in the Group\u2019s distributable reserves.
Retained earnings
Retained earnings represents the pro\ufb01t the Group makes that is not distributed as
dividends. No dividends have been paid outside the Group in any year.
Foreign exchange
The foreign exchange reserve represents the net di\ufb00erence on the translation of the
statement of \ufb01nancial position and income statements of foreign operations from
functional currency into reporting currency over the period such operations have been
owned by the Group.
Other reserves
\n \n
Share-based
Capital
Merger
Treasury
payment
Redemption
Total other
reserve
reserve
reserve
Reserve
reserves
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2022
(1,122,218)
(21,731)
7,288
\u2013
(1,136,661)
Addition of treasury shares
\u2013
(7,947)
\u2013
\u2013
(7,947)
Allocation of treasury shares to
ful\ufb01l share-based payment
\u2013
2,950
(2,902)
\u2013
48
Share-based payment charge
\u2013
\u2013
15,165
\u2013
15,165
Deferred tax on share-based
payment
\u2013
\u2013
779
\u2013
779
Transfer to retained earnings
1
\u2013
\u2013
(362)
\u2013
(362)
At 28 February 2023
(1,122,218)
(26,728)
19,968
\u2013
(1,128,978)
Addition of treasury shares
\u2013
(7,500)
\u2013
\u2013
(7,500)
Allocation of treasury shares to
ful\ufb01l share-based payment
\u2013
4,466
(4,444)
\u2013
22
Share-based payment charge
\u2013
\u2013
19,909
\u2013
19,909
Deferred tax on share-based
payment
\u2013
\u2013
3,892
\u2013
3,892
Purchase of own shares for
cancellation
\u2013
\u2013
\u2013
97
97
Transfer to retained earnings
1
\u2013
\u2013
(166)
\u2013
(166)
At 29 February 2024
(1,122,218)
(29,762)
39,159
97
(1,112,724)
1.
Transfer to retained earnings relates to the di\ufb00erence between the share price at grant date of the
exercised shares and the actual cost of the treasury shares purchased to ful\ufb01l the share-based payment.
Merger reserve
Prior to the initial public o\ufb00ering (\u2018IPO\u2019) the ordinary shares of the pre-IPO top company,
Victoria Investments S.C.A, were acquired by Trainline plc. As the ultimate shareholders
and their relating rights did not change as part of this transaction, this was treated as a
common control transaction under IFRS. The balance of the merger reserve represents
the di\ufb00erence between the nominal value of the reserves from the Victoria Investments
S.C.A Group and the value of reserves in Trainline plc prior to the restructure.
Treasury reserve
Treasury shares re\ufb02ect the value of shares held by the Group\u2019s Employee Bene\ufb01t Trusts
(\u2018EBT\u2019). At 29 February 2024, the Group\u2019s EBT held 11.5 million shares (FY2023: 10.9 million)
which have a historical cost of \u00a329.8 million (FY2023: \u00a326.7 million).
Share-based payment reserve
The share-based payment reserve is built up of charges in relation to equity-settled
share-based payment arrangements which have been recognised within the pro\ufb01t and
loss account.
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares bought back
and cancelled.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f16728": { "value": "Share capital
Share capital represents the number of shares in issue at their nominal value.
Ordinary shares in the Group are issued, allotted and fully paid up. The holders of
ordinary shares are entitled to receive dividends as declared from time to time and are
entitled to one vote per share at meetings of the Company.
Shareholding at 29 February 2024
\n \n
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
471,032,086
4,710
Shareholding at 28 February 2023
\n \n
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
480,680,508
4,807
In September 2023, the Company commenced a share buyback programme to purchase
its own ordinary shares. The total number of shares bought back in FY2024 was 9,648,422
shares with a nominal value of \u00a396,484 (FY2023: nil) representing 2% (FY2023: 0%) of the
ordinary shares in issue (excluding shares held in treasury). All shares bought back in
FY2024 were cancelled.
The shares were acquired on the open market at a total consideration (excluding costs)
of \u00a327.7 million (FY2023: \u00a3nil). The maximum and minimum prices paid were \u00a33.36
(FY2023: \u00a3nil) and \u00a32.32 (FY2023: \u00a3nil) per share respectively. The average price paid was
\u00a32.87 (FY2023: \u00a3nil). Costs incurred on the purchase of own shares in relation to stamp
duty and broker expenses were \u00a3166,878 (FY2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f16776": { "value": "Share premium
Share premium represents the amount over the nominal value which was received by the
Group upon the sale of the ordinary shares. Upon the date of listing the nominal value of
shares was \u00a31.00 (subsequently reduced to \u00a30.01 in FY2020) but the initial o\ufb00ering price
was \u00a33.50.
Share premium is stated net of any direct costs relating to the issue of shares.
On 19 December 2023, the High Court of Justice approved the cancellation of the amount
standing to the credit of the Company\u2019s share premium account in full. The cancellation
resulted in a corresponding increase in the Group\u2019s distributable reserves.
Retained earnings
Retained earnings represents the pro\ufb01t the Group makes that is not distributed as
dividends. No dividends have been paid outside the Group in any year.
Foreign exchange
The foreign exchange reserve represents the net di\ufb00erence on the translation of the
statement of \ufb01nancial position and income statements of foreign operations from
functional currency into reporting currency over the period such operations have been
owned by the Group.
Other reserves
\n \n
Share-based
Capital
Merger
Treasury
payment
Redemption
Total other
reserve
reserve
reserve
Reserve
reserves
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2022
(1,122,218)
(21,731)
7,288
\u2013
(1,136,661)
Addition of treasury shares
\u2013
(7,947)
\u2013
\u2013
(7,947)
Allocation of treasury shares to
ful\ufb01l share-based payment
\u2013
2,950
(2,902)
\u2013
48
Share-based payment charge
\u2013
\u2013
15,165
\u2013
15,165
Deferred tax on share-based
payment
\u2013
\u2013
779
\u2013
779
Transfer to retained earnings
1
\u2013
\u2013
(362)
\u2013
(362)
At 28 February 2023
(1,122,218)
(26,728)
19,968
\u2013
(1,128,978)
Addition of treasury shares
\u2013
(7,500)
\u2013
\u2013
(7,500)
Allocation of treasury shares to
ful\ufb01l share-based payment
\u2013
4,466
(4,444)
\u2013
22
Share-based payment charge
\u2013
\u2013
19,909
\u2013
19,909
Deferred tax on share-based
payment
\u2013
\u2013
3,892
\u2013
3,892
Purchase of own shares for
cancellation
\u2013
\u2013
\u2013
97
97
Transfer to retained earnings
1
\u2013
\u2013
(166)
\u2013
(166)
At 29 February 2024
(1,122,218)
(29,762)
39,159
97
(1,112,724)
1.
Transfer to retained earnings relates to the di\ufb00erence between the share price at grant date of the
exercised shares and the actual cost of the treasury shares purchased to ful\ufb01l the share-based payment.
Merger reserve
Prior to the initial public o\ufb00ering (\u2018IPO\u2019) the ordinary shares of the pre-IPO top company,
Victoria Investments S.C.A, were acquired by Trainline plc. As the ultimate shareholders
and their relating rights did not change as part of this transaction, this was treated as a
common control transaction under IFRS. The balance of the merger reserve represents
the di\ufb00erence between the nominal value of the reserves from the Victoria Investments
S.C.A Group and the value of reserves in Trainline plc prior to the restructure.
Treasury reserve
Treasury shares re\ufb02ect the value of shares held by the Group\u2019s Employee Bene\ufb01t Trusts
(\u2018EBT\u2019). At 29 February 2024, the Group\u2019s EBT held 11.5 million shares (FY2023: 10.9 million)
which have a historical cost of \u00a329.8 million (FY2023: \u00a326.7 million).
Share-based payment reserve
The share-based payment reserve is built up of charges in relation to equity-settled
share-based payment arrangements which have been recognised within the pro\ufb01t and
loss account.
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares bought back
and cancelled.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f17128": { "value": "Treasury reserve
Treasury shares re\ufb02ect the value of shares held by the Group\u2019s Employee Bene\ufb01t Trusts
(\u2018EBT\u2019). At 29 February 2024, the Group\u2019s EBT held 11.5 million shares (FY2023: 10.9 million)
which have a historical cost of \u00a329.8 million (FY2023: \u00a326.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f17182": { "value": "Accounting policy
(i) Short-term employee bene\ufb01ts
Short-term employee bene\ufb01ts are expensed as the related service is provided. A liability is
recognised for the amount expected to be paid if there is a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee and
the obligation can be estimated reliably.
(ii) De\ufb01ned contribution plans
Obligations for contributions to de\ufb01ned contribution plans are expensed as the related
service is provided. Prepaid contribution is recognised as an asset to the extent that a
cash refund or a reduction in future payments is available.
(iii) De\ufb01ned bene\ufb01t plans
The Group participates in a de\ufb01ned bene\ufb01t scheme which is closed to new members. The
assets of the scheme are held separately from those of the Group. Pension scheme assets
are measured using market values.
The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t plans is calculated separately by
estimating the amount of future bene\ufb01t that employees have earned in the current and
prior periods, discounting that amount and deducting the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed every period end by a quali\ufb01ed
actuary using the projected unit credit method and discounted at the current rate of
return on a high-quality corporate bond of equivalent term and currency to the liability.
When the calculation results in a potential asset for the Group, the recognised asset
is limited to the present value of economic bene\ufb01ts available in the form of any future
refunds from the plan or reductions in future contributions to the plan. To calculate the
present value of economic bene\ufb01ts, consideration is given to any applicable minimum
funding requirements.
The scheme is subject to an asset ceiling, meaning when the scheme is remeasured and
shows a net asset position an \u2018asset ceiling\u2019 is applied equal to this amount, meaning
the Group recognises no asset on its statement of \ufb01nancial position. This is because the
Group does not have an irrevocable right to the surplus of the scheme. If the scheme is in
a net de\ufb01cit the Group would recognise the liability.
Remeasurement of the net de\ufb01ned bene\ufb01t liability, which comprises actuarial gains and
losses, the return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if
any, excluding interest), is recognised immediately in other comprehensive income. The
Group determines the net interest expense (income) on the net de\ufb01ned bene\ufb01t liability
(asset) for the period by applying the discount rate used to measure the de\ufb01ned bene\ufb01t
obligation at the beginning of the annual period to the then-net de\ufb01ned bene\ufb01t liability
(asset), taking into account any changes in the net de\ufb01ned bene\ufb01t liability (asset) during
the period as a result of contributions and bene\ufb01t payments. Net interest expense and
other expenses related to de\ufb01ned bene\ufb01t plans are recognised in the income statement.
When the bene\ufb01ts of a plan are changed or when a plan is curtailed, the resulting change
in bene\ufb01t that relates to past service or the gain or loss on curtailment is recognised
immediately in the income statement. The Group recognises gains and losses on the
settlement of a de\ufb01ned bene\ufb01t plan when the settlement occurs.
(iv) Termination bene\ufb01ts
Termination bene\ufb01ts are expensed at the earlier of when the Group can no longer
withdraw the o\ufb00er of those bene\ufb01ts and when the Group recognises costs for a
restructuring. If bene\ufb01ts are not expected to be settled wholly within 12 months of the
end of the reporting period, then they are discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f17229": { "value": "(iv) Termination bene\ufb01ts
Termination bene\ufb01ts are expensed at the earlier of when the Group can no longer
withdraw the o\ufb00er of those bene\ufb01ts and when the Group recognises costs for a
restructuring. If bene\ufb01ts are not expected to be settled wholly within 12 months of the
end of the reporting period, then they are discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18060": { "value": "19. Changes in liabilities arising from \ufb01nancing activities
The table below details changes in liabilities arising from \ufb01nancing activities, including
both cash and non-cash changes.
\n \n
Loans and
borrowings
(current and
Lease
non-current)
liabilities
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Balance at 1 March 2023
138,858
15,047
153,905
Changes from cash \ufb02ows
Interest paid
(5,925)
(215)
(6,140)
Issue costs and fees
(58)
\u2013
(58)
Proceeds from revolving credit facility
90,000
\u2013
90,000
Repayment of revolving credit facility and other
borrowings
(90,000)
\u2013
(90,000)
Repayment of lease liability
\u2013
(4,013)
(4,013)
Total changes from \ufb01nancing cash \ufb02ows
(5,983)
(4,228)
(10,211)
Changes in fair value
\u2013
\u2013
\u2013
Other changes
Capitalised borrowing cost write o\ufb00
1,522
\u2013
1,522
Net interest expense
6,388
370
6,758
Addition of lease liabilities
\u2013
902
902
Remeasurement of lease liabilities
\u2013
237
237
Balance at 29 February 2024
140,785
12,328
153,113
\n \n
Loans and
borrowings
(current and
Lease
non-current)
liabilities
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Balance at 1 March 2022
135,925
18,985
154,910
Changes from cash \ufb02ows
Interest paid
(6,410)
(440)
(6,850)
Issue costs relating to loans and borrowings
(3,251)
\u2013
(3,251)
Buyback of convertible bonds
(28,189)
\u2013
(28,189)
Proceeds from revolving credit facility
105,000
\u2013
105,000
Repayment of revolving credit facility and other
borrowings
(70,000)
\u2013
(70,000)
Repayment of lease liability
\u2013
(4,501)
(4,501)
Total changes from \ufb01nancing cash \ufb02ows
(2,850)
(4,941)
(7,791)
Changes in fair value
\u2013
\u2013
\u2013
Other changes
Capitalised borrowing cost releases
4,307
\u2013
4,307
Net interest expense
5,463
473
5,936
Gain on convertible bond buyback
(3,987)
\u2013
(3,987)
Addition of lease liabilities
\u2013
522
522
Remeasurement of lease liabilities
\u2013
8
8
Balance at 28 February 2023
138,858
15,047
153,905
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18475": { "value": "20. Financial instruments
Financial instruments comprise \ufb01nancial assets and \ufb01nancial liabilities. The fair values and
carrying amounts are set out in the table below.
Accounting policy
Categorisation within the hierarchy, measured or disclosed at fair value, has been
determined based on the lowest level of input that is signi\ufb01cant to the fair value
measurement as follows:
\u2022
Level 1 \u2013 valued using quoted prices in active markets for identical assets or liabilities
\u2022
Level 2 \u2013 valued by reference to valuation techniques using observable inputs other
than quoted prices included within Level 1
\u2022
Level 3 \u2013 valued by reference to valuation techniques using inputs that are not based
on observable market data.
\n \n
Measurement
2024
2023
level
\u00a3\u2019000
\u00a3\u2019000
Cash and cash equivalents
1
91,085
57,337
Trade and other receivables
2
41,860
43,307
Total \ufb01nancial assets
132,945
100,644
Trade and other payables
2
(164,696)
(163,425)
Loans and borrowings
2
(139,944)
(138,490)
Lease liabilities
2
(12,328)
(15,047)
Total \ufb01nancial liabilities
(316,968)
(316,962)
There have been no transfers between levels in any of the years. Other non-current
liabilities are valued using market established valuation techniques.
Accounting de\ufb01nitions
Financial assets
The Group classi\ufb01es its non-derivative \ufb01nancial assets into the following categories: cash
and cash equivalents and trade and other receivables. The classi\ufb01cation depends on
the purpose for which the assets are held. The classi\ufb01cation is \ufb01rst performed at initial
recognition and then re-evaluated at every reporting date for \ufb01nancial assets other than
those held at fair value through the income statement.
(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
The carrying value of cash in the statement of \ufb01nancial position is valued at
amortised cost.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the e\ufb00ective interest method, less
any impairment losses. Trade and other receivables are presented in current assets in the
statement of \ufb01nancial position, except for those with maturities greater than one year
after the reporting date.
Trade and other receivables, classi\ufb01ed as \ufb01nancial assets, exclude prepayments and
contract assets.
Financial liabilities
The Group classi\ufb01es its \ufb01nancial liabilities into the following categories: trade and other
payables, loans and borrowings, other non-current liabilities and lease liabilities.
(i) Trade and other payables
Trade payables and accruals, which include amounts owed to carriers in respect of ticket
sale monies that the Group has collected on their behalf and amounts due to other
suppliers for general business expenditure, are initially recognised at fair value less any
directly attributable transaction costs. Subsequent to initial recognition, these liabilities
are measured at amortised cost using the e\ufb00ective interest method.
Trade and other payables are classi\ufb01ed as \ufb01nancial liabilities, excluding deferred revenue
and accruals.
(ii) Loans and borrowings
The \ufb01nancial liabilities recognised in this category include secured loan facilities,
convertible bonds and preference shares held by the Group and are presented
in borrowings in both current and non-current liabilities in the statement of
\ufb01nancial position.
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method.
(iii) Lease liabilities
The Group recognises lease liabilities for leases within the scope of IFRS 16 Leases.
Financial risk management
The Group\u2019s activities expose it to a variety of \ufb01nancial risks: market risk (including interest
rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management framework
seeks to minimise potential adverse e\ufb00ects on the Group\u2019s \ufb01nancial performance.
(i) Risk management framework
The Group\u2019s Directors have overall responsibility for the establishment and oversight of
the Group\u2019s risk management framework.
The Group\u2019s risk management policies are established to identify and analyse the risks
faced by the Group, to set appropriate risk limits and controls and to monitor risks and
adherence to conditions and the Group\u2019s activities. The Group, through its training and
management standards and procedures, aims to maintain a disciplined and constructive
control environment in which all employees understand their roles and obligations.
(ii) Market risk
Market risk is the risk of loses in positions arising from movements in market variables.
The Group was exposed to movements in SONIA on its variable rate revolving credit
facility (see Note 14) and the Group has transactional foreign currency exposures, which
arise from sales and purchases by the relevant segment in currencies other than the
Group\u2019s functional currency. Based on sensitivity analysis performed, an increase in the
interest rate of 100 basis points would have decreased FY2024 pro\ufb01t after tax by \u00a30.7
million
1
(FY2023: decrease by \u00a30.5 million), and a decrease in the interest rate of 100 basis
points would have increased FY2024 pro\ufb01t after tax by \u00a30.7
million
1
(FY2023: increase of
\u00a30.5 million).
1. Excluding potential \ufb01nance interest income upside.
(iii) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a
\ufb01nancial instrument fails to meet its contractual obligations and arises principally from
the Group\u2019s receivables from customers. Trade receivables are assessed for risk of default
by customers on a periodic basis and terms of trade are adjusted accordingly. Default is
de\ufb01ned as when a \ufb01nancial asset is 90 days past due, this being the rebuttal presumption in
IFRS 9. Trade receivables are insured on risk and cost grounds.
Under the terms of the Group\u2019s retail licences, carriers require certain security
arrangements with the Group in order to mitigate its credit risk under the payment
and settlement procedures outlined in the licences. The Group satis\ufb01es these security
arrangements through bank guarantees from the Group\u2019s lenders. The bank guarantees are
provided under the Group\u2019s revolving credit facility, details of which are included in Note 14.
Debt is reviewed on a weekly basis and any customers who fall overdue are chased
immediately, if payment is not received the account is put on hold until previous debts
are cleared. Exposures to customers are regularly reviewed and management will make a
decision on remedial action to be taken. The expected credit loss as at 29 February 2024
was \u00a30.3 million (FY2023: nil). Indicators that there is no reasonable expectation of recovery
may include customers who have gone into administration.
(iv) Liquidity risk
Liquidity risk is the risk that the Group will encounter di\ufb03culty in meeting the obligations
associated with its \ufb01nancial liabilities that are settled by delivering cash or another
\ufb01nancial asset. The Group\u2019s approach is to ensure, as far as possible, that it will have
su\ufb03cient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the
Group\u2019s reputation.
The Group maintains a daily cash forecast in order to ensure that it has su\ufb03cient liquidity to
cover all expected cash \ufb02ows including scheduled repayment of debt.
In addition, a revolving credit facility is in place under which the Group is able to draw
down cash of up to \u00a3325.0 million. Of the \u00a3325.0 million facility in place at 29 February
2024, \u00a3149.0 million (FY2023: \u00a346.7 million) was utilised by a guarantee provided to the
Rail Settlement Plan Limited. A further \u00a334.4 million (FY2023: \u00a325.5 million) was utilised by
guarantees provided to International Train Operating Companies. The remaining headroom
on the revolving credit facility at 29 February 2024 was \u00a381.6 million (FY2023: \u00a3192.8
million), which is available to draw in cash or bank guarantees.
The Group was subject to bank covenants, all of which have been met during the year. In
relation to the \u00a3325.0 million facility entered into on 26 July 2022: (1) net debt to adjusted
EBITDA must be no more than 3.00:1; and (2) adjusted EBITDA to net \ufb01nance charges must
be no less than 4.00:1.
Capital management
Trainline\u2019s primary use of capital is to invest behind its strategic priorities to drive organic
growth and deliver attractive and sustainable rates of return. The Group may supplement
that with inorganic investment, should it help accelerate delivery of the Group\u2019s strategic
growth priorities. Trainline will continue to manage debt leverage, including retaining a
prudent and appropriate level of liquidity headroom should unforeseen circumstances
arise. Any surplus capital thereafter may be returned to shareholders, including through
repurchase of Trainline\u2019s shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18480": { "value": "Accounting policy
Categorisation within the hierarchy, measured or disclosed at fair value, has been
determined based on the lowest level of input that is signi\ufb01cant to the fair value
measurement as follows:
\u2022
Level 1 \u2013 valued using quoted prices in active markets for identical assets or liabilities
\u2022
Level 2 \u2013 valued by reference to valuation techniques using observable inputs other
than quoted prices included within Level 1
\u2022
Level 3 \u2013 valued by reference to valuation techniques using inputs that are not based
on observable market data.
\n \n
Measurement
2024
2023
level
\u00a3\u2019000
\u00a3\u2019000
Cash and cash equivalents
1
91,085
57,337
Trade and other receivables
2
41,860
43,307
Total \ufb01nancial assets
132,945
100,644
Trade and other payables
2
(164,696)
(163,425)
Loans and borrowings
2
(139,944)
(138,490)
Lease liabilities
2
(12,328)
(15,047)
Total \ufb01nancial liabilities
(316,968)
(316,962)
There have been no transfers between levels in any of the years. Other non-current
liabilities are valued using market established valuation techniques.
Accounting de\ufb01nitions
Financial assets
The Group classi\ufb01es its non-derivative \ufb01nancial assets into the following categories: cash
and cash equivalents and trade and other receivables. The classi\ufb01cation depends on
the purpose for which the assets are held. The classi\ufb01cation is \ufb01rst performed at initial
recognition and then re-evaluated at every reporting date for \ufb01nancial assets other than
those held at fair value through the income statement.
(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
The carrying value of cash in the statement of \ufb01nancial position is valued at
amortised cost.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the e\ufb00ective interest method, less
any impairment losses. Trade and other receivables are presented in current assets in the
statement of \ufb01nancial position, except for those with maturities greater than one year
after the reporting date.
Trade and other receivables, classi\ufb01ed as \ufb01nancial assets, exclude prepayments and
contract assets.
Financial liabilities
The Group classi\ufb01es its \ufb01nancial liabilities into the following categories: trade and other
payables, loans and borrowings, other non-current liabilities and lease liabilities.
(i) Trade and other payables
Trade payables and accruals, which include amounts owed to carriers in respect of ticket
sale monies that the Group has collected on their behalf and amounts due to other
suppliers for general business expenditure, are initially recognised at fair value less any
directly attributable transaction costs. Subsequent to initial recognition, these liabilities
are measured at amortised cost using the e\ufb00ective interest method.
Trade and other payables are classi\ufb01ed as \ufb01nancial liabilities, excluding deferred revenue
and accruals.
(ii) Loans and borrowings
The \ufb01nancial liabilities recognised in this category include secured loan facilities,
convertible bonds and preference shares held by the Group and are presented
in borrowings in both current and non-current liabilities in the statement of
\ufb01nancial position.
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method.
(iii) Lease liabilities
The Group recognises lease liabilities for leases within the scope of IFRS 16 Leases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18633": { "value": "Financial assets
The Group classi\ufb01es its non-derivative \ufb01nancial assets into the following categories: cash
and cash equivalents and trade and other receivables. The classi\ufb01cation depends on
the purpose for which the assets are held. The classi\ufb01cation is \ufb01rst performed at initial
recognition and then re-evaluated at every reporting date for \ufb01nancial assets other than
those held at fair value through the income statement.
(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
The carrying value of cash in the statement of \ufb01nancial position is valued at
amortised cost.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the e\ufb00ective interest method, less
any impairment losses. Trade and other receivables are presented in current assets in the
statement of \ufb01nancial position, except for those with maturities greater than one year
after the reporting date.
Trade and other receivables, classi\ufb01ed as \ufb01nancial assets, exclude prepayments and
contract assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18641": { "value": "(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
The carrying value of cash in the statement of \ufb01nancial position is valued at
amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18648": { "value": "(ii) Trade and other receivables
Trade and other receivables are initially recognised at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the e\ufb00ective interest method, less
any impairment losses. Trade and other receivables are presented in current assets in the
statement of \ufb01nancial position, except for those with maturities greater than one year
after the reporting date.
Trade and other receivables, classi\ufb01ed as \ufb01nancial assets, exclude prepayments and
contract assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18660": { "value": "Financial liabilities
The Group classi\ufb01es its \ufb01nancial liabilities into the following categories: trade and other
payables, loans and borrowings, other non-current liabilities and lease liabilities.
(i) Trade and other payables
Trade payables and accruals, which include amounts owed to carriers in respect of ticket
sale monies that the Group has collected on their behalf and amounts due to other
suppliers for general business expenditure, are initially recognised at fair value less any
directly attributable transaction costs. Subsequent to initial recognition, these liabilities
are measured at amortised cost using the e\ufb00ective interest method.
Trade and other payables are classi\ufb01ed as \ufb01nancial liabilities, excluding deferred revenue
and accruals.
(ii) Loans and borrowings
The \ufb01nancial liabilities recognised in this category include secured loan facilities,
convertible bonds and preference shares held by the Group and are presented
in borrowings in both current and non-current liabilities in the statement of
\ufb01nancial position.
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method.
(iii) Lease liabilities
The Group recognises lease liabilities for leases within the scope of IFRS 16 Leases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18665": { "value": "(i) Trade and other payables
Trade payables and accruals, which include amounts owed to carriers in respect of ticket
sale monies that the Group has collected on their behalf and amounts due to other
suppliers for general business expenditure, are initially recognised at fair value less any
directly attributable transaction costs. Subsequent to initial recognition, these liabilities
are measured at amortised cost using the e\ufb00ective interest method.
Trade and other payables are classi\ufb01ed as \ufb01nancial liabilities, excluding deferred revenue
and accruals.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18689": { "value": "Financial risk management
The Group\u2019s activities expose it to a variety of \ufb01nancial risks: market risk (including interest
rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management framework
seeks to minimise potential adverse e\ufb00ects on the Group\u2019s \ufb01nancial performance.
(i) Risk management framework
The Group\u2019s Directors have overall responsibility for the establishment and oversight of
the Group\u2019s risk management framework.
The Group\u2019s risk management policies are established to identify and analyse the risks
faced by the Group, to set appropriate risk limits and controls and to monitor risks and
adherence to conditions and the Group\u2019s activities. The Group, through its training and
management standards and procedures, aims to maintain a disciplined and constructive
control environment in which all employees understand their roles and obligations.
(ii) Market risk
Market risk is the risk of loses in positions arising from movements in market variables.
The Group was exposed to movements in SONIA on its variable rate revolving credit
facility (see Note 14) and the Group has transactional foreign currency exposures, which
arise from sales and purchases by the relevant segment in currencies other than the
Group\u2019s functional currency. Based on sensitivity analysis performed, an increase in the
interest rate of 100 basis points would have decreased FY2024 pro\ufb01t after tax by \u00a30.7
million
1
(FY2023: decrease by \u00a30.5 million), and a decrease in the interest rate of 100 basis
points would have increased FY2024 pro\ufb01t after tax by \u00a30.7
million
1
(FY2023: increase of
\u00a30.5 million).
1. Excluding potential \ufb01nance interest income upside.
(iii) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a
\ufb01nancial instrument fails to meet its contractual obligations and arises principally from
the Group\u2019s receivables from customers. Trade receivables are assessed for risk of default
by customers on a periodic basis and terms of trade are adjusted accordingly. Default is
de\ufb01ned as when a \ufb01nancial asset is 90 days past due, this being the rebuttal presumption in
IFRS 9. Trade receivables are insured on risk and cost grounds.
Under the terms of the Group\u2019s retail licences, carriers require certain security
arrangements with the Group in order to mitigate its credit risk under the payment
and settlement procedures outlined in the licences. The Group satis\ufb01es these security
arrangements through bank guarantees from the Group\u2019s lenders. The bank guarantees are
provided under the Group\u2019s revolving credit facility, details of which are included in Note 14.
Debt is reviewed on a weekly basis and any customers who fall overdue are chased
immediately, if payment is not received the account is put on hold until previous debts
are cleared. Exposures to customers are regularly reviewed and management will make a
decision on remedial action to be taken. The expected credit loss as at 29 February 2024
was \u00a30.3 million (FY2023: nil). Indicators that there is no reasonable expectation of recovery
may include customers who have gone into administration.
(iv) Liquidity risk
Liquidity risk is the risk that the Group will encounter di\ufb03culty in meeting the obligations
associated with its \ufb01nancial liabilities that are settled by delivering cash or another
\ufb01nancial asset. The Group\u2019s approach is to ensure, as far as possible, that it will have
su\ufb03cient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the
Group\u2019s reputation.
The Group maintains a daily cash forecast in order to ensure that it has su\ufb03cient liquidity to
cover all expected cash \ufb02ows including scheduled repayment of debt.
In addition, a revolving credit facility is in place under which the Group is able to draw
down cash of up to \u00a3325.0 million. Of the \u00a3325.0 million facility in place at 29 February
2024, \u00a3149.0 million (FY2023: \u00a346.7 million) was utilised by a guarantee provided to the
Rail Settlement Plan Limited. A further \u00a334.4 million (FY2023: \u00a325.5 million) was utilised by
guarantees provided to International Train Operating Companies. The remaining headroom
on the revolving credit facility at 29 February 2024 was \u00a381.6 million (FY2023: \u00a3192.8
million), which is available to draw in cash or bank guarantees.
The Group was subject to bank covenants, all of which have been met during the year. In
relation to the \u00a3325.0 million facility entered into on 26 July 2022: (1) net debt to adjusted
EBITDA must be no more than 3.00:1; and (2) adjusted EBITDA to net \ufb01nance charges must
be no less than 4.00:1.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18703": { "value": "(ii) Market risk
Market risk is the risk of loses in positions arising from movements in market variables.
The Group was exposed to movements in SONIA on its variable rate revolving credit
facility (see Note 14) and the Group has transactional foreign currency exposures, which
arise from sales and purchases by the relevant segment in currencies other than the
Group\u2019s functional currency. Based on sensitivity analysis performed, an increase in the
interest rate of 100 basis points would have decreased FY2024 pro\ufb01t after tax by \u00a30.7
million
1
(FY2023: decrease by \u00a30.5 million), and a decrease in the interest rate of 100 basis
points would have increased FY2024 pro\ufb01t after tax by \u00a30.7
million
1
(FY2023: increase of
\u00a30.5 million).
1. Excluding potential \ufb01nance interest income upside.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18775": { "value": "(iii) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a
\ufb01nancial instrument fails to meet its contractual obligations and arises principally from
the Group\u2019s receivables from customers. Trade receivables are assessed for risk of default
by customers on a periodic basis and terms of trade are adjusted accordingly. Default is
de\ufb01ned as when a \ufb01nancial asset is 90 days past due, this being the rebuttal presumption in
IFRS 9. Trade receivables are insured on risk and cost grounds.
Under the terms of the Group\u2019s retail licences, carriers require certain security
arrangements with the Group in order to mitigate its credit risk under the payment
and settlement procedures outlined in the licences. The Group satis\ufb01es these security
arrangements through bank guarantees from the Group\u2019s lenders. The bank guarantees are
provided under the Group\u2019s revolving credit facility, details of which are included in Note 14.
Debt is reviewed on a weekly basis and any customers who fall overdue are chased
immediately, if payment is not received the account is put on hold until previous debts
are cleared. Exposures to customers are regularly reviewed and management will make a
decision on remedial action to be taken. The expected credit loss as at 29 February 2024
was \u00a30.3 million (FY2023: nil). Indicators that there is no reasonable expectation of recovery
may include customers who have gone into administration.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18796": { "value": "(iv) Liquidity risk
Liquidity risk is the risk that the Group will encounter di\ufb03culty in meeting the obligations
associated with its \ufb01nancial liabilities that are settled by delivering cash or another
\ufb01nancial asset. The Group\u2019s approach is to ensure, as far as possible, that it will have
su\ufb03cient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the
Group\u2019s reputation.
The Group maintains a daily cash forecast in order to ensure that it has su\ufb03cient liquidity to
cover all expected cash \ufb02ows including scheduled repayment of debt.
In addition, a revolving credit facility is in place under which the Group is able to draw
down cash of up to \u00a3325.0 million. Of the \u00a3325.0 million facility in place at 29 February
2024, \u00a3149.0 million (FY2023: \u00a346.7 million) was utilised by a guarantee provided to the
Rail Settlement Plan Limited. A further \u00a334.4 million (FY2023: \u00a325.5 million) was utilised by
guarantees provided to International Train Operating Companies. The remaining headroom
on the revolving credit facility at 29 February 2024 was \u00a381.6 million (FY2023: \u00a3192.8
million), which is available to draw in cash or bank guarantees.
The Group was subject to bank covenants, all of which have been met during the year. In
relation to the \u00a3325.0 million facility entered into on 26 July 2022: (1) net debt to adjusted
EBITDA must be no more than 3.00:1; and (2) adjusted EBITDA to net \ufb01nance charges must
be no less than 4.00:1.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18820": { "value": "Capital management
Trainline\u2019s primary use of capital is to invest behind its strategic priorities to drive organic
growth and deliver attractive and sustainable rates of return. The Group may supplement
that with inorganic investment, should it help accelerate delivery of the Group\u2019s strategic
growth priorities. Trainline will continue to manage debt leverage, including retaining a
prudent and appropriate level of liquidity headroom should unforeseen circumstances
arise. Any surplus capital thereafter may be returned to shareholders, including through
repurchase of Trainline\u2019s shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18832": { "value": "21. Leases
Accounting policy
At inception of a contract, the Group assesses whether or not a contract is, or contains, a
lease. A contract is, or contains, a lease if the contract conveys the right to control the use
of an identi\ufb01ed asset for a period of time in exchange for consideration. When a lease is
recognised in a contract the Group recognises a right-of-use asset and a lease liability at
the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease prepayments made at or before the
commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the
site on which it is located, less any lease incentives received. The right-of-use asset is
subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease
term. The estimated useful lives of right-of-use assets are based on the length of the
leases. In addition, the right-of-use asset is periodically reduced by impairment losses, if
any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date, discounted using the interest rate implicit in the
lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing
rate based on the rate of interest that the Group paid on borrowings at the date of
lease inception.
The lease liability is measured at amortised cost using the e\ufb00ective interest method. It
is remeasured when there is a change in future lease payments arising from a change
in an index or rate, or if the Group changes its assessment of whether it will exercise a
purchase, extension or termination option. If there is an extension on the lease term that
is not considered a new lease, the lease liability is remeasured using revised payments
and a revised discount rate at the date of the modi\ufb01cation. A corresponding adjustment is
made to the right-of-use asset.
The Group presents right-of-use assets in property, plant and equipment and lease
liabilities in loans and borrowings in the statement of \ufb01nancial position.
The Group leases assets including land and o\ufb03ce buildings that are held within property,
plant and equipment. Information about leases for which the Group is a lessee is
presented below.
a) Right-of-use assets
Details of right-of-use assets are disclosed in Note 11.
b) Lease liabilities in the statement of \ufb01nancial position
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Current liabilities
4,992
4,523
Non-current liabilities
7,336
10,524
12,328
15,047
The maturity analysis of lease liabilities is disclosed in Note 14.
c) Amounts charged in the income statement
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Depreciation expense of right-of-use assets
4,088
3,906
Interest expense in lease liabilities
370
528
4,458
4,434
d) Cash out\ufb02ow
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Total cash out\ufb02ow for leases
4,228
4,940
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f18835": { "value": "Accounting policy
At inception of a contract, the Group assesses whether or not a contract is, or contains, a
lease. A contract is, or contains, a lease if the contract conveys the right to control the use
of an identi\ufb01ed asset for a period of time in exchange for consideration. When a lease is
recognised in a contract the Group recognises a right-of-use asset and a lease liability at
the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease prepayments made at or before the
commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the
site on which it is located, less any lease incentives received. The right-of-use asset is
subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease
term. The estimated useful lives of right-of-use assets are based on the length of the
leases. In addition, the right-of-use asset is periodically reduced by impairment losses, if
any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date, discounted using the interest rate implicit in the
lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing
rate based on the rate of interest that the Group paid on borrowings at the date of
lease inception.
The lease liability is measured at amortised cost using the e\ufb00ective interest method. It
is remeasured when there is a change in future lease payments arising from a change
in an index or rate, or if the Group changes its assessment of whether it will exercise a
purchase, extension or termination option. If there is an extension on the lease term that
is not considered a new lease, the lease liability is remeasured using revised payments
and a revised discount rate at the date of the modi\ufb01cation. A corresponding adjustment is
made to the right-of-use asset.
The Group presents right-of-use assets in property, plant and equipment and lease
liabilities in loans and borrowings in the statement of \ufb01nancial position.
The Group leases assets including land and o\ufb03ce buildings that are held within property,
plant and equipment. Information about leases for which the Group is a lessee is
presented below.
a) Right-of-use assets
Details of right-of-use assets are disclosed in Note 11.
b) Lease liabilities in the statement of \ufb01nancial position
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Current liabilities
4,992
4,523
Non-current liabilities
7,336
10,524
12,328
15,047
The maturity analysis of lease liabilities is disclosed in Note 14.
c) Amounts charged in the income statement
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Depreciation expense of right-of-use assets
4,088
3,906
Interest expense in lease liabilities
370
528
4,458
4,434
d) Cash out\ufb02ow
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Total cash out\ufb02ow for leases
4,228
4,940
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f19019": { "value": "22. List of subsidiaries
The Group holds, directly or indirectly, share capital in the following companies:
\n \n
Country of
Registered
Nature of
Name of company
incorporation
Ownership
address
business
Victoria Investments Finco
Limited
United Kingdom
100%
a
Holding
Victoria Investments
Intermediate Holdco Limited
United Kingdom
100%
a
Holding
Trainline International Limited
United Kingdom
100%
a
Holding
Trainline France SAS
France
100%
b
Holding
Trainline SAS
France
100%
b
Trading
Trainline.com Limited
United Kingdom
100%
a
Trading
Qjump Limited
United Kingdom
100%
a
Trading
Trainline Italia S.R.L
Italy
100%
c
Holding
Trainline Espa\u00f1a, S.L.
Spain
100%
d
Holding
Trainline Deutschland TLD
GmbH
Germany
100%
e
Holding
Railguard Limited
United Kingdom
100%
a
Trading
Trainline Holdco Limited
United Kingdom
100%
a
Holding
Signalbox Technologies Limited
United Kingdom
100%
a
Trading
Registered address key:
a. 120 Holborn, London, EC1N 2TD
b. 20 rue Saint Georges, 75009 Paris
c. Corso Vercelli, 40 20145 Milan, Italy
d. Carrer d\u2019Avila 112, 08018, Barcelona, Spain
e. Reinhardtstra\u00dfe 31, 10117, Berlin, Germany
The following subsidiaries are exempt from the Companies Act 2006 requirements relating
to the audit of their individual \ufb01nancial statements by virtue of Section 479A of the Act as
the company has guaranteed the subsidiary companies under Section 479C of the Act:
Victoria Investments Finco Limited registered no. 09394939
Qjump Limited registered no. 04124436
Railguard Limited registered no. 09621101
Trainline Holdco Limited registered no. 12098773
Victoria Investments Intermediate Holdco Limited registered no. 09451259
Trainline International Limited registered no. 06881309
Signalbox Technologies Limited registered no. 08736138", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f19275": { "value": "23. Related parties
During the year, the Group entered into transactions in the ordinary course of business
with related parties.
Transactions with key management personnel of the Group
Key management personnel are de\ufb01ned as the Board of Directors, including
Non-executive Directors.
During the period key management personnel have received the following compensation:
short-term employee bene\ufb01ts \u00a33,593,819 (FY2023: \u00a32,185,741); post-employment bene\ufb01ts
\u00a358,111 (FY2023: \u00a360,462); and ongoing share-based payment schemes \u00a33,033,999
(FY2023: \u00a32,414,357). No other long-term bene\ufb01ts or termination bene\ufb01ts were paid
(FY2023: \u00a3nil). The highest paid Director received: short-term employee bene\ufb01ts
\u00a31,980,067 (FY2023: \u00a31,207,038); post-employment bene\ufb01ts \u00a335,304 (FY2023: \u00a333,054);
and ongoing share-based payment schemes \u00a32,172,523 (FY2023: \u00a31,713,900). There were
no Directors to whom retirement bene\ufb01ts were accruing under de\ufb01ned contribution
schemes (FY2023: one).
Information on the emoluments of the Directors who served during the year, together
with information regarding the bene\ufb01cial interest of the Directors in the ordinary shares
of the Company is included in the Directors\u2019 Remuneration Report on pages 71 to 91.
At 29 February 2024 key management personnel held 449,625 shares in Trainline plc
(FY2023: 361,413 shares).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f19280": { "value": "Transactions with key management personnel of the Group
Key management personnel are de\ufb01ned as the Board of Directors, including
Non-executive Directors.
During the period key management personnel have received the following compensation:
short-term employee bene\ufb01ts \u00a33,593,819 (FY2023: \u00a32,185,741); post-employment bene\ufb01ts
\u00a358,111 (FY2023: \u00a360,462); and ongoing share-based payment schemes \u00a33,033,999
(FY2023: \u00a32,414,357). No other long-term bene\ufb01ts or termination bene\ufb01ts were paid
(FY2023: \u00a3nil). The highest paid Director received: short-term employee bene\ufb01ts
\u00a31,980,067 (FY2023: \u00a31,207,038); post-employment bene\ufb01ts \u00a335,304 (FY2023: \u00a333,054);
and ongoing share-based payment schemes \u00a32,172,523 (FY2023: \u00a31,713,900). There were
no Directors to whom retirement bene\ufb01ts were accruing under de\ufb01ned contribution
schemes (FY2023: one).
Information on the emoluments of the Directors who served during the year, together
with information regarding the bene\ufb01cial interest of the Directors in the ordinary shares
of the Company is included in the Directors\u2019 Remuneration Report on pages 71 to 91.
At 29 February 2024 key management personnel held 449,625 shares in Trainline plc
(FY2023: 361,413 shares).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f19301": { "value": "24. Capital commitments
This note details any capital commitments in contracts that the Group has entered which
have not been recognised as liabilities on the balance sheet.
The Group\u2019s capital commitments at 29 February 2024 are \u00a3nil (FY2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f19308": { "value": "25. Business combination
On 11 July 2023, Trainline.com Limited acquired 100% of the issued shares in Signalbox
Technologies Limited, a company which holds assets with geolocation technology
capability, for consideration of \u00a31,449,106.
Details of the purchase consideration and net assets acquired are as follows:
\n \n
\u00a3\u2019000
Paid consideration:
Initial cash paid
519
Contingent consideration
930
Total purchase consideration
1,449
The assets and liabilities recognised as a result of the acquisition are as follows:
\n \n
\u00a3\u2019000
Cash and cash equivalents
54
Non-current assets
1,415
Other current assets
14
Current liabilities
(34)
Net identi\ufb01able assets acquired
1,449
Acquisition related costs
Acquisition related costs of \u00a36,500 are included in administrative expenses in pro\ufb01t
or loss.
Contingent consideration
The contingent consideration is comprised of the Deferred Consideration of \u00a3280,000 and
Earnout Consideration of \u00a3650,000. The deferred consideration imposes some service
requirements and the earnout consideration is based on four speci\ufb01c criterion which will
become payable upon satisfaction of those criterion.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f19423": { "value": "Contingent consideration
The contingent consideration is comprised of the Deferred Consideration of \u00a3280,000 and
Earnout Consideration of \u00a3650,000. The deferred consideration imposes some service
requirements and the earnout consideration is based on four speci\ufb01c criterion which will
become payable upon satisfaction of those criterion. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f19432": { "value": "26. Post balance sheet events
There have been no material post balance sheet events between 29 February 2024 and
the date of the approval of these Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } }, "f19664": { "value": "Parent Company balance sheet
At 29 February 2024
\n \n
2024
2023
Notes
\u00a3\u2019000
\u00a3\u2019000
Non-current assets
Investments
3
1,892,409
1,892,409
Deferred tax asset
4
7,097
6,693
1,899,506
1,899,102
Current assets
Cash and cash equivalents
7,854
816
Trade and other receivables
1,451
1,424
Amounts owing from subsidiaries
5
225,156
18,841
234,461
21,081
Current liabilities
Trade and other payables
(4,142)
(3,629)
Amounts owing to subsidiaries
5
(144,574)
(111,965)
Loan and borrowings
6
(804)
(362)
(149,520)
(115,956)
Net current assets/(liabilities)
84,941
(94,875)
Total assets less current liabilities
1,984,447
1,804,227
Non-current liabilities
Loan and borrowings
6
(139,944)
(138,489)
(139,944)
(138,489)
Net assets
1,844,503
1,665,738
\n \n
2024
2023
Notes
\u00a3\u2019000
\u00a3\u2019000
Equity
Called up share capital
7
4,710
4,807
Share premium account
7
\u2013
1,198,703
Capital Redemption Reserve
7
97
\u2013
Retained earnings
7
1,804,414
442,260
Share-based payment reserve
7
35,282
19,968
Total equity
1,844,503
1,665,738
The notes on pages 151 to 153 form part of the Financial Statements. These Financial
Statements were approved by the Board of Directors of Trainline plc (registered number
11961132) on 3 May 2024 and were signed on behalf of the Board. In accordance with
Section 408 of the Companies Act 2006, the Company is exempt from the requirement
to present its own income statement and statement of comprehensive income. The
Company\u2019s pro\ufb01t for the year was \u00a3191.1 million (FY2023: loss of \u00a314.0 million). This pro\ufb01t
has largely resulted from dividends of \u00a3220.0 million being received from Trainline Holdco
Ltd during the year (FY2023: none).
Jody Ford
Peter Wood
Chief Executive O\ufb03cer
Chief Financial O\ufb03cer
3 May 2024
3 May 2024
\n
\n
Parent Company statement of changes in equity
\n
For the year ended 29 February 2024:
\n\n \n
Capital
Share-based
Share
Redemption
Retained
payment
Share capital
premium
Reserve
earnings
reserve
Total equity
Notes
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2023
4,807
1,198,703
\u2013
442,260
19,968
1,665,738
Pro\ufb01t after tax
\u2013
\u2013
\u2013
191,143
\u2013
191,143
Share-based payments
\u2013
\u2013
\u2013
\u2013
15,480
15,480
Purchase of own shares for cancellation
7
(97)
\u2013
97
(27,858)
\u2013
(27,858)
Capital reduction
7
\u2013
(1,198,703)
\u2013
1,198,703
\u2013
\u2013
Transfer between reserves
1
\u2013
\u2013
\u2013
166
(166)
\u2013
Balance at 29 February 2024
4,710
\u2013
97
1,804,414
35,282
1,844,503
\n
For the year ended 28 February 2023:
\n\n \n
Capital
Share-based
Share
Redemption
Retained
payment
Share capital
premium
Reserve
earnings
reserve
Total equity
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2022
4,807
1,198,703
\u2013
455,874
7,288
1,666,672
Loss after tax
\u2013
\u2013
\u2013
(13,976)
\u2013
(13,976)
Share-based payments
\u2013
\u2013
\u2013
\u2013
13,042
13,042
Transfer between reserves
1
\u2013
\u2013
\u2013
362
(362)
\u2013
Balance at 28 February 2023
4,807
1,198,703
\u2013
442,260
19,968
1,665,738
\n1. Transfer between reserves relates to the di\ufb00erence between the share price at grant date of the exercised shares and the actual cost of the treasury shares purchased to ful\ufb01l the share-based payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00" } } } }