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"2023-03-01T00:00:00/2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedTerseLabel_00183": { "value": "4906000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedTerseLabel_00184": { "value": "4013000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00195": { "value": "287000.0", "decimals": -3, "dimensions": { "concept": "trn:PaymentOfInterestOnLeaseLiabilities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00196": { "value": "215000.0", "decimals": -3, "dimensions": { "concept": "trn:PaymentOfInterestOnLeaseLiabilities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedTerseLabel_00209": { "value": "6578000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedTerseLabel_00210": { "value": "5925000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00316": { "value": "-109075000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00317": { "value": "-45569000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00185": { "value": "-13547000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00186": { "value": "35411000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00187": { "value": "91085000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00188": { "value": "57337000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00190": { "value": "-781000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00189": { "value": "-1663000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2023-03-01T00:00:00/2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00192": { "value": "76757000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00191": { "value": "91085000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "1. Material accounting policy information
a) General information
Trainline plc (the \u201cCompany\u201d) and subsidiaries controlled by the Company (together, the
\u201cGroup\u201d) 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 (\u201cLSE\u201d) and
is incorporated and domiciled in England, in the United Kingdom. The Company\u2019s registered
address is 120 Holborn, London EC1N 2TD.
The Group Financial Statements for the year ended 28 February 2025 were approved by the
Directors on 7 May 2025. 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.
The requirements of IFRS regarding climate-related disclosures have been considered and
does not have a material impact on the Financial Statements. Consideration of this has been
included within pages 43 to 49 of the Strategic Report.
b) Basis of consolidation
The Group Financial Statements consolidate those of the Company and its subsidiaries
(together referred to as the \u201cGroup\u201d).
The Financial Statements presented herein are for the year from 1 March 2024 to
28 February 2025.
(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 a\ufb00ect 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 a\ufb00ect 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 2025 and 28 February
2026, 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 \ufb01nancial forecasts and
any key uncertainties and sensitivities.
Positive adjusted EBITDA
1
of \u00a3159.1 million was earned in the year (FY2024: \u00a3122.1 million) and
net debt at 28 February 2025 was \u00a383.4 million (FY2024: \u00a363.9 million) resulting in a consistent
Net debt/adjusted EBITDA leverage ratio from 0.52 at 29 February 2024 to 0.52 at 28 February
2025. As at 28 February 2025 the Group was in a net current liability position of \u00a3160.4 million
driven by the negative working capital cycle whereby ticket sales amounts are received before
amounts due are paid by carriers (FY2024: \u00a371.5 million net current liability position). The Group
has in place bank guarantees of \u00a3167.0 million (FY2024: \u00a3183.4 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 \u00a388.0 million additional funds under its revolving credit
facility (FY2024: \u00a381.6 million) with the \u00a3167.0 million (FY2024: \u00a3183.4 million) bank guarantees
covering the rail creditor liability. As such the Group has su\ufb03cient liquidity to cover the net current
liability position. An option to extend the existing revolving credit facility was exercised in FY2025
extending the maturity date to November 2026. The facility o\ufb00ers optionality of a further 1-year
extension after the current maturity date. The convertible bond is due to be repaid in January
2026. This has been factored into Management\u2019s going concern assessment.
1. Non-GAAP measure \u2013 see alternative performance measures section on page 135.
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 7% reduction in Group revenue, or a circa 13%
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 and repay the convertible bond as they fall due, with
signi\ufb01cant excess liquidity. This includes complying with the net debt to adjusted EBITDA and the
interest coverage covenant requirements at the 31 August 2025 and 28 February 2026 test dates.
Following the assessment described above, the Directors are con\ufb01dent 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 ful\ufb01lment 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 di\ufb00erences
arising on translation are generally recognised in the income statement. Non-monetary items
that are measured based on historical cost in foreign currency are not re-translated.
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 period date. Income and expense items and cash
\ufb02ows are translated at the average exchange rates for each month and exchange di\ufb00erences
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 a\ufb00ect 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
di\ufb00er from these estimates. Revision to estimates are recognised prospectively.
Key Source of Estimation Uncertainty
The following estimate is deemed critical as it has been identi\ufb01ed 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 \ufb02ows 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 \ufb02ows as well as an appropriate
terminal growth rate. Each of these assumptions have an impact on the overall value of cash
\ufb02ows expected and therefore the headroom between the cash \ufb02ows and carrying values
of the cash-generating units. An unfavourable change in any of these assumptions could
result in a signi\ufb01cant 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 (\u201cCGUs\u201d). Details of the impact of reasonably
possible changes to the future cash \ufb02ows 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 signi\ufb01cant e\ufb00ect 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 di\ufb00erent 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 \u00a340.3 million (FY2024: \u00a337.5 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 e\ufb00ective from 1 March 2024, but they do not have a material
e\ufb00ect 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 material
e\ufb00ect on the Financial Statements unless otherwise indicated:
\u2022
Lease Liability in a Sale-and-Leaseback-Amendments to IFRS 16
(e\ufb00ective date 1 January 2024);
\u2022
Classi\ufb01cation of Liabilities as Current or Non-current and Non-current Liabilities
with Covenants \u2013 Amendments to IAS 1 (e\ufb00ective date 1 January 2024);
\u2022
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
(e\ufb00ective date 1 January 2024); Accounting policy
Consumer
Commission revenue is earned from carriers on net ticket sales. 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 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.
The Group acts as a principal in respect of other fee income including booking fee, settlement
fee and ful\ufb01lment fee, in addition to rail rebates. Promotions are evaluated on a case by case
basis based on their nature and are recognised as a contra to revenue where it meets the
requirements of IFRS 15.
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 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 are
disaggregated by primary geographical market and timing of revenue recognition.
\n \n
2025
2024
Timing of revenue recognition
\u00a3\u2019000
\u00a3\u2019000
At point in time
442,095
396,718
Total revenue
442,095
396,718
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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
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 year 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 Group is currently not within the scope of the OECD Pillar Two framework implementing
the quali\ufb01ed domestic minimum top-up tax. No adjustments or disclosures related to Pillar
Two income taxes are required in the Financial Statements. The Group will continue to
monitor the applicability of Pillar Two rules in future years.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 year, divided by the
weighted average number of ordinary shares outstanding during the year, adjusted for
treasury shares held.
(ii) Diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, 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 year, 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 year, adjusted for
treasury shares held.
(iv) Adjusted diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, 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 28 February 2025
At 29 February 2024
Weighted average number of ordinary shares:
Ordinary shares
458,379,661
477,817,773
Treasury shares
(13,338,038)
(10,697,997)
Contingently issuable shares
594,773
223,323
Weighted number of ordinary shares
445,636,396
467,343,099
Dilutive impact of share options outstanding
15,197,117
12,034,501
Weighted number of dilutive shares
460,833,513
479,377,600
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t after tax
58,348
33,986
Earnings attributable to equity holders
58,348
33,986
Adjusted earnings
1
85,331
57,311
\n \n
2025
2024
Pence
Pence
Pro\ufb01t per share
Basic
13.09p
7.27p
Diluted
12.66p
7.09p
Adjusted pro\ufb01t per share
Basic
19.15p
12.26p
Diluted
18.52p
11.96p
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:
\n \n
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 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 (\u201cPPE\u201d) 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:
\n \n
Plant and equipment
3\u20135 years
Leasehold improvements
6\u201310 years/remaining lease length if shorter
Right-of-use assets
Lease length
The Group tests the carrying value of assets including right-of-use (\u201cROU\u201d) 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 (FY2024: 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
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Non-current liabilities
Revolving credit facility
1
68,100
58,292
Convertible bonds
2
\u2013
81,652
Lease liabilities
3,107
7,336
Total non-current liabilities
71,207
147,280
Current liabilities
Accrued interest on secured bank loans
828
841
Convertible bonds
2
82,202
\u2013
Lease liabilities
4,345
4,992
Total current liabilities
87,375
5,833
1.
Included within the revolving credit facility is the principal amount of \u00a370.0 million (FY2024: \u00a360.0 million) and
directly attributable transaction costs of \u00a31.9 million (FY2024: \u00a31.7 million).
2.
Included within the convertible bonds is the principal amount of \u00a382.7 million (FY2024: \u00a382.7 million) and
directly attributable transaction costs of \u00a30.5 million (FY2024: \u00a31.0 million). The fair value of this convertible
bond, as determined by the price on the Frankfurt Stock Exchange at 28 February 2025 is \u00a379.0 million
(FY2024: \u00a374.7 million). The carrying value is \u00a382.2 million.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\u20132030.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 years, discounting that amount and deducting the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed every year 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 asset ceiling 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 comprise actuarial gains and
losses, the return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if any,
excluding interest), are 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 year 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 year 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 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 some 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 contract liabilities
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 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
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current liabilities
4,345
4,992
Non-current liabilities
3,107
7,336
7,452
12,328
The maturity analysis of lease liabilities is disclosed in Note 14.
c) Amounts charged in the income statement
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Depreciation expense of right-of-use assets
4,292
4,088
Interest expense in lease liabilities
287
370
4,579
4,458
d) Cash out\ufb02ow
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Total cash out\ufb02ow for leases
5,193
4,228
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "a) General information
Trainline plc (the \u201cCompany\u201d) and subsidiaries controlled by the Company (together, the
\u201cGroup\u201d) 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 (\u201cLSE\u201d) and
is incorporated and domiciled in England, in the United Kingdom. The Company\u2019s registered
address is 120 Holborn, London EC1N 2TD.
The Group Financial Statements for the year ended 28 February 2025 were approved by the
Directors on 7 May 2025. 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "Trainline plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "Trainline plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "Trainline plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "120 Holborn, London EC1N 2TD.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "The Group Financial Statements for the year ended 28 February 2025 were approved by the Directors on 7 May 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "2025-02-28", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "b) Basis of consolidation
The Group Financial Statements consolidate those of the Company and its subsidiaries
(together referred to as the \u201cGroup\u201d).
The Financial Statements presented herein are for the year from 1 March 2024 to
28 February 2025.
(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 a\ufb00ect 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 a\ufb00ect 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "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 a\ufb00ect 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 a\ufb00ect the returns.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "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 2025 and 28 February
2026, 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 \ufb01nancial forecasts and
any key uncertainties and sensitivities.
Positive adjusted EBITDA
1
of \u00a3159.1 million was earned in the year (FY2024: \u00a3122.1 million) and
net debt at 28 February 2025 was \u00a383.4 million (FY2024: \u00a363.9 million) resulting in a consistent
Net debt/adjusted EBITDA leverage ratio from 0.52 at 29 February 2024 to 0.52 at 28 February
2025. As at 28 February 2025 the Group was in a net current liability position of \u00a3160.4 million
driven by the negative working capital cycle whereby ticket sales amounts are received before
amounts due are paid by carriers (FY2024: \u00a371.5 million net current liability position). The Group
has in place bank guarantees of \u00a3167.0 million (FY2024: \u00a3183.4 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 \u00a388.0 million additional funds under its revolving credit
facility (FY2024: \u00a381.6 million) with the \u00a3167.0 million (FY2024: \u00a3183.4 million) bank guarantees
covering the rail creditor liability. As such the Group has su\ufb03cient liquidity to cover the net current
liability position. An option to extend the existing revolving credit facility was exercised in FY2025
extending the maturity date to November 2026. The facility o\ufb00ers optionality of a further 1-year
extension after the current maturity date. The convertible bond is due to be repaid in January
2026. This has been factored into Management\u2019s going concern assessment.
1. Non-GAAP measure \u2013 see alternative performance measures section on page 135.
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 7% reduction in Group revenue, or a circa 13%
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 and repay the convertible bond as they fall due, with
signi\ufb01cant excess liquidity. This includes complying with the net debt to adjusted EBITDA and the
interest coverage covenant requirements at the 31 August 2025 and 28 February 2026 test dates.
Following the assessment described above, the Directors are con\ufb01dent 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "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 ful\ufb01lment costs and are recognised as incurred (at the point of sale).", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "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 di\ufb00erences
arising on translation are generally recognised in the income statement. Non-monetary items
that are measured based on historical cost in foreign currency are not re-translated.
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 period date. Income and expense items and cash
\ufb02ows are translated at the average exchange rates for each month and exchange di\ufb00erences
arising are recognised directly in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "h) Use of judgements and estimates
In preparing these Financial Statements, management has made judgements, estimates and
assumptions that a\ufb00ect 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
di\ufb00er from these estimates. Revision to estimates are recognised prospectively.
Key Source of Estimation Uncertainty
The following estimate is deemed critical as it has been identi\ufb01ed 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 \ufb02ows 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 \ufb02ows as well as an appropriate
terminal growth rate. Each of these assumptions have an impact on the overall value of cash
\ufb02ows expected and therefore the headroom between the cash \ufb02ows and carrying values
of the cash-generating units. An unfavourable change in any of these assumptions could
result in a signi\ufb01cant 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 (\u201cCGUs\u201d). Details of the impact of reasonably
possible changes to the future cash \ufb02ows 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 signi\ufb01cant e\ufb00ect 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 di\ufb00erent 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 \u00a340.3 million (FY2024: \u00a337.5 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "i) New standards and interpretations adopted
A number of new standards are e\ufb00ective from 1 March 2024, but they do not have a material
e\ufb00ect 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 material
e\ufb00ect on the Financial Statements unless otherwise indicated:
\u2022
Lease Liability in a Sale-and-Leaseback-Amendments to IFRS 16
(e\ufb00ective date 1 January 2024);
\u2022
Classi\ufb01cation of Liabilities as Current or Non-current and Non-current Liabilities
with Covenants \u2013 Amendments to IAS 1 (e\ufb00ective date 1 January 2024);
\u2022
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
(e\ufb00ective date 1 January 2024); ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "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 (\u201cCODM\u201d).
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 platforms 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 reallocates a cost to the UK 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. The CODM monitors:
\u2022
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.
During FY2025, there was a reassessment of the appropriateness of the platform reallocation
due to a re-platforming in respect of the B2B business. The platform was upgraded to provide
an improved value proposition to corporate customers similar to that o\ufb00ered to consumer
customers. Owing to this, management decided that a revision to the transaction charge was
required to re\ufb02ect this improved value proposition. This has been re\ufb02ected within this note.
In order to aid comparability, the prior year operating segments note has been presented on
the same basis as FY2025. As such, the presentation is di\ufb00erent to that which was presented
in the prior year signed Financial Statements. The change in transaction fee has impacted
the allocation of revenue and other administrative expenses by segment which in turn has
impacted the gross pro\ufb01t and adjusted EBITDA by segment.
In UK Consumer, the revised revenue \ufb01gures for FY2024 are lower than those previously
presented as a result of the change in transaction fee (FY2024: \u00a323.6 million decrease).
The revised other administrative expenses \ufb01gures for FY2024 are also lower than those
previously presented (FY2024: \u00a33.0 million decrease). In International Consumer, the revised
revenue \ufb01gures for FY2024 are lower than those previously presented as a result of the
change in transaction fee (FY2024: \u00a34.3 million decrease). The revised other administrative
expenses \ufb01gures for FY2024 are also lower than those previously presented (FY2024:
\u00a30.6 million decrease).
In Trainline Solutions, the revised revenue \ufb01gures for FY2024 are higher than those previously
presented as a result of the change in transaction fee (FY2024: \u00a327.9 million increase).
The revised other administrative expenses \ufb01gures for FY2024 are also higher than those
previously presented (FY2024: \u00a33.6 million increase). There has been no impact at a Group
level. There has been no change to the three operating and reporting segments or the
CODM review.
Segmental analysis for the year ended 28 February 2025:
International
Trainline
UK Consumer
Consumer
Solutions
Total Group
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Net ticket sales
1
3,911,711
1,054,993
940,739
5,907,443
Revenue
207,611
53,227
181,257
442,095
Cost of sales
(60,388)
(18,885)
(10,509)
(89,782)
Gross pro\ufb01t
147,223
34,342
170,748
352,313
Marketing costs
(27,138)
(42,973)
(791)
(70,902)
Other administrative expenses
(31,735)
(11,480)
(79,061)
(122,276)
Adjusted EBITDA
1
88,350
(20,111)
90,896
159,135
Depreciation and amortisation
(43,167)
Share-based payment charges
(21,445)
Exceptional items
(8,945)
Operating pro\ufb01t
85,578
Net \ufb01nance costs
(4,693)
Pro\ufb01t before tax
80,885
Income tax expense
(22,537)
Pro\ufb01t after tax
58,348
1. Non-GAAP measure (unaudited) \u2013 see alternative performance measures section on page 135.
Segmental analysis for the year ended 29 February 2024
(updated to re\ufb02ect revision to transaction charge):
International
Trainline
UK Consumer
Consumer
Solutions
Total Group
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Net ticket sales
1
3,469,170
1,040,500
785,402
5,295,072
Revenue
185,242
48,810
162,666
396,718
Cost of sales
(63,472)
(17,364)
(10,597)
(91,433)
Gross pro\ufb01t
121,770
31,446
152,069
305,285
Marketing costs
(26,237)
(40,574)
(621)
(67,432)
Other administrative expenses
(30,433)
(11,341)
(73,946)
(115,720)
Adjusted EBITDA
1
65,100
(20,469)
77,502
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
1. Non-GAAP measure (unaudited) \u2013 see alternative performance measures section on page 135. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "3. Revenue
Accounting policy
Consumer
Commission revenue is earned from carriers on net ticket sales. 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 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.
The Group acts as a principal in respect of other fee income including booking fee, settlement
fee and ful\ufb01lment fee, in addition to rail rebates. Promotions are evaluated on a case by case
basis based on their nature and are recognised as a contra to revenue where it meets the
requirements of IFRS 15.
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 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 are
disaggregated by primary geographical market and timing of revenue recognition.
\n \n
2025
2024
Timing of revenue recognition
\u00a3\u2019000
\u00a3\u2019000
At point in time
442,095
396,718
Total revenue
442,095
396,718
Geographic information
In presenting the information on the basis of geography, revenue is based on the
geographical location of the vendors. This re\ufb02ects how information is presented externally.
In the prior year we presented this based on geographical location of the customer.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
UK
362,751
323,083
Rest of the world
79,344
73,635
Total revenue
442,095
396,718
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 \u00a38.4 million (FY2024: \u00a311.4 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 \u00a30.4 million (FY2024: \u00a30.7 million) which are included in Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "Accounting policy
Consumer
Commission revenue is earned from carriers on net ticket sales. 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 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.
The Group acts as a principal in respect of other fee income including booking fee, settlement
fee and ful\ufb01lment fee, in addition to rail rebates. Promotions are evaluated on a case by case
basis based on their nature and are recognised as a contra to revenue where it meets the
requirements of IFRS 15.
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 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 are
disaggregated by primary geographical market and timing of revenue recognition.
\n \n
2025
2024
Timing of revenue recognition
\u00a3\u2019000
\u00a3\u2019000
At point in time
442,095
396,718
Total revenue
442,095
396,718
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "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 \u00a38.4 million (FY2024: \u00a311.4 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 \u00a30.4 million (FY2024: \u00a30.7 million) which are included in Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "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.
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Restructuring Costs
8,945
2,263
Exceptional items
8,945
2,263
Restructuring Costs
Restructuring costs incurred in FY2024 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.
Costs incurred in FY2025 relate to a cost optimisation exercise which includes a reduction in
headcount. The majority of these costs are cash items which have now been paid but also
includes non-cash share-based payment charges. All of the costs as part of this project have
been recognised in FY2025.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "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:
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Audit of these Financial Statements
655
630
Audit of Financial Statements of subsidiaries pursuant to legislation
112
99
Audit-related assurance services
60
55
Non-audit services
12
18
Total auditors\u2019 remuneration
839
802
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "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
2025
2024
Number of
Number of
employees
employees
Sales and marketing
145
138
Operations
165
180
Technology and product
588
579
Management and administration
155
150
Total number of employees
1
1,053
1,047
Employee bene\ufb01ts expense
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Wages and salaries
88,957
84,885
Social security contributions
13,059
12,209
Contributions to de\ufb01ned contribution plans
3,715
3,396
Share-based payment expense
21,445
22,629
Total employee bene\ufb01ts
127,176
123,119
1.
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have been
prorated by the number of days they were employed within the Group.
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 years, discounting that amount and deducting the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed every year 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 asset ceiling 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 comprise actuarial gains and
losses, the return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if any,
excluding interest), are 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 year 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 year 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
\n
(a) The Scheme
\n
Qjump Limited, a subsidiary of the Group, operates a de\ufb01ned bene\ufb01t pension scheme which
\n
is closed to new entrants. The Qjump Shared Cost Section of the Railways Pension Scheme
\n
(\u201cthe Scheme\u201d) is a funded scheme and provides bene\ufb01ts based on \ufb01nal pensionable pay.
\n
The assets of the Scheme are held separately from those of the Company and are managed
\n
by Railpen. The Trustees of Railpen are responsible for governance of the plan and for
\n
appointing members to the Railpen Boards. As the scheme is currently in an asset position
\n
no contributions are expected from the Group in the coming year, apart from to cover the
\n
scheme administration costs.
\n
Triennial valuation
\n
The most recent published actuarial valuation was carried out by the Scheme Actuary as at
\n
31 December 2022.
\n
IAS 19 Employee bene\ufb01ts valuation
\n
The IAS 19 valuations of the de\ufb01ned bene\ufb01t pension scheme have been updated at each
\n
year end, the latest being 28 February 2025 by quali\ufb01ed independent actuaries Willis Towers
\n
Watson Ltd. The main \ufb01nancial assumptions applied in the valuations and an analysis of
\n
schemes\u2019 assets are as follows:
\n
(i) Actuarial assumptions
\n
The following were the principal actuarial assumptions at the reporting date (expressed as
\n
weighted averages).
\n\n \n
2025
2024
% pa
% pa
Discount rate
5.70
5.20
Price in\ufb02ation (RPI measure)
3.05
3.15
Increases to deferred pensions (CPI measure)
2.70
2.75
Pension increase (CPI measure)
2.70
2.75
Salary increase
n/a
n/a
\n
Assumptions regarding future mortality have been based on published statistics and
\n
mortality tables. The current longevities underlying the values of the de\ufb01ned bene\ufb01t
\n
obligation at the reporting date were as follows:
\n\n \n
2025
2024
years
years
Longevity at age 65 for current pensioners
Males
19.3
19.4
Females
22.2
22.2
Longevity at age 65 for current members aged 45
Males
20.5
20.6
Females
23.7
23.7
\n
Assumptions used are best estimates from a range of possible actuarial assumptions, which
\n
may not necessarily be borne out in practice.
\n
Given the net position is not signi\ufb01cant, changes in assumptions are not likely to impact the
\n
valuation signi\ufb01cantly.
\n
When de\ufb01ned bene\ufb01t funds have an IAS 19 surplus, they are recorded at the lower of
\n
that surplus and the future economic bene\ufb01ts available in the form of a cash refund or
\n
a reduction in future contributions. Any adjustment to the surplus is recorded in other
\n
comprehensive income.
\n \n
2025
2024
Liability
\u00a3\u2019000
\u00a3\u2019000
Deferred members
(2,262)
(2,336)
Pensioner members (including dependents)
(725)
(821)
Total
(2,987)
(3,157)
Assets
Value of assets at end of year
3,761
4,147
Funded status at end of year
774
990
Adjustment for the members share of surplus
(310)
(396)
E\ufb00ect of asset ceiling
(464)
(594)
Net de\ufb01ned bene\ufb01t at end of year
\u2013
\u2013
\n\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Employer\u2019s share of administration cost
13
17
Total employer\u2019s share of service cost
13
17
Employer\u2019s share of pension expense
13
17
\n
(ii) Other comprehensive income (OCI)
\n\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Gain due to the liability expense
(6)
(32)
Gain due to the liability assumption changes
(252)
(64)
Adjustment for the members\u2019 share
(97)
(118)
Return on plan assets less than discount rate
503
392
Change in e\ufb00ect of the asset ceiling
(161)
(195)
Total gain recognised in OCI
(13)
(17)
\n
(b) Movements in net de\ufb01ned bene\ufb01t liability
\n
The following table shows the reconciliation from the opening balances to the closing
\n
balances for net de\ufb01ned bene\ufb01t liability and its components.
\n\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
De\ufb01ned bene\ufb01t obligation
Opening balance
3,157
3,207
Interest cost
162
161
De\ufb01ned bene\ufb01t obligation
3,319
3,368
Actuarial gain arising from:
Financial assumptions
(248)
(76)
Experience adjustment
(6)
(32)
Demographic adjustment
(4)
12
(258)
(96)
Other
Bene\ufb01ts paid
(74)
(115)
Closing balance
2,987
3,157
\n\n\n\n\n
Reconciliation of value of assets:
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Opening value of scheme assets
4,147
4,458
Interest income on assets
213
224
Return on plan assets less than discount rate
(503)
(392)
Employer and employee contributions
\u2013
\u2013
Actual bene\ufb01t payments
(74)
(115)
Administration costs
(22)
(28)
Closing value of scheme assets
3,761
4,147
\n
(c) Plan assets
\n
Plan assets comprise:
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Growth assets
1
681
1,399
Government bonds
1,577
2,017
Non-government bonds
879
723
Other assets
624
8
3,761
4,147
\n
1. Includes funds with a growth focus, predominantly comprising global equity securities and infrastructure assets.
\n
All equity securities and government bonds have quoted prices in active markets.
\n
(d) Risk exposure
\n
Through its de\ufb01ned bene\ufb01t pension plans, the Group is exposed to a number of risks, the
\n
most signi\ufb01cant of which are detailed below:
\n
\u2022
Asset volatility: There is a risk that a fall in asset values is not matched by a corresponding
\n
reduction in the value placed on the Scheme\u2019s de\ufb01ned bene\ufb01t obligation. The Scheme
\n
holds a proportion of growth assets, which are expected to outperform corporate and
\n
government bond yields in the long term, but gives exposure to volatility and risk in the
\n
short term.
\n
\u2022
Change in bond yields: A decrease in corporate bond yields will increase the value placed
\n
on the Scheme\u2019s de\ufb01ned bene\ufb01t obligation, although this will be partially o\ufb00set by an
\n
increase in the value of the Scheme\u2019s corporate bond holdings.
\n
\u2022
In\ufb02ation risk: The majority of the Scheme\u2019s de\ufb01ned bene\ufb01t obligation is linked to in\ufb02ation,
\n
where higher in\ufb02ation will lead to a higher value being placed on the de\ufb01ned bene\ufb01t
\n
obligation. Some of the Scheme\u2019s assets are either una\ufb00ected by in\ufb02ation or loosely
\n
correlated with in\ufb02ation (e.g. growth assets), meaning that an increase in in\ufb02ation will
\n
generally increase the de\ufb01cit.
\n
\u2022
Life expectancy: An increase in life expectancy will lead to an increased value being placed
\n
on the Scheme\u2019s de\ufb01ned bene\ufb01t obligation. Future mortality rates cannot be predicted
\n
with certainty.
(e) Sensitivity analysis
A quantitative sensitivity analysis for signi\ufb01cant assumptions as at 28 February and
29 February respectively is, as shown below:
\n \n
Approximate change in
de\ufb01ned bene\ufb01t obligation
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Discount rate
0.25% decrease
109
125
0.25% increase
(103)
(118)
Price in\ufb02ation (CPI measure)
0.25% decrease
(105)
(119)
0.25% increase
110
126
Life expectancy
Decrease by 1 year
(85)
(88)
Increase by 1 year
81
88
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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "Average number of full-time equivalent employees
2025
2024
Number of
Number of
employees
employees
Sales and marketing
145
138
Operations
165
180
Technology and product
588
579
Management and administration
155
150
Total number of employees
1
1,053
1,047
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "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 losses.
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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "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 losses.
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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "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 losses.
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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings and
lease liabilities, as well as foreign exchange losses.
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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings and
lease liabilities, as well as foreign exchange losses.
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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings and
lease liabilities, as well as foreign exchange losses.
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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings and
lease liabilities, as well as foreign exchange losses.
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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "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.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
3,999
2,745
Finance income
3,999
2,745
Interest and fees on bank loans
(6,919)
(7,080)
Net foreign exchange loss
(584)
(1,839)
Interest and fees on convertible bonds
(827)
(830)
Interest on lease liability
(360)
(429)
Other interest
(2)
(31)
Finance costs
(8,692)
(10,209)
Net \ufb01nance costs recognised in the income statement
(4,693)
(7,464)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "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 year 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 Group is currently not within the scope of the OECD Pillar Two framework implementing
the quali\ufb01ed domestic minimum top-up tax. No adjustments or disclosures related to Pillar
Two income taxes are required in the Financial Statements. The Group will continue to
monitor the applicability of Pillar Two rules in future years.
Amounts recognised in the income statement
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current tax charge
Current year corporation tax
13,888
10,855
Adjustment in respect of prior years
(2,151)
(2,749)
Total current tax charge
11,737
8,106
Deferred tax charge
Current year deferred tax
8,990
2,734
Adjustment in respect of prior years
1,810
3,199
E\ufb00ect of tax rate change on deferred tax
\u2013
90
Total deferred tax charge
10,800
6,023
Tax charge
22,537
14,129
UK corporation tax was calculated at 25% (FY2024: 24.5%) 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 \u00a322.5 million (FY2024: charge of \u00a314.1 million) is made up
of a current corporation tax charge of \u00a311.7 million (FY2024: charge of \u00a38.1 million) arising in
the UK, and a deferred tax charge of \u00a310.8 million (FY2024: charge of \u00a36.0 million).
Included within the adjustments in respect of prior years is a release of a deferred tax asset
relating to share-based employee incentives. These relate to awards that have either vested or
did not settle and are therefore no longer eligible to be carried forward as a deferred tax 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
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t before tax
80,885
48,115
Tax on pro\ufb01t at standard UK rate of 25% (FY2024: 24.5%)
20,221
11,788
E\ufb00ect of:
Expenses not deductible/income not deductible
(755)
527
Amounts not recognised
1
1,003
1,033
E\ufb00ect of changes in tax rates
\u2013
89
Adjustment in respect of prior years
(342)
449
Share Options
2,384
410
Other
26
(167)
Total tax charge
22,537
14,129
E\ufb00ective tax rate
28%
29%
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 FY2025 was 25% which is in line with the UK corporation tax rate
of 25% (FY2024: 24.5%).
Tax debtor/(creditor) per the consolidated balance sheet:
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current tax receivable/(payable)
947
(3,201)
Deferred tax (liability)/asset as at 28 February 2025:
\n \n
Acquired
Tangible assets
Share-based
Losses carried
intangible assets
and other
payments
forward
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2024
(1,155)
(3,911)
12,504
17,415
24,853
Adjustment in respect of prior years
(498)
(1,551)
(31)
270
(1,810)
Adjustments posted through equity
\u2013
\u2013
(653)
\u2013
(653)
Credit/(charge) to consolidated income statement
1,402
4,560
(119)
(14,806)
(8,963)
At 28 February 2025
(251)
(902)
11,701
2,879
13,427
Deferred tax (liability)/asset as at 29 February 2024:
\n \n
Acquired
Tangible assets
Share- based
Losses carried
intangible assets
and 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "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 year 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 Group is currently not within the scope of the OECD Pillar Two framework implementing
the quali\ufb01ed domestic minimum top-up tax. No adjustments or disclosures related to Pillar
Two income taxes are required in the Financial Statements. The Group will continue to
monitor the applicability of Pillar Two rules in future years.
Amounts recognised in the income statement
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current tax charge
Current year corporation tax
13,888
10,855
Adjustment in respect of prior years
(2,151)
(2,749)
Total current tax charge
11,737
8,106
Deferred tax charge
Current year deferred tax
8,990
2,734
Adjustment in respect of prior years
1,810
3,199
E\ufb00ect of tax rate change on deferred tax
\u2013
90
Total deferred tax charge
10,800
6,023
Tax charge
22,537
14,129
UK corporation tax was calculated at 25% (FY2024: 24.5%) 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 \u00a322.5 million (FY2024: charge of \u00a314.1 million) is made up
of a current corporation tax charge of \u00a311.7 million (FY2024: charge of \u00a38.1 million) arising in
the UK, and a deferred tax charge of \u00a310.8 million (FY2024: charge of \u00a36.0 million).
Included within the adjustments in respect of prior years is a release of a deferred tax asset
relating to share-based employee incentives. These relate to awards that have either vested or
did not settle and are therefore no longer eligible to be carried forward as a deferred tax 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
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t before tax
80,885
48,115
Tax on pro\ufb01t at standard UK rate of 25% (FY2024: 24.5%)
20,221
11,788
E\ufb00ect of:
Expenses not deductible/income not deductible
(755)
527
Amounts not recognised
1
1,003
1,033
E\ufb00ect of changes in tax rates
\u2013
89
Adjustment in respect of prior years
(342)
449
Share Options
2,384
410
Other
26
(167)
Total tax charge
22,537
14,129
E\ufb00ective tax rate
28%
29%
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 FY2025 was 25% which is in line with the UK corporation tax rate
of 25% (FY2024: 24.5%).
Tax debtor/(creditor) per the consolidated balance sheet:
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current tax receivable/(payable)
947
(3,201)
Deferred tax (liability)/asset as at 28 February 2025:
\n \n
Acquired
Tangible assets
Share-based
Losses carried
intangible assets
and other
payments
forward
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2024
(1,155)
(3,911)
12,504
17,415
24,853
Adjustment in respect of prior years
(498)
(1,551)
(31)
270
(1,810)
Adjustments posted through equity
\u2013
\u2013
(653)
\u2013
(653)
Credit/(charge) to consolidated income statement
1,402
4,560
(119)
(14,806)
(8,963)
At 28 February 2025
(251)
(902)
11,701
2,879
13,427
Deferred tax (liability)/asset as at 29 February 2024:
\n \n
Acquired
Tangible assets
Share- based
Losses carried
intangible assets
and 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "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 year 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 Group is currently not within the scope of the OECD Pillar Two framework implementing
the quali\ufb01ed domestic minimum top-up tax. No adjustments or disclosures related to Pillar
Two income taxes are required in the Financial Statements. The Group will continue to
monitor the applicability of Pillar Two rules in future years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "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 Group is currently not within the scope of the OECD Pillar Two framework implementing
the quali\ufb01ed domestic minimum top-up tax. No adjustments or disclosures related to Pillar
Two income taxes are required in the Financial Statements. The Group will continue to
monitor the applicability of Pillar Two rules in future years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "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 (\u201cEPS\u201d) 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 year, divided by the
weighted average number of ordinary shares outstanding during the year, adjusted for
treasury shares held.
(ii) Diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, 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 year, 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 year, adjusted for
treasury shares held.
(iv) Adjusted diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, 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 28 February 2025
At 29 February 2024
Weighted average number of ordinary shares:
Ordinary shares
458,379,661
477,817,773
Treasury shares
(13,338,038)
(10,697,997)
Contingently issuable shares
594,773
223,323
Weighted number of ordinary shares
445,636,396
467,343,099
Dilutive impact of share options outstanding
15,197,117
12,034,501
Weighted number of dilutive shares
460,833,513
479,377,600
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t after tax
58,348
33,986
Earnings attributable to equity holders
58,348
33,986
Adjusted earnings
1
85,331
57,311
\n \n
2025
2024
Pence
Pence
Pro\ufb01t per share
Basic
13.09p
7.27p
Diluted
12.66p
7.09p
Adjusted pro\ufb01t per share
Basic
19.15p
12.26p
Diluted
18.52p
11.96p
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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "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 year, divided by the
weighted average number of ordinary shares outstanding during the year, adjusted for
treasury shares held.
(ii) Diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, 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 year, 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 year, adjusted for
treasury shares held.
(iv) Adjusted diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, 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 28 February 2025
At 29 February 2024
Weighted average number of ordinary shares:
Ordinary shares
458,379,661
477,817,773
Treasury shares
(13,338,038)
(10,697,997)
Contingently issuable shares
594,773
223,323
Weighted number of ordinary shares
445,636,396
467,343,099
Dilutive impact of share options outstanding
15,197,117
12,034,501
Weighted number of dilutive shares
460,833,513
479,377,600
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t after tax
58,348
33,986
Earnings attributable to equity holders
58,348
33,986
Adjusted earnings
1
85,331
57,311
\n \n
2025
2024
Pence
Pence
Pro\ufb01t per share
Basic
13.09p
7.27p
Diluted
12.66p
7.09p
Adjusted pro\ufb01t per share
Basic
19.15p
12.26p
Diluted
18.52p
11.96p
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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "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:
\n \n
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 years
Amortisation methods, useful lives and residual values are reviewed at each reporting date
and adjusted if appropriate.
Intangible assets and goodwill as at 28 February 2025:
Software
Brand
Customer
development
1
valuation
3
Lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2024
187,371
51,738
94,010
443,722
776,841
Additions
40,279
\u2013
\u2013
\u2013
40,279
Disposals
(7,370)
\u2013
(232)
\u2013
(7,602)
Write-o\ufb00s
(183)
\u2013
\u2013
\u2013
(183)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
(3,550)
(3,550)
At 28 February 2025
220,097
51,738
93,778
440,172
805,785
Accumulated amortisation
and impairment:
At 1 March 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Amortisation
(30,273)
(5,167)
(438)
\u2013
(35,878)
Disposals
7,368
\u2013
231
\u2013
7,599
Write-o\ufb00s
92
\u2013
\u2013
\u2013
92
Amortisation reclass
4
(676)
\u2013
676
\u2013
\u2013
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
1,204
1,204
At 28 February 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Carrying amounts:
At 28 February 2025
73,660
270
727
416,181
490,838
1.
Total software development includes \u00a327.8 million of assets which represent work in progress and which are not
yet depreciating (FY2024: \u00a313.3 million).
2. Revaluation at balance sheet date.
3. At FY2025, the remaining useful economic life was one month for brand valuation assets.
4.
Reclassi\ufb01cation of prior year amortisation between customer lists and software development. This has a net nil
impact on the carrying amounts of intangible assets.
Intangible assets and goodwill as at 29 February 2024:
Software
Brand
Customer
development
1
valuation
2
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
3
\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. At FY2024, the remaining useful economic life was one year for brand valuation assets.
3. Revaluation at balance sheet date.
Of the amortisation charge for the year, \u00a35.6 million (FY2024: \u00a36.0 million) related to the
amortisation of intangible assets which were recognised on the Group\u2019s acquisition of
Trainline.com Limited, Trainline SAS and Signalbox Technologies Limited while \u00a330.3 million
(FY2024: \u00a329.3 million) related to internally developed and purchased intangible assets
recognised at historical cost.
Disposals in the year of \u00a37.6 million (FY2024: \u00a311.7 million) include \u00a37.4 million (FY2024: \u00a311.7
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 (\u201cCGUs\u201d) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3416.2 million (FY2024: \u00a3418.5 million)
which was initially recognised upon acquisition of the following of Trainline.com Limited and
Trainline SAS (formerly Capitaine Train SAS).
CGU\u2019s are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
\n \n
2025
2024
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
64,910
67,256
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
416,181
418,527
For all CGUs the recoverable amount was determined by measuring their value-in-use.
Assumptions
The key value-in-use assumptions for the goodwill impairment assessment were:
\n \n
2025
2024
2025
2024
UK
UK
International
International
Consumer
Consumer
Consumer
Consumer
Pre-tax discount rate
1
15.3%
12.3%
12.3%
12.1%
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 (FY2024: 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 future in\ufb02ation rates in conjunction with
forecast growth rates and re\ufb02ects the long-term natural price growth.
For the purpose of the goodwill impairment testing, 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 value-in-use 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 for the
UK Consumer CGU were: continued sales growth, driven by ongoing investment in the
Trainline platform, the digitisation of ticketing and supported by modal shift tailwinds; for
the International Consumer CGU: strong continued sales growth driven by investment in
marketing and continued development in the user experience.
The Group\u2019s cash \ufb02ow forecasts include the assumption that the addressable rail market
across the UK and continental Europe will bene\ufb01t from increased investment in high-speed
rail and further liberalisation, as well as greater consumer awareness of its environmental
bene\ufb01ts. As a result, the international cash \ufb02ow forecast assumes that rail markets in
Spain, France and Italy grow from an addressable market of around \u20ac17.0 billion today,
to \u20ac23.0 billion by 2030 and notably in France from 2027/28.
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 opposite.
\n \n
2025
2024
2025
2024
UK
UK
International
International
Consumer
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
resulting in decrease in cash \ufb02ows in
each year
15%
15%
15%
15%
None of the individual reasonably possible scenarios listed above resulted in an impairment
charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "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:
\n \n
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 years
Amortisation methods, useful lives and residual values are reviewed at each reporting date
and adjusted if appropriate.
Intangible assets and goodwill as at 28 February 2025:
Software
Brand
Customer
development
1
valuation
3
Lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2024
187,371
51,738
94,010
443,722
776,841
Additions
40,279
\u2013
\u2013
\u2013
40,279
Disposals
(7,370)
\u2013
(232)
\u2013
(7,602)
Write-o\ufb00s
(183)
\u2013
\u2013
\u2013
(183)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
(3,550)
(3,550)
At 28 February 2025
220,097
51,738
93,778
440,172
805,785
Accumulated amortisation
and impairment:
At 1 March 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Amortisation
(30,273)
(5,167)
(438)
\u2013
(35,878)
Disposals
7,368
\u2013
231
\u2013
7,599
Write-o\ufb00s
92
\u2013
\u2013
\u2013
92
Amortisation reclass
4
(676)
\u2013
676
\u2013
\u2013
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
1,204
1,204
At 28 February 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Carrying amounts:
At 28 February 2025
73,660
270
727
416,181
490,838
1.
Total software development includes \u00a327.8 million of assets which represent work in progress and which are not
yet depreciating (FY2024: \u00a313.3 million).
2. Revaluation at balance sheet date.
3. At FY2025, the remaining useful economic life was one month for brand valuation assets.
4.
Reclassi\ufb01cation of prior year amortisation between customer lists and software development. This has a net nil
impact on the carrying amounts of intangible assets.
Intangible assets and goodwill as at 29 February 2024:
Software
Brand
Customer
development
1
valuation
2
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
3
\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. At FY2024, the remaining useful economic life was one year for brand valuation assets.
3. Revaluation at balance sheet date.
Of the amortisation charge for the year, \u00a35.6 million (FY2024: \u00a36.0 million) related to the
amortisation of intangible assets which were recognised on the Group\u2019s acquisition of
Trainline.com Limited, Trainline SAS and Signalbox Technologies Limited while \u00a330.3 million
(FY2024: \u00a329.3 million) related to internally developed and purchased intangible assets
recognised at historical cost.
Disposals in the year of \u00a37.6 million (FY2024: \u00a311.7 million) include \u00a37.4 million (FY2024: \u00a311.7
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 (\u201cCGUs\u201d) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3416.2 million (FY2024: \u00a3418.5 million)
which was initially recognised upon acquisition of the following of Trainline.com Limited and
Trainline SAS (formerly Capitaine Train SAS).
CGU\u2019s are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
\n \n
2025
2024
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
64,910
67,256
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
416,181
418,527
For all CGUs the recoverable amount was determined by measuring their value-in-use.
Assumptions
The key value-in-use assumptions for the goodwill impairment assessment were:
\n \n
2025
2024
2025
2024
UK
UK
International
International
Consumer
Consumer
Consumer
Consumer
Pre-tax discount rate
1
15.3%
12.3%
12.3%
12.1%
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 (FY2024: 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 future in\ufb02ation rates in conjunction with
forecast growth rates and re\ufb02ects the long-term natural price growth.
For the purpose of the goodwill impairment testing, 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 value-in-use 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 for the
UK Consumer CGU were: continued sales growth, driven by ongoing investment in the
Trainline platform, the digitisation of ticketing and supported by modal shift tailwinds; for
the International Consumer CGU: strong continued sales growth driven by investment in
marketing and continued development in the user experience.
The Group\u2019s cash \ufb02ow forecasts include the assumption that the addressable rail market
across the UK and continental Europe will bene\ufb01t from increased investment in high-speed
rail and further liberalisation, as well as greater consumer awareness of its environmental
bene\ufb01ts. As a result, the international cash \ufb02ow forecast assumes that rail markets in
Spain, France and Italy grow from an addressable market of around \u20ac17.0 billion today,
to \u20ac23.0 billion by 2030 and notably in France from 2027/28.
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 opposite.
\n \n
2025
2024
2025
2024
UK
UK
International
International
Consumer
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
resulting in decrease in cash \ufb02ows in
each year
15%
15%
15%
15%
None of the individual reasonably possible scenarios listed above resulted in an impairment
charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "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:
\n \n
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 years
Amortisation methods, useful lives and residual values are reviewed at each reporting date
and adjusted if appropriate.
Intangible assets and goodwill as at 28 February 2025:
Software
Brand
Customer
development
1
valuation
3
Lists
Goodwill
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2024
187,371
51,738
94,010
443,722
776,841
Additions
40,279
\u2013
\u2013
\u2013
40,279
Disposals
(7,370)
\u2013
(232)
\u2013
(7,602)
Write-o\ufb00s
(183)
\u2013
\u2013
\u2013
(183)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
(3,550)
(3,550)
At 28 February 2025
220,097
51,738
93,778
440,172
805,785
Accumulated amortisation
and impairment:
At 1 March 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Amortisation
(30,273)
(5,167)
(438)
\u2013
(35,878)
Disposals
7,368
\u2013
231
\u2013
7,599
Write-o\ufb00s
92
\u2013
\u2013
\u2013
92
Amortisation reclass
4
(676)
\u2013
676
\u2013
\u2013
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
1,204
1,204
At 28 February 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Carrying amounts:
At 28 February 2025
73,660
270
727
416,181
490,838
1.
Total software development includes \u00a327.8 million of assets which represent work in progress and which are not
yet depreciating (FY2024: \u00a313.3 million).
2. Revaluation at balance sheet date.
3. At FY2025, the remaining useful economic life was one month for brand valuation assets.
4.
Reclassi\ufb01cation of prior year amortisation between customer lists and software development. This has a net nil
impact on the carrying amounts of intangible assets.
Intangible assets and goodwill as at 29 February 2024:
Software
Brand
Customer
development
1
valuation
2
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
3
\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. At FY2024, the remaining useful economic life was one year for brand valuation assets.
3. Revaluation at balance sheet date.
Of the amortisation charge for the year, \u00a35.6 million (FY2024: \u00a36.0 million) related to the
amortisation of intangible assets which were recognised on the Group\u2019s acquisition of
Trainline.com Limited, Trainline SAS and Signalbox Technologies Limited while \u00a330.3 million
(FY2024: \u00a329.3 million) related to internally developed and purchased intangible assets
recognised at historical cost.
Disposals in the year of \u00a37.6 million (FY2024: \u00a311.7 million) include \u00a37.4 million (FY2024: \u00a311.7
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 (\u201cCGUs\u201d) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3416.2 million (FY2024: \u00a3418.5 million)
which was initially recognised upon acquisition of the following of Trainline.com Limited and
Trainline SAS (formerly Capitaine Train SAS).
CGU\u2019s are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
\n \n
2025
2024
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
64,910
67,256
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
416,181
418,527
For all CGUs the recoverable amount was determined by measuring their value-in-use.
Assumptions
The key value-in-use assumptions for the goodwill impairment assessment were:
\n \n
2025
2024
2025
2024
UK
UK
International
International
Consumer
Consumer
Consumer
Consumer
Pre-tax discount rate
1
15.3%
12.3%
12.3%
12.1%
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 (FY2024: 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 future in\ufb02ation rates in conjunction with
forecast growth rates and re\ufb02ects the long-term natural price growth.
For the purpose of the goodwill impairment testing, 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 value-in-use 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 for the
UK Consumer CGU were: continued sales growth, driven by ongoing investment in the
Trainline platform, the digitisation of ticketing and supported by modal shift tailwinds; for
the International Consumer CGU: strong continued sales growth driven by investment in
marketing and continued development in the user experience.
The Group\u2019s cash \ufb02ow forecasts include the assumption that the addressable rail market
across the UK and continental Europe will bene\ufb01t from increased investment in high-speed
rail and further liberalisation, as well as greater consumer awareness of its environmental
bene\ufb01ts. As a result, the international cash \ufb02ow forecast assumes that rail markets in
Spain, France and Italy grow from an addressable market of around \u20ac17.0 billion today,
to \u20ac23.0 billion by 2030 and notably in France from 2027/28.
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 opposite.
\n \n
2025
2024
2025
2024
UK
UK
International
International
Consumer
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
resulting in decrease in cash \ufb02ows in
each year
15%
15%
15%
15%
None of the individual reasonably possible scenarios listed above resulted in an impairment
charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "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:
\n \n
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "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:
\n \n
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00257": { "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 2024
187,371
51,738
94,010
443,722
776,841
Additions
40,279
\u2013
\u2013
\u2013
40,279
Disposals
(7,370)
\u2013
(232)
\u2013
(7,602)
Write-o\ufb00s
(183)
\u2013
\u2013
\u2013
(183)
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
(3,550)
(3,550)
At 28 February 2025
220,097
51,738
93,778
440,172
805,785
Accumulated amortisation
and impairment:
At 1 March 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Amortisation
(30,273)
(5,167)
(438)
\u2013
(35,878)
Disposals
7,368
\u2013
231
\u2013
7,599
Write-o\ufb00s
92
\u2013
\u2013
\u2013
92
Amortisation reclass
4
(676)
\u2013
676
\u2013
\u2013
Exchange di\ufb00erences
2
\u2013
\u2013
\u2013
1,204
1,204
At 28 February 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Carrying amounts:
At 28 February 2025
73,660
270
727
416,181
490,838
Software
Brand
Customer
development
1
valuation
2
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
3
\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
Plant and
Leasehold
Right-of-use
equipment
improvements
assets
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2024
9,231
6,834
28,833
44,898
Additions
1,305
\u2013
109
1,414
Disposals
\u2013
\u2013
(120)
(120)
Write-o\ufb00s
(767)
\u2013
\u2013
(767)
E\ufb00ects of foreign exchange
(60)
\u2013
(181)
(241)
At 28 February 2025
9,709
6,834
28,641
45,184
Accumulated depreciation and
impairment:
At 1 March 2024
(5,500)
(4,193)
(17,257)
(26,950)
Depreciation
(1,911)
(1,086)
(4,292)
(7,289)
Disposals
\u2013
\u2013
78
78
Write-o\ufb00s
1
\u2013
\u2013
1
E\ufb00ects of foreign exchange
36
\u2013
13
49
At 28 February 2025
(7,374)
(5,279)
(21,458)
(34,111)
Carrying amounts:
At 28 February 2025
2,335
1,555
7,183
11,073
\u00a0
Plant and
Leasehold
Right-of-use
\u00a0
equipment
improvements
assets
Total
\u00a0
\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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "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 (\u201cCGUs\u201d) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3416.2 million (FY2024: \u00a3418.5 million)
which was initially recognised upon acquisition of the following of Trainline.com Limited and
Trainline SAS (formerly Capitaine Train SAS).
CGU\u2019s are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
\n \n
2025
2024
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
64,910
67,256
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
416,181
418,527
For all CGUs the recoverable amount was determined by measuring their value-in-use.
Assumptions
The key value-in-use assumptions for the goodwill impairment assessment were:
\n \n
2025
2024
2025
2024
UK
UK
International
International
Consumer
Consumer
Consumer
Consumer
Pre-tax discount rate
1
15.3%
12.3%
12.3%
12.1%
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 (FY2024: 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 future in\ufb02ation rates in conjunction with
forecast growth rates and re\ufb02ects the long-term natural price growth.
For the purpose of the goodwill impairment testing, 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 value-in-use 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 for the
UK Consumer CGU were: continued sales growth, driven by ongoing investment in the
Trainline platform, the digitisation of ticketing and supported by modal shift tailwinds; for
the International Consumer CGU: strong continued sales growth driven by investment in
marketing and continued development in the user experience.
The Group\u2019s cash \ufb02ow forecasts include the assumption that the addressable rail market
across the UK and continental Europe will bene\ufb01t from increased investment in high-speed
rail and further liberalisation, as well as greater consumer awareness of its environmental
bene\ufb01ts. As a result, the international cash \ufb02ow forecast assumes that rail markets in
Spain, France and Italy grow from an addressable market of around \u20ac17.0 billion today,
to \u20ac23.0 billion by 2030 and notably in France from 2027/28.
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 opposite.
\n \n
2025
2024
2025
2024
UK
UK
International
International
Consumer
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
resulting in decrease in cash \ufb02ows in
each year
15%
15%
15%
15%
None of the individual reasonably possible scenarios listed above resulted in an impairment
charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "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 (\u201cPPE\u201d) 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:
\n \n
Plant and equipment
3\u20135 years
Leasehold improvements
6\u201310 years/remaining lease length if shorter
Right-of-use assets
Lease length
The Group tests the carrying value of assets including right-of-use (\u201cROU\u201d) 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 (FY2024: no indicators).
Property, plant and equipment as at 28 February 2025:
Plant and
Leasehold
Right-of-use
equipment
improvements
assets
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
At 1 March 2024
9,231
6,834
28,833
44,898
Additions
1,305
\u2013
109
1,414
Disposals
\u2013
\u2013
(120)
(120)
Write-o\ufb00s
(767)
\u2013
\u2013
(767)
E\ufb00ects of foreign exchange
(60)
\u2013
(181)
(241)
At 28 February 2025
9,709
6,834
28,641
45,184
Accumulated depreciation and
impairment:
At 1 March 2024
(5,500)
(4,193)
(17,257)
(26,950)
Depreciation
(1,911)
(1,086)
(4,292)
(7,289)
Disposals
\u2013
\u2013
78
78
Write-o\ufb00s
1
\u2013
\u2013
1
E\ufb00ects of foreign exchange
36
\u2013
13
49
At 28 February 2025
(7,374)
(5,279)
(21,458)
(34,111)
Carrying amounts:
At 28 February 2025
2,335
1,555
7,183
11,073
Property, plant and equipment as at 29 February 2024:
\u00a0
Plant and
Leasehold
Right-of-use
\u00a0
equipment
improvements
assets
Total
\u00a0
\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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "Accounting policy
Items of property, plant and equipment (\u201cPPE\u201d) 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:
\n \n
Plant and equipment
3\u20135 years
Leasehold improvements
6\u201310 years/remaining lease length if shorter
Right-of-use assets
Lease length
The Group tests the carrying value of assets including right-of-use (\u201cROU\u201d) 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 (FY2024: no indicators).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "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:
\n \n
Plant and equipment
3\u20135 years
Leasehold improvements
6\u201310 years/remaining lease length if shorter
Right-of-use assets
Lease length
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "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 \u00a30.4 million
(FY2024: \u00a30.3 million).
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade receivables
50,345
38,860
Other receivables
2,916
3,000
Prepayments
5,601
5,898
Contract assets
8,350
11,412
Total trade and other receivables
67,212
59,170
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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "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
contract liabilities.
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade payables
168,529
159,252
Accruals
46,008
47,367
Other creditors
3,038
5,444
Contract liabilities
398
703
Total trade and other payables
217,973
212,766
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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "14. Loans, borrowings and lease liabilities
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. In FY2024, loans and borrowings
included lease liabilities. This has been split out in the current year to support the users of the
Financial Statements.
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
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Non-current liabilities
Revolving credit facility
1
68,100
58,292
Convertible bonds
2
\u2013
81,652
Lease liabilities
3,107
7,336
Total non-current liabilities
71,207
147,280
Current liabilities
Accrued interest on secured bank loans
828
841
Convertible bonds
2
82,202
\u2013
Lease liabilities
4,345
4,992
Total current liabilities
87,375
5,833
1.
Included within the revolving credit facility is the principal amount of \u00a370.0 million (FY2024: \u00a360.0 million) and
directly attributable transaction costs of \u00a31.9 million (FY2024: \u00a31.7 million).
2.
Included within the convertible bonds is the principal amount of \u00a382.7 million (FY2024: \u00a382.7 million) and
directly attributable transaction costs of \u00a30.5 million (FY2024: \u00a31.0 million). The fair value of this convertible
bond, as determined by the price on the Frankfurt Stock Exchange at 28 February 2025 is \u00a379.0 million
(FY2024: \u00a374.7 million). The carrying value is \u00a382.2 million.
Terms and repayment schedule as at 28 February 2025
\n \n
Carrying
Year of
Face value
amount
Agreement
Interest rate
maturity
\u00a3\u2019000
\u00a3\u2019000
Revolving credit facility
SONIA + 1.2%-1.3%
2026
1
70,000
68,100
Convertible bonds
1.0%
2026
82,700
82,202
Lease liabilities
Various
2
Various
7,452
7,452
Total borrowings
160,152
157,754
1. Not including 1-year extension clause.
2. The average interest rate of lease liabilities is 4.1%.
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 1
Between 1
Between 2
Over
cash \ufb02ows
year
and 2 years
1
and 5 years
5 years
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Revolving credit facility
76,435
3,766
72,669
\u2013
\u2013
Convertible bonds
83,423
83,423
\u2013
\u2013
\u2013
Lease liabilities
7,498
4,444
1,890
1,007
157
Total cash \ufb02ows
167,356
91,633
74,559
1,007
157
1. Not including 1-year extension clause per the revolving credit facility.
Revolving credit facility
The revolving credit facility became e\ufb00ective on 26 July 2022, and the total facility amount is
\u00a3325.0 million.
The facility in place during the year allows draw downs in cash or non-cash to cover bank
guarantees. At 28 February 2025 the cash drawn amount is \u00a370.0 million (FY2024: \u00a360.0
million), the non-cash bank guarantee drawn amount is \u00a3167.0 million (FY2024: \u00a3183.4
million) and the undrawn amount on the facility is \u00a388.0 million (FY2024: \u00a381.6 million). An
option to extend the existing revolving credit facility was exercised in FY2025, extending the
maturity date to November 2026. The facility o\ufb00ers optionality of a further 1-year extension
after the current maturity date.
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 1.2%
to 1.3% above SONIA.
The Group was subject to bank covenants and required to comply half-yearly, 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.
As at the balance sheet date, the Group had convertible bonds with a principal amount of
\u00a382.7 million in issuance (FY2024: \u00a382.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "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
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Non-current liabilities
Revolving credit facility
1
68,100
58,292
Convertible bonds
2
\u2013
81,652
Lease liabilities
3,107
7,336
Total non-current liabilities
71,207
147,280
Current liabilities
Accrued interest on secured bank loans
828
841
Convertible bonds
2
82,202
\u2013
Lease liabilities
4,345
4,992
Total current liabilities
87,375
5,833
1.
Included within the revolving credit facility is the principal amount of \u00a370.0 million (FY2024: \u00a360.0 million) and
directly attributable transaction costs of \u00a31.9 million (FY2024: \u00a31.7 million).
2.
Included within the convertible bonds is the principal amount of \u00a382.7 million (FY2024: \u00a382.7 million) and
directly attributable transaction costs of \u00a30.5 million (FY2024: \u00a31.0 million). The fair value of this convertible
bond, as determined by the price on the Frankfurt Stock Exchange at 28 February 2025 is \u00a379.0 million
(FY2024: \u00a374.7 million). The carrying value is \u00a382.2 million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "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.
As at the balance sheet date, the Group had convertible bonds with a principal amount of
\u00a382.7 million in issuance (FY2024: \u00a382.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "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\u20132030.
Provisions
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
As at 1 March
837
778
Unwinding of discount
65
59
Increase in provision
50
\u2013
As at 28 and 29 February
952
837
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "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\u20132030.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "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
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Share-based payment schemes
21,445
22,629
Total income statement impact
21,445
22,629
The Group operates the following equity-settled share-based payment schemes with a \u00a3nil
exercise price:
Share Incentive Plan
The Share Incentive Plan (\u201cSIP\u201d) 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 (\u201cSIP\u201d) was o\ufb00ered to all non-UK Company sta\ufb00
employed at 1 March 2022, being the grant date. The awards vested on 28 February 2025
and all employees that have not opted out or left the business between 1 March 2022 and
28 February 2025 were entitled to shares in Trainline plc worth \u00a33,600 at grant date.
Restricted Share Plan (\u201cRSP\u201d)
The Restricted Share Plan (\u201cRSP\u201d) awards Restricted Share Units (\u201cRSUs\u201d) 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 (\u201cPSP\u201d)
The Performance Share Plan (\u201cPSP\u201d) award is o\ufb00ered to certain members of the Board and
extended leadership 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 (\u201cDSBP\u201d)
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% vested on 20 May 2024. The second award was granted to the CEO and CFO on 4 May
2023 and 50% vested on 20 May 2024 and a further 50% will vest on 12 May 2025 provided
participants remain an employee on vesting dates. A third award was granted to the CEO
and CFO on 3 May 2024 and 50% vested on 28 February 2025 and a further 50% will vest
on 28 February 2026 provided participants remain an employee on vesting dates.
Key assumptions used in valuing the share-based payments were as follows:
\n\n \n
Share
International Share
Restricted
Performance
Deferred Shares
Incentive Plan
Incentive Plan
Share Plan
Share Plan
Bonus Plan
Matching Shares
3 years after the
3 years after the
3 years after the
Exit date
16 March 2025
28 February 2025
grant date
1
grant date
12 May 2025
2
grant date
Attrition rate over life of award
17%
17%
14%-19%
0%\u201317%
0%
18%
Weighted average fair value estimated at grant date
3
199p
214p
331p
246p
295p
270p
\n
1. Exit date for \ufb01rst tranche and then annually for following two years\u2019 awards.
\n
2. Exit date for \ufb01rst tranche and the anniversary following the second tranche.
\n
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.
\n
Carrying value and fair value of share-based payment liabilities
\n
The carrying value and fair value of the Group\u2019s equity-settled share-based payment arrangements were determined using option pricing models.
\n
The expense recognised in the year for share-based payments is \u00a321.4 million (FY2024: \u00a322.6 million), including the relevant employer\u2019s social security contributions.
\n\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Share Incentive Plan
689
599
International Share Incentive Plan
106
93
Restricted Share Plan
4,767
4,739
Performance Share Plan
15,028
16,403
Deferred Share Bonus Plan
159
619
Matching Shares
696
176
Total income statement impact
21,445
22,629
The movements in share awards are summarised as follows:
\n \n
Share
International Share
Restricted
Performance
Deferred Share
Outstanding Number
Incentive Plan
Incentive Plan
Share Plan
Share Plan
Matching Shares
Bonus Plan
At 1 March 2023
1,014,410
126,350
1,955,914
18,238,648
168,973
133,243
Granted
\u2013
\u2013
1,618,169
7,496,908
107,409
185,076
Lapsed
(140,790)
(12,635)
(188,425)
(2,461,405)
(23,367)
\u2013
Exercised
(48,636)
\u2013
(1,630,675)
\u2013
(2,449)
(66,621)
At 29 February 2024
824,984
113,715
1,754,983
23,274,151
250,566
251,698
Granted
\u2013
\u2013
1,798,347
4,965,514
101,637
174,489
Lapsed
(106,495)
(10,830)
(356,052)
(4,766,664)
(29,697)
\u2013
Exercised
(179,524)
(3,610)
(308,206)
(1,446,155)
(42,348)
(159,160)
At 28 February 2025
538,965
99,275
2,889,072
22,026,846
280,158
267,027
The weighted average share price at the date share options were exercised was 350p (FY2024: 277p). The weighted average remaining contractual life of the share options were 1 year and 3
months (FY2024: 1 year and 3 months).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "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 28 February 2025
\n \n
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
445,465,480
4,455
Shareholding at 29 February 2024
\n \n
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
471,032,086
4,710
In September 2023, the Company commenced a share buyback programme to purchase its
own ordinary shares. In May 2024, the Company announced an additional share buyback
programme to purchase its own ordinary shares following the completion of the September
2023 programme. The total number of shares bought back in FY2025 was 25,566,606 shares
with a nominal value of \u00a3255,666 (FY2024: \u00a396,484) representing 6% (FY2024: 2%) of the
ordinary shares in issue (excluding shares held in treasury). All shares bought back in FY2025
were cancelled.
On 13 March 2025 Trainline plc formally announced the commencement of a share buyback
programme for up to a maximum consideration of \u00a375.0 million.
The shares were acquired on the open market at a total consideration (excluding costs) of
\u00a388.8 million (FY2024: \u00a327.7 million). The maximum and minimum prices paid were \u00a34.42
(FY2024: \u00a33.36) and \u00a32.93 (FY2024: \u00a32.32) per share respectively. The average price paid was
\u00a33.47 (FY2024: \u00a32.87). Costs incurred on the purchase of own shares in relation to stamp duty
and broker expenses were \u00a3534,134 (FY2024: \u00a3166,878).
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 payment
Capital Redemption
Merger reserve
Treasury reserve
reserve
Reserve
Total other reserves
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 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 share 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)
Addition of treasury shares
\u2013
(17,143)
\u2013
\u2013
(17,143)
Allocation of treasury shares to ful\ufb01l share-based payment
\u2013
8,813
(8,813)
\u2013
\u2013
Share-based payment charge
\u2013
\u2013
20,461
\u2013
20,461
Deferred tax on share-based payment
\u2013
\u2013
(653)
\u2013
(653)
Purchase of own share for cancellation
\u2013
\u2013
\u2013
255
255
Transfer to retained earnings
1
\u2013
\u2013
(670)
\u2013
(670)
At 28 February 2025
(1,122,218)
(38,092)
49,484
352
(1,110,474)
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 (\u201cIPO\u201d) 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 (\u201cEBT\u201d). At 28 February 2025 the Group\u2019s EBT held 13.1 million shares (FY2024: 11.5 million) which have
a historical cost of \u00a338.1 million (FY2024: \u00a329.8 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "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 28 February 2025
\n \n
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
445,465,480
4,455
Shareholding at 29 February 2024
\n \n
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
471,032,086
4,710
In September 2023, the Company commenced a share buyback programme to purchase its
own ordinary shares. In May 2024, the Company announced an additional share buyback
programme to purchase its own ordinary shares following the completion of the September
2023 programme. The total number of shares bought back in FY2025 was 25,566,606 shares
with a nominal value of \u00a3255,666 (FY2024: \u00a396,484) representing 6% (FY2024: 2%) of the
ordinary shares in issue (excluding shares held in treasury). All shares bought back in FY2025
were cancelled.
On 13 March 2025 Trainline plc formally announced the commencement of a share buyback
programme for up to a maximum consideration of \u00a375.0 million.
The shares were acquired on the open market at a total consideration (excluding costs) of
\u00a388.8 million (FY2024: \u00a327.7 million). The maximum and minimum prices paid were \u00a34.42
(FY2024: \u00a33.36) and \u00a32.93 (FY2024: \u00a32.32) per share respectively. The average price paid was
\u00a33.47 (FY2024: \u00a32.87). Costs incurred on the purchase of own shares in relation to stamp duty
and broker expenses were \u00a3534,134 (FY2024: \u00a3166,878).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "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 payment
Capital Redemption
Merger reserve
Treasury reserve
reserve
Reserve
Total other reserves
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 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 share 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)
Addition of treasury shares
\u2013
(17,143)
\u2013
\u2013
(17,143)
Allocation of treasury shares to ful\ufb01l share-based payment
\u2013
8,813
(8,813)
\u2013
\u2013
Share-based payment charge
\u2013
\u2013
20,461
\u2013
20,461
Deferred tax on share-based payment
\u2013
\u2013
(653)
\u2013
(653)
Purchase of own share for cancellation
\u2013
\u2013
\u2013
255
255
Transfer to retained earnings
1
\u2013
\u2013
(670)
\u2013
(670)
At 28 February 2025
(1,122,218)
(38,092)
49,484
352
(1,110,474)
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 (\u201cIPO\u201d) 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 (\u201cEBT\u201d). At 28 February 2025 the Group\u2019s EBT held 13.1 million shares (FY2024: 11.5 million) which have
a historical cost of \u00a338.1 million (FY2024: \u00a329.8 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "Treasury reserve
Treasury shares re\ufb02ect the value of shares held by the Group\u2019s Employee Bene\ufb01t Trusts (\u201cEBT\u201d). At 28 February 2025 the Group\u2019s EBT held 13.1 million shares (FY2024: 11.5 million) which have
a historical cost of \u00a338.1 million (FY2024: \u00a329.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "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 years, discounting that amount and deducting the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed every year 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 asset ceiling 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 comprise actuarial gains and
losses, the return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if any,
excluding interest), are 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 year 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 year 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "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 2024
140,785
12,328
153,113
Changes from cash \ufb02ows
Interest paid
(6,578)
(287)
(6,865)
Issue costs and fees
(813)
\u2013
(813)
Proceeds from revolving credit facility
180,000
\u2013
180,000
Repayment of revolving credit facility and other
borrowings
(170,000)
\u2013
(170,000)
Repayment of lease liability
\u2013
(4,906)
(4,906)
Total changes from \ufb01nancing cash \ufb02ows
2,609
(5,193)
(2,584)
Other changes
Amortisation of transaction costs
1,172
\u2013
1,172
Net interest expense
6,564
287
6,851
Remeasurement of lease liabilities
\u2013
30
30
Balance at 28 February 2025
151,130
7,452
158,582
\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)
Other changes
Amortisation of transaction charges
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "20. Financial Instruments
Financial instruments comprise \ufb01nancial assets and \ufb01nancial liabilities.
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 some 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 contract liabilities
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 losses 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 FY2025 pro\ufb01t after tax by \u00a30.7 million
1
(FY2024: decrease
by \u00a30.7 million), and a decrease in the interest rate of 100 basis points would have increased
FY2025 pro\ufb01t after tax by \u00a30.7 million
1
(FY2024: increase of \u00a30.7 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 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 and the account is put on hold until previous debts
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 28 February 2025
was \u00a30.4 million (FY2024: \u00a30.3 million). 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 28 February 2025,
\u00a3121.8 million (FY2024: \u00a3149.0 million) was utilised by a guarantee provided to the Rail
Settlement Plan Limited. A further \u00a345.2 million (FY2024: \u00a334.4 million) was utilised by
guarantees provided to International Train Operating Companies. The remaining headroom
on the revolving credit facility at 28 February 2025 was \u00a388.0 million (FY2024: \u00a381.6 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "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 some 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 contract liabilities
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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "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 some 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and some 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "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 contract liabilities
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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "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 contract liabilities
and accruals. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "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 losses 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 FY2025 pro\ufb01t after tax by \u00a30.7 million
1
(FY2024: decrease
by \u00a30.7 million), and a decrease in the interest rate of 100 basis points would have increased
FY2025 pro\ufb01t after tax by \u00a30.7 million
1
(FY2024: increase of \u00a30.7 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 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 and the account is put on hold until previous debts
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 28 February 2025
was \u00a30.4 million (FY2024: \u00a30.3 million). 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 28 February 2025,
\u00a3121.8 million (FY2024: \u00a3149.0 million) was utilised by a guarantee provided to the Rail
Settlement Plan Limited. A further \u00a345.2 million (FY2024: \u00a334.4 million) was utilised by
guarantees provided to International Train Operating Companies. The remaining headroom
on the revolving credit facility at 28 February 2025 was \u00a388.0 million (FY2024: \u00a381.6 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "(ii) Market risk
Market risk is the risk of losses 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 FY2025 pro\ufb01t after tax by \u00a30.7 million
1
(FY2024: decrease
by \u00a30.7 million), and a decrease in the interest rate of 100 basis points would have increased
FY2025 pro\ufb01t after tax by \u00a30.7 million
1
(FY2024: increase of \u00a30.7 million).
1. Excluding potential \ufb01nance interest income upside.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "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 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 and the account is put on hold until previous debts
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 28 February 2025
was \u00a30.4 million (FY2024: \u00a30.3 million). 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "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 28 February 2025,
\u00a3121.8 million (FY2024: \u00a3149.0 million) was utilised by a guarantee provided to the Rail
Settlement Plan Limited. A further \u00a345.2 million (FY2024: \u00a334.4 million) was utilised by
guarantees provided to International Train Operating Companies. The remaining headroom
on the revolving credit facility at 28 February 2025 was \u00a388.0 million (FY2024: \u00a381.6 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "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 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
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current liabilities
4,345
4,992
Non-current liabilities
3,107
7,336
7,452
12,328
The maturity analysis of lease liabilities is disclosed in Note 14.
c) Amounts charged in the income statement
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Depreciation expense of right-of-use assets
4,292
4,088
Interest expense in lease liabilities
287
370
4,579
4,458
d) Cash out\ufb02ow
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Total cash out\ufb02ow for leases
5,193
4,228
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "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 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
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current liabilities
4,345
4,992
Non-current liabilities
3,107
7,336
7,452
12,328
The maturity analysis of lease liabilities is disclosed in Note 14.
c) Amounts charged in the income statement
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Depreciation expense of right-of-use assets
4,292
4,088
Interest expense in lease liabilities
287
370
4,579
4,458
d) Cash out\ufb02ow
\n \n
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Total cash out\ufb02ow for leases
5,193
4,228
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "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 TDL GmbH
1
Germany
100%
e
In liquidation
Railguard Limited
United Kingdom
100%
a
Trading
Trainline Holdco Limited
United Kingdom
100%
a
Holding
Signalbox Technologies Limited
United Kingdom
100%
a
Trading
1. Subsidiary went into liquidation on 28 February 2025.
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
this 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": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "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 year key management personnel have received the following compensation:
short-term employee bene\ufb01ts \u00a38,524,526 (FY2024: \u00a33,593,819); post-employment bene\ufb01ts
\u00a362,074 (FY2024: \u00a358,111); and ongoing share-based payment schemes \u00a33,778,778 (FY2024:
\u00a33,033,999). No other long-term bene\ufb01ts or termination bene\ufb01ts were paid (FY2024: \u00a3nil).
The highest paid director received: short-term employee bene\ufb01ts \u00a35,050,822 (FY2024:
\u00a31,980,067); post-employment bene\ufb01ts \u00a338,250 (FY2024: \u00a335,304); and ongoing share-based
payment schemes \u00a32,562,309 (FY2024: \u00a32,172,523). There were no Directors to whom
retirement bene\ufb01ts were accruing under de\ufb01ned contribution schemes (FY2024: nil).
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 68 to 80.
At 28 February 2025 key management personnel held 673,700 shares in Trainline plc
(FY2024: 449,625 shares).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "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 year key management personnel have received the following compensation:
short-term employee bene\ufb01ts \u00a38,524,526 (FY2024: \u00a33,593,819); post-employment bene\ufb01ts
\u00a362,074 (FY2024: \u00a358,111); and ongoing share-based payment schemes \u00a33,778,778 (FY2024:
\u00a33,033,999). No other long-term bene\ufb01ts or termination bene\ufb01ts were paid (FY2024: \u00a3nil).
The highest paid director received: short-term employee bene\ufb01ts \u00a35,050,822 (FY2024:
\u00a31,980,067); post-employment bene\ufb01ts \u00a338,250 (FY2024: \u00a335,304); and ongoing share-based
payment schemes \u00a32,562,309 (FY2024: \u00a32,172,523). There were no Directors to whom
retirement bene\ufb01ts were accruing under de\ufb01ned contribution schemes (FY2024: nil).
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 68 to 80.
At 28 February 2025 key management personnel held 673,700 shares in Trainline plc
(FY2024: 449,625 shares).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "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 28 February 2025 are \u00a3nil (FY2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "25. Post balance sheet events
In order to optimise capital allocation to create greater value for its shareholders, on
13 March 2025 Trainline plc formally announced the commencement of a share buyback
programme for up to a maximum consideration of \u00a375.0 million. In April 2025, we announced
our intention to acquire Spanish online retailer Trenes.com (subject to competition authority
approval) as another channel in which to build customer demand. There have been no other
post balance sheet events.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "Parent Company balance sheet \n \n
2025
2024
Notes
\u00a3\u2019000
\u00a3\u2019000
Non-current assets
Investments
3
1,892,409
1,892,409
Deferred tax asset
4
\u2013
7,097
Amounts owing from subsidiaries
5
220,000
\u2013
2,112,409
1,899,506
Current assets
Cash and cash equivalents
9,311
7,854
Trade and other receivables
709
1,451
Amounts owing from subsidiaries
5
35,257
225,156
45,277
234,461
Current liabilities
Trade and other payables
(4,642)
(4,142)
Amounts owing to subsidiaries
5
(273,808)
(144,574)
Loans and borrowings
6
(83,025)
(804)
(361,475)
(149,520)
Net current (liabilities)/assets
(316,198)
84,941
Total assets less current liabilities
1,796,211
1,984,447
Non-current liabilities
Loans and borrowings
6
(68,100)
(139,944)
(68,100)
(139,944)
\n \n
2025
2024
Notes
\u00a3\u2019000
\u00a3\u2019000
Net assets
1,728,111
1,844,503
Equity
Called up share capital
7
4,455
4,710
Share premium account
7
\u2013
\u2013
Capital Redemption Reserve
7
352
97
Retained earnings
7
1,677,032
1,804,414
Share-based payment reserve
7
46,272
35,282
Total equity
1,728,111
1,844,503
The notes on pages 139 to 141 form part of the Financial Statements. The Financial
Statements on pages 137 to 141 were approved by the Board of Directors of Trainline plc
(registered number 11961132) on 7 May 2025 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 loss for the year was \u00a338.7 million (FY2024: pro\ufb01t \u00a3191.1 million).
Peter Wood
Jody Ford
Chief Financial O\ufb03cer
Chief Executive O\ufb03cer
7 May 2025
7 May 2025
Parent Company statement of changes in equity
For the year ended 28 February 2025:
Capital Redemption
Share-based payment
Share capital
Share premium
Reserve
Retained earnings
reserve
Total equity
Notes
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2024
4,710
\u2013
97
1,804,414
35,282
1,844,503
Loss after tax
\u2013
\u2013
\u2013
(38,704)
\u2013
(38,704)
Share-based payments
\u2013
\u2013
\u2013
\u2013
11,660
11,660
Purchase of own shares for cancellation
7
(255)
\u2013
255
(89,348)
\u2013
(89,348)
Transfer between reserves
1
\u2013
\u2013
\u2013
670
(670)
\u2013
Balance at 28 February 2025
4,455
\u2013
352
1,677,032
46,272
1,728,111
\n
1.
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.
\n
For the year ended 29 February 2024:
Capital Redemption
Share-based payment
Share capital
Share premium
Reserve
Retained 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } } } }