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}, "fact-347": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-01-01T00:00:00/2023-12-31T00:00:00", "unit": "iso4217:GBP" } }, "fact-348": { "value": "352600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-349": { "value": "333000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-01-01T00:00:00/2023-12-31T00:00:00", "unit": "iso4217:GBP" } }, "fact-352": { "value": "Significant accounting policies Greggs plc (the \u2018Company\u2019) is a company incorporated and domiciled in the UK. The Group accounts consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The results of the associate are not consolidated on the grounds of materiality. The Parent Company accounts present information about the Company as a separate entity and not about its Group. The accounts were authorised for issue by the Directors on 4 March 2025. (a) Statement of compliance The Group and Parent Company accounts 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. (b) Basis of preparation The accounts are presented in pounds sterling, rounded to the nearest \u00a30.1 million unless otherwise stated, and are prepared on the historical cost basis except for the defined benefit pension asset/liability, which is recognised as the fair value of the plan assets less the present value of the defined benefit obligation. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors\u2019 Report and Strategic Report on pages 1 to 120. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 59 to 63. In addition, Note 2 to the accounts includes: the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk. The accounting policies set out below have been applied consistently throughout the Group and to all years presented in these consolidated accounts except if mentioned otherwise. From 1 January 2024, the following amendments were adopted by the Group: \u2022 Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 and Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 The adoption of these standards did not have a material effect on the accounts. Going concern The Directors have considered the adoption of the going concern basis of preparation for these accounts in the context of recent trading performance, macro-economic conditions and the trading outlook of the Group. At the end of the reporting period, the Group had available liquidity totalling \u00a3225.3 million, comprised of cash and cash equivalents of \u00a3125.3 million plus an undrawn revolving credit facility (RCF) of \u00a3100.0 million, which is committed to June 2027 with two further one-year extension options. The RCF includes financial covenants that the Group must comply with related to maximum leverage and a minimum fixed charge cover. How these covenants are measured and the required ratios are set out in Note 2. The Directors have reviewed cash flow forecasts prepared for the period up to December 2026 as well as covenant compliance for that period. In reviewing the cash flow forecasts, the Directors considered the current trading performance of the Group and the likely capital expenditure and working capital requirements of its growth plans. After reviewing these cash flow forecasts and making enquiries, the Directors are confident that the Company and the Group will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Accounts.
Key estimates and judgements
The preparation of financial information in conformity with UK-adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which
the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years.
Impairment (estimation)
Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. For example, shop fittings
and right-of-use assets may be impaired if sales in that shop fall. When a review for impairment is conducted the recoverable amount is estimated based on the higher of the value-in-use calculations or fair
value less costs of disposal. Value-in-use calculations are based on management\u2019s estimates of future cash flows generated by the assets and an appropriate discount rate. Consideration is also given to
whether the impairment assessments made in prior years remain appropriate based on the latest expectations in respect of recoverable amounts. Where it is concluded that the impairment has reduced,
a reversal of the impairment is recorded to the carrying value that would have been recognised if the original impairment had not occurred, net of depreciation that would have been charged.
The Group has traded profitably throughout 2024, growing volumes and increasing underlying profit before tax and exceptional items by 13.2% to \u00a3189.8 million. As such there is not considered to be a global
indicator of impairment across the Group\u2019s asset base. Where indicators of impairments exist for specific cash-generating units (CGUs), with each individual shop considered its own CGU, then an impairment
review has been performed to calculate the recoverable value.
For those shops with indications of impairment, the value-in-use has been calculated using the following assumptions:
\u2022 Like-for-like sales for shops with more than two years trade has been assumed to grow at a rate of 4.8% for year one of the period of the impairment review, reducing steadily to 0.0% for year six onwards;
\u2022 Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) is used as a proxy for net cash flow excluding rental payments;
\u2022 The discount rate is based on the Group\u2019s pre-tax cost of capital and at 28 December 2024 was 10.0% (30 December 2023: 9.9%); and
\u2022 Cash flows are forecast up to the probable end date of the lease. Where considered appropriate, based on the estimated useful lives of fixtures and fittings within the CGU, cash flows may be included
for periods beyond the lease probable end date (to a maximum of five years in total).
On the basis of these calculations, a net impairment charge of \u00a35.0 million has been recognised during the current year (of which \u00a32.9 million relates to fixtures and fittings and \u00a32.1 million relates to right-
of-use assets) resulting in an impairment provision of \u00a39.5 million being retained at 28 December 2024 in respect of 109 shops (of which \u00a34.6 million relates to fixtures and fittings and \u00a34.9 million relates
to right-of-use assets).
Given the uncertainties in the impairment model, the sensitivities of these assumptions on the impairment calculation have been tested:
\u2022 A 1% increase in the discount rate would result in an increased impairment of \u00a30.6 million, with an additional six shops impaired. A 1% decrease in the discount rate would result in a reduced impairment
of \u00a30.5 million, with ten fewer shops impaired.
\u2022 A 5% increase in the starting like-for-like assumption would result in a reduced impairment of \u00a32.4 million with 26 fewer shops impaired. A 5% decrease in the like-for-like assumption would result in an
increased provision of \u00a33.7 million with an additional 42 shops impaired.
Determining the rate used to discount lease payments (judgement)
At the commencement date of property leases the lease liability is calculated by discounting the lease payments. The discount rate used should be the interest rate implicit in the lease. However, if that
rate cannot be readily determined, which is generally the case for property leases, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the
funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. As the Group had no suitable external borrowings
from which to determine that rate, judgement is required to determine the incremental borrowing rate to be used. At the start of each month a risk-free rate is obtained, linked to the length of the lease and
an adjustment is then made to reflect credit risk. During the year discount rates in the range 5.1% to 6.1% (2023: 4.42% to 6.83%) were used. Small changes in the discount rate would have an immaterial
impact on the accounts. A 0.1% change in the discount rate used for each lease is estimated to adjust the total liabilities by circa \u00a32 million.
Determining the lease term of property leases (judgement)
At the commencement date of property leases, and based on previous experience, the Group normally determines the lease term to be the full term of the lease, assuming that any option to break or
extend the lease is unlikely to be exercised and it is not reasonably certain that the Group will continue in occupation for any period beyond the lease term. Leases are regularly reviewed and will be revalued
if it becomes reasonably certain, as a result of trading performance and/or further investment in the property, that a break clause or option to extend the lease will be exercised.
The leases typically run for a period of 10 or 15 years. In England and Wales, the majority of the Group\u2019s property leases are protected by the Landlord and Tenant Act 1954 (LTA) which affords protection
to the lessee at the end of an existing lease term.
Judgement is required in respect of those property leases where the current lease term has expired but the Group has not yet renewed the lease. Where the Group believes renewal to be reasonably
certain and the lease is protected by the LTA it will be treated as having been renewed at the date of termination of the previous lease term and on the same terms as the previous lease. Where renewal
is not considered to be reasonably certain the leases are included with a lease term which reflects the anticipated notice period under relevant legislation. The lease will be revalued when it is renewed to
take account of the new terms. As at 28 December 2024 the financial effect of applying this judgement was an increase in recognised lease liabilities of \u00a327.0 million (30 December 2023: \u00a336.0 million).
Post-retirement benefits \u2013 defined benefit obligation (estimation)
The determination of the defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of certain assumptions with significant estimation uncertainty including
the discount rate, inflation rate, mortality rates and commutation. Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions,
sensitivities and carrying amounts for 2024 are given in Note 21.
Post-retirement benefits \u2013 accounting for purchase of buy-in policy (judgement)
In 2024 the Company made a special contribution of \u00a34.5 million to its defined benefit pension scheme which helped facilitate the purchase of a \u2018buy-in\u2019 bulk annuity policy with Aviva. This policy provides
regular payments to the scheme to fund pension payments and significantly reduces the Company\u2019s exposure to the funding risks associated with its defined benefit pension liabilities.
The valuation of the assets held by the scheme following the buy-in results in an accounting loss which has been recognised in other comprehensive income. Although a buy-out of the scheme is possible
in the future there is no indication that this will be executed and finalised in the short term. The scheme has retained all responsibility to meet future pension payments to pensioners and the buy-in is
therefore not recognised as a settlement.
In accordance with IAS 19 the assets and liabilities of the scheme remain on the Company balance sheet. The loss associated with the purchase of the buy-in policy and other actuarial movements in the
year ended 28 December 2024 have been recognised through other comprehensive income.
(c) Basis of consolidation The consolidated accounts include the results of Greggs plc and its subsidiary undertakings for the 52 weeks ended 28 December 2024. The comparative period is the 52 weeks ended 30 December 2023. (i) Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The accounts of subsidiaries are included in the consolidated accounts from the date on which control commences until the date on which control ceases. (ii) Transactions eliminated on consolidation Intragroup balances, and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated accounts. (d) Exceptional items Exceptional items are defined as items of income and expenditure which are material and unusual in nature and which are considered to be of such significance that they require separate disclosure on the face of the income statement. Any future movements on items previously classified as exceptional will also be classified as exceptional. (e) Foreign currency Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are recognised in the income statement. (f) Intangible assets The Group\u2019s only intangible assets relate to software and the costs of its implementation which are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in the income statement as incurred. Amortisation is recognised in the income statement on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The estimated useful lives are five to seven years. Assets in the course of development are recategorised and amortisation commences when the assets are available for use. (g) Leases (i) Lease recognition At inception of a contract the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. For leases of properties in which the Group is a lessee, it has applied the practical expedient permitted by IFRS 16 and will account for each lease component and any associated non-lease components as a single lease component.
(ii) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less accumulated depreciation and impairment losses and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, adjusted for any lease payments made at or before the commencement date, less any
lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. Right-of-use assets are subject to, and reviewed regularly
for, impairment. Depreciation on right-of-use assets is included in cost of sales, selling and distribution costs or administrative expenses in the consolidated income statement as appropriate.
(iii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of the lease payments to be made over the lease term. Lease payments include fixed
payments less any lease incentives receivable and variable lease payments that depend on an index or rate. Any variable lease payments that do not depend on an index or rate are recognised as an expense
in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.
Generally the Group uses its incremental borrowing rate as the discount rate. When there are no external borrowings, judgement is required to determine an approximation, calculated based on UK
Government gilt rates of an appropriate duration and adjusted by an indicative credit premium.
After the commencement date, the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if
there is a modification, a change in the lease term or a change in the fixed lease payments. The remeasured lease liability (and corresponding right-of-use asset) is calculated using a revised discount rate,
based upon a revised incremental borrowing rate at the time of the change. Interest charges are included in finance costs in the income statement.
(iv) Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery and equipment that have a lease term of less than 12 months and leases of low-value
assets. Lease payments relating to short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.
(v) Variable lease payments
Some property leases contain variable payment terms that are linked to sales generated from a shop. For individual shops, up to 100% of lease payments are on the basis of variable payment terms. These
payments are recognised in the income statement in the period in which the condition that triggers them occurs. Under existing lease arrangements, where variable payment terms exist, the expected
future cash outflow on an annual basis is expected to be immaterial.
(h) Property, plant and equipment
(i) Owned assets
Items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses (see accounting policy (l)). The cost of self-constructed assets
includes the cost of materials and direct labour. Lease interest costs incurred on lease liabilities and depreciation of right-of-use assets are recognised as part of the cost of an asset where they are directly
attributable to the acquisition or construction of that asset.
(ii) Subsequent costs
The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the
component will flow to the Group, and its cost can be measured reliably. The carrying value of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and
equipment are recognised in the income statement as incurred.
(iii) Depreciation Depreciation is provided so as to write off the cost (less residual value) of each item of property, plant and equipment during its expected useful life using the straight-line method over the following periods: Freehold and long leasehold buildings 20 to 40 years Short leasehold properties 10 years or length of lease if shorter Plant and equipment 3 to 20 years Fixtures and fittings 3 to 10 years Freehold land is not depreciated. Depreciation methods, useful lives and residual values (if not insignificant) are reassessed annually. (iv) Assets in the course of construction These assets are recategorised and depreciation commences when the assets are available for use. (i) Investments Non-current investments comprise investments in subsidiaries and associates which are carried at cost less impairment. Current investments comprise fixed-term, fixed-rate bank deposits where the term is greater than three months. (j) Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of inventories includes expenditure incurred in acquiring the inventories and direct production labour costs. (k) Cash and cash equivalents Cash and cash equivalents comprises cash at bank, in hand, debit and credit card receivables and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. (l) Impairment of non-financial assets The carrying amounts of the Group and Company\u2019s assets, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Impairment reviews are carried out on an individual shop basis. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in prior years are assessed at each reporting date and reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised. (m) Assets held for sale Assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets are remeasured in accordance with the Group and Company\u2019s accounting policies. Thereafter, generally, the assets are measured at the lower of their carrying amount and fair value less cost to sell. Once classified as held for sale, assets are no longer depreciated or amortised.
(n) Share capital and reserves
(i) Repurchase of share capital
When share capital recognised as equity is repurchased for cancellation, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity in the capital
redemption reserve. Repurchased shares that are held in the employee share ownership plan are classified as treasury shares and are presented as a deduction from total equity.
(ii) Dividends
Dividends are recognised as a liability when the Company has an obligation to pay and the dividend is no longer at the Company\u2019s discretion.
(o) Employee share ownership plan
The Group and Parent Company accounts include the assets and related liabilities of the Greggs Employee Benefit Trust (EBT). In both the Group and Parent Company accounts the treasury shares held by
the EBT are stated at cost and deducted from total equity.
(p) Employee benefits
(i) Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has 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 measured reliably.
(ii) Defined contribution pension plans
Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement when they are due.
(iii) Defined benefit pension plans
The Company\u2019s net obligation in respect of defined benefit pension plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and
prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) is deducted. The Company determines the net interest on the net defined benefit
asset/liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit asset/liability.
The discount rate is the yield at the reporting date on bonds that have a credit rating of at least AA, that have maturity dates approximating to the terms of the Company\u2019s obligations and that are
denominated in the currency in which the benefits are expected to be paid.
Remeasurements arising from defined benefit pension plans comprise actuarial gains and losses and the return on plan assets (excluding interest). The Company recognises them immediately in other
comprehensive income and all other expenses related to defined benefit pension plans in employee benefit expenses in the income statement.
When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised immediately
in profit or loss when the plan amendment or curtailment occurs.
The calculation of the defined benefit obligation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognised asset
is limited to the present value of benefits available in the form of any future refunds from the plan (net of tax) or reductions in future contributions and takes into account the adverse effect of any minimum
funding requirements in accordance with IFRIC 14.
(iv) Share-based payment transactions The share option programme allows Group employees to acquire shares in the Company. The fair value of share options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date, using an appropriate model, taking into account the terms and conditions upon which the share options were granted, and is spread over the period during which the employees become unconditionally entitled to the options. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is only due to share prices not achieving the threshold for vesting. (v) Termination benefits Termination benefits are expensed at the earlier of the date at which the Group can no longer withdraw the offer of these benefits and the date at which the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date they are discounted. (q) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. (i) Restructuring A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating costs are not provided for. (ii) Onerous contracts Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting the contract obligations exceed the economic benefits expected to be received under the contract. At this point and before a provision is established the Group recognises any impairment loss on the associated assets. (iii) Dilapidations Shops The Group provides for shop property dilapidations, where appropriate, based on the future expected repair costs required to restore the Group\u2019s leased shops to their fair condition at the end of their respective lease terms, where it is considered a reliable estimate can be made and it is probable that the Group will be required to settle the obligation. Based on the Group\u2019s experience it is not considered probable at lease inception that it will be required to make any payment in respect of dilapidations. Therefore a provision is only recognised when circumstances suggest that there will be such a requirement. Other leased properties The Group provides for property dilapidations on other leased properties, where appropriate, based on the future expected repair costs required to restore these properties to their fair condition at the end of their respective lease terms. An estimate of these future expected repair costs is assessed at lease inception and recognised as part of the cost of the asset when a reliable estimate can be made. (r) Revenue (i) Retail sales Revenue from the sale of goods is recognised as income when the customer receives the product, which coincides with the receipt of cash or card payment. Revenue is measured net of discounts, promotions and value added taxation. Revenue from delivery services is included in retail sales and recognised on delivery.
(ii) Franchise sales
Franchise sales are recognised when goods are delivered to franchisees. Additional franchise royalty fee income, generally calculated as a percentage of gross sales income, is recognised in line with the
franchisees\u2019 product sales in accordance with the relevant agreement. Pre-opening capital fit-out costs are recharged to the franchisee and represent a key performance obligation of the overall franchise
sales agreement. These recharges are recognised as income on completion of the related fit-out. Sales are invoiced to franchisees on credit terms of less than three months.
(iii) Wholesale sales
Wholesale sales are recognised when goods are delivered to customers.
(iv) Loyalty programme/gift cards
Amounts received for gift cards or as part of the loyalty programme are deferred. They are recognised as revenue when the Group has fulfilled its obligation to supply products under the terms of the
programme or when it is no longer probable that these amounts will be redeemed. Where customers are entitled to a free product after a set number of purchases under the loyalty programme, a proportion
of the consideration received is deferred so that the revenue is recognised evenly across all of the linked transactions.
The nature, timing and uncertainty of revenues arising from the above transaction types do not differ significantly from each other.
(s) Expenses classification
Operating expenses are presented in the income statement in the following categories:
Cost of sales
Cost of sales includes all costs directly attributable to the production of goods sold by the Group. These costs include:
\u2022 Direct materials \u2013 ingredients, packaging and finished products produced or bought in to sell to customers.
\u2022 Direct labour \u2013 wages and salaries of colleagues directly involved in production.
\u2022 Manufacturing overheads \u2013 indirect costs such as utility costs, maintenance and depreciation of production sites and plant and equipment.
Distribution and selling costs
Distribution and selling costs include all costs of operating our logistics and retail operations and include:
\u2022 Logistics costs \u2013 vehicle costs, fuel, warehousing, wages and salaries.
\u2022 Shop costs \u2013 wages and salaries, property costs, utilities, cleaning and maintenance, and depreciation of shop fixtures, fittings and equipment.
\u2022 Marketing and advertising costs.
Administrative expenses
Administrative expenses are the costs of central and support functions and include:
\u2022 Wages and salaries of central and support teams.
\u2022 Insurance.
\u2022 IT costs, including software depreciation and amortisation.
\u2022 Professional fees.
(t) Government grants Government grants are recognised in the balance sheet initially as deferred income when there is a reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them. Grants that compensate the Group for expenses incurred are recognised net of the related expenses in the income statement on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are recognised in the income statement over the useful life of the asset. (u) Finance income and expense Interest income or expense is recognised using the effective interest method. (v) Income tax Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. The amount of current tax payable is the best estimate of the tax amount expected to be paid that reflects uncertainty related to income taxes, if any. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used in the calculation of taxable profit. It is accounted for using the balance sheet liability method. The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates that are expected to apply when the temporary differences reverse, based on rates enacted or substantively enacted at the balance sheet date. When the recovery of the carrying amount of an asset gives rise to multiple tax consequences which are not subject to the same income tax laws, separate temporary differences are identified, and the deferred tax on these is accounted for separately, including assessment of the recoverability of any deferred tax assets that arise. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related deferred tax benefit will be realised. (w) Trade and other receivables Trade receivables are recognised initially at the amount of consideration that is unconditional. They are subsequently measured at amortised cost using the effective interest method, less loss allowance. (x) Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 45 days of recognition. (y) Research and development The Company continuously strives to improve its products and processes through technical and other innovation. Such expenditure is typically expensed to the income statement when the related intellectual property is not capable of being formalised or expected to generate an economic benefit to the Group in the future.
(z) New standards and amendments not yet adopted
The following new standards and amendments which will be relevant to the Group have not been applied in these accounts:
\u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures (subject to UK endorsement).
\u2022 Lease liability in sale and leaseback \u2013 Amendments to IFRS 16 (effective date 1 January 2024).
\u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 (effective date 1 January 2024).
\u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective date 1 January 2026, subject to UK endorsement).
\u2022 IFRS 18 \u2018Presentation and Disclosure\u2019 in Financial Statements (effective date 1 January 2027, subject to UK endorsement).
The adoption of the new standards and amendments is not expected to have a material effect on the accounts, with the possible exception of IFRS 18, the impact of which is currently being evaluated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-353": { "value": "Greggs plc (the \u2018Company\u2019) is a company incorporated and domiciled in the UK. The Group accounts consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The results of the associate are not consolidated on the grounds of materiality. The Parent Company accounts present information about the Company as a separate entity and not about its Group. The accounts were authorised for issue by the Directors on 4 March 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-351": { "value": "Greggs plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-4": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-5": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-350": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-354": { "value": "(a) Statement of compliance The Group and Parent Company accounts 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:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-355": { "value": "
(b) Basis of preparation
The accounts are presented in pounds sterling, rounded to the nearest \u00a30.1 million unless otherwise stated, and are prepared on the historical cost basis except for the defined benefit pension asset/liability,
which is recognised as the fair value of the plan assets less the present value of the defined benefit obligation.
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors\u2019 Report and Strategic Report on pages 1 to 120.
The financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 59 to 63. In addition, Note 2 to the accounts includes: the Group\u2019s objectives,
policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk.
The accounting policies set out below have been applied consistently throughout the Group and to all years presented in these consolidated accounts except if mentioned otherwise. From 1 January 2024,
the following amendments were adopted by the Group:
\u2022 Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 and Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1
The adoption of these standards did not have a material effect on the accounts.
Going concern
The Directors have considered the adoption of the going concern basis of preparation for these accounts in the context of recent trading performance, macro-economic conditions and the trading outlook
of the Group. At the end of the reporting period, the Group had available liquidity totalling \u00a3225.3 million, comprised of cash and cash equivalents of \u00a3125.3 million plus an undrawn revolving credit facility
(RCF) of \u00a3100.0 million, which is committed to June 2027 with two further one-year extension options. The RCF includes financial covenants that the Group must comply with related to maximum leverage
and a minimum fixed charge cover. How these covenants are measured and the required ratios are set out in Note 2.
The Directors have reviewed cash flow forecasts prepared for the period up to December 2026 as well as covenant compliance for that period. In reviewing the cash flow forecasts, the Directors considered
the current trading performance of the Group and the likely capital expenditure and working capital requirements of its growth plans.
After reviewing these cash flow forecasts and making enquiries, the Directors are confident that the Company and the Group will have sufficient funds to continue to meet their liabilities as they fall due for
at least 12 months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Accounts.
Key estimates and judgements The preparation of financial information in conformity with UK-adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years. Impairment (estimation) Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. For example, shop fittings and right-of-use assets may be impaired if sales in that shop fall. When a review for impairment is conducted the recoverable amount is estimated based on the higher of the value-in-use calculations or fair value less costs of disposal. Value-in-use calculations are based on management\u2019s estimates of future cash flows generated by the assets and an appropriate discount rate. Consideration is also given to whether the impairment assessments made in prior years remain appropriate based on the latest expectations in respect of recoverable amounts. Where it is concluded that the impairment has reduced, a reversal of the impairment is recorded to the carrying value that would have been recognised if the original impairment had not occurred, net of depreciation that would have been charged. The Group has traded profitably throughout 2024, growing volumes and increasing underlying profit before tax and exceptional items by 13.2% to \u00a3189.8 million. As such there is not considered to be a global indicator of impairment across the Group\u2019s asset base. Where indicators of impairments exist for specific cash-generating units (CGUs), with each individual shop considered its own CGU, then an impairment review has been performed to calculate the recoverable value. For those shops with indications of impairment, the value-in-use has been calculated using the following assumptions: \u2022 Like-for-like sales for shops with more than two years trade has been assumed to grow at a rate of 4.8% for year one of the period of the impairment review, reducing steadily to 0.0% for year six onwards; \u2022 Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) is used as a proxy for net cash flow excluding rental payments; \u2022 The discount rate is based on the Group\u2019s pre-tax cost of capital and at 28 December 2024 was 10.0% (30 December 2023: 9.9%); and \u2022 Cash flows are forecast up to the probable end date of the lease. Where considered appropriate, based on the estimated useful lives of fixtures and fittings within the CGU, cash flows may be included for periods beyond the lease probable end date (to a maximum of five years in total). On the basis of these calculations, a net impairment charge of \u00a35.0 million has been recognised during the current year (of which \u00a32.9 million relates to fixtures and fittings and \u00a32.1 million relates to right- of-use assets) resulting in an impairment provision of \u00a39.5 million being retained at 28 December 2024 in respect of 109 shops (of which \u00a34.6 million relates to fixtures and fittings and \u00a34.9 million relates to right-of-use assets). Given the uncertainties in the impairment model, the sensitivities of these assumptions on the impairment calculation have been tested: \u2022 A 1% increase in the discount rate would result in an increased impairment of \u00a30.6 million, with an additional six shops impaired. A 1% decrease in the discount rate would result in a reduced impairment of \u00a30.5 million, with ten fewer shops impaired. \u2022 A 5% increase in the starting like-for-like assumption would result in a reduced impairment of \u00a32.4 million with 26 fewer shops impaired. A 5% decrease in the like-for-like assumption would result in an increased provision of \u00a33.7 million with an additional 42 shops impaired. At the commencement date of property leases the lease liability is calculated by discounting the lease payments. The discount rate used should be the interest rate implicit in the lease. However, if that rate cannot be readily determined, which is generally the case for property leases, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. As the Group had no suitable external borrowings from which to determine that rate, judgement is required to determine the incremental borrowing rate to be used. At the start of each month a risk-free rate is obtained, linked to the length of the lease and an adjustment is then made to reflect credit risk. During the year discount rates in the range 5.1% to 6.1% (2023: 4.42% to 6.83%) were used. Small changes in the discount rate would have an immaterial impact on the accounts. A 0.1% change in the discount rate used for each lease is estimated to adjust the total liabilities by circa \u00a32 million. Determining the lease term of property leases (judgement) At the commencement date of property leases, and based on previous experience, the Group normally determines the lease term to be the full term of the lease, assuming that any option to break or extend the lease is unlikely to be exercised and it is not reasonably certain that the Group will continue in occupation for any period beyond the lease term. Leases are regularly reviewed and will be revalued if it becomes reasonably certain, as a result of trading performance and/or further investment in the property, that a break clause or option to extend the lease will be exercised. The leases typically run for a period of 10 or 15 years. In England and Wales, the majority of the Group\u2019s property leases are protected by the Landlord and Tenant Act 1954 (LTA) which affords protection to the lessee at the end of an existing lease term. Judgement is required in respect of those property leases where the current lease term has expired but the Group has not yet renewed the lease. Where the Group believes renewal to be reasonably certain and the lease is protected by the LTA it will be treated as having been renewed at the date of termination of the previous lease term and on the same terms as the previous lease. Where renewal is not considered to be reasonably certain the leases are included with a lease term which reflects the anticipated notice period under relevant legislation. The lease will be revalued when it is renewed to take account of the new terms. As at 28 December 2024 the financial effect of applying this judgement was an increase in recognised lease liabilities of \u00a327.0 million (30 December 2023: \u00a336.0 million). Post-retirement benefits \u2013 defined benefit obligation (estimation) The determination of the defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of certain assumptions with significant estimation uncertainty including the discount rate, inflation rate, mortality rates and commutation. Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions, sensitivities and carrying amounts for 2024 are given in Note 21. Post-retirement benefits \u2013 accounting for purchase of buy-in policy (judgement) In 2024 the Company made a special contribution of \u00a34.5 million to its defined benefit pension scheme which helped facilitate the purchase of a \u2018buy-in\u2019 bulk annuity policy with Aviva. This policy provides regular payments to the scheme to fund pension payments and significantly reduces the Company\u2019s exposure to the funding risks associated with its defined benefit pension liabilities. The valuation of the assets held by the scheme following the buy-in results in an accounting loss which has been recognised in other comprehensive income. Although a buy-out of the scheme is possible in the future there is no indication that this will be executed and finalised in the short term. The scheme has retained all responsibility to meet future pension payments to pensioners and the buy-in is therefore not recognised as a settlement. In accordance with IAS 19 the assets and liabilities of the scheme remain on the Company balance sheet. The loss associated with the purchase of the buy-in policy and other actuarial movements in the year ended 28 December 2024 have been recognised through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-402": { "value": "The accounts are presented in pounds sterling, rounded to the nearest \u00a30.1 million unless otherwise stated, and are prepared on the historical cost basis except for the defined benefit pension asset/liability, which is recognised as the fair value of the plan assets less the present value of the defined benefit obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-403": { "value": "Going concern The Directors have considered the adoption of the going concern basis of preparation for these accounts in the context of recent trading performance, macro-economic conditions and the trading outlook of the Group. At the end of the reporting period, the Group had available liquidity totalling \u00a3225.3 million, comprised of cash and cash equivalents of \u00a3125.3 million plus an undrawn revolving credit facility (RCF) of \u00a3100.0 million, which is committed to June 2027 with two further one-year extension options. The RCF includes financial covenants that the Group must comply with related to maximum leverage and a minimum fixed charge cover. How these covenants are measured and the required ratios are set out in Note 2. The Directors have reviewed cash flow forecasts prepared for the period up to December 2026 as well as covenant compliance for that period. In reviewing the cash flow forecasts, the Directors considered the current trading performance of the Group and the likely capital expenditure and working capital requirements of its growth plans. After reviewing these cash flow forecasts and making enquiries, the Directors are confident that the Company and the Group will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-444": { "value": "Key estimates and judgements The preparation of financial information in conformity with UK-adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years. Impairment (estimation) Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. For example, shop fittings and right-of-use assets may be impaired if sales in that shop fall. When a review for impairment is conducted the recoverable amount is estimated based on the higher of the value-in-use calculations or fair value less costs of disposal. Value-in-use calculations are based on management\u2019s estimates of future cash flows generated by the assets and an appropriate discount rate. Consideration is also given to whether the impairment assessments made in prior years remain appropriate based on the latest expectations in respect of recoverable amounts. Where it is concluded that the impairment has reduced, a reversal of the impairment is recorded to the carrying value that would have been recognised if the original impairment had not occurred, net of depreciation that would have been charged. The Group has traded profitably throughout 2024, growing volumes and increasing underlying profit before tax and exceptional items by 13.2% to \u00a3189.8 million. As such there is not considered to be a global indicator of impairment across the Group\u2019s asset base. Where indicators of impairments exist for specific cash-generating units (CGUs), with each individual shop considered its own CGU, then an impairment review has been performed to calculate the recoverable value. For those shops with indications of impairment, the value-in-use has been calculated using the following assumptions: \u2022 Like-for-like sales for shops with more than two years trade has been assumed to grow at a rate of 4.8% for year one of the period of the impairment review, reducing steadily to 0.0% for year six onwards; \u2022 Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) is used as a proxy for net cash flow excluding rental payments; \u2022 The discount rate is based on the Group\u2019s pre-tax cost of capital and at 28 December 2024 was 10.0% (30 December 2023: 9.9%); and \u2022 Cash flows are forecast up to the probable end date of the lease. Where considered appropriate, based on the estimated useful lives of fixtures and fittings within the CGU, cash flows may be included for periods beyond the lease probable end date (to a maximum of five years in total). On the basis of these calculations, a net impairment charge of \u00a35.0 million has been recognised during the current year (of which \u00a32.9 million relates to fixtures and fittings and \u00a32.1 million relates to right- of-use assets) resulting in an impairment provision of \u00a39.5 million being retained at 28 December 2024 in respect of 109 shops (of which \u00a34.6 million relates to fixtures and fittings and \u00a34.9 million relates to right-of-use assets). Given the uncertainties in the impairment model, the sensitivities of these assumptions on the impairment calculation have been tested: \u2022 A 1% increase in the discount rate would result in an increased impairment of \u00a30.6 million, with an additional six shops impaired. A 1% decrease in the discount rate would result in a reduced impairment of \u00a30.5 million, with ten fewer shops impaired. \u2022 A 5% increase in the starting like-for-like assumption would result in a reduced impairment of \u00a32.4 million with 26 fewer shops impaired. A 5% decrease in the like-for-like assumption would result in an increased provision of \u00a33.7 million with an additional 42 shops impaired. At the commencement date of property leases the lease liability is calculated by discounting the lease payments. The discount rate used should be the interest rate implicit in the lease. However, if that rate cannot be readily determined, which is generally the case for property leases, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. As the Group had no suitable external borrowings from which to determine that rate, judgement is required to determine the incremental borrowing rate to be used. At the start of each month a risk-free rate is obtained, linked to the length of the lease and an adjustment is then made to reflect credit risk. During the year discount rates in the range 5.1% to 6.1% (2023: 4.42% to 6.83%) were used. Small changes in the discount rate would have an immaterial impact on the accounts. A 0.1% change in the discount rate used for each lease is estimated to adjust the total liabilities by circa \u00a32 million. Determining the lease term of property leases (judgement) At the commencement date of property leases, and based on previous experience, the Group normally determines the lease term to be the full term of the lease, assuming that any option to break or extend the lease is unlikely to be exercised and it is not reasonably certain that the Group will continue in occupation for any period beyond the lease term. Leases are regularly reviewed and will be revalued if it becomes reasonably certain, as a result of trading performance and/or further investment in the property, that a break clause or option to extend the lease will be exercised. The leases typically run for a period of 10 or 15 years. In England and Wales, the majority of the Group\u2019s property leases are protected by the Landlord and Tenant Act 1954 (LTA) which affords protection to the lessee at the end of an existing lease term. Judgement is required in respect of those property leases where the current lease term has expired but the Group has not yet renewed the lease. Where the Group believes renewal to be reasonably certain and the lease is protected by the LTA it will be treated as having been renewed at the date of termination of the previous lease term and on the same terms as the previous lease. Where renewal is not considered to be reasonably certain the leases are included with a lease term which reflects the anticipated notice period under relevant legislation. The lease will be revalued when it is renewed to take account of the new terms. As at 28 December 2024 the financial effect of applying this judgement was an increase in recognised lease liabilities of \u00a327.0 million (30 December 2023: \u00a336.0 million). Post-retirement benefits \u2013 defined benefit obligation (estimation) The determination of the defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of certain assumptions with significant estimation uncertainty including the discount rate, inflation rate, mortality rates and commutation. Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions, sensitivities and carrying amounts for 2024 are given in Note 21. Post-retirement benefits \u2013 accounting for purchase of buy-in policy (judgement) In 2024 the Company made a special contribution of \u00a34.5 million to its defined benefit pension scheme which helped facilitate the purchase of a \u2018buy-in\u2019 bulk annuity policy with Aviva. This policy provides regular payments to the scheme to fund pension payments and significantly reduces the Company\u2019s exposure to the funding risks associated with its defined benefit pension liabilities. The valuation of the assets held by the scheme following the buy-in results in an accounting loss which has been recognised in other comprehensive income. Although a buy-out of the scheme is possible in the future there is no indication that this will be executed and finalised in the short term. The scheme has retained all responsibility to meet future pension payments to pensioners and the buy-in is therefore not recognised as a settlement. In accordance with IAS 19 the assets and liabilities of the scheme remain on the Company balance sheet. The loss associated with the purchase of the buy-in policy and other actuarial movements in the year ended 28 December 2024 have been recognised through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-404": { "value": "Key estimates and judgements The preparation of financial information in conformity with UK-adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years. Impairment (estimation) Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. For example, shop fittings and right-of-use assets may be impaired if sales in that shop fall. When a review for impairment is conducted the recoverable amount is estimated based on the higher of the value-in-use calculations or fair value less costs of disposal. Value-in-use calculations are based on management\u2019s estimates of future cash flows generated by the assets and an appropriate discount rate. Consideration is also given to whether the impairment assessments made in prior years remain appropriate based on the latest expectations in respect of recoverable amounts. Where it is concluded that the impairment has reduced, a reversal of the impairment is recorded to the carrying value that would have been recognised if the original impairment had not occurred, net of depreciation that would have been charged. The Group has traded profitably throughout 2024, growing volumes and increasing underlying profit before tax and exceptional items by 13.2% to \u00a3189.8 million. As such there is not considered to be a global indicator of impairment across the Group\u2019s asset base. Where indicators of impairments exist for specific cash-generating units (CGUs), with each individual shop considered its own CGU, then an impairment review has been performed to calculate the recoverable value. For those shops with indications of impairment, the value-in-use has been calculated using the following assumptions: \u2022 Like-for-like sales for shops with more than two years trade has been assumed to grow at a rate of 4.8% for year one of the period of the impairment review, reducing steadily to 0.0% for year six onwards; \u2022 Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) is used as a proxy for net cash flow excluding rental payments; \u2022 The discount rate is based on the Group\u2019s pre-tax cost of capital and at 28 December 2024 was 10.0% (30 December 2023: 9.9%); and \u2022 Cash flows are forecast up to the probable end date of the lease. Where considered appropriate, based on the estimated useful lives of fixtures and fittings within the CGU, cash flows may be included for periods beyond the lease probable end date (to a maximum of five years in total). On the basis of these calculations, a net impairment charge of \u00a35.0 million has been recognised during the current year (of which \u00a32.9 million relates to fixtures and fittings and \u00a32.1 million relates to right- of-use assets) resulting in an impairment provision of \u00a39.5 million being retained at 28 December 2024 in respect of 109 shops (of which \u00a34.6 million relates to fixtures and fittings and \u00a34.9 million relates to right-of-use assets). Given the uncertainties in the impairment model, the sensitivities of these assumptions on the impairment calculation have been tested: \u2022 A 1% increase in the discount rate would result in an increased impairment of \u00a30.6 million, with an additional six shops impaired. A 1% decrease in the discount rate would result in a reduced impairment of \u00a30.5 million, with ten fewer shops impaired. \u2022 A 5% increase in the starting like-for-like assumption would result in a reduced impairment of \u00a32.4 million with 26 fewer shops impaired. A 5% decrease in the like-for-like assumption would result in an increased provision of \u00a33.7 million with an additional 42 shops impaired. At the commencement date of property leases the lease liability is calculated by discounting the lease payments. The discount rate used should be the interest rate implicit in the lease. However, if that rate cannot be readily determined, which is generally the case for property leases, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. As the Group had no suitable external borrowings from which to determine that rate, judgement is required to determine the incremental borrowing rate to be used. At the start of each month a risk-free rate is obtained, linked to the length of the lease and an adjustment is then made to reflect credit risk. During the year discount rates in the range 5.1% to 6.1% (2023: 4.42% to 6.83%) were used. Small changes in the discount rate would have an immaterial impact on the accounts. A 0.1% change in the discount rate used for each lease is estimated to adjust the total liabilities by circa \u00a32 million. Determining the lease term of property leases (judgement) At the commencement date of property leases, and based on previous experience, the Group normally determines the lease term to be the full term of the lease, assuming that any option to break or extend the lease is unlikely to be exercised and it is not reasonably certain that the Group will continue in occupation for any period beyond the lease term. Leases are regularly reviewed and will be revalued if it becomes reasonably certain, as a result of trading performance and/or further investment in the property, that a break clause or option to extend the lease will be exercised. The leases typically run for a period of 10 or 15 years. In England and Wales, the majority of the Group\u2019s property leases are protected by the Landlord and Tenant Act 1954 (LTA) which affords protection to the lessee at the end of an existing lease term. Judgement is required in respect of those property leases where the current lease term has expired but the Group has not yet renewed the lease. Where the Group believes renewal to be reasonably certain and the lease is protected by the LTA it will be treated as having been renewed at the date of termination of the previous lease term and on the same terms as the previous lease. Where renewal is not considered to be reasonably certain the leases are included with a lease term which reflects the anticipated notice period under relevant legislation. The lease will be revalued when it is renewed to take account of the new terms. As at 28 December 2024 the financial effect of applying this judgement was an increase in recognised lease liabilities of \u00a327.0 million (30 December 2023: \u00a336.0 million). Post-retirement benefits \u2013 defined benefit obligation (estimation) The determination of the defined benefit obligation of the Group\u2019s defined benefit pension scheme depends on the selection of certain assumptions with significant estimation uncertainty including the discount rate, inflation rate, mortality rates and commutation. Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions, sensitivities and carrying amounts for 2024 are given in Note 21. Post-retirement benefits \u2013 accounting for purchase of buy-in policy (judgement) In 2024 the Company made a special contribution of \u00a34.5 million to its defined benefit pension scheme which helped facilitate the purchase of a \u2018buy-in\u2019 bulk annuity policy with Aviva. This policy provides regular payments to the scheme to fund pension payments and significantly reduces the Company\u2019s exposure to the funding risks associated with its defined benefit pension liabilities. The valuation of the assets held by the scheme following the buy-in results in an accounting loss which has been recognised in other comprehensive income. Although a buy-out of the scheme is possible in the future there is no indication that this will be executed and finalised in the short term. The scheme has retained all responsibility to meet future pension payments to pensioners and the buy-in is therefore not recognised as a settlement. In accordance with IAS 19 the assets and liabilities of the scheme remain on the Company balance sheet. The loss associated with the purchase of the buy-in policy and other actuarial movements in the year ended 28 December 2024 have been recognised through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-356": { "value": "
(c) Basis of consolidation
The consolidated accounts include the results of Greggs plc and its subsidiary undertakings for the 52 weeks ended 28 December 2024. The comparative period is the 52 weeks ended 30 December 2023.
(i) Subsidiaries
Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. The accounts of subsidiaries are included in the consolidated accounts from the date on which control commences until the date on which control ceases.
(ii) Transactions eliminated on consolidation
Intragroup balances, and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-405": { "value": "(i) Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The accounts of subsidiaries are included in the consolidated accounts from the date on which control commences until the date on which control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-357": { "value": "
(d) Exceptional items
Exceptional items are defined as items of income and expenditure which are material and unusual in nature and which are considered to be of such significance that they require separate disclosure on the
face of the income statement. Any future movements on items previously classified as exceptional will also be classified as exceptional.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-358": { "value": "
(e) Foreign currency
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange
rate at the date of the transaction. Foreign exchange differences arising on translation are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-406": { "value": "
(f) Intangible assets
The Group\u2019s only intangible assets relate to software and the costs of its implementation which are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent
expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in the income statement as incurred.
Amortisation is recognised in the income statement on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The estimated useful lives are
five to seven years.
Assets in the course of development are recategorised and amortisation commences when the assets are available for use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-359": { "value": "(f) Intangible assets The Group\u2019s only intangible assets relate to software and the costs of its implementation which are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in the income statement as incurred. Amortisation is recognised in the income statement on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The estimated useful lives are five to seven years. Assets in the course of development are recategorised and amortisation commences when the assets are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-360": { "value": "
(g) Leases
(i) Lease recognition
At inception of a contract the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period
of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.
For leases of properties in which the Group is a lessee, it has applied the practical expedient permitted by IFRS 16 and will account for each lease component and any associated non-lease components as a
single lease component.
(ii) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, adjusted for any lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. Right-of-use assets are subject to, and reviewed regularly for, impairment. Depreciation on right-of-use assets is included in cost of sales, selling and distribution costs or administrative expenses in the consolidated income statement as appropriate. (iii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of the lease payments to be made over the lease term. Lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or rate. Any variable lease payments that do not depend on an index or rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. Generally the Group uses its incremental borrowing rate as the discount rate. When there are no external borrowings, judgement is required to determine an approximation, calculated based on UK Government gilt rates of an appropriate duration and adjusted by an indicative credit premium. After the commencement date, the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the fixed lease payments. The remeasured lease liability (and corresponding right-of-use asset) is calculated using a revised discount rate, based upon a revised incremental borrowing rate at the time of the change. Interest charges are included in finance costs in the income statement. (iv) Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery and equipment that have a lease term of less than 12 months and leases of low-value assets. Lease payments relating to short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. (v) Variable lease payments Some property leases contain variable payment terms that are linked to sales generated from a shop. For individual shops, up to 100% of lease payments are on the basis of variable payment terms. These payments are recognised in the income statement in the period in which the condition that triggers them occurs. Under existing lease arrangements, where variable payment terms exist, the expected future cash outflow on an annual basis is expected to be immaterial. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-361": { "value": "(h) Property, plant and equipment (i) Owned assets Items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses (see accounting policy (l)). The cost of self-constructed assets includes the cost of materials and direct labour. Lease interest costs incurred on lease liabilities and depreciation of right-of-use assets are recognised as part of the cost of an asset where they are directly attributable to the acquisition or construction of that asset. (ii) Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying value of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in the income statement as incurred. (iii) Depreciation Depreciation is provided so as to write off the cost (less residual value) of each item of property, plant and equipment during its expected useful life using the straight-line method over the following periods: Freehold and long leasehold buildings 20 to 40 years Short leasehold properties 10 years or length of lease if shorter Plant and equipment 3 to 20 years Fixtures and fittings 3 to 10 years Freehold land is not depreciated. Depreciation methods, useful lives and residual values (if not insignificant) are reassessed annually. (iv) Assets in the course of construction These assets are recategorised and depreciation commences when the assets are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-407": { "value": "
(iii) Depreciation
Depreciation is provided so as to write off the cost (less residual value) of each item of property, plant and equipment during its expected useful life using the straight-line method over the following periods:
Freehold and long leasehold buildings 20 to 40 years
Short leasehold properties 10 years or length of lease if shorter
Plant and equipment 3 to 20 years
Fixtures and fittings 3 to 10 years
Freehold land is not depreciated.
Depreciation methods, useful lives and residual values (if not insignificant) are reassessed annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-410": { "value": "
(iv) Assets in the course of construction
These assets are recategorised and depreciation commences when the assets are available for use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-362": { "value": "
(i) Investments
Non-current investments comprise investments in subsidiaries and associates which are carried at cost less impairment.
Current investments comprise fixed-term, fixed-rate bank deposits where the term is greater than three months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-408": { "value": "(i) Investments Non-current investments comprise investments in subsidiaries and associates which are carried at cost less impairment. Current investments comprise fixed-term, fixed-rate bank deposits where the term is greater than three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-363": { "value": "
(j) Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling
expenses. The cost of inventories includes expenditure incurred in acquiring the inventories and direct production labour costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-457": { "value": "(j) Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of inventories includes expenditure incurred in acquiring the inventories and direct production labour costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-445": { "value": "(j) Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of inventories includes expenditure incurred in acquiring the inventories and direct production labour costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-364": { "value": "
(k) Cash and cash equivalents
Cash and cash equivalents comprises cash at bank, in hand, debit and credit card receivables and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on
demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-365": { "value": "
(l) Impairment of non-financial assets
The carrying amounts of the Group and Company\u2019s assets, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of
impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Impairment reviews are carried out on an individual shop basis.
An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in
prior years are assessed at each reporting date and reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that
the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-409": { "value": "(l) Impairment of non-financial assets The carrying amounts of the Group and Company\u2019s assets, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Impairment reviews are carried out on an individual shop basis. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in prior years are assessed at each reporting date and reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-366": { "value": "
(m) Assets held for sale
Assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets are
remeasured in accordance with the Group and Company\u2019s accounting policies. Thereafter, generally, the assets are measured at the lower of their carrying amount and fair value less cost to sell.
Once classified as held for sale, assets are no longer depreciated or amortised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-411": { "value": "(m) Assets held for sale Assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets are remeasured in accordance with the Group and Company\u2019s accounting policies. Thereafter, generally, the assets are measured at the lower of their carrying amount and fair value less cost to sell. Once classified as held for sale, assets are no longer depreciated or amortised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-367": { "value": "(n) Share capital and reserves (i) Repurchase of share capital When share capital recognised as equity is repurchased for cancellation, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity in the capital redemption reserve. Repurchased shares that are held in the employee share ownership plan are classified as treasury shares and are presented as a deduction from total equity. (ii) Dividends Dividends are recognised as a liability when the Company has an obligation to pay and the dividend is no longer at the Company\u2019s discretion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-412": { "value": "(ii) Dividends Dividends are recognised as a liability when the Company has an obligation to pay and the dividend is no longer at the Company\u2019s discretion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-368": { "value": "(o) Employee share ownership plan The Group and Parent Company accounts include the assets and related liabilities of the Greggs Employee Benefit Trust (EBT). In both the Group and Parent Company accounts the treasury shares held by the EBT are stated at cost and deducted from total equity. (p) Employee benefits (i) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has 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 measured reliably. (ii) Defined contribution pension plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement when they are due. (iii) Defined benefit pension plans The Company\u2019s net obligation in respect of defined benefit pension plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) is deducted. The Company determines the net interest on the net defined benefit asset/liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit asset/liability. The discount rate is the yield at the reporting date on bonds that have a credit rating of at least AA, that have maturity dates approximating to the terms of the Company\u2019s obligations and that are denominated in the currency in which the benefits are expected to be paid. Remeasurements arising from defined benefit pension plans comprise actuarial gains and losses and the return on plan assets (excluding interest). The Company recognises them immediately in other comprehensive income and all other expenses related to defined benefit pension plans in employee benefit expenses in the income statement. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised immediately in profit or loss when the plan amendment or curtailment occurs. The calculation of the defined benefit obligation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognised asset is limited to the present value of benefits available in the form of any future refunds from the plan (net of tax) or reductions in future contributions and takes into account the adverse effect of any minimum funding requirements in accordance with IFRIC 14.
(iv) Share-based payment transactions
The share option programme allows Group employees to acquire shares in the Company. The fair value of share options granted is recognised as an employee expense with a corresponding increase in
equity. The fair value is measured at grant date, using an appropriate model, taking into account the terms and conditions upon which the share options were granted, and is spread over the period during
which the employees become unconditionally entitled to the options. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is
only due to share prices not achieving the threshold for vesting.
(v) Termination benefits
Termination benefits are expensed at the earlier of the date at which the Group can no longer withdraw the offer of these benefits and the date at which the Group recognises costs for a restructuring.
If benefits are not expected to be settled wholly within 12 months of the reporting date they are discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-413": { "value": "The Group and Parent Company accounts include the assets and related liabilities of the Greggs Employee Benefit Trust (EBT). In both the Group and Parent Company accounts the treasury shares held by the EBT are stated at cost and deducted from total equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-414": { "value": "(iv) Share-based payment transactions The share option programme allows Group employees to acquire shares in the Company. The fair value of share options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date, using an appropriate model, taking into account the terms and conditions upon which the share options were granted, and is spread over the period during which the employees become unconditionally entitled to the options. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is only due to share prices not achieving the threshold for vesting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-415": { "value": "(v) Termination benefits Termination benefits are expensed at the earlier of the date at which the Group can no longer withdraw the offer of these benefits and the date at which the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date they are discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-369": { "value": "
(q) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability.
(i) Restructuring
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating
costs are not provided for.
(ii) Onerous contracts
Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting the contract obligations exceed the economic benefits expected to be received under the
contract. At this point and before a provision is established the Group recognises any impairment loss on the associated assets.
(iii) Dilapidations
Shops
The Group provides for shop property dilapidations, where appropriate, based on the future expected repair costs required to restore the Group\u2019s leased shops to their fair condition at the end of their
respective lease terms, where it is considered a reliable estimate can be made and it is probable that the Group will be required to settle the obligation. Based on the Group\u2019s experience it is not considered
probable at lease inception that it will be required to make any payment in respect of dilapidations. Therefore a provision is only recognised when circumstances suggest that there will be such a requirement.
Other leased properties
The Group provides for property dilapidations on other leased properties, where appropriate, based on the future expected repair costs required to restore these properties to their fair condition at the end
of their respective lease terms. An estimate of these future expected repair costs is assessed at lease inception and recognised as part of the cost of the asset when a reliable estimate can be made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-416": { "value": "(i) Restructuring A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating costs are not provided for. (iii) Dilapidations Shops The Group provides for shop property dilapidations, where appropriate, based on the future expected repair costs required to restore the Group\u2019s leased shops to their fair condition at the end of their respective lease terms, where it is considered a reliable estimate can be made and it is probable that the Group will be required to settle the obligation. Based on the Group\u2019s experience it is not considered probable at lease inception that it will be required to make any payment in respect of dilapidations. Therefore a provision is only recognised when circumstances suggest that there will be such a requirement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-370": { "value": "
(r) Revenue
(i) Retail sales
Revenue from the sale of goods is recognised as income when the customer receives the product, which coincides with the receipt of cash or card payment. Revenue is measured net of discounts,
promotions and value added taxation. Revenue from delivery services is included in retail sales and recognised on delivery.
(ii) Franchise sales Franchise sales are recognised when goods are delivered to franchisees. Additional franchise royalty fee income, generally calculated as a percentage of gross sales income, is recognised in line with the franchisees\u2019 product sales in accordance with the relevant agreement. Pre-opening capital fit-out costs are recharged to the franchisee and represent a key performance obligation of the overall franchise sales agreement. These recharges are recognised as income on completion of the related fit-out. Sales are invoiced to franchisees on credit terms of less than three months. (iii) Wholesale sales Wholesale sales are recognised when goods are delivered to customers. (iv) Loyalty programme/gift cards Amounts received for gift cards or as part of the loyalty programme are deferred. They are recognised as revenue when the Group has fulfilled its obligation to supply products under the terms of the programme or when it is no longer probable that these amounts will be redeemed. Where customers are entitled to a free product after a set number of purchases under the loyalty programme, a proportion of the consideration received is deferred so that the revenue is recognised evenly across all of the linked transactions. The nature, timing and uncertainty of revenues arising from the above transaction types do not differ significantly from each other. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-371": { "value": "(s) Expenses classification Operating expenses are presented in the income statement in the following categories: Cost of sales Cost of sales includes all costs directly attributable to the production of goods sold by the Group. These costs include: \u2022 Direct materials \u2013 ingredients, packaging and finished products produced or bought in to sell to customers. \u2022 Direct labour \u2013 wages and salaries of colleagues directly involved in production. \u2022 Manufacturing overheads \u2013 indirect costs such as utility costs, maintenance and depreciation of production sites and plant and equipment. Distribution and selling costs Distribution and selling costs include all costs of operating our logistics and retail operations and include: \u2022 Logistics costs \u2013 vehicle costs, fuel, warehousing, wages and salaries. \u2022 Shop costs \u2013 wages and salaries, property costs, utilities, cleaning and maintenance, and depreciation of shop fixtures, fittings and equipment. \u2022 Marketing and advertising costs. Administrative expenses Administrative expenses are the costs of central and support functions and include: \u2022 Wages and salaries of central and support teams. \u2022 Insurance. \u2022 IT costs, including software depreciation and amortisation. \u2022 Professional fees. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-372": { "value": "
(t) Government grants
Government grants are recognised in the balance sheet initially as deferred income when there is a reasonable assurance that they will be received and that the Group will comply with the conditions
attaching to them. Grants that compensate the Group for expenses incurred are recognised net of the related expenses in the income statement on a systematic basis in the same periods in which the
expenses are incurred. Grants that compensate the Group for the cost of an asset are recognised in the income statement over the useful life of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-373": { "value": "
(u) Finance income and expense
Interest income or expense is recognised using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-446": { "value": "(u) Finance income and expense Interest income or expense is recognised using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-417": { "value": "(u) Finance income and expense Interest income or expense is recognised using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-374": { "value": "
(v) Income tax
Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous
years. The amount of current tax payable is the best estimate of the tax amount expected to be paid that reflects uncertainty related to income taxes, if any. Taxable profit differs from profit as reported in
the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and
the amounts used in the calculation of taxable profit. It is accounted for using the balance sheet liability method. The amount of deferred tax recognised is based on the expected manner of realisation
or settlement of the carrying amounts of assets and liabilities, using tax rates that are expected to apply when the temporary differences reverse, based on rates enacted or substantively enacted at the
balance sheet date. When the recovery of the carrying amount of an asset gives rise to multiple tax consequences which are not subject to the same income tax laws, separate temporary differences are
identified, and the deferred tax on these is accounted for separately, including assessment of the recoverability of any deferred tax assets that arise.
Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting
nor taxable profit, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer probable that the related deferred tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-418": { "value": "(v) Income tax Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. The amount of current tax payable is the best estimate of the tax amount expected to be paid that reflects uncertainty related to income taxes, if any. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used in the calculation of taxable profit. It is accounted for using the balance sheet liability method. The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates that are expected to apply when the temporary differences reverse, based on rates enacted or substantively enacted at the balance sheet date. When the recovery of the carrying amount of an asset gives rise to multiple tax consequences which are not subject to the same income tax laws, separate temporary differences are identified, and the deferred tax on these is accounted for separately, including assessment of the recoverability of any deferred tax assets that arise. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related deferred tax benefit will be realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-375": { "value": "
(w) Trade and other receivables
Trade receivables are recognised initially at the amount of consideration that is unconditional. They are subsequently measured at amortised cost using the effective interest method, less loss allowance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-376": { "value": "
(x) Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 45 days
of recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-377": { "value": "
(y) Research and development
The Company continuously strives to improve its products and processes through technical and other innovation. Such expenditure is typically expensed to the income statement when the related
intellectual property is not capable of being formalised or expected to generate an economic benefit to the Group in the future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-420": { "value": "(z) New standards and amendments not yet adopted The following new standards and amendments which will be relevant to the Group have not been applied in these accounts: \u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures (subject to UK endorsement). \u2022 Lease liability in sale and leaseback \u2013 Amendments to IFRS 16 (effective date 1 January 2024). \u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 (effective date 1 January 2024). \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective date 1 January 2026, subject to UK endorsement). \u2022 IFRS 18 \u2018Presentation and Disclosure\u2019 in Financial Statements (effective date 1 January 2027, subject to UK endorsement). The adoption of the new standards and amendments is not expected to have a material effect on the accounts, with the possible exception of IFRS 18, the impact of which is currently being evaluated.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-379": { "value": "(z) New standards and amendments not yet adopted The following new standards and amendments which will be relevant to the Group have not been applied in these accounts: \u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures (subject to UK endorsement). \u2022 Lease liability in sale and leaseback \u2013 Amendments to IFRS 16 (effective date 1 January 2024). \u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 (effective date 1 January 2024). \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective date 1 January 2026, subject to UK endorsement). \u2022 IFRS 18 \u2018Presentation and Disclosure\u2019 in Financial Statements (effective date 1 January 2027, subject to UK endorsement). The adoption of the new standards and amendments is not expected to have a material effect on the accounts, with the possible exception of IFRS 18, the impact of which is currently being evaluated.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-378": { "value": "
1. Segmental analysis
The Executive Directors are considered to be the \u2018chief operating decision maker\u2019 of the Group in the context of the IFRS 8 definition. In addition to its company-managed retail activities, the Group
generates revenues from its business-to-business channel which includes franchise and wholesale activities. Both channels were categorised as reportable segments for the purposes of IFRS 8.
Company-managed retail activities \u2013 the Group sells a consistent range of fresh bakery goods, sandwiches and drinks in its own shops or via delivery. Sales are made to the general public on a cash basis.
All results arise in the UK.
Business-to-business channel \u2013 the Group sells products to franchise and wholesale partners for sale in their own outlets as well as charging a licence fee to franchise partners. These sales and fees are
invoiced to the partners on a credit basis. All results arise in the UK.
All revenue in 2024 and 2023 was recognised at a point in time.
The Executive Directors regularly review the revenues and trading profit of each segment. They receive information on overheads, assets and liabilities on an aggregated basis consistent with the Group accounts.
2024 2024 2023 2023
Retail company- Business-to- 2024 Retail company- Business-to- 2023
managed shops business Total managed shops business Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,781.7
232.7
2,014.4
1,610.9
198.7
1,809.6
Trading profit
1
277.3
55.5
332.8
250.1
41.1
291.2
Overheads including profit share
(137.5)
(119.5)
Operating profit before exceptional items
195.3
171.7
Finance income
8.1
6.1
Finance expense
(13.6)
(10.1)
Profit before tax (excluding exceptional items)
189.8
167.7
Exceptional items (see Note 4)
14.1
20.6
Profit before tax
203.9
188.3
1 Trading profit is defined as gross profit less supply chain costs and retail costs (including property costs) and before central overheads.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-419": { "value": "1. Segmental analysis The Executive Directors are considered to be the \u2018chief operating decision maker\u2019 of the Group in the context of the IFRS 8 definition. In addition to its company-managed retail activities, the Group generates revenues from its business-to-business channel which includes franchise and wholesale activities. Both channels were categorised as reportable segments for the purposes of IFRS 8. Company-managed retail activities \u2013 the Group sells a consistent range of fresh bakery goods, sandwiches and drinks in its own shops or via delivery. Sales are made to the general public on a cash basis. All results arise in the UK. Business-to-business channel \u2013 the Group sells products to franchise and wholesale partners for sale in their own outlets as well as charging a licence fee to franchise partners. These sales and fees are invoiced to the partners on a credit basis. All results arise in the UK. All revenue in 2024 and 2023 was recognised at a point in time. The Executive Directors regularly review the revenues and trading profit of each segment. They receive information on overheads, assets and liabilities on an aggregated basis consistent with the Group accounts.
2024 2024 2023 2023
Retail company- Business-to- 2024 Retail company- Business-to- 2023
managed shops business Total managed shops business Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,781.7
232.7
2,014.4
1,610.9
198.7
1,809.6
Trading profit
1
277.3
55.5
332.8
250.1
41.1
291.2
Overheads including profit share
(137.5)
(119.5)
Operating profit before exceptional items
195.3
171.7
Finance income
8.1
6.1
Finance expense
(13.6)
(10.1)
Profit before tax (excluding exceptional items)
189.8
167.7
Exceptional items (see Note 4)
14.1
20.6
Profit before tax
203.9
188.3
1 Trading profit is defined as gross profit less supply chain costs and retail costs (including property costs) and before central overheads.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-380": { "value": "
2. Financial risk management
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
Retail sales represent a large proportion of the Group\u2019s sales and present no credit risk as they are made for cash or card payments. The Group does offer credit terms on sales to its wholesale and franchise
customers. In such cases the Group operates effective credit control procedures in order to minimise exposure to overdue debts.
Counterparty risk is also considered low. All of the Group\u2019s surplus cash is held with highly-rated banks as specifically approved by the Board, in line with Group policy. Other receivables generally relate to
VAT and other sundry balances due from third parties. Credit risk is considered low as amounts are generally recoverable within 30 days.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group usually operates with net current liabilities and is therefore reliant on the continued strong performance of the retail portfolio to meet its short-term liabilities. Short and medium-term cash
forecasting is used to manage liquidity risk. These forecasts are used to ensure the Group has sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions.
During 2024 the Group arranged a new \u00a3100 million syndicated revolving credit facility with maturity in June 2027 with two further one-year extension options. This facility was undrawn at 28 December
2024 (2023: undrawn). The covenants comprise: leverage (calculated as the ratio of total net borrowings to EBITDA) does not exceed 3:1; and fixed charge cover (calculated as the ratio of EBITDAR to net
rent and interest payable) cannot be below 1.75:1. Given the facility is undrawn, disclosure of the Group\u2019s compliance with these covenants is not required.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments.
Other than for the defined benefit pension scheme, market risk is not significant and therefore sensitivity analysis would not be meaningful. Sensitivity analysis for the defined benefit pension scheme
is given in Note 21.
Currency risk
The Group has no regular material transactions in foreign currency although there are occasional purchases, mainly of capital items, denominated in foreign currency. Whilst certain costs such as
electricity and wheat can be influenced by movements in the US dollar, actual contracts are priced in sterling. In respect of those key costs which are volatile, such as electricity and flour, the price may
be fixed for a period of time in line with Group policy. All such contracts are for the Group\u2019s own expected usage.
Interest rate risk
Interest rate risk is the risk that movement in the interbank offered rates increase causing finance costs to increase. The Group\u2019s interest rate risk arises from its revolving credit facility. Whilst the facility
remains undrawn increases in the interest rate will not impact on finance costs.
Equity price risk
The Group has no significant equity investments other than in its subsidiaries and associate.
The Group\u2019s capital management objectives are:
\u2022 To ensure the Group\u2019s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and
\u2022 To provide an adequate return to shareholders by pricing products and delivering services commensurate with the level of risk.
To meet these objectives the Group reviews the budgets, forecasts, profitability and cash flows on a regular basis to ensure there is sufficient capital to meet the needs of the Group.
The capital structure of the Group consists of shareholders\u2019 equity as set out in the consolidated statement of changes in equity. All working capital requirements are financed from existing cash resources
and borrowings.
The Board reserves the option to purchase its own shares in the market dependent on market prices and surplus cash levels. The trustees of the Greggs EBT also purchase shares for future satisfaction
of employee share options.
Financial instruments
Group and Parent Company
All of the Group\u2019s surplus cash or cash equivalents is invested as cash placed on deposit or fixed-term deposits.
The Group\u2019s treasury policy has as its principal objective the achievement of the maximum rate of return on cash balances whilst maintaining an acceptable level of risk. Other than mentioned below there
are no financial instruments, derivatives or commodity contracts used.
Financial assets and liabilities
A financial asset is measured at amortised cost if it meets both of the following conditions:
\u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The Group\u2019s main financial assets comprise cash and cash equivalents and fixed-term deposits. Other financial assets include trade and other receivables arising from the Group\u2019s activities. These financial
assets all meet the conditions to be recognised at amortised cost.
Other than trade and other payables and lease liabilities, the Group had no financial liabilities as at 28 December 2024 (2023: \u00a3nil).
Fair values
The fair value of the Group\u2019s financial assets and liabilities is not materially different from their carrying values. Financial assets and liabilities comprise principally of trade and other receivables and trade
and other payables and the only interest-bearing balances are the bank deposits and borrowings which attract interest at variable rates.
Interest rate, credit and foreign currency risk
The Group has not entered into any hedging transactions during the current and prior year and considers interest rate, credit and foreign currency risks not to be significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-421": { "value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Retail sales represent a large proportion of the Group\u2019s sales and present no credit risk as they are made for cash or card payments. The Group does offer credit terms on sales to its wholesale and franchise customers. In such cases the Group operates effective credit control procedures in order to minimise exposure to overdue debts. Counterparty risk is also considered low. All of the Group\u2019s surplus cash is held with highly-rated banks as specifically approved by the Board, in line with Group policy. Other receivables generally relate to VAT and other sundry balances due from third parties. Credit risk is considered low as amounts are generally recoverable within 30 days. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-422": { "value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group usually operates with net current liabilities and is therefore reliant on the continued strong performance of the retail portfolio to meet its short-term liabilities. Short and medium-term cash forecasting is used to manage liquidity risk. These forecasts are used to ensure the Group has sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions. During 2024 the Group arranged a new \u00a3100 million syndicated revolving credit facility with maturity in June 2027 with two further one-year extension options. This facility was undrawn at 28 December 2024 (2023: undrawn). The covenants comprise: leverage (calculated as the ratio of total net borrowings to EBITDA) does not exceed 3:1; and fixed charge cover (calculated as the ratio of EBITDAR to net rent and interest payable) cannot be below 1.75:1. Given the facility is undrawn, disclosure of the Group\u2019s compliance with these covenants is not required. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-423": { "value": "Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. Other than for the defined benefit pension scheme, market risk is not significant and therefore sensitivity analysis would not be meaningful. Sensitivity analysis for the defined benefit pension scheme is given in Note 21. Currency risk The Group has no regular material transactions in foreign currency although there are occasional purchases, mainly of capital items, denominated in foreign currency. Whilst certain costs such as electricity and wheat can be influenced by movements in the US dollar, actual contracts are priced in sterling. In respect of those key costs which are volatile, such as electricity and flour, the price may be fixed for a period of time in line with Group policy. All such contracts are for the Group\u2019s own expected usage. Interest rate risk Interest rate risk is the risk that movement in the interbank offered rates increase causing finance costs to increase. The Group\u2019s interest rate risk arises from its revolving credit facility. Whilst the facility remains undrawn increases in the interest rate will not impact on finance costs. Equity price risk The Group has no significant equity investments other than in its subsidiaries and associate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-424": { "value": "The Group\u2019s capital management objectives are: \u2022 To ensure the Group\u2019s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and \u2022 To provide an adequate return to shareholders by pricing products and delivering services commensurate with the level of risk. To meet these objectives the Group reviews the budgets, forecasts, profitability and cash flows on a regular basis to ensure there is sufficient capital to meet the needs of the Group. The capital structure of the Group consists of shareholders\u2019 equity as set out in the consolidated statement of changes in equity. All working capital requirements are financed from existing cash resources and borrowings. The Board reserves the option to purchase its own shares in the market dependent on market prices and surplus cash levels. The trustees of the Greggs EBT also purchase shares for future satisfaction of employee share options. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-425": { "value": "Financial instruments Group and Parent Company All of the Group\u2019s surplus cash or cash equivalents is invested as cash placed on deposit or fixed-term deposits. The Group\u2019s treasury policy has as its principal objective the achievement of the maximum rate of return on cash balances whilst maintaining an acceptable level of risk. Other than mentioned below there are no financial instruments, derivatives or commodity contracts used. Financial assets and liabilities A financial asset is measured at amortised cost if it meets both of the following conditions: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s main financial assets comprise cash and cash equivalents and fixed-term deposits. Other financial assets include trade and other receivables arising from the Group\u2019s activities. These financial assets all meet the conditions to be recognised at amortised cost. Other than trade and other payables and lease liabilities, the Group had no financial liabilities as at 28 December 2024 (2023: \u00a3nil). Fair values The fair value of the Group\u2019s financial assets and liabilities is not materially different from their carrying values. Financial assets and liabilities comprise principally of trade and other receivables and trade and other payables and the only interest-bearing balances are the bank deposits and borrowings which attract interest at variable rates. Interest rate, credit and foreign currency risk The Group has not entered into any hedging transactions during the current and prior year and considers interest rate, credit and foreign currency risks not to be significant.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-459": { "value": "Financial assets and liabilities A financial asset is measured at amortised cost if it meets both of the following conditions: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s main financial assets comprise cash and cash equivalents and fixed-term deposits. Other financial assets include trade and other receivables arising from the Group\u2019s activities. These financial assets all meet the conditions to be recognised at amortised cost. Other than trade and other payables and lease liabilities, the Group had no financial liabilities as at 28 December 2024 (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-447": { "value": "Financial assets and liabilities A financial asset is measured at amortised cost if it meets both of the following conditions: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s main financial assets comprise cash and cash equivalents and fixed-term deposits. Other financial assets include trade and other receivables arising from the Group\u2019s activities. These financial assets all meet the conditions to be recognised at amortised cost. Other than trade and other payables and lease liabilities, the Group had no financial liabilities as at 28 December 2024 (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-458": { "value": "Fair values The fair value of the Group\u2019s financial assets and liabilities is not materially different from their carrying values. Financial assets and liabilities comprise principally of trade and other receivables and trade and other payables and the only interest-bearing balances are the bank deposits and borrowings which attract interest at variable rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-448": { "value": "Fair values The fair value of the Group\u2019s financial assets and liabilities is not materially different from their carrying values. Financial assets and liabilities comprise principally of trade and other receivables and trade and other payables and the only interest-bearing balances are the bank deposits and borrowings which attract interest at variable rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-381": { "value": "
3. Profit before tax
Profit before tax is stated after charging/(crediting):
2024 2024
Excluding Exceptional items 2024 2023
exceptional items (see Note 4) Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation of intangible assets
4.2
\u2013
4.2
3.9
Depreciation of owned property, plant and equipment
76.6
\u2013
76.6
66.6
Depreciation of right-of-use assets
59.2
\u2013
59.2
54.5
Net impairment of owned property, plant and equipment
2.9
\u2013
2.9
1.4
Net impairment of right-of-use assets
2.1
\u2013
2.1
2.5
Loss/(profit) on disposal of property, plant and equipment
2.0
(13.8)
(11.8)
2.0
Release of government grants
(0.5)
\u2013
(0.5)
(0.5)
Auditor\u2019s remuneration for the audit of these accounts amounted to \u00a3314,405 (2023: \u00a3299,225) and for other assurance services \u00a324,450 (2023: \u00a314,250). Amounts paid to the Company\u2019s auditor in respect
of services to the Company, other than the audit of the Company\u2019s accounts, have not been disclosed as the information is required instead to be presented on a consolidated basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-463": { "value": "3. Profit before tax Profit before tax is stated after charging/(crediting):
2024 2024
Excluding Exceptional items 2024 2023
exceptional items (see Note 4) Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation of intangible assets
4.2
\u2013
4.2
3.9
Depreciation of owned property, plant and equipment
76.6
\u2013
76.6
66.6
Depreciation of right-of-use assets
59.2
\u2013
59.2
54.5
Net impairment of owned property, plant and equipment
2.9
\u2013
2.9
1.4
Net impairment of right-of-use assets
2.1
\u2013
2.1
2.5
Loss/(profit) on disposal of property, plant and equipment
2.0
(13.8)
(11.8)
2.0
Release of government grants
(0.5)
\u2013
(0.5)
(0.5)
Auditor\u2019s remuneration for the audit of these accounts amounted to \u00a3314,405 (2023: \u00a3299,225) and for other assurance services \u00a324,450 (2023: \u00a314,250). Amounts paid to the Company\u2019s auditor in respect of services to the Company, other than the audit of the Company\u2019s accounts, have not been disclosed as the information is required instead to be presented on a consolidated basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-460": { "value": "3. Profit before tax Profit before tax is stated after charging/(crediting):
2024 2024
Excluding Exceptional items 2024 2023
exceptional items (see Note 4) Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation of intangible assets
4.2
\u2013
4.2
3.9
Depreciation of owned property, plant and equipment
76.6
\u2013
76.6
66.6
Depreciation of right-of-use assets
59.2
\u2013
59.2
54.5
Net impairment of owned property, plant and equipment
2.9
\u2013
2.9
1.4
Net impairment of right-of-use assets
2.1
\u2013
2.1
2.5
Loss/(profit) on disposal of property, plant and equipment
2.0
(13.8)
(11.8)
2.0
Release of government grants
(0.5)
\u2013
(0.5)
(0.5)
Auditor\u2019s remuneration for the audit of these accounts amounted to \u00a3314,405 (2023: \u00a3299,225) and for other assurance services \u00a324,450 (2023: \u00a314,250). Amounts paid to the Company\u2019s auditor in respect of services to the Company, other than the audit of the Company\u2019s accounts, have not been disclosed as the information is required instead to be presented on a consolidated basis. 5. Personnel expenses The average number of persons employed by the Group and Parent Company (including Directors) during the year was as follows:
2024 2023
Number Number
Management
789
723
Administration
512
472
Production
3,747
3,456
Shop
27,210
25,434
32,258
30,085
The aggregate costs of these persons were as follows:
2024 2023
Note \u00a3m \u00a3m
Wages and salaries
599.5
519.6
Compulsory social security contributions
46.9
38.2
Pension costs \u2013 defined contribution plans
21
35.5
30.3
Equity-settled transactions (including compulsory social security contributions)
22
4.9
5.0
686.8
593.1
In addition to wages and salaries, the total amount accrued under the Group\u2019s employee profit sharing scheme is contained within the main cost categories as follows:
2024 2023
\u00a3m \u00a3m
Cost of sales
5.3
4.6
Distribution and selling costs
12.7
10.9
Administrative expenses
2.5
2.1
Amount shared with employees
20.5
17.6
Compulsory social security contributions
2.3
2.0
22.8
19.6
For the purposes of IAS 24 \u2018Related Party Disclosures\u2019, key management personnel comprises the Directors and the members of the Operating Board and their remuneration was as follows:
2024 2023
\u00a3m \u00a3m
Salaries and fees
3.5
3.5
Taxable benefits
0.1
0.1
Annual bonus (including profit share) to be paid in March 2024
2.2
1.9
Post-retirement benefits
0.2
0.2
Equity-settled transactions
2.2
2.3
8.2
8.0
The following amounts are disclosed in accordance with Schedule 5 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008.
2024 2023
\u00a3m \u00a3m
Aggregate Directors\u2019 remuneration
2.8
2.7
Aggregate amount of gains on exercise of share options
1.9
\u2013
4.7
2.7
During the year the number of Directors in the defined contribution pension scheme was two (2023: two) and in the defined benefit pension scheme was one (2023: one). No contributions were made to the pensions schemes in 2024 (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-449": { "value": "3. Profit before tax Profit before tax is stated after charging/(crediting):
2024 2024
Excluding Exceptional items 2024 2023
exceptional items (see Note 4) Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation of intangible assets
4.2
\u2013
4.2
3.9
Depreciation of owned property, plant and equipment
76.6
\u2013
76.6
66.6
Depreciation of right-of-use assets
59.2
\u2013
59.2
54.5
Net impairment of owned property, plant and equipment
2.9
\u2013
2.9
1.4
Net impairment of right-of-use assets
2.1
\u2013
2.1
2.5
Loss/(profit) on disposal of property, plant and equipment
2.0
(13.8)
(11.8)
2.0
Release of government grants
(0.5)
\u2013
(0.5)
(0.5)
Auditor\u2019s remuneration for the audit of these accounts amounted to \u00a3314,405 (2023: \u00a3299,225) and for other assurance services \u00a324,450 (2023: \u00a314,250). Amounts paid to the Company\u2019s auditor in respect of services to the Company, other than the audit of the Company\u2019s accounts, have not been disclosed as the information is required instead to be presented on a consolidated basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-426": { "value": "3. Profit before tax Profit before tax is stated after charging/(crediting):
2024 2024
Excluding Exceptional items 2024 2023
exceptional items (see Note 4) Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Amortisation of intangible assets
4.2
\u2013
4.2
3.9
Depreciation of owned property, plant and equipment
76.6
\u2013
76.6
66.6
Depreciation of right-of-use assets
59.2
\u2013
59.2
54.5
Net impairment of owned property, plant and equipment
2.9
\u2013
2.9
1.4
Net impairment of right-of-use assets
2.1
\u2013
2.1
2.5
Loss/(profit) on disposal of property, plant and equipment
2.0
(13.8)
(11.8)
2.0
Release of government grants
(0.5)
\u2013
(0.5)
(0.5)
20. Non-current liabilities \u2013 other payables
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Deferred government grants
1.8
2.3
The Group has been awarded five government grants relating to the extension of existing facilities and construction of new facilities. The grants, which have all been recognised as deferred income, are being amortised over the weighted average of the useful lives of the assets they have been used to acquire.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-427": { "value": "Auditor\u2019s remuneration for the audit of these accounts amounted to \u00a3314,405 (2023: \u00a3299,225) and for other assurance services \u00a324,450 (2023: \u00a314,250). Amounts paid to the Company\u2019s auditor in respect of services to the Company, other than the audit of the Company\u2019s accounts, have not been disclosed as the information is required instead to be presented on a consolidated basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-382": { "value": "4. Exceptional items The exceptional items are as follows: 2024 2023 \u00a3m \u00a3m Settlement of Covid-19 business interruption insurance claim \u2013 16.3 Settlement of business interruption insurance claim in respect of 2020 bakery flooding \u2013 4.0 Provisions no longer required: Onerous lease \u2013 0.3 Redundancy / dilapidations 0.3 \u2013 Profit on disposal of Twickenham bakery site (net of fees) 13.8 \u2013 14.1 20.6 ", "dimensions": { "concept": "greggsplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-383": { "value": "
5. Personnel expenses
The average number of persons employed by the Group and Parent Company (including Directors) during the year was as follows:
2024 2023
Number Number
Management
789
723
Administration
512
472
Production
3,747
3,456
Shop
27,210
25,434
32,258
30,085
The aggregate costs of these persons were as follows:
2024 2023
Note \u00a3m \u00a3m
Wages and salaries
599.5
519.6
Compulsory social security contributions
46.9
38.2
Pension costs \u2013 defined contribution plans
21
35.5
30.3
Equity-settled transactions (including compulsory social security contributions)
22
4.9
5.0
686.8
593.1
In addition to wages and salaries, the total amount accrued under the Group\u2019s employee profit sharing scheme is contained within the main cost categories as follows:
2024 2023
\u00a3m \u00a3m
Cost of sales
5.3
4.6
Distribution and selling costs
12.7
10.9
Administrative expenses
2.5
2.1
Amount shared with employees
20.5
17.6
Compulsory social security contributions
2.3
2.0
22.8
19.6
For the purposes of IAS 24 \u2018Related Party Disclosures\u2019, key management personnel comprises the Directors and the members of the Operating Board and their remuneration was as follows:
2024 2023
\u00a3m \u00a3m
Salaries and fees
3.5
3.5
Taxable benefits
0.1
0.1
Annual bonus (including profit share) to be paid in March 2024
2.2
1.9
Post-retirement benefits
0.2
0.2
Equity-settled transactions
2.2
2.3
8.2
8.0
The following amounts are disclosed in accordance with Schedule 5 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008.
2024 2023
\u00a3m \u00a3m
Aggregate Directors\u2019 remuneration
2.8
2.7
Aggregate amount of gains on exercise of share options
1.9
\u2013
4.7
2.7
During the year the number of Directors in the defined contribution pension scheme was two (2023: two) and in the defined benefit pension scheme was one (2023: one). No contributions were made to
the pensions schemes in 2024 (2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-384": { "value": "
6. Finance income and expense 2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income on cash balances
8.1
6.1
Total finance income
8.1
6.1
Finance expense
Interest expense on borrowings and other related charges
(0.9)
(0.7)
Foreign exchange loss
(0.1)
(0.1)
Interest on lease liabilities
(13.0)
(9.6)
Net interest income on defined benefit pension liability
21
0.4
0.3
Total finance expense
(13.6)
(10.1)
Net finance expense
(5.5)
(4.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-428": { "value": "
6. Finance income and expense 2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income on cash balances
8.1
6.1
Total finance income
8.1
6.1
Finance expense
Interest expense on borrowings and other related charges
(0.9)
(0.7)
Foreign exchange loss
(0.1)
(0.1)
Interest on lease liabilities
(13.0)
(9.6)
Net interest income on defined benefit pension liability
21
0.4
0.3
Total finance expense
(13.6)
(10.1)
Net finance expense
(5.5)
(4.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-450": { "value": "
6. Finance income and expense 2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income on cash balances
8.1
6.1
Total finance income
8.1
6.1
Finance expense
Interest expense on borrowings and other related charges
(0.9)
(0.7)
Foreign exchange loss
(0.1)
(0.1)
Interest on lease liabilities
(13.0)
(9.6)
Net interest income on defined benefit pension liability
21
0.4
0.3
Total finance expense
(13.6)
(10.1)
Net finance expense
(5.5)
(4.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-461": { "value": "
6. Finance income and expense 2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income on cash balances
8.1
6.1
Total finance income
8.1
6.1
Finance expense
Interest expense on borrowings and other related charges
(0.9)
(0.7)
Foreign exchange loss
(0.1)
(0.1)
Interest on lease liabilities
(13.0)
(9.6)
Net interest income on defined benefit pension liability
21
0.4
0.3
Total finance expense
(13.6)
(10.1)
Net finance expense
(5.5)
(4.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-464": { "value": "
6. Finance income and expense 2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income on cash balances
8.1
6.1
Total finance income
8.1
6.1
Finance expense
Interest expense on borrowings and other related charges
(0.9)
(0.7)
Foreign exchange loss
(0.1)
(0.1)
Interest on lease liabilities
(13.0)
(9.6)
Net interest income on defined benefit pension liability
21
0.4
0.3
Total finance expense
(13.6)
(10.1)
Net finance expense
(5.5)
(4.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-465": { "value": "
6. Finance income and expense 2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income on cash balances
8.1
6.1
Total finance income
8.1
6.1
Finance expense
Interest expense on borrowings and other related charges
(0.9)
(0.7)
Foreign exchange loss
(0.1)
(0.1)
Interest on lease liabilities
(13.0)
(9.6)
Net interest income on defined benefit pension liability
21
0.4
0.3
Total finance expense
(13.6)
(10.1)
Net finance expense
(5.5)
(4.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-385": { "value": "7. Profit attributable to Greggs plc All of the Group profit for the current and prior year is dealt with in the accounts of the Parent Company. The Company has taken advantage of the exemption permitted by s408 of the Companies Act 2006 from presenting its own income statement.", "dimensions": { "concept": "greggsplc:DisclosureOfProfitAttributableToGreggsPlc", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-386": { "value": "
8. Income tax expense
Recognised in the income statement
2024 2023
Excluding 2024 2024 Excluding 2023 2023
exceptional items Exceptional items Total exceptional items Exceptional items Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current tax
Current year
26.3
\u2013
26.3
12.2
4.8
17.0
Adjustment for prior years
7.1
\u2013
7.1
0.7
\u2013
0.7
33.4
\u2013
33.4
12.9
4.8
17.7
Deferred tax
Origination and reversal of temporary differences
22.3
1.7
24.0
29.0
\u2013
29.0
Adjustment for prior years
(6.9)
\u2013
(6.9)
(0.9)
\u2013
(0.9)
15.4
1.7
17.1
28.1
\u2013
28.1
Total income tax expense in income statement
48.8
1.7
50.5
41.0
4.8
45.8
The tables below explain the differences between the expected tax expense calculated at the UK statutory rate of 25% (2023: 23.5%) and the actual tax expense for each year for both the total tax expense
and the underlying tax expense, excluding the effect of exceptional items.
2024 2024 2023 2023
Excluding Excluding 2024 2024 Excluding Excluding 2023 2023
exceptional items exceptional items Total Total exceptional items exceptional items Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Profit before tax
189.8
203.9
167.7
188.3
Income tax using the domestic corporation tax rate
25.0%
47.5
25.0%
51.0
23.5%
39.4
23.5%
44.2
Items not taxable for tax purposes
\u2013
\u2013
(0.9%)
(1.8)
(0.6%)
(1.0)
(0.6%)
(1.0)
Non-tax-deductible depreciation
0.6%
1.1
0.6%
1.1
0.6%
1.1
0.6%
1.1
Impact of increase in deferred tax rate
\u2013
\u2013
\u2013
\u2013
1.0%
1.7
0.9%
1.7
Adjustment for prior years
0.1%
0.2
0.1%
0.2
(0.1%)
(0.2)
(0.1%)
(0.2)
Total income tax expense in income statement
25.7%
48.8
24.8%
50.5
24.4%
41.0
24.3%
45.8
The rate of corporation tax increased from 19% to 25% from 1 April 2023. Therefore the 25% rate has been applied to any timing differences in both the current and prior year.
Tax recognised in other comprehensive income or directly in equity
2024 2024 2024 2023
Current tax Deferred tax Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Debit/(credit):
Relating to equity-settled transactions
\u2013
0.2
0.2
0.4
Relating to defined benefit pension plans \u2013 remeasurement losses
(1.5)
0.6
(0.9)
(0.4)
(1.5)
0.8
(0.7)
\u2013
The deferred tax movements in both the current and prior years relating to equity-settled transactions are in respect of share-based payments and arise as a result of fluctuations in share price in the year
and the stage of maturity of existing schemes.
The current and deferred tax movements in both the current and prior years relating to defined benefit pension plans are in respect of plan remeasurements accounted for in other comprehensive income
and special contributions made to the scheme.
During 2023 legislation was enacted to implement the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Pillar Two income inclusion rule (IIR) in the
UK, which will apply to accounting periods that begin on or after 31 December 2023. Although the Group has turnover in excess of the Pillar Two threshold, all trade is carried out through a single UK-based
trading company and so there are not expected to be any \u2018top-up\u2019 tax requirements arising from this new regime.
14. Deferred tax assets and liabilities
Group
Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(76.7)
(61.5)
(76.7)
(61.5)
Employee benefits
3.2
4.8
\u2013
\u2013
3.2
4.8
Short-term temporary differences
0.9
0.7
\u2013
\u2013
0.9
0.7
Unused tax losses
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Tax assets/(liabilities)
4.1
6.8
(76.7)
(61.5)
(72.6)
(54.7)
The Group and Parent Company has a deferred tax asset of \u00a38.4 million relating to buildings which previously qualified for industrial buildings allowance that is unrecognised at 28 December 2024, as it is
not considered to be recoverable (30 December 2023: \u00a38.5 million).
The movements in temporary differences during the 52 weeks ended 30 December 2023 were as follows:
Balance at Recognised in Recognised in Balance at
1 January 2023 income equity 30 December 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(33.2)
(28.3)
\u2013
(61.5)
Employee benefits
4.9
0.2
(0.3)
4.8
Short-term temporary differences
0.7
\u2013
\u2013
0.7
Unused tax losses
1.3
\u2013
\u2013
1.3
(26.3)
(28.1)
(0.3)
(54.7)
The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at Recognised in Recognised in
28 December
31 December 2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(61.5)
(15.2)
\u2013
(76.7)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.7)
(17.1)
(0.8)
(72.6)
Parent Company
Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(76.1)
(60.9)
(76.1)
(60.9)
Employee benefits
3.2
4.8
\u2013
\u2013
3.2
4.8
Short-term temporary differences
0.9
0.7
\u2013
\u2013
0.9
0.7
Unused tax losses
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Tax assets/(liabilities)
4.1
6.8
(76.1)
(60.9)
(72.0)
(54.1)
The movements in temporary differences during the 52 weeks ended 30 December 2023 were as follows:
Balance at Recognised in Recognised in Balance at
1 January 2023 income equity 30 December 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(32.6)
(28.3)
\u2013
(60.9)
Employee benefits
4.9
0.2
(0.3)
4.8
Short-term temporary differences
0.7
\u2013
\u2013
0.7
Unused tax losses
1.3
\u2013
\u2013
1.3
(25.7)
(28.1)
(0.3)
(54.1)
The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at
31 December Recognised in Recognised in
28 December
2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(60.9)
(15.2)
\u2013
(76.1)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.1)
(17.1)
(0.8)
(72.0)
19. Current tax
The current tax liability of \u00a39.1 million in the Group and the Parent Company (2023: Group and Parent Company: \u00a34.9 million) represents the estimated amount of income taxes payable in respect of current
and prior years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-387": { "value": "
9. Earnings per share
Basic earnings per share
Basic earnings per share for the 52 weeks ended 28 December 2024 is calculated by dividing profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during
the 52 weeks ended 28 December 2024 as calculated below.
Diluted earnings per share
Diluted earnings per share for the 52 weeks ended 28 December 2024 is calculated by dividing profit attributable to ordinary shareholders by the weighted average number of ordinary shares, adjusted for
the effects of all dilutive potential ordinary shares (which comprise share options granted to employees) in issue during the 52 weeks ended 28 December 2024 as calculated below.
Profit attributable to ordinary shareholders
2024 2024 2023 2023
Excluding Exceptional items 2024 Excluding Exceptional items 2023
exceptional items (see Note 4) Total exceptional items (see Note 4) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit for the financial year attributable to equity holders of the Parent
141.0
12.4
153.4
126.7
15.8
142.5
Basic earnings per share
138.5p
12.2p
150.7p
125.0p
15.6p
140.6p
Diluted earnings per share
137.5p
12.1p
149.6p
123.8p
15.4p
139.2p
Weighted average number of ordinary shares
2024 2023
Number Number
Issued ordinary shares at start of year
102,255,675
102,112,581
Effect of own shares held
(480,247)
(879,975)
Effect of shares issued
\u2013
86,106
Weighted average number of ordinary shares during the year
101,775,428
101,318,712
Effect of share options in issue
782,816
977,753
Weighted average number of ordinary shares (diluted) during the year
102,558,244
102,296,465
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-388": { "value": "
10. Intangible assets
Group and Parent Company
Assets under
Software development Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
40.3
\u2013
40.3
Additions
3.1
5.6
8.7
Disposals
(1.7)
\u2013
(1.7)
Transfers
0.3
(0.3)
\u2013
Balance at 30 December 2023
42.0
5.3
47.3
Balance at 31 December 2023
42.0
5.3
47.3
Additions
3.8
7.0
10.8
Transfers
0.2
(0.2)
\u2013
Balance at 28 December 2024
46.0
12.1
58.1
Amortisation
Balance at 1 January 2023
26.8
\u2013
26.8
Amortisation charge for the year
3.9
\u2013
3.9
Disposals
(1.7)
\u2013
(1.7)
Balance at 30 December 2023
29.0
\u2013
29.0
Balance at 31 December 2023
29.0
\u2013
29.0
Amortisation charge for the year
4.2
\u2013
4.2
Balance at 28 December 2024
33.2
\u2013
33.2
Carrying amounts
At 1 January 2023
13.5
\u2013
13.5
At 30 December 2023
13.0
5.3
18.3
At 31 December 2023
13.0
5.3
18.3
At 28 December 2024
12.8
12.1
24.9
All amortisation is charged to administrative expenses in the income statement.
Assets under development relate to software projects arising from the investment in an upgraded ERP system.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-451": { "value": "10. Intangible assets Group and Parent Company
Assets under
Software development Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
40.3
\u2013
40.3
Additions
3.1
5.6
8.7
Disposals
(1.7)
\u2013
(1.7)
Transfers
0.3
(0.3)
\u2013
Balance at 30 December 2023
42.0
5.3
47.3
Balance at 31 December 2023
42.0
5.3
47.3
Additions
3.8
7.0
10.8
Transfers
0.2
(0.2)
\u2013
Balance at 28 December 2024
46.0
12.1
58.1
Amortisation
Balance at 1 January 2023
26.8
\u2013
26.8
Amortisation charge for the year
3.9
\u2013
3.9
Disposals
(1.7)
\u2013
(1.7)
Balance at 30 December 2023
29.0
\u2013
29.0
Balance at 31 December 2023
29.0
\u2013
29.0
Amortisation charge for the year
4.2
\u2013
4.2
Balance at 28 December 2024
33.2
\u2013
33.2
Carrying amounts
At 1 January 2023
13.5
\u2013
13.5
At 30 December 2023
13.0
5.3
18.3
At 31 December 2023
13.0
5.3
18.3
At 28 December 2024
12.8
12.1
24.9
All amortisation is charged to administrative expenses in the income statement. Assets under development relate to software projects arising from the investment in an upgraded ERP system.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-429": { "value": "10. Intangible assets Group and Parent Company
Assets under
Software development Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
40.3
\u2013
40.3
Additions
3.1
5.6
8.7
Disposals
(1.7)
\u2013
(1.7)
Transfers
0.3
(0.3)
\u2013
Balance at 30 December 2023
42.0
5.3
47.3
Balance at 31 December 2023
42.0
5.3
47.3
Additions
3.8
7.0
10.8
Transfers
0.2
(0.2)
\u2013
Balance at 28 December 2024
46.0
12.1
58.1
Amortisation
Balance at 1 January 2023
26.8
\u2013
26.8
Amortisation charge for the year
3.9
\u2013
3.9
Disposals
(1.7)
\u2013
(1.7)
Balance at 30 December 2023
29.0
\u2013
29.0
Balance at 31 December 2023
29.0
\u2013
29.0
Amortisation charge for the year
4.2
\u2013
4.2
Balance at 28 December 2024
33.2
\u2013
33.2
Carrying amounts
At 1 January 2023
13.5
\u2013
13.5
At 30 December 2023
13.0
5.3
18.3
At 31 December 2023
13.0
5.3
18.3
At 28 December 2024
12.8
12.1
24.9
All amortisation is charged to administrative expenses in the income statement. Assets under development relate to software projects arising from the investment in an upgraded ERP system.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-389": { "value": "
11. Leases
Amounts recognised in the balance sheets
The balance sheets show the following amounts relating to leases:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Right-of-use assets
Land and buildings
377.3
292.3
Plant and equipment
9.9
4.3
387.2
296.6
2024 2023
\u00a3m \u00a3m
Lease liabilities
Current
53.8
52.5
Non-current
361.3
267.1
415.1
319.6
The remaining maturities of the lease liabilities, which are gross and undiscounted, are as follows:
2024 2023
\u00a3m \u00a3m
Less than one year
71.1
64.9
One to two years
69.2
56.8
Two to three years
61.7
49.9
Three to four years
54.2
42.0
Four to five years
46.5
34.5
Five to ten years
149.6
100.4
Ten to twenty years
62.5
19.3
More than twenty years
18.2
\u2013
Total undiscounted lease liability
533.0
367.8
Additions to right-of-use assets during the 52 weeks ended 28 December 2024 as a result of entering into new leases (either as a result of acquiring new shops/supply sites or completing a lease renewal
for an existing property) were \u00a3143.8 million (2023: \u00a370.3 million).
A further net increase of \u00a38.4 million to right-of-use assets has also been recognised during the 52 weeks ended 28 December 2024 as a result of lease modifications and assumptions relating to lease
term once a lease has become expired (2023: net increase of \u00a31.7 million).
Amounts recognised in the income statement
2024 2023
\u00a3m \u00a3m
Depreciation charge on right-of-use assets
Land and buildings
56.8
53.2
Plant and equipment
2.4
1.3
59.2
54.5
Net impairment charge on right-of-use assets \u2013 land and buildings
2.1
2.5
Interest expense (included in finance expense)
13.0
9.6
Expense included for short-term leases (included in cost of sales and administrative expenses)
0.1
\u2013
Expense related to lease of low-value assets that are not shown above as short-term leases (included in administrative expenses)
0.3
0.3
Expense related to variable lease payments not included in lease liabilities (included in distribution and selling costs)
11.4
8.5
The impairment charge is charged to distribution and selling costs in the income statement and arises due to changes in the trading performance of the shops.
The total cash outflow in 2024 for which a lease liability has been recognised in accordance with IFRS 16 was \u00a369.7 million (2023: \u00a363.3 million) and for other lease payments where no lease liability has
been recognised was \u00a311.8 million (2023: \u00a38.8 million). In addition, \u00a30.3 million of lease depreciation (2023: \u00a3nil) and \u00a30.4 million of interest on lease liabilities (2023: \u00a3nil) was capitalised to property, plant
and equipment.
The components of the movement in the total lease liability were as follows:
2024 2023
\u00a3m \u00a3m
Opening total liability
319.6
301.3
Additions in respect of new leases
143.8
70.3
Lease modifications
8.4
1.7
Interest on lease liabilities recognised in the income statement
13.0
9.6
Interest on lease liabilities capitalised to property, plant and equipment
0.4
\u2013
Rental payments (including interest paid on lease liabilities within operating activities)
(70.1)
(63.3)
Closing total liability
415.1
319.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-430": { "value": "11. Leases Amounts recognised in the balance sheets The balance sheets show the following amounts relating to leases: Group and Parent Company
2024 2023
\u00a3m \u00a3m
Right-of-use assets
Land and buildings
377.3
292.3
Plant and equipment
9.9
4.3
387.2
296.6
2024 2023
\u00a3m \u00a3m
Lease liabilities
Current
53.8
52.5
Non-current
361.3
267.1
415.1
319.6
The remaining maturities of the lease liabilities, which are gross and undiscounted, are as follows:
2024 2023
\u00a3m \u00a3m
Less than one year
71.1
64.9
One to two years
69.2
56.8
Two to three years
61.7
49.9
Three to four years
54.2
42.0
Four to five years
46.5
34.5
Five to ten years
149.6
100.4
Ten to twenty years
62.5
19.3
More than twenty years
18.2
\u2013
Total undiscounted lease liability
533.0
367.8
Additions to right-of-use assets during the 52 weeks ended 28 December 2024 as a result of entering into new leases (either as a result of acquiring new shops/supply sites or completing a lease renewal for an existing property) were \u00a3143.8 million (2023: \u00a370.3 million). A further net increase of \u00a38.4 million to right-of-use assets has also been recognised during the 52 weeks ended 28 December 2024 as a result of lease modifications and assumptions relating to lease term once a lease has become expired (2023: net increase of \u00a31.7 million). Amounts recognised in the income statement
2024 2023
\u00a3m \u00a3m
Depreciation charge on right-of-use assets
Land and buildings
56.8
53.2
Plant and equipment
2.4
1.3
59.2
54.5
Net impairment charge on right-of-use assets \u2013 land and buildings
2.1
2.5
Interest expense (included in finance expense)
13.0
9.6
Expense included for short-term leases (included in cost of sales and administrative expenses)
0.1
\u2013
Expense related to lease of low-value assets that are not shown above as short-term leases (included in administrative expenses)
0.3
0.3
Expense related to variable lease payments not included in lease liabilities (included in distribution and selling costs)
11.4
8.5
The impairment charge is charged to distribution and selling costs in the income statement and arises due to changes in the trading performance of the shops. The total cash outflow in 2024 for which a lease liability has been recognised in accordance with IFRS 16 was \u00a369.7 million (2023: \u00a363.3 million) and for other lease payments where no lease liability has been recognised was \u00a311.8 million (2023: \u00a38.8 million). In addition, \u00a30.3 million of lease depreciation (2023: \u00a3nil) and \u00a30.4 million of interest on lease liabilities (2023: \u00a3nil) was capitalised to property, plant and equipment. The components of the movement in the total lease liability were as follows:
2024 2023
\u00a3m \u00a3m
Opening total liability
319.6
301.3
Additions in respect of new leases
143.8
70.3
Lease modifications
8.4
1.7
Interest on lease liabilities recognised in the income statement
13.0
9.6
Interest on lease liabilities capitalised to property, plant and equipment
0.4
\u2013
Rental payments (including interest paid on lease liabilities within operating activities)
(70.1)
(63.3)
Closing total liability
415.1
319.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-390": { "value": "
12. Property, plant and equipment
Group
Plant and Fixtures and Assets under
Land and buildings equipment fittings construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
193.5
204.8
414.1
9.7
822.1
Additions
0.3
25.5
107.3
58.0
191.1
Disposals
(2.2)
(8.9)
(47.9)
\u2013
(59.0)
Transfers
0.5
0.4
\u2013
(0.9)
\u2013
Balance at 30 December 2023
192.1
221.8
473.5
66.8
954.2
Balance at 31 December 2023
192.1
221.8
473.5
66.8
954.2
Additions
11.2
25.7
124.4
76.9
238.2
Disposals
(3.8)
(3.6)
(42.9)
\u2013
(50.3)
Transfers
56.7
4.6
0.2
(61.5)
\u2013
Balance at 28 December 2024
256.2
248.5
555.2
82.2
1,142.1
Depreciation
Balance at 1 January 2023
62.9
113.0
256.2
\u2013
432.1
Depreciation charge for the year
6.5
18.5
41.6
\u2013
66.6
Impairment charge for the year
\u2013
\u2013
3.0
\u2013
3.0
Impairment release for the year
\u2013
\u2013
(1.6)
\u2013
(1.6)
Disposals
(2.1)
(8.7)
(45.4)
\u2013
(56.2)
Balance at 30 December 2023
67.3
122.8
253.8
\u2013
443.9
Balance at 31 December 2023
67.3
122.8
253.8
\u2013
443.9
Depreciation charge for the year
8.1
22.0
46.5
\u2013
76.6
Impairment charge for the year
\u2013
\u2013
4.1
\u2013
4.1
Impairment release for the year
\u2013
\u2013
(1.2)
\u2013
(1.2)
Disposals
(2.0)
(3.5)
(40.5)
\u2013
(46.0)
Balance at 28 December 2024
73.4
141.3
262.7
\u2013
477.4
Carrying amounts
At 1 January 2023
130.6
91.8
157.9
9.7
390.0
At 30 December 2023
124.8
99.0
219.7
66.8
510.3
At 31 December 2023
124.8
99.0
219.7
66.8
510.3
At 28 December 2024
182.8
107.2
292.5
82.2
664.7
Assets under construction at 28 December 2024 relate to the building of new logistics/manufacturing facilities in Derby and Kettering.
Assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable and provision is made where necessary. The method and assumptions
used in these calculations, together with the associated sensitivities and reasons for impairment, are set out in the basis of preparation \u2013 key estimates and judgements on page 135. Any impairment
charge/(reversal) is charged/(credited) to distribution and selling costs in the income statement.
Parent Company
Land and Plant and Fixtures and Assets under
buildings equipment fittings construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
194.0
205.3
414.6
9.7
823.6
Additions
0.3
25.5
107.3
58.0
191.1
Disposals
(2.2)
(8.9)
(47.9)
\u2013
(59.0)
Transfers
0.5
0.4
\u2013
(0.9)
\u2013
Balance at 30 December 2023
192.6
222.3
474.0
66.8
955.7
Balance at 31 December 2023
192.6
222.3
474.0
66.8
955.7
Additions
11.2
25.7
124.4
76.9
238.2
Disposals
(3.8)
(3.6)
(42.9)
\u2013
(50.3)
Transfers
56.7
4.6
0.2
(61.5)
\u2013
Balance at 28 December 2024
256.7
249.0
555.7
82.2
1,143.6
Depreciation
Balance at 1 January 2023
63.2
113.2
256.6
\u2013
433.0
Depreciation charge for the year
6.5
18.5
41.6
\u2013
66.6
Impairment charge for the year
\u2013
\u2013
3.0
\u2013
3.0
Impairment release for the year
\u2013
\u2013
(1.6)
\u2013
(1.6)
Disposals
(2.1)
(8.7)
(45.4)
\u2013
(56.2)
Balance at 30 December 2023
67.6
123.0
254.2
\u2013
444.8
Balance at 31 December 2023
67.6
123.0
254.2
\u2013
444.8
Depreciation charge for the year
8.1
22.0
46.5
\u2013
76.6
Impairment charge for the year
\u2013
\u2013
4.1
\u2013
4.1
Impairment release for the year
\u2013
\u2013
(1.2)
\u2013
(1.2)
Disposals
(2.0)
(3.5)
(40.5)
\u2013
(46.0)
Balance at 28 December 2024
73.7
141.5
263.1
\u2013
478.3
Carrying amounts
At 1 January 2023
130.8
92.1
158.0
9.7
390.6
At 30 December 2023
125.0
99.3
219.8
66.8
510.9
At 31 December 2023
125.0
99.3
219.8
66.8
510.9
At 28 December 2024
183.0
107.5
292.6
82.2
665.3
Land and buildings
The carrying amount of land and buildings comprises:
Group
Parent Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Freehold land
11.6
12.3
11.6
12.3
Freehold property
169.7
111.8
169.9
112.0
Long leasehold property
0.3
0.3
0.3
0.3
Short leasehold property
1.2
0.4
1.2
0.4
182.8
124.8
183.0
125.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-391": { "value": "
13. Investments
Non-current investments
Parent Company
Shares in
subsidiary
undertakings
\u00a3m
Cost
Balance at 1 January 2023, 30 December 2023 and 28 December 2024
5.8
Impairment
Balance at 1 January 2023, 30 December 2023 and 28 December 2024
0.8
Carrying amount
Balance at 1 January 2023, 30 December 2023, 31 December 2023 and 28 December 2024
5.0
The undertakings in which the Company\u2019s interest at the year-end is more than 20% are as follows:
Proportion of
Address of voting rights and
Principal activity registered office shares held
Charles Bragg (Bakers) Limited
Non-trading
1
100%
Greggs (Leasing) Limited
Dormant
1
100%
Thurston Parfitt Limited
Non-trading
1
100%
Greggs Properties Limited
Property holding
1
100%
Olivers (UK) Limited
Dormant
2
100%
Olivers (UK) Development Limited*
Non-trading
2
100%
Birketts Holdings Limited
Dormant
1
100%
J.R. Birkett and Sons Limited*
Non-trading
1
100%
Greggs Trustees Limited
Trustees
1
100%
Solstice Zone A Management Company Limited
Non-trading
3
28%
* Held indirectly
1 Greggs House, Quorum Business Park, Newcastle upon Tyne NE12 8BU.
2 Clydesmill Bakery, 75 Westburn Drive, Clydesmill Estate, Cambuslang, Glasgow G72 7NA.
3 The Abbey, Preston Road, Yeovil, Somerset BA20 2EN.
Solstice Zone A Management Company Limited was not consolidated on the grounds of materiality in either the current or prior year.
The Company\u2019s subsidiary undertakings listed above were all entitled to exemption, under subsections (1) and (2) of s480 of the Companies Act 2006 relating to dormant companies, from the requirement
to have their accounts audited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-431": { "value": "13. Investments Non-current investments Parent Company
Shares in
subsidiary
undertakings
\u00a3m
Cost
Balance at 1 January 2023, 30 December 2023 and 28 December 2024
5.8
Impairment
Balance at 1 January 2023, 30 December 2023 and 28 December 2024
0.8
Carrying amount
Balance at 1 January 2023, 30 December 2023, 31 December 2023 and 28 December 2024
5.0
The undertakings in which the Company\u2019s interest at the year-end is more than 20% are as follows:
Proportion of
Address of voting rights and
Principal activity registered office shares held
Charles Bragg (Bakers) Limited
Non-trading
1
100%
Greggs (Leasing) Limited
Dormant
1
100%
Thurston Parfitt Limited
Non-trading
1
100%
Greggs Properties Limited
Property holding
1
100%
Olivers (UK) Limited
Dormant
2
100%
Olivers (UK) Development Limited*
Non-trading
2
100%
Birketts Holdings Limited
Dormant
1
100%
J.R. Birkett and Sons Limited*
Non-trading
1
100%
Greggs Trustees Limited
Trustees
1
100%
Solstice Zone A Management Company Limited
Non-trading
3
28%
* Held indirectly 1 Greggs House, Quorum Business Park, Newcastle upon Tyne NE12 8BU. 2 Clydesmill Bakery, 75 Westburn Drive, Clydesmill Estate, Cambuslang, Glasgow G72 7NA. 3 The Abbey, Preston Road, Yeovil, Somerset BA20 2EN. Solstice Zone A Management Company Limited was not consolidated on the grounds of materiality in either the current or prior year. The Company\u2019s subsidiary undertakings listed above were all entitled to exemption, under subsections (1) and (2) of s480 of the Companies Act 2006 relating to dormant companies, from the requirement to have their accounts audited.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-452": { "value": "14. Deferred tax assets and liabilities Group Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(76.7)
(61.5)
(76.7)
(61.5)
Employee benefits
3.2
4.8
\u2013
\u2013
3.2
4.8
Short-term temporary differences
0.9
0.7
\u2013
\u2013
0.9
0.7
Unused tax losses
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Tax assets/(liabilities)
4.1
6.8
(76.7)
(61.5)
(72.6)
(54.7)
The Group and Parent Company has a deferred tax asset of \u00a38.4 million relating to buildings which previously qualified for industrial buildings allowance that is unrecognised at 28 December 2024, as it is not considered to be recoverable (30 December 2023: \u00a38.5 million). The movements in temporary differences during the 52 weeks ended 30 December 2023 were as follows:
Balance at Recognised in Recognised in Balance at
1 January 2023 income equity 30 December 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(33.2)
(28.3)
\u2013
(61.5)
Employee benefits
4.9
0.2
(0.3)
4.8
Short-term temporary differences
0.7
\u2013
\u2013
0.7
Unused tax losses
1.3
\u2013
\u2013
1.3
(26.3)
(28.1)
(0.3)
(54.7)
The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at Recognised in Recognised in
28 December
31 December 2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(61.5)
(15.2)
\u2013
(76.7)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.7)
(17.1)
(0.8)
(72.6)
Parent Company Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(76.1)
(60.9)
(76.1)
(60.9)
Employee benefits
3.2
4.8
\u2013
\u2013
3.2
4.8
Short-term temporary differences
0.9
0.7
\u2013
\u2013
0.9
0.7
Unused tax losses
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Tax assets/(liabilities)
4.1
6.8
(76.1)
(60.9)
(72.0)
(54.1)
The movements in temporary differences during the 52 weeks ended 30 December 2023 were as follows:
Balance at Recognised in Recognised in Balance at
1 January 2023 income equity 30 December 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(32.6)
(28.3)
\u2013
(60.9)
Employee benefits
4.9
0.2
(0.3)
4.8
Short-term temporary differences
0.7
\u2013
\u2013
0.7
Unused tax losses
1.3
\u2013
\u2013
1.3
(25.7)
(28.1)
(0.3)
(54.1)
The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at
31 December Recognised in Recognised in
28 December
2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(60.9)
(15.2)
\u2013
(76.1)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.1)
(17.1)
(0.8)
(72.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-432": { "value": "14. Deferred tax assets and liabilities Group Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(76.7)
(61.5)
(76.7)
(61.5)
Employee benefits
3.2
4.8
\u2013
\u2013
3.2
4.8
Short-term temporary differences
0.9
0.7
\u2013
\u2013
0.9
0.7
Unused tax losses
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Tax assets/(liabilities)
4.1
6.8
(76.7)
(61.5)
(72.6)
(54.7)
The Group and Parent Company has a deferred tax asset of \u00a38.4 million relating to buildings which previously qualified for industrial buildings allowance that is unrecognised at 28 December 2024, as it is not considered to be recoverable (30 December 2023: \u00a38.5 million). The movements in temporary differences during the 52 weeks ended 30 December 2023 were as follows:
Balance at Recognised in Recognised in Balance at
1 January 2023 income equity 30 December 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(33.2)
(28.3)
\u2013
(61.5)
Employee benefits
4.9
0.2
(0.3)
4.8
Short-term temporary differences
0.7
\u2013
\u2013
0.7
Unused tax losses
1.3
\u2013
\u2013
1.3
(26.3)
(28.1)
(0.3)
(54.7)
The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at Recognised in Recognised in
28 December
31 December 2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(61.5)
(15.2)
\u2013
(76.7)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.7)
(17.1)
(0.8)
(72.6)
Parent Company Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
\u2013
\u2013
(76.1)
(60.9)
(76.1)
(60.9)
Employee benefits
3.2
4.8
\u2013
\u2013
3.2
4.8
Short-term temporary differences
0.9
0.7
\u2013
\u2013
0.9
0.7
Unused tax losses
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Tax assets/(liabilities)
4.1
6.8
(76.1)
(60.9)
(72.0)
(54.1)
The movements in temporary differences during the 52 weeks ended 30 December 2023 were as follows:
Balance at Recognised in Recognised in Balance at
1 January 2023 income equity 30 December 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(32.6)
(28.3)
\u2013
(60.9)
Employee benefits
4.9
0.2
(0.3)
4.8
Short-term temporary differences
0.7
\u2013
\u2013
0.7
Unused tax losses
1.3
\u2013
\u2013
1.3
(25.7)
(28.1)
(0.3)
(54.1)
The movements in temporary differences during the 52 weeks ended 28 December 2024 were as follows:
Balance at
Balance at
31 December Recognised in Recognised in
28 December
2023 income
equity
2024
\u00a3m \u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(60.9)
(15.2)
\u2013
(76.1)
Employee benefits
4.8
(0.8)
(0.8)
3.2
Short-term temporary differences
0.7
0.2
\u2013
0.9
Unused tax losses
1.3
(1.3)
\u2013
\u2013
(54.1)
(17.1)
(0.8)
(72.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-393": { "value": "
15. Inventories
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Raw materials and consumables
38.6
31.8
Work in progress
16.6
17.0
55.2
48.8
Inventory recognised as an expense during the year was \u00a3613.2 million (2023: \u00a3570.3 million). The write-down of inventories that was recognised as an expense in the period was \u00a349.3 million (2023: \u00a346.2 million).
There was no reversal of write-down of inventories in the current or prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-392": { "value": "
16. Trade and other receivables
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Trade receivables
35.0
33.3
Other receivables
13.8
9.5
Prepayments
13.6
11.0
62.4
53.8
At 28 December 2024 and 30 December 2023 the allowance for expected credit losses (ECLs) on financial assets are not material.
The ageing of trade receivables at the balance sheet date was:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Not past due date
30.6
29.8
Past due 1-30 days
3.9
2.8
Past due 31-90 days
0.2
0.5
Past due over 90 days
0.3
0.2
35.0 33.3
The Group believes that all amounts that are past due by more than 30 days that have an immaterial allowance for ECLs are still collectable in full based on historic payment behaviour and extensive analysis
of customer credit risk. Based on the Group\u2019s monitoring of customer credit risk, the Group believes that no significant allowance for ECLs is necessary in respect of trade receivables not past due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-433": { "value": "16. Trade and other receivables
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Trade receivables
35.0
33.3
Other receivables
13.8
9.5
Prepayments
13.6
11.0
62.4
53.8
At 28 December 2024 and 30 December 2023 the allowance for expected credit losses (ECLs) on financial assets are not material. The ageing of trade receivables at the balance sheet date was:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Not past due date
30.6
29.8
Past due 1-30 days
3.9
2.8
Past due 31-90 days
0.2
0.5
Past due over 90 days
0.3
0.2
35.0 33.3
The Group believes that all amounts that are past due by more than 30 days that have an immaterial allowance for ECLs are still collectable in full based on historic payment behaviour and extensive analysis of customer credit risk. Based on the Group\u2019s monitoring of customer credit risk, the Group believes that no significant allowance for ECLs is necessary in respect of trade receivables not past due. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-394": { "value": "
17. Cash and cash equivalents
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents
125.3
195.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-395": { "value": "
18. Trade and other payables
Group
Parent Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables \u2013 capital
22.7
14.8
22.7
14.8
Trade payables \u2013 other
97.8
84.3
97.8
84.3
Amounts owed to subsidiary undertakings
\u2013
\u2013
7.7
7.7
Other taxes and social security
10.3
12.0
10.3
12.0
Other payables
63.0
48.0
63.0
48.0
Accruals
33.5
45.3
33.5
45.3
Deferred income
16.1
6.2
16.1
6.2
Deferred government grants
0.5
0.5
0.5
0.5
243.9
211.1
251.6
218.8
The amounts owed to subsidiary undertakings are repayable on demand.
Other payables includes \u00a325.7 million (2023: \u00a324.8 million) for performance-related remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-434": { "value": "18. Trade and other payables
Group
Parent Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables \u2013 capital
22.7
14.8
22.7
14.8
Trade payables \u2013 other
97.8
84.3
97.8
84.3
Amounts owed to subsidiary undertakings
\u2013
\u2013
7.7
7.7
Other taxes and social security
10.3
12.0
10.3
12.0
Other payables
63.0
48.0
63.0
48.0
Accruals
33.5
45.3
33.5
45.3
Deferred income
16.1
6.2
16.1
6.2
Deferred government grants
0.5
0.5
0.5
0.5
243.9
211.1
251.6
218.8
The amounts owed to subsidiary undertakings are repayable on demand. Other payables includes \u00a325.7 million (2023: \u00a324.8 million) for performance-related remuneration. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-396": { "value": "
20. Non-current liabilities \u2013 other payables
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Deferred government grants
1.8
2.3
The Group has been awarded five government grants relating to the extension of existing facilities and construction of new facilities. The grants, which have all been recognised as deferred income, are
being amortised over the weighted average of the useful lives of the assets they have been used to acquire.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-466": { "value": "20. Non-current liabilities \u2013 other payables
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Deferred government grants
1.8
2.3
The Group has been awarded five government grants relating to the extension of existing facilities and construction of new facilities. The grants, which have all been recognised as deferred income, are being amortised over the weighted average of the useful lives of the assets they have been used to acquire.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-397": { "value": "
21. Employee benefits \u2013 Pensions
Scheme background
The Company sponsors a funded final salary defined benefit pension plan (the \u2018scheme\u2019) for qualifying employees. The scheme was closed to future accrual in 2008 and all remaining employees who are still
members of the scheme are now members of the Company\u2019s defined contribution scheme.
The scheme is administered by a trustee company (the \u2018Trustee\u2019) which is legally separate from the Company. The directors of the trustee company are composed of representatives of both the employer and
employees and are required by law to act in the interest of all relevant beneficiaries and are responsible for the investment policy with regard to the assets plus the day-to-day administration of the benefits.
UK legislation requires that pension schemes are funded prudently. The last funding valuation of the scheme was carried out by a qualified actuary as at 5 April 2023 and showed a deficit. The Company made a
special contribution to the scheme in April 2024 of \u00a34.5 million which facilitated the purchase in May 2024 of a bulk annuity \u2018buy-in\u2019 policy with Aviva covering all scheme members. This policy provides regular
payments to the Trustee to fund future pension payments and significantly reduces the Company\u2019s exposure to the funding risks associated with its defined benefit pension liabilities. In 2024 the Company agreed
a new schedule of contributions with the scheme which sets out the circumstances when further contributions to the scheme may be required, rather than a specific amount to be paid. Any call for further funds
may arise from the guaranteed minimum pension equalisation exercise which the scheme is currently undertaking, following the judgment in the Lloyds Banking Group case. Current indications are that the timing
is uncertain and this would not be a material amount.
The valuation of the assets held by the scheme following the buy-in results in an accounting loss. Although a buy-out of the scheme is possible in the future there is no indication that this will be executed
and finalised in the short-term. The scheme has retained all responsibility to meet future pension payments to pensioners and the buy-in is not recognised as a settlement. Therefore the loss on the
valuation of the qualifying insurance policy asset has been recognised through other comprehensive income in the year ended 28 December 2024.
The Company has a legal right to benefit from any surplus on the winding up of the scheme. The IAS 19 valuation for the comparative period (30 December 2023) showed that the scheme had a surplus at
that time. However, this surplus and the future-committed contributions would have been subject to withholding tax at 35% prior to any refund to the Company. In accordance with accounting standards
this withholding tax was recognised as a deduction from the valuation surplus.
Profile of the scheme
The defined benefit pension obligation includes benefits for deferred members and current pensioners.
At 28 December 2024, the scheme had no active members (2023: nil), 317 deferred members (2023: 332) and 312 pensioners (2023: 299).
The scheme duration is an indicator of the weighted average time until benefit payments are made. For the scheme as a whole, the duration is approximately 12 years (2023: 15 years).
Investment strategy
During 2024 the scheme\u2019s equity and bond holdings were sold and the cash used to purchase a bulk annuity buy-in policy with Aviva. The assets of the scheme now comprise this policy together with a small
amount of residual cash as detailed below. The prime objective of the scheme is to provide pension and lump sum benefits for members on their retirement and/or benefits on death, before or after retirement,
for their dependants, on a defined benefits basis. Under the policy, Aviva makes monthly payments to the Trustee to cover the insured member benefits and the scheme liabilities have been substantially secured.
Risks to the scheme
The purchase during 2024 of the bulk annuity policy has substantially secured the scheme\u2019s liabilities. All members covered by the policy continue to be members of the scheme, and the Trustee continues
to have ultimate responsibility for the payment of benefits to these members. The purchase of the policy has introduced some concentration and illiquidity risk (as the policy cannot be readily sold) and
exposes the scheme to a degree of insurance provider risk, i.e. the risk that Aviva fails to meet their obligations to the scheme and its members. The Trustee expects the insurance provider risk to be
addressed through the supervisory regime applicable to insurance companies within the UK.
Defined benefit pension (liability) / asset
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Defined benefit obligation
(80.5)
(82.8)
Fair value of plan assets
80.1
95.4
Net defined benefit pension (deficit)/surplus before IFRIC 14 adjustment
(0.4)
12.6
IFRIC 14 adjustment
\u2013
(6.0)
Net defined benefit pension (liability)/asset after IFRIC 14 adjustment
(0.4)
6.6
In accordance with IFRIC 14, the Group considered that the net defined benefit pension surplus in the prior year was limited to the present value of benefits available in the form of any future refunds from
the plan (net of withholding tax at 35% \u2013 the rate of withholding tax in force at the balance sheet date) and also took into account the adverse effect of the minimum funding requirement that the Group was
committed to as at 30 December 2023.
Liability for defined benefit pension obligations
Changes in the present value of the defined benefit pension obligation are as follows:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Opening defined benefit pension obligation
82.8
82.5
Interest income
3.6
3.8
Remeasurement losses/(gains):
\u2013 changes in mortality assumptions
1.4
(1.9)
\u2013 changes in financial assumptions
(8.6)
1.9
\u2013 experience
5.7
0.3
Benefits paid
(4.4)
(3.8)
Closing defined benefit pension obligation
80.5
82.8
Changes in the fair value of plan assets are as follows:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Opening fair value of plan assets
95.4
94.6
Net interest on plan assets
4.3
4.4
Remeasurement (losses)/gains
(19.7)
0.2
Company special contribution
4.5
\u2013
Benefits paid
(4.4)
(3.8)
Closing fair value of plan assets
80.1
95.4
The costs charged in the income statement are as follows:
Group
2024 2023
\u00a3m \u00a3m
Interest income on net defined pension liability
0.7
0.6
Associated movement in IFRIC 14 adjustment
(0.3)
(0.3)
Net interest income
0.4
0.3
The amounts recognised in other comprehensive income are as follows:
Group
2024 2023
\u00a3m \u00a3m
Remeasurement losses on defined benefit pension plans
(18.2)
(0.1)
Associated movement in IFRIC 14 adjustment
6.3
0.1
Net remeasurement losses on defined benefit pension plans
(11.9)
\u2013
The fair value of the plan assets is as follows:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Bulk annuity policy \u2013 UK
79.3
\u2013
Equities
\u2013 UK
\u2013
4.0
\u2013 Overseas
\u2013
7.1
Bonds
\u2013 Corporate
\u2013
29.1
\u2013 Government
\u2013
43.6
Cash and cash equivalents/other
0.8
11.6
80.1
95.4
Principal actuarial assumptions (expressed as weighted averages):
Group and Parent Company
2024
2023
Discount rate
5.50%
4.55%
Future salary increases
n/a
n/a
Future pension increases
1.90%\u20132.80%
1.95%\u20132.55%
Rate of price inflation (RPI)
3.15%
3.00%
Rate of price inflation (CPI)
2.75%
2.60%
In November 2020 the Government announced that RPI is to be aligned with CPIH (CPI with owner occupiers\u2019 costs) from 2030. As a result the RPI assumption has been updated along with the assumed
future gap between RPI and CPI.
Mortality assumption
Mortality in retirement is assumed to be in line with the S3PXA tables using CMI 2023 projections, though placing no weight on 2020 and 2021 data and limited weight on 2022 and 2023 data due to the
inherent uncertainty over the longer-term implications of Covid-19, together with a long-term future rate of improvement of 1.25% per annum. Under these assumptions, pensioners aged 65 now are
expected to live for a further 22.0 years (2023: 21.4 years) if they are male and 24.5 years (2023: 23.5 years) if they are female. Members currently aged 45 are expected to live for a further 23.3 years
(2023: 22.7 years) from age 65 if they are male and for a further 25.9 years (2023: 24.7 years) from age 65 if they are female.
The sensitivities regarding the principal assumptions used to measure the scheme liabilities as at 28 December 2024 are set out below:
Change in assumption
Impact on scheme liabilities
Discount rate
0.5% increase
Decrease of \u00a34.3m
Inflation
0.5% decrease
Decrease of \u00a32.7m
Mortality rates
1 year increase
Increase of \u00a33.2m
The other demographic assumptions have been set having regard to latest trends in the scheme.
The Group is aware of a UK High Court legal ruling in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited which decided that certain historic rule amendments were invalid if they
were not accompanied by the actuarial certifications. The ruling was subject to appeal and in July 2024 the Court of Appeal confirmed the 2023 UK High Court legal ruling. The Group is considering, with the
scheme Trustee, the impact of this ruling. An initial review of scheme rule amendments has not shown any immediate concerns and the Group will continue to monitor any developments. As the outcome
of any impact is unknown, no adjustments have been made in these accounts.
Defined contribution plans
The Company also operates defined contribution schemes for other eligible employees. The assets of the schemes are held separately from those of the Group. The pension cost represents contributions
payable by the Group and amounted to \u00a335.5 million (2023: \u00a330.3 million) in the year. At 28 December 2024 regular monthly employee and employer contributions of \u00a33.4 million were not paid over to the
schemes (30 December 2023: \u00a32.8 million). These amounts were paid to the schemes in January.
22. Share-based payments \u2013 Group and Parent Company
The Group has established a Savings-Related Share Option Scheme, an Executive Share Option Scheme and a Performance Share Plan.
The terms and conditions of the grants for these schemes are as follows, whereby all options are settled by physical delivery of shares:
Number of shares Contractual
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
life
Executive Share Option Scheme 17
April 2014
Senior employees
\u00a35.00
598,225
Three years\u2019 service and EPS growth of 1%-4% over RPI on average over those
10 years
three years
Executive Share Option Scheme 18
March 2015
Senior employees
\u00a310.22
298,045
Three years\u2019 service and EPS growth of 1%-7% over RPI on average over those
10 years
three years
Executive Share Option Scheme 19
April 2016
Senior employees
\u00a310.88
235,857
Three years\u2019 service and EPS growth of 2%-8% over RPI on average over those
10 years
three years
Executive Share Option Scheme 20
April 2017
Senior employees
\u00a310.33
246,219
Three years\u2019 service and EPS growth of 5%-11% on average over those three years
10 years
Performance Share Plan 10
April 2019
Senior executives
\u00a3nil
128,534
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Executive Share Option Scheme 22
April 2019
Senior employees
\u00a318.30
140,913
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Performance Share Plan 11
October 2020
Senior executives
\u00a3nil
166,366
Three years\u2019 service, EPS performance in FY2022, ROCE performance in FY2022
10 years
and two strategic objectives
Executive Share Option Scheme 23
November
Senior employees
\u00a317.20
121,202
Three years\u2019 service, EPS performance in FY2022, ROCE performance in FY2022
10 years
2020 and two strategic objectives
Savings-Related Share Option Scheme 22
April 2021
All employees
\u00a316.72
291,979
Three years\u2019 service
3.5 years
Performance Share Plan 12
April 2021
Senior executives
\u00a3nil
120,022
Three years\u2019 service, EPS performance in FY2023, ROCE performance in FY2023
10 years
Performance Share Plan 12 (retained)
April 2021
Senior executives
\u00a3nil
29,512
Three years\u2019 service
10 years
Executive Share Option Scheme 24
April 2021
Senior employees
\u00a322.63
120,994
Three years\u2019 service, EPS performance in FY2023, ROCE performance in FY2023
10 years
Savings-Related Share Option Scheme 23
April 2022
All employees
\u00a319.68
265,209
Three years\u2019 service
3.5 years
Performance Share Plan 13
March 2022
Senior executives
\u00a3nil
91,305
Three years\u2019 service, EPS average annual growth of 3%-8% over those three years
10 years
and average annual ROCE of 19.6%-22.6% over those three years
Performance Share Plan 13a
May 2022
Senior executives
\u00a3nil
36,014
Three years\u2019 service, EPS average annual growth of 3%-8% over those three years
10 years
and average annual ROCE of 19.6%-22.6% over those three years
Executive Share Option Scheme 25
March 2022
Senior employees
\u00a324.31
118,357
Three years\u2019 service, EPS average annual growth of 3%-8% over those three years
10 years
and average annual ROCE of 19.6%-22.6% over those three years
Savings-Related Share Option Scheme 24
May 23
All employees
\u00a321.06
268,478
Three years\u2019 service
3.5 years
Number of shares Contractual
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
life
Performance Share Plan 14
May 23
Senior executives
\u00a3nil
109,583
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Executive Share Option Scheme 26
May 23
Senior employees
\u00a327.92
130,075
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Performance Share Plan 15
March 24
Senior executives
\u00a3nil
114,763
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a Scope 3
CO emissions target
2
Executive Share Option Scheme 27
March 24
Senior employees
\u00a328.29
148,587
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a Scope 3
CO emissions target
2
Savings-Related Share Option Scheme 25
May 24
All employees
\u00a322.50
340,160
Three years\u2019 service
3.5 years
Performance Share Plan 15a (retained)
December 24
Senior executive
\u00a3nil
2,000
One year\u2019s service
1 year
Performance Share Plan 15b (retained)
December 24
Senior executive
\u00a3nil
2,000
Two years\u2019 service
2 years
The number and weighted average exercise price of share options is as follows:
2024
2023
Weighted average Weighted average
exercise price
Number of options
exercise price
Number of options
Outstanding at the beginning of the year
\u00a314.60
1,680,816
\u00a311.84
1,819,739
Forfeited during the year
\u00a324.77
(55,906)
\u00a313.88
(207,148)
Exercised during the year
\u00a39.04
(516,902)
\u00a37.78
(439,911)
Granted during the year
\u00a319.56
608,610
\u00a318.27
508,136
Outstanding at the end of the year
\u00a317.75
1,716,618
\u00a314.60
1,680,816
Exercisable at the end of the year
\u00a314.70
206,449
\u00a310.13
264,675
No options expired during the period covered by the above tables. The options outstanding at 28 December 2024 have an exercise price in the range of \u00a3nil to \u00a328.29 (2023: \u00a3nil to \u00a327.92) and have a weighted
average contractual life of 5.0 years (2023: 5.1 years). The options exercised during the year had a weighted average market value of \u00a328.49 (2023: \u00a326.04).
The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured
based on the Black-Scholes model for all Savings-Related Share Option Schemes and Executive Share Option Schemes and for Performance Share Plan options granted from 2014 onwards. The fair value
per option granted and the assumptions used in these calculations are as follows:
2024
2023
Savings-Related Performance Performance Savings-Related
Performance Executive Share Share Option Share Plan Share Plan Performance Executive Share Share Option
Share Plan 15 Option Scheme 27 Scheme 25 15a (retained) 15b (retained) Share Plan 14 Option Scheme 26 Scheme 24
March 2024 March 2024 May 2024 December 2024 December 2024 May 2023 May 2023 May 2023
Fair value at grant date
\u00a326.49
\u00a36.12
\u00a38.65
\u00a327.19
\u00a326.59
\u00a325.91
\u00a37.48
\u00a310.92
Share price
\u00a328.29
\u00a328.29
\u00a328.12
\u00a327.80
\u00a327.80
\u00a327.62
\u00a327.62
\u00a328.46
Exercise price
\u00a3nil
\u00a328.29
\u00a322.50
\u00a3nil
\u00a3nil
\u00a3nil
\u00a327.92
\u00a321.06
Expected volatility
30.52%
30.52%
29.99%
28.66%
28.66%
40.11%
40.11%
40.52%
Option life
3 years
3 years
3 years
1 year
2 years
3 years
3 years
3 years
Expected dividend yield
2.19%
2.19%
2.20%
2.23%
2.23%
2.14%
2.14%
2.07%
Risk-free rate
4.07%
4.07%
4.47%
4.32%
4.26%
4.05%
4.05%
3.82%
The expected volatility is based on historical volatility, adjusted for any expected changes to future volatility due to publicly available information. The historical volatility is calculated using a weekly rolling
share price for the three-year period immediately prior to the option grant date.
The costs charged to the income statement relating to share-based payments were as follows:
2024 2023
\u00a3m \u00a3m
Share options granted in 2020
\u2013
0.4
Share options granted in 2021
0.4
1.3
Share options granted in 2022
1.2
1.6
Share options granted in 2023
1.7
1.3
Share options granted in 2024
1.2
\u2013
4.5
4.6
Social security contributions
0.4
0.4
Total expense recognised as employee costs
4.9
5.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-435": { "value": "The Company sponsors a funded final salary defined benefit pension plan (the \u2018scheme\u2019) for qualifying employees. The scheme was closed to future accrual in 2008 and all remaining employees who are still members of the scheme are now members of the Company\u2019s defined contribution scheme. The scheme is administered by a trustee company (the \u2018Trustee\u2019) which is legally separate from the Company. The directors of the trustee company are composed of representatives of both the employer and employees and are required by law to act in the interest of all relevant beneficiaries and are responsible for the investment policy with regard to the assets plus the day-to-day administration of the benefits. UK legislation requires that pension schemes are funded prudently. The last funding valuation of the scheme was carried out by a qualified actuary as at 5 April 2023 and showed a deficit. The Company made a special contribution to the scheme in April 2024 of \u00a34.5 million which facilitated the purchase in May 2024 of a bulk annuity \u2018buy-in\u2019 policy with Aviva covering all scheme members. This policy provides regular payments to the Trustee to fund future pension payments and significantly reduces the Company\u2019s exposure to the funding risks associated with its defined benefit pension liabilities. In 2024 the Company agreed a new schedule of contributions with the scheme which sets out the circumstances when further contributions to the scheme may be required, rather than a specific amount to be paid. Any call for further funds may arise from the guaranteed minimum pension equalisation exercise which the scheme is currently undertaking, following the judgment in the Lloyds Banking Group case. Current indications are that the timing is uncertain and this would not be a material amount. The valuation of the assets held by the scheme following the buy-in results in an accounting loss. Although a buy-out of the scheme is possible in the future there is no indication that this will be executed and finalised in the short-term. The scheme has retained all responsibility to meet future pension payments to pensioners and the buy-in is not recognised as a settlement. Therefore the loss on the valuation of the qualifying insurance policy asset has been recognised through other comprehensive income in the year ended 28 December 2024. The Company has a legal right to benefit from any surplus on the winding up of the scheme. The IAS 19 valuation for the comparative period (30 December 2023) showed that the scheme had a surplus at that time. However, this surplus and the future-committed contributions would have been subject to withholding tax at 35% prior to any refund to the Company. In accordance with accounting standards this withholding tax was recognised as a deduction from the valuation surplus. Profile of the scheme The defined benefit pension obligation includes benefits for deferred members and current pensioners. At 28 December 2024, the scheme had no active members (2023: nil), 317 deferred members (2023: 332) and 312 pensioners (2023: 299). The scheme duration is an indicator of the weighted average time until benefit payments are made. For the scheme as a whole, the duration is approximately 12 years (2023: 15 years). Investment strategy During 2024 the scheme\u2019s equity and bond holdings were sold and the cash used to purchase a bulk annuity buy-in policy with Aviva. The assets of the scheme now comprise this policy together with a small amount of residual cash as detailed below. The prime objective of the scheme is to provide pension and lump sum benefits for members on their retirement and/or benefits on death, before or after retirement, for their dependants, on a defined benefits basis. Under the policy, Aviva makes monthly payments to the Trustee to cover the insured member benefits and the scheme liabilities have been substantially secured. Risks to the scheme The purchase during 2024 of the bulk annuity policy has substantially secured the scheme\u2019s liabilities. All members covered by the policy continue to be members of the scheme, and the Trustee continues to have ultimate responsibility for the payment of benefits to these members. The purchase of the policy has introduced some concentration and illiquidity risk (as the policy cannot be readily sold) and exposes the scheme to a degree of insurance provider risk, i.e. the risk that Aviva fails to meet their obligations to the scheme and its members. The Trustee expects the insurance provider risk to be addressed through the supervisory regime applicable to insurance companies within the UK. Defined benefit pension (liability) / asset
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Defined benefit obligation
(80.5)
(82.8)
Fair value of plan assets
80.1
95.4
Net defined benefit pension (deficit)/surplus before IFRIC 14 adjustment
(0.4)
12.6
IFRIC 14 adjustment
\u2013
(6.0)
Net defined benefit pension (liability)/asset after IFRIC 14 adjustment
(0.4)
6.6
In accordance with IFRIC 14, the Group considered that the net defined benefit pension surplus in the prior year was limited to the present value of benefits available in the form of any future refunds from the plan (net of withholding tax at 35% \u2013 the rate of withholding tax in force at the balance sheet date) and also took into account the adverse effect of the minimum funding requirement that the Group was committed to as at 30 December 2023. Liability for defined benefit pension obligations Changes in the present value of the defined benefit pension obligation are as follows:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Opening defined benefit pension obligation
82.8
82.5
Interest income
3.6
3.8
Remeasurement losses/(gains):
\u2013 changes in mortality assumptions
1.4
(1.9)
\u2013 changes in financial assumptions
(8.6)
1.9
\u2013 experience
5.7
0.3
Benefits paid
(4.4)
(3.8)
Closing defined benefit pension obligation
80.5
82.8
Changes in the fair value of plan assets are as follows:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Opening fair value of plan assets
95.4
94.6
Net interest on plan assets
4.3
4.4
Remeasurement (losses)/gains
(19.7)
0.2
Company special contribution
4.5
\u2013
Benefits paid
(4.4)
(3.8)
Closing fair value of plan assets
80.1
95.4
The costs charged in the income statement are as follows:
Group
2024 2023
\u00a3m \u00a3m
Interest income on net defined pension liability
0.7
0.6
Associated movement in IFRIC 14 adjustment
(0.3)
(0.3)
Net interest income
0.4
0.3
The amounts recognised in other comprehensive income are as follows:
Group
2024 2023
\u00a3m \u00a3m
Remeasurement losses on defined benefit pension plans
(18.2)
(0.1)
Associated movement in IFRIC 14 adjustment
6.3
0.1
Net remeasurement losses on defined benefit pension plans
(11.9)
\u2013
The fair value of the plan assets is as follows:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Bulk annuity policy \u2013 UK
79.3
\u2013
Equities
\u2013 UK
\u2013
4.0
\u2013 Overseas
\u2013
7.1
Bonds
\u2013 Corporate
\u2013
29.1
\u2013 Government
\u2013
43.6
Cash and cash equivalents/other
0.8
11.6
80.1
95.4
Principal actuarial assumptions (expressed as weighted averages):
Group and Parent Company
2024
2023
Discount rate
5.50%
4.55%
Future salary increases
n/a
n/a
Future pension increases
1.90%\u20132.80%
1.95%\u20132.55%
Rate of price inflation (RPI)
3.15%
3.00%
Rate of price inflation (CPI)
2.75%
2.60%
In November 2020 the Government announced that RPI is to be aligned with CPIH (CPI with owner occupiers\u2019 costs) from 2030. As a result the RPI assumption has been updated along with the assumed future gap between RPI and CPI. Mortality assumption Mortality in retirement is assumed to be in line with the S3PXA tables using CMI 2023 projections, though placing no weight on 2020 and 2021 data and limited weight on 2022 and 2023 data due to the inherent uncertainty over the longer-term implications of Covid-19, together with a long-term future rate of improvement of 1.25% per annum. Under these assumptions, pensioners aged 65 now are expected to live for a further 22.0 years (2023: 21.4 years) if they are male and 24.5 years (2023: 23.5 years) if they are female. Members currently aged 45 are expected to live for a further 23.3 years (2023: 22.7 years) from age 65 if they are male and for a further 25.9 years (2023: 24.7 years) from age 65 if they are female. The sensitivities regarding the principal assumptions used to measure the scheme liabilities as at 28 December 2024 are set out below:
Change in assumption
Impact on scheme liabilities
Discount rate
0.5% increase
Decrease of \u00a34.3m
Inflation
0.5% decrease
Decrease of \u00a32.7m
Mortality rates
1 year increase
Increase of \u00a33.2m
The other demographic assumptions have been set having regard to latest trends in the scheme. The Group is aware of a UK High Court legal ruling in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited which decided that certain historic rule amendments were invalid if they were not accompanied by the actuarial certifications. The ruling was subject to appeal and in July 2024 the Court of Appeal confirmed the 2023 UK High Court legal ruling. The Group is considering, with the scheme Trustee, the impact of this ruling. An initial review of scheme rule amendments has not shown any immediate concerns and the Group will continue to monitor any developments. As the outcome of any impact is unknown, no adjustments have been made in these accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-453": { "value": "Defined benefit pension (liability) / asset
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Defined benefit obligation
(80.5)
(82.8)
Fair value of plan assets
80.1
95.4
Net defined benefit pension (deficit)/surplus before IFRIC 14 adjustment
(0.4)
12.6
IFRIC 14 adjustment
\u2013
(6.0)
Net defined benefit pension (liability)/asset after IFRIC 14 adjustment
(0.4)
6.6
In accordance with IFRIC 14, the Group considered that the net defined benefit pension surplus in the prior year was limited to the present value of benefits available in the form of any future refunds from the plan (net of withholding tax at 35% \u2013 the rate of withholding tax in force at the balance sheet date) and also took into account the adverse effect of the minimum funding requirement that the Group was committed to as at 30 December 2023. Liability for defined benefit pension obligations Changes in the present value of the defined benefit pension obligation are as follows:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Opening defined benefit pension obligation
82.8
82.5
Interest income
3.6
3.8
Remeasurement losses/(gains):
\u2013 changes in mortality assumptions
1.4
(1.9)
\u2013 changes in financial assumptions
(8.6)
1.9
\u2013 experience
5.7
0.3
Benefits paid
(4.4)
(3.8)
Closing defined benefit pension obligation
80.5
82.8
Changes in the fair value of plan assets are as follows:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Opening fair value of plan assets
95.4
94.6
Net interest on plan assets
4.3
4.4
Remeasurement (losses)/gains
(19.7)
0.2
Company special contribution
4.5
\u2013
Benefits paid
(4.4)
(3.8)
Closing fair value of plan assets
80.1
95.4
The costs charged in the income statement are as follows:
Group
2024 2023
\u00a3m \u00a3m
Interest income on net defined pension liability
0.7
0.6
Associated movement in IFRIC 14 adjustment
(0.3)
(0.3)
Net interest income
0.4
0.3
The amounts recognised in other comprehensive income are as follows:
Group
2024 2023
\u00a3m \u00a3m
Remeasurement losses on defined benefit pension plans
(18.2)
(0.1)
Associated movement in IFRIC 14 adjustment
6.3
0.1
Net remeasurement losses on defined benefit pension plans
(11.9)
\u2013
The fair value of the plan assets is as follows:
Group and Parent Company
2024 2023
\u00a3m \u00a3m
Bulk annuity policy \u2013 UK
79.3
\u2013
Equities
\u2013 UK
\u2013
4.0
\u2013 Overseas
\u2013
7.1
Bonds
\u2013 Corporate
\u2013
29.1
\u2013 Government
\u2013
43.6
Cash and cash equivalents/other
0.8
11.6
80.1
95.4
Principal actuarial assumptions (expressed as weighted averages):
Group and Parent Company
2024
2023
Discount rate
5.50%
4.55%
Future salary increases
n/a
n/a
Future pension increases
1.90%\u20132.80%
1.95%\u20132.55%
Rate of price inflation (RPI)
3.15%
3.00%
Rate of price inflation (CPI)
2.75%
2.60%
In November 2020 the Government announced that RPI is to be aligned with CPIH (CPI with owner occupiers\u2019 costs) from 2030. As a result the RPI assumption has been updated along with the assumed future gap between RPI and CPI. Mortality assumption Mortality in retirement is assumed to be in line with the S3PXA tables using CMI 2023 projections, though placing no weight on 2020 and 2021 data and limited weight on 2022 and 2023 data due to the inherent uncertainty over the longer-term implications of Covid-19, together with a long-term future rate of improvement of 1.25% per annum. Under these assumptions, pensioners aged 65 now are expected to live for a further 22.0 years (2023: 21.4 years) if they are male and 24.5 years (2023: 23.5 years) if they are female. Members currently aged 45 are expected to live for a further 23.3 years (2023: 22.7 years) from age 65 if they are male and for a further 25.9 years (2023: 24.7 years) from age 65 if they are female. The sensitivities regarding the principal assumptions used to measure the scheme liabilities as at 28 December 2024 are set out below:
Change in assumption
Impact on scheme liabilities
Discount rate
0.5% increase
Decrease of \u00a34.3m
Inflation
0.5% decrease
Decrease of \u00a32.7m
Mortality rates
1 year increase
Increase of \u00a33.2m
The other demographic assumptions have been set having regard to latest trends in the scheme. The Group is aware of a UK High Court legal ruling in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited which decided that certain historic rule amendments were invalid if they were not accompanied by the actuarial certifications. The ruling was subject to appeal and in July 2024 the Court of Appeal confirmed the 2023 UK High Court legal ruling. The Group is considering, with the scheme Trustee, the impact of this ruling. An initial review of scheme rule amendments has not shown any immediate concerns and the Group will continue to monitor any developments. As the outcome of any impact is unknown, no adjustments have been made in these accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-462": { "value": "The sensitivities regarding the principal assumptions used to measure the scheme liabilities as at 28 December 2024 are set out below:
Change in assumption
Impact on scheme liabilities
Discount rate
0.5% increase
Decrease of \u00a34.3m
Inflation
0.5% decrease
Decrease of \u00a32.7m
Mortality rates
1 year increase
Increase of \u00a33.2m
The other demographic assumptions have been set having regard to latest trends in the scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-436": { "value": "Defined contribution plans The Company also operates defined contribution schemes for other eligible employees. The assets of the schemes are held separately from those of the Group. The pension cost represents contributions payable by the Group and amounted to \u00a335.5 million (2023: \u00a330.3 million) in the year. At 28 December 2024 regular monthly employee and employer contributions of \u00a33.4 million were not paid over to the schemes (30 December 2023: \u00a32.8 million). These amounts were paid to the schemes in January. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-437": { "value": "22. Share-based payments \u2013 Group and Parent Company The Group has established a Savings-Related Share Option Scheme, an Executive Share Option Scheme and a Performance Share Plan. The terms and conditions of the grants for these schemes are as follows, whereby all options are settled by physical delivery of shares:
Number of shares Contractual
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
life
Executive Share Option Scheme 17
April 2014
Senior employees
\u00a35.00
598,225
Three years\u2019 service and EPS growth of 1%-4% over RPI on average over those
10 years
three years
Executive Share Option Scheme 18
March 2015
Senior employees
\u00a310.22
298,045
Three years\u2019 service and EPS growth of 1%-7% over RPI on average over those
10 years
three years
Executive Share Option Scheme 19
April 2016
Senior employees
\u00a310.88
235,857
Three years\u2019 service and EPS growth of 2%-8% over RPI on average over those
10 years
three years
Executive Share Option Scheme 20
April 2017
Senior employees
\u00a310.33
246,219
Three years\u2019 service and EPS growth of 5%-11% on average over those three years
10 years
Performance Share Plan 10
April 2019
Senior executives
\u00a3nil
128,534
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Executive Share Option Scheme 22
April 2019
Senior employees
\u00a318.30
140,913
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Performance Share Plan 11
October 2020
Senior executives
\u00a3nil
166,366
Three years\u2019 service, EPS performance in FY2022, ROCE performance in FY2022
10 years
and two strategic objectives
Executive Share Option Scheme 23
November
Senior employees
\u00a317.20
121,202
Three years\u2019 service, EPS performance in FY2022, ROCE performance in FY2022
10 years
2020 and two strategic objectives
Savings-Related Share Option Scheme 22
April 2021
All employees
\u00a316.72
291,979
Three years\u2019 service
3.5 years
Performance Share Plan 12
April 2021
Senior executives
\u00a3nil
120,022
Three years\u2019 service, EPS performance in FY2023, ROCE performance in FY2023
10 years
Performance Share Plan 12 (retained)
April 2021
Senior executives
\u00a3nil
29,512
Three years\u2019 service
10 years
Executive Share Option Scheme 24
April 2021
Senior employees
\u00a322.63
120,994
Three years\u2019 service, EPS performance in FY2023, ROCE performance in FY2023
10 years
Savings-Related Share Option Scheme 23
April 2022
All employees
\u00a319.68
265,209
Three years\u2019 service
3.5 years
Performance Share Plan 13
March 2022
Senior executives
\u00a3nil
91,305
Three years\u2019 service, EPS average annual growth of 3%-8% over those three years
10 years
and average annual ROCE of 19.6%-22.6% over those three years
Performance Share Plan 13a
May 2022
Senior executives
\u00a3nil
36,014
Three years\u2019 service, EPS average annual growth of 3%-8% over those three years
10 years
and average annual ROCE of 19.6%-22.6% over those three years
Executive Share Option Scheme 25
March 2022
Senior employees
\u00a324.31
118,357
Three years\u2019 service, EPS average annual growth of 3%-8% over those three years
10 years
and average annual ROCE of 19.6%-22.6% over those three years
Savings-Related Share Option Scheme 24
May 23
All employees
\u00a321.06
268,478
Three years\u2019 service
3.5 years
Number of shares Contractual
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
life
Performance Share Plan 14
May 23
Senior executives
\u00a3nil
109,583
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Executive Share Option Scheme 26
May 23
Senior employees
\u00a327.92
130,075
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Performance Share Plan 15
March 24
Senior executives
\u00a3nil
114,763
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a Scope 3
CO emissions target
2
Executive Share Option Scheme 27
March 24
Senior employees
\u00a328.29
148,587
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a Scope 3
CO emissions target
2
Savings-Related Share Option Scheme 25
May 24
All employees
\u00a322.50
340,160
Three years\u2019 service
3.5 years
Performance Share Plan 15a (retained)
December 24
Senior executive
\u00a3nil
2,000
One year\u2019s service
1 year
Performance Share Plan 15b (retained)
December 24
Senior executive
\u00a3nil
2,000
Two years\u2019 service
2 years
The number and weighted average exercise price of share options is as follows:
2024
2023
Weighted average Weighted average
exercise price
Number of options
exercise price
Number of options
Outstanding at the beginning of the year
\u00a314.60
1,680,816
\u00a311.84
1,819,739
Forfeited during the year
\u00a324.77
(55,906)
\u00a313.88
(207,148)
Exercised during the year
\u00a39.04
(516,902)
\u00a37.78
(439,911)
Granted during the year
\u00a319.56
608,610
\u00a318.27
508,136
Outstanding at the end of the year
\u00a317.75
1,716,618
\u00a314.60
1,680,816
Exercisable at the end of the year
\u00a314.70
206,449
\u00a310.13
264,675
No options expired during the period covered by the above tables. The options outstanding at 28 December 2024 have an exercise price in the range of \u00a3nil to \u00a328.29 (2023: \u00a3nil to \u00a327.92) and have a weighted average contractual life of 5.0 years (2023: 5.1 years). The options exercised during the year had a weighted average market value of \u00a328.49 (2023: \u00a326.04). The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on the Black-Scholes model for all Savings-Related Share Option Schemes and Executive Share Option Schemes and for Performance Share Plan options granted from 2014 onwards. The fair value per option granted and the assumptions used in these calculations are as follows:
2024
2023
Savings-Related Performance Performance Savings-Related
Performance Executive Share Share Option Share Plan Share Plan Performance Executive Share Share Option
Share Plan 15 Option Scheme 27 Scheme 25 15a (retained) 15b (retained) Share Plan 14 Option Scheme 26 Scheme 24
March 2024 March 2024 May 2024 December 2024 December 2024 May 2023 May 2023 May 2023
Fair value at grant date
\u00a326.49
\u00a36.12
\u00a38.65
\u00a327.19
\u00a326.59
\u00a325.91
\u00a37.48
\u00a310.92
Share price
\u00a328.29
\u00a328.29
\u00a328.12
\u00a327.80
\u00a327.80
\u00a327.62
\u00a327.62
\u00a328.46
Exercise price
\u00a3nil
\u00a328.29
\u00a322.50
\u00a3nil
\u00a3nil
\u00a3nil
\u00a327.92
\u00a321.06
Expected volatility
30.52%
30.52%
29.99%
28.66%
28.66%
40.11%
40.11%
40.52%
Option life
3 years
3 years
3 years
1 year
2 years
3 years
3 years
3 years
Expected dividend yield
2.19%
2.19%
2.20%
2.23%
2.23%
2.14%
2.14%
2.07%
Risk-free rate
4.07%
4.07%
4.47%
4.32%
4.26%
4.05%
4.05%
3.82%
The expected volatility is based on historical volatility, adjusted for any expected changes to future volatility due to publicly available information. The historical volatility is calculated using a weekly rolling share price for the three-year period immediately prior to the option grant date. The costs charged to the income statement relating to share-based payments were as follows:
2024 2023
\u00a3m \u00a3m
Share options granted in 2020
\u2013
0.4
Share options granted in 2021
0.4
1.3
Share options granted in 2022
1.2
1.6
Share options granted in 2023
1.7
1.3
Share options granted in 2024
1.2
\u2013
4.5
4.6
Social security contributions
0.4
0.4
Total expense recognised as employee costs
4.9
5.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-454": { "value": "
Number of shares Contractual
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
life
Executive Share Option Scheme 17
April 2014
Senior employees
\u00a35.00
598,225
Three years\u2019 service and EPS growth of 1%-4% over RPI on average over those
10 years
three years
Executive Share Option Scheme 18
March 2015
Senior employees
\u00a310.22
298,045
Three years\u2019 service and EPS growth of 1%-7% over RPI on average over those
10 years
three years
Executive Share Option Scheme 19
April 2016
Senior employees
\u00a310.88
235,857
Three years\u2019 service and EPS growth of 2%-8% over RPI on average over those
10 years
three years
Executive Share Option Scheme 20
April 2017
Senior employees
\u00a310.33
246,219
Three years\u2019 service and EPS growth of 5%-11% on average over those three years
10 years
Performance Share Plan 10
April 2019
Senior executives
\u00a3nil
128,534
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Executive Share Option Scheme 22
April 2019
Senior employees
\u00a318.30
140,913
Three years\u2019 service, EPS average annual growth of 5%-11% over those three
10 years
years and average annual ROCE of 24%-28% over those three years
Performance Share Plan 11
October 2020
Senior executives
\u00a3nil
166,366
Three years\u2019 service, EPS performance in FY2022, ROCE performance in FY2022
10 years
and two strategic objectives
Executive Share Option Scheme 23
November
Senior employees
\u00a317.20
121,202
Three years\u2019 service, EPS performance in FY2022, ROCE performance in FY2022
10 years
2020 and two strategic objectives
Savings-Related Share Option Scheme 22
April 2021
All employees
\u00a316.72
291,979
Three years\u2019 service
3.5 years
Performance Share Plan 12
April 2021
Senior executives
\u00a3nil
120,022
Three years\u2019 service, EPS performance in FY2023, ROCE performance in FY2023
10 years
Performance Share Plan 12 (retained)
April 2021
Senior executives
\u00a3nil
29,512
Three years\u2019 service
10 years
Executive Share Option Scheme 24
April 2021
Senior employees
\u00a322.63
120,994
Three years\u2019 service, EPS performance in FY2023, ROCE performance in FY2023
10 years
Savings-Related Share Option Scheme 23
April 2022
All employees
\u00a319.68
265,209
Three years\u2019 service
3.5 years
Performance Share Plan 13
March 2022
Senior executives
\u00a3nil
91,305
Three years\u2019 service, EPS average annual growth of 3%-8% over those three years
10 years
and average annual ROCE of 19.6%-22.6% over those three years
Performance Share Plan 13a
May 2022
Senior executives
\u00a3nil
36,014
Three years\u2019 service, EPS average annual growth of 3%-8% over those three years
10 years
and average annual ROCE of 19.6%-22.6% over those three years
Executive Share Option Scheme 25
March 2022
Senior employees
\u00a324.31
118,357
Three years\u2019 service, EPS average annual growth of 3%-8% over those three years
10 years
and average annual ROCE of 19.6%-22.6% over those three years
Savings-Related Share Option Scheme 24
May 23
All employees
\u00a321.06
268,478
Three years\u2019 service
3.5 years
Number of shares Contractual
Date of grant
Employees entitled
Exercise price
granted
Vesting conditions
life
Performance Share Plan 14
May 23
Senior executives
\u00a3nil
109,583
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Executive Share Option Scheme 26
May 23
Senior employees
\u00a327.92
130,075
Three years\u2019 service, EPS average annual growth of 4%-9% over those three
10 years
years, average annual ROCE of 18.7%-21.2% over those three years and a CO
2
emissions reduction target
Performance Share Plan 15
March 24
Senior executives
\u00a3nil
114,763
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a Scope 3
CO emissions target
2
Executive Share Option Scheme 27
March 24
Senior employees
\u00a328.29
148,587
Three years\u2019 service, EPS average annual growth of 5%-10% over those three
10 years
years, average annual ROCE of 18.4%-20.8% over those three years and a Scope 3
CO emissions target
2
Savings-Related Share Option Scheme 25
May 24
All employees
\u00a322.50
340,160
Three years\u2019 service
3.5 years
Performance Share Plan 15a (retained)
December 24
Senior executive
\u00a3nil
2,000
One year\u2019s service
1 year
Performance Share Plan 15b (retained)
December 24
Senior executive
\u00a3nil
2,000
Two years\u2019 service
2 years
The number and weighted average exercise price of share options is as follows:
2024
2023
Weighted average Weighted average
exercise price
Number of options
exercise price
Number of options
Outstanding at the beginning of the year
\u00a314.60
1,680,816
\u00a311.84
1,819,739
Forfeited during the year
\u00a324.77
(55,906)
\u00a313.88
(207,148)
Exercised during the year
\u00a39.04
(516,902)
\u00a37.78
(439,911)
Granted during the year
\u00a319.56
608,610
\u00a318.27
508,136
Outstanding at the end of the year
\u00a317.75
1,716,618
\u00a314.60
1,680,816
Exercisable at the end of the year
\u00a314.70
206,449
\u00a310.13
264,675
No options expired during the period covered by the above tables. The options outstanding at 28 December 2024 have an exercise price in the range of \u00a3nil to \u00a328.29 (2023: \u00a3nil to \u00a327.92) and have a weighted average contractual life of 5.0 years (2023: 5.1 years). The options exercised during the year had a weighted average market value of \u00a328.49 (2023: \u00a326.04). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-398": { "value": "
23. Provisions
Group and Parent Company
2024 2024 2024 2024 2024 2023 2023 2023 2023 2023
Dilapidations National Insurance Redundancy Other Total Dilapidations National Insurance Redundancy Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at start of the year
4.1
1.3
0.1
0.7
6.2
3.6
1.6
0.1
1.0
6.3
Additional provision in the year
2.8
0.5
\u2013
0.1
3.4
1.8
0.4
\u2013
0.1
2.3
Utilised in the year
(1.0)
(0.9)
\u2013
(0.2)
(2.1)
(0.7)
(0.7)
\u2013
(0.1)
(1.5)
Provisions reversed during the year
- Ordinary provisions
(0.6)
\u2013
\u2013
(0.3)
(0.9)
(0.6)
\u2013
\u2013
\u2013
(0.6)
- Exceptional provisions (Note 4)
(0.2)
\u2013
(0.1)
\u2013
(0.3)
\u2013
\u2013
\u2013
(0.3)
(0.3)
Balance at end of the year
5.1
0.9
\u2013
0.3
6.3
4.1
1.3
0.1
0.7
6.2
Included in current liabilities
2.7
0.6
\u2013
0.1
3.4
2.5
1.0
\u2013
0.5
4.0
Included in non-current liabilities
2.4
0.3
\u2013
0.2
2.9
1.6
0.3
0.1
0.2
2.2
5.1
0.9
\u2013
0.3
6.3
4.1
1.3
0.1
0.7
6.2
Dilapidation provisions have been made based on the future expected repair costs required to restore the Group\u2019s leased properties to their fair condition at the end of their respective lease terms, where
it is considered a reliable estimate can be made and it is probable that the Group will be required to settle the obligation. Based on the Group\u2019s experience in respect of shops it is not considered probable
at lease inception that it will be required to make any payment in respect of dilapidations. Therefore a provision is only recognised in respect of shops when circumstances suggest that there will be such
a requirement. For other leased properties, an estimate of these future expected repair costs is assessed at lease inception and recognised as part of the cost of the asset when a reliable estimate can
be made.
National Insurance costs are provided in respect of future share options exercises.
Other provisions are in respect of onerous costs relating to closed shops where the lease has not yet expired.
The majority of all of the provisions are expected to be utilised between one and four years such that the impact of discounting would not be material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-438": { "value": "23. Provisions
Group and Parent Company
2024 2024 2024 2024 2024 2023 2023 2023 2023 2023
Dilapidations National Insurance Redundancy Other Total Dilapidations National Insurance Redundancy Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at start of the year
4.1
1.3
0.1
0.7
6.2
3.6
1.6
0.1
1.0
6.3
Additional provision in the year
2.8
0.5
\u2013
0.1
3.4
1.8
0.4
\u2013
0.1
2.3
Utilised in the year
(1.0)
(0.9)
\u2013
(0.2)
(2.1)
(0.7)
(0.7)
\u2013
(0.1)
(1.5)
Provisions reversed during the year
- Ordinary provisions
(0.6)
\u2013
\u2013
(0.3)
(0.9)
(0.6)
\u2013
\u2013
\u2013
(0.6)
- Exceptional provisions (Note 4)
(0.2)
\u2013
(0.1)
\u2013
(0.3)
\u2013
\u2013
\u2013
(0.3)
(0.3)
Balance at end of the year
5.1
0.9
\u2013
0.3
6.3
4.1
1.3
0.1
0.7
6.2
Included in current liabilities
2.7
0.6
\u2013
0.1
3.4
2.5
1.0
\u2013
0.5
4.0
Included in non-current liabilities
2.4
0.3
\u2013
0.2
2.9
1.6
0.3
0.1
0.2
2.2
5.1
0.9
\u2013
0.3
6.3
4.1
1.3
0.1
0.7
6.2
Dilapidation provisions have been made based on the future expected repair costs required to restore the Group\u2019s leased properties to their fair condition at the end of their respective lease terms, where it is considered a reliable estimate can be made and it is probable that the Group will be required to settle the obligation. Based on the Group\u2019s experience in respect of shops it is not considered probable at lease inception that it will be required to make any payment in respect of dilapidations. Therefore a provision is only recognised in respect of shops when circumstances suggest that there will be such a requirement. For other leased properties, an estimate of these future expected repair costs is assessed at lease inception and recognised as part of the cost of the asset when a reliable estimate can be made. National Insurance costs are provided in respect of future share options exercises. Other provisions are in respect of onerous costs relating to closed shops where the lease has not yet expired. The majority of all of the provisions are expected to be utilised between one and four years such that the impact of discounting would not be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-399": { "value": "24. Capital and reserves Share capital
Ordinary shares
2024 2023
Number Number
In issue and fully paid at start of year \u2013 ordinary shares of 2p
102,255,675
102,112,581
Issued on exercise of share options
\u2013
143,094
102,255,675
102,255,675
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. During the year no shares were issued (2023: 143,094) as a result of the exercise of vested options granted to senior management under the Executive Share Option Scheme and the exercise of options under the Savings-Related Share Option Scheme. Options were exercised at an average price of \u00a313.99 in 2023. Share premium account The share premium reserve relates to the proceeds received in excess of the nominal value of shares issued, net of any transaction costs. Capital redemption reserve The capital redemption reserve relates to the nominal value of issued share capital bought back by the Company and cancelled. Own shares held Deducted from retained earnings is \u00a359.3 million (2023: \u00a363.1 million) in respect of own shares held by the Greggs EBT. The EBT, which was established during 1988 to act as a repository of issued Company shares, holds 436,548 shares (2023: 775,552 shares) with a market value at 28 December 2024 of \u00a312.1 million (2023: \u00a320.2 million) which have not vested unconditionally in colleagues. During the year the EBT purchased 177,898 (2023: 186,700) shares for an aggregate consideration of \u00a35.0 million (2023: \u00a35.0 million) and sold 516,902 (2023: 277,460) shares for an aggregate consideration of \u00a34.7 million (2023: \u00a31.6 million). The shares held by the Greggs EBT can be purchased either by employees on the exercise of an option under the Greggs Executive Share Option Schemes, Greggs Savings-Related Share Option Scheme and Greggs Performance Share Plan or by the trustees of the Greggs Employee Share Scheme. The trustees have elected to waive the dividends payable on these shares. Dividends The following tables analyse dividends when paid and the year to which they relate:
2024 2023
Per share Per share
pence pence
2022 final dividend
\u2013
44.0p
2023 interim dividend
\u2013
16.0p
2023 final dividend
46.0p
\u2013
2023 special dividend
40.0p
\u2013
2024 interim dividend
19.0p
\u2013
105.0p
60.0p
The proposed final dividend in respect of 2024 amounts to 50. 0 pence (\u00a350.9 million). This dividend is not included as a liability in these accounts.
Dividends paid during the year are as follows:
2024 2023
\u00a3m \u00a3m
2022 final dividend
\u2013
44.6
2023 interim dividend
\u2013
16.2
2023 final dividend
46.8
\u2013
2023 special dividend
40.7
\u2013
2024 interim dividend
19.3
\u2013
106.8
60.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-439": { "value": "
Share capital
Ordinary shares
2024 2023
Number Number
In issue and fully paid at start of year \u2013 ordinary shares of 2p
102,255,675
102,112,581
Issued on exercise of share options
\u2013
143,094
102,255,675
102,255,675
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.
During the year no shares were issued (2023: 143,094) as a result of the exercise of vested options granted to senior management under the Executive Share Option Scheme and the exercise of options
under the Savings-Related Share Option Scheme. Options were exercised at an average price of \u00a313.99 in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-455": { "value": "
Share premium account
The share premium reserve relates to the proceeds received in excess of the nominal value of shares issued, net of any transaction costs.
Capital redemption reserve
The capital redemption reserve relates to the nominal value of issued share capital bought back by the Company and cancelled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-440": { "value": "
Own shares held
Deducted from retained earnings is \u00a359.3 million (2023: \u00a363.1 million) in respect of own shares held by the Greggs EBT. The EBT, which was established during 1988 to act as a repository of issued Company
shares, holds 436,548 shares (2023: 775,552 shares) with a market value at 28 December 2024 of \u00a312.1 million (2023: \u00a320.2 million) which have not vested unconditionally in colleagues. During the year
the EBT purchased 177,898 (2023: 186,700) shares for an aggregate consideration of \u00a35.0 million (2023: \u00a35.0 million) and sold 516,902 (2023: 277,460) shares for an aggregate consideration of \u00a34.7 million
(2023: \u00a31.6 million).
The shares held by the Greggs EBT can be purchased either by employees on the exercise of an option under the Greggs Executive Share Option Schemes, Greggs Savings-Related Share Option Scheme
and Greggs Performance Share Plan or by the trustees of the Greggs Employee Share Scheme. The trustees have elected to waive the dividends payable on these shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-441": { "value": "
Dividends
The following tables analyse dividends when paid and the year to which they relate:
2024 2023
Per share Per share
pence pence
2022 final dividend
\u2013
44.0p
2023 interim dividend
\u2013
16.0p
2023 final dividend
46.0p
\u2013
2023 special dividend
40.0p
\u2013
2024 interim dividend
19.0p
\u2013
105.0p
60.0p
The proposed final dividend in respect of 2024 amounts to 50. 0 pence (\u00a350.9 million). This dividend is not included as a liability in these accounts. Dividends paid during the year are as follows:
2024 2023
\u00a3m \u00a3m
2022 final dividend
\u2013
44.6
2023 interim dividend
\u2013
16.2
2023 final dividend
46.8
\u2013
2023 special dividend
40.7
\u2013
2024 interim dividend
19.3
\u2013
106.8
60.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-7": { "value": "0.50", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-6": { "value": "50900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-400": { "value": "
25. Capital commitments
During the 52 weeks ended 28 December 2024, the Group entered into contracts to purchase property, plant and equipment and intangible assets for \u00a3100.5 million (2023: \u00a363.5 million) all of which is
expected to be settled in 2025.
In addition to the above, in early January 2025 the Group completed the purchase of land at Symmetry Park in Kettering to be used for the development of a new National Distribution Centre, with a total
cost of \u00a331.1 million, following the granting of planning permission for the site towards the end of 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-442": { "value": "25. Capital commitments During the 52 weeks ended 28 December 2024, the Group entered into contracts to purchase property, plant and equipment and intangible assets for \u00a3100.5 million (2023: \u00a363.5 million) all of which is expected to be settled in 2025. In addition to the above, in early January 2025 the Group completed the purchase of land at Symmetry Park in Kettering to be used for the development of a new National Distribution Centre, with a total cost of \u00a331.1 million, following the granting of planning permission for the site towards the end of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-401": { "value": "
26. Related parties
Identity of related parties
The Group has a related party relationship with its subsidiaries (see Note 13), Directors and executive officers, and pension schemes.
Trading transactions with subsidiaries \u2013 Parent Company
Amounts owed to related parties
Amounts owed by related parties
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Dormant subsidiaries
7.7
7.7
\u2013
\u2013
The Greggs Foundation is also a related party and during the year the Company made a donation to The Greggs Foundation of \u00a33.1 million (2023: \u00a32.6 million), as well as passing on \u00a31.4 million from
customers, raised from donations, the sale of carrier bags, and a contribution from sales of designated charity products. The Greggs Foundation holds 281,000 shares (2023: 281,000 shares) in Greggs plc
and Richard Hutton, a Director of Greggs plc, is a trustee of The Greggs Foundation.
Transactions with key management personnel
Details of Directors\u2019 shareholdings, share options, emoluments, pension benefits and other non-cash benefits can be found in the Directors\u2019 Remuneration Report on pages 95 to 118.
Summary information on remuneration of key management personnel is included in Note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-443": { "value": "26. Related parties Identity of related parties The Group has a related party relationship with its subsidiaries (see Note 13), Directors and executive officers, and pension schemes. Trading transactions with subsidiaries \u2013 Parent Company
Amounts owed to related parties
Amounts owed by related parties
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Dormant subsidiaries
7.7
7.7
\u2013
\u2013
The Greggs Foundation is also a related party and during the year the Company made a donation to The Greggs Foundation of \u00a33.1 million (2023: \u00a32.6 million), as well as passing on \u00a31.4 million from customers, raised from donations, the sale of carrier bags, and a contribution from sales of designated charity products. The Greggs Foundation holds 281,000 shares (2023: 281,000 shares) in Greggs plc and Richard Hutton, a Director of Greggs plc, is a trustee of The Greggs Foundation. Transactions with key management personnel Details of Directors\u2019 shareholdings, share options, emoluments, pension benefits and other non-cash benefits can be found in the Directors\u2019 Remuneration Report on pages 95 to 118. Summary information on remuneration of key management personnel is included in Note 5. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-456": { "value": "Transactions with key management personnel Details of Directors\u2019 shareholdings, share options, emoluments, pension benefits and other non-cash benefits can be found in the Directors\u2019 Remuneration Report on pages 95 to 118. Summary information on remuneration of key management personnel is included in Note 5. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } }, "fact-8": { "value": "Greggs House", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800I71QMUFJ64IW20", "period": "2023-12-31T00:00:00/2024-12-29T00:00:00" } } } }