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"concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12649": { "value": "82100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12651": { "value": "100800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12653": { "value": "1695500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12655": { "value": "1530400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12660": { "value": "1464900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12662": { "value": "1277600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12666": { "value": "720100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12668": { "value": "841400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12672": { "value": "79300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": 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"dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12688": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12690": { "value": "40000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12693": { "value": "4292700000", "decimals": -5, "dimensions": { "concept": "fras:TotalAssets", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12695": { "value": "4142700000", "decimals": -5, "dimensions": { "concept": "fras:TotalAssets", "entity": "scheme:213800JEGHHEAXIJDX34", "period": 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"scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12712": { "value": "488900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12716": { "value": "100000", "decimals": -5, "dimensions": { "concept": "fras:PermanentContributionToCapital", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12718": { "value": "100000", "decimals": -5, "dimensions": { "concept": "fras:PermanentContributionToCapital", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12722": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12724": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12728": { "value": "47400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12730": { "value": "35600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12734": { "value": "-987300000", "decimals": -5, "dimensions": { "concept": "fras:ReverseCombinationReserve", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12736": { "value": "-987300000", "decimals": -5, "dimensions": { "concept": "fras:ReverseCombinationReserve", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12740": { "value": "-66800000", "decimals": -5, "dimensions": { "concept": "fras:OwnShareReserve", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12742": { "value": "-66800000", "decimals": -5, "dimensions": { "concept": "fras:OwnShareReserve", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12746": { "value": "14000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfGainsAndLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12748": { "value": "55300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfGainsAndLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12751": { "value": "33100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfSharebasedPayments", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12753": { "value": "14100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfSharebasedPayments", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12756": { "value": "2275500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12758": { "value": "1778100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12761": { "value": "1618200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12763": { "value": "1286600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12766": { "value": "40000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12768": { "value": "22000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12771": { "value": "1658200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12773": { "value": "1308600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12778": { "value": "560300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12780": { "value": "503600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12784": { "value": "749700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12786": { "value": "827900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12789": { "value": "1700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12791": { "value": "1600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12795": { "value": "15700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12797": { "value": "40400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12801": { "value": "290200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12803": { "value": "433000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12805": { "value": "1617600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12807": { "value": "1806500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12812": { "value": "66500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12814": { "value": "107200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12818": { "value": "711900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12820": { "value": "729800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12824": { "value": "119600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12826": { "value": "117000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12830": { "value": "16300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12832": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12835": { "value": "102600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12837": { "value": "50900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12839": { "value": "1016900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12841": { "value": "1004900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12845": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12847": { "value": "22700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12850": { "value": "2634500000", "decimals": -5, "dimensions": { "concept": "fras:TotalLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12852": { "value": "2834100000", "decimals": -5, "dimensions": { "concept": "fras:TotalLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12855": { "value": "4292700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12857": { "value": "4142700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12859": { "value": "The Financial Statements
were approved by the Board on 26 July 2023 and were signed on its behalf by:
\n
Chris Wootton
\nChief Financial Officer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f12876": { "value": "CONSOLIDATED CASH FLOW
STATEMENT
\n
For the 53 weeks ended 30 April 2023
\n
Note
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(restated)
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Profit before taxation
660.7
335.6
\n
Net finance cost
23.0
18.9
\n
Net investment income
(108.0)
(24.1)
\n
Gain on disposal of subsidiaries/discontinued operations
(43.9)
-
\n
Operating profit
531.8
330.4
\n
Depreciation of property, plant and equipment
262.3
246.6
\n
Depreciation of investment properties
10.2
5.9
\n
Amortisation of intangible assets
6.9
7.5
\n
Impairment of tangible assets, intangible assets and investment properties
239.7
232.7
\n
Gain on modification/remeasurement of lease liabilities
(26.8)
(28.3)
\n
Profit on disposal of property, plant and equipment
(95.4)
(10.8)
\n
Fair value gain on recognition of associated undertaking
(16.9)
-
\n
Gain on bargain purchase
32
(56.1)
(4.8)
\n
Share based payment charge in equity (excluding deferred tax)
19.0
9.2
\n
Pension contributions less income statement charge
0.9
(1.6)
\n
Operating cash inflow before changes in working capital
875.6
786.8
\n
Decrease in receivables
95.8
79.6
\n
Increase in inventories
(71.6)
(155.0)
\n
(Decrease)/increase in payables
(132.4)
7.5
\n
(Decrease)/increase in provisions
(132.5)
22.9
\n
Cash inflows from operating activities
634.9
741.8
\n
Income taxes paid
(93.2)
(121.0)
\n
Net cash inflows from operating activities
541.7
620.8
\n
Proceeds on disposal of property, plant and equipment and investment property
32.0
5.9
\n
Proceeds from sale and leaseback transactions
185.6
9.5
\n
Proceeds on disposal of listed investments
\n
(1)
\n
21
172.4
238.4
\n
Proceeds in relation to equity derivatives
\n
(1)
\n
66.2
117.4
\n
Disposal of subsidiary undertakings
16
46.5
1.0
\n
Purchase of subsidiaries, net of cash acquired
16, 32
(28.0)
(0.2)
\n
Purchase of property, plant and equipment and investment property
17, 18
(469.4)
(323.2)
\n
Purchase of listed investments
21
(243.3)
(198.4)
\n
Decrease/(increase) in deposits relating to equity derivatives
\n
(2)
\n
23
53.8
(112.9)
\n
Investment income received
3.0
1.0
\n
Finance income received
20.1
6.3
\n
Net cash outflows from investing activities
(178.3)
(229.1)
\n
Lease payments
(140.7)
(176.2)
\n
Finance costs paid
(50.5)
(32.8)
\n
Borrowings drawn down
27
616.8
1,374.4
\n
Borrowings repaid
27
(695.0)
(1,484.4)
\n
Proceeds from sale and leaseback transactions
54.5
1.5
\n
Dividends paid to non-controlling interests
(0.7)
(1.3)
\n
Purchase of own shares
(155.3)
(193.2)
\n
Net cash outflows from financing activities
(370.9)
(512.0)
\n
Net decrease in cash and cash equivalents including overdrafts
(7.5)
(120.3)
\n
Exchange movement on cash balances
3.6
0.1
\n
Cash and cash equivalents including overdrafts at beginning of period
336.8
457.0
\n
Cash and cash equivalents including overdrafts at the period end
24
332.9
336.8
\n
(1)
Proceeds in relation to equity derivatives in both the current and prior periods have been shown separately from proceeds on disposal of listed investments. This has no impact on
\n
net cash outflows from investing activities or net cash.
\n
(2)
Movements in deposits relating to equity derivatives have been presented as a separate line item within net cash outflows from investing activities in the current year. Following a
\n
reassessment, management have concluded that this is a more appropriate presentation of movements in these collateral deposits in line with IAS 7 Statement of Cash Flows. Prior
\n
year information has been restated on an equivalent basis, resulting in a \u00a3112.9m increase to net cash inflows from operating activities and an equal and opposite increase to
\n
net cash outflows from investing activities. The presentational adjustment does not have any impact on net decrease in cash and cash equivalents, the balance sheet, the Group\u2019s
\n
profit, or earnings per share in any of the periods presented.
\nThe accompanying accounting policies and notes form part of these Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f12890": { "value": "660700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12892": { "value": "335600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12895": { "value": "23000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12897": { "value": "18900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12900": { "value": "-108000000", "decimals": -5, "dimensions": { "concept": "fras:NetInvestmentIncome", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12902": { "value": "-24100000", "decimals": -5, "dimensions": { "concept": "fras:NetInvestmentIncome", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12905": { "value": "-43900000", "decimals": -5, "dimensions": { "concept": "fras:GainOnSaleOfSubsidiariesOrDiscontinuedOperation", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12907": { "value": "0", "decimals": -6, "dimensions": { "concept": "fras:GainOnSaleOfSubsidiariesOrDiscontinuedOperation", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12910": { "value": "531800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12912": { "value": "330400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12915": { "value": "262300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationPropertyPlantAndEquipment", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12917": { "value": "246600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationPropertyPlantAndEquipment", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12920": { "value": "10200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationInvestmentProperty", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12922": { "value": "5900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationInvestmentProperty", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12925": { "value": "6900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmortisationExpense", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12927": { "value": "7500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmortisationExpense", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12930": { "value": "239700000", "decimals": -5, "dimensions": { "concept": "fras:AdjustmentsForImpairmentOfTangibleAssetsIntangibleAssetsAndInvestmentProperties", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12932": { "value": "232700000", "decimals": -5, "dimensions": { "concept": "fras:AdjustmentsForImpairmentOfTangibleAssetsIntangibleAssetsAndInvestmentProperties", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12935": { "value": "26800000", "decimals": -5, "dimensions": { "concept": "fras:AdjustmentsForGainOnModificationAndRemeasurementOfLeaseLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12937": { "value": "28300000", "decimals": -5, "dimensions": { "concept": "fras:AdjustmentsForGainOnModificationAndRemeasurementOfLeaseLiabilities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12940": { "value": "95400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12942": { "value": "10800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12945": { "value": "16900000", "decimals": -5, "dimensions": { "concept": "fras:AdjustmentsForFairValueGainOnRecognitionOfAssociatedUndertaking", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12947": { "value": "0", "decimals": -6, "dimensions": { "concept": "fras:AdjustmentsForFairValueGainOnRecognitionOfAssociatedUndertaking", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12951": { "value": "56100000", "decimals": -5, "dimensions": { "concept": "fras:AdjustmentsForGainOnBargainPurchase", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12953": { "value": "4800000", "decimals": -5, "dimensions": { "concept": "fras:AdjustmentsForGainOnBargainPurchase", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12956": { "value": "19000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12958": { "value": "9200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12961": { "value": "900000", "decimals": -5, "dimensions": { "concept": "fras:AdjustmentsForPensionContributionsLessIncomeStatementCharge", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12963": { "value": "-1600000", "decimals": -5, "dimensions": { "concept": "fras:AdjustmentsForPensionContributionsLessIncomeStatementCharge", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12966": { "value": "875600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12968": { "value": "786800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12971": { "value": "95800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12973": { "value": "79600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12976": { "value": "-71600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12978": { "value": "-155000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12981": { "value": "-132400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12983": { "value": "7500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12986": { "value": "-132500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12988": { "value": "22900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12991": { "value": "634900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12993": { "value": "741800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f12996": { "value": "93200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f12998": { "value": "121000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f13001": { "value": "541700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f13003": { "value": "620800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f13006": { "value": "32000000", "decimals": -5, "dimensions": { "concept": "fras:ProceedsOnDisposalOfPropertyPlantAndEquipmentAndInvestmentProperty", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f13008": { "value": "5900000", "decimals": -5, "dimensions": { "concept": "fras:ProceedsOnDisposalOfPropertyPlantAndEquipmentAndInvestmentProperty", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f13011": { "value": "185600000", "decimals": -5, "dimensions": { "concept": "fras:ProceedsFromSaleAndLeasebackTransactionsClassifiedAsInvestingActivities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f13013": { "value": "9500000", "decimals": -5, "dimensions": { "concept": "fras:ProceedsFromSaleAndLeasebackTransactionsClassifiedAsInvestingActivities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f13018": { "value": "172400000", "decimals": -5, "dimensions": { "concept": "fras:ProceedsOnDisposalOfListedInvestments", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f13020": { "value": "238400000", "decimals": -5, "dimensions": { "concept": "fras:ProceedsOnDisposalOfListedInvestments", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f13024": { "value": "66200000", "decimals": -5, "dimensions": { "concept": "fras:ProceedsInRelationToEquityDerivatives", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f13026": { "value": "117400000", "decimals": -5, "dimensions": { "concept": "fras:ProceedsInRelationToEquityDerivatives", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f13030": { "value": "46500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f13032": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2021-04-26T00:00:00/2022-04-25T00:00:00", "unit": "iso4217:GBP" } }, "f13036": { "value": "28000000", "decimals": -5, "dimensions": { "concept": "fras:PurchaseOfSubsidiariesNetOfCashAcquired", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00", "unit": 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"f13984": { "value": "1618200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f13986": { "value": "40000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f13988": { "value": "1658200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "f14008": { "value": "2023-04-30", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14010": { "value": "1.
ACCOUNTING POLICIES
\n
Frasers Group Plc (Company number: 06035106) is a
\n
company incorporated and domiciled in the United
\n
Kingdom, its shares are listed on the London Stock
\n
Exchange. The registered office is Unit A, Brook Park
\n
East, Shirebrook, NG20 8RY. The principal activities and
\n
structure of the Group can be found in the Directors\u2019
\n
Report and the \u2018Our Business\u2019 section.
\n
Basis of Preparation
\n
The consolidated Financial Statements have been
\n
prepared in accordance with International Accounting
\n
Standards in conformity with the requirements of
\n
the Companies Act 2006 and in accordance with
\n
international financial reporting standards adopted by
\n
the UK Endorsement Board. The consolidated Financial
\n
Statements have been prepared under the historical
\n
cost convention, as modified to include fair valuation of
\n
certain financial assets, derivative financial instruments
\n
and non-controlling interests.
\n
The accounting policies set out below have been applied
\n
consistently to all periods in these Financial Statements
\n
and have been applied consistently by all Group entities.
\n
The financial statements are prepared in sterling, which
\n
is the functional currency of the Group. The numbers
\n
presented in the Financial Statements have been
\n
rounded to the nearest million, unless otherwise stated.
\n
Going Concern
\n
The Group\u2019s business activities, together with the factors
\n
likely to affect its future development, performance and
\n
position are set out in the Chief Executive\u2019s Report and
\n
Business Review.
\n
The financial position of the Group, its cash flows,
\n
liquidity position and borrowing facilities are described
\n
in the Financial Review. In addition, the financial
\n
statements include the Group\u2019s objectives, policies
\n
and processes for managing its capital, its financial
\n
risk management objectives, details of its financial
\n
instruments and hedging activities, and its exposures to
\n
credit risk and liquidity risk.
\n
The Group is profitable, highly cash generative and
\n
has considerable financial resources. The Group is able
\n
to operate within its banking facilities and covenants,
\n
which run until November 2025 with a one year option
\n
to extend, and is well placed to take advantage of
\n
strategic opportunities as they arise. As a consequence,
\n
the Directors believe that the Group is well placed
\n
to manage its business risks successfully despite the
\n
continued uncertain economic outlook.
\n
Management have assessed the level of trading and
\n
have forecast and projected a conservative base case
\n
and also a number of even more conservative scenarios,
\n
including taking into account the Group\u2019s open positions
\n
in relation to strategic investment options. These
\n
forecasts and projections show that the Group will be
\n
able to operate within the level of the current facility and
\n
its covenant requirements (being interest cover and net
\n
debt to EBITDA ratios). Management also has a number
\n
of mitigating actions which could be taken if required
\n
such as selling strategic investments at a discount
\n
to the market price if a significant share price fall
\n
occurred, reducing capital expenditure, putting on hold
\n
discretionary spend, liquidating certain assets on the
\n
Balance Sheet and paying down the Group Financing
\n
Facility. See the Viability Statement for further details.
\n
Having thoroughly reviewed the performance of the
\n
Group and Parent Company and having made suitable
\n
enquiries, the Directors are confident that the Group
\n
and Parent Company have adequate resources to
\n
remain in operational existence for the foreseeable
\n
future which is at least 12 months from the date of
\n
these financial statements. Trading would need to fall
\n
significantly below levels observed during the COVID-19
\n
pandemic to require mitigating actions or a relaxation
\n
of covenants. On this basis, the Directors continue to
\n
adopt the going concern basis for the preparation of
\n
the Annual Report and financial statements which is a
\n
period of at least 12 months from the date of approval
\n
of these financial statements.
\n
FRASERS GROUP PLC
ANNUAL REPORT 2023
\n
133
Basis of Consolidation
\n
The consolidated Financial Statements incorporate
\n
the financial statements of the Company and entities
\n
controlled by the Company (its subsidiaries) each year.
\n
Control is achieved when the Company:
\n
\u2022
has the power over the investee;
\n
\u2022
is exposed, or has rights, to variable returns from its
\n
involvement with the investee; and
\n
\u2022
has the ability to use its power to affect its returns.
\n
The Company reassesses whether or not it controls an
\n
investee if facts and circumstances indicate that there
\n
are changes to one or more of the three elements of
\n
control listed above.
\n
When the Company has less than a majority of the
\n
voting rights of an investee, it considers that it has power
\n
over the investee when the voting rights are sufficient to
\n
give it the practical ability to direct the relevant activities
\n
of the investee unilaterally. The Company considers all
\n
relevant facts and circumstances in assessing whether
\n
or not the Company\u2019s voting rights in an investee are
\n
sufficient to give it power, including:
\n
\u2022
the size of the Company\u2019s holding of voting rights
\n
relative to the size and dispersion of holdings of the
\n
other vote holders;
\n
\u2022
potential voting rights held by the Company, other
\n
vote holders or other parties;
\n
\u2022
rights arising from other contractual arrangements;
\n
and
\n
\u2022
any additional facts and circumstances that
\n
indicate that the Company has, or does not have,
\n
the current ability to direct the relevant activities at
\n
the time that decisions need to be made, including
\n
voting patterns at previous shareholders\u2019 meetings.
\n
Consolidation of a subsidiary begins when the Company
\n
obtains control over the subsidiary and ceases when the
\n
Company loses control of the subsidiary. Specifically, the
\n
results of subsidiaries acquired or disposed of during
\n
the year are included in profit or loss from the date
\n
the Company gains control until the date when the
\n
Company ceases to control the subsidiary.
\n
Where necessary, adjustments are made to the financial
\n
statements of subsidiaries to bring the accounting
\n
policies used into line with the Group\u2019s accounting
\n
policies.
\n
All intragroup assets and liabilities, equity, income,
\n
expenses and cash flows relating to transactions
\n
between the members of the Group are eliminated on
\n
consolidation.
\n
Non-controlling interests in subsidiaries are identified
\n
separately from the Group\u2019s equity therein. Those
\n
interests of non-controlling shareholders that are
\n
present ownership interests entitling their holders to
\n
a proportionate share of net assets upon liquidation
\n
may initially be measured at fair value or at the
\n
non-controlling interests\u2019 proportionate share of the
\n
fair value of the acquiree\u2019s identifiable net assets. The
\n
choice of measurement is made on an acquisition-
\n
by-acquisition basis. Other non-controlling interests
\n
are initially measured at fair value. Subsequent to
\n
acquisition, the carrying amount of non-controlling
\n
interests is the amount of those interests at initial
\n
recognition plus the non-controlling interests\u2019 share of
\n
subsequent changes in equity.
\n
Profit or loss and each component of other
\n
comprehensive income are attributed to the owners
\n
of the Company and to the non-controlling interests.
\n
Total comprehensive income of the subsidiaries is
\n
attributed to the owners of the Company and to the
\n
non-controlling interests even if this results in the
\n
non-controlling interests having a deficit balance.
\n
Changes in the Group\u2019s interests in subsidiaries that
\n
do not result in a loss of control are accounted for as
\n
equity transactions. The carrying amount of the Group\u2019s
\n
interests and the non-controlling interests are adjusted
\n
to reflect the changes in their relative interests in the
\n
subsidiaries. Any difference between the amount by
\n
which the non-controlling interests are adjusted and
\n
the fair value of the consideration paid or received
\n
is recognised directly in equity and attributed to the
\n
owners of the Company.
\n
When the Group loses control of a subsidiary, the gain or
\n
loss on disposal recognised in profit or loss is calculated
\n
as the difference between (i) the aggregate of the fair
\n
value of the consideration received and the fair value
\n
of any retained interest and (ii) the previous carrying
\n
amount of the assets (including goodwill), less liabilities
\n
of the subsidiary and any non-controlling interests. All
\n
amounts previously recognised in other comprehensive
\n
income in relation to that subsidiary are accounted
\n
for as if the Group had directly disposed of the related
\n
assets or liabilities of the subsidiary (i.e. reclassified to
\n
profit or loss or transferred to another category of equity
\n
as required/permitted by applicable IFRS Standards).
\n
The fair value of any investment retained in the former
\n
subsidiary at the date when control is lost is regarded
\n
as the fair value on initial recognition for subsequent
\n
accounting under IFRS 9 when applicable, or the cost on
\n
initial recognition of an investment in an associate or a
\n
joint venture.
\n
\n
Business Combinations
\n
Acquisitions of businesses are accounted for using the
\n
acquisition method. The consideration transferred in a
\n
business combination is measured at fair value, which is
\n
calculated as the sum of the acquisition-date fair values
\n
of assets transferred to the Group, liabilities incurred
\n
by the Group to the former owners of the acquiree and
\n
the equity interest issued by the Group in exchange for
\n
control of the acquiree. Acquisition-related costs are
\n
recognised in profit or loss as incurred.
\n
At the acquisition date, the identifiable assets acquired
\n
and the liabilities assumed are recognised at their fair
\n
value at the acquisition date, except that:
\n
\u2022
deferred tax assets or liabilities and assets or
\n
liabilities related to employee benefit arrangements
\n
are recognised and measured in accordance with
\n
IAS 12 and IAS 19 respectively;
\n
\u2022
liabilities or equity instruments related to
\n
share-based payment arrangements of the acquiree
\n
or share-based payment arrangements of the
\n
Group entered into to replace share-based payment
\n
arrangements of the acquiree are measured in
\n
accordance with IFRS 2 at the acquisition date; and
\n
\u2022
assets (or disposal groups) that are classified as held
\n
for sale in accordance with IFRS 5 are measured in
\n
accordance with that Standard.
\n
Goodwill is measured as the excess of the sum of
\n
the consideration transferred, the amount of any
\n
non-controlling interests in the acquiree, and the fair
\n
value of the acquirer\u2019s previously held equity interest in
\n
the acquiree (if any) over the net of the acquisition-date
\n
amounts of the identifiable assets acquired and the
\n
liabilities assumed. If, after reassessment, the net of
\n
the acquisition-date amounts of the identifiable assets
\n
acquired and liabilities assumed exceeds the sum
\n
of the consideration transferred, the amount of any
\n
non-controlling interests in the acquiree and the fair
\n
value of the acquirer\u2019s previously held interest in the
\n
acquiree (if any), the excess is recognised immediately in
\n
profit or loss as a bargain purchase gain.
\n
For business combinations achieved in stages, the Group
\n
remeasures its previously held equity interest in the
\n
acquiree at its acquisition date fair value and recognises
\n
the resulting gain or loss, if any, in the Income Statement
\n
as appropriate.
\n
Associates
\n
An associate is an entity over which the Group has
\n
significant influence and that is neither a subsidiary
\n
nor an interest in a joint venture. Significant influence is
\n
the power to participate in the financial and operating
\n
policy decisions of the investee but is not control or joint
\n
control over those policies.
\n
The results and assets and liabilities of associates
\n
are incorporated in these Financial Statements using
\n
the equity method of accounting, except when the
\n
investment is classified as held for sale, in which case it is
\n
accounted for in accordance with IFRS 5.
\n
Under the equity method, an investment in an associate
\n
is recognised initially in the consolidated Balance Sheet
\n
at cost and adjusted thereafter to recognise the Group\u2019s
\n
share of the profit or loss and other comprehensive
\n
income of the associate. When the Group\u2019s share of
\n
losses of an associate or a joint venture exceeds the
\n
Group\u2019s interest in that associate (which includes any
\n
long-term interests that, in substance, form part of the
\n
Group\u2019s net investment in the associate), the Group
\n
discontinues recognising its share of further losses.
\n
Additional losses are recognised only to the extent that
\n
the Group has incurred legal or constructive obligations
\n
or made payments on behalf of the associate.
\n
An investment in an associate is accounted for using
\n
the equity method from the date on which the
\n
investee becomes an associate. On acquisition of the
\n
investment in an associate, any excess of the cost of the
\n
investment over the Group\u2019s share of the net fair value
\n
of the identifiable assets and liabilities of the investee
\n
is recognised as goodwill, which is included within the
\n
carrying amount of the investment. Any excess of the
\n
Group\u2019s share of the net fair value of the identifiable
\n
assets and liabilities over the cost of the investment,
\n
after reassessment, is recognised immediately in profit or
\n
loss in the period in which the investment is acquired.
\n
The requirements of IAS 36 are applied to determine
\n
whether it is necessary to recognise any impairment
\n
loss with respect to the Group\u2019s investment in an
\n
associate. When necessary, the entire carrying amount
\n
of the investment (including goodwill) is tested for
\n
impairment in accordance with IAS 36 as a single asset
\n
by comparing its recoverable amount (higher of value
\n
in use and fair value less costs of disposal) with its
\n
carrying amount. Any reversal of that impairment loss is
\n
recognised in accordance with IAS 36 to the extent that
\n
the recoverable amount of the investment subsequently
\n
increases.
\n
The Group discontinues the use of the equity method
\n
from the date when the investment ceases to be an
\n
associate. When the Group retains an interest in the
\n
former associate and the retained interest is a financial
\n
asset, the Group measures the retained interest at fair
\n
value at that date and the fair value is regarded as
\n
its fair value on initial recognition in accordance with
\n
IFRS 9. The difference between the carrying amount
\n
of the associate at the date the equity method was
\n
discontinued, and the fair value of any retained interest
\n
and any proceeds from disposing of a part interest in the
\n
associate is included in the determination of the gain or
\n
loss on disposal of the associate. In addition, the Group
\n
accounts for all amounts previously recognised in other
\n
comprehensive income in relation to that associate on
\n
\n
the same basis as would be required if that associate
\n
had directly disposed of the related assets or liabilities.
\n
Therefore, if a gain or loss previously recognised in other
\n
comprehensive income by that associate would be
\n
reclassified to profit or loss on the disposal of the related
\n
assets or liabilities, the Group reclassifies the gain or
\n
loss from equity to profit or loss (as a reclassification
\n
adjustment) when the associate is disposed of.
\n
When the Group reduces its ownership interest in an
\n
associate but the Group continues to use the equity
\n
method, the Group reclassifies to profit or loss the
\n
proportion of the gain or loss that had previously
\n
been recognised in other comprehensive income
\n
relating to that reduction in ownership interest if
\n
that gain or loss would be reclassified to profit or
\n
loss on the disposal of the related assets or liabilities.
\n
When a group entity transacts with an associate
\n
of the Group, profits and losses resulting from the
\n
transactions with the associate or joint venture are
\n
recognised in the Group\u2019s consolidated Financial
\n
Statements only to the extent of interests in the
\n
associate that are not related to the Group.
\n
Revenue Recognition
\n
Revenue with customers is measured based on the
\n
five-step model under IFRS 15: \u2018Revenue from Contracts
\n
with Customers\u2019:
\n
1.
identify the contract with the customer;
\n
2.
identify the performance obligations in the contract;
\n
3.
determine the transaction price;
\n
4.
allocate the transaction price to separate
\n
performance obligations in the contract; and
\n
5.
recognise revenues when (or as) each performance
\n
obligation is satisfied.
\n
Revenue is measured at the fair value of the
\n
consideration received, or receivable, and represents
\n
amounts receivable for goods supplied, stated net of
\n
discounts, returns and value added taxes. Customers
\n
have a right of return within a specified period and this
\n
gives rise to variable consideration under IFRS 15. The
\n
right of return asset is recognised within inventory, with
\n
the refund liability due to customers on return of their
\n
goods recognised within trade and other payables.
\n
In the case of goods sold through retail stores, revenue
\n
is recognised when we have satisfied the performance
\n
obligation of transferring the goods to the customer at
\n
the point of sale, less provision for returns. Accumulated
\n
experience is used to estimate and provide for such
\n
returns at the time of the sale. Retail sales are usually in
\n
cash, by debit card or by credit card.
\n
In the case of goods sold on the internet where the
\n
customer has opted for delivery, revenue is recognised
\n
when we have satisfied the performance obligation of
\n
transferring the goods to the customer, which is at the
\n
point of delivery to the customer.
\n
Transactions are settled by credit card, debit card or
\n
credit account. Provisions are made for internet credit
\n
notes based on the expected level of returns using the
\n
expected value method, which in turn is based upon
\n
the historical rate of returns. In the case of internet
\n
click and collect orders which are collected in store, the
\n
performance obligation is deemed to have been satisfied
\n
when the goods are dispatched from the warehouse.
\n
In the case of goods sold to other businesses via
\n
wholesale channels, revenue is recognised when we
\n
have satisfied the performance obligation of transferring
\n
the goods to the customer upon delivery. Payment terms
\n
are generally 30-60 days with no right of return.
\n
In the case of income generated from trademarks and
\n
licences, revenue is recognised based either on a fixed
\n
fee basis or based on sales with specified minimum
\n
guarantee amounts in accordance with the relevant
\n
agreements. If the sales-based royalty is not expected
\n
to clearly exceed the minimum guarantee threshold,
\n
revenue is recognised over the rights period measured
\n
on the basis of the fixed guaranteed consideration.
\n
Revenue above the minimum guarantee threshold is
\n
recognised as earned based on the contractual royalty
\n
rate applied to the sales.
\n
Revenue from gym membership fees is stated exclusive
\n
of value added tax and comprises monthly membership
\n
fees, non-refundable joining fees and longer term
\n
membership fees recognised during the period.
\n
Membership income is recognised and spread over
\n
the period to which it relates, being the period of the
\n
Group\u2019s performance obligations, with any subscriptions
\n
in advance of the period to which they relate being
\n
recognised as contract liabilities. Joining fee income
\n
is recognised over time, on a straight-line basis over
\n
the expected duration of the membership. Gym retail
\n
income is recognised at the point of sale. Other revenue
\n
includes various ancillary revenue streams, which are
\n
recognised in the period to which they relate. Total
\n
revenue from gyms recognised in FY23 is \u00a354.2m (FY22:
\n
\u00a347.4m) and is recognised in the UK Sports segment.
\n
In the case of revenue from third party commission on
\n
concession sales within the House of Fraser department
\n
stores this is recognised when goods are sold to the
\n
customer. As we act as the agent this is stated at the
\n
value of the commission that the Group receives on the
\n
transaction rather than the gross revenue from the sale
\n
of the concessionaires\u2019 goods.
\n
\n
The Group operates loyalty programmes which allow
\n
members to accumulate points on purchases and
\n
receive exclusive offers and benefits. The fair value of
\n
the points awarded to customers is determined relative
\n
to the total transaction price and accounted for as a
\n
separate identifiable component of a sales transaction.
\n
Revenue is deferred to match the estimated value of
\n
earned loyalty points. Deferred revenue is adjusted
\n
for the value of points that are not expected to be
\n
redeemed by customers based on historical redemption
\n
rates. When the points are redeemed and the Group
\n
fulfils its obligations pursuant to the programmes, the
\n
revenue that was deferred is recognised. In the UK
\n
points awarded expire following a period of 12 months
\n
of inactivity, in Spain they are valid until the end of the
\n
following calendar year. The new Frasers Plus loyalty
\n
program currently includes points that do not expire
\n
however the Group may introduce an expiry at a late
\n
time including in respect of pending or active points
\n
already earned.
\n
Revenue from gift cards and vouchers is recognised
\n
when the cards or vouchers are redeemed by the
\n
customer, breakage is recognised when the likelihood
\n
of the card or voucher being redeemed is remote or
\n
has expired. For gift cards monies received represent
\n
deferred revenue prior to the redemption.
\n
Credit account interest revenue related to interest
\n
charged on trade receivables in Frasers Group Financial
\n
Services Limited (formerly Studio Retail Limited) is
\n
determined using the effective interest method. Credit
\n
account interest revenue is calculated on the gross
\n
carrying amount of the financial asset unless the
\n
financial asset is impaired, in which case the interest
\n
revenue is calculated on the amortised cost, after
\n
allowance for expected credit losses. Credit account
\n
interest revenue is recognised over time.
\n
Exceptional Items
\n
The Group presents exceptional items on the face of
\n
the Income Statement. These are significant items of
\n
income and expense which, because of their size, nature
\n
and infrequency of the events giving rise to them, merit
\n
separate presentation to allow shareholders to better
\n
understand the elements of financial performance in the
\n
year, so as to facilitate comparison with prior periods
\n
and assess trends in financial performance more readily.
\n
Finance Income
\n
Finance income is reported on an accruals basis using
\n
the effective interest method.
\n
Finance Costs
\n
Finance costs are recognised on an accruals basis in
\n
the period in which they are incurred using the effective
\n
interest method.
\n
Taxation
\n
Tax expense comprises current and deferred tax.
\n
Tax is recognised in the Income Statement, except
\n
to the extent it relates to items recognised in other
\n
comprehensive income or directly in equity. The
\n
income tax expense or credit for the period is the
\n
tax payable on the current periods\u2019 taxable income,
\n
based on the applicable income tax rate for each
\n
jurisdiction, adjusted by changes in deferred tax
\n
assets and liabilities attributable to temporary
\n
differences and to unused losses.
\n
Deferred taxation is calculated using the liability
\n
method, on temporary differences arising between
\n
the tax bases of assets and liabilities and their
\n
carrying amounts in the consolidated Financial
\n
Statements. However, if the deferred tax arises from
\n
the initial recognition of goodwill or initial recognition
\n
of an asset or liability in a transaction other than
\n
a business combination that at the time of the
\n
transaction affects neither accounting nor taxable
\n
profit or loss, it is not accounted for. Deferred tax
\n
on temporary differences associated with shares
\n
in subsidiaries is not provided if reversal of these
\n
temporary differences can be controlled by the Group
\n
and it is probable that reversal will not occur in the
\n
foreseeable future. In addition, tax losses available to
\n
be carried forward as well as other income tax credits
\n
to the Group are assessed for recognition as deferred
\n
tax assets. Deferred tax is determined using tax rates
\n
and laws that have been enacted (or substantively
\n
enacted) by the balance sheet date and are expected
\n
to apply when the related deferred tax asset is
\n
realised or the deferred tax liability is settled.
\n
Deferred tax liabilities are provided in full.
\n
Deferred tax assets are recognised to the extent
\n
that it is probable that future taxable profits will be
\n
available against which the temporary differences
\n
can be utilised. Deferred tax assets are offset where
\n
there is a legally enforceable right to offset current
\n
tax assets and liabilities and where the deferred tax
\n
balances relate to the same tax authority.
\n
Changes in current and deferred tax assets or
\n
liabilities are recognised as a component of tax
\n
expense in the Income Statement, except where
\n
they relate to items that are recorded in other
\n
comprehensive income or charged or credited
\n
directly to equity in which case the related deferred
\n
tax is also charged to other comprehensive income
\n
or credited directly to equity. Deferred tax assets and
\n
liabilities are not discounted.
\n
\n
Goodwill
\n
Goodwill arising on consolidation is recognised as an
\n
asset and reviewed for impairment at least annually or
\n
when a change in circumstances or situation indicates
\n
that the goodwill has suffered an impairment loss.
\n
The need for impairment is tested by comparing the
\n
recoverable amount of the cash-generating unit (CGU)
\n
to which the goodwill balance has been allocated, which
\n
is the higher of fair value less costs to sell and value in
\n
use, to the carrying value of the goodwill balance and
\n
other assets allocated to the CGU. Any impairment
\n
is recognised immediately in the Income Statement.
\n
Impairment losses on goodwill are not reversed. Gains
\n
and losses on the disposal of a business include the
\n
amount of goodwill relating to that business.
\n
When the non-controlling interest of an existing
\n
subsidiary is acquired the carrying value of the
\n
non-controlling interests in the Balance Sheet is
\n
eliminated. Any difference between the amount by
\n
which the non-controlling interest is adjusted and the
\n
fair value of the consideration paid is recognised directly
\n
in equity.
\n
Other Intangible Assets
\n
Brands, trademarks, licences and customer related
\n
intangibles that are internally generated are not
\n
recorded on the Balance Sheet. Acquired brands,
\n
trademarks, licences and customer related intangibles
\n
are initially carried on the Balance Sheet at cost. The
\n
fair value of brands, trademarks, licences and customer
\n
related intangibles that are acquired by virtue of a
\n
business combination is determined at the date of
\n
acquisition and is subsequently assessed as being the
\n
deemed cost to the Group.
\n
Expenditure on advertising and promotional activities is
\n
recognised as an expense as incurred.
\n
Amortisation is provided on brands, trademarks, licences
\n
and customer related intangibles with a definite life
\n
on a straight line basis over their useful economic lives
\n
of between 1 to 15 years and is accounted for within
\n
the selling, distribution and administrative expenses
\n
category within the Income Statement.
\n
Property, Plant and Equipment
\n
Property, plant and equipment are stated at historical
\n
cost less depreciation less any recognised impairment
\n
losses. Cost includes expenditure that is directly
\n
attributable to the acquisition or construction of these
\n
items. Subsequent costs are included in the asset\u2019s
\n
carrying amount only when it is probable that future
\n
economic benefits associated with the item will flow to
\n
the Group and the costs can be measured reliably.
\n
All other costs, including repairs and maintenance costs
\n
and labour costs are charged to the Income Statement
\n
in the period in which they are incurred.
\n
Depreciation is provided on all property, plant and
\n
equipment other than freehold land and is calculated
\n
on a straight-line basis, whichever is deemed by the
\n
directors to be more appropriate, to allocate cost less
\n
assessed residual value, other than assets in the course
\n
of construction, over the estimated useful lives, as
\n
follows:
\n
\u2022
Freehold buildings - 15 years - straight line
\n
\u2022
Leasehold improvements \u2013 5 years or over the term
\n
of the lease, whichever is shortest - straight line
\n
\u2022
Plant and equipment \u2013 between 5 to 10 years -
\n
straight line
\n
A full year of depreciation is charged on all additions
\n
in property, plant and equipment in the period. The
\n
assets\u2019 useful lives and residual values are reviewed and,
\n
if appropriate, adjusted at each balance sheet date.
\n
The gain or loss arising on disposal or scrapping of an
\n
asset is determined as the difference between the sales
\n
proceeds, net of selling costs, and the carrying amount
\n
of the asset and is recognised in the Income Statement.
\n
Property, plant and equipment where the carrying
\n
amount is recovered principally through a sales
\n
transaction and where a sale is considered to be highly
\n
probable are stated at the lower of carrying value and
\n
fair value less costs to sell.
\n
Investment Properties
\n
Investment properties, which are defined as property
\n
held for rental income or capital appreciation, are
\n
initially measured at cost being purchase price and
\n
directly attributable expenditure. Where the intention is
\n
to hold property as owner occupied, this is recognised as
\n
property, plant and equipment.
\n
Subsequently investment properties are held at cost
\n
less accumulated depreciation and impairment losses.
\n
Investment properties are depreciated over 15 years
\n
straight line, other than the land element which is not
\n
depreciated.
\n
Fair values of the investment properties are disclosed.
\n
See Note 18 for further details.
\n
\n
Impairment of Assets Other Than Goodwill
\n
At each balance sheet date, the Directors review the
\n
carrying amounts of the Group\u2019s tangible and intangible
\n
assets, other than goodwill, to determine whether
\n
there is any indication that those assets have suffered
\n
an impairment loss. If any such indication exists, the
\n
recoverable amount of the asset in its current condition
\n
is estimated in order to determine the extent of the
\n
impairment loss, if any. Where the asset does not
\n
generate cash flows that are independent from other
\n
assets, the Group estimates the recoverable amount of
\n
the CGU to which the asset belongs. With respect to
\n
property, plant and equipment, each store is considered
\n
to be a CGU and reviewed for impairment whereby
\n
changes in circumstances indicate that the recoverable
\n
amount is lower than the carrying value.
\n
The recoverable amount is the higher of fair value less
\n
costs to sell and value in use. In assessing the value in
\n
use, the estimated future cash flows are discounted to
\n
their present value using a pre-tax discount rate that
\n
reflects current market assessments of the time value of
\n
money and the risks specific to the asset for which the
\n
estimates of future cash flows have not been adjusted.
\n
If the recoverable amount of an asset (or CGU) is
\n
estimated to be less than its carrying amount, the
\n
carrying amount of the asset (CGU) is reduced to its
\n
recoverable amount. An impairment loss is recognised
\n
as an expense immediately, unless the relevant asset
\n
is carried at a re-valued amount, in which case the
\n
impairment loss is treated as a revaluation decrease to
\n
the original historic cost and then as an expense.
\n
Impairment losses recognised for CGU\u2019s to which
\n
goodwill has been allocated are credited initially to the
\n
carrying amount of goodwill. Any remaining impairment
\n
loss is charged pro rata to the other assets in the CGU.
\n
Where an impairment loss subsequently reverses, the
\n
carrying amount of the asset (CGU) excluding goodwill,
\n
is increased to the revised estimate of its recoverable
\n
amount, but so that the increased carrying amount
\n
does not exceed the carrying amount that would
\n
have been determined had no impairment loss been
\n
recognised for the asset (CGU) in prior periods. A
\n
reversal of an impairment loss is recognised in the
\n
Income Statement immediately.
\n
Assets Held for Sale
\n
Non-current assets classified as held for sale are
\n
presented separately and measured at the lower of
\n
their carrying amounts immediately prior to their
\n
classification as held for sale and their fair value less
\n
costs to sell. Once classified as held for sale, the assets
\n
are not subject to depreciation or amortisation.
\n
Discontinued Operations
\n
A discontinued operation is a component of the Group\u2019s
\n
business that represents a separate major line of
\n
business or geographical area of operations that has
\n
been disposed of or is held for sale, or is a subsidiary
\n
acquired exclusively with a view to resale. Classification
\n
as a discontinued operation occurs upon disposal or
\n
when the operation meets the criteria to be classified as
\n
held for sale, if earlier. When an operation is classified
\n
as a discontinued operation, the results are presented
\n
separately in the consolidated financial statements and
\n
the comparative income statement is restated as if the
\n
operation had been discontinued from the start of the
\n
comparative period.
\n
Inventories
\n
Inventories are valued at the lower of cost and net
\n
realisable value. Cost includes the purchase price of the
\n
manufactured products, materials, direct labour and
\n
transport costs. Cost is calculated using the weighted
\n
average cost method. Net realisable value is based on
\n
the estimated selling price less all estimated selling costs.
\n
The Group receives trade discounts and rebates from
\n
suppliers based upon the volume of orders placed in
\n
a given time window. Typical discounts and rebates
\n
received by the Group include early settlement discounts,
\n
volume rebates on inventory purchases, supplier rebates
\n
based on faulty goods, and marketing support. Where
\n
there is sufficient certainty that a discount or rebate
\n
will be received in the future that relates to historic
\n
purchases this is reflected in the cost of inventories.
\n
Where the receipt of rebates is uncertain, the cost of
\n
inventories is held at full cost price until the rebate is
\n
received. Recognised rebates are released to the Income
\n
Statement to the extent that the stock has been sold.
\n
Cash and Cash Equivalents
\n
Cash and cash equivalents include cash in hand and
\n
deposits held on call, together with other short term
\n
highly liquid investments that are readily convertible to
\n
known amounts of cash and which are subject to an
\n
insignificant risk of changes in value.
\n
\n
Financial Instruments
\n
Financial assets and financial liabilities are recognised in
\n
the Group\u2019s Balance Sheet when the Group becomes a
\n
party to the contractual provisions of the instrument.
\n
Financial assets and financial liabilities are initially
\n
measured at fair value. Transaction costs that are
\n
directly attributable to the acquisition or issue of
\n
financial assets and financial liabilities (other than
\n
financial assets and financial liabilities at fair value
\n
through profit or loss) are added to or deducted from
\n
the fair value of the financial assets or financial liabilities,
\n
as appropriate, on initial recognition. Transaction costs
\n
directly attributable to the acquisition of financial assets
\n
or financial liabilities at fair value through profit or loss
\n
are recognised immediately in profit or loss.
\n
Financial assets are derecognised when the contractual
\n
rights to the cash flows from the financial asset expire,
\n
or when the financial asset and substantially all the
\n
risks and rewards are transferred. A financial liability
\n
is derecognised when it is extinguished, discharged,
\n
cancelled or expires.
\n
Financial assets and financial liabilities are offset and
\n
the net amount is reported in the Balance Sheet if
\n
there is a currently enforceable legal right to offset the
\n
recognised amounts and there is an intention and ability
\n
to settle on a net basis, to realise the assets and settle
\n
the liabilities simultaneously.
\n
Financial Assets
\n
Classification and initial measurement of financial assets
\n
Except for those trade receivables that do not contain
\n
a significant financing component and are measured
\n
at the transaction price in accordance with IFRS 15,
\n
all financial assets are initially measured at fair value
\n
adjusted for transaction costs (where applicable).
\n
Financial assets, other than those designated and
\n
effective as hedging instruments, are classified into the
\n
following categories:
\n
\u2022
amortised cost
\n
\u2022
fair value through profit or loss (FVTPL)
\n
\u2022
fair value through other comprehensive
\n
income (FVOCI)
\n
All income and expenses relating to financial assets
\n
that are recognised in profit or loss are presented within
\n
finance costs or finance income, except for impairment
\n
of trade receivables and amounts due from related
\n
parties which are presented within selling distribution
\n
and administrative expenses. Impairment losses in
\n
respect of credit customer receivables are disclosed
\n
separately on the face of the Income Statement.
\n
The Group makes an assessment of the objective of
\n
the business model in which a financial asset is held at
\n
a portfolio level because this best reflects the way the
\n
business is managed and information is provided to
\n
management. The information considered includes:
\n
\u2022
The stated policies and objectives for the portfolio
\n
and the operation of those policies in practice.
\n
These include whether management\u2019s strategy
\n
focuses on earning contractual interest income or
\n
realising cash flows from the sale of assets;
\n
\u2022
How the performance of the portfolio is evaluated
\n
and reported to the Group\u2019s management;
\n
\u2022
The risks that affect the performance of the business
\n
model and how those risks are managed;
\n
\u2022
How managers of the business are compensated;
\n
and
\n
\u2022
The frequency, volume and timing of sales of
\n
financial assets in prior periods, the reasons for such
\n
sales and expectations about future sales activity.
\n
For the purposes of this assessment, \u2018principal\u2019 is
\n
defined as the fair value of the financial asset on initial
\n
recognition. \u2018Interest\u2019 is defined as consideration for the
\n
time value of money and for the credit risk associated
\n
with the principal amount outstanding during a
\n
particular period of time and for other basic lending risks
\n
and costs (e.g. liquidity risk and administrative costs), as
\n
well as a profit margin.
\n
In assessing whether the contractual cash flows are
\n
solely payments of principal and interest, the Group
\n
considers the contractual terms of the instrument. This
\n
includes assessing whether the financial asset contains
\n
a contractual term that could change the timing or
\n
amount of contractual cash flows such that it would
\n
not meet this condition. In making this assessment, the
\n
Group considers:
\n
\u2022
contingent events that would change the amount or
\n
timing of cash flows; and
\n
\u2022
terms that may adjust the contractual coupon rate.
\n
\n
Subsequent Measurement of
\n
Financial Assets
\n
Financial assets at amortised cost
\n
Financial assets are measured at amortised cost if
\n
the assets meet the following conditions (and are not
\n
designated as FVTPL):
\n
\u2022
they are held within a business model whose
\n
objective is to hold the financial assets and collect
\n
its contractual cash flows; and
\n
\u2022
the contractual terms of the financial assets give rise
\n
to cash flows that are solely payments of principal
\n
and interest on the principal amount outstanding.
\n
After initial recognition, these are measured
\n
at amortised cost using the effective interest
\n
method. Discounting is omitted where the effect of
\n
discounting is immaterial. The Group\u2019s cash and cash
\n
equivalents, trade and most other receivables fall into
\n
this category of financial instruments.
\n
Financial assets at fair value through profit or loss (FVTPL)
\n
Financial assets that are held within a different business
\n
model other than \u2018hold to collect\u2019 or \u2018hold to collect and
\n
sell\u2019 are categorised at fair value through profit and
\n
loss. Further, financial assets whose contractual cash
\n
flows are not solely payments of principal and interest
\n
are accounted for at FVTPL. All derivative financial
\n
instruments fall into this category, except for those
\n
designated and effective as hedging instruments, for
\n
which the hedge accounting requirements apply
\n
(see below).
\n
Assets in this category are measured at fair value with
\n
gains or losses recognised in profit or loss. The fair values
\n
of financial assets in this category are determined
\n
by reference to active market transactions or using a
\n
valuation technique where no active market exists.
\n
Financial assets at fair value through other comprehensive
\n
income (FVOCI)
\n
On initial application of IFRS 9 the Group made the
\n
irrevocable election to account for long term financial
\n
assets at fair value through other comprehensive
\n
income (FVOCI) given these are not held for trading
\n
purposes. The election is made on an instrument-by-
\n
instrument basis, only qualifying dividend income is
\n
recognised in profit and loss, changes in fair value
\n
are recognised within OCI and never reclassified to
\n
profit and loss, even if the asset is impaired, sold or
\n
otherwise derecognised.
\n
Impairment of financial assets
\n
IFRS 9\u2019s impairment requirements use more forward-
\n
looking information to recognise expected credit losses \u2013
\n
the \u2018expected credit loss (ECL) model\u2019. Instruments within
\n
the scope of the requirements include trade receivables,
\n
other receivables, amounts due from related parties,
\n
and loan commitments and some financial guarantee
\n
contracts (for the issuer) that are not measured at fair
\n
value through profit or loss.
\n
Other receivables and amounts due from related parties
\n
Recognition of credit losses is no longer dependent on
\n
the Group first identifying a credit loss event. Instead
\n
the Group considers a broader range of information
\n
when assessing credit risk and measuring expected
\n
credit losses, including past events, current conditions,
\n
reasonable and supportable forecasts that affect the
\n
expected collectability of the future cash flows of the
\n
instrument.
\n
In applying this forward-looking approach, a distinction
\n
is made between:
\n
\u2022
financial assets that have not deteriorated
\n
significantly in credit quality since initial recognition
\n
or that have low credit risk (\u2018Stage 1\u2019);
\n
\u2022
financial assets that have deteriorated significantly
\n
in credit quality since initial recognition and whose
\n
credit risk is not low (\u2018Stage 2\u2019); and
\n
\u2022
financial assets where the credit risk has increased
\n
to a point at which it is considered credit impaired
\n
(\u2018Stage 3\u2019)
\n
\u201812-month expected credit losses\u2019 are recognised for the
\n
first category while \u2018lifetime expected credit losses\u2019 are
\n
recognised for the second and third categories.
\n
Measurement of the expected credit losses is
\n
determined by a probability-weighted estimate of credit
\n
losses over the expected life of the financial instrument.
\n
Trade receivables
\n
The Group makes use of a simplified approach in
\n
accounting for trade receivables and records the loss
\n
allowance as lifetime expected credit losses. These
\n
are the expected shortfalls in contractual cash flows,
\n
considering the potential for default at any point during
\n
the life of the financial instrument. In calculating, the
\n
Group uses its historical experience, external indicators
\n
and forward-looking information to calculate the
\n
expected credit losses using a provision matrix.
\n
\n
Credit customer receivables
\n
12-month ECLs are used for Stage 1 performing assets
\n
12-month ECLs are used for Stage 1 performing assets
\n
and a lifetime ECL is used for stages 2 and 3. An asset
\n
will move from Stage 1 to Stage 2 when there is evidence
\n
of significant increase in credit risk since the asset
\n
originated and into Stage 3 when it is credit impaired.
\n
Should the credit risk improve so that the assessment of
\n
credit risk at the reporting date is considered not to be
\n
significant any longer, assets return to an earlier stage in
\n
the ECL model.
\n
A financial asset is considered to have experienced a
\n
significant increase in credit risk since initial recognition
\n
where there has been a significant increase in the
\n
remaining lifetime probability of default of the asset. The
\n
Group assumes that the credit risk on a financial asset
\n
has increased significantly if it is more than 30 days
\n
past due, and/or has been placed on an arrangement to
\n
pay less than the standard required minimum payment
\n
(except where a payment holiday was granted in
\n
response to Covid-19) or has had interest suspended.
\n
In line with IFRS 9, a financial asset is considered to be
\n
in default when it is more than 90 days past due and/or
\n
when the borrower is unlikely to pay its obligations in full.
\n
Days past due are determined by counting the number
\n
of days since the earliest elapsed due date in respect
\n
of which the minimum payment has not been received.
\n
Due dates are determined without considering any
\n
grace period that might be available to the borrower.
\n
When determining whether the credit risk of a
\n
financial asset has increased significantly since initial
\n
recognition and when estimating ECLs, the Group
\n
considers reasonable and supportable information
\n
that is relevant and available without undue cost or
\n
effort. This includes both quantitative and qualitative
\n
information and analysis based on the Group\u2019s
\n
historical experience and informed credit assessment
\n
including forward looking information.
\n
The key assumptions in the ECL calculations are:
\n
\u2022
Probability of Default (\u201cPD\u201d) - an estimate of the
\n
likelihood of default over 12 months and the
\n
expected lifetime of the debt;
\n
\u2022
Exposure at Default (\u201cEAD\u201d) - an estimate of the
\n
exposure at a future default date, taking into
\n
account expected changes in the exposure after the
\n
reporting date, including repayments of principal
\n
and interest, whether scheduled by the contract
\n
or otherwise and accrued interest from missed
\n
payments; and
\n
\u2022
Loss Given Default (\u201cLGD\u201d) - an estimate of the
\n
loss arising in the case where a default occurs at a
\n
given time. It is based on the difference between
\n
the contractual cash flows due and those that the
\n
Group would expect to receive, discounted at the
\n
original effective interest rate. The key areas of
\n
estimation are around the value that the Group will
\n
recover in respect of the defaulted debt and the
\n
timing of such recoveries.
\n
The Group incorporates forward-looking information into
\n
its measurement of ECLs. This is achieved by developing
\n
four potential economic scenarios and modelling ECLs
\n
for each scenario. The outputs from each scenario
\n
are combined; using the estimated likelihood of each
\n
scenario occurring to derive a probability weighted ECL.
\n
Management judgement is required in setting
\n
assumptions around probabilities of default and the
\n
weighting of economic scenarios in particular which
\n
have a material impact on the results indicated by the
\n
ECL model.
\n
Acquired loans that meet the Group\u2019s definition of
\n
default (i.e., those that are more than 90 days past
\n
due and/or when the borrower is unlikely to pay
\n
its obligations in full) at acquisition are treated as
\n
purchased or originated credit-impaired (\u201cPOCI\u201d) assets.
\n
These assets attract a lifetime ECL allowance over the
\n
full term of the loan, even when these loans no longer
\n
meet the definition of default post acquisition. The
\n
Group does not originate credit-impaired loans.
\n
Loss allowances for financial assets are deducted
\n
from the gross carrying amount of the asset.
\n
Impairment losses related to the Group\u2019s credit
\n
customers are separately disclosed in the
\n
consolidated income statement.
\n
\n
Financial Liabilities
\n
Classification and measurement of financial liabilities
\n
The Group\u2019s financial liabilities include borrowings and
\n
lease liabilities, trade and other payables and derivative
\n
financial instruments.
\n
Financial liabilities are initially measured at fair value,
\n
and, where applicable, adjusted for transaction costs
\n
unless the Group designated a financial liability at fair
\n
value through profit or loss. Subsequently, financial
\n
liabilities are measured at amortised cost using the
\n
effective interest method except for derivatives and
\n
financial liabilities designated at FVTPL, which are
\n
carried subsequently at fair value with gains or losses
\n
recognised in profit or loss (other than derivative
\n
financial instruments that are designated and effective
\n
as hedging instruments).
\n
All interest-related charges and, if applicable, fair value
\n
changes in currency derivative instruments that are
\n
reported in profit or loss are included within finance
\n
costs or finance income. Fair value changes in equity
\n
derivative financial instruments are recognised in
\n
investment income or investment costs.
\n
Derivative financial instruments and hedge accounting
\n
Derivative financial instruments are accounted for
\n
at fair value through profit and loss (FVTPL) except
\n
for derivatives designated as hedging instruments
\n
in cash flow hedge relationships, which require a
\n
specific accounting treatment. To qualify for hedge
\n
accounting, the hedging relationship must meet all of
\n
the following requirements:
\n
\u2022
there is an economic relationship between the
\n
hedged item and the hedging instrument;
\n
\u2022
the effect of credit risk does not dominate the value
\n
changes that result from that economic relationship;
\n
and
\n
\u2022
the hedge ratio of the hedging relationship is the
\n
same as that resulting from the quantity of the
\n
hedged item that the entity actually hedges and the
\n
quantity of the hedging instrument that the entity
\n
actually uses to hedge that quantity of hedged item.
\n
Written option contracts do not qualify for hedge
\n
accounting and fair value movements are recognised
\n
directly in the Income Statement.
\n
For the reporting periods under review, the Group has
\n
designated certain forward currency contracts and
\n
options as hedging instruments in cash flow hedge
\n
relationships. These arrangements have been entered
\n
into to mitigate foreign currency exchange risk arising
\n
from certain highly probable sales and purchases
\n
transactions denominated in foreign currencies.
\n
All derivative financial instruments used for hedge
\n
accounting are recognised initially at fair value and
\n
reported subsequently at fair value in the Balance Sheet.
\n
To the extent that the hedge is effective, changes in
\n
the fair value of derivatives designated as hedging
\n
instruments in cash flow hedges are recognised in
\n
other comprehensive income and included within
\n
the cash flow hedge reserve in equity. The level of
\n
ineffectiveness is assessed as part of the valuation
\n
process undertaken at each half year end date. As part
\n
of this we consider the qualitative assessments that
\n
were made on inception, as detailed above, and also
\n
quantitatively measure the ineffectiveness of the hedge.
\n
In order to measure actual ineffectiveness which should
\n
be recorded in profit or loss, a hypothetical derivative is
\n
constructed on each review date to model the change
\n
in the fair value of the hedged item. The terms of the
\n
hypothetical derivative match that of the contract with
\n
a fair value of \u00a3nil at inception. Any ineffectiveness in
\n
the hedge relationship is recognised immediately in
\n
profit or loss.
\n
At the time the hedged item affects profit or loss,
\n
any gain or loss previously recognised in other
\n
comprehensive income is reclassified from equity
\n
to profit or loss and presented as a reclassification
\n
adjustment within other comprehensive income.
\n
However, if a non-financial asset or liability is recognised
\n
as a result of the hedged transaction, the gains and
\n
losses previously recognised in other comprehensive
\n
income are included in the initial measurement of the
\n
hedged item.
\n
If a forecast transaction is no longer expected to
\n
occur, any related gain or loss recognised in other
\n
comprehensive income is transferred immediately to
\n
profit or loss. If the hedging relationship ceases to meet
\n
the effectiveness conditions or when the relationship no
\n
longer meets the criteria for hedge accounting, hedge
\n
accounting is discontinued and the related gain or loss
\n
held in the hedging reserve is transferred immediately to
\n
profit or loss.
\n
\n
Provisions
\n
A provision is recognised when the Group has a present
\n
legal or constructive obligation as a result of a past
\n
event, it is probable that an outflow of resources will be
\n
required to settle the obligation and a reliable estimate
\n
can be made of the amount of the obligation.
\n
The Group provides for its legal responsibility for
\n
dilapidation costs in accordance with the terms of lease
\n
agreements, following advice from chartered surveyors
\n
and based on previous experience of exit costs. The
\n
estimated cost of fulfilling the leasehold dilapidations
\n
obligations is discounted to present value and analysed
\n
between non-capital and capital components. The
\n
capital element is recognised as part of the cost of the
\n
right of use asset and is depreciated over the life of the
\n
asset. The non-capital element is taken to the Income
\n
Statement in the first year of the lease where the cost
\n
it represents is of no lasting benefit to the Group or
\n
its landlord. \u2018Wear and tear\u2019 costs are expensed to
\n
the Income Statement. Provisions for onerous lease
\n
contracts are recognised when the Group believes the
\n
unavoidable costs of meeting the lease obligations
\n
exceed the economic benefits expected to be received
\n
under the lease. Legal provisions (including settlements
\n
and court fees) are recognised based on advice from
\n
the Group\u2019s lawyers when it is probable that there will be
\n
an outflow of resources and a reliable estimate can be
\n
made.
\n
Other provisions include management\u2019s best estimate
\n
of restructuring, employment related costs and other
\n
claims.
\n
Any reimbursement that the Group is virtually certain to
\n
collect from a third party with respect to the obligation
\n
is recognised as a separate asset. However, this asset
\n
may not exceed the amount of the related provision.
\n
No liability is recognised if an outflow of economic
\n
resources as a result of present obligations is not
\n
probable. Such situations are disclosed as contingent
\n
liabilities unless the outflow of resources is remote.
\n
Leases
\n
The Group assesses whether a contract is or contains
\n
a lease, at inception of the contract. Lease liabilities
\n
are measured at the present value of the contractual
\n
payments due to the lessor over the lease term, with
\n
the discount rate determined by reference to the rate
\n
implicit in the lease unless (as is typically the case) this
\n
is not readily determinable, in which case the Group\u2019s
\n
incremental borrowing rate on commencement of
\n
the lease is used. Variable lease payments are only
\n
included in the measurement of the lease liability if they
\n
depend on an index or rate. In such cases, the initial
\n
measurement of the lease liability assumes the variable
\n
element will remain unchanged throughout the lease
\n
term. Other variable lease payments such as revenue
\n
linked property leases are expensed in the period to
\n
which they relate.
\n
On initial recognition, the carrying value of the lease
\n
liability also includes:
\n
\u2022
amounts expected to be payable under any residual
\n
value guarantee;
\n
\u2022
the exercise price of any purchase option granted
\n
in favour of the Group if it is reasonably certain that
\n
the option will be exercised; and
\n
\u2022
any penalties payable for terminating the lease, if
\n
the term of the lease has been estimated on the
\n
basis of the termination option being exercised.
\n
Subsequent to initial measurement lease liabilities
\n
increase as a result of interest charged at the effective
\n
rate on the balance outstanding and are reduced for
\n
lease payments made.
\n
Right-of-use assets are initially measured at the amount
\n
of the lease liability, reduced for any lease incentives
\n
(payments made by a lessor to a lessee associated
\n
with a lease, or the reimbursement or assumption by a
\n
lessor of costs of a lessee) received or impairment, and
\n
increased for:
\n
\u2022
lease payments made at or before commencement
\n
of the lease;
\n
\u2022
initial direct costs incurred; and
\n
\u2022
the amount of any provision recognised where
\n
the Group is contractually required to dismantle,
\n
remove or restore the leased asset, providing it
\n
meets the Group\u2019s property, plant and equipment
\n
capitalisation policy.
\n
When an indication of impairment is identified,
\n
right-of-use assets are tested for impairment in
\n
accordance with IAS 36 by comparing the recoverable
\n
amount (higher of value in use and fair value less costs
\n
of disposal) with its carrying amount. The right-of-use
\n
assets are presented within property, plant and
\n
equipment in the consolidated Balance Sheet.
\n
\n
Subsequent to initial measurement, right-of-use
\n
assets are amortised on a straight-line basis over the
\n
remaining term of the lease or over the remaining
\n
economic life of the asset if this is judged to be shorter
\n
than the lease term.
\n
When the Group revises its estimate of the term of
\n
any lease (because, for example, it re-assesses the
\n
probability of a lessee extension or termination option
\n
being exercised), it adjusts the carrying amount of the
\n
lease liability to reflect the payments to make over the
\n
revised term, which are discounted at a revised discount
\n
rate. The carrying value of lease liabilities is revised using
\n
the original discount rate when the variable element of
\n
future lease payments dependent on a rate or index is
\n
revised. In both cases an equivalent adjustment is made
\n
to the carrying value of the right-of-use asset, with
\n
the revised carrying amount being amortised over the
\n
remaining (revised) lease term.
\n
When the Group renegotiates the contractual terms of
\n
a lease with the lessor, the accounting depends on the
\n
nature of the modification:
\n
\u2022
if the renegotiation results in one or more
\n
additional assets being leased for an amount
\n
commensurate with the standalone price for the
\n
additional rights-of-use obtained, the modification
\n
is accounted for as a separate lease in accordance
\n
with the above policy.
\n
\u2022
in all other cases where the renegotiation increases
\n
the scope of the lease (whether that is an extension
\n
to the lease term, or one or more additional assets
\n
being leased), the lease liability is remeasured using
\n
the discount rate applicable on the modification
\n
date, with the right-of use asset being adjusted by
\n
the same amount.
\n
\u2022
if the renegotiation results in a decrease in the
\n
scope of the lease, both the carrying amount of the
\n
lease liability and right-of-use asset are reduced
\n
by the same proportion to reflect the partial or
\n
full termination of the lease with any difference
\n
recognised in profit or loss. The lease liability is
\n
then further adjusted to ensure its carrying amount
\n
reflects the amount of the renegotiated payments
\n
over the renegotiated term, with the modified lease
\n
payments discounted at the rate applicable on the
\n
modification date. The right-of-use asset is adjusted
\n
by the same amount.
\n
Sale and leaseback
\n
On entering into a sale and leaseback transaction
\n
the Group determines whether the transfer of the
\n
assets qualifies as a sale (satisfying a performance
\n
obligation in IFRS 15 \u2018Revenue from Contracts with
\n
Customers\u2019). Where the transfer is a sale and providing
\n
the transaction is on market terms then the previous
\n
carrying amount of the underlying asset is split between:
\n
\u2022
a right-of-use asset arising from the leaseback
\n
(being the proportion of the previous carrying
\n
amount of the asset that relates to the rights
\n
retained), and
\n
\u2022
the rights in the underlying asset retained by the
\n
buyer-lessor at the end of the leaseback.
\n
The Group recognises a portion of the total gain or loss
\n
on the sale. The amount recognised is calculated by
\n
splitting the total gain or loss into:
\n
\u2022
an unrecognised amount relating to the rights
\n
retained by the seller-lessee, and
\n
\u2022
a recognised amount relating to the buyer-lessor\u2019s
\n
rights in the underlying asset at the end of the
\n
leaseback.
\n
The leaseback itself is then accounted for under IFRS 16.
\n
Rental income from operating leases where the Group
\n
acts as a lessor is recognised on a straight-line basis over
\n
the term of the relevant lease.
\n
Treasury Shares
\n
The purchase price of the Group\u2019s own shares that
\n
it acquires is recognised as \u2018Treasury shares\u2019 within
\n
equity. When shares are transferred out of treasury
\n
the difference between the market value and the
\n
average purchase price of shares sold out of treasury is
\n
transferred to retained earnings.
\n
\n
Employee Benefit Trust
\n
An Employee Benefit Trust has been established for the
\n
purposes of satisfying certain share-based awards. The
\n
Group has \u2018de-facto\u2019 control over the special purpose
\n
entity. This Trust is fully consolidated within the accounts.
\n
The cost of shares acquired by the Sports Direct
\n
Employee Benefit Trust is recognised within \u2018Own Share
\n
reserve\u2019 in equity.
\n
Share-Based Payments
\n
The Group issues equity-settled share-based payments
\n
to certain Directors and employees. These are measured
\n
at fair value at the date of grant, which is expensed to
\n
the consolidated Income Statement on a straight-line
\n
basis over the vesting period, with the corresponding
\n
credit going to equity.
\n
Non-market vesting conditions are not taken into
\n
account in determining grant date fair value. Instead,
\n
they are taken into account by adjusting the number of
\n
equity instruments to vest. At the end of each reporting
\n
period the Group revises its estimates of the number
\n
of options that are expected to vest based on the non
\n
market vesting and service conditions. Any revisions, if
\n
any, are recognised in profit and loss with an adjustment
\n
to equity.
\n
Fair value is calculated using an adjusted form of
\n
the Black-Scholes model which includes a Monte
\n
Carlo simulation model that takes into account the
\n
exercise price, the term of the option, the impact of
\n
dilution (where material), the share price at grant date
\n
and the expected price volatility of the underlying
\n
share, the expected dividend yield, and the risk-free
\n
interest rate for the term of the scheme. The expected
\n
staff numbers used in the model has been adjusted,
\n
based on management\u2019s best estimate, for the
\n
effects of non-transferability, exercise restrictions, and
\n
behavioural considerations.
\n
For cash-settled share-based payment transactions, the
\n
Group measures the services received and the liability
\n
incurred at the fair value of the liability. Until the liability
\n
is settled, the Group remeasures the fair value of the
\n
liability at the end of each reporting period and at
\n
the date of settlement, with any changes in fair value
\n
recognised in the Income Statement for the period.
\n
The credit for the share based payment charge does
\n
not equal the charge per the Income Statement as it
\n
excludes amounts recognised in the Balance Sheet in
\n
relation to the expected national insurance contributions
\n
for the shares.
\n
Equity Instruments
\n
An equity instrument is any contract that evidences
\n
a residual interest in the assets of the Group after
\n
deducting all of its liabilities. Equity instruments issued
\n
by the Group are recorded at the proceeds received, net
\n
of any direct issue costs.
\n
Foreign Currencies
\n
The presentational currency of the Group is sterling. The
\n
functional currency of the Company is also sterling.
\n
Foreign currency transactions are translated into sterling
\n
using the exchange rates prevailing on the dates of the
\n
transactions. Exchange differences of the Company
\n
arising on the settlement of monetary items, and on
\n
the retranslation of monetary items, are included in the
\n
Income Statement for the period.
\n
Exchange differences arising on the retranslation of
\n
non-monetary items carried at fair value are included
\n
in the Income Statement for the period except for
\n
differences arising on the retranslation of non-monetary
\n
items in respect of which gains and losses are
\n
recognised in other comprehensive income. For such
\n
non-monetary items, any exchange component of
\n
that gain or loss is also recognised directly in other
\n
comprehensive income. Monetary assets and liabilities
\n
denominated in foreign currencies are translated at
\n
the rate of exchange ruling at the balance sheet date.
\n
Non-monetary items that are measured in terms of
\n
historical cost in a foreign currency are not retranslated.
\n
Non-monetary items that are held at valuation are
\n
translated at the foreign exchange rate at the date of
\n
the valuation.
\n
On consolidation, the assets and liabilities of foreign
\n
operations which have a functional currency other than
\n
sterling are translated into sterling at foreign exchange
\n
rates ruling at the balance sheet date. The revenues
\n
and expenses of these subsidiary undertakings are
\n
translated at average rates applicable in the period. All
\n
resulting exchange differences are recognised in other
\n
comprehensive income and documented in a separate
\n
component of equity.
\n
When a foreign operation is sold, the cumulative
\n
exchange differences that have been recognised as
\n
a separate component of equity are reclassified from
\n
equity to the Income Statement when the disposal is
\n
recognised.
\n
In order to mitigate its exposure to certain foreign
\n
exchange risks, the Group enters into forward and option
\n
contracts (see Chief Executive\u2019s Report and Business
\n
Review and the cash flow hedging accounting policy).
\n
\n
Dividends
\n
Dividends are recognised as a liability in the Group\u2019s
\n
Financial Statements and as a deduction from equity in
\n
the period in which the dividends are declared. Where
\n
such dividends are proposed subject to the approval of
\n
shareholders, the dividends are regarded as declared
\n
once shareholder approval has been obtained and they
\n
are no longer at the discretion of the Company.
\n
Materiality
\n
In preparing the Financial Statements, the Board
\n
considers both quantitative and qualitative factors in
\n
forming its judgements, and related disclosures, and
\n
are mindful of the need to best serve the interests of its
\n
stakeholders and to avoid unnecessary clutter borne of
\n
the disclosure of immaterial items.
\n
In making this assessment the Board considers the
\n
nature of each item, as well as its size, in assessing
\n
whether any disclosure omissions or misstatements
\n
could influence the decisions of users of the Financial
\n
Statements.
\n
Post-employment obligations
\n
For defined benefit plans, obligations are measured at
\n
discounted present value (using the projected unit credit
\n
method) and plan assets are recorded at fair value.
\n
The operating and financing costs of such plans are
\n
recognised separately in the Group Income Statement
\n
and actuarial gains and losses are recognised in the
\n
Group statement of comprehensive income/(loss).
\n
Payments to defined contribution schemes are
\n
recognised as an expense when they fall due.
\n
Share buybacks
\n
Share buybacks are undertaken from time to time.
\n
Shares purchased are typically held as Treasury
\n
shares at the total consideration paid or payable. The
\n
Group also uses contingent share purchase contracts
\n
and irrevocable closed period buyback programmes;
\n
the obligation to purchase shares is recognised in
\n
full at the inception of the contract, even when that
\n
obligation is conditional on the share price. Any
\n
subsequent reduction in the obligation caused by the
\n
expiry or termination of a contract is credited back
\n
to equity at that time. No gain or loss is recognised
\n
on the purchase, sale, issue or cancellation of the
\n
Group\u2019s own equity instruments.
\n
New Accounting Standards, Interpretations
\n
and Amendments Adopted By The Group
\n
The Group has not early adopted any new accounting
\n
standard, interpretation or amendment that has been
\n
issued but is not effective. The Group has applied for the
\n
first time the following new standards:
\n
\u2022
Annual Improvements to IFRS Standards 2018-2020
\n
Cycle - amendments to IAS 1, IFRS 9 and IFRS 16
\n
\u2022
Amendments to IFRS 3 \u2013 Reference to the
\n
Conceptual Framework
\n
\u2022
Amendments to IAS 16 \u2013 Property, Plant and
\n
Equipment: Proceeds before intended use
\n
\u2022
Amendment to IAS 37 \u2013 Onerous Contracts: Cost of
\n
Fulfilling a Contract
\n
\u2022
Interest Rate Benchmark Reform \u2013 Phase 2 \u2013
\n
amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and
\n
IFRS 16.
\n
By adopting the above, there has been no material
\n
impact on the Financial Statements.
\n
International Financial Reporting
\n
Standards (\u201cStandards\u201d) in Issue but not
\n
Yet Effective
\n
At the date of authorisation of these consolidated
\n
Financial Statements, there are no standards in
\n
issue from the International Accounting Standards
\n
Board (\u201cIASB\u201d) or International Financial Reporting
\n
Interpretations Committee (\u201cIFRIC\u201d) which are effective
\n
for annual accounting periods beginning on or after
\n
30 April 2023 that will have a material impact on these
\n
Financial Statements.
\n
\n
2.
CRITICAL ACCOUNTING
\n
JUDGEMENTS AND
\n
ESTIMATES
\n
Climate Change
\n
We have considered the potential impact of climate
\n
change in preparing these financial statements. Tackling
\n
climate change is a global imperative. Measures which
\n
support climate change initiatives and our wider ESG
\n
agenda continue to be key components of our strategic
\n
direction, supporting sustainability, the broader social
\n
agenda and consumer choice. The risks associated
\n
with climate change have been deemed to be arising
\n
in the medium to long term, however we are working to
\n
mitigate these risks as detailed within the TCFD section
\n
of this annual report.
\n
We have considered climate change as part of our
\n
cash flow projections within going concern, impairment
\n
assessments and viability, and the impact of climate
\n
change is not deemed to have a significant impact on
\n
these assessments currently and therefore they are not
\n
deemed to be a key source of estimation uncertainty.
\n
The Group will continue to monitor the impacts of
\n
climate change over the coming years.
\n
The critical accounting estimates and judgements made
\n
by the Group regarding the future or other key sources
\n
of estimation, uncertainty and judgement that may have
\n
a significant risk of giving rise to a material adjustment
\n
to the carrying values of assets and liabilities within the
\n
next financial period are:
\n
Critical Accounting Judgements
\n
Determining Related Party Relationships
\n
Management determines whether a related party
\n
relationship exists by assessing the nature of the
\n
relationship by reference to the requirements of IAS 24,
\n
Related Party Disclosures. This is in order to determine
\n
whether significant influence exists as a result of control,
\n
shared directors or parent companies, or close family
\n
relationships. The level at which one party may be
\n
expected to influence the other is also considered for
\n
transactions involving close family relationships.
\n
Control and Significant Influence Over
\n
Certain Entities
\n
Under IAS 28 Investments in Associates and Joint
\n
Ventures if an entity holds 20% or more of the voting
\n
power of the investee, it is presumed that the entity has
\n
significant influence, unless it can clearly demonstrate
\n
that this is not the case.
\n
In assessing the level of control that management have
\n
over certain entities, management will consider the
\n
various aspects that allow management to influence
\n
decision making. This includes the level of share
\n
ownership, board membership, the level of investment
\n
and funding and the ability of the Group to influence
\n
operational and strategic decisions and effect its returns
\n
through the exercise of such influence. If management
\n
were to consider that the Group does have significant
\n
influence over these entities then the equity method
\n
of accounting would be used and the percentage
\n
shareholding multiplied by the results of the investee in
\n
the period would be recognised in profit or loss.
\n
Mulberry Group Plc
\n
During the period the Group has held greater than 20%
\n
of the voting rights of Mulberry Group Plc. Management
\n
consider that the Group does not have significant
\n
influence over this entity for combinations of the
\n
following reasons:
\n
\u2022
The Group does not have any representation on the
\n
board of directors of the investee.
\n
\u2022
There is no participation in decision making and
\n
strategic processes, including participation in
\n
decisions about dividends or other distributions.
\n
\u2022
There have been no material transactions between
\n
the entity and the investee company.
\n
\u2022
There has been no interchange of managerial
\n
personnel.
\n
\u2022
No non-public essential technical management
\n
information is provided to the investee.
\n
\n
Four (Holdings) Limited
\n
The Group holds 49% of the share capital of Four
\n
(Holdings) Limited which is accounted for as an
\n
associate using the equity method. The Group does
\n
not have any representation on the board of directors
\n
and no participation in decision making about relevant
\n
activities such as establishing operating and capital
\n
decisions, including budgets, appointing or remunerating
\n
key management personnel or service providers and
\n
terminating their services or employment. However, in
\n
prior periods the Group has provided Four (Holdings)
\n
Limited with a significant loan. At the reporting date, the
\n
amount owed by Four (Holdings) Limited for this loan
\n
totalled \u00a360m (\u00a326.8m net of amounts recognised in
\n
respect of loss allowance). The Group is satisfied that
\n
the existence of these transactions provides evidence
\n
that the entity has significant influence over the investee
\n
but in the absence of any other rights, in isolation it is
\n
insufficient to meet the control criteria of IFRS 10, as the
\n
Group does not have power over Four (Holdings) Limited.
\n
Tymit Limited
\n
The Group holds 25% of the share Capital of
\n
Tymit Limited. This holding is accounted for as an
\n
associate under IAS 28, although the carrying value
\n
of the investment is \u00a3nil as a result of management\u2019s
\n
assessment of future trading prospects of the business.
\n
Management has advanced Tymit convertible loans of
\n
\u00a37.2m at 30 April 2023, which have been fully provided
\n
for, and is committed to loaning a further \u00a33.6m
\n
post-year end. Management has considered whether
\n
any of the rights attaching to the loan notes could give
\n
rise to control and concluded that this was not the case.
\n
Kangol LLC
\n
During the current period, the Group sold 51% of its
\n
shareholding in Kangol LLC to Bollman Hat Company
\n
for \u00a317.6m, retaining a 49% stake. Management
\n
considered the criteria set out in IFRS 10 when
\n
assessing whether or not it retains control of the entity
\n
or significant influence as defined by IAS 28. It was
\n
concluded that the Group has significant influence by
\n
virtue of its holding more than 20% of the voting power
\n
of the investee, but not control since Bollman holds 51%
\n
of total voting rights. Consequently, the Group\u2019s 49%
\n
shareholding has been accounted for as an associate
\n
under IAS 28. Refer to note 20 for details.
\n
Cash Flow Hedging
\n
The Group uses a range of forward and option contracts
\n
that are entered into at the same time, they are in
\n
contemplation with one another and have the same
\n
counterparty. A judgement is made in determining
\n
whether there is an economic need or substantive
\n
business purpose for structuring the transactions
\n
separately that could not also have been accomplished
\n
in a single transaction. Management are of the view
\n
that there is a substantive distinct business purpose for
\n
entering into the options and a strategy for managing
\n
the options independently of the forward contracts. The
\n
forward and options contracts are therefore not viewed
\n
as one instrument accordingly hedge accounting for the
\n
forwards is permitted.
\n
Under IFRS 9 in order to achieve cash flow hedge
\n
accounting, forecast transactions (primarily Euro
\n
denominated sales and USD denominated purchases)
\n
must be considered to be highly probable. The hedge
\n
must be expected to be highly effective in achieving
\n
offsetting changes in cash flows attributable to the
\n
hedged risk. The forecast transaction that is the
\n
subject of the hedge must be highly probable and
\n
must present an exposure to variations in cash flows
\n
that could ultimately affect profit or loss. Management
\n
have reviewed the detailed forecasts and the growth
\n
assumptions within them and are satisfied that
\n
forecasts on which the cash flow hedge accounting
\n
has been based meet the criteria per IFRS 9 as being
\n
highly probable forecast transactions. Should the
\n
forecast levels not pass the highly probable test, any
\n
cumulative fair value gains and losses in relation
\n
to either the entire or the ineffective portion of the
\n
hedged instrument would be recognised in the
\n
Consolidated Income Statement.
\n
Management considers various factors when
\n
determining whether a forecast transaction is highly
\n
probable. These factors include detailed sales and
\n
purchase forecasts by channel, geographical area and
\n
seasonality, conditions in target markets and the impact
\n
of expansion in new areas. Management also consider
\n
any change in alternative customer sales channels that
\n
could impact on the hedged transaction.
\n
If the forecast transactions were determined to be
\n
not highly probable and all hedge accounting was
\n
discontinued, amounts in the Hedging reserve of up to
\n
\u00a314.0m (FY22: \u00a355.3m) would be shown in
\n
Finance Income.
\n
\n
Adjustment to Regulatory Provisions
\n
in Studio
\n
As a regulated business, Frasers Group Financial
\n
Services Limited has an obligation to proactively review
\n
its business to ensure that appropriate outcomes were
\n
delivered to customers. At 24 April 2022, a provision of
\n
\u00a341.6m was recognised in respect of the probable costs
\n
of remediating customers who may have been adversely
\n
impacted by legacy decisions. Since the approval of
\n
the prior year\u2019s consolidated financial statements, the
\n
receipt of new information, which was not available
\n
at the point the prior year financial statements were
\n
approved, has enabled management to refine the
\n
relevant customer cohorts who were potentially
\n
impacted by these legacy decisions and complete
\n
detailed analysis of the financial implications. This has
\n
enabled a revision to management\u2019s best estimate of
\n
the likely costs of remediation and has resulted in a
\n
reduction in the amount provided of approximately
\n
\u00a325m. The remaining provision is expected to be utilised
\n
within 12 months of the balance sheet date.
\n
Management considered whether or not the reduction
\n
in provision should result in an adjustment to the
\n
amounts recognised in the acquisition balance sheet
\n
in accordance with the requirements of IFRS 3.45
\n
and IFRS3.47 and concluded that the release should
\n
be treated as a prospective change in accounting
\n
estimate under IAS8.34 since it arose as a result of
\n
new information which has come to light since the
\n
acquisition date. It is the Group\u2019s policy to present items
\n
that \u201cmerit separate presentation\u201d by reference to their
\n
\u201ctheir size, nature and infrequency of the events giving
\n
rise to them\u201d as exceptional items. Given the unusual
\n
size, nature and infrequency of movements in provisions
\n
of this nature, management has disclosed the income
\n
statement impact within exceptional items in the
\n
consolidated income statement.
\n
Sale and Leaseback transactions
\n
During the current period, the Group disposed of a
\n
number of freehold properties by means of the sale
\n
of shares in the limited companies that owned the
\n
relevant properties but accounted for these as sale and
\n
leaseback transactions under IFRS 16 Leases (\u201cIFRS
\n
16\u201d). Management exercised judgment in determining
\n
whether or not these sales should be treated as a loss
\n
of control of subsidiaries under IFRS 10 Consolidated
\n
Financial Statements or sale and leaseback transactions
\n
as defined by IFRS 16, paying due consideration to the
\n
IFRS Interpretations Committee\u2019s tentative agenda
\n
decision on this topic from September 2020.
\n
Key Estimates
\n
Inventory provisioning
\n
The Group carries significant amounts of inventory,
\n
against which there are provisions for expected losses
\n
to be incurred in the sale of slow moving, obsolete
\n
and delisted products. At 30 April 2023 a provision
\n
of \u00a3220.6m (2022: \u00a3236.7m) was held against a gross
\n
inventory value of \u00a31,685.5m (2022: \u00a31,514.3m).
\n
In the current year, management has changed the
\n
methodology applied in calculating an appropriate
\n
level of inventory provision owing to changes in the mix
\n
of the Group\u2019s inventory holding, driven in large part
\n
by the growth of the Premium Lifestyle segment and
\n
various acquisitions.
\n
In assessing the level of provision required, management
\n
has applied its experience and industry knowledge
\n
to divide the core UK inventory holding into
\n
separate categories based on internal management
\n
classifications and behavioural characteristics, taking
\n
account of experience by fascia, as follows:
\n
\u2022
Continuity inventory \u2013 inventory that is considered
\n
to be perennial and therefore exhibits limited risk
\n
of obsolescence.
\n
\u2022
Current season inventory \u2013 inventory that has been
\n
purchased specifically for seasons in the current
\n
calendar year.
\n
\u2022
Out of season inventory (including inventory
\n
previously classified as continuity) \u2013 inventory that
\n
has moved out of the two categories above because
\n
of its age, range development or because it is being
\n
sold at below cost to clear warehouse/store space.
\n
An adjusted rate of loss is then calculated based on
\n
losses incurred on the sale of out of season inventory
\n
over the past three years (being management\u2019s
\n
assessment of the time taken to clear through out of
\n
season inventory), with any inventory remaining on hand
\n
after three years of being classified as out of season
\n
being assumed to require a 100% provision rate. The
\n
historical rate is sensitised to reflect management\u2019s best
\n
estimate of future performance by making assumptions
\n
around changes to sales prices achieved on the sale of
\n
out of season inventory vs. those achieved in the past
\n
three years and the level of inventory remaining after
\n
three years of being classified as out of season. In the
\n
current period, management have estimated that selling
\n
prices will need to reduce by a further 10% to clear an
\n
equivalent volume of out of season inventory and that
\n
approximately twelve times as much Premium Lifestyle
\n
out of season inventory will remain on hand at the end
\n
of the three-year period of assessment than has typically
\n
been the case historically, requiring a 100% provision
\n
rate, reflecting the different profile of this inventory to
\n
Sports inventory.
\n
\n
In addition, management has applied a provision rate
\n
of 100% against a portion of the inventory holding
\n
that is either currently being sold at a loss or exhibits
\n
an unusually high level of obsolescence risk. The 100%
\n
provision rate reflects the costs associated with clearing
\n
and disposing of this inventory.
\n
The adjusted rate of loss is applied to the gross value of
\n
inventory in each of the categories above as follows:
\n
\u2022
Continuity inventory \u2013 the adjusted loss rate is
\n
applied to 30% of the gross holding (representing
\n
the proportion of inventory in this category that
\n
is expected to roll into the out of season category
\n
based on historical experience).
\n
\u2022
Current season inventory \u2013 the adjusted loss rate is
\n
applied to 30% of the gross holding (representing
\n
the proportion of inventory in this category that
\n
is expected to roll into the out of season category
\n
based on historical experience).
\n
\u2022
Out of season inventory (including inventory
\n
previously classified as continuity) - the adjusted
\n
loss rate is applied to this population, excluding
\n
those specific items that carry at 100% provision
\n
rate based on the analysis detailed above.
\n
The provisioning calculations require a high degree
\n
of judgement, given the significant level of estimation
\n
uncertainty, in the classification of inventory lines and
\n
the roll rates between classifications, as well as the
\n
use of estimates around future sales prices and the
\n
remaining inventory holding for out of season inventory.
\n
Sensitivity analysis relating to these key assumptions is
\n
set out below.
\n
% of inventory rolling into out of season (including inventory
\n
previously classified as continuity) category
\n
Base assumption
\n
30%
\n
Sensitised assumption
\n
35%/25%
\n
Increase/(decrease) to provision
\n
\u00a37.2m/(\u00a37.2m)
\n
Decrease in sales prices on out of season inventory
\n
Base assumption
\n
-10%
\n
Sensitised assumption
\n
-5%/-15%
\n
(Decrease)/Increase to provision
\n
(\u00a35.7m)/\u00a37.0m
\n
Increase in out of season Premium Lifestyle inventory on
\n
hand after three-years
\n
Base assumption
\n
12 times historical rate
\n
Sensitised assumption
\n
10 times historical rate/14 times
\n
historical rate
\n
(Decrease)/increase to provision
\n
(\u00a37.0m)/\u00a36.4m
\n
These sensitivities reflect management\u2019s assessment of
\n
reasonably possible changes to key assumptions which
\n
could result in adjustments to the level of provision
\n
within the next financial year.
\n
Property Related Provisions \u2013 note 29
\n
Property related estimates and judgements are
\n
continually evaluated and are based on historical
\n
experience, external advice and other factors, including
\n
expectations of future events that are believed to be
\n
reasonable under the circumstances.
\n
Dilapidations \u2013 note 29
\n
The Group provides for its legal responsibility for
\n
dilapidation costs following advice from chartered
\n
surveyors and previous experience of exit costs (including
\n
strip out costs and professional fees). Management
\n
use a reference estimate of \u00a3100,000 (FY22 \u00a3100,000)
\n
for large leasehold stores, \u00a350,000 (FY22: \u00a350,000)
\n
for smaller leasehold stores (\u00a325,000 per store for
\n
Game UK and Game Spain stores) and $/\u20ac50,000
\n
(FY22: $/\u20ac50,000) for non-UK stores. Management do
\n
not consider these costs to be capital in nature and
\n
therefore dilapidations are not capitalised, except for
\n
in relation to the sale and leaseback of Shirebrook for
\n
which a material dilapidations provision was capitalised
\n
in FY20. The annual movement in the dilapidations
\n
provisions is considered to be immaterial.
\n
A 10% increase in dilapidation cost per store would
\n
result in an approx. \u00a39.0m (FY22: \u00a38.5m) reduction in
\n
profit before tax.
\n
Legal and regulatory provisions \u2013 note 29
\n
Provisions are made for items where the Group has
\n
identified a present legal or constructive obligation
\n
arising as a result of a past event, it is probable that
\n
an outflow of resources will be required to settle the
\n
obligation and a reliable estimate can be made of the
\n
amount of the obligation.
\n
Legal and regulatory provisions reflect management\u2019s
\n
best estimate of the potential costs arising from the
\n
settlement of outstanding disputes of a commercial
\n
and regulatory nature. A substantial portion of the
\n
amounts provided relates to ongoing legal claims and
\n
non-UK tax enquiries. Further details can be found
\n
in note 29. Management have made a judgement
\n
to consider all claims collectively given their similar
\n
nature. In accordance with IAS37.92, management have
\n
concluded that it would prejudice seriously the position
\n
of the entity to provide further specific disclosures in
\n
respect of amounts provided for non-UK tax enquiries
\n
and legal claims.
\n
\n
Other Receivables and Amounts Owed by
\n
Related Parties
\n
Other receivables and amounts owed by related
\n
parties are stated net of provision for any impairment.
\n
Management have applied estimates in assessing the
\n
recoverability of working capital and loan advances
\n
made to investee companies. Matters considered
\n
include the relevant financial strength of the underlying
\n
investee company to repay the loans, the repayment
\n
period and underlying terms of the monies advanced,
\n
forecast performance of the underlying borrower, and
\n
where relevant, the Group\u2019s intentions for the companies
\n
to which monies have been advanced. Management
\n
have applied a weighted probability to certain potential
\n
repayment scenarios, with the strongest weighting given
\n
to expected default after two years.
\n
Impairment of Assets
\n
A.
IFRS 16 right-of-use assets and associated plant and
\n
equipment
\n
IFRS 16 defines the lease term as the non-cancellable
\n
period of a lease together with the options to extend
\n
or terminate a lease, if the lessee were reasonably
\n
certain to exercise that option. The Group will assess
\n
the likelihood of extending lease contracts beyond the
\n
break date by taking into account current economic and
\n
market conditions, current trading performance, forecast
\n
profitability and the level of capital investment in the
\n
property.
\n
IFRS 16 states that the lease payments shall be
\n
discounted using the lessee\u2019s incremental borrowing rate
\n
where the rate implicit in the lease cannot be readily
\n
determined. Accordingly, all lease payments have been
\n
discounted using the incremental borrowing rate (IBR).
\n
The IBR has been determined by using a synthetic credit
\n
rating for the Group which is used to obtain market
\n
data on debt instruments for companies with the same
\n
credit rating, this is split by currency to represent each of
\n
the geographical areas the Group operates within and
\n
adjusted for the lease term.
\n
The weighted average discount rates based on
\n
incremental borrowing rates used throughout the period
\n
across the Group\u2019s lease portfolio are shown below. The
\n
discount rate for each lease is dependent on lease start
\n
date, term and location.
\n
Lease Term FY23
UK
Europe
Rest of World
\n
Up to 5 years
1.4% - 5.1%
0.3% - 4%
1.5% - 5.3%
\n
Greater than 5 years
\n
and up to 10 years
\n
2.0% - 5.7%
0.5% - 4%
1.5% - 5.3%
\n
Greater than 10 years
\n
and up to 20 years
\n
2.2% - 5.7%
0.8% - 4%
1.5% - 5.4%
\n
Greater than 20 years
\n
2.5% - 5.9%
1.1% - 4%
1.5% - 5.6%
\n
Lease Term FY22
UK
Europe
Rest of World
\n
Up to 5 years
1.4% - 2.6%
0.8% - 1.0%
1.5% - 2.9%
\n
Greater than 5 years
\n
and up to 10 years
\n
2.2% - 3.2%
1.2% - 1.9%
2.4% - 4.1%
\n
Greater than 10 years
\n
and up to 20 years
\n
2.5% - 3.4%
1.4% - 2.2%
2.9% - 4.3%
\n
Greater than 20 years
\n
2.8% - 3.5%
1.7% - 2.5%
3.5% - 4.6%
\n
The right of use assets are assessed for impairment
\n
at each reporting period in line with IAS 36 to review
\n
whether the carrying amount exceeds its recoverable
\n
amount. For impairment testing purposes the Group
\n
has determined that each store is a separate CGU. The
\n
recoverable amount is calculated based on the Group\u2019s
\n
latest forecast cash flows which are then extrapolated
\n
to cover the period to the break date of the lease taking
\n
into account historic performance and knowledge of
\n
the current market, together with the Group\u2019s views on
\n
future profitability of each CGU. The key assumptions in
\n
the calculations are the sales growth rates, gross margin
\n
rates, changes in the operating cost base and the
\n
pre-tax discount rate derived from the Group\u2019s weighted
\n
average cost of capital using the capital asset pricing
\n
model, the inputs of which include a risk-free rate, equity
\n
risk premium and a risk adjustment (Beta). Given the
\n
number of assumptions used, the assessment involves
\n
significant estimation uncertainty.
\n
Impairments in the period have been recognised
\n
for the amount of \u00a366.1m (FY22: \u00a3115.9m) due to the
\n
impact of ongoing challenges in the retail sector on
\n
the forecast cash flows of the CGUs, including the
\n
ongoing cost of living squeeze on customers. This is
\n
broken down as follows:
\n
\u2022
\u00a343.1m (FY22: \u00a376.8m) against right-of-use assets;
\n
and
\n
\u2022
\u00a323.0m (FY22: \u00a339.1m) against plant and equipment.
\n
\n
The key assumptions, which are equally applicable
\n
to each CGU, in the cash flow projections used to
\n
support the carrying amount of the right of use asset
\n
are consistent with the cashflow projections for the
\n
freehold land and buildings impairment assessment.
\n
In line with IAS 36 Impairment of Assets,
\n
management have considered whether any amounts
\n
should be recognised for the reversal of prior period
\n
impairment losses with \u00a3nil (FY22: \u00a3nil) being
\n
recognised in the period. Further detail is given below.
\n
A sensitivity analysis has been performed in respect
\n
of sales, margin, the new store exemption and
\n
operating costs as these are considered to be the
\n
most sensitive of the key assumptions:
\n
Forecast:
\n
Impact of change in
\n
assumption:
\n
Impairment increase
\n
/ (decrease) (\u00a3'm)
\n
Sales decline year 1
10% improvement to 5%
(19.8)
\n
Sales decline year 1
10% reduction to 15%
24.9
\n
Existing gross margin
\n
year 1 > 40%
\n
100bps - improvement
(3.7)
\n
Existing gross margin
\n
year 1 > 40%
\n
100bps - reduction
3.8
\n
New store exemption
\n
(1)
\n
Change from 1 to 2 years
(41.5)
\n
Operating costs
\n
increase year 1
\n
Change from 3% to 6%
4.5
\n
(1)
Stores which have been open for less than one year are not reviewed for impairment.
\n
B.
Freehold land and buildings, long-term leasehold,
\n
investment property and associated plant
\n
and equipment
\n
Freehold land and buildings and long-term leasehold
\n
assets are assessed at each reporting period for as to
\n
whether there is any indication of impairment in line
\n
with IAS 36.
\n
An asset is impaired when the carrying amount exceeds
\n
its recoverable amount. IAS 36 defines recoverable
\n
amount as the higher of an asset\u2019s or cash-generating
\n
unit\u2019s fair value less costs of disposal and its value in use,
\n
the Group has determined that each store is a separate
\n
CGU.
\n
Impairments in the period have been recognised in the
\n
amount of \u00a333.5m (FY22: \u00a3111.1m) due to the ongoing
\n
challenges in the retail sector on the forecast cash flows
\n
of the CGU. This is broken down as follows:
\n
\u2022
\u00a324.1m (FY22: \u00a3106.5m) against freehold land and
\n
buildings, including \u00a30.2m (FY22: \u00a32.0m) in relation
\n
to long leasehold properties;
\n
\u2022
\u00a39.2m (FY22: \u00a31.6m) plant and equipment; and
\n
\u2022
\u00a30.2m (FY22: \u00a31.0m) investment property.
\n
In line with IAS 36 Impairment of Assets, management
\n
have considered whether any amounts should be
\n
recognised for the reversal of prior period impairment
\n
losses with \u00a3nil (FY22: \u00a3nil) being recognised in the period.
\n
Value In Use (VIU)
\n
The value in use is calculated based on five year cash
\n
flow projections. These are formulated by using the
\n
Group\u2019s forecast cash flows for each individual CGU,
\n
taking into account historic performance of the CGU,
\n
and then adjusting for the Group\u2019s current views on
\n
future profitability for each CGU. The key assumptions in
\n
the calculations are the sales growth rates, gross margin
\n
rates, changes in the operating cost base and the
\n
pre-tax discount rate derived from the Group\u2019s weighted
\n
average cost of capital using the capital asset pricing
\n
model, the inputs of which include a risk-free rate, equity
\n
risk premium and a risk adjustment (Beta). Given the
\n
number of assumptions used, the assessment involves
\n
significant estimation uncertainty.
\n
The key assumptions, which are equally applicable to
\n
each CGU, in the cash flow projections used to support
\n
the carrying amount of the freehold land and buildings
\n
were as follows:
\n
Key assumptions
\n
FY23
\n
Year 1
Year 2
Year 3
Year 4
Year 5
\n
Sales decline
-5%
-4%
-3%
-2%
-2%
\n
Existing gross
\n
margin > 40%
\n
-175bps
-150bps
-125bps
-100bps
-75bps
\n
Operating costs
\n
increase per annum
\n
3%
3%
3%
3%
3%
\n
Discount rate
\n
8.5%
8.5%
8.5%
8.5%
8.5%
\n
Terminal growth rate
\n
of 2%
\n
Key assumptions
\n
FY22
\n
Year 1
Year 2
Year 3
Year 4
Year 5
\n
Sales decline
-10%
-5%
-4%
-3%
-2%
\n
Existing gross
\n
margin > 40%
\n
-200bps
-175bps
-150bps
-125bps
-100bps
\n
Operating costs
\n
increase per annum
\n
6%
3%
3%
3%
3%
\n
Discount rate
\n
7.5%
7.5%
7.5%
7.5%
7.5%
\n
Terminal growth rate
\n
of 2%
\n
A sensitivity analysis has been performed in respect
\n
of sales, margin and operating costs as these are
\n
considered to be the most sensitive of the key
\n
assumptions.
\n
Forecast:
Impact of:
\n
Impairment increase
\n
/ (decrease) (\u00a3'm)
\n
Sales decline year 1
10% improvement to 5%
(5.0)
\n
Sales decline year 1
10% reduction to 15%
6.4
\n
Existing gross
\n
margin year 1 > 40%
\n
100bps - improvement
(0.7)
\n
Existing gross
\n
margin year 1 > 40%
\n
100bps - reduction
1.6
\n
Operating costs
\n
increase year 1
\n
Change from 3% to 6%
1.8
\n
\n
Fair value less costs of disposal
\n
For those CGUs where the value in use is less than the carrying value of the asset, the fair value less costs of disposal
\n
has been determined using both external and internal market valuations. This fair value is deemed to fall into Level
\n
3 of the fair value hierarchy as per IFRS 13. The property portfolio consists of vacant, Frasers Group occupied and
\n
third party tenanted units, one property can include all three types. The following valuation methodology has been
\n
adopted for each:
\n
Scenario
Valuation methodology
Key assumptions
\n
Vacant units
Estimated Rental Value (ERV) and suitable reversionary yield applied
\n
to reflect the market to generate a net capital value. A deduction to
\n
the capital value generated is then made based on the void period
\n
with applicable rates payable for the unit and rent-free incentive.
\n
Void period and rent free band \u2013 two bands
\n
applied depending on circumstances:
\n
\u2022
1 year void, 2 years rent free; or
\n
\u2022
2 years void, 3 years rent free.
\n
Yield bands \u2013 ranging from 5.5% - 14.0%
\n
Frasers Group occupied
Will be assumed the unit is vacant given there is no legally
\n
binding inter-company agreement in place. Therefore, a void
\n
and rent free incentive period assumed, the cost amount then
\n
deducted from the capital value generated by the ERV and
\n
reversionary yield. Although we consider the commercial reality
\n
is that fair value less costs to sell will be higher than vacant
\n
possession this very conservative assumption is in line with both
\n
technical accounting rules and that of our management experts.
\n
Void period and rent free band \u2013 two bands
\n
applied depending on circumstances:
\n
\u2022
1 year void, 2 years rent free; or
\n
\u2022
2 years void, 3 years rent free.
\n
Yield bands \u2013 ranging from 5.5% - 14.0%
\n
Third party tenanted
An ERV is applied using a percentage band on the passing rent. An
\n
appropriate reversionary yield is applied reflecting the risk of tenant
\n
and renewal to generate a capital value. This will also provide a net
\n
initial yield based off the current passing rent.
\n
ERV is applied reflecting the market for the
\n
applicable unit. An appropriate reversionary yield is
\n
applied reflecting the risk of tenant and renewal to
\n
generate a capital value. This will also provide a net
\n
initial yield based off the current passing rent.
\n
A 10% increase in the market valuation amounts used in the impairment calculations would result in a decrease in
\n
impairment of \u00a33.4m (FY22: \u00a35.0m).
\n
The total recoverable amount of the assets that were impaired at the period end was \u00a372.2m (FY22: \u00a3105.9m), with
\n
\u00a360.5m (FY22: \u00a347.3m) of this being based on their fair value less costs of disposal and \u00a311.7m (FY22: \u00a358.6m) being
\n
based on their value in use.
\n
\n
Impairment reversals
\n
In accordance with IAS 36.110 management has
\n
assessed whether there is any indication that an
\n
impairment loss recognised in prior periods for an
\n
asset other than goodwill may no longer exist or
\n
may have decreased. Key triggers considered by
\n
management include store (i.e., CGU) EBITDA showing
\n
a material year-on-year improvement, significant
\n
changes in property valuations, and whether any
\n
new, wider economic factors may impact the forecast
\n
performance. Based on the criteria set by management,
\n
an impairment reversal of approximately \u00a311.0m was
\n
considered. However, management concluded that
\n
in light of the challenging economic outlook and the
\n
unprecedented level of uncertainty in the retail market,
\n
it would not be appropriate to record a reversal at this
\n
stage, only to \u201cre-impair\u201d at a later date.
\n
Credit Customer Receivables
\n
The Group\u2019s credit customer receivables are recognised
\n
on balance sheet at amortised cost (i.e., net of
\n
provision for expected credit loss). At 30 April 2023,
\n
trade receivables with a gross value of \u00a3326.0m were
\n
recorded on the balance sheet, less a provision for
\n
impairment of \u00a3100.1m.
\n
Fair value considerations
\n
Management has concluded that the fair value of
\n
trade receivables acquired as part of the Studio Retail
\n
Limited acquisition in FY22 broadly equated to their
\n
book value and therefore that the difference on a
\n
go-forward basis will not be material given that the
\n
nature of the loan product offered (a revolving credit
\n
account) means that the portfolio has a relatively
\n
short life (i.e. loans with customers are repaid and
\n
replaced with fresh loans under the revolving account).
\n
As a result of this, management has concluded that
\n
it is appropriate to recognise the trade receivables
\n
portfolio at the gross book value less associated
\n
expected credit losses at acquisition, and to apply the
\n
accounting policies for expected credit loss that were
\n
in place at the point of the acquisition in the Studio
\n
business on a go-forward basis.
\n
Expected credit loss
\n
An appropriate allowance for expected credit loss in
\n
respect of trade receivables is derived from estimates
\n
and underlying assumptions such as the Probability
\n
of Default and the Loss Given Default, taking into
\n
consideration forward looking macro-economic
\n
assumptions. The assessment involves significant
\n
estimation uncertainty. Changes in the assumptions
\n
applied such as the value and frequency of future debt
\n
sales in calculating the Loss Given Default, and the
\n
estimation of customer repayments and Probability
\n
of Default rates, as well as the weighting of the
\n
macro-economic scenarios applied to the impairment
\n
model could have a significant impact on the carrying
\n
value of trade receivables. These assumptions are
\n
continually assessed for relevance and adjusted
\n
appropriately. Revisions to estimates are recognised
\n
prospectively. Sensitivity analysis is given in note 23.
\n
Macroeconomic scenarios
\n
The principial macroeconomic driver factored into
\n
the impairment model is unemployment. The latest
\n
economic scenarios used in the model along with the
\n
probably weighting applied to each are summarised
\n
as follows:
\n
Scenario
Qualitative explanation
\n
Probability
\n
weighting
\n
applied
\n
Upside
Inflation recedes leading to cuts in interest
\n
rates to 3.25% by end-2024. Unemployment
\n
falls to 3.5% whilst wage growth remains
\n
strong and supportive of high growth.
\n
0%
\n
Baseline
Unemployment rate peaks at approximately
\n
4.5% and remains at this level for most of 2024.
\n
Inflation begins to fall by mid-2024.
\n
50%
\n
Downside
Interest rates continue to rise and
\n
unemployment peaks at 6.5% in mid-2024
\n
30%
\n
Stress
Inflation continues to rise leading to sharp
\n
increases in interest rates. Unemployment peaks
\n
at 8% in 2024.
\n
20%
\n
Post model adjustment
\n
As noted in the prior year, the impairment model
\n
was not designed to take into account changes to
\n
customer payment and default performance arising as
\n
a result of the current cost of living crisis where levels
\n
of price inflation greatly exceed income growth, as
\n
the existing model uses unemployment rates as the
\n
principal determinant in considering forward looking
\n
macro-economic assumptions.
\n
It is our expectation that Studio\u2019s customer base has
\n
seen and will continue to see a significant reduction
\n
in real earnings as a result of the current cost of
\n
living crisis and, whilst the adverse impact payment
\n
and arrears performance has been less severe than
\n
anticipated to date, it will continue to be felt in future.
\n
Judgement has therefore been exercised in applying a
\n
post model adjustment of \u00a36.6m (April 2022: \u00a340.0m)
\n
to the output of the impairment model in arriving
\n
at the provision. This reflects management\u2019s best
\n
estimate based on the information available to them
\n
at the current time.
\n
\n
Valuation of assets acquired in business
\n
combinations
\n
During the current period, the Group has recognised
\n
net assets acquired in business combinations with a
\n
fair value of \u00a3121.2m including goodwill of \u00a335.6m and
\n
a gain on bargain purchase of \u00a356.1m. Management
\n
make use of estimates when calculating the fair value of
\n
assets and liabilities acquired in business combinations
\n
and make use of both internal and external information
\n
in doing so.
\n
In the current year, on the acquisition of JD premium
\n
brands, the principal estimate was around the fair value
\n
of inventory acquired. The fair value of inventory, which
\n
primarily includes finished goods was estimated at
\n
\u00a373.4m, a reduction of \u00a36.9m on the carrying value prior
\n
to the acquisition. The fair value adjustment relates only
\n
to finished goods and was calculated as the estimated
\n
selling price less costs to complete and sell the inventory,
\n
associated margins on these activities and holding
\n
costs. The fair value adjustment is expected to amortise
\n
over approximately the first 12 months post acquisition,
\n
in line with revenues.
\n
Management also notes that a gain on bargain
\n
purchase arose on the acquisition of JD premium
\n
brands. In light of this, management has considered
\n
the fair values attributed to the acquired assets and
\n
liabilities and concluded that they are appropriate.
\n
If the fair value of assets and liabilities recognised
\n
were to increase/decrease by \u00a35m, there would be a
\n
corresponding increase/decrease to the gain on bargain
\npurchase by an equivalent amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14011": { "value": "1.
ACCOUNTING POLICIES
\n
Frasers Group Plc (Company number: 06035106) is a
\n
company incorporated and domiciled in the United
\n
Kingdom, its shares are listed on the London Stock
\n
Exchange. The registered office is Unit A, Brook Park
\n
East, Shirebrook, NG20 8RY. The principal activities and
\n
structure of the Group can be found in the Directors\u2019
\n
Report and the \u2018Our Business\u2019 section.
\n
Basis of Preparation
\n
The consolidated Financial Statements have been
\n
prepared in accordance with International Accounting
\n
Standards in conformity with the requirements of
\n
the Companies Act 2006 and in accordance with
\n
international financial reporting standards adopted by
\n
the UK Endorsement Board. The consolidated Financial
\n
Statements have been prepared under the historical
\n
cost convention, as modified to include fair valuation of
\n
certain financial assets, derivative financial instruments
\n
and non-controlling interests.
\n
The accounting policies set out below have been applied
\n
consistently to all periods in these Financial Statements
\n
and have been applied consistently by all Group entities.
\n
The financial statements are prepared in sterling, which
\n
is the functional currency of the Group. The numbers
\n
presented in the Financial Statements have been
\n
rounded to the nearest million, unless otherwise stated.
\n
Going Concern
\n
The Group\u2019s business activities, together with the factors
\n
likely to affect its future development, performance and
\n
position are set out in the Chief Executive\u2019s Report and
\n
Business Review.
\n
The financial position of the Group, its cash flows,
\n
liquidity position and borrowing facilities are described
\n
in the Financial Review. In addition, the financial
\n
statements include the Group\u2019s objectives, policies
\n
and processes for managing its capital, its financial
\n
risk management objectives, details of its financial
\n
instruments and hedging activities, and its exposures to
\n
credit risk and liquidity risk.
\n
The Group is profitable, highly cash generative and
\n
has considerable financial resources. The Group is able
\n
to operate within its banking facilities and covenants,
\n
which run until November 2025 with a one year option
\n
to extend, and is well placed to take advantage of
\n
strategic opportunities as they arise. As a consequence,
\n
the Directors believe that the Group is well placed
\n
to manage its business risks successfully despite the
\n
continued uncertain economic outlook.
\n
Management have assessed the level of trading and
\n
have forecast and projected a conservative base case
\n
and also a number of even more conservative scenarios,
\n
including taking into account the Group\u2019s open positions
\n
in relation to strategic investment options. These
\n
forecasts and projections show that the Group will be
\n
able to operate within the level of the current facility and
\n
its covenant requirements (being interest cover and net
\n
debt to EBITDA ratios). Management also has a number
\n
of mitigating actions which could be taken if required
\n
such as selling strategic investments at a discount
\n
to the market price if a significant share price fall
\n
occurred, reducing capital expenditure, putting on hold
\n
discretionary spend, liquidating certain assets on the
\n
Balance Sheet and paying down the Group Financing
\n
Facility. See the Viability Statement for further details.
\n
Having thoroughly reviewed the performance of the
\n
Group and Parent Company and having made suitable
\n
enquiries, the Directors are confident that the Group
\n
and Parent Company have adequate resources to
\n
remain in operational existence for the foreseeable
\n
future which is at least 12 months from the date of
\n
these financial statements. Trading would need to fall
\n
significantly below levels observed during the COVID-19
\n
pandemic to require mitigating actions or a relaxation
\n
of covenants. On this basis, the Directors continue to
\n
adopt the going concern basis for the preparation of
\n
the Annual Report and financial statements which is a
\n
period of at least 12 months from the date of approval
\n
of these financial statements.
\n
FRASERS GROUP PLC
ANNUAL REPORT 2023
\n
133
Basis of Consolidation
\n
The consolidated Financial Statements incorporate
\n
the financial statements of the Company and entities
\n
controlled by the Company (its subsidiaries) each year.
\n
Control is achieved when the Company:
\n
\u2022
has the power over the investee;
\n
\u2022
is exposed, or has rights, to variable returns from its
\n
involvement with the investee; and
\n
\u2022
has the ability to use its power to affect its returns.
\n
The Company reassesses whether or not it controls an
\n
investee if facts and circumstances indicate that there
\n
are changes to one or more of the three elements of
\n
control listed above.
\n
When the Company has less than a majority of the
\n
voting rights of an investee, it considers that it has power
\n
over the investee when the voting rights are sufficient to
\n
give it the practical ability to direct the relevant activities
\n
of the investee unilaterally. The Company considers all
\n
relevant facts and circumstances in assessing whether
\n
or not the Company\u2019s voting rights in an investee are
\n
sufficient to give it power, including:
\n
\u2022
the size of the Company\u2019s holding of voting rights
\n
relative to the size and dispersion of holdings of the
\n
other vote holders;
\n
\u2022
potential voting rights held by the Company, other
\n
vote holders or other parties;
\n
\u2022
rights arising from other contractual arrangements;
\n
and
\n
\u2022
any additional facts and circumstances that
\n
indicate that the Company has, or does not have,
\n
the current ability to direct the relevant activities at
\n
the time that decisions need to be made, including
\n
voting patterns at previous shareholders\u2019 meetings.
\n
Consolidation of a subsidiary begins when the Company
\n
obtains control over the subsidiary and ceases when the
\n
Company loses control of the subsidiary. Specifically, the
\n
results of subsidiaries acquired or disposed of during
\n
the year are included in profit or loss from the date
\n
the Company gains control until the date when the
\n
Company ceases to control the subsidiary.
\n
Where necessary, adjustments are made to the financial
\n
statements of subsidiaries to bring the accounting
\n
policies used into line with the Group\u2019s accounting
\n
policies.
\n
All intragroup assets and liabilities, equity, income,
\n
expenses and cash flows relating to transactions
\n
between the members of the Group are eliminated on
\n
consolidation.
\n
Non-controlling interests in subsidiaries are identified
\n
separately from the Group\u2019s equity therein. Those
\n
interests of non-controlling shareholders that are
\n
present ownership interests entitling their holders to
\n
a proportionate share of net assets upon liquidation
\n
may initially be measured at fair value or at the
\n
non-controlling interests\u2019 proportionate share of the
\n
fair value of the acquiree\u2019s identifiable net assets. The
\n
choice of measurement is made on an acquisition-
\n
by-acquisition basis. Other non-controlling interests
\n
are initially measured at fair value. Subsequent to
\n
acquisition, the carrying amount of non-controlling
\n
interests is the amount of those interests at initial
\n
recognition plus the non-controlling interests\u2019 share of
\n
subsequent changes in equity.
\n
Profit or loss and each component of other
\n
comprehensive income are attributed to the owners
\n
of the Company and to the non-controlling interests.
\n
Total comprehensive income of the subsidiaries is
\n
attributed to the owners of the Company and to the
\n
non-controlling interests even if this results in the
\n
non-controlling interests having a deficit balance.
\n
Changes in the Group\u2019s interests in subsidiaries that
\n
do not result in a loss of control are accounted for as
\n
equity transactions. The carrying amount of the Group\u2019s
\n
interests and the non-controlling interests are adjusted
\n
to reflect the changes in their relative interests in the
\n
subsidiaries. Any difference between the amount by
\n
which the non-controlling interests are adjusted and
\n
the fair value of the consideration paid or received
\n
is recognised directly in equity and attributed to the
\n
owners of the Company.
\n
When the Group loses control of a subsidiary, the gain or
\n
loss on disposal recognised in profit or loss is calculated
\n
as the difference between (i) the aggregate of the fair
\n
value of the consideration received and the fair value
\n
of any retained interest and (ii) the previous carrying
\n
amount of the assets (including goodwill), less liabilities
\n
of the subsidiary and any non-controlling interests. All
\n
amounts previously recognised in other comprehensive
\n
income in relation to that subsidiary are accounted
\n
for as if the Group had directly disposed of the related
\n
assets or liabilities of the subsidiary (i.e. reclassified to
\n
profit or loss or transferred to another category of equity
\n
as required/permitted by applicable IFRS Standards).
\n
The fair value of any investment retained in the former
\n
subsidiary at the date when control is lost is regarded
\n
as the fair value on initial recognition for subsequent
\n
accounting under IFRS 9 when applicable, or the cost on
\n
initial recognition of an investment in an associate or a
\n
joint venture.
\n
\n
Business Combinations
\n
Acquisitions of businesses are accounted for using the
\n
acquisition method. The consideration transferred in a
\n
business combination is measured at fair value, which is
\n
calculated as the sum of the acquisition-date fair values
\n
of assets transferred to the Group, liabilities incurred
\n
by the Group to the former owners of the acquiree and
\n
the equity interest issued by the Group in exchange for
\n
control of the acquiree. Acquisition-related costs are
\n
recognised in profit or loss as incurred.
\n
At the acquisition date, the identifiable assets acquired
\n
and the liabilities assumed are recognised at their fair
\n
value at the acquisition date, except that:
\n
\u2022
deferred tax assets or liabilities and assets or
\n
liabilities related to employee benefit arrangements
\n
are recognised and measured in accordance with
\n
IAS 12 and IAS 19 respectively;
\n
\u2022
liabilities or equity instruments related to
\n
share-based payment arrangements of the acquiree
\n
or share-based payment arrangements of the
\n
Group entered into to replace share-based payment
\n
arrangements of the acquiree are measured in
\n
accordance with IFRS 2 at the acquisition date; and
\n
\u2022
assets (or disposal groups) that are classified as held
\n
for sale in accordance with IFRS 5 are measured in
\n
accordance with that Standard.
\n
Goodwill is measured as the excess of the sum of
\n
the consideration transferred, the amount of any
\n
non-controlling interests in the acquiree, and the fair
\n
value of the acquirer\u2019s previously held equity interest in
\n
the acquiree (if any) over the net of the acquisition-date
\n
amounts of the identifiable assets acquired and the
\n
liabilities assumed. If, after reassessment, the net of
\n
the acquisition-date amounts of the identifiable assets
\n
acquired and liabilities assumed exceeds the sum
\n
of the consideration transferred, the amount of any
\n
non-controlling interests in the acquiree and the fair
\n
value of the acquirer\u2019s previously held interest in the
\n
acquiree (if any), the excess is recognised immediately in
\n
profit or loss as a bargain purchase gain.
\n
For business combinations achieved in stages, the Group
\n
remeasures its previously held equity interest in the
\n
acquiree at its acquisition date fair value and recognises
\n
the resulting gain or loss, if any, in the Income Statement
\n
as appropriate.
\n
Associates
\n
An associate is an entity over which the Group has
\n
significant influence and that is neither a subsidiary
\n
nor an interest in a joint venture. Significant influence is
\n
the power to participate in the financial and operating
\n
policy decisions of the investee but is not control or joint
\n
control over those policies.
\n
The results and assets and liabilities of associates
\n
are incorporated in these Financial Statements using
\n
the equity method of accounting, except when the
\n
investment is classified as held for sale, in which case it is
\n
accounted for in accordance with IFRS 5.
\n
Under the equity method, an investment in an associate
\n
is recognised initially in the consolidated Balance Sheet
\n
at cost and adjusted thereafter to recognise the Group\u2019s
\n
share of the profit or loss and other comprehensive
\n
income of the associate. When the Group\u2019s share of
\n
losses of an associate or a joint venture exceeds the
\n
Group\u2019s interest in that associate (which includes any
\n
long-term interests that, in substance, form part of the
\n
Group\u2019s net investment in the associate), the Group
\n
discontinues recognising its share of further losses.
\n
Additional losses are recognised only to the extent that
\n
the Group has incurred legal or constructive obligations
\n
or made payments on behalf of the associate.
\n
An investment in an associate is accounted for using
\n
the equity method from the date on which the
\n
investee becomes an associate. On acquisition of the
\n
investment in an associate, any excess of the cost of the
\n
investment over the Group\u2019s share of the net fair value
\n
of the identifiable assets and liabilities of the investee
\n
is recognised as goodwill, which is included within the
\n
carrying amount of the investment. Any excess of the
\n
Group\u2019s share of the net fair value of the identifiable
\n
assets and liabilities over the cost of the investment,
\n
after reassessment, is recognised immediately in profit or
\n
loss in the period in which the investment is acquired.
\n
The requirements of IAS 36 are applied to determine
\n
whether it is necessary to recognise any impairment
\n
loss with respect to the Group\u2019s investment in an
\n
associate. When necessary, the entire carrying amount
\n
of the investment (including goodwill) is tested for
\n
impairment in accordance with IAS 36 as a single asset
\n
by comparing its recoverable amount (higher of value
\n
in use and fair value less costs of disposal) with its
\n
carrying amount. Any reversal of that impairment loss is
\n
recognised in accordance with IAS 36 to the extent that
\n
the recoverable amount of the investment subsequently
\n
increases.
\n
The Group discontinues the use of the equity method
\n
from the date when the investment ceases to be an
\n
associate. When the Group retains an interest in the
\n
former associate and the retained interest is a financial
\n
asset, the Group measures the retained interest at fair
\n
value at that date and the fair value is regarded as
\n
its fair value on initial recognition in accordance with
\n
IFRS 9. The difference between the carrying amount
\n
of the associate at the date the equity method was
\n
discontinued, and the fair value of any retained interest
\n
and any proceeds from disposing of a part interest in the
\n
associate is included in the determination of the gain or
\n
loss on disposal of the associate. In addition, the Group
\n
accounts for all amounts previously recognised in other
\n
comprehensive income in relation to that associate on
\n
\n
the same basis as would be required if that associate
\n
had directly disposed of the related assets or liabilities.
\n
Therefore, if a gain or loss previously recognised in other
\n
comprehensive income by that associate would be
\n
reclassified to profit or loss on the disposal of the related
\n
assets or liabilities, the Group reclassifies the gain or
\n
loss from equity to profit or loss (as a reclassification
\n
adjustment) when the associate is disposed of.
\n
When the Group reduces its ownership interest in an
\n
associate but the Group continues to use the equity
\n
method, the Group reclassifies to profit or loss the
\n
proportion of the gain or loss that had previously
\n
been recognised in other comprehensive income
\n
relating to that reduction in ownership interest if
\n
that gain or loss would be reclassified to profit or
\n
loss on the disposal of the related assets or liabilities.
\n
When a group entity transacts with an associate
\n
of the Group, profits and losses resulting from the
\n
transactions with the associate or joint venture are
\n
recognised in the Group\u2019s consolidated Financial
\n
Statements only to the extent of interests in the
\n
associate that are not related to the Group.
\n
Revenue Recognition
\n
Revenue with customers is measured based on the
\n
five-step model under IFRS 15: \u2018Revenue from Contracts
\n
with Customers\u2019:
\n
1.
identify the contract with the customer;
\n
2.
identify the performance obligations in the contract;
\n
3.
determine the transaction price;
\n
4.
allocate the transaction price to separate
\n
performance obligations in the contract; and
\n
5.
recognise revenues when (or as) each performance
\n
obligation is satisfied.
\n
Revenue is measured at the fair value of the
\n
consideration received, or receivable, and represents
\n
amounts receivable for goods supplied, stated net of
\n
discounts, returns and value added taxes. Customers
\n
have a right of return within a specified period and this
\n
gives rise to variable consideration under IFRS 15. The
\n
right of return asset is recognised within inventory, with
\n
the refund liability due to customers on return of their
\n
goods recognised within trade and other payables.
\n
In the case of goods sold through retail stores, revenue
\n
is recognised when we have satisfied the performance
\n
obligation of transferring the goods to the customer at
\n
the point of sale, less provision for returns. Accumulated
\n
experience is used to estimate and provide for such
\n
returns at the time of the sale. Retail sales are usually in
\n
cash, by debit card or by credit card.
\n
In the case of goods sold on the internet where the
\n
customer has opted for delivery, revenue is recognised
\n
when we have satisfied the performance obligation of
\n
transferring the goods to the customer, which is at the
\n
point of delivery to the customer.
\n
Transactions are settled by credit card, debit card or
\n
credit account. Provisions are made for internet credit
\n
notes based on the expected level of returns using the
\n
expected value method, which in turn is based upon
\n
the historical rate of returns. In the case of internet
\n
click and collect orders which are collected in store, the
\n
performance obligation is deemed to have been satisfied
\n
when the goods are dispatched from the warehouse.
\n
In the case of goods sold to other businesses via
\n
wholesale channels, revenue is recognised when we
\n
have satisfied the performance obligation of transferring
\n
the goods to the customer upon delivery. Payment terms
\n
are generally 30-60 days with no right of return.
\n
In the case of income generated from trademarks and
\n
licences, revenue is recognised based either on a fixed
\n
fee basis or based on sales with specified minimum
\n
guarantee amounts in accordance with the relevant
\n
agreements. If the sales-based royalty is not expected
\n
to clearly exceed the minimum guarantee threshold,
\n
revenue is recognised over the rights period measured
\n
on the basis of the fixed guaranteed consideration.
\n
Revenue above the minimum guarantee threshold is
\n
recognised as earned based on the contractual royalty
\n
rate applied to the sales.
\n
Revenue from gym membership fees is stated exclusive
\n
of value added tax and comprises monthly membership
\n
fees, non-refundable joining fees and longer term
\n
membership fees recognised during the period.
\n
Membership income is recognised and spread over
\n
the period to which it relates, being the period of the
\n
Group\u2019s performance obligations, with any subscriptions
\n
in advance of the period to which they relate being
\n
recognised as contract liabilities. Joining fee income
\n
is recognised over time, on a straight-line basis over
\n
the expected duration of the membership. Gym retail
\n
income is recognised at the point of sale. Other revenue
\n
includes various ancillary revenue streams, which are
\n
recognised in the period to which they relate. Total
\n
revenue from gyms recognised in FY23 is \u00a354.2m (FY22:
\n
\u00a347.4m) and is recognised in the UK Sports segment.
\n
In the case of revenue from third party commission on
\n
concession sales within the House of Fraser department
\n
stores this is recognised when goods are sold to the
\n
customer. As we act as the agent this is stated at the
\n
value of the commission that the Group receives on the
\n
transaction rather than the gross revenue from the sale
\n
of the concessionaires\u2019 goods.
\n
\n
The Group operates loyalty programmes which allow
\n
members to accumulate points on purchases and
\n
receive exclusive offers and benefits. The fair value of
\n
the points awarded to customers is determined relative
\n
to the total transaction price and accounted for as a
\n
separate identifiable component of a sales transaction.
\n
Revenue is deferred to match the estimated value of
\n
earned loyalty points. Deferred revenue is adjusted
\n
for the value of points that are not expected to be
\n
redeemed by customers based on historical redemption
\n
rates. When the points are redeemed and the Group
\n
fulfils its obligations pursuant to the programmes, the
\n
revenue that was deferred is recognised. In the UK
\n
points awarded expire following a period of 12 months
\n
of inactivity, in Spain they are valid until the end of the
\n
following calendar year. The new Frasers Plus loyalty
\n
program currently includes points that do not expire
\n
however the Group may introduce an expiry at a late
\n
time including in respect of pending or active points
\n
already earned.
\n
Revenue from gift cards and vouchers is recognised
\n
when the cards or vouchers are redeemed by the
\n
customer, breakage is recognised when the likelihood
\n
of the card or voucher being redeemed is remote or
\n
has expired. For gift cards monies received represent
\n
deferred revenue prior to the redemption.
\n
Credit account interest revenue related to interest
\n
charged on trade receivables in Frasers Group Financial
\n
Services Limited (formerly Studio Retail Limited) is
\n
determined using the effective interest method. Credit
\n
account interest revenue is calculated on the gross
\n
carrying amount of the financial asset unless the
\n
financial asset is impaired, in which case the interest
\n
revenue is calculated on the amortised cost, after
\n
allowance for expected credit losses. Credit account
\n
interest revenue is recognised over time.
\n
Exceptional Items
\n
The Group presents exceptional items on the face of
\n
the Income Statement. These are significant items of
\n
income and expense which, because of their size, nature
\n
and infrequency of the events giving rise to them, merit
\n
separate presentation to allow shareholders to better
\n
understand the elements of financial performance in the
\n
year, so as to facilitate comparison with prior periods
\n
and assess trends in financial performance more readily.
\n
Finance Income
\n
Finance income is reported on an accruals basis using
\n
the effective interest method.
\n
Finance Costs
\n
Finance costs are recognised on an accruals basis in
\n
the period in which they are incurred using the effective
\n
interest method.
\n
Taxation
\n
Tax expense comprises current and deferred tax.
\n
Tax is recognised in the Income Statement, except
\n
to the extent it relates to items recognised in other
\n
comprehensive income or directly in equity. The
\n
income tax expense or credit for the period is the
\n
tax payable on the current periods\u2019 taxable income,
\n
based on the applicable income tax rate for each
\n
jurisdiction, adjusted by changes in deferred tax
\n
assets and liabilities attributable to temporary
\n
differences and to unused losses.
\n
Deferred taxation is calculated using the liability
\n
method, on temporary differences arising between
\n
the tax bases of assets and liabilities and their
\n
carrying amounts in the consolidated Financial
\n
Statements. However, if the deferred tax arises from
\n
the initial recognition of goodwill or initial recognition
\n
of an asset or liability in a transaction other than
\n
a business combination that at the time of the
\n
transaction affects neither accounting nor taxable
\n
profit or loss, it is not accounted for. Deferred tax
\n
on temporary differences associated with shares
\n
in subsidiaries is not provided if reversal of these
\n
temporary differences can be controlled by the Group
\n
and it is probable that reversal will not occur in the
\n
foreseeable future. In addition, tax losses available to
\n
be carried forward as well as other income tax credits
\n
to the Group are assessed for recognition as deferred
\n
tax assets. Deferred tax is determined using tax rates
\n
and laws that have been enacted (or substantively
\n
enacted) by the balance sheet date and are expected
\n
to apply when the related deferred tax asset is
\n
realised or the deferred tax liability is settled.
\n
Deferred tax liabilities are provided in full.
\n
Deferred tax assets are recognised to the extent
\n
that it is probable that future taxable profits will be
\n
available against which the temporary differences
\n
can be utilised. Deferred tax assets are offset where
\n
there is a legally enforceable right to offset current
\n
tax assets and liabilities and where the deferred tax
\n
balances relate to the same tax authority.
\n
Changes in current and deferred tax assets or
\n
liabilities are recognised as a component of tax
\n
expense in the Income Statement, except where
\n
they relate to items that are recorded in other
\n
comprehensive income or charged or credited
\n
directly to equity in which case the related deferred
\n
tax is also charged to other comprehensive income
\n
or credited directly to equity. Deferred tax assets and
\n
liabilities are not discounted.
\n
\n
Goodwill
\n
Goodwill arising on consolidation is recognised as an
\n
asset and reviewed for impairment at least annually or
\n
when a change in circumstances or situation indicates
\n
that the goodwill has suffered an impairment loss.
\n
The need for impairment is tested by comparing the
\n
recoverable amount of the cash-generating unit (CGU)
\n
to which the goodwill balance has been allocated, which
\n
is the higher of fair value less costs to sell and value in
\n
use, to the carrying value of the goodwill balance and
\n
other assets allocated to the CGU. Any impairment
\n
is recognised immediately in the Income Statement.
\n
Impairment losses on goodwill are not reversed. Gains
\n
and losses on the disposal of a business include the
\n
amount of goodwill relating to that business.
\n
When the non-controlling interest of an existing
\n
subsidiary is acquired the carrying value of the
\n
non-controlling interests in the Balance Sheet is
\n
eliminated. Any difference between the amount by
\n
which the non-controlling interest is adjusted and the
\n
fair value of the consideration paid is recognised directly
\n
in equity.
\n
Other Intangible Assets
\n
Brands, trademarks, licences and customer related
\n
intangibles that are internally generated are not
\n
recorded on the Balance Sheet. Acquired brands,
\n
trademarks, licences and customer related intangibles
\n
are initially carried on the Balance Sheet at cost. The
\n
fair value of brands, trademarks, licences and customer
\n
related intangibles that are acquired by virtue of a
\n
business combination is determined at the date of
\n
acquisition and is subsequently assessed as being the
\n
deemed cost to the Group.
\n
Expenditure on advertising and promotional activities is
\n
recognised as an expense as incurred.
\n
Amortisation is provided on brands, trademarks, licences
\n
and customer related intangibles with a definite life
\n
on a straight line basis over their useful economic lives
\n
of between 1 to 15 years and is accounted for within
\n
the selling, distribution and administrative expenses
\n
category within the Income Statement.
\n
Property, Plant and Equipment
\n
Property, plant and equipment are stated at historical
\n
cost less depreciation less any recognised impairment
\n
losses. Cost includes expenditure that is directly
\n
attributable to the acquisition or construction of these
\n
items. Subsequent costs are included in the asset\u2019s
\n
carrying amount only when it is probable that future
\n
economic benefits associated with the item will flow to
\n
the Group and the costs can be measured reliably.
\n
All other costs, including repairs and maintenance costs
\n
and labour costs are charged to the Income Statement
\n
in the period in which they are incurred.
\n
Depreciation is provided on all property, plant and
\n
equipment other than freehold land and is calculated
\n
on a straight-line basis, whichever is deemed by the
\n
directors to be more appropriate, to allocate cost less
\n
assessed residual value, other than assets in the course
\n
of construction, over the estimated useful lives, as
\n
follows:
\n
\u2022
Freehold buildings - 15 years - straight line
\n
\u2022
Leasehold improvements \u2013 5 years or over the term
\n
of the lease, whichever is shortest - straight line
\n
\u2022
Plant and equipment \u2013 between 5 to 10 years -
\n
straight line
\n
A full year of depreciation is charged on all additions
\n
in property, plant and equipment in the period. The
\n
assets\u2019 useful lives and residual values are reviewed and,
\n
if appropriate, adjusted at each balance sheet date.
\n
The gain or loss arising on disposal or scrapping of an
\n
asset is determined as the difference between the sales
\n
proceeds, net of selling costs, and the carrying amount
\n
of the asset and is recognised in the Income Statement.
\n
Property, plant and equipment where the carrying
\n
amount is recovered principally through a sales
\n
transaction and where a sale is considered to be highly
\n
probable are stated at the lower of carrying value and
\n
fair value less costs to sell.
\n
Investment Properties
\n
Investment properties, which are defined as property
\n
held for rental income or capital appreciation, are
\n
initially measured at cost being purchase price and
\n
directly attributable expenditure. Where the intention is
\n
to hold property as owner occupied, this is recognised as
\n
property, plant and equipment.
\n
Subsequently investment properties are held at cost
\n
less accumulated depreciation and impairment losses.
\n
Investment properties are depreciated over 15 years
\n
straight line, other than the land element which is not
\n
depreciated.
\n
Fair values of the investment properties are disclosed.
\n
See Note 18 for further details.
\n
\n
Impairment of Assets Other Than Goodwill
\n
At each balance sheet date, the Directors review the
\n
carrying amounts of the Group\u2019s tangible and intangible
\n
assets, other than goodwill, to determine whether
\n
there is any indication that those assets have suffered
\n
an impairment loss. If any such indication exists, the
\n
recoverable amount of the asset in its current condition
\n
is estimated in order to determine the extent of the
\n
impairment loss, if any. Where the asset does not
\n
generate cash flows that are independent from other
\n
assets, the Group estimates the recoverable amount of
\n
the CGU to which the asset belongs. With respect to
\n
property, plant and equipment, each store is considered
\n
to be a CGU and reviewed for impairment whereby
\n
changes in circumstances indicate that the recoverable
\n
amount is lower than the carrying value.
\n
The recoverable amount is the higher of fair value less
\n
costs to sell and value in use. In assessing the value in
\n
use, the estimated future cash flows are discounted to
\n
their present value using a pre-tax discount rate that
\n
reflects current market assessments of the time value of
\n
money and the risks specific to the asset for which the
\n
estimates of future cash flows have not been adjusted.
\n
If the recoverable amount of an asset (or CGU) is
\n
estimated to be less than its carrying amount, the
\n
carrying amount of the asset (CGU) is reduced to its
\n
recoverable amount. An impairment loss is recognised
\n
as an expense immediately, unless the relevant asset
\n
is carried at a re-valued amount, in which case the
\n
impairment loss is treated as a revaluation decrease to
\n
the original historic cost and then as an expense.
\n
Impairment losses recognised for CGU\u2019s to which
\n
goodwill has been allocated are credited initially to the
\n
carrying amount of goodwill. Any remaining impairment
\n
loss is charged pro rata to the other assets in the CGU.
\n
Where an impairment loss subsequently reverses, the
\n
carrying amount of the asset (CGU) excluding goodwill,
\n
is increased to the revised estimate of its recoverable
\n
amount, but so that the increased carrying amount
\n
does not exceed the carrying amount that would
\n
have been determined had no impairment loss been
\n
recognised for the asset (CGU) in prior periods. A
\n
reversal of an impairment loss is recognised in the
\n
Income Statement immediately.
\n
Assets Held for Sale
\n
Non-current assets classified as held for sale are
\n
presented separately and measured at the lower of
\n
their carrying amounts immediately prior to their
\n
classification as held for sale and their fair value less
\n
costs to sell. Once classified as held for sale, the assets
\n
are not subject to depreciation or amortisation.
\n
Discontinued Operations
\n
A discontinued operation is a component of the Group\u2019s
\n
business that represents a separate major line of
\n
business or geographical area of operations that has
\n
been disposed of or is held for sale, or is a subsidiary
\n
acquired exclusively with a view to resale. Classification
\n
as a discontinued operation occurs upon disposal or
\n
when the operation meets the criteria to be classified as
\n
held for sale, if earlier. When an operation is classified
\n
as a discontinued operation, the results are presented
\n
separately in the consolidated financial statements and
\n
the comparative income statement is restated as if the
\n
operation had been discontinued from the start of the
\n
comparative period.
\n
Inventories
\n
Inventories are valued at the lower of cost and net
\n
realisable value. Cost includes the purchase price of the
\n
manufactured products, materials, direct labour and
\n
transport costs. Cost is calculated using the weighted
\n
average cost method. Net realisable value is based on
\n
the estimated selling price less all estimated selling costs.
\n
The Group receives trade discounts and rebates from
\n
suppliers based upon the volume of orders placed in
\n
a given time window. Typical discounts and rebates
\n
received by the Group include early settlement discounts,
\n
volume rebates on inventory purchases, supplier rebates
\n
based on faulty goods, and marketing support. Where
\n
there is sufficient certainty that a discount or rebate
\n
will be received in the future that relates to historic
\n
purchases this is reflected in the cost of inventories.
\n
Where the receipt of rebates is uncertain, the cost of
\n
inventories is held at full cost price until the rebate is
\n
received. Recognised rebates are released to the Income
\n
Statement to the extent that the stock has been sold.
\n
Cash and Cash Equivalents
\n
Cash and cash equivalents include cash in hand and
\n
deposits held on call, together with other short term
\n
highly liquid investments that are readily convertible to
\n
known amounts of cash and which are subject to an
\n
insignificant risk of changes in value.
\n
\n
Financial Instruments
\n
Financial assets and financial liabilities are recognised in
\n
the Group\u2019s Balance Sheet when the Group becomes a
\n
party to the contractual provisions of the instrument.
\n
Financial assets and financial liabilities are initially
\n
measured at fair value. Transaction costs that are
\n
directly attributable to the acquisition or issue of
\n
financial assets and financial liabilities (other than
\n
financial assets and financial liabilities at fair value
\n
through profit or loss) are added to or deducted from
\n
the fair value of the financial assets or financial liabilities,
\n
as appropriate, on initial recognition. Transaction costs
\n
directly attributable to the acquisition of financial assets
\n
or financial liabilities at fair value through profit or loss
\n
are recognised immediately in profit or loss.
\n
Financial assets are derecognised when the contractual
\n
rights to the cash flows from the financial asset expire,
\n
or when the financial asset and substantially all the
\n
risks and rewards are transferred. A financial liability
\n
is derecognised when it is extinguished, discharged,
\n
cancelled or expires.
\n
Financial assets and financial liabilities are offset and
\n
the net amount is reported in the Balance Sheet if
\n
there is a currently enforceable legal right to offset the
\n
recognised amounts and there is an intention and ability
\n
to settle on a net basis, to realise the assets and settle
\n
the liabilities simultaneously.
\n
Financial Assets
\n
Classification and initial measurement of financial assets
\n
Except for those trade receivables that do not contain
\n
a significant financing component and are measured
\n
at the transaction price in accordance with IFRS 15,
\n
all financial assets are initially measured at fair value
\n
adjusted for transaction costs (where applicable).
\n
Financial assets, other than those designated and
\n
effective as hedging instruments, are classified into the
\n
following categories:
\n
\u2022
amortised cost
\n
\u2022
fair value through profit or loss (FVTPL)
\n
\u2022
fair value through other comprehensive
\n
income (FVOCI)
\n
All income and expenses relating to financial assets
\n
that are recognised in profit or loss are presented within
\n
finance costs or finance income, except for impairment
\n
of trade receivables and amounts due from related
\n
parties which are presented within selling distribution
\n
and administrative expenses. Impairment losses in
\n
respect of credit customer receivables are disclosed
\n
separately on the face of the Income Statement.
\n
The Group makes an assessment of the objective of
\n
the business model in which a financial asset is held at
\n
a portfolio level because this best reflects the way the
\n
business is managed and information is provided to
\n
management. The information considered includes:
\n
\u2022
The stated policies and objectives for the portfolio
\n
and the operation of those policies in practice.
\n
These include whether management\u2019s strategy
\n
focuses on earning contractual interest income or
\n
realising cash flows from the sale of assets;
\n
\u2022
How the performance of the portfolio is evaluated
\n
and reported to the Group\u2019s management;
\n
\u2022
The risks that affect the performance of the business
\n
model and how those risks are managed;
\n
\u2022
How managers of the business are compensated;
\n
and
\n
\u2022
The frequency, volume and timing of sales of
\n
financial assets in prior periods, the reasons for such
\n
sales and expectations about future sales activity.
\n
For the purposes of this assessment, \u2018principal\u2019 is
\n
defined as the fair value of the financial asset on initial
\n
recognition. \u2018Interest\u2019 is defined as consideration for the
\n
time value of money and for the credit risk associated
\n
with the principal amount outstanding during a
\n
particular period of time and for other basic lending risks
\n
and costs (e.g. liquidity risk and administrative costs), as
\n
well as a profit margin.
\n
In assessing whether the contractual cash flows are
\n
solely payments of principal and interest, the Group
\n
considers the contractual terms of the instrument. This
\n
includes assessing whether the financial asset contains
\n
a contractual term that could change the timing or
\n
amount of contractual cash flows such that it would
\n
not meet this condition. In making this assessment, the
\n
Group considers:
\n
\u2022
contingent events that would change the amount or
\n
timing of cash flows; and
\n
\u2022
terms that may adjust the contractual coupon rate.
\n
\n
Subsequent Measurement of
\n
Financial Assets
\n
Financial assets at amortised cost
\n
Financial assets are measured at amortised cost if
\n
the assets meet the following conditions (and are not
\n
designated as FVTPL):
\n
\u2022
they are held within a business model whose
\n
objective is to hold the financial assets and collect
\n
its contractual cash flows; and
\n
\u2022
the contractual terms of the financial assets give rise
\n
to cash flows that are solely payments of principal
\n
and interest on the principal amount outstanding.
\n
After initial recognition, these are measured
\n
at amortised cost using the effective interest
\n
method. Discounting is omitted where the effect of
\n
discounting is immaterial. The Group\u2019s cash and cash
\n
equivalents, trade and most other receivables fall into
\n
this category of financial instruments.
\n
Financial assets at fair value through profit or loss (FVTPL)
\n
Financial assets that are held within a different business
\n
model other than \u2018hold to collect\u2019 or \u2018hold to collect and
\n
sell\u2019 are categorised at fair value through profit and
\n
loss. Further, financial assets whose contractual cash
\n
flows are not solely payments of principal and interest
\n
are accounted for at FVTPL. All derivative financial
\n
instruments fall into this category, except for those
\n
designated and effective as hedging instruments, for
\n
which the hedge accounting requirements apply
\n
(see below).
\n
Assets in this category are measured at fair value with
\n
gains or losses recognised in profit or loss. The fair values
\n
of financial assets in this category are determined
\n
by reference to active market transactions or using a
\n
valuation technique where no active market exists.
\n
Financial assets at fair value through other comprehensive
\n
income (FVOCI)
\n
On initial application of IFRS 9 the Group made the
\n
irrevocable election to account for long term financial
\n
assets at fair value through other comprehensive
\n
income (FVOCI) given these are not held for trading
\n
purposes. The election is made on an instrument-by-
\n
instrument basis, only qualifying dividend income is
\n
recognised in profit and loss, changes in fair value
\n
are recognised within OCI and never reclassified to
\n
profit and loss, even if the asset is impaired, sold or
\n
otherwise derecognised.
\n
Impairment of financial assets
\n
IFRS 9\u2019s impairment requirements use more forward-
\n
looking information to recognise expected credit losses \u2013
\n
the \u2018expected credit loss (ECL) model\u2019. Instruments within
\n
the scope of the requirements include trade receivables,
\n
other receivables, amounts due from related parties,
\n
and loan commitments and some financial guarantee
\n
contracts (for the issuer) that are not measured at fair
\n
value through profit or loss.
\n
Other receivables and amounts due from related parties
\n
Recognition of credit losses is no longer dependent on
\n
the Group first identifying a credit loss event. Instead
\n
the Group considers a broader range of information
\n
when assessing credit risk and measuring expected
\n
credit losses, including past events, current conditions,
\n
reasonable and supportable forecasts that affect the
\n
expected collectability of the future cash flows of the
\n
instrument.
\n
In applying this forward-looking approach, a distinction
\n
is made between:
\n
\u2022
financial assets that have not deteriorated
\n
significantly in credit quality since initial recognition
\n
or that have low credit risk (\u2018Stage 1\u2019);
\n
\u2022
financial assets that have deteriorated significantly
\n
in credit quality since initial recognition and whose
\n
credit risk is not low (\u2018Stage 2\u2019); and
\n
\u2022
financial assets where the credit risk has increased
\n
to a point at which it is considered credit impaired
\n
(\u2018Stage 3\u2019)
\n
\u201812-month expected credit losses\u2019 are recognised for the
\n
first category while \u2018lifetime expected credit losses\u2019 are
\n
recognised for the second and third categories.
\n
Measurement of the expected credit losses is
\n
determined by a probability-weighted estimate of credit
\n
losses over the expected life of the financial instrument.
\n
Trade receivables
\n
The Group makes use of a simplified approach in
\n
accounting for trade receivables and records the loss
\n
allowance as lifetime expected credit losses. These
\n
are the expected shortfalls in contractual cash flows,
\n
considering the potential for default at any point during
\n
the life of the financial instrument. In calculating, the
\n
Group uses its historical experience, external indicators
\n
and forward-looking information to calculate the
\n
expected credit losses using a provision matrix.
\n
\n
Credit customer receivables
\n
12-month ECLs are used for Stage 1 performing assets
\n
12-month ECLs are used for Stage 1 performing assets
\n
and a lifetime ECL is used for stages 2 and 3. An asset
\n
will move from Stage 1 to Stage 2 when there is evidence
\n
of significant increase in credit risk since the asset
\n
originated and into Stage 3 when it is credit impaired.
\n
Should the credit risk improve so that the assessment of
\n
credit risk at the reporting date is considered not to be
\n
significant any longer, assets return to an earlier stage in
\n
the ECL model.
\n
A financial asset is considered to have experienced a
\n
significant increase in credit risk since initial recognition
\n
where there has been a significant increase in the
\n
remaining lifetime probability of default of the asset. The
\n
Group assumes that the credit risk on a financial asset
\n
has increased significantly if it is more than 30 days
\n
past due, and/or has been placed on an arrangement to
\n
pay less than the standard required minimum payment
\n
(except where a payment holiday was granted in
\n
response to Covid-19) or has had interest suspended.
\n
In line with IFRS 9, a financial asset is considered to be
\n
in default when it is more than 90 days past due and/or
\n
when the borrower is unlikely to pay its obligations in full.
\n
Days past due are determined by counting the number
\n
of days since the earliest elapsed due date in respect
\n
of which the minimum payment has not been received.
\n
Due dates are determined without considering any
\n
grace period that might be available to the borrower.
\n
When determining whether the credit risk of a
\n
financial asset has increased significantly since initial
\n
recognition and when estimating ECLs, the Group
\n
considers reasonable and supportable information
\n
that is relevant and available without undue cost or
\n
effort. This includes both quantitative and qualitative
\n
information and analysis based on the Group\u2019s
\n
historical experience and informed credit assessment
\n
including forward looking information.
\n
The key assumptions in the ECL calculations are:
\n
\u2022
Probability of Default (\u201cPD\u201d) - an estimate of the
\n
likelihood of default over 12 months and the
\n
expected lifetime of the debt;
\n
\u2022
Exposure at Default (\u201cEAD\u201d) - an estimate of the
\n
exposure at a future default date, taking into
\n
account expected changes in the exposure after the
\n
reporting date, including repayments of principal
\n
and interest, whether scheduled by the contract
\n
or otherwise and accrued interest from missed
\n
payments; and
\n
\u2022
Loss Given Default (\u201cLGD\u201d) - an estimate of the
\n
loss arising in the case where a default occurs at a
\n
given time. It is based on the difference between
\n
the contractual cash flows due and those that the
\n
Group would expect to receive, discounted at the
\n
original effective interest rate. The key areas of
\n
estimation are around the value that the Group will
\n
recover in respect of the defaulted debt and the
\n
timing of such recoveries.
\n
The Group incorporates forward-looking information into
\n
its measurement of ECLs. This is achieved by developing
\n
four potential economic scenarios and modelling ECLs
\n
for each scenario. The outputs from each scenario
\n
are combined; using the estimated likelihood of each
\n
scenario occurring to derive a probability weighted ECL.
\n
Management judgement is required in setting
\n
assumptions around probabilities of default and the
\n
weighting of economic scenarios in particular which
\n
have a material impact on the results indicated by the
\n
ECL model.
\n
Acquired loans that meet the Group\u2019s definition of
\n
default (i.e., those that are more than 90 days past
\n
due and/or when the borrower is unlikely to pay
\n
its obligations in full) at acquisition are treated as
\n
purchased or originated credit-impaired (\u201cPOCI\u201d) assets.
\n
These assets attract a lifetime ECL allowance over the
\n
full term of the loan, even when these loans no longer
\n
meet the definition of default post acquisition. The
\n
Group does not originate credit-impaired loans.
\n
Loss allowances for financial assets are deducted
\n
from the gross carrying amount of the asset.
\n
Impairment losses related to the Group\u2019s credit
\n
customers are separately disclosed in the
\n
consolidated income statement.
\n
\n
Financial Liabilities
\n
Classification and measurement of financial liabilities
\n
The Group\u2019s financial liabilities include borrowings and
\n
lease liabilities, trade and other payables and derivative
\n
financial instruments.
\n
Financial liabilities are initially measured at fair value,
\n
and, where applicable, adjusted for transaction costs
\n
unless the Group designated a financial liability at fair
\n
value through profit or loss. Subsequently, financial
\n
liabilities are measured at amortised cost using the
\n
effective interest method except for derivatives and
\n
financial liabilities designated at FVTPL, which are
\n
carried subsequently at fair value with gains or losses
\n
recognised in profit or loss (other than derivative
\n
financial instruments that are designated and effective
\n
as hedging instruments).
\n
All interest-related charges and, if applicable, fair value
\n
changes in currency derivative instruments that are
\n
reported in profit or loss are included within finance
\n
costs or finance income. Fair value changes in equity
\n
derivative financial instruments are recognised in
\n
investment income or investment costs.
\n
Derivative financial instruments and hedge accounting
\n
Derivative financial instruments are accounted for
\n
at fair value through profit and loss (FVTPL) except
\n
for derivatives designated as hedging instruments
\n
in cash flow hedge relationships, which require a
\n
specific accounting treatment. To qualify for hedge
\n
accounting, the hedging relationship must meet all of
\n
the following requirements:
\n
\u2022
there is an economic relationship between the
\n
hedged item and the hedging instrument;
\n
\u2022
the effect of credit risk does not dominate the value
\n
changes that result from that economic relationship;
\n
and
\n
\u2022
the hedge ratio of the hedging relationship is the
\n
same as that resulting from the quantity of the
\n
hedged item that the entity actually hedges and the
\n
quantity of the hedging instrument that the entity
\n
actually uses to hedge that quantity of hedged item.
\n
Written option contracts do not qualify for hedge
\n
accounting and fair value movements are recognised
\n
directly in the Income Statement.
\n
For the reporting periods under review, the Group has
\n
designated certain forward currency contracts and
\n
options as hedging instruments in cash flow hedge
\n
relationships. These arrangements have been entered
\n
into to mitigate foreign currency exchange risk arising
\n
from certain highly probable sales and purchases
\n
transactions denominated in foreign currencies.
\n
All derivative financial instruments used for hedge
\n
accounting are recognised initially at fair value and
\n
reported subsequently at fair value in the Balance Sheet.
\n
To the extent that the hedge is effective, changes in
\n
the fair value of derivatives designated as hedging
\n
instruments in cash flow hedges are recognised in
\n
other comprehensive income and included within
\n
the cash flow hedge reserve in equity. The level of
\n
ineffectiveness is assessed as part of the valuation
\n
process undertaken at each half year end date. As part
\n
of this we consider the qualitative assessments that
\n
were made on inception, as detailed above, and also
\n
quantitatively measure the ineffectiveness of the hedge.
\n
In order to measure actual ineffectiveness which should
\n
be recorded in profit or loss, a hypothetical derivative is
\n
constructed on each review date to model the change
\n
in the fair value of the hedged item. The terms of the
\n
hypothetical derivative match that of the contract with
\n
a fair value of \u00a3nil at inception. Any ineffectiveness in
\n
the hedge relationship is recognised immediately in
\n
profit or loss.
\n
At the time the hedged item affects profit or loss,
\n
any gain or loss previously recognised in other
\n
comprehensive income is reclassified from equity
\n
to profit or loss and presented as a reclassification
\n
adjustment within other comprehensive income.
\n
However, if a non-financial asset or liability is recognised
\n
as a result of the hedged transaction, the gains and
\n
losses previously recognised in other comprehensive
\n
income are included in the initial measurement of the
\n
hedged item.
\n
If a forecast transaction is no longer expected to
\n
occur, any related gain or loss recognised in other
\n
comprehensive income is transferred immediately to
\n
profit or loss. If the hedging relationship ceases to meet
\n
the effectiveness conditions or when the relationship no
\n
longer meets the criteria for hedge accounting, hedge
\n
accounting is discontinued and the related gain or loss
\n
held in the hedging reserve is transferred immediately to
\n
profit or loss.
\n
\n
Provisions
\n
A provision is recognised when the Group has a present
\n
legal or constructive obligation as a result of a past
\n
event, it is probable that an outflow of resources will be
\n
required to settle the obligation and a reliable estimate
\n
can be made of the amount of the obligation.
\n
The Group provides for its legal responsibility for
\n
dilapidation costs in accordance with the terms of lease
\n
agreements, following advice from chartered surveyors
\n
and based on previous experience of exit costs. The
\n
estimated cost of fulfilling the leasehold dilapidations
\n
obligations is discounted to present value and analysed
\n
between non-capital and capital components. The
\n
capital element is recognised as part of the cost of the
\n
right of use asset and is depreciated over the life of the
\n
asset. The non-capital element is taken to the Income
\n
Statement in the first year of the lease where the cost
\n
it represents is of no lasting benefit to the Group or
\n
its landlord. \u2018Wear and tear\u2019 costs are expensed to
\n
the Income Statement. Provisions for onerous lease
\n
contracts are recognised when the Group believes the
\n
unavoidable costs of meeting the lease obligations
\n
exceed the economic benefits expected to be received
\n
under the lease. Legal provisions (including settlements
\n
and court fees) are recognised based on advice from
\n
the Group\u2019s lawyers when it is probable that there will be
\n
an outflow of resources and a reliable estimate can be
\n
made.
\n
Other provisions include management\u2019s best estimate
\n
of restructuring, employment related costs and other
\n
claims.
\n
Any reimbursement that the Group is virtually certain to
\n
collect from a third party with respect to the obligation
\n
is recognised as a separate asset. However, this asset
\n
may not exceed the amount of the related provision.
\n
No liability is recognised if an outflow of economic
\n
resources as a result of present obligations is not
\n
probable. Such situations are disclosed as contingent
\n
liabilities unless the outflow of resources is remote.
\n
Leases
\n
The Group assesses whether a contract is or contains
\n
a lease, at inception of the contract. Lease liabilities
\n
are measured at the present value of the contractual
\n
payments due to the lessor over the lease term, with
\n
the discount rate determined by reference to the rate
\n
implicit in the lease unless (as is typically the case) this
\n
is not readily determinable, in which case the Group\u2019s
\n
incremental borrowing rate on commencement of
\n
the lease is used. Variable lease payments are only
\n
included in the measurement of the lease liability if they
\n
depend on an index or rate. In such cases, the initial
\n
measurement of the lease liability assumes the variable
\n
element will remain unchanged throughout the lease
\n
term. Other variable lease payments such as revenue
\n
linked property leases are expensed in the period to
\n
which they relate.
\n
On initial recognition, the carrying value of the lease
\n
liability also includes:
\n
\u2022
amounts expected to be payable under any residual
\n
value guarantee;
\n
\u2022
the exercise price of any purchase option granted
\n
in favour of the Group if it is reasonably certain that
\n
the option will be exercised; and
\n
\u2022
any penalties payable for terminating the lease, if
\n
the term of the lease has been estimated on the
\n
basis of the termination option being exercised.
\n
Subsequent to initial measurement lease liabilities
\n
increase as a result of interest charged at the effective
\n
rate on the balance outstanding and are reduced for
\n
lease payments made.
\n
Right-of-use assets are initially measured at the amount
\n
of the lease liability, reduced for any lease incentives
\n
(payments made by a lessor to a lessee associated
\n
with a lease, or the reimbursement or assumption by a
\n
lessor of costs of a lessee) received or impairment, and
\n
increased for:
\n
\u2022
lease payments made at or before commencement
\n
of the lease;
\n
\u2022
initial direct costs incurred; and
\n
\u2022
the amount of any provision recognised where
\n
the Group is contractually required to dismantle,
\n
remove or restore the leased asset, providing it
\n
meets the Group\u2019s property, plant and equipment
\n
capitalisation policy.
\n
When an indication of impairment is identified,
\n
right-of-use assets are tested for impairment in
\n
accordance with IAS 36 by comparing the recoverable
\n
amount (higher of value in use and fair value less costs
\n
of disposal) with its carrying amount. The right-of-use
\n
assets are presented within property, plant and
\n
equipment in the consolidated Balance Sheet.
\n
\n
Subsequent to initial measurement, right-of-use
\n
assets are amortised on a straight-line basis over the
\n
remaining term of the lease or over the remaining
\n
economic life of the asset if this is judged to be shorter
\n
than the lease term.
\n
When the Group revises its estimate of the term of
\n
any lease (because, for example, it re-assesses the
\n
probability of a lessee extension or termination option
\n
being exercised), it adjusts the carrying amount of the
\n
lease liability to reflect the payments to make over the
\n
revised term, which are discounted at a revised discount
\n
rate. The carrying value of lease liabilities is revised using
\n
the original discount rate when the variable element of
\n
future lease payments dependent on a rate or index is
\n
revised. In both cases an equivalent adjustment is made
\n
to the carrying value of the right-of-use asset, with
\n
the revised carrying amount being amortised over the
\n
remaining (revised) lease term.
\n
When the Group renegotiates the contractual terms of
\n
a lease with the lessor, the accounting depends on the
\n
nature of the modification:
\n
\u2022
if the renegotiation results in one or more
\n
additional assets being leased for an amount
\n
commensurate with the standalone price for the
\n
additional rights-of-use obtained, the modification
\n
is accounted for as a separate lease in accordance
\n
with the above policy.
\n
\u2022
in all other cases where the renegotiation increases
\n
the scope of the lease (whether that is an extension
\n
to the lease term, or one or more additional assets
\n
being leased), the lease liability is remeasured using
\n
the discount rate applicable on the modification
\n
date, with the right-of use asset being adjusted by
\n
the same amount.
\n
\u2022
if the renegotiation results in a decrease in the
\n
scope of the lease, both the carrying amount of the
\n
lease liability and right-of-use asset are reduced
\n
by the same proportion to reflect the partial or
\n
full termination of the lease with any difference
\n
recognised in profit or loss. The lease liability is
\n
then further adjusted to ensure its carrying amount
\n
reflects the amount of the renegotiated payments
\n
over the renegotiated term, with the modified lease
\n
payments discounted at the rate applicable on the
\n
modification date. The right-of-use asset is adjusted
\n
by the same amount.
\n
Sale and leaseback
\n
On entering into a sale and leaseback transaction
\n
the Group determines whether the transfer of the
\n
assets qualifies as a sale (satisfying a performance
\n
obligation in IFRS 15 \u2018Revenue from Contracts with
\n
Customers\u2019). Where the transfer is a sale and providing
\n
the transaction is on market terms then the previous
\n
carrying amount of the underlying asset is split between:
\n
\u2022
a right-of-use asset arising from the leaseback
\n
(being the proportion of the previous carrying
\n
amount of the asset that relates to the rights
\n
retained), and
\n
\u2022
the rights in the underlying asset retained by the
\n
buyer-lessor at the end of the leaseback.
\n
The Group recognises a portion of the total gain or loss
\n
on the sale. The amount recognised is calculated by
\n
splitting the total gain or loss into:
\n
\u2022
an unrecognised amount relating to the rights
\n
retained by the seller-lessee, and
\n
\u2022
a recognised amount relating to the buyer-lessor\u2019s
\n
rights in the underlying asset at the end of the
\n
leaseback.
\n
The leaseback itself is then accounted for under IFRS 16.
\n
Rental income from operating leases where the Group
\n
acts as a lessor is recognised on a straight-line basis over
\n
the term of the relevant lease.
\n
Treasury Shares
\n
The purchase price of the Group\u2019s own shares that
\n
it acquires is recognised as \u2018Treasury shares\u2019 within
\n
equity. When shares are transferred out of treasury
\n
the difference between the market value and the
\n
average purchase price of shares sold out of treasury is
\n
transferred to retained earnings.
\n
\n
Employee Benefit Trust
\n
An Employee Benefit Trust has been established for the
\n
purposes of satisfying certain share-based awards. The
\n
Group has \u2018de-facto\u2019 control over the special purpose
\n
entity. This Trust is fully consolidated within the accounts.
\n
The cost of shares acquired by the Sports Direct
\n
Employee Benefit Trust is recognised within \u2018Own Share
\n
reserve\u2019 in equity.
\n
Share-Based Payments
\n
The Group issues equity-settled share-based payments
\n
to certain Directors and employees. These are measured
\n
at fair value at the date of grant, which is expensed to
\n
the consolidated Income Statement on a straight-line
\n
basis over the vesting period, with the corresponding
\n
credit going to equity.
\n
Non-market vesting conditions are not taken into
\n
account in determining grant date fair value. Instead,
\n
they are taken into account by adjusting the number of
\n
equity instruments to vest. At the end of each reporting
\n
period the Group revises its estimates of the number
\n
of options that are expected to vest based on the non
\n
market vesting and service conditions. Any revisions, if
\n
any, are recognised in profit and loss with an adjustment
\n
to equity.
\n
Fair value is calculated using an adjusted form of
\n
the Black-Scholes model which includes a Monte
\n
Carlo simulation model that takes into account the
\n
exercise price, the term of the option, the impact of
\n
dilution (where material), the share price at grant date
\n
and the expected price volatility of the underlying
\n
share, the expected dividend yield, and the risk-free
\n
interest rate for the term of the scheme. The expected
\n
staff numbers used in the model has been adjusted,
\n
based on management\u2019s best estimate, for the
\n
effects of non-transferability, exercise restrictions, and
\n
behavioural considerations.
\n
For cash-settled share-based payment transactions, the
\n
Group measures the services received and the liability
\n
incurred at the fair value of the liability. Until the liability
\n
is settled, the Group remeasures the fair value of the
\n
liability at the end of each reporting period and at
\n
the date of settlement, with any changes in fair value
\n
recognised in the Income Statement for the period.
\n
The credit for the share based payment charge does
\n
not equal the charge per the Income Statement as it
\n
excludes amounts recognised in the Balance Sheet in
\n
relation to the expected national insurance contributions
\n
for the shares.
\n
Equity Instruments
\n
An equity instrument is any contract that evidences
\n
a residual interest in the assets of the Group after
\n
deducting all of its liabilities. Equity instruments issued
\n
by the Group are recorded at the proceeds received, net
\n
of any direct issue costs.
\n
Foreign Currencies
\n
The presentational currency of the Group is sterling. The
\n
functional currency of the Company is also sterling.
\n
Foreign currency transactions are translated into sterling
\n
using the exchange rates prevailing on the dates of the
\n
transactions. Exchange differences of the Company
\n
arising on the settlement of monetary items, and on
\n
the retranslation of monetary items, are included in the
\n
Income Statement for the period.
\n
Exchange differences arising on the retranslation of
\n
non-monetary items carried at fair value are included
\n
in the Income Statement for the period except for
\n
differences arising on the retranslation of non-monetary
\n
items in respect of which gains and losses are
\n
recognised in other comprehensive income. For such
\n
non-monetary items, any exchange component of
\n
that gain or loss is also recognised directly in other
\n
comprehensive income. Monetary assets and liabilities
\n
denominated in foreign currencies are translated at
\n
the rate of exchange ruling at the balance sheet date.
\n
Non-monetary items that are measured in terms of
\n
historical cost in a foreign currency are not retranslated.
\n
Non-monetary items that are held at valuation are
\n
translated at the foreign exchange rate at the date of
\n
the valuation.
\n
On consolidation, the assets and liabilities of foreign
\n
operations which have a functional currency other than
\n
sterling are translated into sterling at foreign exchange
\n
rates ruling at the balance sheet date. The revenues
\n
and expenses of these subsidiary undertakings are
\n
translated at average rates applicable in the period. All
\n
resulting exchange differences are recognised in other
\n
comprehensive income and documented in a separate
\n
component of equity.
\n
When a foreign operation is sold, the cumulative
\n
exchange differences that have been recognised as
\n
a separate component of equity are reclassified from
\n
equity to the Income Statement when the disposal is
\n
recognised.
\n
In order to mitigate its exposure to certain foreign
\n
exchange risks, the Group enters into forward and option
\n
contracts (see Chief Executive\u2019s Report and Business
\n
Review and the cash flow hedging accounting policy).
\n
\n
Dividends
\n
Dividends are recognised as a liability in the Group\u2019s
\n
Financial Statements and as a deduction from equity in
\n
the period in which the dividends are declared. Where
\n
such dividends are proposed subject to the approval of
\n
shareholders, the dividends are regarded as declared
\n
once shareholder approval has been obtained and they
\n
are no longer at the discretion of the Company.
\n
Materiality
\n
In preparing the Financial Statements, the Board
\n
considers both quantitative and qualitative factors in
\n
forming its judgements, and related disclosures, and
\n
are mindful of the need to best serve the interests of its
\n
stakeholders and to avoid unnecessary clutter borne of
\n
the disclosure of immaterial items.
\n
In making this assessment the Board considers the
\n
nature of each item, as well as its size, in assessing
\n
whether any disclosure omissions or misstatements
\n
could influence the decisions of users of the Financial
\n
Statements.
\n
Post-employment obligations
\n
For defined benefit plans, obligations are measured at
\n
discounted present value (using the projected unit credit
\n
method) and plan assets are recorded at fair value.
\n
The operating and financing costs of such plans are
\n
recognised separately in the Group Income Statement
\n
and actuarial gains and losses are recognised in the
\n
Group statement of comprehensive income/(loss).
\n
Payments to defined contribution schemes are
\n
recognised as an expense when they fall due.
\n
Share buybacks
\n
Share buybacks are undertaken from time to time.
\n
Shares purchased are typically held as Treasury
\n
shares at the total consideration paid or payable. The
\n
Group also uses contingent share purchase contracts
\n
and irrevocable closed period buyback programmes;
\n
the obligation to purchase shares is recognised in
\n
full at the inception of the contract, even when that
\n
obligation is conditional on the share price. Any
\n
subsequent reduction in the obligation caused by the
\n
expiry or termination of a contract is credited back
\n
to equity at that time. No gain or loss is recognised
\n
on the purchase, sale, issue or cancellation of the
\n
Group\u2019s own equity instruments.
\n
New Accounting Standards, Interpretations
\n
and Amendments Adopted By The Group
\n
The Group has not early adopted any new accounting
\n
standard, interpretation or amendment that has been
\n
issued but is not effective. The Group has applied for the
\n
first time the following new standards:
\n
\u2022
Annual Improvements to IFRS Standards 2018-2020
\n
Cycle - amendments to IAS 1, IFRS 9 and IFRS 16
\n
\u2022
Amendments to IFRS 3 \u2013 Reference to the
\n
Conceptual Framework
\n
\u2022
Amendments to IAS 16 \u2013 Property, Plant and
\n
Equipment: Proceeds before intended use
\n
\u2022
Amendment to IAS 37 \u2013 Onerous Contracts: Cost of
\n
Fulfilling a Contract
\n
\u2022
Interest Rate Benchmark Reform \u2013 Phase 2 \u2013
\n
amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and
\n
IFRS 16.
\n
By adopting the above, there has been no material
\n
impact on the Financial Statements.
\n
International Financial Reporting
\n
Standards (\u201cStandards\u201d) in Issue but not
\n
Yet Effective
\n
At the date of authorisation of these consolidated
\n
Financial Statements, there are no standards in
\n
issue from the International Accounting Standards
\n
Board (\u201cIASB\u201d) or International Financial Reporting
\n
Interpretations Committee (\u201cIFRIC\u201d) which are effective
\n
for annual accounting periods beginning on or after
\n
30 April 2023 that will have a material impact on these
\n
Financial Statements.
\n
\n
2.
CRITICAL ACCOUNTING
\n
JUDGEMENTS AND
\n
ESTIMATES
\n
Climate Change
\n
We have considered the potential impact of climate
\n
change in preparing these financial statements. Tackling
\n
climate change is a global imperative. Measures which
\n
support climate change initiatives and our wider ESG
\n
agenda continue to be key components of our strategic
\n
direction, supporting sustainability, the broader social
\n
agenda and consumer choice. The risks associated
\n
with climate change have been deemed to be arising
\n
in the medium to long term, however we are working to
\n
mitigate these risks as detailed within the TCFD section
\n
of this annual report.
\n
We have considered climate change as part of our
\n
cash flow projections within going concern, impairment
\n
assessments and viability, and the impact of climate
\n
change is not deemed to have a significant impact on
\n
these assessments currently and therefore they are not
\n
deemed to be a key source of estimation uncertainty.
\n
The Group will continue to monitor the impacts of
\n
climate change over the coming years.
\n
The critical accounting estimates and judgements made
\n
by the Group regarding the future or other key sources
\n
of estimation, uncertainty and judgement that may have
\n
a significant risk of giving rise to a material adjustment
\n
to the carrying values of assets and liabilities within the
\n
next financial period are:
\n
Critical Accounting Judgements
\n
Determining Related Party Relationships
\n
Management determines whether a related party
\n
relationship exists by assessing the nature of the
\n
relationship by reference to the requirements of IAS 24,
\n
Related Party Disclosures. This is in order to determine
\n
whether significant influence exists as a result of control,
\n
shared directors or parent companies, or close family
\n
relationships. The level at which one party may be
\n
expected to influence the other is also considered for
\n
transactions involving close family relationships.
\n
Control and Significant Influence Over
\n
Certain Entities
\n
Under IAS 28 Investments in Associates and Joint
\n
Ventures if an entity holds 20% or more of the voting
\n
power of the investee, it is presumed that the entity has
\n
significant influence, unless it can clearly demonstrate
\n
that this is not the case.
\n
In assessing the level of control that management have
\n
over certain entities, management will consider the
\n
various aspects that allow management to influence
\n
decision making. This includes the level of share
\n
ownership, board membership, the level of investment
\n
and funding and the ability of the Group to influence
\n
operational and strategic decisions and effect its returns
\n
through the exercise of such influence. If management
\n
were to consider that the Group does have significant
\n
influence over these entities then the equity method
\n
of accounting would be used and the percentage
\n
shareholding multiplied by the results of the investee in
\n
the period would be recognised in profit or loss.
\n
Mulberry Group Plc
\n
During the period the Group has held greater than 20%
\n
of the voting rights of Mulberry Group Plc. Management
\n
consider that the Group does not have significant
\n
influence over this entity for combinations of the
\n
following reasons:
\n
\u2022
The Group does not have any representation on the
\n
board of directors of the investee.
\n
\u2022
There is no participation in decision making and
\n
strategic processes, including participation in
\n
decisions about dividends or other distributions.
\n
\u2022
There have been no material transactions between
\n
the entity and the investee company.
\n
\u2022
There has been no interchange of managerial
\n
personnel.
\n
\u2022
No non-public essential technical management
\n
information is provided to the investee.
\n
\n
Four (Holdings) Limited
\n
The Group holds 49% of the share capital of Four
\n
(Holdings) Limited which is accounted for as an
\n
associate using the equity method. The Group does
\n
not have any representation on the board of directors
\n
and no participation in decision making about relevant
\n
activities such as establishing operating and capital
\n
decisions, including budgets, appointing or remunerating
\n
key management personnel or service providers and
\n
terminating their services or employment. However, in
\n
prior periods the Group has provided Four (Holdings)
\n
Limited with a significant loan. At the reporting date, the
\n
amount owed by Four (Holdings) Limited for this loan
\n
totalled \u00a360m (\u00a326.8m net of amounts recognised in
\n
respect of loss allowance). The Group is satisfied that
\n
the existence of these transactions provides evidence
\n
that the entity has significant influence over the investee
\n
but in the absence of any other rights, in isolation it is
\n
insufficient to meet the control criteria of IFRS 10, as the
\n
Group does not have power over Four (Holdings) Limited.
\n
Tymit Limited
\n
The Group holds 25% of the share Capital of
\n
Tymit Limited. This holding is accounted for as an
\n
associate under IAS 28, although the carrying value
\n
of the investment is \u00a3nil as a result of management\u2019s
\n
assessment of future trading prospects of the business.
\n
Management has advanced Tymit convertible loans of
\n
\u00a37.2m at 30 April 2023, which have been fully provided
\n
for, and is committed to loaning a further \u00a33.6m
\n
post-year end. Management has considered whether
\n
any of the rights attaching to the loan notes could give
\n
rise to control and concluded that this was not the case.
\n
Kangol LLC
\n
During the current period, the Group sold 51% of its
\n
shareholding in Kangol LLC to Bollman Hat Company
\n
for \u00a317.6m, retaining a 49% stake. Management
\n
considered the criteria set out in IFRS 10 when
\n
assessing whether or not it retains control of the entity
\n
or significant influence as defined by IAS 28. It was
\n
concluded that the Group has significant influence by
\n
virtue of its holding more than 20% of the voting power
\n
of the investee, but not control since Bollman holds 51%
\n
of total voting rights. Consequently, the Group\u2019s 49%
\n
shareholding has been accounted for as an associate
\n
under IAS 28. Refer to note 20 for details.
\n
Cash Flow Hedging
\n
The Group uses a range of forward and option contracts
\n
that are entered into at the same time, they are in
\n
contemplation with one another and have the same
\n
counterparty. A judgement is made in determining
\n
whether there is an economic need or substantive
\n
business purpose for structuring the transactions
\n
separately that could not also have been accomplished
\n
in a single transaction. Management are of the view
\n
that there is a substantive distinct business purpose for
\n
entering into the options and a strategy for managing
\n
the options independently of the forward contracts. The
\n
forward and options contracts are therefore not viewed
\n
as one instrument accordingly hedge accounting for the
\n
forwards is permitted.
\n
Under IFRS 9 in order to achieve cash flow hedge
\n
accounting, forecast transactions (primarily Euro
\n
denominated sales and USD denominated purchases)
\n
must be considered to be highly probable. The hedge
\n
must be expected to be highly effective in achieving
\n
offsetting changes in cash flows attributable to the
\n
hedged risk. The forecast transaction that is the
\n
subject of the hedge must be highly probable and
\n
must present an exposure to variations in cash flows
\n
that could ultimately affect profit or loss. Management
\n
have reviewed the detailed forecasts and the growth
\n
assumptions within them and are satisfied that
\n
forecasts on which the cash flow hedge accounting
\n
has been based meet the criteria per IFRS 9 as being
\n
highly probable forecast transactions. Should the
\n
forecast levels not pass the highly probable test, any
\n
cumulative fair value gains and losses in relation
\n
to either the entire or the ineffective portion of the
\n
hedged instrument would be recognised in the
\n
Consolidated Income Statement.
\n
Management considers various factors when
\n
determining whether a forecast transaction is highly
\n
probable. These factors include detailed sales and
\n
purchase forecasts by channel, geographical area and
\n
seasonality, conditions in target markets and the impact
\n
of expansion in new areas. Management also consider
\n
any change in alternative customer sales channels that
\n
could impact on the hedged transaction.
\n
If the forecast transactions were determined to be
\n
not highly probable and all hedge accounting was
\n
discontinued, amounts in the Hedging reserve of up to
\n
\u00a314.0m (FY22: \u00a355.3m) would be shown in
\n
Finance Income.
\n
\n
Adjustment to Regulatory Provisions
\n
in Studio
\n
As a regulated business, Frasers Group Financial
\n
Services Limited has an obligation to proactively review
\n
its business to ensure that appropriate outcomes were
\n
delivered to customers. At 24 April 2022, a provision of
\n
\u00a341.6m was recognised in respect of the probable costs
\n
of remediating customers who may have been adversely
\n
impacted by legacy decisions. Since the approval of
\n
the prior year\u2019s consolidated financial statements, the
\n
receipt of new information, which was not available
\n
at the point the prior year financial statements were
\n
approved, has enabled management to refine the
\n
relevant customer cohorts who were potentially
\n
impacted by these legacy decisions and complete
\n
detailed analysis of the financial implications. This has
\n
enabled a revision to management\u2019s best estimate of
\n
the likely costs of remediation and has resulted in a
\n
reduction in the amount provided of approximately
\n
\u00a325m. The remaining provision is expected to be utilised
\n
within 12 months of the balance sheet date.
\n
Management considered whether or not the reduction
\n
in provision should result in an adjustment to the
\n
amounts recognised in the acquisition balance sheet
\n
in accordance with the requirements of IFRS 3.45
\n
and IFRS3.47 and concluded that the release should
\n
be treated as a prospective change in accounting
\n
estimate under IAS8.34 since it arose as a result of
\n
new information which has come to light since the
\n
acquisition date. It is the Group\u2019s policy to present items
\n
that \u201cmerit separate presentation\u201d by reference to their
\n
\u201ctheir size, nature and infrequency of the events giving
\n
rise to them\u201d as exceptional items. Given the unusual
\n
size, nature and infrequency of movements in provisions
\n
of this nature, management has disclosed the income
\n
statement impact within exceptional items in the
\n
consolidated income statement.
\n
Sale and Leaseback transactions
\n
During the current period, the Group disposed of a
\n
number of freehold properties by means of the sale
\n
of shares in the limited companies that owned the
\n
relevant properties but accounted for these as sale and
\n
leaseback transactions under IFRS 16 Leases (\u201cIFRS
\n
16\u201d). Management exercised judgment in determining
\n
whether or not these sales should be treated as a loss
\n
of control of subsidiaries under IFRS 10 Consolidated
\n
Financial Statements or sale and leaseback transactions
\n
as defined by IFRS 16, paying due consideration to the
\n
IFRS Interpretations Committee\u2019s tentative agenda
\n
decision on this topic from September 2020.
\n
Key Estimates
\n
Inventory provisioning
\n
The Group carries significant amounts of inventory,
\n
against which there are provisions for expected losses
\n
to be incurred in the sale of slow moving, obsolete
\n
and delisted products. At 30 April 2023 a provision
\n
of \u00a3220.6m (2022: \u00a3236.7m) was held against a gross
\n
inventory value of \u00a31,685.5m (2022: \u00a31,514.3m).
\n
In the current year, management has changed the
\n
methodology applied in calculating an appropriate
\n
level of inventory provision owing to changes in the mix
\n
of the Group\u2019s inventory holding, driven in large part
\n
by the growth of the Premium Lifestyle segment and
\n
various acquisitions.
\n
In assessing the level of provision required, management
\n
has applied its experience and industry knowledge
\n
to divide the core UK inventory holding into
\n
separate categories based on internal management
\n
classifications and behavioural characteristics, taking
\n
account of experience by fascia, as follows:
\n
\u2022
Continuity inventory \u2013 inventory that is considered
\n
to be perennial and therefore exhibits limited risk
\n
of obsolescence.
\n
\u2022
Current season inventory \u2013 inventory that has been
\n
purchased specifically for seasons in the current
\n
calendar year.
\n
\u2022
Out of season inventory (including inventory
\n
previously classified as continuity) \u2013 inventory that
\n
has moved out of the two categories above because
\n
of its age, range development or because it is being
\n
sold at below cost to clear warehouse/store space.
\n
An adjusted rate of loss is then calculated based on
\n
losses incurred on the sale of out of season inventory
\n
over the past three years (being management\u2019s
\n
assessment of the time taken to clear through out of
\n
season inventory), with any inventory remaining on hand
\n
after three years of being classified as out of season
\n
being assumed to require a 100% provision rate. The
\n
historical rate is sensitised to reflect management\u2019s best
\n
estimate of future performance by making assumptions
\n
around changes to sales prices achieved on the sale of
\n
out of season inventory vs. those achieved in the past
\n
three years and the level of inventory remaining after
\n
three years of being classified as out of season. In the
\n
current period, management have estimated that selling
\n
prices will need to reduce by a further 10% to clear an
\n
equivalent volume of out of season inventory and that
\n
approximately twelve times as much Premium Lifestyle
\n
out of season inventory will remain on hand at the end
\n
of the three-year period of assessment than has typically
\n
been the case historically, requiring a 100% provision
\n
rate, reflecting the different profile of this inventory to
\n
Sports inventory.
\n
\n
In addition, management has applied a provision rate
\n
of 100% against a portion of the inventory holding
\n
that is either currently being sold at a loss or exhibits
\n
an unusually high level of obsolescence risk. The 100%
\n
provision rate reflects the costs associated with clearing
\n
and disposing of this inventory.
\n
The adjusted rate of loss is applied to the gross value of
\n
inventory in each of the categories above as follows:
\n
\u2022
Continuity inventory \u2013 the adjusted loss rate is
\n
applied to 30% of the gross holding (representing
\n
the proportion of inventory in this category that
\n
is expected to roll into the out of season category
\n
based on historical experience).
\n
\u2022
Current season inventory \u2013 the adjusted loss rate is
\n
applied to 30% of the gross holding (representing
\n
the proportion of inventory in this category that
\n
is expected to roll into the out of season category
\n
based on historical experience).
\n
\u2022
Out of season inventory (including inventory
\n
previously classified as continuity) - the adjusted
\n
loss rate is applied to this population, excluding
\n
those specific items that carry at 100% provision
\n
rate based on the analysis detailed above.
\n
The provisioning calculations require a high degree
\n
of judgement, given the significant level of estimation
\n
uncertainty, in the classification of inventory lines and
\n
the roll rates between classifications, as well as the
\n
use of estimates around future sales prices and the
\n
remaining inventory holding for out of season inventory.
\n
Sensitivity analysis relating to these key assumptions is
\n
set out below.
\n
% of inventory rolling into out of season (including inventory
\n
previously classified as continuity) category
\n
Base assumption
\n
30%
\n
Sensitised assumption
\n
35%/25%
\n
Increase/(decrease) to provision
\n
\u00a37.2m/(\u00a37.2m)
\n
Decrease in sales prices on out of season inventory
\n
Base assumption
\n
-10%
\n
Sensitised assumption
\n
-5%/-15%
\n
(Decrease)/Increase to provision
\n
(\u00a35.7m)/\u00a37.0m
\n
Increase in out of season Premium Lifestyle inventory on
\n
hand after three-years
\n
Base assumption
\n
12 times historical rate
\n
Sensitised assumption
\n
10 times historical rate/14 times
\n
historical rate
\n
(Decrease)/increase to provision
\n
(\u00a37.0m)/\u00a36.4m
\n
These sensitivities reflect management\u2019s assessment of
\n
reasonably possible changes to key assumptions which
\n
could result in adjustments to the level of provision
\n
within the next financial year.
\n
Property Related Provisions \u2013 note 29
\n
Property related estimates and judgements are
\n
continually evaluated and are based on historical
\n
experience, external advice and other factors, including
\n
expectations of future events that are believed to be
\n
reasonable under the circumstances.
\n
Dilapidations \u2013 note 29
\n
The Group provides for its legal responsibility for
\n
dilapidation costs following advice from chartered
\n
surveyors and previous experience of exit costs (including
\n
strip out costs and professional fees). Management
\n
use a reference estimate of \u00a3100,000 (FY22 \u00a3100,000)
\n
for large leasehold stores, \u00a350,000 (FY22: \u00a350,000)
\n
for smaller leasehold stores (\u00a325,000 per store for
\n
Game UK and Game Spain stores) and $/\u20ac50,000
\n
(FY22: $/\u20ac50,000) for non-UK stores. Management do
\n
not consider these costs to be capital in nature and
\n
therefore dilapidations are not capitalised, except for
\n
in relation to the sale and leaseback of Shirebrook for
\n
which a material dilapidations provision was capitalised
\n
in FY20. The annual movement in the dilapidations
\n
provisions is considered to be immaterial.
\n
A 10% increase in dilapidation cost per store would
\n
result in an approx. \u00a39.0m (FY22: \u00a38.5m) reduction in
\n
profit before tax.
\n
Legal and regulatory provisions \u2013 note 29
\n
Provisions are made for items where the Group has
\n
identified a present legal or constructive obligation
\n
arising as a result of a past event, it is probable that
\n
an outflow of resources will be required to settle the
\n
obligation and a reliable estimate can be made of the
\n
amount of the obligation.
\n
Legal and regulatory provisions reflect management\u2019s
\n
best estimate of the potential costs arising from the
\n
settlement of outstanding disputes of a commercial
\n
and regulatory nature. A substantial portion of the
\n
amounts provided relates to ongoing legal claims and
\n
non-UK tax enquiries. Further details can be found
\n
in note 29. Management have made a judgement
\n
to consider all claims collectively given their similar
\n
nature. In accordance with IAS37.92, management have
\n
concluded that it would prejudice seriously the position
\n
of the entity to provide further specific disclosures in
\n
respect of amounts provided for non-UK tax enquiries
\n
and legal claims.
\n
\n
Other Receivables and Amounts Owed by
\n
Related Parties
\n
Other receivables and amounts owed by related
\n
parties are stated net of provision for any impairment.
\n
Management have applied estimates in assessing the
\n
recoverability of working capital and loan advances
\n
made to investee companies. Matters considered
\n
include the relevant financial strength of the underlying
\n
investee company to repay the loans, the repayment
\n
period and underlying terms of the monies advanced,
\n
forecast performance of the underlying borrower, and
\n
where relevant, the Group\u2019s intentions for the companies
\n
to which monies have been advanced. Management
\n
have applied a weighted probability to certain potential
\n
repayment scenarios, with the strongest weighting given
\n
to expected default after two years.
\n
Impairment of Assets
\n
A.
IFRS 16 right-of-use assets and associated plant and
\n
equipment
\n
IFRS 16 defines the lease term as the non-cancellable
\n
period of a lease together with the options to extend
\n
or terminate a lease, if the lessee were reasonably
\n
certain to exercise that option. The Group will assess
\n
the likelihood of extending lease contracts beyond the
\n
break date by taking into account current economic and
\n
market conditions, current trading performance, forecast
\n
profitability and the level of capital investment in the
\n
property.
\n
IFRS 16 states that the lease payments shall be
\n
discounted using the lessee\u2019s incremental borrowing rate
\n
where the rate implicit in the lease cannot be readily
\n
determined. Accordingly, all lease payments have been
\n
discounted using the incremental borrowing rate (IBR).
\n
The IBR has been determined by using a synthetic credit
\n
rating for the Group which is used to obtain market
\n
data on debt instruments for companies with the same
\n
credit rating, this is split by currency to represent each of
\n
the geographical areas the Group operates within and
\n
adjusted for the lease term.
\n
The weighted average discount rates based on
\n
incremental borrowing rates used throughout the period
\n
across the Group\u2019s lease portfolio are shown below. The
\n
discount rate for each lease is dependent on lease start
\n
date, term and location.
\n
Lease Term FY23
UK
Europe
Rest of World
\n
Up to 5 years
1.4% - 5.1%
0.3% - 4%
1.5% - 5.3%
\n
Greater than 5 years
\n
and up to 10 years
\n
2.0% - 5.7%
0.5% - 4%
1.5% - 5.3%
\n
Greater than 10 years
\n
and up to 20 years
\n
2.2% - 5.7%
0.8% - 4%
1.5% - 5.4%
\n
Greater than 20 years
\n
2.5% - 5.9%
1.1% - 4%
1.5% - 5.6%
\n
Lease Term FY22
UK
Europe
Rest of World
\n
Up to 5 years
1.4% - 2.6%
0.8% - 1.0%
1.5% - 2.9%
\n
Greater than 5 years
\n
and up to 10 years
\n
2.2% - 3.2%
1.2% - 1.9%
2.4% - 4.1%
\n
Greater than 10 years
\n
and up to 20 years
\n
2.5% - 3.4%
1.4% - 2.2%
2.9% - 4.3%
\n
Greater than 20 years
\n
2.8% - 3.5%
1.7% - 2.5%
3.5% - 4.6%
\n
The right of use assets are assessed for impairment
\n
at each reporting period in line with IAS 36 to review
\n
whether the carrying amount exceeds its recoverable
\n
amount. For impairment testing purposes the Group
\n
has determined that each store is a separate CGU. The
\n
recoverable amount is calculated based on the Group\u2019s
\n
latest forecast cash flows which are then extrapolated
\n
to cover the period to the break date of the lease taking
\n
into account historic performance and knowledge of
\n
the current market, together with the Group\u2019s views on
\n
future profitability of each CGU. The key assumptions in
\n
the calculations are the sales growth rates, gross margin
\n
rates, changes in the operating cost base and the
\n
pre-tax discount rate derived from the Group\u2019s weighted
\n
average cost of capital using the capital asset pricing
\n
model, the inputs of which include a risk-free rate, equity
\n
risk premium and a risk adjustment (Beta). Given the
\n
number of assumptions used, the assessment involves
\n
significant estimation uncertainty.
\n
Impairments in the period have been recognised
\n
for the amount of \u00a366.1m (FY22: \u00a3115.9m) due to the
\n
impact of ongoing challenges in the retail sector on
\n
the forecast cash flows of the CGUs, including the
\n
ongoing cost of living squeeze on customers. This is
\n
broken down as follows:
\n
\u2022
\u00a343.1m (FY22: \u00a376.8m) against right-of-use assets;
\n
and
\n
\u2022
\u00a323.0m (FY22: \u00a339.1m) against plant and equipment.
\n
\n
The key assumptions, which are equally applicable
\n
to each CGU, in the cash flow projections used to
\n
support the carrying amount of the right of use asset
\n
are consistent with the cashflow projections for the
\n
freehold land and buildings impairment assessment.
\n
In line with IAS 36 Impairment of Assets,
\n
management have considered whether any amounts
\n
should be recognised for the reversal of prior period
\n
impairment losses with \u00a3nil (FY22: \u00a3nil) being
\n
recognised in the period. Further detail is given below.
\n
A sensitivity analysis has been performed in respect
\n
of sales, margin, the new store exemption and
\n
operating costs as these are considered to be the
\n
most sensitive of the key assumptions:
\n
Forecast:
\n
Impact of change in
\n
assumption:
\n
Impairment increase
\n
/ (decrease) (\u00a3'm)
\n
Sales decline year 1
10% improvement to 5%
(19.8)
\n
Sales decline year 1
10% reduction to 15%
24.9
\n
Existing gross margin
\n
year 1 > 40%
\n
100bps - improvement
(3.7)
\n
Existing gross margin
\n
year 1 > 40%
\n
100bps - reduction
3.8
\n
New store exemption
\n
(1)
\n
Change from 1 to 2 years
(41.5)
\n
Operating costs
\n
increase year 1
\n
Change from 3% to 6%
4.5
\n
(1)
Stores which have been open for less than one year are not reviewed for impairment.
\n
B.
Freehold land and buildings, long-term leasehold,
\n
investment property and associated plant
\n
and equipment
\n
Freehold land and buildings and long-term leasehold
\n
assets are assessed at each reporting period for as to
\n
whether there is any indication of impairment in line
\n
with IAS 36.
\n
An asset is impaired when the carrying amount exceeds
\n
its recoverable amount. IAS 36 defines recoverable
\n
amount as the higher of an asset\u2019s or cash-generating
\n
unit\u2019s fair value less costs of disposal and its value in use,
\n
the Group has determined that each store is a separate
\n
CGU.
\n
Impairments in the period have been recognised in the
\n
amount of \u00a333.5m (FY22: \u00a3111.1m) due to the ongoing
\n
challenges in the retail sector on the forecast cash flows
\n
of the CGU. This is broken down as follows:
\n
\u2022
\u00a324.1m (FY22: \u00a3106.5m) against freehold land and
\n
buildings, including \u00a30.2m (FY22: \u00a32.0m) in relation
\n
to long leasehold properties;
\n
\u2022
\u00a39.2m (FY22: \u00a31.6m) plant and equipment; and
\n
\u2022
\u00a30.2m (FY22: \u00a31.0m) investment property.
\n
In line with IAS 36 Impairment of Assets, management
\n
have considered whether any amounts should be
\n
recognised for the reversal of prior period impairment
\n
losses with \u00a3nil (FY22: \u00a3nil) being recognised in the period.
\n
Value In Use (VIU)
\n
The value in use is calculated based on five year cash
\n
flow projections. These are formulated by using the
\n
Group\u2019s forecast cash flows for each individual CGU,
\n
taking into account historic performance of the CGU,
\n
and then adjusting for the Group\u2019s current views on
\n
future profitability for each CGU. The key assumptions in
\n
the calculations are the sales growth rates, gross margin
\n
rates, changes in the operating cost base and the
\n
pre-tax discount rate derived from the Group\u2019s weighted
\n
average cost of capital using the capital asset pricing
\n
model, the inputs of which include a risk-free rate, equity
\n
risk premium and a risk adjustment (Beta). Given the
\n
number of assumptions used, the assessment involves
\n
significant estimation uncertainty.
\n
The key assumptions, which are equally applicable to
\n
each CGU, in the cash flow projections used to support
\n
the carrying amount of the freehold land and buildings
\n
were as follows:
\n
Key assumptions
\n
FY23
\n
Year 1
Year 2
Year 3
Year 4
Year 5
\n
Sales decline
-5%
-4%
-3%
-2%
-2%
\n
Existing gross
\n
margin > 40%
\n
-175bps
-150bps
-125bps
-100bps
-75bps
\n
Operating costs
\n
increase per annum
\n
3%
3%
3%
3%
3%
\n
Discount rate
\n
8.5%
8.5%
8.5%
8.5%
8.5%
\n
Terminal growth rate
\n
of 2%
\n
Key assumptions
\n
FY22
\n
Year 1
Year 2
Year 3
Year 4
Year 5
\n
Sales decline
-10%
-5%
-4%
-3%
-2%
\n
Existing gross
\n
margin > 40%
\n
-200bps
-175bps
-150bps
-125bps
-100bps
\n
Operating costs
\n
increase per annum
\n
6%
3%
3%
3%
3%
\n
Discount rate
\n
7.5%
7.5%
7.5%
7.5%
7.5%
\n
Terminal growth rate
\n
of 2%
\n
A sensitivity analysis has been performed in respect
\n
of sales, margin and operating costs as these are
\n
considered to be the most sensitive of the key
\n
assumptions.
\n
Forecast:
Impact of:
\n
Impairment increase
\n
/ (decrease) (\u00a3'm)
\n
Sales decline year 1
10% improvement to 5%
(5.0)
\n
Sales decline year 1
10% reduction to 15%
6.4
\n
Existing gross
\n
margin year 1 > 40%
\n
100bps - improvement
(0.7)
\n
Existing gross
\n
margin year 1 > 40%
\n
100bps - reduction
1.6
\n
Operating costs
\n
increase year 1
\n
Change from 3% to 6%
1.8
\n
\n
Fair value less costs of disposal
\n
For those CGUs where the value in use is less than the carrying value of the asset, the fair value less costs of disposal
\n
has been determined using both external and internal market valuations. This fair value is deemed to fall into Level
\n
3 of the fair value hierarchy as per IFRS 13. The property portfolio consists of vacant, Frasers Group occupied and
\n
third party tenanted units, one property can include all three types. The following valuation methodology has been
\n
adopted for each:
\n
Scenario
Valuation methodology
Key assumptions
\n
Vacant units
Estimated Rental Value (ERV) and suitable reversionary yield applied
\n
to reflect the market to generate a net capital value. A deduction to
\n
the capital value generated is then made based on the void period
\n
with applicable rates payable for the unit and rent-free incentive.
\n
Void period and rent free band \u2013 two bands
\n
applied depending on circumstances:
\n
\u2022
1 year void, 2 years rent free; or
\n
\u2022
2 years void, 3 years rent free.
\n
Yield bands \u2013 ranging from 5.5% - 14.0%
\n
Frasers Group occupied
Will be assumed the unit is vacant given there is no legally
\n
binding inter-company agreement in place. Therefore, a void
\n
and rent free incentive period assumed, the cost amount then
\n
deducted from the capital value generated by the ERV and
\n
reversionary yield. Although we consider the commercial reality
\n
is that fair value less costs to sell will be higher than vacant
\n
possession this very conservative assumption is in line with both
\n
technical accounting rules and that of our management experts.
\n
Void period and rent free band \u2013 two bands
\n
applied depending on circumstances:
\n
\u2022
1 year void, 2 years rent free; or
\n
\u2022
2 years void, 3 years rent free.
\n
Yield bands \u2013 ranging from 5.5% - 14.0%
\n
Third party tenanted
An ERV is applied using a percentage band on the passing rent. An
\n
appropriate reversionary yield is applied reflecting the risk of tenant
\n
and renewal to generate a capital value. This will also provide a net
\n
initial yield based off the current passing rent.
\n
ERV is applied reflecting the market for the
\n
applicable unit. An appropriate reversionary yield is
\n
applied reflecting the risk of tenant and renewal to
\n
generate a capital value. This will also provide a net
\n
initial yield based off the current passing rent.
\n
A 10% increase in the market valuation amounts used in the impairment calculations would result in a decrease in
\n
impairment of \u00a33.4m (FY22: \u00a35.0m).
\n
The total recoverable amount of the assets that were impaired at the period end was \u00a372.2m (FY22: \u00a3105.9m), with
\n
\u00a360.5m (FY22: \u00a347.3m) of this being based on their fair value less costs of disposal and \u00a311.7m (FY22: \u00a358.6m) being
\n
based on their value in use.
\n
\n
Impairment reversals
\n
In accordance with IAS 36.110 management has
\n
assessed whether there is any indication that an
\n
impairment loss recognised in prior periods for an
\n
asset other than goodwill may no longer exist or
\n
may have decreased. Key triggers considered by
\n
management include store (i.e., CGU) EBITDA showing
\n
a material year-on-year improvement, significant
\n
changes in property valuations, and whether any
\n
new, wider economic factors may impact the forecast
\n
performance. Based on the criteria set by management,
\n
an impairment reversal of approximately \u00a311.0m was
\n
considered. However, management concluded that
\n
in light of the challenging economic outlook and the
\n
unprecedented level of uncertainty in the retail market,
\n
it would not be appropriate to record a reversal at this
\n
stage, only to \u201cre-impair\u201d at a later date.
\n
Credit Customer Receivables
\n
The Group\u2019s credit customer receivables are recognised
\n
on balance sheet at amortised cost (i.e., net of
\n
provision for expected credit loss). At 30 April 2023,
\n
trade receivables with a gross value of \u00a3326.0m were
\n
recorded on the balance sheet, less a provision for
\n
impairment of \u00a3100.1m.
\n
Fair value considerations
\n
Management has concluded that the fair value of
\n
trade receivables acquired as part of the Studio Retail
\n
Limited acquisition in FY22 broadly equated to their
\n
book value and therefore that the difference on a
\n
go-forward basis will not be material given that the
\n
nature of the loan product offered (a revolving credit
\n
account) means that the portfolio has a relatively
\n
short life (i.e. loans with customers are repaid and
\n
replaced with fresh loans under the revolving account).
\n
As a result of this, management has concluded that
\n
it is appropriate to recognise the trade receivables
\n
portfolio at the gross book value less associated
\n
expected credit losses at acquisition, and to apply the
\n
accounting policies for expected credit loss that were
\n
in place at the point of the acquisition in the Studio
\n
business on a go-forward basis.
\n
Expected credit loss
\n
An appropriate allowance for expected credit loss in
\n
respect of trade receivables is derived from estimates
\n
and underlying assumptions such as the Probability
\n
of Default and the Loss Given Default, taking into
\n
consideration forward looking macro-economic
\n
assumptions. The assessment involves significant
\n
estimation uncertainty. Changes in the assumptions
\n
applied such as the value and frequency of future debt
\n
sales in calculating the Loss Given Default, and the
\n
estimation of customer repayments and Probability
\n
of Default rates, as well as the weighting of the
\n
macro-economic scenarios applied to the impairment
\n
model could have a significant impact on the carrying
\n
value of trade receivables. These assumptions are
\n
continually assessed for relevance and adjusted
\n
appropriately. Revisions to estimates are recognised
\n
prospectively. Sensitivity analysis is given in note 23.
\n
Macroeconomic scenarios
\n
The principial macroeconomic driver factored into
\n
the impairment model is unemployment. The latest
\n
economic scenarios used in the model along with the
\n
probably weighting applied to each are summarised
\n
as follows:
\n
Scenario
Qualitative explanation
\n
Probability
\n
weighting
\n
applied
\n
Upside
Inflation recedes leading to cuts in interest
\n
rates to 3.25% by end-2024. Unemployment
\n
falls to 3.5% whilst wage growth remains
\n
strong and supportive of high growth.
\n
0%
\n
Baseline
Unemployment rate peaks at approximately
\n
4.5% and remains at this level for most of 2024.
\n
Inflation begins to fall by mid-2024.
\n
50%
\n
Downside
Interest rates continue to rise and
\n
unemployment peaks at 6.5% in mid-2024
\n
30%
\n
Stress
Inflation continues to rise leading to sharp
\n
increases in interest rates. Unemployment peaks
\n
at 8% in 2024.
\n
20%
\n
Post model adjustment
\n
As noted in the prior year, the impairment model
\n
was not designed to take into account changes to
\n
customer payment and default performance arising as
\n
a result of the current cost of living crisis where levels
\n
of price inflation greatly exceed income growth, as
\n
the existing model uses unemployment rates as the
\n
principal determinant in considering forward looking
\n
macro-economic assumptions.
\n
It is our expectation that Studio\u2019s customer base has
\n
seen and will continue to see a significant reduction
\n
in real earnings as a result of the current cost of
\n
living crisis and, whilst the adverse impact payment
\n
and arrears performance has been less severe than
\n
anticipated to date, it will continue to be felt in future.
\n
Judgement has therefore been exercised in applying a
\n
post model adjustment of \u00a36.6m (April 2022: \u00a340.0m)
\n
to the output of the impairment model in arriving
\n
at the provision. This reflects management\u2019s best
\n
estimate based on the information available to them
\n
at the current time.
\n
\n
Valuation of assets acquired in business
\n
combinations
\n
During the current period, the Group has recognised
\n
net assets acquired in business combinations with a
\n
fair value of \u00a3121.2m including goodwill of \u00a335.6m and
\n
a gain on bargain purchase of \u00a356.1m. Management
\n
make use of estimates when calculating the fair value of
\n
assets and liabilities acquired in business combinations
\n
and make use of both internal and external information
\n
in doing so.
\n
In the current year, on the acquisition of JD premium
\n
brands, the principal estimate was around the fair value
\n
of inventory acquired. The fair value of inventory, which
\n
primarily includes finished goods was estimated at
\n
\u00a373.4m, a reduction of \u00a36.9m on the carrying value prior
\n
to the acquisition. The fair value adjustment relates only
\n
to finished goods and was calculated as the estimated
\n
selling price less costs to complete and sell the inventory,
\n
associated margins on these activities and holding
\n
costs. The fair value adjustment is expected to amortise
\n
over approximately the first 12 months post acquisition,
\n
in line with revenues.
\n
Management also notes that a gain on bargain
\n
purchase arose on the acquisition of JD premium
\n
brands. In light of this, management has considered
\n
the fair values attributed to the acquired assets and
\n
liabilities and concluded that they are appropriate.
\n
If the fair value of assets and liabilities recognised
\n
were to increase/decrease by \u00a35m, there would be a
\n
corresponding increase/decrease to the gain on bargain
\n
purchase by an equivalent amount.
\n
3.
FINANCIAL RISK
\n
MANAGEMENT
\n
The Group\u2019s current activities result in the following
\n
financial risks and set out below are management\u2019s
\n
responses to those risks in order to minimise any resulting
\n
adverse effects on the Group\u2019s financial performance.
\n
Foreign Exchange Risk
\n
The Group is exposed to foreign exchange risk
\n
principally via:
\n
A.
Transactional exposure from the cost of future
\n
purchases of goods for resale, where those
\n
purchases are denominated in a currency other than
\n
the functional currency of the purchasing company.
\n
Transactional exposures that could significantly
\n
impact the income statement are hedged. These
\n
exposures are hedged via forward foreign currency
\n
contracts and options which are designated as cash
\n
flow hedges. The notional and fair value of these
\n
contracts is shown in note 30;
\n
B.
Transactional exposure from the sale of goods,
\n
where those sales are denominated in a currency
\n
other than the functional currency of the selling
\n
company. Transactional exposures that could
\n
significantly impact the income statement are
\n
hedged. These exposures are hedged via forward
\n
foreign currency contracts which are designated
\n
as cash flow hedges. The notional and fair value of
\n
these contracts is shown in note 30;
\n
C.
Loans to non-UK subsidiaries. These are hedged
\n
via foreign currency transactions and borrowings
\n
in matching currencies, which are not formally
\n
designated as hedges, as gains and losses on
\n
hedges and hedged loans will naturally offset; and
\n
D.
The Group uses currency options, swaps and spots
\n
for more flexibility against cash flows that are less
\n
than highly probable and therefore do not qualify
\n
for hedge accounting under IFRS 9 Financial
\n
Instruments. Exposures in respect of written
\n
options to sell Euros or buy USD are explained in
\n
the Financial Review. These are not hedged and
\n
movements in fair value could significantly impact
\n
the Income Statement in future periods. See note 30.
\n
Interest Rate Risk
\n
The Group has net borrowings, which are principally
\n
at floating interest rates linked to bank base rates
\n
or SONIA. The Group uses interest rate financial
\n
instruments to hedge its exposure to interest rate
\n
movements using interest rate swaps although hedge
\n
accounting is not applied. The Group regularly monitors
\n
and reacts accordingly to any exposure to fluctuations
\n
in interest rates and the impact on its monetary assets
\n
and liabilities.
\n
Credit Risk
\n
The Directors have a credit policy in place and the
\n
exposure to credit risk is monitored on an ongoing
\n
basis. Credit evaluations are performed on all customers
\n
requiring credit over a certain amount. The Group does
\n
not require collateral in respect of financial assets.
\n
At each balance sheet date, there were no significant
\n
concentrations of credit risk. The maximum exposure to
\n
credit risk is represented by the carrying amount of each
\n
financial asset in the balance sheet.
\n
Investments of cash surpluses, borrowings and derivative
\n
instruments are made through banks and companies
\n
which must fulfil credit rating and investment criteria
\n
approved by the Board.
\n
\n
Liquidity Risk
\n
The Group manages liquidity risk by reviewing the
\n
maturity profiles of financial assets and liabilities.
\n
The Group has sufficient liquid resources and
\n
suitable financing facilities to meets its short- and
\n
medium-term requirements and it does this through
\n
utilisation of its revolving credit facilities together
\n
with equity and retained profits thereby achieving
\n
continuity of funding and short-term flexibility, while
\n
keeping interest to a minimum.
\n
Management regularly reviews forecasts and consider
\n
risks and equivalent mitigating actions to ensure there is
\n
adequate headroom on the facilities and to ensure the
\n
Group is operating within its financial covenants.
\n
Price Risk
\n
The Group is exposed to price risk in respect of
\n
its long term financial assets (in relation to listed
\n
company shares).
\n
The price risk relates to volatility in the market, and
\n
how other comprehensive income and equity would
\n
have been affected by changes in market risk that
\n
were reasonably possible at the reporting date. If
\n
the quoted stock price for these securities increased
\n
or decreased, other comprehensive income and
\n
equity would have changed. The listed securities
\n
are classified as long term investments at fair value
\n
through other comprehensive income so there would
\n
be no effect on profit or loss.
\n
The investments in listed equity securities (long-term
\n
financial assets) are considered medium to long-term
\n
strategic investments. In accordance with the Group\u2019s
\n
policies, no specific hedging activities are undertaken
\n
in relation to these investments.
\n
Capital Management
\n
A description of the Group\u2019s objectives, policies and
\n
processes for managing capital are included in note 30.
\n
4.
SEGMENTAL ANALYSIS
\n
Management has determined to present its segmental
\n
disclosures consistently with the presentation in the
\n
2022 Annual Report with the exception of merging the
\n
European Retail and Rest of World Retail segments into
\n
a new International Retail segment. The prior period
\n
numbers have been re-categorised for this change.
\n
Management considers operationally that the UK Retail
\n
divisions (UK Sports Retail and Premium Lifestyle) are
\n
currently run as one business unit in terms of allocating
\n
resources, inventory management and assessing
\n
performance. Under IFRS 8 we have not as at 30 April
\n
2023 met the required criteria with enough certainty to
\n
aggregate these operating segments. We will continually
\n
keep this under review at subsequent reporting dates.
\n
European and other international countries have
\n
been identified as operating segments and have
\n
been aggregated into a single operating segment as
\n
permitted under IFRS 8. The decision to aggregate these
\n
segments was based on the fact that they each have
\n
similar market characteristics, similar long-term financial
\n
performance expectations, and are similar in each of the
\n
following respects:
\n
\u2022
The nature of the products;
\n
\u2022
The type or class of customer for the products; and
\n
\u2022
The methods used to distribute the products.
\n
In accordance with paragraph 12 of IFRS 8 the Group\u2019s
\n
operating segments have been aggregated into the
\n
following reportable segments:
\n
1.
UK Retail:
\n
i. UK Sports Retail - includes core sports retail store
\n
operations in the UK, plus all the Group\u2019s sports
\n
retail online business (excluding Bob\u2019s Stores &
\n
Eastern Mountain Sports which were disposed
\n
of during the period, Malaysia and Baltics), the
\n
gyms, the Group\u2019s Shirebrook campus operations,
\n
freehold property owning companies excluding
\n
Premium Lifestyle fascia properties, GAME UK
\n
stores and online operations, Frasers Group
\n
Financial Services Limited, and retail store
\n
operations in Northern Ireland.
\n
ii. Premium Lifestyle \u2013 includes the results of the
\n
premium and luxury retail businesses FLANNELS,
\n
Cruise, Van Mildert, Jack Wills, House of Fraser
\n
and Sofa.com along with the related websites,
\n
the Missguided and I Saw it First websites, and
\n
freehold property owning companies where
\n
trading is purely from Premium Lifestyle fascias.
\n
2.
International Retail \u2013 includes all of the Group\u2019s
\n
sports retail stores, management and operating in
\n
Europe and Asia, including the Group\u2019s European
\n
Distribution Centres in Belgium and Austria,
\n
European freehold property owning companies,
\n
GAME Spain stores, and Baltics & Asia e-commerce
\n
offerings. The MySale acquisition will be reported
\n
in this segment. International Retail also includes
\n
the results of the US based retail activities until the
\n
disposal in May 2022.
\n
3.
Wholesale & Licensing \u2013 includes the results of
\n
the Group\u2019s portfolio of internationally recognised
\n
brands such as Everlast, Karrimor, and Slazenger.
\n
\n
Planned changes to segmental reporting
\n
The Group currently intends to revise its segmental reporting based on planned changes in how the Group
\n
will report performance and allocate resources going forwards. Following the acquisition of Frasers Group
\n
Financial Services Limited (formerly known as Studio Retail Limited) and the launch of the Group\u2019s consumer
\n
credit offering, Frasers Plus, as well as recent acquisitions of larger properties, it is expected to lead to the
\n
Group\u2019s financial services and property businesses being disclosed as separate reporting segments. The Group
\n
also currently intends to consolidate UK Sports Retail and Premium Lifestyle into one UK Retail segment. The
\n
underlying businesses within the Wholesale & Licensing segment will be consolidated into the appropriate
\n
retail segments. Since these changes have taken place post year-end, it is intended that the revised segmental
\n
presentation will take effect from FY24 onwards.
\n
Segmental information for the 53 weeks
ended 30 April 2023:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
Eliminations
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Sales to external customers
\n
3,080.6
1,212.9
4,293.5
1,083.4
5,376.9
188.3
-
5,565.2
\n
Sales to other segments
\n
-
-
-
-
-
69.9
(69.9)
-
\n
Revenue
\n
3,080.6
1,212.9
4,293.5
1,083.4
5,376.9
258.2
(69.9)
5,565.2
\n
Gross profit
\n
1,381.7
471.8
1,853.5
438.8
2,292.3
77.5
-
2,369.8
\n
Operating profit before foreign exchange,
\n
exceptional items, property and other
\n
related impairments, profit on sale of
\n
properties and gain on sale of subsidiaries/
\n
discontinued operation
\n
341.0
50.1
391.1
69.4
460.5
(52.8)
-
407.7
\n
Foreign exchange realised
\n
35.8
0.1
35.9
(6.5)
29.4
1.8
-
31.2
\n
Property and other
\n
related impairments
\n
(26.6)
(47.9)
(74.5)
(25.1)
(99.6)
-
-
(99.6)
\n
Profit/(loss) on sale of properties
\n
84.0
(1.4)
82.6
12.8
95.4
-
-
95.4
\n
Exceptional items
\n
25.0
55.2
80.2
-
80.2
16.9
-
97.1
\n
Operating profit
\n
459.2
56.1
515.3
50.6
565.9
(34.1)
-
531.8
\n
Gain on sale of subsidiaries/discontinued
\n
operations
\n
17.6
-
17.6
26.3
43.9
-
-
43.9
\n
Investment income
\n
112.4
-
112.4
0.2
112.6
-
-
112.6
\n
Investment costs
\n
(4.6)
-
(4.6)
-
(4.6)
-
-
(4.6)
\n
Finance income
\n
41.1
0.9
42.0
4.1
46.1
-
-
46.1
\n
Finance costs
\n
(58.9)
(1.8)
(60.7)
(8.3)
(69.0)
(0.1)
-
(69.1)
\n
Profit before taxation
\n
566.8
55.2
622.0
72.9
694.9
(34.2)
-
660.7
\n
Taxation
\n
(159.4)
\n
Profit for the period
\n
501.3
\n
Sales to external customers in Frasers Group Financial Services Limited includes credit account interest of \u00a3115.4m, and
\n
gross profit includes impairment losses on credit customer receivables of \u00a315.5m, both of which are recognised in the
\n
UK Sports segment.
\n
Other segment items included in the income statement for the 53 weeks
ended 30 April 2023:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Property, plant & equipment depreciation
\n
132.3
41.4
173.7
11.8
185.5
1.6
187.1
\n
Property, plant & equipment impairment
\n
20.2
28.7
48.9
7.4
56.3
-
56.3
\n
IFRS 16 ROU depreciation
\n
37.3
6.4
43.7
31.5
75.2
-
75.2
\n
IFRS 16 ROU impairment
\n
6.2
19.2
25.4
17.7
43.1
-
43.1
\n
Investment property depreciation
\n
10.2
-
10.2
-
10.2
-
10.2
\n
Investment property impairment
\n
0.2
-
0.2
-
0.2
-
0.2
\n
IFRS 16 disposal and modification/remeasurement of lease
\n
liabilities
\n
(17.6)
(0.8)
(18.4)
(8.2)
(26.6)
(0.2)
(26.8)
\n
Intangible amortisation
\n
-
-
-
0.4
0.4
6.5
6.9
\n
Intangible impairment
\n
4.9
20.5
25.4
26.8
52.2
87.9
140.1
\n
\n
Information regarding segmental assets and liabilities as at
30 April 2023
and capital expenditure for the 53 weeks
\n
then ended:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
Eliminations
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Total assets
\n
5,587.7
1,859.4
7,447.1
846.0
8,293.1
536.5
(4,536.9)
4,292.7
\n
Total liabilities
\n
2,762.4
1,796.5
4,558.9
878.6
5,437.5
23.0
(2,826.0)
2,634.5
\n
Tangible asset additions
\n
336.1
26.3
362.4
105.3
467.7
0.7
-
468.4
\n
Right of use asset additions
\n
62.8
23.0
85.8
51.1
136.9
3.3
-
140.2
\n
Intangible asset additions
\n
-
-
-
1.0
1.0
-
-
1.0
\n
The segment assets and liabilities above include intercompany balances which eliminate on consolidation but appear
\n
in the information presented to the Chief Operating Decision Maker (CODM). Eliminations primarily relate to the
\n
elimination of intercompany balances on consolidation, intangible assets arising on consolidation, defined benefit
\n
pension surplus as well as current tax balances and deferred tax. These are shown in eliminations in the information
\n
presented to the CODM.
\n
Segmental information for the 52 weeks
ended 24 April 2022
\n
(1)
\n
:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
Eliminations
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Sales to external customers
\n
2,640.1
1,056.6
3,696.7
940.5
4,637.2
168.1
-
4,805.3
\n
Sales to other segments
\n
-
-
-
-
-
80.1
(80.1)
-
\n
Revenue
\n
2,640.1
1,056.6
3,696.7
940.5
4,637.2
248.2
(80.1)
4,805.3
\n
Gross profit
\n
1,136.8
474.8
1,611.6
414.0
2,025.6
63.1
-
2,088.7
\n
Operating profit before foreign exchange,
\n
exceptional items and property and other
\n
related impairments
\n
278.7
124.0
402.7
144.1
546.8
6.9
-
553.7
\n
Foreign exchange realised
\n
(1.1)
(0.1)
(1.2)
(3.7)
(4.9)
(0.9)
-
(5.8)
\n
Property and other related impairments
\n
(103.4)
(103.5)
(206.9)
(20.1)
(227.0)
-
-
(227.0)
\n
Profit on sale of properties
\n
10.7
-
10.7
0.1
10.8
-
-
10.8
\n
Gain on sale of discontinued operations
\n
-
-
-
-
-
-
-
-
\n
Exceptional items
\n
(1.3)
-
(1.3)
-
(1.3)
-
-
(1.3)
\n
Operating profit
\n
183.6
20.4
204.0
120.4
324.4
6.0
-
330.4
\n
Investment income
\n
43.8
-
43.8
-
43.8
-
-
43.8
\n
Investment costs
\n
(19.7)
-
(19.7)
-
(19.7)
-
-
(19.7)
\n
Finance income
\n
36.8
-
36.8
2.0
38.8
-
(8.5)
30.3
\n
Finance costs
\n
(42.8)
(10.0)
(52.8)
(4.9)
(57.7)
-
8.5
(49.2)
\n
Profit before taxation
\n
201.7
10.4
212.1
117.5
329.6
6.0
-
335.6
\n
Taxation
\n
(78.7)
\n
Profit for the period
\n
256.9
\n
(1)
The FY22 results have been re-categorised due to changes in the reporting segments, with European retail stores, management and operations from European Retail and Rest of
\n
the World being merged into International Retail
\n
Inter-segment sales are priced at cost plus a 10% mark-up.
\n
Other segment items included in the income statement for the 52 weeks
ended 24 April 2022:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Property, plant & equipment depreciation
\n
122.2
22.9
145.1
22.6
167.7
1.3
169.0
\n
Property, plant & equipment impairment
\n
51.7
94.0
145.7
3.5
149.2
-
149.2
\n
IFRS 16 ROU depreciation
\n
47.8
6.4
54.2
23.0
77.2
0.4
77.6
\n
IFRS 16 ROU impairment
\n
50.7
9.5
60.2
16.6
76.8
-
76.8
\n
Investment property depreciation
\n
5.9
-
5.9
-
5.9
-
5.9
\n
Investment property impairment
\n
1.0
-
1.0
-
1.0
-
1.0
\n
IFRS 16 disposal and modification/remeasurement
\n
of lease liabilities
\n
(14.2)
(3.9)
(18.1)
(10.2)
(28.3)
-
(28.3)
\n
Intangible amortisation
\n
1.0
-
1.0
-
1.0
6.5
7.5
\n
Intangible impairment
\n
1.3
-
1.3
-
1.3
4.4
5.7
\n
(1)
The FY22 results have been re-categorised due to changes in the reporting segments, with European retail stores, management and operations from European Retail and Rest of
\n
the World being merged into International Retail
\n
\n
Information regarding segment assets and liabilities as at
24 April 2022
and capital expenditure for the
\n
52 weeks then ended:
\n
UK Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
Eliminations
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Total assets
\n
4,161.9
1,002.1
5,164.0
569.9
5,733.9
349.7
(1,940.9)
4,142.7
\n
Total liabilities
\n
(2,908.9)
(1,098.9)
(4,007.8)
(673.8)
(4,681.6)
(93.4)
1,940.9
(2,834.1)
\n
Tangible asset additions
\n
228.1
63.6
291.7
30.7
322.4
0.8
-
323.2
\n
Right of use asset additions
\n
27.8
25.0
52.8
47.7
100.5
0.4
-
100.9
\n
Intangible assets acquired
\n
7.0
-
7.0
-
7.0
-
-
7.0
\n
The segment assets and liabilities above include intercompany balances which eliminate on consolidation but appear
\n
in the information presented to the CODM. Eliminations primarily relate to the elimination of intercompany balances
\n
on consolidation, intangible assets arising on consolidation, defined benefit pension surplus as well as current tax
\n
balances and deferred tax. These are shown in eliminations in the information presented to the CODM.
\n
Geographic Information
\n
Segmental information for the 53 weeks
ended 30 April 2023:
\n
UK
Europe
USA
Asia
Oceania
Eliminations
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Segmental revenue from
\n
external customers
\n
4,309.4
1,024.6
136.5
77.8
16.9
-
5,565.2
\n
Total capital expenditure
\n
362.4
104.5
0.7
0.8
-
-
468.4
\n
Non-current segment
\n
assets*
\n
1,045.1
237.7
35.8
3.8
1.4
-
1,323.8
\n
Total segmental assets
\n
8,062.8
554.6
155.8
46.7
9.7
(4,536.9)
4,292.7
\n
Segmental information for the 52 weeks
ended 24 April 2022:
\n
UK
Europe
USA
Asia
Eliminations
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Segmental revenue from
\n
external customers
\n
3,714.8
823.0
223.0
44.5
-
4,805.3
\n
Total capital expenditure
\n
291.7
29.4
0.9
1.2
-
323.2
\n
Non-current segment
\n
assets*
\n
962.2
130.3
126.0
4.5
-
1,223.0
\n
Total segmental assets
\n
5,486.8
381.3
176.3
39.2
(1,940.9)
4,142.7
\n
*Excludes deferred tax and financial instruments.
\n
Material non-current segmental assets \u2013
by a non-UK country:
\n
USA
Belgium
Austria
Estonia
Ireland
Spain
Denmark
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
FY23
\n
35.8
47.6
21.7
20.9
90.4
15.1
13.9
\n
FY22
\n
126.0
58.4
19.5
0.7
13.3
33.4
-
\n
Material segmental revenue from external customers \u2013
by a non-UK country:
\n
USA
Belgium
Austria
Estonia
Ireland
Spain
\n
Denmark
\n
Malaysia
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
FY23
\n
136.5
120.4
41.1
142.2
186.4
282.3
86.5
68.0
\n
FY22
\n
223.0
113.3
38.3
118.5
172.6
229.4
-
36.0
\n
Note the Group has no individual customer which accounts for more than 10% of revenue in the current or prior period.
\n
\n
The following tables reconciles the Profit Before Tax to the Adjusted PBT as it is one of the main measures used by the
\n
Chief Operating Decision Maker when reviewing the performance of the segment:
\n
Reconciliation of Reported PBT to Adjusted PBT for the 53-week period
ended 30 April 2023:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Reported PBT
\n
566.8
55.2
622.0
72.9
694.9
(34.2)
660.7
\n
Exceptional items
\n
(25.0)
(55.2)
(80.2)
-
(80.2)
(16.9)
(97.1)
\n
Fair value adjustment to derivative financial instruments
\n
(32.5)
-
(32.5)
-
(32.5)
-
(32.5)
\n
Fair value gains and profit on disposal of equity derivatives
\n
(41.1)
-
(41.1)
-
(41.1)
-
(41.1)
\n
Realised FX loss / (gain)
\n
(35.8)
(0.1)
(35.9)
6.5
(29.4)
(1.8)
(31.2)
\n
Share based payments
\n
14.6
-
14.6
-
14.6
4.7
19.3
\n
Adjusted PBT
\n
447.0
(0.1)
446.9
79.4
526.3
(48.2)
478.1
\n
Reconciliation of Reported PBT to Adjusted PBT for the 52 week period
ended 24 April 2022
\n
(1)
\n
:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Reported PBT
\n
201.6
10.4
212.0
117.6
329.6
6.0
335.6
\n
Exceptional items
\n
1.3
-
1.3
-
1.3
-
1.3
\n
Fair value adjustment to derivative financial instruments
\n
(7.6)
-
(7.6)
-
(7.6)
-
(7.6)
\n
Fair value (gains)/losses and profit on disposal of equity
\n
derivatives
\n
(9.9)
-
(9.9)
-
(9.9)
-
(9.9)
\n
Realised FX loss / (gain)
\n
1.1
0.1
1.2
3.7
4.9
0.9
5.8
\n
Share based payments
\n
10.4
-
10.4
-
10.4
4.2
14.6
\n
Adjusted PBT
\n
196.9
10.5
207.4
121.3
328.7
11.1
339.8
\n
(1)
The FY22 numbers have been re-categorised due to changes in the reporting segments, with European retail stores, management and operations from European Retail and Rest of
\n
the World being merged into International Retail
\n
5.
OTHER OPERATING INCOME
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Rent receivable
\n
30.3
27.3
\n
Other
\n
10.8
20.7
\n
41.1
48.0
\n
Other operating income relates to charges for aircraft, lease surrender premiums, ad hoc income and sundry charges
\n
to third parties.
\n
6.
EXCEPTIONAL ITEMS
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Impairments
\n
-
(1.3)
\n
Fair value gain on associate
\n
16.9
-
\n
Adjustment to Studio regulatory provision
\n
25.0
-
\n
Gain on bargain purchase
\n
55.2
-
\n
97.1
(1.3)
\n
The gain on bargain purchase in the current period relates to acquisition of JD brands. See note 32 for further details.
\n
The adjustment to the Studio regulatory provision is detailed in note 29.
\n
The fair value gain on associate arose as a result of the disposal of 51% of Kangol LLC, following the loss of control.
\n
See note 20 for further details.
\n
\n
7.
PROFIT ON SALE OF PROPERTIES
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Profit on sale of properties
\n
95.4
10.8
\n
The profit on the sale of properties in the current period includes gains on the sale of UK and European properties
\n
(FY22: UK properties).
\n
8.
OPERATING PROFIT FOR THE PERIOD
\n
Operating profit for the period is stated after charging/(crediting):
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Foreign exchange (gain)/loss
\n
(31.2)
5.8
\n
Depreciation and amortisation of non-current assets:
\n
- Depreciation of property, plant & equipment (incl. right-of-use asset)
\n
262.3
246.6
\n
- Impairment of property, plant & equipment (incl. right-of-use asset)
\n
99.4
226.0
\n
- Depreciation of investment properties
\n
10.2
5.9
\n
- Impairment of investment properties
\n
0.2
1.0
\n
- Amortisation of intangible assets
\n
6.9
7.5
\n
- Impairment of intangible assets
\n
140.1
5.7
\n
IFRS 16 leases:
\n
(Profit) on disposal and modification/ remeasurement of lease liabilities
\n
(26.8)
(28.3)
\n
Variable lease payments*
\n
15.4
14.0
\n
Short term and low value lease expenses*
\n
33.3
25.0
\n
*These are recorded in selling, distribution and administrative expenses in the consolidated income statement.
\n
Services Provided by the Group\u2019s Auditor
\n
The remuneration of the auditors, RSM UK Audit LLP, and associated firms, was as detailed below:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
AUDIT SERVICES
\n
Audit of the Group and company - recurring
\n
2.0
1.8
\n
Audit of the Group and company - non-recurring
\n
-
-
\n
Audit of subsidiary companies
\n
1.1
1.0
\n
3.1
2.8
\n
During the current period, RSM UK Audit LLP and associated firms provided reporting accountant services and
\n
fees amounted to \u00a30.3m. No non-audit services were provided in the prior period.
\n
\n
9.
PAYROLL COSTS
\n
The average monthly number of employees, including Executive Directors, employed by the Group during the
\n
period was:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
Retail stores
\n
24,763
23,971
\n
Distribution, administration and other
\n
7,718
6,382
\n
32,481
30,353
\n
The increase in employees is mainly due organic growth of the business offset by the centralisation of previously
\n
acquired businesses and sale of Bobs.
\n
The aggregate payroll costs of the employees, including Executive Directors, were as follows:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Wages and salaries
\n
606.8
491.5
\n
Social security costs
\n
41.7
34.9
\n
Pension costs
\n
8.5
6.5
\n
657.0
532.9
\n
Aggregate emoluments of the Directors of the Company are summarised below:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
Aggregate emoluments
\n
0.7
0.6
\n
Further details of Directors\u2019 remuneration are given in the Directors\u2019 Remuneration Report. Details of key management
\n
remuneration are given in note 34.
\n
10. INVESTMENT INCOME
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Profit on disposal of equity derivatives
\n
-
23.2
\n
Premium received on equity derivatives
\n
63.9
13.2
\n
Fair value gain on equity derivatives
\n
45.7
6.4
\n
Dividend income
\n
3.0
1.0
\n
112.6
43.8
\n
The profit on disposal of equity derivatives in the prior year mainly relates to Hugo Boss contracts for difference. The
\n
fair value gain on equity derivatives mainly relates to Hugo Boss options. The premium received on equity derivatives
\n
mainly relates to written Hugo Boss options.
\n
11.
INVESTMENT COSTS
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Loss on disposal of equity derivatives
\n
4.6
-
\n
Fair value loss on equity derivatives
\n
-
19.7
\n
4.6
19.7
\n
The fair value loss on equity derivatives in the prior period mainly relates to Hugo Boss contracts for
\n
difference. The loss on disposal of equity derivatives relates to ASOS and Next options.
\n
\n
12.
FINANCE INCOME
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Bank interest receivable
\n
9.7
4.5
\n
Interest on retirement benefit obligations
\n
-
0.1
\n
Other finance income
\n
3.9
1.7
\n
Fair value adjustment to derivatives*
\n
32.5
24.0
\n
46.1
30.3
\n
*Includes \u00a38.4m from interest rate swaps.
\n
13.
FINANCE COSTS
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Interest on bank loans and overdrafts
\n
41.4
13.6
\n
Other interest
\n
9.5
7.0
\n
Interest on retirement benefit obligations
-
-
\n
IFRS 16 lease interest
\n
18.2
12.2
\n
Fair value adjustment to derivatives
\n
-
16.4
\n
69.1
49.2
\n
14.
TAXATION
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Current tax
\n
145.2
86.2
\n
Adjustment in respect to prior periods
\n
(1.0)
(5.7)
\n
Total current tax
\n
144.2
80.5
\n
Deferred tax
\n
39.7
(8.5)
\n
Adjustment in respect of prior periods
\n
(24.5)
6.7
\n
Total deferred tax (see note 28)
\n
15.2
(1.8)
\n
159.4
78.7
\n
Profit before taxation
\n
660.7
335.6
\n
Taxation at the standard rate of tax in the UK of 19.5% (2022: 19.0%)
\n
128.8
63.8
\n
Non-taxable income
\n
(17.9)
(14.4)
\n
Expenses not deductible for tax purposes
\n
70.9
62.4
\n
Other tax adjustments
\n
3.1
(15.6)
\n
Adjustments in respect of prior periods - current tax
\n
(1.0)
(5.7)
\n
Adjustments in respect of prior periods - deferred tax
\n
(24.5)
6.7
\n
Changes in deferred tax rate
\n
-
(18.5)
\n
159.4
78.7
\n
Non-taxable income largely relates to differences between capital allowances and depreciation which are not
\n
timing differences on which deferred tax is provided. Expenses not deductible for tax purposes largely relates to
\n
non-qualifying depreciation and impairments not qualifying for tax allowances.
\n
\n
15.
EARNINGS PER SHARE FROM TOTAL AND CONTINUING
\n
OPERATIONS ATTRIBUTABLE TO THE EQUITY
\n
SHAREHOLDERS
\n
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders of the parent by
\n
the weighted average number of ordinary shares outstanding during the year.
\n
For diluted earnings per share, the weighted average number of shares, 459,911,330 (FY22: 471,975,282), is adjusted to
\n
assume conversion of all dilutive potential ordinary shares under the Group\u2019s share schemes, being nil (FY22: nil), to
\n
give the diluted weighted average number of shares of 459,911,330 (FY22: 471,975,282). There is therefore no difference
\n
between the Basic and Diluted EPS calculations for both periods. Shares bought back into treasury are deducted
\n
when calculating the weighted average number of shares below.
\n
Basic and Diluted Earnings Per Share
\n
53 weeks ended
\n
30 April 2023
\n
Basic and diluted,
\n
continuing
\n
operations
\n
53 weeks ended
\n
30 April 2023
\n
Basic and diluted,
\n
discontinued
\n
operations
\n
53 weeks ended
\n
30 April 2023
\n
Basic and diluted,
\n
total
\n
52 weeks ended
\n
24 April 2022
\n
Basic and diluted,
\n
continuing
\n
operations
\n
52 weeks ended
\n
24 April 2022
\n
Basic and diluted,
\n
discontinued
\n
operations
\n
52 weeks ended
\n
24 April 2022
\n
Basic and diluted,
\n
total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Profit for the period
461.7
26.3
488.0
224.1
25.7
249.8
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Weighted average number
\n
of shares
\n
459,911
459,911
459,911
471,975
471,975
471,975
\n
Pence per share
Pence per share
Pence per share
Pence per share
Pence per share
Pence per share
\n
Earnings per share
100.4
5.7
106.1
47.5
5.4
52.9
\n
Adjusted Earnings Per Share
\n
The adjusted earnings per share reflects the underlying performance of the business compared with the prior period
\n
and is calculated by dividing adjusted earnings by the weighted average number of shares for the period. Adjusted
\n
earnings is used by management as a measure of profitability within the Group. Adjusted earnings is defined as profit
\n
for the period attributable to equity holders of the parent for each financial period but excluding the post-tax effect of
\n
certain non-trading items. Tax has been calculated with reference to the effective rate of tax for the Group.
\n
The Directors believe that the adjusted earnings and adjusted earnings per share measures provide additional useful
\n
information for shareholders on the underlying performance of the business and are consistent with how business
\n
performance is measured internally. Adjusted earnings is not a recognised profit measure under IFRS and may not be
\n
directly comparable with adjusted profit measures used by other companies.
\n
53 weeks ended
\n
30 April 2023
\n
Basic
\n
53 weeks ended
\n
30 April 2023
\n
Diluted
\n
52 weeks ended
\n
24 April 2022
\n
Basic
\n
52 weeks ended
\n
24 April 2022
\n
Diluted
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Profit for the period
488.0
488.0
249.8
249.8
\n
Pre-tax adjustments to profit / (loss) for the period for the following items:
\n
Exceptional items
(97.1)
(97.1)
1.3
1.3
\n
Fair value adjustment to derivatives included within finance (income)
(32.5)
(32.5)
(7.6)
(7.6)
\n
Fair value gains and profit on disposal of equity derivatives
(41.1)
(41.1)
(9.9)
(9.9)
\n
Realised foreign exchange loss/ (gain)
(31.2)
(31.2)
5.8
5.8
\n
Share based payments
19.3
19.3
14.6
14.6
\n
Share based payments
19.3
19.3
14.6
14.6
\n
Tax adjustments on the above items
20.8
20.8
0.3
0.3
\n
Adjusted profit for the period
326.2
326.2
254.3
254.3
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Weighted average number of shares
459,911
459,911
471,975
471,975
\n
Pence per share
Pence per share
Pence per share
Pence per share
\n
Adjusted Earnings per share
70.9
70.9
53.9
53.9
\n
\n
16.
DISCONTINUED OPERATIONS
\n
On 24 May 2022, the Group disposed of its US retail businesses trading as Bobs Stores and Eastern Mountain Sports
\n
for net cash consideration of approximately \u00a343.6m. The disposal took place through the sale of 100% of the share
\n
capital of Roberts 50 USA LLC and its subsidiaries to GoDigital Media Group. These businesses are reported as part of
\n
the International operating segment.
\n
As per IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, this disposal group was classified as
\n
held for sale and as a discontinued operation in FY22. A profit on disposal of \u00a326.3m has been recognised in the
\n
Consolidated Income Statement in the current year.
\n
The following major classes of assets and liabilities relating to the disposal group were classified as held for sale in the
\n
Consolidated Balance Sheet as of 24 April 2022:
\n
24 April 2022
\n
(\u00a3\u2019m)
\n
Inventories
37.7
\n
Trade and other receivables
2.3
\n
Assets held for sale
40.0
\n
Trade and other payables
10.6
\n
Provisions
3.2
\n
Lease liabilities
8.9
\n
Liabilities held for sale
22.7
\n
The reconciliation of the transaction is detailed below:
\n
30 April 2023
\n
(\u00a3\u2019m)
\n
Net assets disposed of (including FX revaluation)
(18.9)
\n
Cash received, net of transaction costs and cash disposed of
43.6
\n
Gain on sale before income tax and reclassification of foreign currency translation reserve
24.7
\n
Reclassification of foreign currency translation reserve
1.6
\n
Income tax expense on gain
-
\n
Gain on sale after income tax
26.3
\n
The Consolidated Cash Flow Statement includes the following amounts relating to this discontinued operation:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Operating activities
\n
(2.2)
4.2
\n
Financing activities
\n
(0.5)
(6.1)
\n
Net cash outflow from discontinued operations
\n
(2.7)
(1.9)
\n
During the current period, consideration of \u00a32.9m was received in respect of the Group\u2019s disposal of a 51%
\n
shareholding in Kangol LLC to Bollman Hat Company. Further details can be found in note 20. Total proceeds received
\n
from disposals of discontinued operations and subsidiaries in the current period was therefore \u00a346.5m.
\n
\n
17.
PROPERTY, PLANT AND EQUIPMENT
\n
Right of
\n
use asset
\n
Freehold land
\n
and Buildings
\n
Long-term
\n
Leasehold
\n
Short-term
\n
leasehold
\n
improvements
\n
Plant and
\n
Equipment
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
669.1
905.4
153.3
127.4
878.8
2,734.0
\n
Acquisitions
5.6
7.0
-
-
6.9
19.5
\n
Additions
100.9
79.3
4.1
2.5
195.3
382.1
\n
Eliminated on disposals
(75.9)
(42.0)
(1.2)
(4.7)
(82.0)
(205.8)
\n
Reclassifications /
\n
Remeasurements
\n
(1)
\n
(5.4)
(43.4)
-
-
(0.2)
(49.0)
\n
Exchange differences
(7.7)
(2.3)
(0.5)
(0.1)
(3.0)
(13.6)
\n
At 24 April 2022
686.6
904.0
155.7
125.1
995.8
2,867.2
\n
Acquisitions (see note 32)
43.0
-
15.7
-
7.6
66.3
\n
Additions
116.7
97.5
6.0
1.1
275.5
496.8
\n
Eliminated on disposals
(111.2)
(60.1)
(34.3)
-
(65.6)
(271.2)
\n
Reclassifications /
\n
Remeasurements
\n
7.6
(1.5)
-
-
-
6.1
\n
Exchange differences
12.6
(13.3)
0.6
0.3
18.6
18.8
\n
At 30 April 2023
755.3
926.6
143.7
126.5
1,231.9
3,184.0
\n
ACCUMULATED DEPRECIATION AND IMPAIRMENT
\n
At 25 April 2021
(419.4)
(282.7)
(49.7)
(118.7)
(698.6)
(1,569.1)
\n
Charge for the period
(77.6)
(47.9)
(12.4)
(3.6)
(105.1)
(246.6)
\n
Impairment
(76.8)
(106.5)
(2.0)
-
(40.7)
(226.0)
\n
Eliminated on disposals
75.9
15.7
1.1
1.8
79.1
173.6
\n
Reclassifications /
\n
Remeasurements
\n
(1)
\n
-
0.6
(0.1)
(1.1)
4.0
3.4
\n
Exchange differences
6.0
0.3
0.1
0.2
1.9
8.5
\n
At 24 April 2022
(491.9)
(420.5)
(63.0)
(121.4)
(759.4)
(1,856.2)
\n
Charge for the period
(75.2)
(43.8)
(11.4)
(1.7)
(130.2)
(262.3)
\n
Impairment
(43.1)
(23.9)
(0.2)
-
(32.2)
(99.4)
\n
Eliminated on disposals
110.8
16.7
11.6
(0.9)
57.0
195.2
\n
Reclassifications /
\n
Remeasurements
\n
-
0.2
-
-
-
0.2
\n
Exchange differences
(9.4)
4.3
(0.3)
(0.3)
(5.1)
(10.8)
\n
At 30 April 2023
(508.8)
(467.0)
(63.3)
(124.3)
(869.9)
(2,033.3)
\n
NET BOOK VALUE
\n
At 30 April 2023
246.5
459.6
80.4
2.2
362.0
1,150.7
\n
At 24 April 2022
194.7
483.5
92.7
3.7
236.4
1,011.0
\n
At 25 April 2021
249.7
622.7
103.6
8.7
180.2
1,164.9
\n
(1)
In FY22 assets were identified that were previously classified within Property, Plant and Equipment but management believe it to be more appropriate to classify within Investment
\n
Properties. These have therefore been adjusted in the prior period as reclassifications.
\n
Note 2 provides further detail on the property related impairments (relating to ROU assets and freehold land
\n
and buildings).
\n
\n
Leases
\n
The Group only has property leases within the scope of IFRS 16, including retail stores, offices and warehouses. Leases
\n
are largely for a period between 1 \u2013 15 years typically with break clauses. It is management\u2019s intention to continue to
\n
enter into turnover linked leases in the future.
\n
The Group presents right-of-use assets that do not meet the definition of investment property in \u2018property, plant and
\n
equipment\u2019, the same line item as it presents underlying assets of the same nature that it owns. The carrying amount
\n
and movements in the period can be seen in the table above.
\n
Lease liabilities are presented separately within the Consolidated Balance Sheet. The maturity analysis of lease
\n
liabilities is shown in note 30(f). Interest expense on the lease liability is presented as a component of finance costs as
\n
per note 13. Cash payments for the principal portion and the interest portion of the lease liability are presented in the
\n
Consolidated Cash Flow Statement with further details given in note 27.
\n
The Group is party to a number of leases that are classed as short term leases and with variable lease payments.
\n
These are typically property leases on turnover based rents. Note 8 discloses variable lease payments and short term
\n
and low value lease expenses incurred in the period. Cash flows in the period relating to variable lease payments, short
\n
term lease payments, and leases for low value assets were approx. \u00a349m (FY22: approx. \u00a333m). It is expected that
\n
future cash flows will not be materially different to the FY23 cash flows.
\n
Leases to which the Group is committed but have not yet commenced at period end are not considered to be material.
\n
18.
INVESTMENT PROPERTIES
\n
Freehold land and Buildings
\n
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
38.2
\n
Additions
42.0
\n
Reclassifications
\n
(1)
\n
43.4
\n
At 24 April 2022
123.6
\n
Additions
88.3
\n
Disposals
(43.4)
\n
Reclassifications
1.5
\n
As at 30 April 2023
170.0
\n
ACCUMULATED DEPRECIATION AND IMPAIRMENT
\n
As at 25 April 2021
(24.1)
\n
Charge for the period
(5.9)
\n
Impairment
(1.0)
\n
Reclassifications
\n
(1)
\n
(3.4)
\n
As at 24 April 2022
(34.4)
\n
Charge for the period
(10.2)
\n
Impairment
(0.2)
\n
Disposals
6.3
\n
Reclassifications
(0.2)
\n
As at 30 April 2023
(38.7)
\n
NET BOOK VALUE
\n
At 30 April 2023
131.3
\n
At 24 April 2022
89.2
\n
At 25 April 2021
14.1
\n
(1)
In FY22 assets were identified that were previously classified within Property, Plant and Equipment but management believe it to be more appropriate to classify within Investment
\n
Properties. These have therefore been adjusted in the prior period as reclassifications.
\n
The fair values of the Group\u2019s investment properties as at 30 April 2023 and 24 April 2022 were estimated as being
\n
materially in line with carrying values. The valuations were calculated by the Group\u2019s internal property team who are
\n
appropriately qualified chartered surveyors and follow the applicable valuation methodology of the Royal Institute of
\n
Chartered Surveyors. Note 2 provides further detail on the property related impairments.
\n
\n
The rental income from Investment Properties recognised in the consolidated income statement for the year was
\n
\u00a323.7m (2022: \u00a39.0m).
\n
19.
INTANGIBLE ASSETS
\n
Goodwill
\n
Trademarks
\n
and licenses
Brands
\n
Customer
\n
related
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
170.7
90.7
80.6
-
342.0
\n
Acquisitions
1.3
-
-
5.7
7.0
\n
Exchange adjustments
4.8
0.4
6.4
-
11.6
\n
At 24 April 2022
176.8
91.1
87.0
5.7
360.6
\n
Acquisitions (note 32)
35.6
11.7
-
-
47.3
\n
Additions
-
1.0
-
-
1.0
\n
Disposals
(0.2)
(2.3)
-
-
(2.5)
\n
Exchange adjustments
2.5
0.3
1.8
-
4.6
\n
At 30 April 2023
214.7
101.8
88.8
5.7
411.0
\n
AMORTISATION AND IMPAIRMENT
\n
At 25 April 2021
(124.0)
(86.7)
(10.8)
-
(221.5)
\n
Amortisation charge
-
(0.5)
(6.0)
(1.0)
(7.5)
\n
Impairment
(5.7)
-
-
-
(5.7)
\n
Exchange adjustments
(2.7)
(0.1)
(2.5)
-
(5.3)
\n
At 24 April 2022
(132.4)
(87.3)
(19.3)
(1.0)
(240.0)
\n
Amortisation charge
-
(0.9)
(6.0)
-
(6.9)
\n
Impairment
(71.7)
(11.7)
(52.0)
(4.7)
(140.1)
\n
Disposals
0.4
2.3
-
-
2.7
\n
Exchange adjustments
(1.1)
(0.3)
(1.2)
-
(2.6)
\n
At 30 April 2023
(204.8)
(97.9)
(78.5)
(5.7)
(386.9)
\n
At 30 April 2023
9.9
3.9
10.3
-
24.1
\n
At 24 April 2022
44.4
3.8
67.7
4.7
120.6
\n
At 25 April 2021
46.7
4.0
69.8
-
120.5
\n
Amortisation is charged to selling, distribution and administrative expenses in the Consolidated Income Statement.
\n
Goodwill, trademarks and licenses and brands are acquired in a business combination are allocated, at acquisition,
\n
to the CGUs that are expected to benefit from that business combination. After recognition of impairment losses, the
\n
carrying amount of these assets at the start and end of the current period are allocated as follows:
\n
30 April 2023
\n
Goodwill
Trademarks and
\n
licenses
\n
Brands
Customer
\n
related
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Wholesale & Licensing (excl. Everlast)
9.9
-
-
-
9.9
\n
Everlast
-
3.3
10.3
-
13.6
\n
Studio Retail
-
-
-
-
-
\n
9.9
3.3
10.3
-
23.5
\n
24 April 2022
\n
Goodwill
Trademarks and
\n
licenses
\n
Brands
Customer
\n
related
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Wholesale & Licensing (excl. Everlast)
9.9
-
-
-
9.9
\n
Everlast
34.5
3.8
67.7
-
106.0
\n
Studio Retail
-
-
-
4.7
4.7
\n
44.4
3.8
67.7
4.7
120.6
\n
\n
Acquisitions
\n
During the current period, goodwill and trademarks with a fair value of \u00a347.3 were recognised as part of business
\n
combinations. See note 32 for details. Following a review of the trading performance of these businesses, the goodwill
\n
and intangibles assets were fully impaired as their recoverable amount on a value in use basis was estimated to be \u00a3nil.
\n
In the prior period, a customer related intangible asset with a fair value of \u00a35.7m was allocated the Studio Retail CGU
\n
following the acquisition of the business. This has been fully impaired in the current period following a review of the
\n
trading performance of the business, which indicated that the carrying value was not supportable.
\n
Amortisation
\n
The brands, trademarks & licenses allocated to the Everlast CGU are being amortised over a 15-year period. The
\n
amortisation charge in the current period is \u00a36.5m (FY22: \u00a36.5m) and is disclosed within selling, distribution and
\n
administrative expenses in the Consolidated Income Statement. The remaining useful economic life of these assets is
\n
11 years (FY22: 12 years).
\n
Impairment review
\n
The Group tests the carrying amount of goodwill and intangible assets with an indefinite life for impairment annually
\n
or more frequently if there are indications that their carrying value might be impaired. The carrying amounts of other
\n
intangible assets are reviewed for impairment if there is an indicator of impairment.
\n
The recoverable amounts of the Wholesale & Licensing (excl. Everlast) and Everlast CGUs have been determined by
\n
reference to value in use calculations. The recoverable amounts were then compared to the carrying value of the
\n
assets allocated to each CGU to assess the level impairment required, if any.
\n
Significant judgements, assumptions and estimates
\n
In determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present
\n
value of future cash flows. In each case, these key assumptions have been made by management reflecting past
\n
experience, current trends, and where applicable, are consistent with relevant external sources of information. The key
\n
assumptions are as follows:
\n
30 April 2023
24 April 2022
\n
Wholesale & Licensing
\n
(excl. Everlast)
Everlast
\n
Wholesale & Licensing
\n
(excl. Everlast)
\n
Everlast
\n
5-year average annual forecast sales
\n
(decline)/growth
\n
(3.0%)
(2.6%)
(4.4%)
0.8%
\n
Discount rate
\n
8.5%
14.2%
7.5%
13.5%
\n
Terminal growth rate
\n
2.0%
2.0%
2.0%
2.0%
\n
Management has prepared cash flow forecasts for a five-year period derived from the actual results for financial year
\n
2022/23. These forecasts include assumptions around sales prices and volumes, specific customer relationships and
\n
operating costs and working capital movements.
\n
The material reduction in revenue growth assumptions for the Everlast CGU from an average growth rate of 0.8%
\n
pa in the prior year to a decline of 2.6% pa in the current year is reflective of the failure of commercial negotiations
\n
with prospective wholesale partners that were factored into the cashflow forecasts in the prior year. In addition, the
\n
business has significantly underperformed in financial year 2022/23 vs. the forecast performance assumed in the
\n
prior year impairment review partly as result of a challenging US retail market and a failure to maintain the trading
\n
momentum seen during the Covid-19 pandemic. Management has revisited the FY22 impairment assessment and are
\n
satisfied that the assessment remains appropriate based on the facts and information that were available at the time.
\n
The pre-tax rates used to discount the forecast cash flows are shown above and are derived from the Group\u2019s weighted
\n
average cost of capital as adjusted for the specific risks related to each CGU.
\n
To forecast beyond the detailed cash flows into perpetuity, a long-term average growth rate of 2.0% (2022: 2.0%) has
\n
been used. This is not greater than the published International Monetary Fund average growth rate in gross domestic
\n
product for the next five-year period in the territories where the CGUs operate. The growth rate was assessed
\n
separately for each CGU however the 2.0% rate was deemed appropriate in both cases.
\n
\n
Results
\n
The recoverable amount of the Wholesale & Licensing (excluding Everlast) CGU exceeds its carrying value by
\n
approximately \u00a382m and as such no impairment was required.
\n
The carrying value of the Everlast CGU was determined to be higher than the recoverable amount, primarily as a result
\n
of the revised sales assumptions noted above, and consequently an impairment loss of \u00a387.9m was recognised. The
\n
impairment loss was allocated first to goodwill (\u00a335.9m) and then to brands (\u00a352.0m) and has been disclosed within
\n
selling, distribution and administrative expenses in the Consolidated Income Statement.
\n
Sensitivity Analysis
\n
Following the impairment loss recognised in respect of the Everlast CGU, the recoverable amount is equal to the
\n
carrying amount. Therefore, any adverse movement in a key assumption would lead to a further impairment.
\n
The table below shows changes to the terminal growth rate, risk adjusted discount rate and forecast operating
\n
cash flow assumptions used in the calculation of value in use for the Everlast CGU and the change to the level of
\n
impairment indicated by reasonably possible changes in these assumptions:
\n
Everlast
\n
Impairment recorded
\n
\u00a387.9m
\n
Recoverable amount
\n
\u00a343.7m
\n
Additional impairment required as a result of changes to key assumptions
\n
Current Terminal Growth Rate
\n
2.0%
\n
Revised Terminal Growth Rate
\n
1.8%
\n
Additional impairment required
\n
\u00a30.5m
\n
Current Discount Rate
\n
14.2%
\n
Revised Discount Rate
\n
15.6%
\n
Additional impairment required
\n
\u00a34.1m
\n
Current 5-year average annual forecast sales decline
\n
(2.6%)
\n
Revised 5-year average annual forecast sales decline
\n
(2.8%)
\n
Additional impairment required
\n
\u00a37.9m
\n
Based on the results of the impairment test for the Wholesale & Licensing (excluding Everlast) CGU and the immaterial
\n
carrying value of the remaining goodwill, management are satisfied that there is sufficient headroom against the
\n
carrying value such that a reasonably possible change in assumption would not lead to an impairment. Consequently,
\n
no sensitivity analysis has been disclosed for this CGU.
\n
Climate Change
\n
Management considered the impact of climate change when conducting its impairment review and concluded that it
\n
was unlikely to have a material impact on the assumptions based on the following:
\n
\u2022
The relevant tangible assets have relatively short useful economic lives and are not considered to be in locations
\n
that will be materially impacted by climate change (i.e., they are in the USA \u2013 a developed country).
\n
\u2022
The forecasts include estimates for ongoing capital expenditure, which management consider to be sufficient
\n
to make any essential climate change related acquisitions (e.g., solar panels or building energy management
\n
systems).
\n
\n
20.
INVESTMENTS IN ASSOCIATED UNDERTAKINGS
\n
The Group uses the equity method of accounting for associates and joint ventures in accordance with IAS 28. The
\n
following table shows the aggregate movement in the Group\u2019s investment in associates and joint ventures:
\n
Associates
\n
(\u00a3\u2019m)
\n
At 24 April 2022
-
\n
Gain on revaluation
16.9
\n
At 30 April 2023
16.9
\n
The Group currently holds a 49.0% share of Four (Holdings) Limited (FY22: 49.0%), the carrying amount of this
\n
investment is \u00a3nil (FY22: \u00a3nil). Detailed disclosures have not been presented as the results are immaterial. The Group
\n
is owed \u00a337.9m from the group of companies headed by Four (Holdings) Limited (\u00a34.5m net of amounts recognised
\n
in respect of loss allowance) (FY22: \u00a362.4m, \u00a324.0m net of loss allowance), see note 23 for further details. The group of
\n
companies headed by Four (Holdings) Limited made a profit of \u00a34.7m in the period (FY22: profit of \u00a311.5m).
\n
During the current period, the Group sold 51% of its shareholding in Kangol LLC to Bollman Hat Company for \u00a317.6m,
\n
retaining a 49% stake. A gain on disposal (loss of control) of \u00a317.6m has been recognised in the gain on disposal
\n
of subsidiaries/discontinued operations line in the consolidated income statement. A fair value gain of \u00a316.9m has
\n
also been recognised within exceptional items reflecting the recognition of the fair value of the Group\u2019s investment
\n
in an associate (\u00a316.9m reflecting the fair value of the remaining 49% stake). Detailed disclosures as to Kangol\u2019s
\n
performance have not been presented as the results are immaterial.
\n
21.
LONG-TERM FINANCIAL ASSETS
\n
The Group is not looking to make gains through increases in market prices of its long-term financial assets, therefore
\n
on initial application of IFRS 9 the Group made the irrevocable election to account for long term financial assets at
\n
fair value through other comprehensive income (FVOCI). The election has been made on an instrument-by-instrument
\n
basis, only qualifying dividend income is recognised in profit and loss, changes in fair value are recognised within OCI
\n
and never reclassified to profit and loss, even if the asset is impaired, sold or otherwise derecognised. The majority of
\n
long-term financial assets are recognised in the UK Sports segment.
\n
The fair value of the long-term financial assets is based on bid quoted market prices at the balance sheet date or
\n
where market prices are not available, at management\u2019s estimate of fair value.
\n
The following table shows the aggregate movement in the Group\u2019s financial assets during the period:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
At beginning of period
\n
206.6
263.3
\n
Additions
\n
243.3
198.4
\n
Disposals
\n
(172.4)
(238.4)
\n
Amounts recognised through other comprehensive income
\n
9.9
(8.1)
\n
Exchange differences
\n
2.2
(8.6)
\n
289.6
206.6
\n
Included within long-term financial assets at the period ended 30 April 2023 are the following direct interests held by
\n
the Group:
\n
\u2022
36.9% (FY22: 36.9%) interest in Mulberry Group plc
\n
\u2022
17.6% (FY22: Nil%) interest in N Brown Group plc
\n
\u2022
5.5% (FY22: 2.0%) interest in ASOS plc
\n
\u2022
Various other interests, none of which represent more than 5.0% of the voting power of the investee
\n
\n
The following table shows the fair value of each of the Group\u2019s long-term financial assets (all listed):
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Mulberry Group plc
\n
53.2
65.3
\n
N Brown Group plc
\n
23.5
-
\n
ASOS plc
\n
40.5
-
\n
Other*
\n
172.4
141.3
\n
At end of period
\n
289.6
206.6
\n
*Other relates to interests which do not represent more than 5.0% of the voting power of the investee as at 30 April 2023.
\n
These holdings have been assessed under IFRS 9 Financial Instruments and categorised as long-term financial assets,
\n
as the Group does not consider them to be associates and therefore, they are not accounted for on an equity basis,
\n
see note 2.
\n
Our strategic investments are intended to allow us to develop relationships and commercial partnerships with the
\n
relevant retailers and assist in building relationships with key suppliers and brands.
\n
22. INVENTORIES
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Goods for resale
\n
1,464.9
1,277.6
\n
As at 30 April 2023, goods for resale include a right of return asset totalling \u00a36.9m (FY22: \u00a33.2m). Amounts written off in
\n
the period relating to stock was \u00a354.0m (FY22: \u00a359.8m).
\n
The following inventory costs have been recognised in cost of sales:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Cost of inventories recognised as an expense
\n
3,179.9
2,703.3
\n
The Directors have reviewed the opening and closing provisions against inventory and have concluded that these are
\n
fairly stated. The Group has reviewed its estimates and assumptions for calculating inventory provisions at 30 April
\n
2023. Overall provisions have decreased from \u00a3236.7m in FY22 to \u00a3220.6m as at 30 April 2023, with this \u00a316.1m change
\n
in provision being recognised as a credit in cost of sales.
\n
23.
TRADE AND OTHER RECEIVABLES
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Gross credit customer receivables
\n
326.0
372.7
\n
Allowance for expected credit loss on credit customer receivables
\n
(100.1)
(138.5)
\n
Net credit customer receivables
\n
225.9
234.2
\n
Trade receivables
\n
65.6
56.4
\n
Deposits in respect of derivative financial instruments
\n
190.1
243.9
\n
Amounts owed by related parties (see note 34)
\n
4.7
24.2
\n
Other receivables
\n
122.3
170.2
\n
Prepayments
\n
111.5
112.5
\n
720.1
841.4
\n
Following the acquisition of Frasers Group Financial Services Limited (formerly known as Studio Retail Limited) in the
\n
prior year, credit customer receivables now make up a significant element of trade and other receivables. Further
\n
disclosure with regards to the credit customer receivables and the associated allowance for expected credit loss can
\n
be found at the end of this note. Following the acquisition of Frasers Group Financial Services Limited (formerly known
\n
as Studio Retail Limited) in the prior year, credit customer receivables now make up a significant element of trade and
\n
\n
other receivables. Further disclosure with regards to the credit customer receivables and the associated allowance for
\n
expected credit loss can be found at the end of this note.
\n
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
\n
The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset above,
\n
plus any cash balances. Other receivables also include unremitted sales receipts.
\n
Deposits in respect of derivative financial instruments are collateral to cover margin requirements for derivative
\n
transactions held with counterparties. The collateral requirement changes with the market (which is dependent
\n
on share price, interest rates and volatility), the financial institutions\u2019 assessment of the Group\u2019s creditworthiness
\n
and further purchases / sales of underlying investments held.
\n
The majority of the Group\u2019s trade receivables are held within the Wholesale & Licensing businesses. Each
\n
customer\u2019s creditworthiness is assessed before payment terms are agreed.
\n
Under IFRS 9, the Group has applied the simplified approach to providing for expected credit losses for trade
\n
receivables, using the lifetime expected loss provision for all trade receivables. To measure the expected credit
\n
losses, trade receivables have been grouped based on credit risk characteristics, representing management\u2019s
\n
view of the risk, and the days past due. The credit quality of assets neither past due nor impaired is considered
\n
to be good. The Group considers a debt to be defaulted at the point when no further amounts are expected to
\n
be recovered. Financial assets are written off when there is no reasonable expectation of recovery. If recoveries
\n
are subsequently made after receivables have been written off, they are recognised in profit or loss.
\n
The amounts owed by related parties mostly relates to the group headed by Four (Holdings) Limited, for further
\n
details see note 34.
\n
Exposure to credit risk of trade receivables:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Current
\n
29.1
24.2
\n
0-30 days past due
\n
18.5
14.2
\n
30-60 days past due
\n
3.5
4.6
\n
60-90 days past due
\n
2.6
3.0
\n
Over 90 days past due
\n
11.9
10.4
\n
65.6
56.4
\n
The credit quality of assets neither past due nor impaired is considered to be good.
\n
The movement in loss allowance relating to trade receivables and amounts owed by related parties can be analysed
\n
as follows:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Opening position
\n
74.9
68.3
\n
Amounts charged to the income statement
\n
14.8
6.6
\n
Amounts written off as uncollectable
\n
(0.4)
-
\n
Amounts recovered during the period
\n
(5.7)
-
\n
Closing position
\n
83.6
74.9
\n
Included in the below table is the loss allowance movement in amounts due from related parties as follows:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Opening position
\n
38.4
38.4
\n
Amounts charged to income statement
\n
5.6
-
\n
Closing position
\n
44.0
38.4
\n
\n
The gross carrying amount of the balance due from
\n
related parties is \u00a348.7m (FY22: \u00a362.6m). The charge
\n
in the period was recorded in Selling, distribution and
\n
administrative expenses. \u00a311.2m of the gross amounts due
\n
from related parties balance is due in less than one year
\n
with the remaining being due in more than a one year
\n
(FY22: \u00a317.6m due less than one year).
\n
The Group has no significant concentration of credit risk,
\n
with exposure spread over a large number of customers.
\n
The loss allowance / charges have been determined by
\n
reference to past default experience, current / forecasted
\n
trading performance and future economic conditions.
\n
Deposits in respect of derivative financial instruments
\n
and prepayments are not considered to be impaired.
\n
Credit Customer Receivables
\n
Certain of the Group\u2019s trade receivables are funded
\n
through a securitisation facility that is secured against
\n
those receivables. The finance provider will seek
\n
repayment of the finance, as to both principal and
\n
interest, only to the extent that collections from the trade
\n
receivables financed allows and the benefit of additional
\n
collections remains with the Group. At the period end,
\n
receivables of \u00a3256.4m (2022: \u00a3287.2m) were eligible to
\n
be funded via the securitisation facility, and the facilities
\n
utilised were \u00a3161.6m (2022: \u00a3143.6m).were \u00a3143.6m.
\n
Other information
\n
The average credit period taken on sales of goods is 222
\n
days (2022: 219 days). On average, interest is charged
\n
at 3.4% (2022: 3.5%) per month on the outstanding
\n
balance.
\n
The Group will undertake a reasonable assessment
\n
of the creditworthiness of a customer before opening
\n
a new credit account or significantly increasing the
\n
credit limit on that credit account. The Group will
\n
only offer credit limit increases for those customers
\n
that can reasonably be expected to be able to afford
\n
and sustain the increased repayments in line with the
\n
affordability and creditworthiness assessment. There are
\n
no customers who represent more than 1% of the total
\n
balance of the Group\u2019s trade receivables.
\n
Where appropriate, the Group will offer forbearance to
\n
allow customers reasonable time to repay the debt. The
\n
Group will ensure that the forbearance option deployed
\n
is suitable in light of the customer\u2019s circumstances
\n
(paying due regard to current and future personal and
\n
financial circumstances). Where repayment plans are
\n
agreed, the Group will ensure that these are affordable
\n
to the customer and that unreasonable or unsustainable
\n
amounts are not requested. At the balance sheet date
\n
there were 21,395 accounts (2022: 24,711) with total gross
\n
balances of \u00a314.3m (2022: \u00a316.2m) on repayment plans.
\n
Provisions are assessed as detailed above.
\n
During the current period, overdue receivables with a
\n
gross value of \u00a356.0m (24 February to 24 April 2022:
\n
\u00a35.3m) were sold to third party debt collection agencies.
\n
As a result of the sales, the contractual rights to receive
\n
the cash flows from these assets were transferred
\n
to the purchasers. Any gain or loss between actual
\n
recovery and expected recovery is reflected within the
\n
impairment charge.
\n
\n
Allowance for expected credit loss
\n
The following tables provide information about the exposure to credit risk and ECLs for trade receivables from
\n
individual customers as at 30 April 2023:
\n
30 April 2023
24 April 2022
\n
Trade receivables
\n
Trade receivables
\n
on forbearance
\n
arrangements
Total
Trade receivables
\n
Trade receivables
\n
on forbearance
\n
arrangements
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Ageing of trade receivables
\n
Not past due
242.5
13.0
255.5
272.1
14.3
286.4
\n
Past due:
-
\n
0 - 60 days
23.4
1.3
24.7
36.7
1.8
38.5
\n
60 - 120 days
9.6
0.0
9.6
20.0
0.1
20.1
\n
120+ days
36.2
-
36.2
27.7
-
27.7
\n
Gross trade receivables
311.7
14.3
326.0
356.5
16.2
372.7
\n
Allowance for expected
\n
credit loss
\n
(90.2)
(9.9)
(100.1)
(127.3)
(11.2)
(138.5)
\n
Carrying value
221.5
4.4
225.9
229.2
5.0
234.2
\n
25 April 2022 to 30 April 2023
\n
Stage 1
Stage 2
Stage 3
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Gross trade receivables
166.3
103.9
55.8
326.0
\n
Allowance for doubtful debts:
\n
Opening balance
(60.4)
(25.7)
(52.4)
(138.5)
\n
Impairment (charge)/release
28.6
(26.4)
(24.4)
(22.2)
\n
Utilisation in period
14.6
14.9
31.1
60.6
\n
Closing balance
(17.2)
(37.2)
(45.7)
(100.1)
\n
Carrying value
149.1
66.7
10.1
225.9
\n
Analysis of impairment charge:
\n
25 April 2022
\n
to 30 April 2023
\n
24 February 2022
\n
to 24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Impairment charge impacting on provision
\n
(22.2)
(14.2)
\n
Recoveries
9.2
1.1
\n
Other
(2.5)
(0.2)
\n
Impairment charge
(15.5)
(13.3)
\n
Sensitivity analysis
\n
Management judgement is required in setting
\n
assumptions around probabilities of default, cash
\n
recoveries and the weighting of macro-economic
\n
scenarios applied to the impairment model, which have
\n
a material impact on the results indicated by the model.
\n
A 1% increase/decrease in the probability of default
\n
would increase/decrease the provision amount by
\n
approximately \u00a32.3m.
\n
A 1% increase/decrease in the assumed recoveries rate
\n
would result in the impairment provision decreasing/
\n
increasing by approximately \u00a31.0m.
\n
Changing the weighting of macro-economic scenarios
\n
so that the severe-case scenario\u2019s weighting is halved
\n
to 10% (with both upside and downside increasing to
\n
5% and base remaining at 50%) would result in the
\n
impairment provision reducing by approximately \u00a30.6m.
\n
\n
24.
CASH AND CASH EQUIVALENTS
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Cash in bank and in hand - Sterling
\n
81.0
135.4
\n
Cash in bank and in hand - US dollars
\n
61.7
(4.7)
\n
Cash in bank and in hand - Euros
\n
160.7
176.4
\n
Cash in bank and in hand - Other
\n
29.5
29.7
\n
Cash and cash equivalents including overdrafts at period end
\n
332.9
336.8
\n
25. SHARE CAPITAL
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
AUTHORISED
\n
999,500,010 ordinary shares of 10p each
\n
100.0
100.0
\n
ALLOTTED, CALLED UP AND FULLY PAID
\n
640,602,369 (2021: 640,602,369) ordinary shares of 10p each
\n
64.1
64.1
\n
SHARE CAPITAL
\n
At 30 April 2023 and At 24 April 2022
\n
64.1
64.1
\n
The Group holds 173,127,025 ordinary shares in treasury
\n
(FY22: 151,240,174).
\n
The holders of ordinary shares are entitled to receive
\n
dividends as declared from time to time and are entitled
\n
to one vote per ordinary share at general meetings of
\n
the Company.
\n
We are aware of unsponsored American Depository
\n
Receipt (ADR) programmes established from time to
\n
time in respect of our shares. We have not sponsored or
\n
authorised their creation and any questions should be
\n
directed to the relevant depositary.
\n
Frasers has not and does not intend to offer or sell its
\n
Ordinary Shares or other securities (in the form of ADR or
\n
otherwise) to the general public in the United States nor
\n
has it listed or intends to list its Ordinary Shares or other
\n
securities on any national securities exchange in the
\n
United States or to encourage the trading of its Ordinary
\n
Shares on any over the counter market located in the
\n
United States. Frasers does not make arrangements to
\n
permit the voting of Ordinary Shares held in the form of
\n
ADRs and its publication of periodic financial and other
\n
information is not intended to facilitate the operation of
\n
any unsponsored ADR programme under Rule 12g3-2(b)
\n
of U.S. Securities Exchange Act of 1934, as amended or
\n
otherwise.
\n
Contingent Share Awards
\n
Share Schemes
\n
The 2011 Share Scheme was a four year scheme
\n
based upon achieving underlying EBITDA (before the
\n
costs of the scheme) of \u00a3215m in FY12, \u00a3250m in FY13,
\n
\u00a3260m in FY14 and \u00a3300m in FY15 coupled with the
\n
individual participating employee\u2019s satisfactory personal
\n
performance and continued employment. All of the
\n
above targets were met meaning that approx. 11.6m
\n
shares vested in September 2017 and approx. 4m shares
\n
vested in September 2015.
\n
The Group holds 17,386,913 shares in the Own Share
\n
Reserve as at period end (FY22: 17,386,913).
\n
Fearless 1000 Bonus Scheme
\n
FY21 scheme launch
\n
At the annual general meeting in October 2020, our
\n
shareholders gave approval for the Fearless 1000 bonus
\n
scheme. Under this scheme shares may be issued by
\n
the Group to employees for no cash consideration. All
\n
Group employees (excluding executive directors, their
\n
family associates, Chief Operating Officer and the
\n
Chief Commercial Officer) are eligible to participate
\n
in the scheme. Under the scheme, 10 million shares
\n
are awarded to eligible employees if certain market
\n
conditions are achieved. This would equate to \u00a3100m
\n
worth of fully paid ordinary shares in Frasers Group Plc
\n
that could be paid to eligible employees if our share
\n
price reaches \u00a310 any time over the four year vesting
\n
period. The share price must stay above \u00a310 for 30
\n
consecutive trading days to trigger the vesting of
\n
shares at the end of the four year vesting period, or the
\n
\n
Remuneration Committee can now allow all awards to
\n
vest early if a \u00a315 share price target is achieved. 50% of
\n
the shares are granted after 4 years and the remaining
\n
50% after 5 years. One thousand eligible employees will
\n
receive the shares with a potential value ranging from
\n
\u00a350k to \u00a31m if the share price is at \u00a310 at the vesting
\n
dates. In all other respects the shares rank equally with
\n
other fully paid ordinary shares on issue.
\n
The share element of the scheme is deemed to
\n
be an equity-settled scheme as defined by IFRS 2
\n
Share-based payment. In line with the accounting
\n
policy in note 1, the fair value at the date of grant is
\n
expensed to the Consolidated Income Statement on
\n
a straight-line basis over the vesting period, with the
\n
corresponding credit going to equity.
\n
The assessed fair value at grant date of the shares
\n
granted during the period ended 25 April 2021 was
\n
165.69p per share for the 4 year vesting period and
\n
165.95p per share for the 5 year vesting period. At the
\n
2021 AGM, the vesting dates were extended by one
\n
year, which was communicated to employees. The
\n
fair value at grant date is independently determined
\n
using an adjusted form of the Black-Scholes model
\n
which includes a Monte Carlo simulation model that
\n
takes into account the exercise price, the term of the
\n
option, the impact of dilution (where material), the share
\n
price at grant date and expected price volatility of the
\n
underlying share, the expected dividend yield, and the
\n
risk-free interest rate for the term of the scheme. The
\n
model inputs for shares granted during the period
\n
ended 25 April 2021 included:
\n
\u2022
exercise price: \u00a3nil
\n
\u2022
grant date: 10 February 2021, being the date the
\n
Deed of Grant was executed
\n
\u2022
expiry date: 7 October 2024 and 7 October 2025
\n
\u2022
share price at grant date: 450p
\n
\u2022
expected price volatility of the company\u2019s shares:
\n
38.8%
\n
\u2022
expected dividend yield: 0%
\n
\u2022
risk-free interest rate: 0.1%
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
The scheme also has a cash-settled bonus for all other
\n
eligible employees who do not qualify for the Fearless
\n
1000 share scheme. The cash bonus at the end of the 5
\n
year vesting period is based on the employee tenure and
\n
has been accounted as an other long-term employee
\n
benefit as defined by IAS 19 Employee Benefits.
\n
For the equity-settled element of the FY21 Fearless 1000
\n
plan, a charge in the Consolidated Income Statement
\n
of \u00a34.1m (FY22 \u00a34.1m) has been recognised in the period
\n
in relation to the scheme with an equivalent \u00a34.1m (FY22
\n
\u00a34.1m) being recognised in equity.
\n
For the cash-settled element of the FY21 Fearless 1000
\n
plan, a charge to the Consolidated Income Statement
\n
of \u00a31.7m (FY22 \u00a32.4m) has been recognised in the period
\n
along with a corresponding increase in liability.
\n
Executive Share Schemes
\n
At the annual general meeting in October 2021, our
\n
shareholders gave approval for the Executive Share
\n
Scheme. Under this scheme shares may be issued by
\n
the Group to Chris Wootton (CFO), Sean Nevitt (Chief
\n
Commercial Officer) and David Al-Mudallal (COO) for no
\n
cash consideration. Under the scheme, 600,000 shares
\n
per person are awarded to the individuals if certain
\n
market conditions are achieved. At the 2022 AGM, the
\n
share price hurdle was increased from \u00a312 to \u00a315 and an
\n
additional requirement of achieving \u00a3500m Adjusted
\n
PBT was agreed. The share price must stay above \u00a315
\n
for 30 consecutive trading days to trigger the vesting of
\n
shares at the end of the four year vesting period, or the
\n
Remuneration Committee can now allow all awards to
\n
vest early if a \u00a315 share price target is achieved. 50% of
\n
the shares are granted after 4 years and the remaining
\n
50% after 5 years. In all other respects the shares rank
\n
equally with other fully paid ordinary shares on issue.
\n
The scheme is deemed to be an equity-settled scheme
\n
as defined by IFRS 2 Share-based payment. In line with
\n
the accounting policy in note 1, the fair value at the
\n
date of grant is expensed to the Consolidated Income
\n
Statement on a straight-line basis over the vesting
\n
period, with the corresponding credit going to equity.
\n
\n
The assessed fair value at grant date of the shares
\n
granted during the period ended 24 April 2022 was
\n
327.82p per share for the 4 year vesting period and
\n
331.6p per share for the 5 year vesting period. The
\n
fair value at grant date is independently determined
\n
using an adjusted form of the Black-Scholes model
\n
which includes a Monte Carlo simulation model that
\n
takes into account the exercise price, the term of the
\n
option, the impact of dilution (where material), the share
\n
price at grant date and expected price volatility of the
\n
underlying share, the expected dividend yield, and the
\n
risk-free interest rate for the term of the scheme. The
\n
model inputs for shares granted during the period ended
\n
24 April 2022 included:
\n
\u2022
exercise price: \u00a3nil
\n
\u2022
grant date: 14 October 2021
\n
\u2022
expiry date: 7 October 2025 and 7 October 2026
\n
\u2022
share price at grant date: 632p
\n
\u2022
expected price volatility of the company\u2019s shares:
\n
42.38%
\n
\u2022
expected dividend yield: 0%
\n
\u2022
risk-free interest rate: 3.52%
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
A charge in the Consolidated Income Statement of
\n
\u00a30.8m has been recognised in the period in relation to
\n
the scheme with an equivalent \u00a30.8m being recognised
\n
in equity.
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
A charge in the Consolidated Income Statement of
\n
\u00a31.5m (FY22: \u00a30.8m) has been recognised in the period in
\n
relation to the scheme with an equivalent \u00a31.5m (FY22:
\n
\u00a30.8m) being recognised in equity.
\n
At the annual general meeting in October 2022, our
\n
shareholders gave approval for the CEO Executive
\n
Share Scheme. Under this scheme shares may be
\n
issued by the Group to Michael Murray (CEO) for no
\n
cash consideration. Under the scheme, 6,711,409 shares
\n
are awarded to the CEO if certain market conditions
\n
are achieved. The share price must stay above \u00a315 for
\n
30 consecutive trading days to trigger the vesting of
\n
shares at the end of the four year vesting period, or the
\n
Remuneration Committee can now allow all awards to
\n
vest early if a \u00a315 share price target is achieved. Awards
\n
are also subject to an adjusted PBT performance
\n
condition and no awards vest unless an adjusted PBT
\n
of \u00a3500 million is achieved during a complete financial
\n
year of the Group that falls within the performance
\n
period. 50% of the shares are granted after 3 years and
\n
the remaining 50% after 4 years. In all other respects the
\n
shares rank equally with other fully paid ordinary shares
\n
on issue.
\n
The scheme is deemed to be an equity-settled scheme
\n
as defined by IFRS 2 Share-based payment. In line with
\n
the accounting policy in note 1, the fair value at the
\n
date of grant is expensed to the Consolidated Income
\n
Statement on a straight-line basis over the vesting
\n
period, with the corresponding credit going to equity.
\n
The assessed fair value at grant date of the shares
\n
granted during the period ended 30 April 2023 was
\n
233.03p per share for the 3 year vesting period and
\n
233.66p per share for the 4 year vesting period. The
\n
fair value at grant date is independently determined
\n
using an adjusted form of the Black-Scholes model
\n
which includes a Monte Carlo simulation model that
\n
takes into account the exercise price, the term of the
\n
option, the impact of dilution (where material), the share
\n
price at grant date and expected price volatility of the
\n
underlying share, the expected dividend yield, and the
\n
risk-free interest rate for the term of the scheme. The
\n
model inputs for shares granted during the period ended
\n
30 April 2023 included:
\n
\u2022
exercise price: \u00a3nil
\n
\u2022
grant date: 19 October 2022
\n
\u2022
expiry date: 7 October 2025 and 7 October 2026
\n
\u2022
share price at grant date: 643p
\n
\u2022
expected price volatility of the company\u2019s shares:
\n
42.38%
\n
\u2022
expected dividend yield: 0%
\n
\u2022
risk-free interest rate: 3.52%
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
A charge in the Consolidated Income Statement of
\n
\u00a32.4m (FY22: \u00a3nil) has been recognised in the period in
\n
relation to the scheme with an equivalent \u00a32.4m (FY22:
\n
\u00a3nil) being recognised in equity.
\n
\n
26. OTHER RESERVES
\n
Permanent
\n
contribution
\n
to capital
\n
Capital
\n
redemption
\n
reserve
\n
Reverse
\n
combination
\n
reserve
\n
Hedging
\n
reserve
\n
Total other
\n
reserves
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
At 25 April 2021
0.1
8.0
(987.3)
11.5
(967.7)
\n
Cash flow hedges
\n
- recognised in the period
-
-
-
52.1
52.1
\n
- reclassified and reported in cost of sales
-
-
-
7.5
7.5
\n
- Taxation
-
-
-
(15.8)
(15.8)
\n
At 24 April 2022
0.1
8.0
(987.3)
55.3
(923.9)
\n
Cash flow hedges
\n
- recognised in the period
-
-
-
6.5
6.5
\n
- recognised time value of options
-
-
-
0.7
0.7
\n
- reclassified and reported in inventory / cost of sales
-
-
-
(38.5)
(38.5)
\n
- reclassified in the period and reported in the sales
-
-
-
(24.6)
(24.6)
\n
- Taxation
-
-
-
14.6
14.6
\n
At 30 April 2023
0.1
8.0
(987.3)
14.0
(965.2)
\n
The permanent contribution to capital relates to a cash
\n
payment of \u00a350,000 to the Company on 8 February
\n
2007 under a deed of capital contribution.
\n
The capital redemption reserve arose on the redemption
\n
of the Company\u2019s redeemable preference shares of 10p
\n
each at par on 2 March 2007.
\n
The reverse acquisition reserve exists as a result of
\n
the adoption of the principles of reverse acquisition
\n
accounting in accounting for the Group restructuring
\n
which occurred on 2 March 2007 and 29 March 2007
\n
between the Company and Sports World International
\n
Limited, Brands Holdings Limited, International Brand
\n
Management Limited and CDS Holdings SA with Sports
\n
World International Limited as the acquirer.
\n
The hedging reserve represents the cumulative amount
\n
of gains and losses on hedging instruments deemed
\n
effective in cash flow hedges. The cumulative deferred
\n
gain or loss on the hedging instrument is recognised
\n
in the income statement only when the hedged
\n
transaction impacts the income statement.
\n
Other Balance Sheet Reserves
\n
The foreign currency translation reserve is used to record
\n
exchange differences arising from the translation of
\n
the Financial Statements of foreign subsidiaries and
\n
associates.
\n
The own shares reserve represents the cost of shares in
\n
Frasers Group Plc purchased in the market and held by
\n
Frasers Group Employee Benefit Trust to satisfy options
\n
under the Group\u2019s share options scheme. The treasury
\n
reserve represents shares held by the Group in treasury.
\n
The Group holds 17,386,913 shares in the Employee
\n
Benefit Trust as at period end (FY22: 17,386,913).
\n
The non-controlling interests of the Group mostly relates
\n
to Sportland International Group AS and its subsidiaries
\n
and Sports Direct Malaysia Sdn. Bhd.
\n
Sportland International Group AS is incorporated
\n
in Estonia with the principal places of business
\n
being a number of Baltic countries in Europe. The
\n
non-controlling interests hold 40% of the share capital
\n
of Sportland International Group AS. During the period
\n
\u00a34.0m profit (FY22: \u00a35.6m) has been allocated to the
\n
non-controlling interests of Sportland International
\n
Group AS, resulting in an accumulated non-controlling
\n
interests at the end of the period of \u00a322.0m (FY22:
\n
\u00a318.0m). A dividend of \u00a30.7m was paid to the
\n
non-controlling interest in the period (FY22: \u00a31.3m). The
\n
group of companies headed by Sportland International
\n
Group AS has total assets of \u00a3110.4m (FY22: \u00a368.6m) and
\n
total liabilities of \u00a342.8m (FY22: \u00a323.4m).
\n
Sports Direct Malaysia Sdn. Bhd. is incorporated in
\n
Malaysia with the principal places of business being a
\n
number of countries across Asia. The non-controlling
\n
interests hold 49% of the share capital of Sports Direct
\n
Malaysia Sdn. Bhd. During the period \u00a36.2m profit
\n
(FY22: \u00a31.5m) has been allocated to the non-controlling
\n
interests of Sports Direct Malaysia Sdn. Bhd., resulting
\n
in an accumulated non-controlling interests at the end
\n
of the period of \u00a310.8m (FY22: \u00a34.6m). No dividend was
\n
paid to the non-controlling interest in the period (FY22:
\n
\u00a3nil). The group of companies headed by Sports Direct
\n
Malaysia Sdn. Bhd. has total assets of \u00a331.4m (FY22:
\n
\u00a318.7m) and total liabilities of \u00a35.8m (FY22: \u00a35.1m).
\n
\n
27.
BORROWINGS
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Current:
\n
Lease liabilities
\n
119.6
117.0
\n
Non-Current
\n
Bank and other loans
\n
749.7
827.9
\n
Lease liabilities
\n
560.3
503.6
\n
1,429.6
1,448.5
\n
An analysis of the Group\u2019s total borrowings other than bank overdrafts is as follows:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Borrowings - sterling
\n
749.7
827.9
\n
Group borrowings (excluding Frasers Group Financial Services Limited) are at a rate of interest of 2.0% (FY22: 2.0%)
\n
over the interbank rate of the country within which the borrowing entity resides. The securitisation loan relating to
\n
Frasers Group Financial Services Limited had a balance at 30 April 2023 of \u00a3161.6m (FY22: \u00a3143.6m). The average
\n
interest rate paid on the securitisation loan was 5.41% (FY22: 3.23%).
\n
Reconciliation Of Liabilities Arising From Financing Activities
\n
The changes in the Group\u2019s liabilities arising from financing activities can be classified as follows:
\n
Non-current
\n
borrowings
\n
Current
\n
borrowings
Total
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
At 25 April 2021
\n
1,240.1
188.5
1,428.6
\n
Cash-flows:
\n
- Borrowings drawn down
\n
1,374.4
-
1,374.4
\n
- Borrowings repaid
\n
(1,484.4)
-
(1,484.4)
\n
- Borrowings acquired through business combinations
\n
232.0
-
232.0
\n
Lease liability:
\n
- IFRS 16 Lease Liabilities - cash-flows
\n
-
(176.2)
(176.2)
\n
- IFRS 16 Lease Liabilities - modifications/remeasurements, transfers from non-current
\n
to current, and foreign exchange adjustments
\n
(136.7)
91.1
(45.6)
\n
- IFRS 16 Lease Liabilities - new leases
\n
90.1
11.4
101.5
\n
- IFRS 16 Lease Liabilities - acquired through business combinations (note 32)
\n
16.0
2.2
18.2
\n
At 24 April 2022
\n
1,331.5
117.0
1,448.5
\n
Cash-flows:
\n
- Borrowings drawn down
\n
616.8
-
616.8
\n
- Borrowings repaid
\n
(695.0)
-
(695.0)
\n
Lease liability:
\n
- IFRS 16 Lease Liabilities - cash-flows
\n
-
(140.7)
(140.7)
\n
- IFRS 16 Lease Liabilities - modifications/remeasurements, transfers from non-current
\n
to current, and foreign exchange adjustments
\n
(121.4)
101.8
(19.6)
\n
- IFRS 16 Lease Liabilities - new leases
\n
137.1
35.2
172.3
\n
- IFRS 16 Lease Liabilities - acquired through business combinations (note 32)
\n
41.0
6.3
47.3
\n
At 30 April 2023
\n
1,310.0
119.6
1,429.6
\n
\n
On 30 November 2021 the Group refinanced its existing borrowings and entered into a combined term loan and
\n
revolving credit facility of \u00a3930.0m for a period of 3 years, with the possibility to extend this by a further 2 years. This
\n
facility was extended by one year and the facility increased to \u00a31,052.5m as at the reporting date until November
\n
2024 and \u00a31,002.5m until November 2025. Given the revolving credit facility is available for a minimum of 2 years
\n
and the limited restriction of lending under the facility, the balance is classified as non-current on the Consolidated
\n
Balance Sheet.
\n
The Group continues to operate comfortably within its banking facilities and covenants and the Board remains
\n
comfortable with the Group\u2019s available headroom. The carrying amounts and fair value of the borrowings are not
\n
materially different.
\n
Reconciliation of Net Debt:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Borrowings
\n
(1,429.6)
(1,448.5)
\n
Add back:
\n
- Lease liabilities
\n
679.9
620.6
\n
Cash and cash equivalents
\n
332.9
336.8
\n
Net debt
\n
(416.8)
(491.1)
\n
28.
DEFERRED TAX ASSETS AND LIABILITIES
\n
IFRS 16
\n
Accounts
\n
depreciation
\n
exceeding tax
\n
depreciation
\n
Tax losses
\n
recoverable
\n
Bonus
\n
share
\n
scheme
\n
Forward
\n
currency
\n
contracts
\n
Fair value
\n
adjustments
\n
to intangibles
\n
Retirement
\n
benefit
\n
obligations
\n
Other
\n
temporary
\n
differences
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
At 25 April 2021
\n
43.1
23.7
-
(0.3)
(7.0)
(14.1)
-
(5.6)
39.8
\n
Acquired through business
\n
combinations (see note 32)
\n
-
8.2
22.6
-
-
(1.1)
(6.8)
3.2
26.1
\n
Credited/(charged) to the
\n
income statement
\n
10.1
(12.6)
-
2.5
-
1.5
(0.5)
0.8
1.8
\n
Charged to reserves
\n
-
-
-
3.5
-
(1.7)
6.7
-
8.5
\n
Credited to hedging reserves
\n
-
-
-
-
(15.8)
-
-
-
(15.8)
\n
At 24 April 2022
\n
53.2
19.3
22.6
5.7
(22.8)
(15.4)
(0.6)
(1.6)
60.4
\n
Acquired through business
\n
combinations (see note 32)
\n
-
-
0.9
-
-
-
-
-
0.9
\n
Credited/(charged) to the
\n
income statement
\n
11.0
(17.2)
(23.5)
2.4
-
9.0
-
3.1
(15.2)
\n
Charged to reserves
\n
-
-
-
6.2
-
(0.5)
-
-
5.7
\n
Charged to hedging reserves
\n
-
-
-
-
14.6
-
-
-
14.6
\n
At 30 April 2023
\n
64.2
2.1
-
14.3
(8.2)
(6.9)
(0.6)
1.5
66.4
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Deferred tax assets
\n
82.1
100.8
\n
Deferred tax liabilities
\n
(15.7)
(40.4)
\n
Net deferred tax balance
\n
66.4
60.4
\n
The tax rate used to measure the deferred tax assets and liabilities was 25% (FY22: 25%), on the basis that this was the
\n
tax rate that was enacted at the balance sheet date.
\n
Deferred tax assets are recognised to the extent that realisation of the related tax benefit is probable on the basis
\n
of the Group\u2019s current expectations of future taxable profits. The Group has approx. \u00a3166m of taxable losses not
\n
recognised as a deferred tax asset (approx. \u00a342m deferred tax asset) (FY22: approx. \u00a3122m taxable losses and approx.
\n
\u00a330m deferred tax asset).
\n
\n
29. PROVISIONS
\n
Legal and
\n
regulatory
\n
Property
\n
related
\n
Financial
\n
services related
Other
Total
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
At 25 April 2021
\n
215.8
144.1
-
1.3
361.2
\n
Amounts provided
\n
17.7
53.7
-
-
71.4
\n
Acquired through business combinations
\n
(see note 32)
\n
7.1
2.7
42.4
-
52.2
\n
Amounts utilised / reversed
\n
(10.4)
(39.3)
(0.8)
(1.3)
(51.8)
\n
At 24 April 2022
\n
230.2
161.2
41.6
-
433.0
\n
Acquired through business combinations
\n
(see note 32)
\n
-
6.0
-
-
6.0
\n
Amounts provided
\n
1.3
69.7
-
0.8
71.8
\n
Amounts utilised / reversed
\n
(108.0)
(70.2)
(25.6)
(0.5)
(204.3)
\n
At 30 April 2023
\n
123.5
166.7
16.0
0.3
306.5
\n
Financial services related and other provisions are
\n
categorised as current liabilities, while legal and
\n
regulatory and property related provisions are
\n
non-current.
\n
Legal and regulatory provisions
\n
Legal and regulatory provisions reflect management\u2019s
\n
best estimate of the potential costs arising from the
\n
settlement of outstanding disputes of a commercial and
\n
regulatory nature.
\n
A substantial portion of the amounts provided relates
\n
to ongoing legal claims and non-UK tax enquiries. On
\n
the basis of a review of the facts and circumstances
\n
prevailing at the balance sheet date in relation to
\n
these matters, management has reassessed its best
\n
estimate of the amounts provided at 30 April 2023
\n
which has resulted in a reduction in amounts provided
\n
of approximately \u00a395m compared to the prior year.
\n
In accordance with IAS37.92, management have
\n
concluded that it would prejudice seriously the position
\n
of the Group to provide further specific disclosures
\n
in respect of amounts provided for legal claims and
\n
non-UK tax enquiries.
\n
Also included within legal and regulatory provisions
\n
are amounts relating to appeals by Studio Retail
\n
against decisions of HMRC with regard to the setting
\n
of a Partial Exemption Special Method (the means by
\n
which the recovery of input VAT on costs relating to
\n
the company\u2019s financial services activities is restricted).
\n
As at 30 April 2023, the Group held a provision of
\n
approximately \u00a32.5m (FY22: \u00a36.9m), which represents
\n
management\u2019s best estimate of the likely increase in the
\n
level of restriction on the recovery of input VAT over and
\n
above that which has already been restricted in Studio
\n
Retail\u2019s quarterly VAT returns or paid to HMRC pending
\n
appeal. We note that management\u2019s best estimate is
\n
one of a number of different outcomes so the amounts
\n
provided may differ to the final costs incurred by the
\n
company in respect of this matter.
\n
The timing of the outcome of legal claims and non-UK
\n
tax inquiries is dependent on factors outside the
\n
Group\u2019s control and therefore the timing of settlement
\n
is uncertain. After taking appropriate legal advice, the
\n
outcomes of these claims are not expected to give rise
\n
to material loss in excess of the amounts provided.
\n
Property related provisions
\n
Included within property related provisions are
\n
provisions for dilapidations in respect of the Group\u2019s
\n
retail stores and warehouses. Further details of
\n
management\u2019s estimates are included in note 2.
\n
Financial services provisions
\n
As a regulated business, Frasers Group Financial
\n
Services Limited has an obligation to proactively review
\n
its business to ensure that appropriate outcomes were
\n
delivered to customers. At 24 April 2022, a provision
\n
of \u00a341.6m was recognised in respect of the probable
\n
costs of remediating customers who may have been
\n
adversely impacted by legacy decisions. Since the
\n
approval of the prior year\u2019s consolidated financial
\n
statements, the receipt of new information which
\n
was not available at the point the prior year financial
\n
statements were approved, has enabled management
\n
to refine the relevant customer cohorts who were
\n
potentially impacted by these legacy decisions and
\n
complete detailed analysis of the financial implications.
\n
This has enabled a revision to management\u2019s best
\n
estimate of the likely costs of remediation and has
\n
resulted in a reduction in the amount provided of
\n
approximately \u00a325m. The remaining provision is
\n
expected to be utilised within 12 months of the balance
\n
sheet date.
\n
Management considered whether or not the reduction
\n
in provision should result in an adjustment to the
\n
amounts recognised in the acquisition balance sheet
\n
in accordance with the requirements of IFRS 3.45 and
\n
\n
IFRS3.47 and concluded that the release should be treated as a prospective change in accounting estimate under
\n
IAS8.34 since it arose as a result of new information which has come to light since 24 April 2022. It is the Group\u2019s
\n
policy to present items that \u201cmerit separate presentation\u201d by reference to their \u201ctheir size, nature and infrequency of
\n
the events giving rise to them\u201d as exceptional items. Given the unusual size, nature and infrequency of movements in
\n
provisions of this nature, management has disclosed the income statement impact within exceptional items in the
\n
consolidated income statement.
\n
Other provisions
\n
Other provisions relate to provisions for restructuring and employment (non-retirement related).
\n
30. FINANCIAL INSTRUMENTS
\n
A.
Financial Assets and Liabilities by Category and Fair Value Hierarchy
\n
The fair value hierarchy of financial assets and liabilities, which are principally denominated in Sterling or US Dollars,
\n
were as follows:
\n
Level 1
Level 2
Level 3
Other
Total
\n
FINANCIAL ASSETS - 30 April 2023
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Amortised cost:
\n
Trade and other receivables*
\n
-
-
-
603.9
603.9
\n
Cash and cash equivalents
\n
-
-
-
332.9
332.9
\n
Amounts owed by related parties
\n
-
-
-
4.7
4.7
\n
FVOCI:
\n
Long Term Financial Assets (Equity Instruments)
\n
289.6
-
-
-
289.6
\n
Derivative financial assets (FV):
\n
Foreign forward purchase and sales contracts
\n
-
49.9
-
-
49.9
\n
Foreign currency options
\n
-
0.7
-
-
0.7
\n
Interest rate swaps
\n
-
28.7
-
-
28.7
\n
-
79.3
-
-
79.3
\n
FINANCIAL LIABILITIES - 30 April 2023
\n
Amortised cost:
\n
Non-current borrowings
\n
-
-
-
(749.7)
(749.7)
\n
Trade and other payables**
\n
-
-
-
(701.5)
(701.5)
\n
IFRS 16 Lease liabilities
\n
-
-
-
(679.9)
(679.9)
\n
Derivative financial liabilities (FV):
\n
Foreign forward and written options purchase and sales contracts
\n
-
(22.7)
-
-
(22.7)
\n
Derivative financial liabilities - contracts for difference & equity options
\n
-
(43.8)
-
-
(43.8)
\n
-
(66.5)
-
-
(66.5)
\n
*Prepayments of \u00a3111.5m are not included as a financial asset.
\n
**Other taxes including social security costs of \u00a310.4m are not included as a financial liability.
\n
\n
Level 1
Level 2
Level 3
Other
Total
\n
FINANCIAL ASSETS - 24 April 2022
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Amortised cost:
\n
Trade and other receivables*
\n
-
-
-
704.7
704.7
\n
Cash and cash equivalents
\n
-
-
-
336.8
336.8
\n
Amounts owed by related parties
\n
-
-
-
24.2
24.2
\n
FVOCI:
\n
Long Term Financial Assets (Equity Instruments)
\n
206.6
-
-
-
206.6
\n
Derivative financial assets (FV):
\n
Foreign forward purchase and sales contracts
\n
-
116.5
-
-
116.5
\n
-
116.5
-
-
116.5
\n
FINANCIAL LIABILITIES - 24 April 2022
\n
Amortised cost:
\n
Non-current borrowings
\n
-
-
-
(827.9)
(827.9)
\n
Trade and other payables**
\n
-
-
-
(721.7)
(721.7)
\n
IFRS 16 Lease liabilities
\n
-
-
-
(620.6)
(620.6)
\n
Derivative financial liabilities (FV):
\n
Foreign forward and written options purchase and sales contracts
\n
-
(31.3)
-
-
(31.3)
\n
Derivative financial liabilities - contracts for difference & equity options
\n
-
(75.9)
-
-
(75.9)
\n
-
(107.2)
-
-
(107.2)
\n
*Prepayments of \u00a3112.5m are not included as a financial asset.
\n
**Other taxes including social security costs of \u00a38.1m are not included as a financial liability.
\n
B.
Financial Assets and Liabilities Sensitivities by Currency
\n
The Group\u2019s principal foreign currency exposures are to US Dollars and Euros. The table below illustrates the
\n
hypothetical sensitivity of the Group\u2019s reported profit and equity to a 5% increase and decrease in the US Dollar /
\n
Sterling and Euro / Sterling exchange rates at the year-end date, assuming all other variables remain unchanged.
\n
The figures have been calculated by comparing the fair values of outstanding foreign currency contracts, assets and
\n
liabilities at the current exchange rate to those if exchange rates moved as illustrated. The income statement figures
\n
include the profit effect of any relevant derivatives which are not in a designated cash flow hedge. The impact on US
\n
Dollar and Euro related hedging instruments is included in equity.
\n
The analysis has been prepared using the following assumptions:
\n
1.
Existing assets and liabilities are held as at the period end; and
\n
2.
No additional hedge contracts are taken out.
\n
SENSITIVITY
\n
USD
EUR
\n
GBP & Other
USD
EUR
Total
-5%
+5%
-5%
+5%
\n
FY23:
\n
Trade and Other Receivables
\n
548.2
22.1
33.6
603.9
(1.1)
1.1
(1.6)
1.6
\n
Cash and cash equivalents
\n
227.3
32.1
73.5
332.9
(1.5)
1.5
(3.5)
3.5
\n
Trade and Other Payables
\n
(579.0)
(19.4)
(103.1)
(701.5)
0.9
-0.9
4.9
-4.9
\n
FY22:
\n
Trade and Other Receivables
\n
648.6
24.5
31.6
704.7
(1.2)
1.2
(1.6)
1.6
\n
Cash and cash equivalents
\n
243.2
19.2
74.4
336.8
(1.0)
1
(3.7)
3.7
\n
Trade and Other Payables
\n
(614.0)
(15.0)
(92.7)
(721.7)
0.8
(0.8)
4.6
-4.6
\n
There is no difference between fair value and carrying value of the above financial instruments (FY22: \u00a3nil).
\n
\n
Fair Value Hierarchy
\n
The Group uses the following hierarchy for determining
\n
and disclosing the fair value of financial instruments by
\n
valuation technique:
\n
\u2022
Level 1: quoted (unadjusted) prices in active markets
\n
for identical assets or liabilities;
\n
\u2022
Level 2: other techniques for which all inputs which
\n
have a significant effect on the recorded fair value
\n
are observable, either directly or indirectly; and
\n
\u2022
Level 3: techniques which use inputs which have a
\n
significant effect on the recorded fair value that are
\n
not based on observable market data.
\n
Contracts for difference are classified as Level 2 as the
\n
fair value is calculated using quoted prices for listed
\n
shares and commodities at contract inception and the
\n
period end.
\n
Foreign forward purchase and sales contracts and
\n
options are classified as Level 2, the Group enters into
\n
these derivative financial instruments with various
\n
counterparties, principally financial institutions with
\n
investment grade credit ratings. Foreign exchange
\n
forward contracts and options are valued using valuation
\n
techniques, which employ the use of market observable
\n
inputs. The most frequently applied valuation techniques
\n
include forward pricing and swap models using present
\n
value calculations. The models incorporate various inputs
\n
including the credit quality of counterparties, foreign
\n
exchange spot and forward rates, and yield curves of the
\n
respective currencies.
\n
Long-term financial assets such as equity instruments are
\n
classified as Level 1 as the fair value is calculated using
\n
quoted prices.
\n
The fair value of equity derivative agreements are
\n
included within the derivative financial assets balance of
\n
\u00a3nil (FY22: \u00a3nil) and derivative financial liabilities balance
\n
of \u00a343.8m (FY22: \u00a375.9m). The equity derivative financial
\n
assets and equity derivative financial liabilities as at 30
\n
April 2023 relate to strategic investments held of between
\n
0.1% and 25.6% of investee share capital.
\n
Sold options are classified as Level 2 as the fair value
\n
is calculated using other techniques, where inputs are
\n
observable.
\n
Trade receivables / payables, amounts owed from related
\n
parties, other receivables / payables, cash and cash
\n
equivalents, current / non-current borrowings, and lease
\n
liabilities are held at amortised cost.
\n
The maximum exposure to credit risk as at 30 April 2023
\n
and at 24 April 2022 is the carrying value of each class
\n
of asset in the Balance Sheet, except for amounts owed
\n
from related parties which is the gross carrying amount of
\n
\u00a348.7m (FY22: \u00a362.6m).
\n
C.
Derivatives: Foreign Currency Forward Contracts
\n
(c)(i) Hedging
\n
The most significant exposure to foreign exchange
\n
fluctuations relates to transactions denominated in
\n
foreign currencies, principally purchases made in US
\n
Dollars and online sales receipts in Euros. The Group\u2019s
\n
policy is to reduce substantially the risk associated with
\n
foreign currency spot rates by using forward fixed rate
\n
currency purchase contracts and options, taking into
\n
account any foreign currency cash flows. The Group
\n
does not hold or issue derivative financial instruments for
\n
trading purposes. If derivatives, including both forwards
\n
and written options, do not qualify for hedge accounting
\n
they are accounted for as such and accordingly any
\n
gain or loss is recognised immediately in the income
\n
statement. Management are of the view that there is a
\n
substantive distinct business purpose for entering into
\n
the options and a strategy for managing the options
\n
independently of the forward contracts. The forward
\n
and options contracts are therefore not viewed as one
\n
contract and hedge accounting for the forwards is
\n
permitted.
\n
Hedge effectiveness is determined at inception of
\n
the hedge relationship and at every reporting period
\n
end through the assessment of the hedged items and
\n
hedging instrument to determine whether there is still an
\n
economic relationship between the two.
\n
The critical terms of the foreign currency forwards
\n
entered into exactly match the terms of the hedged
\n
item. As such the economic relationship and hedge
\n
effectiveness are based on the qualitative factors and
\n
the use of a hypothetical derivative where appropriate.
\n
Hedge ineffectiveness may arise where the critical terms
\n
of the forecast transaction no longer meet those of the
\n
hedging instrument, for example, if there was a change
\n
in the timing of the forecast sales transactions from
\n
what was initially estimated or if the volume of currency
\n
in the hedged item was below expectations leading to
\n
over-hedging. Differences can arise when the initial value
\n
on the Hedging instrument is not zero.
\n
The hedged items and the hedging instrument are
\n
denominated in the same currency and as a result the
\n
hedging ratio is always one to one.
\n
All derivative financial instruments used for hedge
\n
accounting are recognised initially at fair value and
\n
reported subsequently at fair value in the statement of
\n
financial position. To the extent that the hedge is effective,
\n
changes in the fair value of derivatives designated as
\n
hedging instruments in cash flow hedges are recognised
\n
in other comprehensive income and included within the
\n
cash flow hedge reserve in equity. Any ineffectiveness in
\n
the hedge relationship is recognised immediately in profit
\n
or loss.
\n
\n
At the time the hedged item affects profit or loss, any gain or loss previously recognised in other comprehensive
\n
income is reclassified from equity to profit or loss and presented as a reclassification adjustment within other
\n
comprehensive income. If a forecast transaction is no longer expected to occur, any related gain or loss recognised
\n
in other comprehensive income is transferred immediately to profit or loss. If the hedging relationship ceases to meet
\n
the effectiveness conditions then hedge accounting is discontinued and the related gain or loss is held in the equity
\n
reserve until the forecast transaction occurs.
\n
The fair value of hedged contracts as at
30 April 2023 was:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Assets
\n
US Dollar purchases - GBP
\n
0.7
32.9
\n
US Dollar purchases - EUR
\n
7.1
54.2
\n
Euro sales
\n
37.7
12.8
\n
Total
\n
45.5
99.9
\n
Liabilities
\n
US Dollar purchases - GBP
\n
2.2
-
\n
US Dollar purchases - EUR
\n
-
-
\n
Total
\n
2.2
-
\n
The details of hedged forward foreign currency purchase contracts, options and contracted forward rates were
\n
as follows:
\n
30 April 2023
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Currency
GBP
Currency
GBP
\n
US Dollar purchases
\n
380.0
306.5
480.0
340.4
\n
Contracted rates USD / GBP
1.21 - 1.257
1.41
\n
Weighted average contracted rates USD / GBP
1.24
1.41
\n
US Dollar purchases
60.0
40.1
120.0
78.6
\n
Contracted rates USD / EUR
1.31
1.26-1.31
\n
Weighted average contracted rates USD / EUR
1.31
1.28
\n
Euro sales
(816.0)
(771.1)
(600.0)
(574.5)
\n
Contracted rates EUR / GBP
0.98-1.09
0.99-1.08
\n
Weighted average contracted rates EUR / GBP
1.058
1.04
\n
The timing of the contracts is as follows:
\n
Currency
Hedging against
Currency value
Timing
Rates
\n
USD/GBP
USD inventory purchases
USD 380m
FY24
1.21 - 1.26
\n
USD/EUR
USD inventory purchases
USD 60m
FY24
1.31
\n
EUR/GBP
Euro sales
EUR 816m
FY24-FY26
0.98-1.09
\n
The foreign currency forwards and options are denominated in the same currency as the highly probable future
\n
inventory purchases and sales so the hedged ratio is 1:1. Hedge ineffectiveness may arise where the critical terms of
\n
the forecast transaction no longer meet those of the hedging instrument, for example if there was a change in the
\n
timing of the forecast sales transactions from what was initially estimated or if the volume of currency in the hedged
\n
item was below expectations leading to over-hedging.
\n
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Change in discounted spot value of outstanding hedging instruments since inception of the hedge
\n
(14.7)
(77.5)
\n
Change in value of hedged item used to determine hedge ineffectiveness
\n
(41.3)
(104.9)
\n
30 April 2023
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Change in the
\n
fair value of the
\n
currency forward
\n
Change in the
\n
fair value of the
\n
hedged item
\n
Change in the
\n
fair value of the
\n
currency forward
\n
Change in the
\n
fair value of the
\n
hedged item
\n
US Dollars purchases - GBP
\n
(2.7)
2.7
30.5
30.5
\n
US Dollars purchases - EUR
0.8
(0.8)
9.7
9.7
\n
Euro sales
7.7
(7.7)
11.9
11.9
\n
At 30 April 2023, \u00a3771.1m of forward sales contracts (FY22: \u00a3574.5m) and \u00a3346.7m of purchase contracts (FY22: \u00a3419.0m)
\n
qualified for hedge accounting and the gain on fair valuation of these contracts of \u00a37.2m (FY22: \u00a352.1m) has therefore
\n
been recognised in other comprehensive income.
\n
At 30 April 2023, no hedged purchase contracts had a maturity of greater than 12 months (FY22: \u00a338.6m of purchase
\n
contracts) and \u00a3576.0m of hedged sales had a maturity of greater than 12 months (FY22: \u00a3332.1m of sales contracts).
\n
As a result of the changes above there is no ineffectiveness to recognise in profit or loss.
\n
The movements through the Hedging reserve are:
\n
USD/GBP
EUR/GBP
USD/EUR
\n
Total
\n
hedge movement
Deferred tax
\n
Total
\n
hedging reserve
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
As at 25 April 2021
\n
(4.9)
17.0
2.2
14.3
(2.8)
11.5
\n
Recognised
\n
30.5
11.9
9.7
52.1
-
52.1
\n
Reclassified in inventory /
\n
cost of sales
\n
7.4
-
0.1
7.5
-
7.5
\n
Deferred Tax
\n
-
-
-
-
(15.8)
(15.8)
\n
As at 24 April 2022
\n
33.0
28.9
12.0
73.9
(18.6)
55.3
\n
Recognised
\n
6.1
7.5
(6.4)
7.2
-
7.2
\n
Reclassified in sales
\n
-
(24.6)
-
(24.6)
-
(24.6)
\n
Reclassified in inventory /
\n
cost of sales
\n
(33.0)
-
(5.5)
(38.5)
-
(38.5)
\n
Deferred Tax
\n
-
-
-
-
14.6
14.6
\n
As at 30 April 2023
\n
6.1
11.8
0.1
18.0
(4.0)
14.0
\n
\n
(c)(ii) Unhedged
\n
The sterling principal amounts of unhedged forward contracts and written currency option contracts and contracted
\n
rates were as follows:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
US Dollar purchases - GBP
\n
155.1
-
\n
Contracted rates USD / GBP
\n
1.21 - 1.25
-
\n
US Dollar purchases - EUR
\n
18.6
78.6
\n
Contracted rates USD / EUR
\n
1.31
1.26-1.31
\n
- Euro sales
\n
831.8
(715.9)
\n
Contracted rates EUR / GBP
\n
0.98 - 1.13
0.99-1.08
\n
Included within finance income, classified within fair
\n
value adjustment to derivatives, is a gain on fair value
\n
of unhedged forward contracts, written currency option
\n
contracts and swaps of \u00a326.0m (FY22: loss of \u00a328.9m).
\n
At 30 April 2023, \u00a316.3m of unhedged purchase contracts
\n
had a maturity at inception of greater than 12 months
\n
(FY22: \u00a378.6m purchase contracts) and \u00a3831.8m of
\n
unhedged sales had a maturity at inception of greater
\n
than 12 months (FY22: \u00a3715.9m of sales contracts).
\n
These contracts form part of the Treasury management
\n
activities, which incorporates the risk management
\n
strategy for areas that are not reliable enough in timing
\n
and amount to qualify for hedge accounting. This
\n
includes acquisitions, disposals of overseas subsidiaries,
\n
related working capital requirements, dividends and loan
\n
repayments from overseas subsidiaries and purchase
\n
and sale of overseas property. Written options carry
\n
additional risk as the exercise of the option lies with the
\n
purchaser. The options involve the Group receiving a
\n
premium on inception in exchange for accepting that
\n
risk and the outcome is that the bank may require the
\n
Group to sell Euros. However, the Group is satisfied that
\n
the use of options as a Treasury management tool is
\n
appropriate.
\n
FY23 value excludes short term swaps of USD/GBP of
\n
USD 70.0m, EUR/USD of EUR 27.0m and EUR/GBP of
\n
EUR 180m which were required for cash management
\n
purposes only (FY22: USD/GBP of USD 40m and EUR/
\n
USD of EUR 40m).
\n
D.
Interest rate swaps
\n
The Group uses interest rate swaps to manage its
\n
exposure to interest rate movements on its bank
\n
borrowings. The Group has two contracts in place that
\n
fix interest payments on variable rate debt. The first
\n
contract covers a notional amount of \u00a3250.0m and fixes
\n
the interest rate at 0.985% per annum until 29 May
\n
2026. The second contract covers a notional amount of
\n
\u00a3100.0m and fixes the interest rate at 0.45% per annum
\n
until 2 September 2024. The fair value of these interest
\n
rate swaps is an asset of \u00a328.7m (2022: asset of \u00a316.6m).
\n
The fair value gain has been recognised in finance cost
\n
classified as fair value adjustment to derivatives.
\n
\n
E.
Sensitivity Analysis
\n
The Group\u2019s principal foreign currency exposures are to US Dollars and Euros. The table below illustrates the
\n
hypothetical sensitivity of the Group\u2019s reported profit and equity to a 10% increase and decrease in the US Dollar /
\n
Sterling and Euro / Sterling exchange rates at the year-end date, assuming all other variables remain unchanged. The
\n
figures have been calculated by comparing the fair values of outstanding foreign currency contracts at the current
\n
exchange rate to those if exchange rates moved as illustrated. The income statement figures include the profit effect
\n
of any relevant derivatives which are not in a designated cash flow hedge. The impact on US Dollar and Euro related
\n
hedging instruments is included in equity.
\n
Positive figures represent an increase in profit or equity:
\n
Income statement
Equity
\n
30 April 2023
24 April 2022
30 April 2023
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Sterling strengthens by 10%
\n
US Dollar
(0.1)
(2.9)
(32.3)
(22.6)
\n
Euro
(14.3)
(39.4)
(17.6)
10.0
\n
Sterling weakens by 10%
\n
US Dollar
0.1
3.5
39.5
27.6
\n
Euro
17.5
48.1
21.6
(12.3)
\n
Interest Rate Sensitivity Analysis
\n
The following table illustrates the sensitivity of the Group\u2019s reported profit and equity to a 0.5% increase or decrease in
\n
interest rates, assuming all other variables were unchanged.
\n
The analysis has been prepared using the following assumptions:
\n
\u2022
For floating rate assets and liabilities, the amount of asset or liability outstanding at the balance sheet date is
\n
assumed to have been outstanding for the whole year.
\n
\u2022
Fixed rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the
\n
purpose of this analysis.
\n
Positive figures represent an increase in profit or equity:
\n
Income statement
Equity
\n
30 April 2023
24 April 2022
30 April 2023
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Interest rate increase of 0.5%
(3.8)
(2.6)
(3.8)
(2.6)
\n
Interest rate decrease of 0.5%
3.8
2.6
3.8
2.6
\n
Long term Investments Sensitivity Analysis
\n
The following table illustrates the sensitivity of price risk in relation to long term investments held by the Group:
\n
30 April 2023
\n
Equity
\n
(\u00a3'm)
\n
Share price increase of 10%
\n
29.0
\n
Share price decrease of 10%
\n
(29.0)
\n
\n
F.
Liquidity Risk
\n
The table below shows the maturity analysis of the undiscounted remaining contractual cash flows of the Group\u2019s non
\n
derivative liabilities and foreign currency derivative financial instruments:
\n
Less than 1 year
1 to 2 years
2 to 5 years
Over 5 years
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
2023
\n
Non derivative financial liabilities:
\n
Bank loans and overdrafts
\n
-
-
749.7
-
749.7
\n
Bank loans and overdrafts interest
\n
46.3
49.2
52.2
-
147.7
\n
Trade and other payables
\n
701.5
-
-
-
701.5
\n
IFRS 16 Lease liabilities
\n
134.7
106.7
214.0
490.3
945.7
\n
Derivative financial instruments:
\n
Cash inflows
\n
(638.0)
(700.1)
(763.6)
-
(2,101.7)
\n
Cash outflows
\n
654.4
702.6
769.5
-
2,126.5
\n
898.9
158.4
1,021.8
490.3
2,569.4
\n
2022
\n
Non derivative financial liabilities:
\n
Bank loans and overdrafts
\n
-
-
827.9
-
827.9
\n
Bank loans and overdrafts interest
\n
26.5
27.3
28.2
-
82.0
\n
Trade and other payables
\n
721.7
-
-
-
721.7
\n
IFRS 16 Lease liabilities
\n
131.5
93.6
182.4
426.4
833.9
\n
Derivative financial instruments:
\n
Cash inflows
\n
(1,008.7)
(38.5)
(711.5)
-
(1,758.7)
\n
Cash outflows
\n
1,079.7
45.1
702.4
-
1,827.2
\n
950.7
127.5
1,029.4
426.4
2,534.0
\n
Capital Management
\n
The capital structure of the Group consists of equity
\n
attributable to the equity holders of the parent
\n
company, comprising issued share capital (less
\n
treasury shares), share premium, retained earnings
\n
and cash and borrowings.
\n
It is the Group\u2019s policy to maintain a strong capital
\n
base so as to maintain investor, creditor and market
\n
confidence and to sustain the development of the
\n
business.
\n
In respect of equity, the Board has decided, in order
\n
to maximise flexibility in the near term with regards
\n
to a number of inorganic growth opportunities under
\n
review, not to return any cash by way of a final
\n
dividend at this time.
\n
The Board is committed to keeping this policy
\n
under review and to looking to evaluate methods of
\n
returning cash to shareholders when appropriate.
\n
The objective of the Share Scheme is to encourage
\n
employee share ownership and to link employee\u2019s
\n
remuneration to the performance of the Company.
\n
It is not designed as a means of managing capital.
\n
From time to time the Board may initiate share buy
\n
back programmes.
\n
In respect of cash and borrowings, the Board
\n
regularly monitors the ratio of net debt to
\n
Reported EBITDA (Pre-IFRS 16), the working capital
\n
requirements and forecasted cash flows, however
\n
no minimum or maximum ratios are set outside of
\n
maintaining a ratio of net debt to Reported EBITDA
\n
(pre IFRS 16) below 3.0. The ratio for net debt to
\n
Reported EBITDA (pre IFRS 16) is 0.4 (FY22: 0.6). The
\n
objective is to keep this figure below 3.0 (FY22: 3.0).
\n
Based on this analysis, the Board determines the
\n
appropriate return to equity holders whilst ensuring
\n
sufficient capital is retained within the Group to meet
\n
its strategic objectives, including but not limited to,
\n
acquisition opportunities.
\n
The Group allocates capital in the following order:
\n
\u2022
The existing business such as automation
\n
and infrastructure
\n
\u2022
Growth opportunities such as acquisitions and
\n
property purchases
\n
\u2022
Strategic investments where the Group believes
\n
that there is a mutually beneficial commercial
\n
relationship
\n
\u2022
Returns to shareholders in the form of share
\n
buy backs
\n
These capital management policies have remained
\n
unchanged from the prior period.
\n
\n
31.
TRADE AND OTHER PAYABLES
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Trade payables
\n
374.9
358.1
\n
Amounts owed to related undertakings
\n
0.2
0.1
\n
Other taxes including social security costs
\n
10.4
8.1
\n
Other payables
\n
95.9
102.0
\n
Accruals
\n
230.5
261.5
\n
711.9
729.8
\n
Included within other payables are amounts outstanding in respect of gift cards and vouchers of \u00a346.8m (FY22: \u00a342.6m).
\n
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
\n
32. ACQUISITIONS
\n
Sportmaster
\n
On 16 May 2022 the Group acquired the entire share
\n
capital of leading Danish sport retailer Sportmaster
\n
Danmark ApS (\u2018Sportmaster\u2019) for cash consideration
\n
of \u00a30.9m which is deemed to be the fair value of the
\n
consideration. The acquisition will help to grow the
\n
Group\u2019s retail presence in Denmark. At the date of
\n
acquisition, included within Borrowings was \u00a315.3m
\n
owed by Sportmaster Danmark ApS to its parent
\n
company Sportmaster Operations PTE. Ltd. As part
\n
of the transaction, a debt transfer took place which
\n
transferred this loan to the Group which became the
\n
new lender and the fair value adjustment against
\n
borrowings relates to this. The fair value adjustment to
\n
intangible assets, property, plant & equipment assets,
\n
and inventory relates to management\u2019s assessment of
\n
the price that would be paid for the acquired assets in
\n
an orderly transaction between market participants at
\n
the acquisition date. The asset and liability values at
\n
acquisition are detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
5.0
(5.0)
-
\n
Right of use assets
\n
21.7
(3.5)
18.2
\n
Intangible assets
\n
2.4
(2.4)
-
\n
Inventories
\n
19.8
3.1
22.9
\n
Cash and cash equivalents
\n
2.1
-
2.1
\n
Trade and other receivables
\n
9.2
-
9.2
\n
Trade and other payables
\n
(22.9)
(7.0)
(29.9)
\n
Borrowings
\n
(22.3)
22.3
-
\n
Lease liability
\n
(21.6)
-
(21.6)
\n
Provisions
\n
(2.3)
-
(2.3)
\n
Goodwill
\n
-
2.3
2.3
\n
Net (liabilities) /
\n
assets acquired
\n
(8.9)
9.8
0.9
\n
Transaction costs for the acquisition of Sportmaster
\n
totalled \u00a30.3m.
\n
Missguided
\n
On 1 June 2022 the Group acquired certain intellectual
\n
property, freehold property and inventory of the
\n
online women\u2019s fashion retailer Missguided Limited (in
\n
administration), Mennace Limited (in administration) and
\n
Missguided (IP) Limited for \u00a330.8m which is deemed to
\n
be the fair value of the consideration. The acquisition
\n
will add additional expertise to the Group\u2019s digital
\n
women\u2019s fashion offering. Goodwill represents the
\n
premium associated with the future brand value and
\n
the assembled workforce. The fair value adjustments
\n
to intangible assets, property, plant & equipment, and
\n
inventory relate to management\u2019s assessment of the
\n
price that would be paid for the acquired assets in an
\n
orderly transaction between market participants at
\n
the acquisition date. The asset and liability values at
\n
acquisition are detailed below. The intangible assets
\n
acquired relate to the IP/Brand.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
4.4
1.6
6.0
\n
Intangible assets
\n
-
11.7
11.7
\n
Inventories
\n
17.0
(12.2)
4.8
\n
Goodwill
\n
-
8.3
8.3
\n
Net assets acquired
\n
21.4
9.4
30.8
\n
Transaction costs for the acquisition of Missguided
\n
totalled \u00a30.2m.
\n
\n
I Saw It First
\n
On 28 July 2022 the Group acquired the entire share
\n
capital of online fashion retailer I Saw It First Limited
\n
for cash consideration of \u00a31. At the date of acquisition,
\n
I Saw It First Limited owed \u00a313.0m to its shareholders.
\n
As part of the transaction, a debt transfer took place
\n
which transferred this loan to the Group which became
\n
the new lender and the fair value adjustment against
\n
borrowings relates to this. The acquisition will add
\n
additional expertise to the Group\u2019s digital women\u2019s
\n
fashion offering. The asset and liability values at
\n
acquisition are detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
0.7
-
0.7
\n
Inventories
\n
5.0
-
5.0
\n
Cash and cash equivalents
\n
1.8
-
1.8
\n
Trade and other receivables
\n
1.2
-
1.2
\n
Trade and other payables
\n
(9.2)
-
(9.2)
\n
Borrowings
\n
(13.0)
13.0
-
\n
Goodwill
\n
-
0.5
0.5
\n
Net (liabilities) / assets
\n
acquired
\n
(13.5)
13.5
-
\n
Transaction costs for the acquisition of I Saw It First
\n
totalled \u00a30.2m.
\n
Mysale
\n
On 17 August 2022 the Group made a cash offer to
\n
acquire the entire issued and to be issued ordinary
\n
share capital of Mysale Group plc (\u2018Mysale\u2019) not already
\n
held by Frasers Group at a price of 2 pence per MySale
\n
share. On 26 September 2022 the Group announced
\n
that the offer had become a mandatory cash offer
\n
and on 18 October 2022 the mandatory offer became
\n
unconditional. The deadline for acceptance of the offer
\n
was 1 November 2022 and at that date the Group owned
\n
or had received valid acceptances in respect of 95.35%
\n
of Mysale\u2019s issued share capital. The shareholding
\n
passed 50% on 13 October 2022 and at the period
\n
end the Group held 99.96% of Mysale\u2019s issued share
\n
capital. Therefore, it has been treated as a subsidiary
\n
and consolidated in the results of Frasers Group Plc with
\n
the acquisition date being treated as 13 October 2022.
\n
Total consideration paid was \u00a320.8m. \u00a310.4m of his had
\n
been paid at acquisition with a liability being recognised
\n
for the remaining 50% - this has been fully paid up
\n
since the half year. The acquisition will accelerate the
\n
Group\u2019s global growth strategy, enhance its operational
\n
capabilities and its offering to consumers and provide
\n
a platform from which to explore further opportunities
\n
for investment in retail opportunities in Australia and the
\n
surrounding regions. Goodwill represents the premium
\n
associated with the future domain reputation, the ability
\n
of the Company to develop future software technology,
\n
and the assembled workforce. The fair value adjustment
\n
to intangible assets relates to management\u2019s assessment
\n
of the price that would be paid for the acquired assets
\n
in an orderly transaction between market participants
\n
at the acquisition date. The asset and liability values at
\n
acquisition are detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
1.0
(0.2)
0.8
\n
Right of use assets
\n
1.3
-
1.3
\n
Intangible assets
\n
12.9
(12.9)
-
\n
Inventories
\n
2.3
0.8
3.1
\n
Cash and cash equivalents
\n
1.7
-
1.7
\n
Trade and other receivables
\n
1.7
-
1.7
\n
Trade and other payables
\n
(10.1)
-
(10.1)
\n
Lease liability
\n
(2.2)
-
(2.2)
\n
Goodwill
\n
-
24.5
24.5
\n
Net assets acquired
\n
8.6
12.2
20.8
\n
Transaction costs for the acquisition of Mysale
\n
totalled \u00a30.3m.
\n
Sneakerboy
\n
On 23 September 2022 the Group acquired the trade and
\n
assets of Sneakerboy PTY Limited for cash consideration
\n
of \u00a31.0m. The acquisition is part of the Group\u2019s global
\n
growth strategy for luxury footwear. The asset and
\n
liability values at acquisition are detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Inventories
\n
1.0
-
1.0
\n
Net assets acquired
\n
1.0
-
1.0
\n
Transaction costs for the acquisition of Sneakerboy
\n
totalled \u00a30.4m.
\n
Coventry Arena
\n
On 17 November 2022 the Group acquired the trade
\n
and assets of Arena Coventry (2006) Limited, Arena
\n
Coventry Limited and IEC Experience Limited for
\n
cash consideration of \u00a315.8m. The acquisition shows
\n
our commitment to the Coventry area further to our
\n
investment in a site, subject to planning, for a new
\n
delivery centre and campus at Ansty.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
15.8
-
15.8
\n
Net assets acquired
\n
15.8
-
15.8
\n
Transaction costs for the acquisition of Coventry Arena
\n
totalled \u00a32.2m.
\n
\n
Gieves & Hawkes
\n
On 24 November 2022 the Group acquired the trade
\n
and assets of Gieves & Hawkes Limited, Gieves
\n
Limited, Gieves and Hawkes International (BVI) Limited
\n
and Gieves & Hawkes International Limited for cash
\n
consideration of \u00a31.3m. The acquisition adds to our
\n
portfolio of strategic investments in luxury and premium
\n
brands. The asset and liability values at acquisition are
\n
detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Inventories
\n
0.9
0.4
1.3
\n
Net assets acquired
\n
0.9
0.4
1.3
\n
Transaction costs for the acquisition of Gieves & Hawkes
\n
totalled \u00a30.2m.
\n
Amara
\n
On 30 November 2022 the Group acquired the
\n
trade and assets of Amara Living Limited for cash
\n
consideration of \u00a32.0m. The acquisition will build on our
\n
ambitions to create a credible homeware destination for
\n
Flannels. The asset and liability values at acquisition are
\n
detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Inventories
\n
4.2
-
4.2
\n
Non-controlling interests
\n
-
(1.3)
(1.3)
\n
Bargain purchase
\n
-
(0.9)
(0.9)
\n
Net assets acquired
\n
4.2
(2.2)
2.0
\n
Transaction costs for the acquisition of Amara
\n
totalled \u00a30.4m.
\n
The bargain purchase of \u00a30.9m is as a result of the
\n
administration of Amara, the amount has been
\n
recognised within Selling, distribution and administrative
\n
expenses in the period.
\n
The non-controlling interests of \u00a31.3m has been measured
\n
at its proportionate share of the recognised amount of
\n
the identifiable net assets at the acquisition date.
\n
Premium Fashion Brands
\n
On 16 December 2022 the Group acquired the
\n
premium fashion brands Base Childrenswear, Choice,
\n
Clothingsites (including Brown Bag Clothing), Cricket,
\n
Giulio, Kids Cavern, Missy Empire, Nicholas Deakins,
\n
Pretty Green, Prevu Studio, Rascal Clothing, Tessuti
\n
(including Xile), Scotts, Watch Shop and Topgrade
\n
Sportswear (including Get The Label) by way of the
\n
acquisition of shares held by JD Sports and the transfer
\n
of all of the indebtedness owing to JD by the Businesses,
\n
by, and to, subsidiaries of Frasers Group.
\n
Completion of the acquisition of eight of the Businesses
\n
and the debt took place on exchange on 16 December
\n
2022. Completion of the acquisition of Cricket, Tessuti
\n
Scotts, Giulio and Choice took place on 8 February
\n
2023. Completion of the acquisition of fashion brand
\n
Topgrade Sportswear (including Get The Label) took
\n
place on 3 March 2023. The acquisition of the Rascal
\n
Clothing brand did not proceed. In addition, on 9 March
\n
2023 the acquisition of Woodlandslove Limited (Philip
\n
Browne) took place.
\n
The acquisition adds to our existing luxury and premium
\n
business.
\n
The cash consideration for the above companies
\n
totalled \u00a347.4m.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
20.3
(20.3)
-
\n
Right of use assets
\n
37.3
(13.8)
23.5
\n
Intangible assets
\n
5.6
(5.6)
-
\n
Deferred tax asset
\n
0.9
-
0.9
\n
Inventories
\n
80.3
(6.9)
73.4
\n
Trade and other receivables
\n
7.5
-
7.5
\n
Prepayments
\n
7.0
-
7.0
\n
Cash and cash equivalents
\n
86.4
-
86.4
\n
Trade and other payables
\n
(45.2)
-
(45.2)
\n
Accruals
\n
(19.8)
-
(19.8)
\n
Provisions
\n
(0.8)
(2.9)
(3.7)
\n
Lease liability
\n
(39.5)
16.0
(23.5)
\n
Non-controlling interests
\n
-
(2.7)
(2.7)
\n
Bargain purchase
\n
-
(55.2)
(55.2)
\n
Net assets acquired
\n
140.0
(91.4)
48.6
\n
Transaction costs for the acquisition of the Premium
\n
fashion brands totalled \u00a31.7m.
\n
The bargain purchase of \u00a355.2m has been recognised
\n
within exceptional items in the period.
\n
The non-controlling interests of \u00a32.7m has been
\n
measured at its proportionate share of the
\n
recognised amount of the identifiable net assets at
\n
the acquisition date.
\n
Total transaction costs across all acquisitions totalled
\n
\u00a35.9m, the amount has been recognised within Selling,
\n
distribution and administrative expenses in the period.
\n
\n
Summary of FY23 acquisitions
\n
The following table summarises the fair values of
\n
consideration paid:
\n
Cash
\n
consideration
\n
(\u00a3m)
\n
Sportmaster
\n
0.9
\n
Missguided
\n
30.8
\n
I Saw It First
\n
-
\n
Mysale
\n
20.8
\n
Sneakerboy
\n
1.0
\n
Coventry Arena
\n
15.8
\n
Gieves & Hawkes
\n
1.3
\n
Amara
\n
2.0
\n
Premium fashion brands
\n
47.4
\n
Total
\n
120.0
\n
The asset and liability values of all the acquisitions are
\n
summarised below.
\n
Fair values
\n
(\u00a3m)
\n
Property, plant and equipment
\n
23.3
\n
Right of use assets
\n
43.0
\n
Intangible assets
\n
11.7
\n
Deferred tax assets
\n
0.9
\n
Inventories
\n
115.7
\n
Cash and cash equivalents
\n
92.0
\n
Trade and other receivables
\n
19.6
\n
Prepayments
\n
7.0
\n
Trade and other payables
\n
(94.4)
\n
Accruals
\n
(19.8)
\n
Borrowings
\n
-
\n
Lease liability
\n
(47.3)
\n
Provisions
\n
(6.0)
\n
Non-controlling interests
\n
(4.0)
\n
Goodwill
\n
35.6
\n
Bargain purchase
\n
(56.1)
\n
Net assets acquired
\n
121.2
\n
Since the date of control, the following amounts have
\n
been included within the Group\u2019s Financial Statements
\n
for the period:
\n
Revenue
\n
Operating
\n
(loss)/profit
\n
(Loss)/Profit
\n
before tax
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Sportmaster
\n
86.5
(18.5)
(19.2)
\n
Missguided
\n
20.0
(21.6)
(21.6)
\n
I Saw It First
\n
12.4
(6.8)
(6.8)
\n
Mysale
\n
16.9
(1.1)
(1.1)
\n
Sneakerboy
\n
-
-
-
\n
Coventry Arena
\n
6.7
(3.5)
(4.4)
\n
Gieves & Hawkes
\n
2.1
(1.2)
(1.2)
\n
Amara
\n
3.2
(2.4)
(2.4)
\n
Premium fashion brands
\n
71.9
9.8
9.7
\n
Total
\n
219.7
(45.3)
(47.0)
\n
Had the acquisitions been included from the start of the
\n
period the following amounts would have been included
\n
within the Group\u2019s Financial Statements for the period:
\n
Revenue
\n
Operating
\n
loss
\n
Loss before
\n
tax
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Sportmaster
\n
94.4
(23.2)
(24.9)
\n
Missguided
\n
10.1
(1.8)
(21.8)
\n
I Saw It First
\n
13.1
(8.0)
(8.0)
\n
Mysale
\n
36.2
(3.6)
(3.6)
\n
Sneakerboy
\n
-
-
-
\n
Coventry Arena
\n
13.4
(7.0)
(7.0)
\n
Gieves & Hawkes
\n
3.6
(2.0)
(2.0)
\n
Amara
\n
5.5
(5.6)
(5.6)
\n
Premium fashion brands
\n
288.2
(11.6)
(13.7)
\n
Total
\n
464.5
(62.8)
(86.6)
\n
There were no contingent liabilities acquired as a result
\n
of the above transactions.
\n
\n
Reconciliation of net cash outflow from investing activities:
\n
Cash
\n
consideration
\n
Fair value of
\n
cash and cash
\n
equivalents
\n
acquired
\n
Purchase of
\n
subsidiaries, net of
\n
cash acquired
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Sportmaster
\n
0.9
2.1
(1.2)
\n
Missguided
\n
30.8
-
30.8
\n
I Saw It First
\n
-
1.8
(1.8)
\n
Mysale
\n
20.8
1.7
19.1
\n
Sneakerboy
\n
1.0
-
1.0
\n
Coventry Arena
\n
15.8
-
15.8
\n
Gieves & Hawkes
\n
1.3
-
1.3
\n
Amara
\n
2.0
-
2.0
\n
Premium fashion brands
\n
47.4
86.4
(39.0)
\n
Total
\n
120.0
92.0
28.0
\n
Summary of FY22 acquisitions
\n
i.
On 24 February 2022, the Group acquired 100% of
\n
the share capital and voting rights of Studio Retail
\n
Limited (SRL) and certain other assets of Studio
\n
Retail Group plc (in administration) (SRG) for cash
\n
consideration of \u00a328.3m which is deemed to be
\n
the fair value of the consideration. SRL is a digital
\n
value retailer with a broad product offering and the
\n
ability to provide customers a range of payment
\n
options including a flexible credit facility. As part of
\n
the transaction, SRG assigned its liabilities held to
\n
its lending banks under its revolving credit facilities
\n
to SRL. A debt transfer took place which transferred
\n
this revolving credit facility debt from the lending
\n
banks to Frasers Group Plc which became the
\n
new lender. The fair value adjustment to intangible
\n
assets and inventory relates to management\u2019s
\n
assessment of the price that would be paid for the
\n
acquired assets in an orderly transaction between
\n
market participants at the acquisition date, as well
\n
as the recognition of a customer related intangible.
\n
The fair value adjustment to property, plant and
\n
equipment relates to management\u2019s assessment
\n
of the fair value of the buildings acquired as part
\n
of the acquisition and which are recognised on the
\n
balance sheet of the Frasers Group Plc company.
\n
The fair value adjustment relating to borrowings
\n
relates to the acquisition by Frasers Group Plc of
\n
the liabilities held between SRG and the lending
\n
banks under its revolving credit facilities which
\n
SRG assigned to SRL. Acquisition related costs of
\n
\u00a30.4m are included in administrative expenses in the
\n
Consolidated Income Statement and in cash flows
\n
from operating activities in the Consolidated Cash
\n
Flow Statement.
\n
ii.
During FY22, the Group acquired the entire
\n
share capital of Bob Woolmer Sales Limited for
\n
consideration of \u00a32.5m.
\n
The asset and liability values at acquisition are detailed
\n
below. In FY22 we reviewed the fair value of the assets
\n
and liabilities acquired which were deemed to be
\n
provisional given the judgemental nature of some of the
\n
balances. The following table summarises the fair values
\n
of consideration paid:
\n
Studio Retail
\n
Limited
Other
\n
(\u00a3m)
(\u00a3m)
\n
Cash consideration
\n
28.3
2.5
\n
28.3
2.5
\n
\n
Studio Retail Limited
Other
\n
Book Value
\n
Fair Value
\n
Adjustment
Fair Value
Book Value
\n
Fair Value
\n
Adjustment
Fair Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and
\n
equipment
\n
12.5
7.0
19.5
-
-
-
\n
Intangible assets
\n
12.6
(6.9)
5.7
-
-
-
\n
Inventories
\n
56.4
7.6
64.0
0.4
-
0.4
\n
Cash and cash equivalents
\n
29.8
-
29.8
0.8
-
0.8
\n
Retirement benefit
\n
obligations
\n
27.3
-
27.3
-
-
-
\n
Credit customer
\n
receivables
\n
383.0
-
383.0
-
-
-
\n
Allowance for expected
\n
credit losses
\n
(129.0)
-
(129.0)
-
-
-
\n
Deferred tax balances
\n
27.2
(1.1)
26.1
-
-
-
\n
Borrowings
\n
(253.3)
21.3
(232.0)
-
-
-
\n
Other working capital
\n
(90.9)
(90.9)
-
-
-
\n
Lease liability
\n
(18.2)
-
(18.2)
-
-
-
\n
Provisions
\n
(52.2)
-
(52.2)
-
-
-
\n
Goodwill
\n
-
-
-
-
1.3
1.3
\n
Bargain purchase
\n
-
(4.8)
(4.8)
-
-
-
\n
Net assets acquired
\n
5.2
23.1
28.3
1.2
1.3
2.5
\n
The bargain purchase of \u00a34.8m from the Studio Retail Limited acquisition is as a result of the administration of SRG,
\n
and the amount was recognised within cost of sales in FY22. The Goodwill arising on the other acquisitions of \u00a31.3m
\n
was impaired to \u00a3nil as at the prior period end with the impairment being recognised in Exceptional Items, see note
\n
6. Due to the nature of the credit facility offered by SRL to customers being a rolling facility, where new purchases
\n
are added to the account as they are incurred and payments being allocated against the total customer balance as
\n
received, the credit customer receivable and the IFRS 9 allowance for expected credit losses have been recognised
\n
gross at the acquisition date. The FY22 and FY23 analysis of this receivable balance and the IFRS 9 allowance for
\n
expected credit losses can be found at note 23.
\n
There were no contingent liabilities acquired as a result of the above transactions.
\n
Reconciliation of net cash outflow from investing activities for FY22:
\n
(\u00a3\u2019m)
\n
Studio Retail
\n
Limited
Other
Total
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Cash consideration
\n
(28.3)
(2.5)
(30.8)
\n
Fair value of cash and cash equivalent acquired
\n
29.8
0.8
30.6
\n
Purchase of subsidiaries, net of cash acquired
\n
1.5
(1.7)
(0.2)
\n
\n
33. CAPITAL COMMITMENTS
\n
The Group had capital commitments of \u00a365.2m as at 30 April 2023 (24 April 2022: \u00a3145.0m) relating to warehouse
\n
automation, aircraft, other plant and machinery, and property purchases.
\n
34.
RELATED PARTY TRANSACTIONS
\n
The Group has taken advantage of the exemptions contained within IAS 24 - \u201cRelated Party Disclosures\u201d from the
\n
requirement to disclose transactions between Group companies as these have been eliminated on consolidation.
\n
The Group entered into the following material transactions with related parties:
\n
53 weeks ended 30 April 2023:
\n
Relationship
Sales
Purchases
\n
Trade
\n
and other
\n
receivables
\n
Trade
\n
and other
\n
payables
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Related Party
\n
Four (Holdings) Limited & subsidiaries
\n
(1)
\n
Associate
0.3
68.2
4.5
-
\n
Mash Holdings Limited
\n
Parent company
-
-
0.2
-
\n
Mike Ashley
\n
(2)
\n
Plc Director
2.6
-
-
-
\n
Rangers Retail Limited
\n
Associate
-
-
-
0.1
\n
Tymit Ltd
\n
Associate
-
2.1
-
-
\n
Reath SW Limited
\n
Connected
\n
persons
\n
-
0.6
-
0.1
\n
52 weeks ended 24 April 2022:
\n
Relationship
Sales
Purchases
\n
Trade
\n
and other
\n
receivables
\n
Trade
\n
and other
\n
payables
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Related Party
\n
Four (Holdings) Limited & subsidiaries
\n
(1)
\n
Associate
2.6
63.7
24.0
-
\n
Mash Holdings Limited
\n
Parent company
-
-
0.2
-
\n
Mike Ashley
\n
(2)
\n
Plc Director
1.5
-
-
-
\n
N M Design London Limited
\n
Connected
\n
persons
\n
-
0.2
-
-
\n
Rangers Retail Limited
\n
Associate
-
-
-
0.1
\n
MM Prop Consultancy Limited & M.P.M Elevation Limited
\n
Connected
\n
persons
\n
-
21.0
-
-
\n
(1)
The outstanding balance with Four (Holdings) Limited reflects the funding related to Agent Provocateur. Management consider that the underlying results of Four (Holdings)
\n
Limited supports the recoverability of the receivables balance. The results of Four (Holdings) Limited are not material on the basis of net assets and profit before tax, subsequently
\n
detailed disclosures have not been presented under IFRS 12.
\n
(2)
Use of the Company jet and helicopter are charged at commercial rates.
\n
N M Design London Limited is a company in which Nicola Murray, Michael Murray\u2019s mother, is a director, who
\n
performs design work for the Group in relation to some of the Group\u2019s sites.
\n
The trade and other receivables balance with Four (Holdings) Limited includes an unsecured loan balance of \u00a337.5m
\n
(gross of \u00a333.2m (FY22: \u00a338.5m) recognised in respect of loss allowance) which attracts interest at SONIA + 2.5% within
\n
current assets (FY22: \u00a360.0m). This has been accounted for at amortised cost in accordance with IFRS 9. The carrying
\n
value has been determined by assessing the recoverability of the receivable balance, discounted at an appropriate
\n
market rate of interest. \u00a3nil was recognised in the period in respect of doubtful debts (FY22: \u00a3nil). Further disclosure can
\n
be found in note 23.
\n
The sales amount in relation to Four (Holdings) Limited relates to the interest charge on the loan and the purchases
\n
relate to the purchase of clothing products.
\n
Reath SW Limited is a company in which Robert Palmer, the Groups Company Secretary, is a director. Reath SW
\n
Limited provide professional services to the Group.
\n
\n
At the period end the Group does not have significant influence over but holds greater than 20% of the voting rights of
\n
Mulberry Group plc. The latest equity amounts and results are shown below:
\n
Mulberry Group plc
\n
Period ended
\n
1 April 2023
\n
(\u00a3m)
\n
Share capital
\n
3.0
\n
Share premium
\n
12.2
\n
Retained earnings
\n
38.1
\n
Total equity
\n
46.8
\n
Profit for the period
\n
12.9
\n
The Group does not consider it has the power to participate in the financial and operating policy decisions of Mulberry
\n
Group Plc and so management do not consider the Group to be able to exert significant influence as per IAS 28
\n
Investments in Associates and Joint Ventures and IAS 24 Related Party Disclosures.
\n
Key Management, Executive And Non-Executive Director Compensation
\n
24 April 2022
25 April 2021
\n
(\u00a3m)
(\u00a3m)
\n
Salaries and short-term benefits
\n
1.9
1.4
\n
Fair value charge for Executive Share Scheme (see note 25)
\n
1.5
0.8
\n
Total
\n
3.4
2.2
\n
Key management personnel are considered to be the
\n
directors and members of management who play
\n
a key part in the long term strategy and operations
\n
of the Group. Detailed remuneration disclosures are
\n
provided in the Directors\u2019 Remuneration Report in this
\n
annual report including Directors\u2019 shareholdings and
\n
share interests.
\n
On 1 May 2022 Michael Murray was appointed as
\n
CEO, prior to his appointment MM Prop Consultancy
\n
Limited and the Group finalised the terms on which
\n
any relevant prior consultancy services agreements
\n
terminated. The Board has completed its assessment
\n
of the unsettled value created by MM Prop
\n
Consultancy Limited to the Group in FY22, with the
\n
assistance of independent third-party experts.
\n
In FY22 MM Prop Consultancy Limited was entitled to
\n
up to 25% of any value created by services provided
\n
to the Group. MM Prop Consultancy Limited agreed
\n
to waive contractually due amounts, including part
\n
crediting previous payments under this agreement,
\n
such that the Group received a 40% discount as part
\n
of the finalisation and cessation of the consultancy
\n
agreement. The final payment made by the Group
\n
to MM Prop Consultancy Limited following the
\n
application of this discount is \u00a320.9m which was paid
\n
in the prior year.
\n
During FY21 the Group entered into an agreement
\n
with M.P.M Elevation Limited, a company owned and
\n
controlled by Michael Murray in relation to elevation
\n
strategy services. This agreement ended on 1 May
\n
2022 when Michael Murray became CEO of Frasers
\n
Group. M.P.M Elevation Limited was not paid in the
\n
year in relation to the provision of the elevation
\n
strategy services (FY22: \u00a30.1m).
\n
35. ULTIMATE CONTROLLING
\n
PARTY
\n
The Group is controlled by Mike Ashley through his
\n
100% shareholding in Mash Beta Limited and Mash
\n
Holdings Limited, which own 303,507,460 (64.9% of
\n
the issued ordinary share capital of the Company) and
\n
26,492,540 (5.7% of the issued ordinary share capital of
\n
the Company) ordinary shares respectively at the period
\n
end. Mash Holdings Limited is the smallest and largest
\n
company to consolidate these accounts. Mash Holdings
\n
Limited is registered in England and Wales and a copy
\n
of their financial statements can be obtained from
\n
Companies House, Crown Way, Cardiff, CF14 3UZ.
\n
\n
36.
POST BALANCE SHEET
\n
EVENTS
\n
On 30 May 2023 and 20 June 2023, the Group
\n
commenced share buyback programmes with the
\n
aggregate purchase price of all shares acquired
\n
under these programmes of no greater than \u00a370m
\n
each and the maximum number of shares that may
\n
be purchased under the programmes of 10m ordinary
\n
shares each. The purpose of the programmes was to
\n
reduce the share capital of the Company. 9,988,501
\n
ordinary shares at an average price of 6.93p each for
\n
consideration of \u00a369.2m were acquired through these
\n
programmes as at 26 July 2023.
\n
The Group has continued to increase its holdings
\n
across its strategic investments portfolio through the
\n
following transactions after the financial year:
\n
\u2022
The Group made several transactions to increase
\n
its holding in ASOS plc bringing the total direct
\n
shareholding to 10.6% as of 18 July.
\n
\u2022
On the 9 June, the Group announced its partnership
\n
with AO World and acquired a 18.9% holding in the
\n
entity for \u00a374m. The Group continued its investment
\n
on 26 June bringing the total ownership to 22.2%.
\n
\u2022
It was announced on 20 June that the Group
\n
acquired a 5% stake in Boohoo Group PLC
\n
having purchased 63,543,706 ordinary shares. The
\n
Group subsequently increased this holding to
\n
7.8% on 26 July.
\n
\u2022
It was announced on 26 July that the Group had
\n
increased its stake in N Brown PLC bringing total
\n
ownership to 19.0%.
\n
Studio Retail Limited changed its name to Frasers Group
\n
Financial Services on 31 May 2023.
\n
The Group increased its holding in Sports Direct
\n
Malaysia Sdn. Bhd. On 31 May 2023, bringing the total
\n
ownership to 75% for consideration of \u00a316.9m.
\n
37.
PENSIONS
\n
Defined contribution schemes
\n
The Group operates a defined contribution retirement
\n
benefit plan for all qualifying employees. The assets
\n
of the plan are held separately from those of the
\n
Group in funds under the control of trustees. The only
\n
obligation of the Group with respect to the retirement
\n
benefit plan is to make the specified contributions.
\n
The total expense recognised in the income statement
\n
of \u00a38.5m represents contributions payable at rates
\n
specified by the rules of the plan.
\n
Defined benefit schemes
\n
On 24 February 2022, as part of the acquisition of
\n
Studio Retail Limited (\u201cSRL\u201d), SRL became the sponsor
\n
of the Findel Group Pension Fund (\u201cThe Scheme\u201d)
\n
via a Deed of Amendment, Substitution, Waiver of
\n
Liability and Guarantee. Only the costs and liabilities
\n
associated with the Group section of the Scheme relate
\n
to SRL and as such, it is only assets and liabilities of
\n
the Group section that have been recognised in these
\n
consolidated financial statements. Frasers Group Plc has
\n
also guaranteed payments from Studio Retail Group
\n
plc (in administration) to the three other sections of the
\n
Scheme up to a maximum of \u00a3875,000.
\n
As part of the Deed of Amendment, Substitution,
\n
Waiver of Liability and Guarantee, a one off
\n
contribution of \u00a32.0m was made to the Scheme by
\n
SRL. Of this amount, \u00a31.2m is held by the Scheme but
\n
is unallocated by the administrator. This amount has
\n
therefore been shown within the cash position of the
\n
Group section of the Scheme.
\n
On 11 March 2022, the Trustee signed a full buy-in
\n
contract (i.e., a policy to cover all members\u2019 benefits
\n
in the four sections of the Scheme) with Standard Life.
\n
This insurance policy allows the pension scheme to
\n
have assets that broadly match the benefits paid by
\n
the Scheme. However, SRL retains responsibility for the
\n
Group section of the Scheme until it is fully transferred
\n
to Standard Life. The contract includes the potential to
\n
convert the policy to a full buy-out at an unspecified
\n
point in the future. However, this is expected to only
\n
happen if a number of conditions included in the
\n
contract are met, based on the insurer\u2019s requirements
\n
and a formal request from the Trustee and therefore is
\n
not a certainty. The buy-in has therefore been treated
\n
as an investment decision for accounting purposes,
\n
with the associated remeasurement of plan assets
\n
recognised through Other Comprehensive Income
\n
(\u201cOCI\u201d).
\n
Following the Deed of Amendment, Substitution, Waiver
\n
of Liability and Guarantee and the buy-in, no further
\n
contributions to the scheme are anticipated.
\n
\n
The last funding valuation of the Scheme was undertaken at 5 April 2019 and recorded a surplus of \u00a31,477,000 in
\n
respect of the Group section. The Scheme is administered by Barnet Waddingham LLP.
\n
The latest full actuarial valuation has been updated for IAS 19 purposes to 30 April 2023 by PricewaterhouseCoopers
\n
LLP (\u201cPwC\u201d) using the assumptions detailed below. The results of the IAS 19 valuation are summarised as follow:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Fair value of the scheme assets
\n
67.6
89.0
\n
Present value of the funded obligations
\n
(66.8)
(86.8)
\n
Surplus in the scheme
\n
0.8
2.2
\n
Plan assets
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Plan assets comprise:
\n
Annuities
\n
65.0
84.8
\n
Cash
\n
2.6
4.2
\n
Total
\n
67.6
89.0
\n
Movement in the present value of defined benefit obligations
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
At beginning of the period
\n
(86.8)
(93.2)
\n
Interest cost
\n
(2.6)
(0.4)
\n
Effect of changes in demographic assumptions
\n
0.5
0.1
\n
Effect of changes in financial assumptions
\n
20.3
5.7
\n
Effect of experience adjustments
\n
(3.6)
(0.4)
\n
Benefits paid
\n
5.4
1.4
\n
At end of the period
\n
(66.8)
(86.8)
\n
Movement in the fair value of plan assets
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
At beginning of the period
\n
89.0
120.5
\n
Scheme expenses
\n
(0.9)
(0.4)
\n
Interest on assets
\n
2.6
0.5
\n
Remeasurements
\n
(17.7)
(32.2)
\n
Employer contributions
\n
-
2.0
\n
Benefits paid
\n
(5.4)
(1.4)
\n
At end of the period
\n
67.6
89.0
\n
Movement in the pension surplus
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Surplus at beginning of the period
\n
2.2
27.3
\n
Scheme expenses
\n
(0.9)
(0.4)
\n
Net interest income
\n
-
0.1
\n
Remeasurements
\n
(0.5)
(26.8)
\n
Employer contributions
\n
-
2.0
\n
Surplus at end of the period
\n
0.8
2.2
\n
\n
Expense recognised in the Consolidated Income Statement
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
(i) Included within administrative expenses
\n
Scheme expenses
\n
(0.9)
(0.4)
\n
(ii) Included within finance income
\n
Net interest income
\n
-
0.1
\n
Amounts recognised in other comprehensive income
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Total remeasurements
\n
(0.5)
(26.8)
\n
Actuarial Assumptions
\n
The following are the principal actuarial assumptions at the reporting date:
\n
30 April 2023
24 April 2022
\n
Financial Assumptions
\n
Discount rate for scheme liabilities
\n
4.90%
3.00%
\n
RPI Price Inflation
\n
3.25%
3.70%
\n
CPI Price Inflation (Pre-2030 / Post-2030)
\n
2.25% / 3.25%
2.70% / 3.70%
\n
Rate of increase to pensions in payment in line with RPI inflation (up to 5% per annum)
\n
2.15%
2.50%
\n
Rate of increase to pensions in payment in line with CPI inflation (up to 5% per annum)
\n
2.7%
3.15%
\n
Rate of increase to deferred pensions
\n
2.75%
3.20%
\n
Post retirement mortality (in years)
\n
Current pensioners at 65 - male
\n
86.3yrs
86.6yrs
\n
Current pensioners at 45 - male
\n
87.5yrs
87.9yrs
\n
Current pensioners at 65 - female
\n
88.2yrs
88.4yrs
\n
Current pensioners at 45 - female
\n
89.6yrs
89.8yrs
\n
Demographic Assumptions
\n
Cash Commutation (members taking cash lump sum)
\n
60%
60%
\n
Proportion of members that are married at retirement
\n
70%
70%
\n
The duration, or average term to payment for the benefits due weighted by liability, is around 12 years.
\n
\n
Risks
\n
Inflation
\n
In projecting the expected future benefit payments,
\n
assumptions are made regarding future price inflation.
\n
There is a risk that the actual rate of inflation will be
\n
higher than assumed which will increase the cost of
\n
providing the benefits and thus the liability. This would
\n
result in additional contributions being required and a
\n
deterioration in the solvency position unless investment
\n
returns are similarly higher than expected.
\n
Mortality
\n
It is not possible to predict with any certainty how
\n
long members of the Scheme will live, and if members
\n
live longer than expected, additional contributions
\n
will be required and the Scheme\u2019s solvency position
\n
will deteriorate.
\n
Managing risk
\n
To manage the risks of the Scheme, TPIE exercises were
\n
carried out during 2015 and 2016, which resulted in a
\n
number of members transferring out of the Scheme. The
\n
TPIE option has now been embedded within the scheme.
\n
IFRIC 14
\n
IFRIC 14 is an interpretation relating to IAS 19 that covers
\n
whether pension scheme surpluses can be recognised
\n
on the balance sheet. Based on the circumstances of the
\n
Fund and in line with the prior period, management do
\n
not believe that IFRIC 14 impacts the IAS 19 results since
\n
the Company has a right to a refund of surplus assets
\n
at some point in the future, and as such have not made
\n
any adjustments to the results.
\n
Funding
\n
The Scheme is funded by the Group. During the current
\n
period, the company contributed \u00a3nil to the scheme.
\n
The Group expects to make contributions of \u00a3nil in the
\n
financial period ended April 2024.
\n
The following table shows the expected future benefit
\n
payments for the Findel Group Pension Fund:
\n
Future benefit payments
(\u00a3m)
\n
2023 - 2032
\n
39.0
\n
2033 \u2013 2042
\n
42.8
\n
2043 \u2013 2052
\n
24.5
\n
2053 \u2013 2062
\n
17.3
\n
2063 \u2013 2072
\n
3.0
\n
2073 \u2013 2082
\n
0.1
\n
2083 \u2013 2092
\n
-
\n
After 2093
\n
-
\n
Total
\n
126.7
\n
\n
38. SUBSIDIARY UNDERTAKINGS
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
18Montrose Retail Limited
Shirebrook
\n
(1)
\n
11577636
100
\n
2CARE4 LIMITED*
Church Bridge House, Henry Street, Accrington, BB5 4EE
\n
3806485
100
\n
Activator Brands Limited
Shirebrook
\n
(1)
\n
5344658
100
\n
Activator Products Limited
Shirebrook
\n
(1)
\n
4204611
100
\n
Active Apparel New Corp
\n
Cogency Global Inc. 850 New Burton Road Suite 201, Dover,
\n
Kent, 19904
\n
3270168
100
\n
Alpha Developments Stockport Ltd
Shirebrook
\n
(1)
\n
12662564
100
\n
Amara Retail Limited
Shirebrook
\n
(1)
\n
12299584
100
\n
AP Brands Holdings Sdn Bhd
\n
Lot G1.PT.10A Sunway Pyramid Shopping Mall No. 3,
\n
Jalan PJS , Malaysia
\n
196301000009 4921-A
100
\n
AS Sportland International Group
Parnu mnt 139c, Kesklinna, Tallinn, 11317, Estonia
\n
10993195
60
\n
Base Childrenswear Limited
Shirebrook
\n
(1)
\n
8297599
100
\n
Bellatrix Associates Limited
\n
Clinch's House, Lord Street, Douglas, Isle of Man, IM99 1RZ,
\n
Isle of Man
\n
111671C
100
\n
Bellatrix Overseas Limited
\n
Clinch's House, Lord Street, Douglas, Isle of Man, IM99 1RZ,
\n
Isle of Man
\n
128827c
100
\n
Bellatrix Unlimited
\n
Clinch's House, Lord Street, Douglas, Isle of Man, IM99 1RZ,
\n
Isle of Man
\n
111670C
100
\n
Brands & Fashion N.V.
Leopoldstraat, nr. 79, 2800 Mechelen, Belgium
\n
0477.995.412
100
\n
Brands 001 Limited
Shirebrook
\n
(1)
\n
5347540
100
\n
Brands Holdings Limited*
Shirebrook
\n
(1)
\n
4087435
100
\n
Brands Holdings Sponsorship Limited
Shirebrook
\n
(1)
\n
10375418
100
\n
BSL International Limited
Shirebrook
\n
(1)
\n
2800425
100
\n
Cacifo - Comercio de Artigos de
\n
Des-portos S.A.
\n
Via Central de Milheiros no 121, 4475-334, Frguesia de Milherios,
\n
Concelho da Maia, Porto, Portugal
\n
503.751.804
100
\n
Cafe Clo Limited
Shirebrook
\n
(1)
\n
13641982
100
\n
Campri Limited
Shirebrook
\n
(1)
\n
5398677
100
\n
Cardinal Investments S.L
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88542766
100
\n
Carlton Sports Company Limited
Shirebrook
\n
(1)
\n
467686
100
\n
Catchbest Limited
Shirebrook
\n
(1)
\n
2611299
100
\n
Catriona Investments S.L
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88542683
100
\n
CDS-IP SA
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
458.883.046
100
\n
Choice Limited
Shirebrook
\n
(1)
\n
2812899
100
\n
Choice 33 Limited
Shirebrook
\n
(1)
\n
6344682
100
\n
Clothingsites Holdings Limited
Shirebrook
\n
(1)
\n
10075381
100
\n
Clothingsites.co.uk Limited
Shirebrook
\n
(1)
\n
4432380
100
\n
Criminal Clothing Ltd.
Shirebrook
\n
(1)
\n
4184750
100
\n
Cruise Clothing Limited
\n
Martin House, 184 Ingram Street, Glasgow, Scotland, G1 1DN,
\n
United Kingdom
\n
SC382991
100
\n
Curlina Investments S.L
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88415369
100
\n
Dantra Limited
Shirebrook
\n
(1)
\n
3126490
100
\n
Donnay International NV
Leopoldstraat nr 79, 2800 Mechelen, Belgium
\n
BE 0435 392 220
100
\n
Eastchance Limited
\n
Unit 1714, 17/F, Miramar Tower, 132 Nathan Road, Tsim Sha Tsui,
\n
Kowloon, Hong Kong
\n
174348
100
\n
Epoch Properties Limited
First Floor, La Chasse Chambers, St Helier, JE2 4UE, Jersey
\n
74753
100
\n
Etail Services Limited
Shirebrook
\n
(1)
\n
5146997
100
\n
Evans Cycles Brands Limited
Shirebrook
\n
(1)
\n
11634915
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
Evans Cycles Limited
Shirebrook
\n
(1)
\n
11577650
100
\n
Everlast Australia Limited
Shirebrook
\n
(1)
\n
8103912
100
\n
EVERLAST SPORTS INTERNATIONAL INC
Everlast 42 West 39th St. 3rd floor New York, New York, 10018
\n
364696
100
\n
Everlast Sports MFG. CORP.
\n
Corporation Service Company, 80 State Street, Albany,
\n
New York, 122207-2543-USA
\n
57121
100
\n
Everlast World's Boxing Headquarters Corp
42 W 39th Street, 3rd Floor, New York, NY 10018, USA
\n
13-1804773
100
\n
Everlast Worldwide Inc
42 W 39th Street, 3rd Floor, New York, NY 10018, USA
\n
13-3672716
100
\n
FG (AF Holdings) Limited*
Shirebrook
\n
(1)
\n
13281983
100
\n
FG USA Trade Group Limited
Shirebrook
\n
(1)
\n
13216390
100
\n
Firetrap Limited
Shirebrook
\n
(1)
\n
6836684
100
\n
Forever Media Limited*
Shirebrook
\n
(1)
\n
8249185
100
\n
Forever Sports Limited
Shirebrook
\n
(1)
\n
9489811
100
\n
Frasers Group (European Holdings) Limited*
Shirebrook
\n
(1)
\n
12903845
100
\n
Frasers Group Asia SDN.BHD.
\n
LEVEL 15-2, BANGUNAN FABER IMPERIAL COURT, JALAN
\n
SULTAN ISMAIL, 50250 WILAYAH PERSEKUTUAN,
\n
KUALA LUMPUR, Malaysia
\n
201901040821
\n
1350151-U
\n
51
\n
Frasers Group Credit Broking Limited
Shirebrook
\n
(1)
\n
14606004
100
\n
Frasers Group F&B JV Limited
Shirebrook
\n
(1)
\n
12298852
100
\n
Frasers Group Financial Services Limited*
Shirebrook
\n
(1)
\n
13191369
100
\n
Frasers Group Holdings Australia Pty Ltd*
5 ATTADALE COURT, ELANORA QLD 4221, Australia
\n
661993844
100
\n
Frasers Group Loyalty Services Limited*
Shirebrook
\n
(1)
\n
13340837
100
\n
FRASERS RETAIL NIGERIA LIMITED
\n
RCO COURT 3-5, SINARI DARANIJO STREET, VICTORIA ISLAND,
\n
LAGOS STATE, Nigeria
\n
1799366
60
\n
Game AR Limited
Shirebrook
\n
(1)
\n
10142852
100
\n
Game Belong Limited
Shirebrook
\n
(1)
\n
12794477
100
\n
Game Digital Holdings Limited
Basingstoke
\n
(2)
\n
7893832
100
\n
Game Digital Limited*
Basingstoke
\n
(2)
\n
9040213
100
\n
Game Digital Solutions Limited
Basingstoke
\n
(2)
\n
9476209
100
\n
Game Retail Limited
Basingstoke
\n
(2)
\n
7837246
100
\n
Game Spain Holdings Limited
Basingstoke
\n
(2)
\n
10846702
100
\n
Game Spain Investments Limited
Basingstoke
\n
(2)
\n
10863881
100
\n
Game Stores Iberia SLU
\n
C/ Virgilio 7 - 9, Parcelas 12 - 13, Pozuelo de Alarcon,
\n
Madrid, Spain
\n
B81209751
100
\n
Gelert IP Limited
Shirebrook
\n
(1)
\n
8576185
100
\n
Gelert Limited
Shirebrook
\n
(1)
\n
8576204
100
\n
GetTheLabel.com Limited
Shirebrook
\n
(1)
\n
06330132
100
\n
Gieves & Hawkes Limited
Shirebrook
\n
(1)
\n
11689077
100
\n
Giulio Fashion Limited
Shirebrook
\n
(1)
\n
67898449
100
\n
Giulio Limited
Shirebrook
\n
(1)
\n
1631026
100
\n
Giulio Woman Limited
Shirebrook
\n
(1)
\n
6898487
100
\n
Golddigga Brands Limited
Shirebrook
\n
(1)
\n
6636173
100
\n
Gotay Investments SL
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88542709
100
\n
GRMNT Ltd
Shirebrook
\n
(1)
\n
11144039
100
\n
GT-Lines BV
Bert Haanstrakade 2, 1087DN, Amsterdam, Netherlands
\n
17117820
100
\n
Gul IP Limited
Shirebrook
\n
(1)
\n
8612478
100
\n
Gul Watersports Limited
Shirebrook
\n
(1)
\n
7589716
100
\n
Heatons (N.I.) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI035599
100
\n
Heatons Stores Limited
\n
Heaton House, IDA Business Park, Whitestown, Tallaght, Dublin,
\n
Ireland, D24E932, Ireland
\n
509525
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
Heatons Limited
\n
HEATON HOUSE , IDA BUSINESS PARK, WHITESTOWN,
\n
TALLAGHT, DUBLIN 24, Ireland
\n
11229
100
\n
Heaven or Hell Limited
Shirebrook
\n
(1)
\n
5899282
100
\n
HK Sports & Golf Aktiebolag
Eskilstorpsv 7, 269 96, B\u00e5stad, Sweden
\n
556510-8189
100
\n
HOF Ireland Stores Limited
\n
Heaton House, IDA Business Park, Whitestown, Tallaght, Dublin,
\n
Ireland, D24E932, Ireland
\n
626384
100
\n
Hot Tuna IP Limited
Shirebrook
\n
(1)
\n
6836792
100
\n
House of Fraser Brands Limited
Shirebrook
\n
(1)
\n
10687367
100
\n
House of Fraser Limited
Shirebrook
\n
(1)
\n
10686681
100
\n
Hugo Stores Limited
Shirebrook
\n
(1)
\n
11687276
100
\n
I SAW IT FIRST LIMITED
Shirebrook
\n
(1)
\n
10184572
100
\n
International Brand Management Limited*
Shirebrook
\n
(1)
\n
5142123
100
\n
Jack Wills IP Limited
Shirebrook
\n
(1)
\n
11775495
100
\n
Jack Wills Property Limited
Shirebrook
\n
(1)
\n
11775643
100
\n
Jack Wills Retail (Ireland) Limited
\n
HEATON HOUSE , IDA BUSINESS PARK, WHITESTOWN,
\n
TALLAGHT, DUBLIN 24, Ireland
\n
656208
100
\n
Jack Wills Retail Limited
Shirebrook
\n
(1)
\n
11634810
100
\n
James Lillywhites Limited
Shirebrook
\n
(1)
\n
118840
100
\n
Kangol Holdings Limited
Shirebrook
\n
(1)
\n
3317738
100
\n
Kangol Limited
Shirebrook
\n
(1)
\n
3343793
100
\n
Kangol LLC
\n
Corporation Service Ltd, 251 Little Falls Drive, Wilming-ton, New
\n
Castle, Delaware, 19808
\n
7004841
49
\n
Kangol Trustees Limited
Shirebrook
\n
(1)
\n
3505512
100
\n
Karrimor International Limited
\n
Aminaka Kudan Building 6/F, 1-14-17 Kudankita, Chiyoda-ku,
\n
Tokyo, 102-0073, Japan
\n
0100-01-012128
95
\n
Karrimor Limited
Shirebrook
\n
(1)
\n
5215974
100
\n
La Jolla (UK) Limited
Shirebrook
\n
(1)
\n
5737550
100
\n
Lillywhites Limited
Shirebrook
\n
(1)
\n
290939
100
\n
Liverpool F&B Limited
Shirebrook
\n
(1)
\n
13905094
100
\n
Lonsdale Australia Limited
Shirebrook
\n
(1)
\n
7665885
100
\n
Lonsdale Boxing Limited
Shirebrook
\n
(1)
\n
3912303
100
\n
Lonsdale Sports Limited
Shirebrook
\n
(1)
\n
4430781
100
\n
Lovell Sports (Holdings) Limited
Shirebrook
\n
(1)
\n
9608995
100
\n
Lovell Sports Limited
Shirebrook
\n
(1)
\n
4184358
100
\n
Lovells SP Limited
Shirebrook
\n
(1)
\n
8907509
100
\n
Masters Holders Limited
Shirebrook
\n
(1)
\n
8787718
100
\n
Missguided Retail Limited
Shirebrook
\n
(1)
\n
12298767
100
\n
Mississippi Manufacturing LLC
1209 Orange Street, Wilmington Newcastle County, Delaware
\n
3470413
100
\n
Missy Empire Limited
Shirebrook
\n
(1)
\n
11382398
100
\n
Muddyfox IP Limited
Shirebrook
\n
(1)
\n
10246764
100
\n
Muddyfox Limited
Shirebrook
\n
(1)
\n
4187350
100
\n
MySale Group Plc*
\n
Ogier House, The Esplanade, 44 Esplanade Street, Helier,
\n
JE4 9WG, Jersey
\n
115584
100
\n
MySale Group Trustee Limited
Shirebrook
\n
(1)
\n
10476058
100
\n
Nevica IP Limited
Shirebrook
\n
(1)
\n
6836778
100
\n
Nicholas Deakins Limited
Shirebrook
\n
(1)
\n
3201284
100
\n
No Fear Brand Limited
Shirebrook
\n
(1)
\n
5568043
100
\n
No Fear International Limited
Shirebrook
\n
(1)
\n
5532482
100
\n
No Fear USA limited
Shirebrook
\n
(1)
\n
7712470
100
\n
Old Brown Bag Clothing Limited
Shirebrook
\n
(1)
\n
4144718
100
\n
Olympus Ventures Limited
Shirebrook
\n
(1)
\n
3945752
100
\n
PG2019 Limited
Shirebrook
\n
(1)
\n
11628610
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
Prevu Studio Limited
Shirebrook
\n
(1)
\n
13473413
100
\n
Prima Designer Limited
Shirebrook
\n
(1)
\n
4781351
100
\n
Psyche Holdings Limited
Shirebrook
\n
(1)
\n
3438665
100
\n
Psyche Limited
Shirebrook
\n
(1)
\n
2844011
100
\n
Puffa IP Limited
Shirebrook
\n
(1)
\n
10910124
100
\n
Queensberry Boxing IP Limited
Shirebrook
\n
(1)
\n
7929363
100
\n
Quentin Investments S.L
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88542733
100
\n
R.D. Scott Limited
Shirebrook
\n
(1)
\n
1738894
100
\n
Republic IP Limited
Shirebrook
\n
(1)
\n
5635015
100
\n
Republic.com Retail Limited
Shirebrook
\n
(1)
\n
8248997
100
\n
Rhapsody Investments (Europe) S.A.
1 Cote d'Eich, L-1450, Luxembourg
\n
B21.608
100
\n
Runnel Limited
Shirebrook
\n
(1)
\n
9336830
100
\n
S&B Brands Limited
Shirebrook
\n
(1)
\n
5635585
100
\n
SD Equestrian Limited
Shirebrook
\n
(1)
\n
8692780
100
\n
SD Outdoor Limited
Shirebrook
\n
(1)
\n
8560260
100
\n
SDB2 S.A.
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
0848.964.388
100
\n
SDI (Aberdeen) Limited
Shirebrook
\n
(1)
\n
8512592
100
\n
SDI (Aberwystwyth) Limited
Shirebrook
\n
(1)
\n
2789996
100
\n
SDI (ACQCO 5) LIMITED
Shirebrook
\n
(1)
\n
10162904
100
\n
SDI (Ashford) Limited
Shirebrook
\n
(1)
\n
7848460
100
\n
SDI (Ashington) Limited
Shirebrook
\n
(1)
\n
7849231
100
\n
SDI (Ayr) Limited
Shirebrook
\n
(1)
\n
5528267
100
\n
SDI (Belfast) Limited
Shirebrook
\n
(1)
\n
9872471
100
\n
SDI (Berwick) Limited
Shirebrook
\n
(1)
\n
2739957
100
\n
SDI (Birkenhead) Limited
Shirebrook
\n
(1)
\n
7849198
100
\n
SDI (Bishop Auckland) Limited
Shirebrook
\n
(1)
\n
3004246
100
\n
SDI (Boucher Road) Limited
Shirebrook
\n
(1)
\n
13808700
100
\n
SDI (Brands 1) Limited
Shirebrook
\n
(1)
\n
11795958
100
\n
SDI (Brands 3) Limited
Shirebrook
\n
(1)
\n
12299567
100
\n
SDI (Brands 4) Limited
Shirebrook
\n
(1)
\n
12299515
100
\n
SDI (Bridgwater) Limited
Shirebrook
\n
(1)
\n
7852061
100
\n
SDI (Brighton) Limited
Shirebrook
\n
(1)
\n
12579780
100
\n
SDI (Brixton) Limited
Shirebrook
\n
(1)
\n
9127300
100
\n
SDI (Brook ROW) Limited
Shirebrook
\n
(1)
\n
9336806
100
\n
SDI (Brook UK) Limited
Shirebrook
\n
(1)
\n
9340379
100
\n
SDI (Burton) Limited
Shirebrook
\n
(1)
\n
8495632
100
\n
SDI (Cardiff Flannels) Limited
Shirebrook
\n
(1)
\n
10177359
100
\n
SDI (CARDIFF QS 2) LTD
Shirebrook
\n
(1)
\n
11227321
100
\n
SDI (Cardiff QS) Limited
Shirebrook
\n
(1)
\n
12578045
100
\n
SDI (Carlisle) Limited
Shirebrook
\n
(1)
\n
7851959
100
\n
SDI (Chatham) Limited
Shirebrook
\n
(1)
\n
6836679
100
\n
SDI (Cheshunt 2) Limited
Shirebrook
\n
(1)
\n
11775717
100
\n
SDI (Cheshunt) Limited
Shirebrook
\n
(1)
\n
11775599
100
\n
SDI (Clacton) Limited
Shirebrook
\n
(1)
\n
7852078
100
\n
SDI (Colchester) Limited
Shirebrook
\n
(1)
\n
5632790
100
\n
SDI (Corby) Limited
Shirebrook
\n
(1)
\n
10885672
100
\n
SDI (Cork) Limited
Shirebrook
\n
(1)
\n
11775763
100
\n
SDI (Coventry) Limited
Shirebrook
\n
(1)
\n
9680128
100
\n
SDI (Croydon) Limited
Shirebrook
\n
(1)
\n
14156557
100
\n
SDI (Darlington) Limited
Shirebrook
\n
(1)
\n
10915193
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI (Derby) Limited
Shirebrook
\n
(1)
\n
9310031
100
\n
SDI (Derry) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI653340
100
\n
SDI (Doncaster) Limited
Shirebrook
\n
(1)
\n
9888670
100
\n
SDI (Dundee 2) Ltd
Shirebrook
\n
(1)
\n
14155935
100
\n
SDI (Dundee) Limited
Shirebrook
\n
(1)
\n
9702004
100
\n
SDI (Dunfermline) Limited
Shirebrook
\n
(1)
\n
8483679
100
\n
SDI (East Ham) Limited
Shirebrook
\n
(1)
\n
9810378
100
\n
SDI (East Kilbride) Limited
Shirebrook
\n
(1)
\n
6656368
100
\n
SDI (Edinburgh) Limited
Shirebrook
\n
(1)
\n
10100990
100
\n
SDI (Enfield) Limited
Shirebrook
\n
(1)
\n
10086209
100
\n
SDI (Fulham) Limited
Shirebrook
\n
(1)
\n
7852037
100
\n
SDI (Gainsborough) Limited
Shirebrook
\n
(1)
\n
6338907
100
\n
SDI (Galashiels) Limited
Shirebrook
\n
(1)
\n
7852091
100
\n
SDI (Glasgow Argyle St) Ltd
Shirebrook
\n
(1)
\n
11227937
100
\n
SDI (Glasgow Frasers) Limited
Shirebrook
\n
(1)
\n
11531596
100
\n
SDI (Glasgow Ingram Street) Limited
Shirebrook
\n
(1)
\n
9925519
100
\n
SDI (Gloucester) Limited
Shirebrook
\n
(1)
\n
7852067
100
\n
SDI (Great Yarmouth) Limited
Shirebrook
\n
(1)
\n
11732687
100
\n
SDI (Hanley) Limited
Shirebrook
\n
(1)
\n
11228017
100
\n
SDI (Hastings) Limited
Shirebrook
\n
(1)
\n
8625893
100
\n
SDI (Hereford) Limited
Shirebrook
\n
(1)
\n
9888642
100
\n
SDI (Hofco) Limited
Shirebrook
\n
(1)
\n
8319960
100
\n
SDI (HoH Holdings) Limited
Shirebrook
\n
(1)
\n
10161592
100
\n
SDI (Hounslow) Limited
Shirebrook
\n
(1)
\n
10086218
100
\n
SDI (Hull) Limited
Shirebrook
\n
(1)
\n
9638564
100
\n
SDI (IPCO 150) Limited
Shirebrook
\n
(1)
\n
14479914
100
\n
SDI (Ipswich 2) Limited
Shirebrook
\n
(1)
\n
12578948
100
\n
SDI (Ipswich) Limited
Shirebrook
\n
(1)
\n
9788411
100
\n
SDI (Isle of Man) Limited
Shirebrook
\n
(1)
\n
9901745
100
\n
SDI (Jersey Holding) Limited
Shirebrook
\n
(1)
\n
10177028
100
\n
SDI (K Lynn) Limited
Shirebrook
\n
(1)
\n
10073076
100
\n
SDI (Keighley) Limited
Shirebrook
\n
(1)
\n
6260239
100
\n
SDI (Kendal) Limited
Shirebrook
\n
(1)
\n
6338918
100
\n
SDI (Kentish Town) Limited.
Shirebrook
\n
(1)
\n
9901702
100
\n
SDI (Kilmarnock) Limited
Shirebrook
\n
(1)
\n
7853433
100
\n
SDI (Kingston) Limited
Shirebrook
\n
(1)
\n
10915209
100
\n
SDI (Kirkcaldy) Limited
Shirebrook
\n
(1)
\n
7852097
100
\n
SDI (Leeds 2) Ltd.
Shirebrook
\n
(1)
\n
13808640
100
\n
SDI (Leeds) Limited
Shirebrook
\n
(1)
\n
9293515
100
\n
SDI (Leicester) Limited
Shirebrook
\n
(1)
\n
9127170
100
\n
SDI (Liverpool) Limited
Shirebrook
\n
(1)
\n
9888734
100
\n
SDI (Livingston) Ltd.
Shirebrook
\n
(1)
\n
14156550
100
\n
SDI (Lowestoft) Limited
Shirebrook
\n
(1)
\n
7852265
100
\n
SDI (LSL Holdings) Limited
Shirebrook
\n
(1)
\n
10161824
100
\n
SDI (Luton 2) Limited
Shirebrook
\n
(1)
\n
14570336
100
\n
SDI (Luton) Limited
Shirebrook
\n
(1)
\n
14570159
100
\n
SDI (Manchester Denton) Limited
Shirebrook
\n
(1)
\n
9127295
100
\n
SDI (Market Road) Limited
Shirebrook
\n
(1)
\n
10799247
100
\n
SDI (Middlesbrough 2) Ltd.
Shirebrook
\n
(1)
\n
13808704
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI (Middlesbrough) Limited
Shirebrook
\n
(1)
\n
10081909
100
\n
SDI (Nassau Street) Limited
Shirebrook
\n
(1)
\n
11227964
100
\n
SDI (Neath) Limited
Shirebrook
\n
(1)
\n
7853548
100
\n
SDI (Newark) Limited
Shirebrook
\n
(1)
\n
7853470
100
\n
SDI (Newcastle) Limited
Shirebrook
\n
(1)
\n
9127286
100
\n
SDI (Newport IOW) Ltd
Shirebrook
\n
(1)
\n
12578944
100
\n
SDI (Newport) Limited
Shirebrook
\n
(1)
\n
8679118
100
\n
SDI (Newquay) Limited
Shirebrook
\n
(1)
\n
10089800
100
\n
SDI (Newton Abbot) Limited
Shirebrook
\n
(1)
\n
6836666
100
\n
SDI (Newtownabbey) Limited
Shirebrook
\n
(1)
\n
9127266
100
\n
SDI (NFSK) Limited
Shirebrook
\n
(1)
\n
10919102
100
\n
SDI (Northampton) Limited
Shirebrook
\n
(1)
\n
7852272
100
\n
SDI (Northwich) Limited
Shirebrook
\n
(1)
\n
5656295
100
\n
SDI (Nottingham) Limited
Shirebrook
\n
(1)
\n
10100609
100
\n
SDI (Nuneaton) Limited
Shirebrook
\n
(1)
\n
7852249
100
\n
Coventry Arena OpCo Limited
Shirebrook
\n
(1)
\n
14479916
100
\n
SDI (Oswestry) Limited
Shirebrook
\n
(1)
\n
7852363
100
\n
SDI (Oxford Street) Limited
Shirebrook
\n
(1)
\n
10046080
100
\n
SDI (Penzance) Limited
Shirebrook
\n
(1)
\n
7852297
100
\n
SDI (Peterlee) Limited
Shirebrook
\n
(1)
\n
7852401
100
\n
SDI (Plymouth Flannels) Limited
Shirebrook
\n
(1)
\n
9127387
100
\n
SDI (Plymouth) Limited
Shirebrook
\n
(1)
\n
9470468
100
\n
SDI (Portsmouth) Limited
Shirebrook
\n
(1)
\n
12579294
100
\n
SDI (Propco 100) Limited
Shirebrook
\n
(1)
\n
11732700
100
\n
SDI (Propco 101) Limited
Shirebrook
\n
(1)
\n
11773466
100
\n
SDI (Propco 105) Limited
Shirebrook
\n
(1)
\n
11775597
100
\n
SDI (Propco 107) Limited
Shirebrook
\n
(1)
\n
11775706
100
\n
SDI (Propco 111) Limited
Shirebrook
\n
(1)
\n
11775722
100
\n
SDI (Propco 114) Limited
Shirebrook
\n
(1)
\n
12298708
100
\n
SDI (Propco 115) Limited
Shirebrook
\n
(1)
\n
12300052
100
\n
SDI (Propco 117) Limited
Shirebrook
\n
(1)
\n
12332456
100
\n
SDI (Propco 118) Limited
Shirebrook
\n
(1)
\n
12332859
100
\n
SDI (Propco 119) Limited
Shirebrook
\n
(1)
\n
12332862
100
\n
SDI (Propco 125) Limited
Shirebrook
\n
(1)
\n
12577378
100
\n
SDI (Propco 134) Limited
Shirebrook
\n
(1)
\n
9625631
100
\n
SDI (Propco 139) Limited
Shirebrook
\n
(1)
\n
13808689
100
\n
SDI (Propco 141) Limited
Shirebrook
\n
(1)
\n
13808701
100
\n
SDI (PROPCO 144) LIMITED
Shirebrook
\n
(1)
\n
14156232
100
\n
SDI (PROPCO 148) LIMITED
Shirebrook
\n
(1)
\n
14156546
100
\n
Coventry Arena Propco Limited
Shirebrook
\n
(1)
\n
14156565
100
\n
SDI (Propco 151) Limited
Shirebrook
\n
(1)
\n
14469756
100
\n
SDI (Propco 152) Limited
Shirebrook
\n
(1)
\n
14469758
100
\n
Tessuti Stores Limited
Shirebrook
\n
(1)
\n
14469753
100
\n
SDI (Propco 154) Limited
Shirebrook
\n
(1)
\n
14469755
100
\n
SDI (Propco 155) Limited
Shirebrook
\n
(1)
\n
14456686
100
\n
SDI (Propco 156) Limited
Shirebrook
\n
(1)
\n
14634903
100
\n
SDI (Propco 157) Limited
Shirebrook
\n
(1)
\n
14634777
100
\n
SDI (Propco 158) Limited
Shirebrook
\n
(1)
\n
14634781
100
\n
SDI (Propco 159) Limited
Shirebrook
\n
(1)
\n
14634987
100
\n
SDI (Propco 160) Limited
Shirebrook
\n
(1)
\n
14634974
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI (Propco 37) Limited
Shirebrook
\n
(1)
\n
11523343
100
\n
SDI (Propco 38) Limited
Shirebrook
\n
(1)
\n
11523424
100
\n
SDI (Propco 40) Limited
Shirebrook
\n
(1)
\n
11523489
100
\n
SDI (Propco 41) Limited
Shirebrook
\n
(1)
\n
11523621
100
\n
SDI (Propco 43) Limited
Shirebrook
\n
(1)
\n
11523609
100
\n
SDI (Propco 46 ) Limited
Shirebrook
\n
(1)
\n
11523748
100
\n
SDI (Propco 47) Limited
Shirebrook
\n
(1)
\n
11530370
100
\n
SDI (Propco 49) Limited
Shirebrook
\n
(1)
\n
11526115
100
\n
SDI (Propco 50) Limited
Shirebrook
\n
(1)
\n
11526182
100
\n
SDI (Propco 51) Limited
Shirebrook
\n
(1)
\n
11527237
100
\n
SDI (Propco 52) Limited
Shirebrook
\n
(1)
\n
11526972
100
\n
SDI (Propco 55) Limited
Shirebrook
\n
(1)
\n
11527303
100
\n
SDI (Propco 56) Limited
Shirebrook
\n
(1)
\n
11527382
100
\n
SDI (Propco 57) Limited
Shirebrook
\n
(1)
\n
11527500
100
\n
SDI (Propco 60) Limited
Shirebrook
\n
(1)
\n
11531386
100
\n
SDI (Propco 62) Limited
Shirebrook
\n
(1)
\n
11531444
100
\n
SDI (Propco 65) Limited
Shirebrook
\n
(1)
\n
11531532
100
\n
SDI (Propco 70) Limited
Shirebrook
\n
(1)
\n
11572933
100
\n
SDI (Propco 71) Limited
Shirebrook
\n
(1)
\n
11574887
100
\n
SDI (Propco 75) Limited
Shirebrook
\n
(1)
\n
11577256
100
\n
SDI (Propco 76) Limited
Shirebrook
\n
(1)
\n
11577617
100
\n
SDI (Propco 77) Limited
Shirebrook
\n
(1)
\n
11578164
100
\n
SDI (Propco 80) Limited
Shirebrook
\n
(1)
\n
11577670
100
\n
SDI (Propco 81) Limited
Shirebrook
\n
(1)
\n
11641123
100
\n
SDI (Propco 83) Limited
Shirebrook
\n
(1)
\n
11646302
100
\n
SDI (Propco 86) Limited
Shirebrook
\n
(1)
\n
11649235
100
\n
SDI (Propco 87) Limited
Shirebrook
\n
(1)
\n
11649336
100
\n
SDI (Propco 88) Limited
Shirebrook
\n
(1)
\n
11674753
100
\n
SDI (Propco 90) Limited
Shirebrook
\n
(1)
\n
11649431
100
\n
SDI (Propco 91) Limited
Shirebrook
\n
(1)
\n
11687077
100
\n
SDI (Propco 93) Limited
Shirebrook
\n
(1)
\n
11730253
100
\n
SDI (Propco 96) Limited
Shirebrook
\n
(1)
\n
11730503
100
\n
SDI (Propco 99) Limited
Shirebrook
\n
(1)
\n
11732772
100
\n
SDI (Ramsgate) Limited
Shirebrook
\n
(1)
\n
7852250
100
\n
SDI (Reading) Limited
Shirebrook
\n
(1)
\n
10422164
100
\n
SDI (Redcar) Limited
Shirebrook
\n
(1)
\n
2731452
100
\n
Coventry Arena Retail Limited
Shirebrook
\n
(1)
\n
11689119
100
\n
SDI (Retail Co 14) Limited
Shirebrook
\n
(1)
\n
14492147
100
\n
SDI (Retail Co 15) Limited
Shirebrook
\n
(1)
\n
14492165
100
\n
SDI (Retail Co 16) Limited
Shirebrook
\n
(1)
\n
14492146
100
\n
SDI (Retail Co 17) Limited
Shirebrook
\n
(1)
\n
14492217
100
\n
SDI (Retail Co 18) Limited
Shirebrook
\n
(1)
\n
14492202
100
\n
SDI (Retail Co 4) Limited
Shirebrook
\n
(1)
\n
11635011
100
\n
SDI (Retail Co 8) Limited
Shirebrook
\n
(1)
\n
11687376
100
\n
SDI (Rolle St) Limited
Shirebrook
\n
(1)
\n
7852669
100
\n
SDI (Romford) Limited
Shirebrook
\n
(1)
\n
10071547
100
\n
SDI (Rotherham) Limited
Shirebrook
\n
(1)
\n
9888635
100
\n
SDI (Salisbury) Ltd
Shirebrook
\n
(1)
\n
10107572
100
\n
SDI (Scunthorpe Parishes Centre) Limited
Shirebrook
\n
(1)
\n
11730442
100
\n
SDI (Scunthorpe) Limited
Shirebrook
\n
(1)
\n
7852055
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI (Southampton 2) Limited
Shirebrook
\n
(1)
\n
9665889
100
\n
SDI (Southampton) Limited
Shirebrook
\n
(1)
\n
8512480
100
\n
SDI (St Austell) Limited
Shirebrook
\n
(1)
\n
7852284
100
\n
SDI (St Helens) Limited
Shirebrook
\n
(1)
\n
7852281
100
\n
SDI (Stafford Riverside) Limited
Shirebrook
\n
(1)
\n
8972499
100
\n
SDI (Stafford) Limited
Shirebrook
\n
(1)
\n
8568681
100
\n
SDI (Stockport) Limited
Shirebrook
\n
(1)
\n
6372181
100
\n
SDI (Stoke Longton) Limited
Shirebrook
\n
(1)
\n
7853877
100
\n
SDI (Stoke Newington) Limited
Shirebrook
\n
(1)
\n
7852207
100
\n
SDI (Strabane) Limited
Shirebrook
\n
(1)
\n
9890243
100
\n
SDI (Streatham) Limited
Shirebrook
\n
(1)
\n
10066335
100
\n
SDI (Strood) Limited
Shirebrook
\n
(1)
\n
7852251
100
\n
SDI (Sunderland) Limited
Shirebrook
\n
(1)
\n
8755347
100
\n
SDI (Sutton) Limited
Shirebrook
\n
(1)
\n
11228011
100
\n
SDI (Swindon) Limited
Shirebrook
\n
(1)
\n
9888662
100
\n
SDI (Taunton) Limited
Shirebrook
\n
(1)
\n
7852191
100
\n
SDI (The House Yarm) Limited
Shirebrook
\n
(1)
\n
12332871
100
\n
SDI (The Lion Hotel) Limited
Shirebrook
\n
(1)
\n
6836880
100
\n
SDI (Trowbridge) Limited
Shirebrook
\n
(1)
\n
12355661
100
\n
SDI (Uxbridge 2) Limited
Shirebrook
\n
(1)
\n
9127316
100
\n
SDI (Uxbridge) Limited
Shirebrook
\n
(1)
\n
10177276
100
\n
SDI (Wakefield) Limited
Shirebrook
\n
(1)
\n
8483711
100
\n
SDI (Walsall) Limited
Shirebrook
\n
(1)
\n
7852289
100
\n
SDI (Watford) Limited
Shirebrook
\n
(1)
\n
6328505
100
\n
SDI (Widnes) Limited
Shirebrook
\n
(1)
\n
8576472
100
\n
SDI (Wishaw) Limited
Shirebrook
\n
(1)
\n
6656365
100
\n
SDI (Wrexham) Limited
Shirebrook
\n
(1)
\n
10915200
100
\n
SDI (Wythenshawe) Limited
Shirebrook
\n
(1)
\n
9659156
100
\n
SDI (York) Limited
Shirebrook
\n
(1)
\n
11331391
100
\n
SDI 2300 COLLINS LLC
\n
Corporation Trust Centre, 1209 Orange Street, Wilming-ton, New
\n
Castle, 19801
\n
6870031
100
\n
SDI 735 COLLINS LLC
\n
Corporation Trust Centre, 1209 Orange Street, Wilming-ton, New
\n
Castle, 19801
\n
6870028
100
\n
SDI Aviation Limited*
Shirebrook
\n
(1)
\n
9633152
100
\n
SDI Brands 10 Limited
Shirebrook
\n
(1)
\n
14553954
100
\n
SDI Brands 5 Limited
Shirebrook
\n
(1)
\n
14532468
100
\n
SDI Brands 6 Limited
Shirebrook
\n
(1)
\n
14553581
100
\n
SDI Brands 7 Limited
Shirebrook
\n
(1)
\n
14553947
100
\n
SDI Brands 8 Limited
Shirebrook
\n
(1)
\n
14553950
100
\n
SDI Brands 9 Limited
Shirebrook
\n
(1)
\n
14553881
100
\n
SDI (Chester) Limited
Shirebrook
\n
(1)
\n
14635087
100
\n
SDI CORRIB SHOPPING CENTRE LIM-ITED
\n
HEATON HOUSE , IDA BUSINESS PARK, WHITESTOWN,
\n
TALLAGHT, DUBLIN 24, Ireland
\n
715322
100
\n
SDI (Covent Garden) Limited
Shirebrook
\n
(1)
\n
14634874
100
\n
SDI Fitness (Bury St Edmunds) Limited
Shirebrook
\n
(1)
\n
9038949
100
\n
SDI Fitness (Colchester) Limited
Shirebrook
\n
(1)
\n
9039011
100
\n
SDI Fitness (DW) Limited
Shirebrook
\n
(1)
\n
12298794
100
\n
SDI Fitness (Hove) Limited
Shirebrook
\n
(1)
\n
9039030
100
\n
SDI Fitness (Huntingdon) Limited
Shirebrook
\n
(1)
\n
9039881
100
\n
SDI Fitness (NI 1) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI672034
100
\n
SDI Fitness (NI 2) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI672033
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI Fitness (NI 3) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI672035
100
\n
SDI Fitness (NI 4) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI672885
100
\n
SDI Fitness (NI 5) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI672884
100
\n
SDI Fitness (Northfield) Limited
Shirebrook
\n
(1)
\n
9039412
100
\n
SDI Fitness (Sale) Limited
Shirebrook
\n
(1)
\n
9039405
100
\n
SDI Fitness 1 Limited
Shirebrook
\n
(1)
\n
12371923
100
\n
SDI Fitness 10 Limited
Shirebrook
\n
(1)
\n
12372368
100
\n
SDI Fitness 11 Limited
Shirebrook
\n
(1)
\n
12820382
100
\n
SDI Fitness 12 Limited
Shirebrook
\n
(1)
\n
12821058
100
\n
SDI Fitness 13 Limited
Shirebrook
\n
(1)
\n
12820585
100
\n
SDI Fitness 14 Limited
Shirebrook
\n
(1)
\n
12820516
100
\n
SDI Fitness 15 Limited
Shirebrook
\n
(1)
\n
12822245
100
\n
SDI Fitness 16 Limited
Shirebrook
\n
(1)
\n
12822564
100
\n
SDI Fitness 17 Limited
Shirebrook
\n
(1)
\n
12822692
100
\n
SDI Fitness 18 Limited
Shirebrook
\n
(1)
\n
12822794
100
\n
SDI Fitness 19 Limited
Shirebrook
\n
(1)
\n
12822856
100
\n
SDI Fitness 2 Limited
Shirebrook
\n
(1)
\n
12372165
100
\n
SDI Fitness 20 Limited
Shirebrook
\n
(1)
\n
12823728
100
\n
SDI Fitness 21 Limited
Shirebrook
\n
(1)
\n
12823572
100
\n
SDI Fitness 22 Limited
Shirebrook
\n
(1)
\n
12823510
100
\n
SDI Fitness 23 Limited
Shirebrook
\n
(1)
\n
12823786
100
\n
SDI Fitness 24 Limited
Shirebrook
\n
(1)
\n
12823986
100
\n
SDI Fitness 25 Limited
Shirebrook
\n
(1)
\n
12823926
100
\n
SDI Fitness 26 Limited
Shirebrook
\n
(1)
\n
12825248
100
\n
SDI Fitness 27 Limited
Shirebrook
\n
(1)
\n
12830411
100
\n
SDI Fitness 28 Limited
Shirebrook
\n
(1)
\n
12825356
100
\n
SDI Fitness 29 Limited
Shirebrook
\n
(1)
\n
12825569
100
\n
SDI Fitness 3 Limited
Shirebrook
\n
(1)
\n
12372169
100
\n
SDI Fitness 30 Limited
Shirebrook
\n
(1)
\n
12825721
100
\n
SDI Fitness 31 Limited
Shirebrook
\n
(1)
\n
12930743
100
\n
SDI Fitness 32 Limited
Shirebrook
\n
(1)
\n
12930838
100
\n
SDI Fitness 33 Limited
Shirebrook
\n
(1)
\n
12930826
100
\n
SDI Fitness 34 Limited
Shirebrook
\n
(1)
\n
12930829
100
\n
SDI Fitness 35 Limited
Shirebrook
\n
(1)
\n
12930938
100
\n
SDI Fitness 36 Limited
Shirebrook
\n
(1)
\n
12930954
100
\n
SDI Fitness 37 Limited
Shirebrook
\n
(1)
\n
12930944
100
\n
SDI Fitness 38 Limited
Shirebrook
\n
(1)
\n
9038724
100
\n
SDI Fitness 39 Limited
Shirebrook
\n
(1)
\n
9038768
100
\n
SDI Fitness 40 Limited
Shirebrook
\n
(1)
\n
9038881
100
\n
SDI Fitness 41 Limited
Shirebrook
\n
(1)
\n
9038839
100
\n
SDI Fitness 42 Limited
Shirebrook
\n
(1)
\n
9038943
100
\n
SDI Fitness 43 Limited
Shirebrook
\n
(1)
\n
9039023
100
\n
SDI Fitness 44 Limited
Shirebrook
\n
(1)
\n
9039343
100
\n
SDI Fitness 45 Limited
Shirebrook
\n
(1)
\n
9039481
100
\n
SDI Fitness 46 Limited
Shirebrook
\n
(1)
\n
13030435
100
\n
SDI Fitness 47 Limited
Shirebrook
\n
(1)
\n
13030364
100
\n
SDI Fitness 48 Limited
Shirebrook
\n
(1)
\n
13030107
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI Fitness 49 Limited
Shirebrook
\n
(1)
\n
13030173
100
\n
SDI Fitness 5 Limited
Shirebrook
\n
(1)
\n
12372199
100
\n
SDI Fitness 50 Limited
Shirebrook
\n
(1)
\n
13030175
100
\n
SDI Fitness 6 Limited
Shirebrook
\n
(1)
\n
12372224
100
\n
SDI Fitness 7 Limited
Shirebrook
\n
(1)
\n
12372218
100
\n
SDI Fitness 8 Limited
Shirebrook
\n
(1)
\n
12372305
100
\n
SDI Fitness 9 Limited
Shirebrook
\n
(1)
\n
12372303
100
\n
SDI Four Limited
Shirebrook
\n
(1)
\n
9719779
100
\n
SDI Holdings USA, Inc
1209 Orange Street, Wilmington Newcastle County, Del-aware
\n
6641201
100
\n
SDI Lifestyle Limited
Shirebrook
\n
(1)
\n
8293614
100
\n
SDI Malta Holdco Limited
\n
Level 1, LM Complex, Brewery Street , Zone 3 Central Business
\n
District , Birkirkara, CBD3040, Malta
\n
C 102352
100
\n
SDI Properties (USA) Inc.
1209 Orange Street, Wilmington Newcastle County, Del-aware
\n
535872
100
\n
SDI Property (Bitburg) B.V.
\n
Van Konijnenburgweg 45,, 4672PL , Bergen op Zoom,
\n
Netherlands
\n
82495807
100
\n
SDI Property (Europe) BV
Van Konijnenburgweg 45, 4612PL , Bergen op Zoom, Netherlands
\n
69042594
100
\n
SDI Property (Evans Cycles) Limited
Shirebrook
\n
(1)
\n
11646219
100
\n
SDI Property Limited*
Shirebrook
\n
(1)
\n
2767493
100
\n
SDI Property US Inc
\n
Corporation Trust Centre, 1209 Orange Street, Wilming-ton, New
\n
Castle, 19801
\n
6870024
100
\n
SDI Property US Limited
Shirebrook
\n
(1)
\n
11323420
100
\n
SDI Retail Services Limited
Shirebrook
\n
(1)
\n
8143303
100
\n
SDI Sport London Limited
Shirebrook
\n
(1)
\n
9848767
100
\n
SDI Sports (Stoke) Limited
Shirebrook
\n
(1)
\n
10163722
100
\n
SDI Sports Group Americas, LLC
\n
Corporation Trust Centre, 1209 Orange Street, Wilming-ton, New
\n
Castle, 19801
\n
2047393
100
\n
SDI Ventures LLC
1209 Orange Street, Wilmington Newcastle County, Del-aware
\n
6870023
100
\n
SDI.com Fitness Parent Limited*
Shirebrook
\n
(1)
\n
9082454
100
\n
SDIL S.A.
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
810.198.636
100
\n
SIA SIG Logistics
A. Deglava, str 50, Riga, LV-1035, Latvia
\n
40203110076
60
\n
SIA Sportland
A Degalava str . 50, Riga, LV-1035, Latvia
\n
40003530961
60
\n
SIA Sportsdirect.com
A. Deglava, str 50, Riga, LV-1035, Latvia
\n
40103932873
60
\n
Sienna Dining Limited
Shirebrook
\n
(1)
\n
13629737
100
\n
Ski and Outdoor Warehouse Limited
Shirebrook
\n
(1)
\n
2917223
100
\n
Skins IP Limited
Shirebrook
\n
(1)
\n
12168568
100
\n
Slazenger Carlton (Holdings) Limited
Shirebrook
\n
(1)
\n
10463051
100
\n
Slazengers Australia Limited
Shirebrook
\n
(1)
\n
9217319
100
\n
Slazengers Limited
Shirebrook
\n
(1)
\n
116000
100
\n
Smith And Brooks Group Limited
Shirebrook
\n
(1)
\n
4079331
100
\n
Smith And Brooks Holdings Limited
Shirebrook
\n
(1)
\n
4983573
100
\n
SNO Sport Vertriebs GmbH
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
272671m
100
\n
Sofa.com Bidco Limited
Shirebrook
\n
(1)
\n
9341955
100
\n
Sofa.com BV
Flaas 4 V 6, Den Dungen, 5275HH, Netherlands
\n
17196766
100
\n
Sofa.com Ltd
Shirebrook
\n
(1)
\n
5222498
100
\n
Sondico IP Limited
Shirebrook
\n
(1)
\n
6546121
100
\n
Sport Eybl & Sports Experts Logistikbetriebs
\n
GmbH
\n
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
FN 96024 m
100
\n
Sport Eybl Holding GmbH
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
188095 x
100
\n
Sportland Eesti AS
Parnu mnt 139c, Kesklinna, Tallinn, 11317, Estonia
\n
10677712
60
\n
Sportmaster Danmark ApS
Baltorpbakken 5, 2750 Ballerup, Denmark
\n
34479526
100
\n
Sports Direct (Singapore) Pte.Ltd
6 Eu Tong Sen Street, #11-09, The Central, 059817, Sin-gapore
\n
202004542Z
51
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
Sports Direct Holdings Limited*
Shirebrook
\n
(1)
\n
6464317
100
\n
Sports Direct International Holdings Limited*
Shirebrook
\n
(1)
\n
6027131
100
\n
Sports Direct International Limited
Shirebrook
\n
(1)
\n
11775757
100
\n
SPORTS DIRECT MALAYSIA SDN. BHD.
\n
LEVEL 15-2, BANGUNAN FABER IMPERIAL COURT, JALAN
\n
SULTAN ISMAIL, 50250 WILAYAH PERSEKUTUAN,
\n
KUALA LUMPUR, Malaysia
\n
925166-M
51
\n
Sports Direct Spain S.L.U
\n
Centro Comercial Puerto Venecia, Local 84, Traves\u00eda de los
\n
Jardines Reales n\u00ba 7, 50021, Zaragoza , Spain
\n
B-86567880
100
\n
Sports World International Limited
Shirebrook
\n
(1)
\n
6531266
100
\n
Sports World the Netherlands B.V.
Van Konijenburgweg 45, 4612 PL Bergen op zoom, Netherlands
\n
34056291
100
\n
SportsDirect (Iceland) ehf
Skogarlind 2, 201, Kopavogur, Iceland
\n
6301121760
100
\n
Sportsdirect.com (Asia) Limited
\n
Unit 1903B & 1905, Exchange Tower,, 33 Wang Chiu Road,
\n
Kowloon Bay, Kowloon, Hong Kong
\n
1216339
100
\n
Sportsdirect.com (Shanghai) Limited
\n
Room 315, 3rd Floor Building 2, No 239 Gang'ao Road, China
\n
(Shanghai) Pilot Free Zone, Shanghai, China
\n
93110115MA1k463A6B
95
\n
Sportsdirect.com Austria GmbH
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
309738 y
100
\n
Sportsdirect.com Belgium SA
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
416,268,471
100
\n
Sportsdirect.com China Pte Limited
\n
C25, 3rd Floor, ASEAN Building, 690 Minzhi Avenue, Xin-niu
\n
Community, Minzhi Street, Longhua District, Shen-zhen, China
\n
91440300579987503D
95
\n
Sportsdirect.com Cyprus Limited
Miltiades Stylianou 34B, Shop 2, 8577 Tala, Paphos, Cy-prus
\n
HE 230340
100
\n
Sportsdirect.com Czech Republic s.r.o.
\n
Prague 1 - Nove Mesto, Na Porici 1079/3a, 100 00,
\n
Czech Republic
\n
24268933
100
\n
Sportsdirect.com Fitness Limited
Shirebrook
\n
(1)
\n
9028577
100
\n
Sportsdirect.com France
Zac des Copistes, Boulevard du Havre, 95220, Herblay, France
\n
379 062 813 R.C.S.
\n
Pontoise
\n
100
\n
Sportsdirect.com Hungary Korl\u00e1tolt
\n
Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
\n
H-1053 Budapest, Karolyi Mihaly utca 12, Hungary
\n
01-09-19366
100
\n
Sportsdirect.com Immobilien GmbH
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
104151 p
100
\n
Sportsdirect.com Malta Limited
\n
Level 1, LM Complex, Brewery Street, Zone 3 Central Business
\n
District, Birkirkara CBD , 3040, Malta
\n
C99278
100
\n
Sportsdirect.com OU
Parnu mnt 139c, Kesklinna, Tallinn, 11318, Estonia
\n
1285837
60
\n
Sportsdirect.com Poland S.P. Z.o.o.
ul. Skladowa 5, 61-897, Pozna\u0144, Poland
\n
452610
100
\n
Sportsdirect.com PTY
\n
c/o Norton Rose Fulbright, Level 6, 60 Martin Place, Syd-ney
\n
NSW 2000, Australia
\n
84 603 187 319
100
\n
Sportsdirect.com Retail (Europe) SA*
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
458883046
100
\n
Sportsdirect.com Retail Limited*
Shirebrook
\n
(1)
\n
3406347
100
\n
Sportsdirect.com Slovakia s.r.o.
Vysoka 2/B, 81106, Bratislava, Slovakia
\n
47 240 458
100
\n
Sportsdirect.com Switzerland A.G.
Zeughausgasse 27, 3011 Bern, Switzerland
\n
CHE-331.683.991
100
\n
Sportsdirect.com Vienna North GmbH
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
FN 104486g
100
\n
Sportsdirect.com (Taiwan) Limited
17F.-5, No.500, Shizheng Rd., , Xitun District, 40757, Taiwan
\n
82778619
95
\n
Sportsdirect.comSLVN d.o.o.
Planjava 4, 1236 Trzin, Slovenia
\n
1.198.157.000
100
\n
SSG Sport GmbH
Vornholzstr. 48, , 94036, Passau, Germany
\n
HRB 7134
100
\n
Sterling Resources (Holdings) Limited
Shirebrook
\n
(1)
\n
4651701
100
\n
Stirlings (Argyle Street) Limited
\n
Martin House, 184 Ingram Street, Glasgow, G1 1DN, United
\n
Kingdom
\n
SC088108
100
\n
Straub Corporation Limited
Shirebrook
\n
(1)
\n
3003584
100
\n
Studio Retail Trading Limited
Church Bridge House, Henry Street, Accrington, BB5 4EE
\n
3994833
100
\n
Studio Retail Financial Services Lim-ited
Shirebrook
\n
(1)
\n
14156254
100
\n
Studio Retail Holdings Limited
Shirebrook
\n
(1)
\n
14134781
100
\n
Studio Retail Limited*
Church Bridge House, Henry Street, Accrington, BB5 4EE
\n
718151
100
\n
Studio Retail Properties Limited
Church Bridge House, Henry Street, Accrington, BB5 4EE
\n
14428143
100
\n
SDI (Propco 146) Limited
Shirebrook
\n
(1)
\n
14156309
100
\n
Suplay Investments S.L
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88542691
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SWimmo Eupen SPRL
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
878.673.906
100
\n
Table Tennis Pro Europe Ltd
Shirebrook
\n
(1)
\n
5003853
100
\n
Tessuti Group Limited
Shirebrook
\n
(1)
\n
8008909
100
\n
Tessuti Limited
Shirebrook
\n
(1)
\n
5640916
100
\n
Tessuti Retail Limited
Shirebrook
\n
(1)
\n
7312882
100
\n
Tessuti (Ireland) Limited
\n
HEATON HOUSE, IDA BUSINESS PARK, WHITESTOWN,
\n
TALLAGHT, DUBLIN 24, IRELAND
\n
726070
100
\n
The Antigua Group Inc
Incorp Services INC, 3773 Howard Hughes PKWY STE 500S
\n
NV19941063957
100
\n
THE FLANNELS GROUP (ROI) LIMITED
\n
Heaton House, IDA Business Park, Whitestown, Tallaght, Dublin,
\n
Ireland, D24E932, Ireland
\n
707468
100
\n
The Flannels Group Limited
Shirebrook
\n
(1)
\n
2318510
100
\n
The Watch Shop Holdings Limited
Shirebrook
\n
(1)
\n
11640948
100
\n
Topgrade Sportswear Holdings Lim-ited
Shirebrook
\n
(1)
\n
06330487
100
\n
Topgrade Sportswear Limited
Shirebrook
\n
(1)
\n
03139070
100
\n
UAB SDI (Gedimino) LT
Vilniaus m. sav. , Vilniaus m. S, Seimyniskkiu g. 3/, Lithuania
\n
304584281
100
\n
UAB Sportland
Seimyniskiu g. 3, Vilnius, LT-09312, Lithuania
\n
135039836
51
\n
UAB Sportsdirect.com
Seimyniskiu g.3, Vilnius, LT-09312, Lithuania
\n
304155613
60
\n
Uggbugg Fashion Limited
Shirebrook
\n
(1)
\n
8918157
100
\n
Universal Cycles Limited
Shirebrook
\n
(1)
\n
1339667
100
\n
USA Pro IP Limited
Shirebrook
\n
(1)
\n
6497914
100
\n
USC IP Limited
Shirebrook
\n
(1)
\n
6836808
100
\n
Van Mildert (Lifestyle) Limited
Shirebrook
\n
(1)
\n
8319959
100
\n
Voodoo Dolls Brand Limited
Shirebrook
\n
(1)
\n
5323305
100
\n
Wareshop2 Limited
Shirebrook
\n
(1)
\n
9870840
100
\n
Waterline Angling Products Limited
Shirebrook
\n
(1)
\n
2696374
100
\n
West Coast Capital (HOFCO) Limited
\n
Martin House, 184 Ingram Street, Glasgow, Scotland, G1 1DN,
\n
United Kingdom
\n
SC437614
100
\n
Westminster Manufacturing LLC
2 Office Park Court, Suite 103, Columbia, SC 29233, USA
\n
44358
100
\n
WHCO Limited
Shirebrook
\n
(1)
\n
13376181
100
\n
Woodlandslovelimited
Shirebrook
\n
(1)
\n
11940353
100
\n
Yeomans Outdoors Limited
Shirebrook
\n
(1)
\n
8058714
100
\n
Zaparoh Sp. z.o.o
\n
ul. \u017bERNICKA, No. 22, office, place ROBAKOWO, CODE 62-02,
\n
Poland
\n
KRS 0000459435
100
\n
Warrnambool *
\n
Heaton House , IDA Business Park, Whitestown, Tallaght, Dublin
\n
24, Ireland
\n
387014
100
\n
Waterline Angling Products Limited
Shirebrook
\n
(1)
\n
2696374
100
\n
West Coast Capital (HOFCO) Limited
15 Atholl Crescent, Edinburgh, EH3 8HA
\n
SC437614
100
\n
Westminster Manufacturing LLC
2 Office Park Court , Suite 103, Coumbia SC 29233 USA
\n
44358
100
\n
Yeomans Outdoors Limited
Shirebrook
\n
(1)
\n
8058714
100
\n
Yubel International Trade Co Limited
Room 5C, No561 Ouyang Road, Hongkou District, Shanghai
\n
91310000MA1G5FKRX1
100
\n
Zaparoh SPz.o.o
ul. \u017bernicka 22, Robakowo, 62-023 G\u0105dki, Poland
\n
KRS 0000459435
100
\n
(1)
Unit A, Brook Park East, Shirebrook, NG20 8RY
\n
(2)
Unity House, Telford Road, Basingstoke, Hampshire, RG21 6YJ
\n
*
Direct shareholdings held by Frasers Group Plc
\n
\n
Frasers Group Plc intends to provide a parental guarantee for the following United Kingdom incorporated subsidiaries
\n
thus entitling them to exemption from statutory audit under section 479A of the Companies Act 2006.
\n
COMPANY NAME
COMPANY NUMBER
COMPANY NAME
COMPANY NUMBER
\n
Hot Tuna IP Limited
\n
6836792
SDI (Liverpool) Limited
9888734
\n
SD Equestrian Limited
\n
8692780
SDI (Lowestoft) Limited
7852265
\n
SD Outdoor Limited
\n
8560260
SDI (Manchester Denton) Limited
9127295
\n
SDI (Aberdeen) Limited
\n
8512592
SDI (Market Road) Limited
10799247
\n
SDI (Aberwystwyth) Limited
\n
2789996
SDI (Middlesbrough) Limited
10081909
\n
SDI (Ashford) Limited
\n
7848460
SDI (Nassau Street) Limited
11227964
\n
SDI (Ashington) Limited
\n
7849231
SDI (Neath) Limited
7853548
\n
SDI (Ayr) Limited
\n
5528267
SDI (Newark) Limited
7853470
\n
SDI (Belfast) Limited
\n
9872471
SDI (Newcastle) Limited
9127286
\n
SDI (Berwick) Limited
\n
2739957
SDI (Newport) Limited
8679118
\n
SDI (Birkenhead) Limited
\n
7849198
SDI (Newquay) Limited
10089800
\n
SDI (Bishop Auckland) Limited
\n
3004246
SDI (Newton Abbot) Limited
6836666
\n
SDI (Boucher Road) Limited
\n
13808700
SDI (Northampton) Limited
7852272
\n
SDI (Bridgwater) Limited
\n
7852061
SDI (Northwich) Limited
5656295
\n
SDI (Brighton) Limited
\n
12579780
SDI (Nottingham) Limited
10100609
\n
SDI (Brixton) Limited
\n
9127300
SDI (Nuneaton) Limited
7852249
\n
SDI (Burton) Limited
\n
8495632
SDI (Oswestry) Limited
7852363
\n
SDI (Cardiff Flannels) Limited
\n
10177359
SDI (Oxford Street) Limited
10046080
\n
SDI (Cardiff QS) Limited
\n
12578045
SDI (Penzance) Limited
7852297
\n
SDI (Cardiff QS 2) Limited
\n
11227321
SDI (Peterlee) Limited
7852401
\n
SDI (Carlisle) Limited
\n
7851959
SDI (Plymouth Flannels) Limited
9127387
\n
SDI (Chatham) Limited
\n
6836679
SDI (Plymouth) Limited
9470468
\n
SDI (Cheshunt 2) Limited
\n
11775717
SDI (Portsmouth) Limited
12579294
\n
SDI (Cheshunt) Limited
\n
11775599
SDI (Propco 75) Limited
11577256
\n
SDI (Clacton) Limited
\n
7852078
SDI (Propco 119) Limited
12332862
\n
SDI (Colchester) Limited
\n
5632790
SDI (Propco 141) Limited
13808701
\n
SDI (Corby) Limited
\n
10885672
SDI (Ramsgate) Limited
7852250
\n
SDI (Cork) Limited
\n
11775763
SDI (Reading) Limited
10422164
\n
SDI (Coventry) Limited
\n
9680128
SDI (Redcar) Limited
2731452
\n
SDI (Darlington) Limited
\n
10915193
SDI (Rolle St) Limited
7852669
\n
SDI (Derby) Limited
\n
9310031
SDI (Romford) Limited
10071547
\n
SDI (Derry) Limited
\n
NI653340
SDI (Salisbury) Limited
10107572
\n
SDI (Doncaster) Limited
\n
9888670
SDI (Scunthorpe) Limited
7852055
\n
SDI (Dundee) Limited
\n
9702004
SDI (Scunthorpe Parishes Centre) Limited
11730442
\n
SDI (Dunfermline) Limited
\n
8483679
SDI (Southampton 2) Limited
9665889
\n
SDI (East Ham) Limited
\n
9810378
SDI (Southampton) Limited
8512480
\n
SDI (East Kilbride) Limited
\n
6656368
SDI (St Austell) Limited
7852284
\n
SDI (Edinburgh) Limited
\n
10100990
SDI (St Helens) Limited
7852281
\n
SDI (Enfield) Limited
\n
10086209
SDI (Stafford) Limited
8568681
\n
SDI (Fulham) Limited
\n
7852037
SDI (Stafford Riverside) Limited
8972499
\n
SDI (Gainsborough) Limited
\n
6338907
SDI (Stockport) Limited
6372181
\n
SDI (Galashiels) Limited
\n
7852091
SDI (Stoke Longton) Limited
7853877
\n
SDI (Glasgow Argyle St) Limited
\n
11227937
SDI (Stoke Newington) Limited
7852207
\n
SDI (Glasgow Frasers) Limited
\n
11531596
SDI (Strabane) Limited
9890243
\n
SDI (Glasgow Ingram Street) Limited
\n
9925519
SDI (Streatham) Limited
10066335
\n
SDI (Gloucester) Limited
\n
7852067
SDI (Strood) Limited
7852251
\n
SDI (Great Yarmouth) Limited
\n
11732687
SDI (Sunderland) Limited
8755347
\n
SDI (Hanley) Limited
\n
11228017
SDI (Sutton) Limited
11228011
\n
SDI (Hastings) Limited
\n
8625893
SDI (Swindon) Limited
9888662
\n
SDI (Hereford) Limited
\n
9888642
SDI (Taunton) Limited
7852191
\n
SDI (Hoh Holdings) Limited
\n
10161592
SDI (The House Yarm) Limited
12332871
\n
SDI (Hounslow) Limited
\n
10086218
SDI (Trowbridge) Limited
12355661
\n
SDI (Hull) Limited
\n
9638564
SDI (Uxbridge 2) Limited
9127316
\n
SDI (Ipswich) Limited
\n
9788411
SDI (Uxbridge) Limited
10177276
\n
SDI (Ipswich 2) Limited
\n
12578948
SDI (Wakefield) Limited
8483711
\n
SDI (Isle Of Man) Limited
\n
9901745
SDI (Walsall) Limited
7852289
\n
SDI (K Lynn) Limited
\n
10073076
SDI (Watford) Limited
6328505
\n
SDI (Keighley) Limited
\n
6260239
SDI (Widnes) Limited
8576472
\n
SDI (Kendal) Limited
\n
6338918
SDI (Wishaw) Limited
6656365
\n
SDI (Kentish Town) Limited
\n
9901702
SDI (Wrexham) Limited
10915200
\n
SDI (Kilmarnock) Limited
\n
7853433
SDI (Wythenshawe) Limited
9659156
\n
SDI (Kingston) Limited
\n
10915209
SDI (York) Limited
11331391
\n
SDI (Kirkcaldy) Limited
\n
7852097
SDI Four Limited
9719779
\n
SDI (Leeds) Limited
\n
9293515
SDI Property Limited
2767493
\n
SDI (Leicester) Limited
\n
9127170
SDI Sport London Limited
9848767
\n
Stirlings (Argyle Street) Limited
SC088108", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14016": { "value": "Frasers Group Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14017": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14019": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14020": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14021": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14027": { "value": "Unit A, Brook Park East, Shirebrook, NG20 8RY", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14030": { "value": "The principal activities and
structure of the Group can be found in the Directors\u2019
\nReport and the \u2018Our Business\u2019 section.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14036": { "value": "Basis of Preparation
The consolidated Financial Statements have been
\n
prepared in accordance with International Accounting
\n
Standards in conformity with the requirements of
\n
the Companies Act 2006 and in accordance with
\n
international financial reporting standards adopted by
\n
the UK Endorsement Board. The consolidated Financial
\n
Statements have been prepared under the historical
\n
cost convention, as modified to include fair valuation of
\n
certain financial assets, derivative financial instruments
\n
and non-controlling interests.
\n
The accounting policies set out below have been applied
\n
consistently to all periods in these Financial Statements
\n
and have been applied consistently by all Group entities.
\n
The financial statements are prepared in sterling, which
\n
is the functional currency of the Group. The numbers
\n
presented in the Financial Statements have been
\nrounded to the nearest million, unless otherwise stated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14057": { "value": "Going Concern
The Group\u2019s business activities, together with the factors
\n
likely to affect its future development, performance and
\n
position are set out in the Chief Executive\u2019s Report and
\n
Business Review.
\n
The financial position of the Group, its cash flows,
\n
liquidity position and borrowing facilities are described
\n
in the Financial Review. In addition, the financial
\n
statements include the Group\u2019s objectives, policies
\n
and processes for managing its capital, its financial
\n
risk management objectives, details of its financial
\n
instruments and hedging activities, and its exposures to
\n
credit risk and liquidity risk.
\n
The Group is profitable, highly cash generative and
\n
has considerable financial resources. The Group is able
\n
to operate within its banking facilities and covenants,
\n
which run until November 2025 with a one year option
\n
to extend, and is well placed to take advantage of
\n
strategic opportunities as they arise. As a consequence,
\n
the Directors believe that the Group is well placed
\n
to manage its business risks successfully despite the
\n
continued uncertain economic outlook.
\n
Management have assessed the level of trading and
\n
have forecast and projected a conservative base case
\n
and also a number of even more conservative scenarios,
\n
including taking into account the Group\u2019s open positions
\n
in relation to strategic investment options. These
\n
forecasts and projections show that the Group will be
\n
able to operate within the level of the current facility and
\n
its covenant requirements (being interest cover and net
\n
debt to EBITDA ratios). Management also has a number
\n
of mitigating actions which could be taken if required
\n
such as selling strategic investments at a discount
\n
to the market price if a significant share price fall
\n
occurred, reducing capital expenditure, putting on hold
\n
discretionary spend, liquidating certain assets on the
\n
Balance Sheet and paying down the Group Financing
\n
Facility. See the Viability Statement for further details.
\n
Having thoroughly reviewed the performance of the
\n
Group and Parent Company and having made suitable
\n
enquiries, the Directors are confident that the Group
\n
and Parent Company have adequate resources to
\n
remain in operational existence for the foreseeable
\n
future which is at least 12 months from the date of
\n
these financial statements. Trading would need to fall
\n
significantly below levels observed during the COVID-19
\n
pandemic to require mitigating actions or a relaxation
\n
of covenants. On this basis, the Directors continue to
\n
adopt the going concern basis for the preparation of
\n
the Annual Report and financial statements which is a
\n
period of at least 12 months from the date of approval
\nof these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14126": { "value": "Basis of Consolidation
The consolidated Financial Statements incorporate
\n
the financial statements of the Company and entities
\n
controlled by the Company (its subsidiaries) each year.
\n
Control is achieved when the Company:
\n
\u2022
has the power over the investee;
\n
\u2022
is exposed, or has rights, to variable returns from its
\n
involvement with the investee; and
\n
\u2022
has the ability to use its power to affect its returns.
\n
The Company reassesses whether or not it controls an
\n
investee if facts and circumstances indicate that there
\n
are changes to one or more of the three elements of
\n
control listed above.
\n
When the Company has less than a majority of the
\n
voting rights of an investee, it considers that it has power
\n
over the investee when the voting rights are sufficient to
\n
give it the practical ability to direct the relevant activities
\n
of the investee unilaterally. The Company considers all
\n
relevant facts and circumstances in assessing whether
\n
or not the Company\u2019s voting rights in an investee are
\n
sufficient to give it power, including:
\n
\u2022
the size of the Company\u2019s holding of voting rights
\n
relative to the size and dispersion of holdings of the
\n
other vote holders;
\n
\u2022
potential voting rights held by the Company, other
\n
vote holders or other parties;
\n
\u2022
rights arising from other contractual arrangements;
\n
and
\n
\u2022
any additional facts and circumstances that
\n
indicate that the Company has, or does not have,
\n
the current ability to direct the relevant activities at
\n
the time that decisions need to be made, including
\n
voting patterns at previous shareholders\u2019 meetings.
\n
Consolidation of a subsidiary begins when the Company
\n
obtains control over the subsidiary and ceases when the
\n
Company loses control of the subsidiary. Specifically, the
\n
results of subsidiaries acquired or disposed of during
\n
the year are included in profit or loss from the date
\n
the Company gains control until the date when the
\n
Company ceases to control the subsidiary.
\n
Where necessary, adjustments are made to the financial
\n
statements of subsidiaries to bring the accounting
\n
policies used into line with the Group\u2019s accounting
\n
policies.
\n
All intragroup assets and liabilities, equity, income,
\n
expenses and cash flows relating to transactions
\n
between the members of the Group are eliminated on
\n
consolidation.
\n
Non-controlling interests in subsidiaries are identified
\n
separately from the Group\u2019s equity therein. Those
\n
interests of non-controlling shareholders that are
\n
present ownership interests entitling their holders to
\n
a proportionate share of net assets upon liquidation
\n
may initially be measured at fair value or at the
\n
non-controlling interests\u2019 proportionate share of the
\n
fair value of the acquiree\u2019s identifiable net assets. The
\n
choice of measurement is made on an acquisition-
\n
by-acquisition basis. Other non-controlling interests
\n
are initially measured at fair value. Subsequent to
\n
acquisition, the carrying amount of non-controlling
\n
interests is the amount of those interests at initial
\n
recognition plus the non-controlling interests\u2019 share of
\n
subsequent changes in equity.
\n
Profit or loss and each component of other
\n
comprehensive income are attributed to the owners
\n
of the Company and to the non-controlling interests.
\n
Total comprehensive income of the subsidiaries is
\n
attributed to the owners of the Company and to the
\n
non-controlling interests even if this results in the
\n
non-controlling interests having a deficit balance.
\n
Changes in the Group\u2019s interests in subsidiaries that
\n
do not result in a loss of control are accounted for as
\n
equity transactions. The carrying amount of the Group\u2019s
\n
interests and the non-controlling interests are adjusted
\n
to reflect the changes in their relative interests in the
\n
subsidiaries. Any difference between the amount by
\n
which the non-controlling interests are adjusted and
\n
the fair value of the consideration paid or received
\n
is recognised directly in equity and attributed to the
\n
owners of the Company.
\n
When the Group loses control of a subsidiary, the gain or
\n
loss on disposal recognised in profit or loss is calculated
\n
as the difference between (i) the aggregate of the fair
\n
value of the consideration received and the fair value
\n
of any retained interest and (ii) the previous carrying
\n
amount of the assets (including goodwill), less liabilities
\n
of the subsidiary and any non-controlling interests. All
\n
amounts previously recognised in other comprehensive
\n
income in relation to that subsidiary are accounted
\n
for as if the Group had directly disposed of the related
\n
assets or liabilities of the subsidiary (i.e. reclassified to
\n
profit or loss or transferred to another category of equity
\n
as required/permitted by applicable IFRS Standards).
\n
The fair value of any investment retained in the former
\n
subsidiary at the date when control is lost is regarded
\n
as the fair value on initial recognition for subsequent
\n
accounting under IFRS 9 when applicable, or the cost on
\n
initial recognition of an investment in an associate or a
\njoint venture.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14252": { "value": "Business Combinations
Acquisitions of businesses are accounted for using the
\n
acquisition method. The consideration transferred in a
\n
business combination is measured at fair value, which is
\n
calculated as the sum of the acquisition-date fair values
\n
of assets transferred to the Group, liabilities incurred
\n
by the Group to the former owners of the acquiree and
\n
the equity interest issued by the Group in exchange for
\n
control of the acquiree. Acquisition-related costs are
\n
recognised in profit or loss as incurred.
\n
At the acquisition date, the identifiable assets acquired
\n
and the liabilities assumed are recognised at their fair
\n
value at the acquisition date, except that:
\n
\u2022
deferred tax assets or liabilities and assets or
\n
liabilities related to employee benefit arrangements
\n
are recognised and measured in accordance with
\n
IAS 12 and IAS 19 respectively;
\n
\u2022
liabilities or equity instruments related to
\n
share-based payment arrangements of the acquiree
\n
or share-based payment arrangements of the
\n
Group entered into to replace share-based payment
\n
arrangements of the acquiree are measured in
\n
accordance with IFRS 2 at the acquisition date; and
\n
\u2022
assets (or disposal groups) that are classified as held
\n
for sale in accordance with IFRS 5 are measured in
\n
accordance with that Standard.
\n
Goodwill is measured as the excess of the sum of
\n
the consideration transferred, the amount of any
\n
non-controlling interests in the acquiree, and the fair
\n
value of the acquirer\u2019s previously held equity interest in
\n
the acquiree (if any) over the net of the acquisition-date
\n
amounts of the identifiable assets acquired and the
\n
liabilities assumed. If, after reassessment, the net of
\n
the acquisition-date amounts of the identifiable assets
\n
acquired and liabilities assumed exceeds the sum
\n
of the consideration transferred, the amount of any
\n
non-controlling interests in the acquiree and the fair
\n
value of the acquirer\u2019s previously held interest in the
\n
acquiree (if any), the excess is recognised immediately in
\n
profit or loss as a bargain purchase gain.
\n
For business combinations achieved in stages, the Group
\n
remeasures its previously held equity interest in the
\n
acquiree at its acquisition date fair value and recognises
\n
the resulting gain or loss, if any, in the Income Statement
\nas appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14253": { "value": "Business Combinations
Acquisitions of businesses are accounted for using the
\n
acquisition method. The consideration transferred in a
\n
business combination is measured at fair value, which is
\n
calculated as the sum of the acquisition-date fair values
\n
of assets transferred to the Group, liabilities incurred
\n
by the Group to the former owners of the acquiree and
\n
the equity interest issued by the Group in exchange for
\n
control of the acquiree. Acquisition-related costs are
\n
recognised in profit or loss as incurred.
\n
At the acquisition date, the identifiable assets acquired
\n
and the liabilities assumed are recognised at their fair
\n
value at the acquisition date, except that:
\n
\u2022
deferred tax assets or liabilities and assets or
\n
liabilities related to employee benefit arrangements
\n
are recognised and measured in accordance with
\n
IAS 12 and IAS 19 respectively;
\n
\u2022
liabilities or equity instruments related to
\n
share-based payment arrangements of the acquiree
\n
or share-based payment arrangements of the
\n
Group entered into to replace share-based payment
\n
arrangements of the acquiree are measured in
\n
accordance with IFRS 2 at the acquisition date; and
\n
\u2022
assets (or disposal groups) that are classified as held
\n
for sale in accordance with IFRS 5 are measured in
\n
accordance with that Standard.
\n
Goodwill is measured as the excess of the sum of
\n
the consideration transferred, the amount of any
\n
non-controlling interests in the acquiree, and the fair
\n
value of the acquirer\u2019s previously held equity interest in
\n
the acquiree (if any) over the net of the acquisition-date
\n
amounts of the identifiable assets acquired and the
\n
liabilities assumed. If, after reassessment, the net of
\n
the acquisition-date amounts of the identifiable assets
\n
acquired and liabilities assumed exceeds the sum
\n
of the consideration transferred, the amount of any
\n
non-controlling interests in the acquiree and the fair
\n
value of the acquirer\u2019s previously held interest in the
\n
acquiree (if any), the excess is recognised immediately in
\n
profit or loss as a bargain purchase gain.
\n
For business combinations achieved in stages, the Group
\n
remeasures its previously held equity interest in the
\n
acquiree at its acquisition date fair value and recognises
\n
the resulting gain or loss, if any, in the Income Statement
\nas appropriate.Goodwill
Goodwill arising on consolidation is recognised as an
\n
asset and reviewed for impairment at least annually or
\n
when a change in circumstances or situation indicates
\n
that the goodwill has suffered an impairment loss.
\n
The need for impairment is tested by comparing the
\n
recoverable amount of the cash-generating unit (CGU)
\n
to which the goodwill balance has been allocated, which
\n
is the higher of fair value less costs to sell and value in
\n
use, to the carrying value of the goodwill balance and
\n
other assets allocated to the CGU. Any impairment
\n
is recognised immediately in the Income Statement.
\n
Impairment losses on goodwill are not reversed. Gains
\n
and losses on the disposal of a business include the
\n
amount of goodwill relating to that business.
\n
When the non-controlling interest of an existing
\n
subsidiary is acquired the carrying value of the
\n
non-controlling interests in the Balance Sheet is
\n
eliminated. Any difference between the amount by
\n
which the non-controlling interest is adjusted and the
\n
fair value of the consideration paid is recognised directly
\nin equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14306": { "value": "Associates
An associate is an entity over which the Group has
\n
significant influence and that is neither a subsidiary
\n
nor an interest in a joint venture. Significant influence is
\n
the power to participate in the financial and operating
\n
policy decisions of the investee but is not control or joint
\n
control over those policies.
\n
The results and assets and liabilities of associates
\n
are incorporated in these Financial Statements using
\n
the equity method of accounting, except when the
\n
investment is classified as held for sale, in which case it is
\n
accounted for in accordance with IFRS 5.
\n
Under the equity method, an investment in an associate
\n
is recognised initially in the consolidated Balance Sheet
\n
at cost and adjusted thereafter to recognise the Group\u2019s
\n
share of the profit or loss and other comprehensive
\n
income of the associate. When the Group\u2019s share of
\n
losses of an associate or a joint venture exceeds the
\n
Group\u2019s interest in that associate (which includes any
\n
long-term interests that, in substance, form part of the
\n
Group\u2019s net investment in the associate), the Group
\n
discontinues recognising its share of further losses.
\n
Additional losses are recognised only to the extent that
\n
the Group has incurred legal or constructive obligations
\n
or made payments on behalf of the associate.
\n
An investment in an associate is accounted for using
\n
the equity method from the date on which the
\n
investee becomes an associate. On acquisition of the
\n
investment in an associate, any excess of the cost of the
\n
investment over the Group\u2019s share of the net fair value
\n
of the identifiable assets and liabilities of the investee
\n
is recognised as goodwill, which is included within the
\n
carrying amount of the investment. Any excess of the
\n
Group\u2019s share of the net fair value of the identifiable
\n
assets and liabilities over the cost of the investment,
\n
after reassessment, is recognised immediately in profit or
\n
loss in the period in which the investment is acquired.
\n
The requirements of IAS 36 are applied to determine
\n
whether it is necessary to recognise any impairment
\n
loss with respect to the Group\u2019s investment in an
\n
associate. When necessary, the entire carrying amount
\n
of the investment (including goodwill) is tested for
\n
impairment in accordance with IAS 36 as a single asset
\n
by comparing its recoverable amount (higher of value
\n
in use and fair value less costs of disposal) with its
\n
carrying amount. Any reversal of that impairment loss is
\n
recognised in accordance with IAS 36 to the extent that
\n
the recoverable amount of the investment subsequently
\n
increases.
\n
The Group discontinues the use of the equity method
\n
from the date when the investment ceases to be an
\n
associate. When the Group retains an interest in the
\n
former associate and the retained interest is a financial
\n
asset, the Group measures the retained interest at fair
\n
value at that date and the fair value is regarded as
\n
its fair value on initial recognition in accordance with
\n
IFRS 9. The difference between the carrying amount
\n
of the associate at the date the equity method was
\n
discontinued, and the fair value of any retained interest
\n
and any proceeds from disposing of a part interest in the
\n
associate is included in the determination of the gain or
\n
loss on disposal of the associate. In addition, the Group
\n
accounts for all amounts previously recognised in other
\n
comprehensive income in relation to that associate on
\n
\n
the same basis as would be required if that associate
\n
had directly disposed of the related assets or liabilities.
\n
Therefore, if a gain or loss previously recognised in other
\n
comprehensive income by that associate would be
\n
reclassified to profit or loss on the disposal of the related
\n
assets or liabilities, the Group reclassifies the gain or
\n
loss from equity to profit or loss (as a reclassification
\n
adjustment) when the associate is disposed of.
\n
When the Group reduces its ownership interest in an
\n
associate but the Group continues to use the equity
\n
method, the Group reclassifies to profit or loss the
\n
proportion of the gain or loss that had previously
\n
been recognised in other comprehensive income
\n
relating to that reduction in ownership interest if
\n
that gain or loss would be reclassified to profit or
\n
loss on the disposal of the related assets or liabilities.
\n
When a group entity transacts with an associate
\n
of the Group, profits and losses resulting from the
\n
transactions with the associate or joint venture are
\n
recognised in the Group\u2019s consolidated Financial
\n
Statements only to the extent of interests in the
\nassociate that are not related to the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14414": { "value": "Revenue Recognition
Revenue with customers is measured based on the
\n
five-step model under IFRS 15: \u2018Revenue from Contracts
\n
with Customers\u2019:
\n
1.
identify the contract with the customer;
\n
2.
identify the performance obligations in the contract;
\n
3.
determine the transaction price;
\n
4.
allocate the transaction price to separate
\n
performance obligations in the contract; and
\n
5.
recognise revenues when (or as) each performance
\n
obligation is satisfied.
\n
Revenue is measured at the fair value of the
\n
consideration received, or receivable, and represents
\n
amounts receivable for goods supplied, stated net of
\n
discounts, returns and value added taxes. Customers
\n
have a right of return within a specified period and this
\n
gives rise to variable consideration under IFRS 15. The
\n
right of return asset is recognised within inventory, with
\n
the refund liability due to customers on return of their
\n
goods recognised within trade and other payables.
\n
In the case of goods sold through retail stores, revenue
\n
is recognised when we have satisfied the performance
\n
obligation of transferring the goods to the customer at
\n
the point of sale, less provision for returns. Accumulated
\n
experience is used to estimate and provide for such
\n
returns at the time of the sale. Retail sales are usually in
\n
cash, by debit card or by credit card.
\n
In the case of goods sold on the internet where the
\n
customer has opted for delivery, revenue is recognised
\n
when we have satisfied the performance obligation of
\n
transferring the goods to the customer, which is at the
\n
point of delivery to the customer.
\n
Transactions are settled by credit card, debit card or
\n
credit account. Provisions are made for internet credit
\n
notes based on the expected level of returns using the
\n
expected value method, which in turn is based upon
\n
the historical rate of returns. In the case of internet
\n
click and collect orders which are collected in store, the
\n
performance obligation is deemed to have been satisfied
\n
when the goods are dispatched from the warehouse.
\n
In the case of goods sold to other businesses via
\n
wholesale channels, revenue is recognised when we
\n
have satisfied the performance obligation of transferring
\n
the goods to the customer upon delivery. Payment terms
\n
are generally 30-60 days with no right of return.
\n
In the case of income generated from trademarks and
\n
licences, revenue is recognised based either on a fixed
\n
fee basis or based on sales with specified minimum
\n
guarantee amounts in accordance with the relevant
\n
agreements. If the sales-based royalty is not expected
\n
to clearly exceed the minimum guarantee threshold,
\n
revenue is recognised over the rights period measured
\n
on the basis of the fixed guaranteed consideration.
\n
Revenue above the minimum guarantee threshold is
\n
recognised as earned based on the contractual royalty
\n
rate applied to the sales.
\n
Revenue from gym membership fees is stated exclusive
\n
of value added tax and comprises monthly membership
\n
fees, non-refundable joining fees and longer term
\n
membership fees recognised during the period.
\n
Membership income is recognised and spread over
\n
the period to which it relates, being the period of the
\n
Group\u2019s performance obligations, with any subscriptions
\n
in advance of the period to which they relate being
\n
recognised as contract liabilities. Joining fee income
\n
is recognised over time, on a straight-line basis over
\n
the expected duration of the membership. Gym retail
\n
income is recognised at the point of sale. Other revenue
\n
includes various ancillary revenue streams, which are
\n
recognised in the period to which they relate. Total
\n
revenue from gyms recognised in FY23 is \u00a354.2m (FY22:
\n
\u00a347.4m) and is recognised in the UK Sports segment.
\n
In the case of revenue from third party commission on
\n
concession sales within the House of Fraser department
\n
stores this is recognised when goods are sold to the
\n
customer. As we act as the agent this is stated at the
\n
value of the commission that the Group receives on the
\n
transaction rather than the gross revenue from the sale
\n
of the concessionaires\u2019 goods.
\n
\n
The Group operates loyalty programmes which allow
\n
members to accumulate points on purchases and
\n
receive exclusive offers and benefits. The fair value of
\n
the points awarded to customers is determined relative
\n
to the total transaction price and accounted for as a
\n
separate identifiable component of a sales transaction.
\n
Revenue is deferred to match the estimated value of
\n
earned loyalty points. Deferred revenue is adjusted
\n
for the value of points that are not expected to be
\n
redeemed by customers based on historical redemption
\n
rates. When the points are redeemed and the Group
\n
fulfils its obligations pursuant to the programmes, the
\n
revenue that was deferred is recognised. In the UK
\n
points awarded expire following a period of 12 months
\n
of inactivity, in Spain they are valid until the end of the
\n
following calendar year. The new Frasers Plus loyalty
\n
program currently includes points that do not expire
\n
however the Group may introduce an expiry at a late
\n
time including in respect of pending or active points
\n
already earned.
\n
Revenue from gift cards and vouchers is recognised
\n
when the cards or vouchers are redeemed by the
\n
customer, breakage is recognised when the likelihood
\n
of the card or voucher being redeemed is remote or
\n
has expired. For gift cards monies received represent
\n
deferred revenue prior to the redemption.
\n
Credit account interest revenue related to interest
\n
charged on trade receivables in Frasers Group Financial
\n
Services Limited (formerly Studio Retail Limited) is
\n
determined using the effective interest method. Credit
\n
account interest revenue is calculated on the gross
\n
carrying amount of the financial asset unless the
\n
financial asset is impaired, in which case the interest
\n
revenue is calculated on the amortised cost, after
\n
allowance for expected credit losses. Credit account
\ninterest revenue is recognised over time.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14556": { "value": "Exceptional Items
The Group presents exceptional items on the face of
\n
the Income Statement. These are significant items of
\n
income and expense which, because of their size, nature
\n
and infrequency of the events giving rise to them, merit
\n
separate presentation to allow shareholders to better
\n
understand the elements of financial performance in the
\n
year, so as to facilitate comparison with prior periods
\nand assess trends in financial performance more readily.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14568": { "value": "Finance Income
Finance income is reported on an accruals basis using
\n
the effective interest method.
\n
Finance Costs
\n
Finance costs are recognised on an accruals basis in
\n
the period in which they are incurred using the effective
\ninterest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14569": { "value": "Finance Income
Finance income is reported on an accruals basis using
\n
the effective interest method.
\n
Finance Costs
\n
Finance costs are recognised on an accruals basis in
\n
the period in which they are incurred using the effective
\ninterest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14575": { "value": "Finance Costs
Finance costs are recognised on an accruals basis in
\n
the period in which they are incurred using the effective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14584": { "value": "Taxation
Tax expense comprises current and deferred tax.
\n
Tax is recognised in the Income Statement, except
\n
to the extent it relates to items recognised in other
\n
comprehensive income or directly in equity. The
\n
income tax expense or credit for the period is the
\n
tax payable on the current periods\u2019 taxable income,
\n
based on the applicable income tax rate for each
\n
jurisdiction, adjusted by changes in deferred tax
\n
assets and liabilities attributable to temporary
\n
differences and to unused losses.
\n
Deferred taxation is calculated using the liability
\n
method, on temporary differences arising between
\n
the tax bases of assets and liabilities and their
\n
carrying amounts in the consolidated Financial
\n
Statements. However, if the deferred tax arises from
\n
the initial recognition of goodwill or initial recognition
\n
of an asset or liability in a transaction other than
\n
a business combination that at the time of the
\n
transaction affects neither accounting nor taxable
\n
profit or loss, it is not accounted for. Deferred tax
\n
on temporary differences associated with shares
\n
in subsidiaries is not provided if reversal of these
\n
temporary differences can be controlled by the Group
\n
and it is probable that reversal will not occur in the
\n
foreseeable future. In addition, tax losses available to
\n
be carried forward as well as other income tax credits
\n
to the Group are assessed for recognition as deferred
\n
tax assets. Deferred tax is determined using tax rates
\n
and laws that have been enacted (or substantively
\n
enacted) by the balance sheet date and are expected
\n
to apply when the related deferred tax asset is
\n
realised or the deferred tax liability is settled.
\n
Deferred tax liabilities are provided in full.
\n
Deferred tax assets are recognised to the extent
\n
that it is probable that future taxable profits will be
\n
available against which the temporary differences
\n
can be utilised. Deferred tax assets are offset where
\n
there is a legally enforceable right to offset current
\n
tax assets and liabilities and where the deferred tax
\n
balances relate to the same tax authority.
\n
Changes in current and deferred tax assets or
\n
liabilities are recognised as a component of tax
\n
expense in the Income Statement, except where
\n
they relate to items that are recorded in other
\n
comprehensive income or charged or credited
\n
directly to equity in which case the related deferred
\n
tax is also charged to other comprehensive income
\n
or credited directly to equity. Deferred tax assets and
\nliabilities are not discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14597": { "value": "Deferred taxation is calculated using the liability
method, on temporary differences arising between
\n
the tax bases of assets and liabilities and their
\n
carrying amounts in the consolidated Financial
\n
Statements. However, if the deferred tax arises from
\n
the initial recognition of goodwill or initial recognition
\n
of an asset or liability in a transaction other than
\n
a business combination that at the time of the
\n
transaction affects neither accounting nor taxable
\n
profit or loss, it is not accounted for. Deferred tax
\n
on temporary differences associated with shares
\n
in subsidiaries is not provided if reversal of these
\n
temporary differences can be controlled by the Group
\n
and it is probable that reversal will not occur in the
\n
foreseeable future. In addition, tax losses available to
\n
be carried forward as well as other income tax credits
\n
to the Group are assessed for recognition as deferred
\n
tax assets. Deferred tax is determined using tax rates
\n
and laws that have been enacted (or substantively
\n
enacted) by the balance sheet date and are expected
\n
to apply when the related deferred tax asset is
\n
realised or the deferred tax liability is settled.
\n
Deferred tax liabilities are provided in full.
\n
Deferred tax assets are recognised to the extent
\n
that it is probable that future taxable profits will be
\n
available against which the temporary differences
\n
can be utilised. Deferred tax assets are offset where
\n
there is a legally enforceable right to offset current
\n
tax assets and liabilities and where the deferred tax
\n
balances relate to the same tax authority.
\n
Changes in current and deferred tax assets or
\n
liabilities are recognised as a component of tax
\n
expense in the Income Statement, except where
\n
they relate to items that are recorded in other
\n
comprehensive income or charged or credited
\n
directly to equity in which case the related deferred
\n
tax is also charged to other comprehensive income
\n
or credited directly to equity. Deferred tax assets and
liabilities are not discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14657": { "value": "Goodwill
Goodwill arising on consolidation is recognised as an
\n
asset and reviewed for impairment at least annually or
\n
when a change in circumstances or situation indicates
\n
that the goodwill has suffered an impairment loss.
\n
The need for impairment is tested by comparing the
\n
recoverable amount of the cash-generating unit (CGU)
\n
to which the goodwill balance has been allocated, which
\n
is the higher of fair value less costs to sell and value in
\n
use, to the carrying value of the goodwill balance and
\n
other assets allocated to the CGU. Any impairment
\n
is recognised immediately in the Income Statement.
\n
Impairment losses on goodwill are not reversed. Gains
\n
and losses on the disposal of a business include the
\n
amount of goodwill relating to that business.
\n
When the non-controlling interest of an existing
\n
subsidiary is acquired the carrying value of the
\n
non-controlling interests in the Balance Sheet is
\n
eliminated. Any difference between the amount by
\n
which the non-controlling interest is adjusted and the
\n
fair value of the consideration paid is recognised directly
\nin equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14658": { "value": "Goodwill
Goodwill arising on consolidation is recognised as an
\n
asset and reviewed for impairment at least annually or
\n
when a change in circumstances or situation indicates
\n
that the goodwill has suffered an impairment loss.
\n
The need for impairment is tested by comparing the
\n
recoverable amount of the cash-generating unit (CGU)
\n
to which the goodwill balance has been allocated, which
\n
is the higher of fair value less costs to sell and value in
\n
use, to the carrying value of the goodwill balance and
\n
other assets allocated to the CGU. Any impairment
\n
is recognised immediately in the Income Statement.
\n
Impairment losses on goodwill are not reversed. Gains
\n
and losses on the disposal of a business include the
\n
amount of goodwill relating to that business.
\n
When the non-controlling interest of an existing
\n
subsidiary is acquired the carrying value of the
\n
non-controlling interests in the Balance Sheet is
\n
eliminated. Any difference between the amount by
\n
which the non-controlling interest is adjusted and the
\n
fair value of the consideration paid is recognised directly
\n
in equity.
\n
Other Intangible Assets
\n
Brands, trademarks, licences and customer related
\n
intangibles that are internally generated are not
\n
recorded on the Balance Sheet. Acquired brands,
\n
trademarks, licences and customer related intangibles
\n
are initially carried on the Balance Sheet at cost. The
\n
fair value of brands, trademarks, licences and customer
\n
related intangibles that are acquired by virtue of a
\n
business combination is determined at the date of
\n
acquisition and is subsequently assessed as being the
\n
deemed cost to the Group.
\n
Expenditure on advertising and promotional activities is
\n
recognised as an expense as incurred.
\n
Amortisation is provided on brands, trademarks, licences
\n
and customer related intangibles with a definite life
\n
on a straight line basis over their useful economic lives
\n
of between 1 to 15 years and is accounted for within
\n
the selling, distribution and administrative expenses
\ncategory within the Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14687": { "value": "Other Intangible Assets
Brands, trademarks, licences and customer related
\n
intangibles that are internally generated are not
\n
recorded on the Balance Sheet. Acquired brands,
\n
trademarks, licences and customer related intangibles
\n
are initially carried on the Balance Sheet at cost. The
\n
fair value of brands, trademarks, licences and customer
\n
related intangibles that are acquired by virtue of a
\n
business combination is determined at the date of
\n
acquisition and is subsequently assessed as being the
\n
deemed cost to the Group.
\n
Expenditure on advertising and promotional activities is
\n
recognised as an expense as incurred.
\n
Amortisation is provided on brands, trademarks, licences
\n
and customer related intangibles with a definite life
\n
on a straight line basis over their useful economic lives
\n
of between 1 to 15 years and is accounted for within
\n
the selling, distribution and administrative expenses
category within the Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14710": { "value": "Property, Plant and Equipment
Property, plant and equipment are stated at historical
\n
cost less depreciation less any recognised impairment
\n
losses. Cost includes expenditure that is directly
\n
attributable to the acquisition or construction of these
\n
items. Subsequent costs are included in the asset\u2019s
\n
carrying amount only when it is probable that future
\n
economic benefits associated with the item will flow to
\n
the Group and the costs can be measured reliably.
\n
All other costs, including repairs and maintenance costs
\n
and labour costs are charged to the Income Statement
\n
in the period in which they are incurred.
\n
Depreciation is provided on all property, plant and
\n
equipment other than freehold land and is calculated
\n
on a straight-line basis, whichever is deemed by the
\n
directors to be more appropriate, to allocate cost less
\n
assessed residual value, other than assets in the course
\n
of construction, over the estimated useful lives, as
\n
follows:
\n
\u2022
Freehold buildings - 15 years - straight line
\n
\u2022
Leasehold improvements \u2013 5 years or over the term
\n
of the lease, whichever is shortest - straight line
\n
\u2022
Plant and equipment \u2013 between 5 to 10 years -
\n
straight line
\n
A full year of depreciation is charged on all additions
\n
in property, plant and equipment in the period. The
\n
assets\u2019 useful lives and residual values are reviewed and,
\n
if appropriate, adjusted at each balance sheet date.
\n
The gain or loss arising on disposal or scrapping of an
\n
asset is determined as the difference between the sales
\n
proceeds, net of selling costs, and the carrying amount
\n
of the asset and is recognised in the Income Statement.
\n
Property, plant and equipment where the carrying
\n
amount is recovered principally through a sales
\n
transaction and where a sale is considered to be highly
\n
probable are stated at the lower of carrying value and
\nfair value less costs to sell.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14724": { "value": "Depreciation is provided on all property, plant and
equipment other than freehold land and is calculated
\n
on a straight-line basis, whichever is deemed by the
\n
directors to be more appropriate, to allocate cost less
\n
assessed residual value, other than assets in the course
\n
of construction, over the estimated useful lives, as
\n
follows:
\n
\u2022
Freehold buildings - 15 years - straight line
\n
\u2022
Leasehold improvements \u2013 5 years or over the term
\n
of the lease, whichever is shortest - straight line
\n
\u2022
Plant and equipment \u2013 between 5 to 10 years -
\nstraight line", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14756": { "value": "Investment Properties
Investment properties, which are defined as property
\n
held for rental income or capital appreciation, are
\n
initially measured at cost being purchase price and
\n
directly attributable expenditure. Where the intention is
\n
to hold property as owner occupied, this is recognised as
\n
property, plant and equipment.
\n
Subsequently investment properties are held at cost
\n
less accumulated depreciation and impairment losses.
\n
Investment properties are depreciated over 15 years
\n
straight line, other than the land element which is not
\n
depreciated.
\n
Fair values of the investment properties are disclosed.
\nSee Note 18 for further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14790": { "value": "Impairment of Assets Other Than Goodwill
At each balance sheet date, the Directors review the
\n
carrying amounts of the Group\u2019s tangible and intangible
\n
assets, other than goodwill, to determine whether
\n
there is any indication that those assets have suffered
\n
an impairment loss. If any such indication exists, the
\n
recoverable amount of the asset in its current condition
\n
is estimated in order to determine the extent of the
\n
impairment loss, if any. Where the asset does not
\n
generate cash flows that are independent from other
\n
assets, the Group estimates the recoverable amount of
\n
the CGU to which the asset belongs. With respect to
\n
property, plant and equipment, each store is considered
\n
to be a CGU and reviewed for impairment whereby
\n
changes in circumstances indicate that the recoverable
\n
amount is lower than the carrying value.
\n
The recoverable amount is the higher of fair value less
\n
costs to sell and value in use. In assessing the value in
\n
use, the estimated future cash flows are discounted to
\n
their present value using a pre-tax discount rate that
\n
reflects current market assessments of the time value of
\n
money and the risks specific to the asset for which the
\n
estimates of future cash flows have not been adjusted.
\n
If the recoverable amount of an asset (or CGU) is
\n
estimated to be less than its carrying amount, the
\n
carrying amount of the asset (CGU) is reduced to its
\n
recoverable amount. An impairment loss is recognised
\n
as an expense immediately, unless the relevant asset
\n
is carried at a re-valued amount, in which case the
\n
impairment loss is treated as a revaluation decrease to
\n
the original historic cost and then as an expense.
\n
Impairment losses recognised for CGU\u2019s to which
\n
goodwill has been allocated are credited initially to the
\n
carrying amount of goodwill. Any remaining impairment
\n
loss is charged pro rata to the other assets in the CGU.
\n
Where an impairment loss subsequently reverses, the
\n
carrying amount of the asset (CGU) excluding goodwill,
\n
is increased to the revised estimate of its recoverable
\n
amount, but so that the increased carrying amount
\n
does not exceed the carrying amount that would
\n
have been determined had no impairment loss been
\n
recognised for the asset (CGU) in prior periods. A
\n
reversal of an impairment loss is recognised in the
\nIncome Statement immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14837": { "value": "Assets Held for Sale
Non-current assets classified as held for sale are
\n
presented separately and measured at the lower of
\n
their carrying amounts immediately prior to their
\n
classification as held for sale and their fair value less
\n
costs to sell. Once classified as held for sale, the assets
\n
are not subject to depreciation or amortisation.
\n
Discontinued Operations
\n
A discontinued operation is a component of the Group\u2019s
\n
business that represents a separate major line of
\n
business or geographical area of operations that has
\n
been disposed of or is held for sale, or is a subsidiary
\n
acquired exclusively with a view to resale. Classification
\n
as a discontinued operation occurs upon disposal or
\n
when the operation meets the criteria to be classified as
\n
held for sale, if earlier. When an operation is classified
\n
as a discontinued operation, the results are presented
\n
separately in the consolidated financial statements and
\n
the comparative income statement is restated as if the
\n
operation had been discontinued from the start of the
\ncomparative period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14838": { "value": "Assets Held for Sale
Non-current assets classified as held for sale are
\n
presented separately and measured at the lower of
\n
their carrying amounts immediately prior to their
\n
classification as held for sale and their fair value less
\n
costs to sell. Once classified as held for sale, the assets
\nare not subject to depreciation or amortisation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14849": { "value": "Discontinued Operations
A discontinued operation is a component of the Group\u2019s
\n
business that represents a separate major line of
\n
business or geographical area of operations that has
\n
been disposed of or is held for sale, or is a subsidiary
\n
acquired exclusively with a view to resale. Classification
\n
as a discontinued operation occurs upon disposal or
\n
when the operation meets the criteria to be classified as
\n
held for sale, if earlier. When an operation is classified
\n
as a discontinued operation, the results are presented
\n
separately in the consolidated financial statements and
\n
the comparative income statement is restated as if the
\n
operation had been discontinued from the start of the
comparative period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14867": { "value": "Inventories
Inventories are valued at the lower of cost and net
\n
realisable value. Cost includes the purchase price of the
\n
manufactured products, materials, direct labour and
\n
transport costs. Cost is calculated using the weighted
\n
average cost method. Net realisable value is based on
\n
the estimated selling price less all estimated selling costs.
\n
The Group receives trade discounts and rebates from
\n
suppliers based upon the volume of orders placed in
\n
a given time window. Typical discounts and rebates
\n
received by the Group include early settlement discounts,
\n
volume rebates on inventory purchases, supplier rebates
\n
based on faulty goods, and marketing support. Where
\n
there is sufficient certainty that a discount or rebate
\n
will be received in the future that relates to historic
\n
purchases this is reflected in the cost of inventories.
\n
Where the receipt of rebates is uncertain, the cost of
\n
inventories is held at full cost price until the rebate is
\n
received. Recognised rebates are released to the Income
\nStatement to the extent that the stock has been sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14890": { "value": "Cash and Cash Equivalents
Cash and cash equivalents include cash in hand and
\n
deposits held on call, together with other short term
\n
highly liquid investments that are readily convertible to
\n
known amounts of cash and which are subject to an
\ninsignificant risk of changes in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14916": { "value": "Financial Instruments
Financial assets and financial liabilities are recognised in
\n
the Group\u2019s Balance Sheet when the Group becomes a
\n
party to the contractual provisions of the instrument.
\n
Financial assets and financial liabilities are initially
\n
measured at fair value. Transaction costs that are
\n
directly attributable to the acquisition or issue of
\n
financial assets and financial liabilities (other than
\n
financial assets and financial liabilities at fair value
\n
through profit or loss) are added to or deducted from
\n
the fair value of the financial assets or financial liabilities,
\n
as appropriate, on initial recognition. Transaction costs
\n
directly attributable to the acquisition of financial assets
\n
or financial liabilities at fair value through profit or loss
\n
are recognised immediately in profit or loss.
\n
Financial assets are derecognised when the contractual
\n
rights to the cash flows from the financial asset expire,
\n
or when the financial asset and substantially all the
\n
risks and rewards are transferred. A financial liability
\n
is derecognised when it is extinguished, discharged,
\n
cancelled or expires.
\n
Financial assets and financial liabilities are offset and
\n
the net amount is reported in the Balance Sheet if
\n
there is a currently enforceable legal right to offset the
\n
recognised amounts and there is an intention and ability
\n
to settle on a net basis, to realise the assets and settle
\n
the liabilities simultaneously.
\n
Financial Assets
\n
Classification and initial measurement of financial assets
\n
Except for those trade receivables that do not contain
\n
a significant financing component and are measured
\n
at the transaction price in accordance with IFRS 15,
\n
all financial assets are initially measured at fair value
\n
adjusted for transaction costs (where applicable).
\n
Financial assets, other than those designated and
\n
effective as hedging instruments, are classified into the
\n
following categories:
\n
\u2022
amortised cost
\n
\u2022
fair value through profit or loss (FVTPL)
\n
\u2022
fair value through other comprehensive
\n
income (FVOCI)
\n
All income and expenses relating to financial assets
\n
that are recognised in profit or loss are presented within
\n
finance costs or finance income, except for impairment
\n
of trade receivables and amounts due from related
\n
parties which are presented within selling distribution
\n
and administrative expenses. Impairment losses in
\n
respect of credit customer receivables are disclosed
\n
separately on the face of the Income Statement.
\n
The Group makes an assessment of the objective of
\n
the business model in which a financial asset is held at
\n
a portfolio level because this best reflects the way the
\n
business is managed and information is provided to
\n
management. The information considered includes:
\n
\u2022
The stated policies and objectives for the portfolio
\n
and the operation of those policies in practice.
\n
These include whether management\u2019s strategy
\n
focuses on earning contractual interest income or
\n
realising cash flows from the sale of assets;
\n
\u2022
How the performance of the portfolio is evaluated
\n
and reported to the Group\u2019s management;
\n
\u2022
The risks that affect the performance of the business
\n
model and how those risks are managed;
\n
\u2022
How managers of the business are compensated;
\n
and
\n
\u2022
The frequency, volume and timing of sales of
\n
financial assets in prior periods, the reasons for such
\n
sales and expectations about future sales activity.
\n
For the purposes of this assessment, \u2018principal\u2019 is
\n
defined as the fair value of the financial asset on initial
\n
recognition. \u2018Interest\u2019 is defined as consideration for the
\n
time value of money and for the credit risk associated
\n
with the principal amount outstanding during a
\n
particular period of time and for other basic lending risks
\n
and costs (e.g. liquidity risk and administrative costs), as
\n
well as a profit margin.
\n
In assessing whether the contractual cash flows are
\n
solely payments of principal and interest, the Group
\n
considers the contractual terms of the instrument. This
\n
includes assessing whether the financial asset contains
\n
a contractual term that could change the timing or
\n
amount of contractual cash flows such that it would
\n
not meet this condition. In making this assessment, the
\n
Group considers:
\n
\u2022
contingent events that would change the amount or
\n
timing of cash flows; and
\n
\u2022
terms that may adjust the contractual coupon rate.
\n
\n
Subsequent Measurement of
\n
Financial Assets
\n
Financial assets at amortised cost
\n
Financial assets are measured at amortised cost if
\n
the assets meet the following conditions (and are not
\n
designated as FVTPL):
\n
\u2022
they are held within a business model whose
\n
objective is to hold the financial assets and collect
\n
its contractual cash flows; and
\n
\u2022
the contractual terms of the financial assets give rise
\n
to cash flows that are solely payments of principal
\n
and interest on the principal amount outstanding.
\n
After initial recognition, these are measured
\n
at amortised cost using the effective interest
\n
method. Discounting is omitted where the effect of
\n
discounting is immaterial. The Group\u2019s cash and cash
\n
equivalents, trade and most other receivables fall into
\n
this category of financial instruments.
\n
Financial assets at fair value through profit or loss (FVTPL)
\n
Financial assets that are held within a different business
\n
model other than \u2018hold to collect\u2019 or \u2018hold to collect and
\n
sell\u2019 are categorised at fair value through profit and
\n
loss. Further, financial assets whose contractual cash
\n
flows are not solely payments of principal and interest
\n
are accounted for at FVTPL. All derivative financial
\n
instruments fall into this category, except for those
\n
designated and effective as hedging instruments, for
\n
which the hedge accounting requirements apply
\n
(see below).
\n
Assets in this category are measured at fair value with
\n
gains or losses recognised in profit or loss. The fair values
\n
of financial assets in this category are determined
\n
by reference to active market transactions or using a
\n
valuation technique where no active market exists.
\n
Financial assets at fair value through other comprehensive
\n
income (FVOCI)
\n
On initial application of IFRS 9 the Group made the
\n
irrevocable election to account for long term financial
\n
assets at fair value through other comprehensive
\n
income (FVOCI) given these are not held for trading
\n
purposes. The election is made on an instrument-by-
\n
instrument basis, only qualifying dividend income is
\n
recognised in profit and loss, changes in fair value
\n
are recognised within OCI and never reclassified to
\n
profit and loss, even if the asset is impaired, sold or
\n
otherwise derecognised.
\n
Impairment of financial assets
\n
IFRS 9\u2019s impairment requirements use more forward-
\n
looking information to recognise expected credit losses \u2013
\n
the \u2018expected credit loss (ECL) model\u2019. Instruments within
\n
the scope of the requirements include trade receivables,
\n
other receivables, amounts due from related parties,
\n
and loan commitments and some financial guarantee
\n
contracts (for the issuer) that are not measured at fair
\n
value through profit or loss.
\n
Other receivables and amounts due from related parties
\n
Recognition of credit losses is no longer dependent on
\n
the Group first identifying a credit loss event. Instead
\n
the Group considers a broader range of information
\n
when assessing credit risk and measuring expected
\n
credit losses, including past events, current conditions,
\n
reasonable and supportable forecasts that affect the
\n
expected collectability of the future cash flows of the
\n
instrument.
\n
In applying this forward-looking approach, a distinction
\n
is made between:
\n
\u2022
financial assets that have not deteriorated
\n
significantly in credit quality since initial recognition
\n
or that have low credit risk (\u2018Stage 1\u2019);
\n
\u2022
financial assets that have deteriorated significantly
\n
in credit quality since initial recognition and whose
\n
credit risk is not low (\u2018Stage 2\u2019); and
\n
\u2022
financial assets where the credit risk has increased
\n
to a point at which it is considered credit impaired
\n
(\u2018Stage 3\u2019)
\n
\u201812-month expected credit losses\u2019 are recognised for the
\n
first category while \u2018lifetime expected credit losses\u2019 are
\n
recognised for the second and third categories.
\n
Measurement of the expected credit losses is
\n
determined by a probability-weighted estimate of credit
\n
losses over the expected life of the financial instrument.
\n
Trade receivables
\n
The Group makes use of a simplified approach in
\n
accounting for trade receivables and records the loss
\n
allowance as lifetime expected credit losses. These
\n
are the expected shortfalls in contractual cash flows,
\n
considering the potential for default at any point during
\n
the life of the financial instrument. In calculating, the
\n
Group uses its historical experience, external indicators
\n
and forward-looking information to calculate the
\n
expected credit losses using a provision matrix.
\n
\n
Credit customer receivables
\n
12-month ECLs are used for Stage 1 performing assets
\n
12-month ECLs are used for Stage 1 performing assets
\n
and a lifetime ECL is used for stages 2 and 3. An asset
\n
will move from Stage 1 to Stage 2 when there is evidence
\n
of significant increase in credit risk since the asset
\n
originated and into Stage 3 when it is credit impaired.
\n
Should the credit risk improve so that the assessment of
\n
credit risk at the reporting date is considered not to be
\n
significant any longer, assets return to an earlier stage in
\n
the ECL model.
\n
A financial asset is considered to have experienced a
\n
significant increase in credit risk since initial recognition
\n
where there has been a significant increase in the
\n
remaining lifetime probability of default of the asset. The
\n
Group assumes that the credit risk on a financial asset
\n
has increased significantly if it is more than 30 days
\n
past due, and/or has been placed on an arrangement to
\n
pay less than the standard required minimum payment
\n
(except where a payment holiday was granted in
\n
response to Covid-19) or has had interest suspended.
\n
In line with IFRS 9, a financial asset is considered to be
\n
in default when it is more than 90 days past due and/or
\n
when the borrower is unlikely to pay its obligations in full.
\n
Days past due are determined by counting the number
\n
of days since the earliest elapsed due date in respect
\n
of which the minimum payment has not been received.
\n
Due dates are determined without considering any
\n
grace period that might be available to the borrower.
\n
When determining whether the credit risk of a
\n
financial asset has increased significantly since initial
\n
recognition and when estimating ECLs, the Group
\n
considers reasonable and supportable information
\n
that is relevant and available without undue cost or
\n
effort. This includes both quantitative and qualitative
\n
information and analysis based on the Group\u2019s
\n
historical experience and informed credit assessment
\n
including forward looking information.
\n
The key assumptions in the ECL calculations are:
\n
\u2022
Probability of Default (\u201cPD\u201d) - an estimate of the
\n
likelihood of default over 12 months and the
\n
expected lifetime of the debt;
\n
\u2022
Exposure at Default (\u201cEAD\u201d) - an estimate of the
\n
exposure at a future default date, taking into
\n
account expected changes in the exposure after the
\n
reporting date, including repayments of principal
\n
and interest, whether scheduled by the contract
\n
or otherwise and accrued interest from missed
\n
payments; and
\n
\u2022
Loss Given Default (\u201cLGD\u201d) - an estimate of the
\n
loss arising in the case where a default occurs at a
\n
given time. It is based on the difference between
\n
the contractual cash flows due and those that the
\n
Group would expect to receive, discounted at the
\n
original effective interest rate. The key areas of
\n
estimation are around the value that the Group will
\n
recover in respect of the defaulted debt and the
\n
timing of such recoveries.
\n
The Group incorporates forward-looking information into
\n
its measurement of ECLs. This is achieved by developing
\n
four potential economic scenarios and modelling ECLs
\n
for each scenario. The outputs from each scenario
\n
are combined; using the estimated likelihood of each
\n
scenario occurring to derive a probability weighted ECL.
\n
Management judgement is required in setting
\n
assumptions around probabilities of default and the
\n
weighting of economic scenarios in particular which
\n
have a material impact on the results indicated by the
\n
ECL model.
\n
Acquired loans that meet the Group\u2019s definition of
\n
default (i.e., those that are more than 90 days past
\n
due and/or when the borrower is unlikely to pay
\n
its obligations in full) at acquisition are treated as
\n
purchased or originated credit-impaired (\u201cPOCI\u201d) assets.
\n
These assets attract a lifetime ECL allowance over the
\n
full term of the loan, even when these loans no longer
\n
meet the definition of default post acquisition. The
\n
Group does not originate credit-impaired loans.
\n
Loss allowances for financial assets are deducted
\n
from the gross carrying amount of the asset.
\n
Impairment losses related to the Group\u2019s credit
\n
customers are separately disclosed in the
\n
consolidated income statement.
\n
\n
Financial Liabilities
\n
Classification and measurement of financial liabilities
\n
The Group\u2019s financial liabilities include borrowings and
\n
lease liabilities, trade and other payables and derivative
\n
financial instruments.
\n
Financial liabilities are initially measured at fair value,
\n
and, where applicable, adjusted for transaction costs
\n
unless the Group designated a financial liability at fair
\n
value through profit or loss. Subsequently, financial
\n
liabilities are measured at amortised cost using the
\n
effective interest method except for derivatives and
\n
financial liabilities designated at FVTPL, which are
\n
carried subsequently at fair value with gains or losses
\n
recognised in profit or loss (other than derivative
\n
financial instruments that are designated and effective
\n
as hedging instruments).
\n
All interest-related charges and, if applicable, fair value
\n
changes in currency derivative instruments that are
\n
reported in profit or loss are included within finance
\n
costs or finance income. Fair value changes in equity
\n
derivative financial instruments are recognised in
\n
investment income or investment costs.
\n
Derivative financial instruments and hedge accounting
\n
Derivative financial instruments are accounted for
\n
at fair value through profit and loss (FVTPL) except
\n
for derivatives designated as hedging instruments
\n
in cash flow hedge relationships, which require a
\n
specific accounting treatment. To qualify for hedge
\n
accounting, the hedging relationship must meet all of
\n
the following requirements:
\n
\u2022
there is an economic relationship between the
\n
hedged item and the hedging instrument;
\n
\u2022
the effect of credit risk does not dominate the value
\n
changes that result from that economic relationship;
\n
and
\n
\u2022
the hedge ratio of the hedging relationship is the
\n
same as that resulting from the quantity of the
\n
hedged item that the entity actually hedges and the
\n
quantity of the hedging instrument that the entity
\n
actually uses to hedge that quantity of hedged item.
\n
Written option contracts do not qualify for hedge
\n
accounting and fair value movements are recognised
\n
directly in the Income Statement.
\n
For the reporting periods under review, the Group has
\n
designated certain forward currency contracts and
\n
options as hedging instruments in cash flow hedge
\n
relationships. These arrangements have been entered
\n
into to mitigate foreign currency exchange risk arising
\n
from certain highly probable sales and purchases
\n
transactions denominated in foreign currencies.
\n
All derivative financial instruments used for hedge
\n
accounting are recognised initially at fair value and
\n
reported subsequently at fair value in the Balance Sheet.
\n
To the extent that the hedge is effective, changes in
\n
the fair value of derivatives designated as hedging
\n
instruments in cash flow hedges are recognised in
\n
other comprehensive income and included within
\n
the cash flow hedge reserve in equity. The level of
\n
ineffectiveness is assessed as part of the valuation
\n
process undertaken at each half year end date. As part
\n
of this we consider the qualitative assessments that
\n
were made on inception, as detailed above, and also
\n
quantitatively measure the ineffectiveness of the hedge.
\n
In order to measure actual ineffectiveness which should
\n
be recorded in profit or loss, a hypothetical derivative is
\n
constructed on each review date to model the change
\n
in the fair value of the hedged item. The terms of the
\n
hypothetical derivative match that of the contract with
\n
a fair value of \u00a3nil at inception. Any ineffectiveness in
\n
the hedge relationship is recognised immediately in
\n
profit or loss.
\n
At the time the hedged item affects profit or loss,
\n
any gain or loss previously recognised in other
\n
comprehensive income is reclassified from equity
\n
to profit or loss and presented as a reclassification
\n
adjustment within other comprehensive income.
\n
However, if a non-financial asset or liability is recognised
\n
as a result of the hedged transaction, the gains and
\n
losses previously recognised in other comprehensive
\n
income are included in the initial measurement of the
\n
hedged item.
\n
If a forecast transaction is no longer expected to
\n
occur, any related gain or loss recognised in other
\n
comprehensive income is transferred immediately to
\n
profit or loss. If the hedging relationship ceases to meet
\n
the effectiveness conditions or when the relationship no
\n
longer meets the criteria for hedge accounting, hedge
\n
accounting is discontinued and the related gain or loss
\n
held in the hedging reserve is transferred immediately to
\nprofit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f14945": { "value": "Financial Assets
Classification and initial measurement of financial assets
\n
Except for those trade receivables that do not contain
\n
a significant financing component and are measured
\n
at the transaction price in accordance with IFRS 15,
\n
all financial assets are initially measured at fair value
\n
adjusted for transaction costs (where applicable).
\n
Financial assets, other than those designated and
\n
effective as hedging instruments, are classified into the
\n
following categories:
\n
\u2022
amortised cost
\n
\u2022
fair value through profit or loss (FVTPL)
\n
\u2022
fair value through other comprehensive
\n
income (FVOCI)
\n
All income and expenses relating to financial assets
\n
that are recognised in profit or loss are presented within
\n
finance costs or finance income, except for impairment
\n
of trade receivables and amounts due from related
\n
parties which are presented within selling distribution
\n
and administrative expenses. Impairment losses in
\n
respect of credit customer receivables are disclosed
\n
separately on the face of the Income Statement.
\n
The Group makes an assessment of the objective of
\n
the business model in which a financial asset is held at
\n
a portfolio level because this best reflects the way the
\n
business is managed and information is provided to
\n
management. The information considered includes:
\n
\u2022
The stated policies and objectives for the portfolio
\n
and the operation of those policies in practice.
\n
These include whether management\u2019s strategy
\n
focuses on earning contractual interest income or
\n
realising cash flows from the sale of assets;
\n
\u2022
How the performance of the portfolio is evaluated
\n
and reported to the Group\u2019s management;
\n
\u2022
The risks that affect the performance of the business
\n
model and how those risks are managed;
\n
\u2022
How managers of the business are compensated;
\n
and
\n
\u2022
The frequency, volume and timing of sales of
\n
financial assets in prior periods, the reasons for such
\n
sales and expectations about future sales activity.
\n
For the purposes of this assessment, \u2018principal\u2019 is
\n
defined as the fair value of the financial asset on initial
\n
recognition. \u2018Interest\u2019 is defined as consideration for the
\n
time value of money and for the credit risk associated
\n
with the principal amount outstanding during a
\n
particular period of time and for other basic lending risks
\n
and costs (e.g. liquidity risk and administrative costs), as
\n
well as a profit margin.
\n
In assessing whether the contractual cash flows are
\n
solely payments of principal and interest, the Group
\n
considers the contractual terms of the instrument. This
\n
includes assessing whether the financial asset contains
\n
a contractual term that could change the timing or
\n
amount of contractual cash flows such that it would
\n
not meet this condition. In making this assessment, the
\n
Group considers:
\n
\u2022
contingent events that would change the amount or
\n
timing of cash flows; and
\n
\u2022
terms that may adjust the contractual coupon rate.
\n
\n
Subsequent Measurement of
\n
Financial Assets
\n
Financial assets at amortised cost
\n
Financial assets are measured at amortised cost if
\n
the assets meet the following conditions (and are not
\n
designated as FVTPL):
\n
\u2022
they are held within a business model whose
\n
objective is to hold the financial assets and collect
\n
its contractual cash flows; and
\n
\u2022
the contractual terms of the financial assets give rise
\n
to cash flows that are solely payments of principal
\n
and interest on the principal amount outstanding.
\n
After initial recognition, these are measured
\n
at amortised cost using the effective interest
\n
method. Discounting is omitted where the effect of
\n
discounting is immaterial. The Group\u2019s cash and cash
\n
equivalents, trade and most other receivables fall into
\n
this category of financial instruments.
\n
Financial assets at fair value through profit or loss (FVTPL)
\n
Financial assets that are held within a different business
\n
model other than \u2018hold to collect\u2019 or \u2018hold to collect and
\n
sell\u2019 are categorised at fair value through profit and
\n
loss. Further, financial assets whose contractual cash
\n
flows are not solely payments of principal and interest
\n
are accounted for at FVTPL. All derivative financial
\n
instruments fall into this category, except for those
\n
designated and effective as hedging instruments, for
\n
which the hedge accounting requirements apply
\n
(see below).
\n
Assets in this category are measured at fair value with
\n
gains or losses recognised in profit or loss. The fair values
\n
of financial assets in this category are determined
\n
by reference to active market transactions or using a
\n
valuation technique where no active market exists.
\n
Financial assets at fair value through other comprehensive
\n
income (FVOCI)
\n
On initial application of IFRS 9 the Group made the
\n
irrevocable election to account for long term financial
\n
assets at fair value through other comprehensive
\n
income (FVOCI) given these are not held for trading
\n
purposes. The election is made on an instrument-by-
\n
instrument basis, only qualifying dividend income is
\n
recognised in profit and loss, changes in fair value
\n
are recognised within OCI and never reclassified to
\n
profit and loss, even if the asset is impaired, sold or
\n
otherwise derecognised.
\n
Impairment of financial assets
\n
IFRS 9\u2019s impairment requirements use more forward-
\n
looking information to recognise expected credit losses \u2013
\n
the \u2018expected credit loss (ECL) model\u2019. Instruments within
\n
the scope of the requirements include trade receivables,
\n
other receivables, amounts due from related parties,
\n
and loan commitments and some financial guarantee
\n
contracts (for the issuer) that are not measured at fair
\n
value through profit or loss.
\n
Other receivables and amounts due from related parties
\n
Recognition of credit losses is no longer dependent on
\n
the Group first identifying a credit loss event. Instead
\n
the Group considers a broader range of information
\n
when assessing credit risk and measuring expected
\n
credit losses, including past events, current conditions,
\n
reasonable and supportable forecasts that affect the
\n
expected collectability of the future cash flows of the
\n
instrument.
\n
In applying this forward-looking approach, a distinction
\n
is made between:
\n
\u2022
financial assets that have not deteriorated
\n
significantly in credit quality since initial recognition
\n
or that have low credit risk (\u2018Stage 1\u2019);
\n
\u2022
financial assets that have deteriorated significantly
\n
in credit quality since initial recognition and whose
\n
credit risk is not low (\u2018Stage 2\u2019); and
\n
\u2022
financial assets where the credit risk has increased
\n
to a point at which it is considered credit impaired
\n
(\u2018Stage 3\u2019)
\n
\u201812-month expected credit losses\u2019 are recognised for the
\n
first category while \u2018lifetime expected credit losses\u2019 are
\n
recognised for the second and third categories.
\n
Measurement of the expected credit losses is
\n
determined by a probability-weighted estimate of credit
\n
losses over the expected life of the financial instrument.
\n
Trade receivables
\n
The Group makes use of a simplified approach in
\n
accounting for trade receivables and records the loss
\n
allowance as lifetime expected credit losses. These
\n
are the expected shortfalls in contractual cash flows,
\n
considering the potential for default at any point during
\n
the life of the financial instrument. In calculating, the
\n
Group uses its historical experience, external indicators
\n
and forward-looking information to calculate the
\n
expected credit losses using a provision matrix.
\n
\n
Credit customer receivables
\n
12-month ECLs are used for Stage 1 performing assets
\n
12-month ECLs are used for Stage 1 performing assets
\n
and a lifetime ECL is used for stages 2 and 3. An asset
\n
will move from Stage 1 to Stage 2 when there is evidence
\n
of significant increase in credit risk since the asset
\n
originated and into Stage 3 when it is credit impaired.
\n
Should the credit risk improve so that the assessment of
\n
credit risk at the reporting date is considered not to be
\n
significant any longer, assets return to an earlier stage in
\n
the ECL model.
\n
A financial asset is considered to have experienced a
\n
significant increase in credit risk since initial recognition
\n
where there has been a significant increase in the
\n
remaining lifetime probability of default of the asset. The
\n
Group assumes that the credit risk on a financial asset
\n
has increased significantly if it is more than 30 days
\n
past due, and/or has been placed on an arrangement to
\n
pay less than the standard required minimum payment
\n
(except where a payment holiday was granted in
\n
response to Covid-19) or has had interest suspended.
\n
In line with IFRS 9, a financial asset is considered to be
\n
in default when it is more than 90 days past due and/or
\n
when the borrower is unlikely to pay its obligations in full.
\n
Days past due are determined by counting the number
\n
of days since the earliest elapsed due date in respect
\n
of which the minimum payment has not been received.
\n
Due dates are determined without considering any
\n
grace period that might be available to the borrower.
\n
When determining whether the credit risk of a
\n
financial asset has increased significantly since initial
\n
recognition and when estimating ECLs, the Group
\n
considers reasonable and supportable information
\n
that is relevant and available without undue cost or
\n
effort. This includes both quantitative and qualitative
\n
information and analysis based on the Group\u2019s
\n
historical experience and informed credit assessment
\n
including forward looking information.
\n
The key assumptions in the ECL calculations are:
\n
\u2022
Probability of Default (\u201cPD\u201d) - an estimate of the
\n
likelihood of default over 12 months and the
\n
expected lifetime of the debt;
\n
\u2022
Exposure at Default (\u201cEAD\u201d) - an estimate of the
\n
exposure at a future default date, taking into
\n
account expected changes in the exposure after the
\n
reporting date, including repayments of principal
\n
and interest, whether scheduled by the contract
\n
or otherwise and accrued interest from missed
\n
payments; and
\n
\u2022
Loss Given Default (\u201cLGD\u201d) - an estimate of the
\n
loss arising in the case where a default occurs at a
\n
given time. It is based on the difference between
\n
the contractual cash flows due and those that the
\n
Group would expect to receive, discounted at the
\n
original effective interest rate. The key areas of
\n
estimation are around the value that the Group will
\n
recover in respect of the defaulted debt and the
\n
timing of such recoveries.
\n
The Group incorporates forward-looking information into
\n
its measurement of ECLs. This is achieved by developing
\n
four potential economic scenarios and modelling ECLs
\n
for each scenario. The outputs from each scenario
\n
are combined; using the estimated likelihood of each
\n
scenario occurring to derive a probability weighted ECL.
\n
Management judgement is required in setting
\n
assumptions around probabilities of default and the
\n
weighting of economic scenarios in particular which
\n
have a material impact on the results indicated by the
\n
ECL model.
\n
Acquired loans that meet the Group\u2019s definition of
\n
default (i.e., those that are more than 90 days past
\n
due and/or when the borrower is unlikely to pay
\n
its obligations in full) at acquisition are treated as
\n
purchased or originated credit-impaired (\u201cPOCI\u201d) assets.
\n
These assets attract a lifetime ECL allowance over the
\n
full term of the loan, even when these loans no longer
\n
meet the definition of default post acquisition. The
\n
Group does not originate credit-impaired loans.
\n
Loss allowances for financial assets are deducted
\n
from the gross carrying amount of the asset.
\n
Impairment losses related to the Group\u2019s credit
\n
customers are separately disclosed in the
\nconsolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15058": { "value": "Financial assets at fair value through profit or loss (FVTPL)
Financial assets that are held within a different business
\n
model other than \u2018hold to collect\u2019 or \u2018hold to collect and
\n
sell\u2019 are categorised at fair value through profit and
\n
loss. Further, financial assets whose contractual cash
\n
flows are not solely payments of principal and interest
\n
are accounted for at FVTPL. All derivative financial
\n
instruments fall into this category, except for those
\n
designated and effective as hedging instruments, for
\n
which the hedge accounting requirements apply
\n
(see below).
\n
Assets in this category are measured at fair value with
\n
gains or losses recognised in profit or loss. The fair values
\n
of financial assets in this category are determined
\n
by reference to active market transactions or using a
\nvaluation technique where no active market exists.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15089": { "value": "Impairment of financial assets
IFRS 9\u2019s impairment requirements use more forward-
\n
looking information to recognise expected credit losses \u2013
\n
the \u2018expected credit loss (ECL) model\u2019. Instruments within
\n
the scope of the requirements include trade receivables,
\n
other receivables, amounts due from related parties,
\n
and loan commitments and some financial guarantee
\n
contracts (for the issuer) that are not measured at fair
\nvalue through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15101": { "value": "Other receivables and amounts due from related parties
Recognition of credit losses is no longer dependent on
\n
the Group first identifying a credit loss event. Instead
\n
the Group considers a broader range of information
\n
when assessing credit risk and measuring expected
\n
credit losses, including past events, current conditions,
\n
reasonable and supportable forecasts that affect the
\n
expected collectability of the future cash flows of the
\n
instrument.
\n
In applying this forward-looking approach, a distinction
\n
is made between:
\n
\u2022
financial assets that have not deteriorated
\n
significantly in credit quality since initial recognition
\n
or that have low credit risk (\u2018Stage 1\u2019);
\n
\u2022
financial assets that have deteriorated significantly
\n
in credit quality since initial recognition and whose
\n
credit risk is not low (\u2018Stage 2\u2019); and
\n
\u2022
financial assets where the credit risk has increased
\n
to a point at which it is considered credit impaired
\n
(\u2018Stage 3\u2019)
\n
\u201812-month expected credit losses\u2019 are recognised for the
\n
first category while \u2018lifetime expected credit losses\u2019 are
\n
recognised for the second and third categories.
\n
Measurement of the expected credit losses is
\n
determined by a probability-weighted estimate of credit
\n
losses over the expected life of the financial instrument.
\n
Trade receivables
\n
The Group makes use of a simplified approach in
\n
accounting for trade receivables and records the loss
\n
allowance as lifetime expected credit losses. These
\n
are the expected shortfalls in contractual cash flows,
\n
considering the potential for default at any point during
\n
the life of the financial instrument. In calculating, the
\n
Group uses its historical experience, external indicators
\n
and forward-looking information to calculate the
\n
expected credit losses using a provision matrix.
\n
\n
Credit customer receivables
\n
12-month ECLs are used for Stage 1 performing assets
\n
12-month ECLs are used for Stage 1 performing assets
\n
and a lifetime ECL is used for stages 2 and 3. An asset
\n
will move from Stage 1 to Stage 2 when there is evidence
\n
of significant increase in credit risk since the asset
\n
originated and into Stage 3 when it is credit impaired.
\n
Should the credit risk improve so that the assessment of
\n
credit risk at the reporting date is considered not to be
\n
significant any longer, assets return to an earlier stage in
\n
the ECL model.
\n
A financial asset is considered to have experienced a
\n
significant increase in credit risk since initial recognition
\n
where there has been a significant increase in the
\n
remaining lifetime probability of default of the asset. The
\n
Group assumes that the credit risk on a financial asset
\n
has increased significantly if it is more than 30 days
\n
past due, and/or has been placed on an arrangement to
\n
pay less than the standard required minimum payment
\n
(except where a payment holiday was granted in
\n
response to Covid-19) or has had interest suspended.
\n
In line with IFRS 9, a financial asset is considered to be
\n
in default when it is more than 90 days past due and/or
\n
when the borrower is unlikely to pay its obligations in full.
\n
Days past due are determined by counting the number
\n
of days since the earliest elapsed due date in respect
\n
of which the minimum payment has not been received.
\n
Due dates are determined without considering any
\n
grace period that might be available to the borrower.
\n
When determining whether the credit risk of a
\n
financial asset has increased significantly since initial
\n
recognition and when estimating ECLs, the Group
\n
considers reasonable and supportable information
\n
that is relevant and available without undue cost or
\n
effort. This includes both quantitative and qualitative
\n
information and analysis based on the Group\u2019s
\n
historical experience and informed credit assessment
\n
including forward looking information.
\n
The key assumptions in the ECL calculations are:
\n
\u2022
Probability of Default (\u201cPD\u201d) - an estimate of the
\n
likelihood of default over 12 months and the
\n
expected lifetime of the debt;
\n
\u2022
Exposure at Default (\u201cEAD\u201d) - an estimate of the
\n
exposure at a future default date, taking into
\n
account expected changes in the exposure after the
\n
reporting date, including repayments of principal
\n
and interest, whether scheduled by the contract
\n
or otherwise and accrued interest from missed
\n
payments; and
\n
\u2022
Loss Given Default (\u201cLGD\u201d) - an estimate of the
\n
loss arising in the case where a default occurs at a
\n
given time. It is based on the difference between
\n
the contractual cash flows due and those that the
\n
Group would expect to receive, discounted at the
\n
original effective interest rate. The key areas of
\n
estimation are around the value that the Group will
\n
recover in respect of the defaulted debt and the
\n
timing of such recoveries.
\n
The Group incorporates forward-looking information into
\n
its measurement of ECLs. This is achieved by developing
\n
four potential economic scenarios and modelling ECLs
\n
for each scenario. The outputs from each scenario
\n
are combined; using the estimated likelihood of each
\n
scenario occurring to derive a probability weighted ECL.
\n
Management judgement is required in setting
\n
assumptions around probabilities of default and the
\n
weighting of economic scenarios in particular which
\n
have a material impact on the results indicated by the
\n
ECL model.
\n
Acquired loans that meet the Group\u2019s definition of
\n
default (i.e., those that are more than 90 days past
\n
due and/or when the borrower is unlikely to pay
\n
its obligations in full) at acquisition are treated as
\n
purchased or originated credit-impaired (\u201cPOCI\u201d) assets.
\n
These assets attract a lifetime ECL allowance over the
\n
full term of the loan, even when these loans no longer
\n
meet the definition of default post acquisition. The
\n
Group does not originate credit-impaired loans.
\n
Loss allowances for financial assets are deducted
\n
from the gross carrying amount of the asset.
\n
Impairment losses related to the Group\u2019s credit
\n
customers are separately disclosed in the
\nconsolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15272": { "value": "Financial Liabilities
Classification and measurement of financial liabilities
\n
The Group\u2019s financial liabilities include borrowings and
\n
lease liabilities, trade and other payables and derivative
\n
financial instruments.
\n
Financial liabilities are initially measured at fair value,
\n
and, where applicable, adjusted for transaction costs
\n
unless the Group designated a financial liability at fair
\n
value through profit or loss. Subsequently, financial
\n
liabilities are measured at amortised cost using the
\n
effective interest method except for derivatives and
\n
financial liabilities designated at FVTPL, which are
\n
carried subsequently at fair value with gains or losses
\n
recognised in profit or loss (other than derivative
\n
financial instruments that are designated and effective
\n
as hedging instruments).
\n
All interest-related charges and, if applicable, fair value
\n
changes in currency derivative instruments that are
\n
reported in profit or loss are included within finance
\n
costs or finance income. Fair value changes in equity
\n
derivative financial instruments are recognised in
\n
investment income or investment costs.
\n
Derivative financial instruments and hedge accounting
\n
Derivative financial instruments are accounted for
\n
at fair value through profit and loss (FVTPL) except
\n
for derivatives designated as hedging instruments
\n
in cash flow hedge relationships, which require a
\n
specific accounting treatment. To qualify for hedge
\n
accounting, the hedging relationship must meet all of
\n
the following requirements:
\n
\u2022
there is an economic relationship between the
\n
hedged item and the hedging instrument;
\n
\u2022
the effect of credit risk does not dominate the value
\n
changes that result from that economic relationship;
\n
and
\n
\u2022
the hedge ratio of the hedging relationship is the
\n
same as that resulting from the quantity of the
\n
hedged item that the entity actually hedges and the
\n
quantity of the hedging instrument that the entity
\n
actually uses to hedge that quantity of hedged item.
\n
Written option contracts do not qualify for hedge
\n
accounting and fair value movements are recognised
\n
directly in the Income Statement.
\n
For the reporting periods under review, the Group has
\n
designated certain forward currency contracts and
\n
options as hedging instruments in cash flow hedge
\n
relationships. These arrangements have been entered
\n
into to mitigate foreign currency exchange risk arising
\n
from certain highly probable sales and purchases
\n
transactions denominated in foreign currencies.
\n
All derivative financial instruments used for hedge
\n
accounting are recognised initially at fair value and
\n
reported subsequently at fair value in the Balance Sheet.
\n
To the extent that the hedge is effective, changes in
\n
the fair value of derivatives designated as hedging
\n
instruments in cash flow hedges are recognised in
\n
other comprehensive income and included within
\n
the cash flow hedge reserve in equity. The level of
\n
ineffectiveness is assessed as part of the valuation
\n
process undertaken at each half year end date. As part
\n
of this we consider the qualitative assessments that
\n
were made on inception, as detailed above, and also
\n
quantitatively measure the ineffectiveness of the hedge.
\n
In order to measure actual ineffectiveness which should
\n
be recorded in profit or loss, a hypothetical derivative is
\n
constructed on each review date to model the change
\n
in the fair value of the hedged item. The terms of the
\n
hypothetical derivative match that of the contract with
\n
a fair value of \u00a3nil at inception. Any ineffectiveness in
\n
the hedge relationship is recognised immediately in
\n
profit or loss.
\n
At the time the hedged item affects profit or loss,
\n
any gain or loss previously recognised in other
\n
comprehensive income is reclassified from equity
\n
to profit or loss and presented as a reclassification
\n
adjustment within other comprehensive income.
\n
However, if a non-financial asset or liability is recognised
\n
as a result of the hedged transaction, the gains and
\n
losses previously recognised in other comprehensive
\n
income are included in the initial measurement of the
\n
hedged item.
\n
If a forecast transaction is no longer expected to
\n
occur, any related gain or loss recognised in other
\n
comprehensive income is transferred immediately to
\n
profit or loss. If the hedging relationship ceases to meet
\n
the effectiveness conditions or when the relationship no
\n
longer meets the criteria for hedge accounting, hedge
\n
accounting is discontinued and the related gain or loss
\n
held in the hedging reserve is transferred immediately to
profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15296": { "value": "Derivative financial instruments and hedge accounting
Derivative financial instruments are accounted for
\n
at fair value through profit and loss (FVTPL) except
\n
for derivatives designated as hedging instruments
\n
in cash flow hedge relationships, which require a
\n
specific accounting treatment. To qualify for hedge
\n
accounting, the hedging relationship must meet all of
\n
the following requirements:
\n
\u2022
there is an economic relationship between the
\n
hedged item and the hedging instrument;
\n
\u2022
the effect of credit risk does not dominate the value
\n
changes that result from that economic relationship;
\n
and
\n
\u2022
the hedge ratio of the hedging relationship is the
\n
same as that resulting from the quantity of the
\n
hedged item that the entity actually hedges and the
\n
quantity of the hedging instrument that the entity
\n
actually uses to hedge that quantity of hedged item.
\n
Written option contracts do not qualify for hedge
\n
accounting and fair value movements are recognised
\n
directly in the Income Statement.
\n
For the reporting periods under review, the Group has
\n
designated certain forward currency contracts and
\n
options as hedging instruments in cash flow hedge
\n
relationships. These arrangements have been entered
\n
into to mitigate foreign currency exchange risk arising
\n
from certain highly probable sales and purchases
\n
transactions denominated in foreign currencies.
\n
All derivative financial instruments used for hedge
\n
accounting are recognised initially at fair value and
\n
reported subsequently at fair value in the Balance Sheet.
\n
To the extent that the hedge is effective, changes in
\n
the fair value of derivatives designated as hedging
\n
instruments in cash flow hedges are recognised in
\n
other comprehensive income and included within
\n
the cash flow hedge reserve in equity. The level of
\n
ineffectiveness is assessed as part of the valuation
\n
process undertaken at each half year end date. As part
\n
of this we consider the qualitative assessments that
\n
were made on inception, as detailed above, and also
\n
quantitatively measure the ineffectiveness of the hedge.
\n
In order to measure actual ineffectiveness which should
\n
be recorded in profit or loss, a hypothetical derivative is
\n
constructed on each review date to model the change
\n
in the fair value of the hedged item. The terms of the
\n
hypothetical derivative match that of the contract with
\n
a fair value of \u00a3nil at inception. Any ineffectiveness in
\n
the hedge relationship is recognised immediately in
\n
profit or loss.
\n
At the time the hedged item affects profit or loss,
\n
any gain or loss previously recognised in other
\n
comprehensive income is reclassified from equity
\n
to profit or loss and presented as a reclassification
\n
adjustment within other comprehensive income.
\n
However, if a non-financial asset or liability is recognised
\n
as a result of the hedged transaction, the gains and
\n
losses previously recognised in other comprehensive
\n
income are included in the initial measurement of the
\n
hedged item.
\n
If a forecast transaction is no longer expected to
\n
occur, any related gain or loss recognised in other
\n
comprehensive income is transferred immediately to
\n
profit or loss. If the hedging relationship ceases to meet
\n
the effectiveness conditions or when the relationship no
\n
longer meets the criteria for hedge accounting, hedge
\n
accounting is discontinued and the related gain or loss
\n
held in the hedging reserve is transferred immediately to
profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15297": { "value": "Derivative financial instruments and hedge accounting
Derivative financial instruments are accounted for
\n
at fair value through profit and loss (FVTPL) except
\n
for derivatives designated as hedging instruments
\n
in cash flow hedge relationships, which require a
\n
specific accounting treatment. To qualify for hedge
\n
accounting, the hedging relationship must meet all of
\n
the following requirements:
\n
\u2022
there is an economic relationship between the
\n
hedged item and the hedging instrument;
\n
\u2022
the effect of credit risk does not dominate the value
\n
changes that result from that economic relationship;
\n
and
\n
\u2022
the hedge ratio of the hedging relationship is the
\n
same as that resulting from the quantity of the
\n
hedged item that the entity actually hedges and the
\n
quantity of the hedging instrument that the entity
\n
actually uses to hedge that quantity of hedged item.
\n
Written option contracts do not qualify for hedge
\n
accounting and fair value movements are recognised
\n
directly in the Income Statement.
\n
For the reporting periods under review, the Group has
\n
designated certain forward currency contracts and
\n
options as hedging instruments in cash flow hedge
\n
relationships. These arrangements have been entered
\n
into to mitigate foreign currency exchange risk arising
\n
from certain highly probable sales and purchases
\n
transactions denominated in foreign currencies.
\n
All derivative financial instruments used for hedge
\n
accounting are recognised initially at fair value and
\n
reported subsequently at fair value in the Balance Sheet.
\n
To the extent that the hedge is effective, changes in
\n
the fair value of derivatives designated as hedging
\n
instruments in cash flow hedges are recognised in
\n
other comprehensive income and included within
\n
the cash flow hedge reserve in equity. The level of
\n
ineffectiveness is assessed as part of the valuation
\n
process undertaken at each half year end date. As part
\n
of this we consider the qualitative assessments that
\n
were made on inception, as detailed above, and also
\n
quantitatively measure the ineffectiveness of the hedge.
\n
In order to measure actual ineffectiveness which should
\n
be recorded in profit or loss, a hypothetical derivative is
\n
constructed on each review date to model the change
\n
in the fair value of the hedged item. The terms of the
\n
hypothetical derivative match that of the contract with
\n
a fair value of \u00a3nil at inception. Any ineffectiveness in
\n
the hedge relationship is recognised immediately in
\n
profit or loss.
\n
At the time the hedged item affects profit or loss,
\n
any gain or loss previously recognised in other
\n
comprehensive income is reclassified from equity
\n
to profit or loss and presented as a reclassification
\n
adjustment within other comprehensive income.
\n
However, if a non-financial asset or liability is recognised
\n
as a result of the hedged transaction, the gains and
\n
losses previously recognised in other comprehensive
\n
income are included in the initial measurement of the
\n
hedged item.
\n
If a forecast transaction is no longer expected to
\n
occur, any related gain or loss recognised in other
\n
comprehensive income is transferred immediately to
\n
profit or loss. If the hedging relationship ceases to meet
\n
the effectiveness conditions or when the relationship no
\n
longer meets the criteria for hedge accounting, hedge
\n
accounting is discontinued and the related gain or loss
\n
held in the hedging reserve is transferred immediately to
profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15298": { "value": "Derivative financial instruments and hedge accounting
Derivative financial instruments are accounted for
\n
at fair value through profit and loss (FVTPL) except
\n
for derivatives designated as hedging instruments
\n
in cash flow hedge relationships, which require a
\n
specific accounting treatment. To qualify for hedge
\n
accounting, the hedging relationship must meet all of
\n
the following requirements:
\n
\u2022
there is an economic relationship between the
\n
hedged item and the hedging instrument;
\n
\u2022
the effect of credit risk does not dominate the value
\n
changes that result from that economic relationship;
\n
and
\n
\u2022
the hedge ratio of the hedging relationship is the
\n
same as that resulting from the quantity of the
\n
hedged item that the entity actually hedges and the
\n
quantity of the hedging instrument that the entity
\n
actually uses to hedge that quantity of hedged item.
\n
Written option contracts do not qualify for hedge
\n
accounting and fair value movements are recognised
\n
directly in the Income Statement.
\n
For the reporting periods under review, the Group has
\n
designated certain forward currency contracts and
\n
options as hedging instruments in cash flow hedge
\n
relationships. These arrangements have been entered
\n
into to mitigate foreign currency exchange risk arising
\n
from certain highly probable sales and purchases
\n
transactions denominated in foreign currencies.
\n
All derivative financial instruments used for hedge
\n
accounting are recognised initially at fair value and
\n
reported subsequently at fair value in the Balance Sheet.
\n
To the extent that the hedge is effective, changes in
\n
the fair value of derivatives designated as hedging
\n
instruments in cash flow hedges are recognised in
\n
other comprehensive income and included within
\n
the cash flow hedge reserve in equity. The level of
\n
ineffectiveness is assessed as part of the valuation
\n
process undertaken at each half year end date. As part
\n
of this we consider the qualitative assessments that
\n
were made on inception, as detailed above, and also
\n
quantitatively measure the ineffectiveness of the hedge.
\n
In order to measure actual ineffectiveness which should
\n
be recorded in profit or loss, a hypothetical derivative is
\n
constructed on each review date to model the change
\n
in the fair value of the hedged item. The terms of the
\n
hypothetical derivative match that of the contract with
\n
a fair value of \u00a3nil at inception. Any ineffectiveness in
\n
the hedge relationship is recognised immediately in
\n
profit or loss.
\n
At the time the hedged item affects profit or loss,
\n
any gain or loss previously recognised in other
\n
comprehensive income is reclassified from equity
\n
to profit or loss and presented as a reclassification
\n
adjustment within other comprehensive income.
\n
However, if a non-financial asset or liability is recognised
\n
as a result of the hedged transaction, the gains and
\n
losses previously recognised in other comprehensive
\n
income are included in the initial measurement of the
\n
hedged item.
\n
If a forecast transaction is no longer expected to
\n
occur, any related gain or loss recognised in other
\n
comprehensive income is transferred immediately to
\n
profit or loss. If the hedging relationship ceases to meet
\n
the effectiveness conditions or when the relationship no
\n
longer meets the criteria for hedge accounting, hedge
\n
accounting is discontinued and the related gain or loss
\n
held in the hedging reserve is transferred immediately to
profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15395": { "value": "Provisions
A provision is recognised when the Group has a present
\n
legal or constructive obligation as a result of a past
\n
event, it is probable that an outflow of resources will be
\n
required to settle the obligation and a reliable estimate
\n
can be made of the amount of the obligation.
\n
The Group provides for its legal responsibility for
\n
dilapidation costs in accordance with the terms of lease
\n
agreements, following advice from chartered surveyors
\n
and based on previous experience of exit costs. The
\n
estimated cost of fulfilling the leasehold dilapidations
\n
obligations is discounted to present value and analysed
\n
between non-capital and capital components. The
\n
capital element is recognised as part of the cost of the
\n
right of use asset and is depreciated over the life of the
\n
asset. The non-capital element is taken to the Income
\n
Statement in the first year of the lease where the cost
\n
it represents is of no lasting benefit to the Group or
\n
its landlord. \u2018Wear and tear\u2019 costs are expensed to
\n
the Income Statement. Provisions for onerous lease
\n
contracts are recognised when the Group believes the
\n
unavoidable costs of meeting the lease obligations
\n
exceed the economic benefits expected to be received
\n
under the lease. Legal provisions (including settlements
\n
and court fees) are recognised based on advice from
\n
the Group\u2019s lawyers when it is probable that there will be
\n
an outflow of resources and a reliable estimate can be
\n
made.
\n
Other provisions include management\u2019s best estimate
\n
of restructuring, employment related costs and other
\n
claims.
\n
Any reimbursement that the Group is virtually certain to
\n
collect from a third party with respect to the obligation
\n
is recognised as a separate asset. However, this asset
\n
may not exceed the amount of the related provision.
\n
No liability is recognised if an outflow of economic
\n
resources as a result of present obligations is not
\n
probable. Such situations are disclosed as contingent
\nliabilities unless the outflow of resources is remote.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15437": { "value": "Leases
The Group assesses whether a contract is or contains
\n
a lease, at inception of the contract. Lease liabilities
\n
are measured at the present value of the contractual
\n
payments due to the lessor over the lease term, with
\n
the discount rate determined by reference to the rate
\n
implicit in the lease unless (as is typically the case) this
\n
is not readily determinable, in which case the Group\u2019s
\n
incremental borrowing rate on commencement of
\n
the lease is used. Variable lease payments are only
\n
included in the measurement of the lease liability if they
\n
depend on an index or rate. In such cases, the initial
\n
measurement of the lease liability assumes the variable
\n
element will remain unchanged throughout the lease
\n
term. Other variable lease payments such as revenue
\n
linked property leases are expensed in the period to
\n
which they relate.
\n
On initial recognition, the carrying value of the lease
\n
liability also includes:
\n
\u2022
amounts expected to be payable under any residual
\n
value guarantee;
\n
\u2022
the exercise price of any purchase option granted
\n
in favour of the Group if it is reasonably certain that
\n
the option will be exercised; and
\n
\u2022
any penalties payable for terminating the lease, if
\n
the term of the lease has been estimated on the
\n
basis of the termination option being exercised.
\n
Subsequent to initial measurement lease liabilities
\n
increase as a result of interest charged at the effective
\n
rate on the balance outstanding and are reduced for
\n
lease payments made.
\n
Right-of-use assets are initially measured at the amount
\n
of the lease liability, reduced for any lease incentives
\n
(payments made by a lessor to a lessee associated
\n
with a lease, or the reimbursement or assumption by a
\n
lessor of costs of a lessee) received or impairment, and
\n
increased for:
\n
\u2022
lease payments made at or before commencement
\n
of the lease;
\n
\u2022
initial direct costs incurred; and
\n
\u2022
the amount of any provision recognised where
\n
the Group is contractually required to dismantle,
\n
remove or restore the leased asset, providing it
\n
meets the Group\u2019s property, plant and equipment
\n
capitalisation policy.
\n
When an indication of impairment is identified,
\n
right-of-use assets are tested for impairment in
\n
accordance with IAS 36 by comparing the recoverable
\n
amount (higher of value in use and fair value less costs
\n
of disposal) with its carrying amount. The right-of-use
\n
assets are presented within property, plant and
\n
equipment in the consolidated Balance Sheet.
\n
\n
Subsequent to initial measurement, right-of-use
\n
assets are amortised on a straight-line basis over the
\n
remaining term of the lease or over the remaining
\n
economic life of the asset if this is judged to be shorter
\n
than the lease term.
\n
When the Group revises its estimate of the term of
\n
any lease (because, for example, it re-assesses the
\n
probability of a lessee extension or termination option
\n
being exercised), it adjusts the carrying amount of the
\n
lease liability to reflect the payments to make over the
\n
revised term, which are discounted at a revised discount
\n
rate. The carrying value of lease liabilities is revised using
\n
the original discount rate when the variable element of
\n
future lease payments dependent on a rate or index is
\n
revised. In both cases an equivalent adjustment is made
\n
to the carrying value of the right-of-use asset, with
\n
the revised carrying amount being amortised over the
\n
remaining (revised) lease term.
\n
When the Group renegotiates the contractual terms of
\n
a lease with the lessor, the accounting depends on the
\n
nature of the modification:
\n
\u2022
if the renegotiation results in one or more
\n
additional assets being leased for an amount
\n
commensurate with the standalone price for the
\n
additional rights-of-use obtained, the modification
\n
is accounted for as a separate lease in accordance
\n
with the above policy.
\n
\u2022
in all other cases where the renegotiation increases
\n
the scope of the lease (whether that is an extension
\n
to the lease term, or one or more additional assets
\n
being leased), the lease liability is remeasured using
\n
the discount rate applicable on the modification
\n
date, with the right-of use asset being adjusted by
\n
the same amount.
\n
\u2022
if the renegotiation results in a decrease in the
\n
scope of the lease, both the carrying amount of the
\n
lease liability and right-of-use asset are reduced
\n
by the same proportion to reflect the partial or
\n
full termination of the lease with any difference
\n
recognised in profit or loss. The lease liability is
\n
then further adjusted to ensure its carrying amount
\n
reflects the amount of the renegotiated payments
\n
over the renegotiated term, with the modified lease
\n
payments discounted at the rate applicable on the
\n
modification date. The right-of-use asset is adjusted
\n
by the same amount.
\n
Sale and leaseback
\n
On entering into a sale and leaseback transaction
\n
the Group determines whether the transfer of the
\n
assets qualifies as a sale (satisfying a performance
\n
obligation in IFRS 15 \u2018Revenue from Contracts with
\n
Customers\u2019). Where the transfer is a sale and providing
\n
the transaction is on market terms then the previous
\n
carrying amount of the underlying asset is split between:
\n
\u2022
a right-of-use asset arising from the leaseback
\n
(being the proportion of the previous carrying
\n
amount of the asset that relates to the rights
\n
retained), and
\n
\u2022
the rights in the underlying asset retained by the
\n
buyer-lessor at the end of the leaseback.
\n
The Group recognises a portion of the total gain or loss
\n
on the sale. The amount recognised is calculated by
\n
splitting the total gain or loss into:
\n
\u2022
an unrecognised amount relating to the rights
\n
retained by the seller-lessee, and
\n
\u2022
a recognised amount relating to the buyer-lessor\u2019s
\n
rights in the underlying asset at the end of the
\n
leaseback.
\n
The leaseback itself is then accounted for under IFRS 16.
\n
Rental income from operating leases where the Group
\n
acts as a lessor is recognised on a straight-line basis over
\nthe term of the relevant lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15596": { "value": "Treasury Shares
The purchase price of the Group\u2019s own shares that
\n
it acquires is recognised as \u2018Treasury shares\u2019 within
\n
equity. When shares are transferred out of treasury
\n
the difference between the market value and the
\n
average purchase price of shares sold out of treasury is
\ntransferred to retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15623": { "value": "Employee Benefit Trust
An Employee Benefit Trust has been established for the
\n
purposes of satisfying certain share-based awards. The
\n
Group has \u2018de-facto\u2019 control over the special purpose
\n
entity. This Trust is fully consolidated within the accounts.
\n
The cost of shares acquired by the Sports Direct
\n
Employee Benefit Trust is recognised within \u2018Own Share
\nreserve\u2019 in equity.Post-employment obligations
For defined benefit plans, obligations are measured at
\n
discounted present value (using the projected unit credit
\n
method) and plan assets are recorded at fair value.
\n
The operating and financing costs of such plans are
\n
recognised separately in the Group Income Statement
\n
and actuarial gains and losses are recognised in the
\n
Group statement of comprehensive income/(loss).
\n
Payments to defined contribution schemes are
\nrecognised as an expense when they fall due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15634": { "value": "Share-Based Payments
The Group issues equity-settled share-based payments
\n
to certain Directors and employees. These are measured
\n
at fair value at the date of grant, which is expensed to
\n
the consolidated Income Statement on a straight-line
\n
basis over the vesting period, with the corresponding
\n
credit going to equity.
\n
Non-market vesting conditions are not taken into
\n
account in determining grant date fair value. Instead,
\n
they are taken into account by adjusting the number of
\n
equity instruments to vest. At the end of each reporting
\n
period the Group revises its estimates of the number
\n
of options that are expected to vest based on the non
\n
market vesting and service conditions. Any revisions, if
\n
any, are recognised in profit and loss with an adjustment
\n
to equity.
\n
Fair value is calculated using an adjusted form of
\n
the Black-Scholes model which includes a Monte
\n
Carlo simulation model that takes into account the
\n
exercise price, the term of the option, the impact of
\n
dilution (where material), the share price at grant date
\n
and the expected price volatility of the underlying
\n
share, the expected dividend yield, and the risk-free
\n
interest rate for the term of the scheme. The expected
\n
staff numbers used in the model has been adjusted,
\n
based on management\u2019s best estimate, for the
\n
effects of non-transferability, exercise restrictions, and
\n
behavioural considerations.
\n
For cash-settled share-based payment transactions, the
\n
Group measures the services received and the liability
\n
incurred at the fair value of the liability. Until the liability
\n
is settled, the Group remeasures the fair value of the
\n
liability at the end of each reporting period and at
\n
the date of settlement, with any changes in fair value
\n
recognised in the Income Statement for the period.
\n
The credit for the share based payment charge does
\n
not equal the charge per the Income Statement as it
\n
excludes amounts recognised in the Balance Sheet in
\n
relation to the expected national insurance contributions
\nfor the shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15677": { "value": "Equity Instruments
An equity instrument is any contract that evidences
\n
a residual interest in the assets of the Group after
\n
deducting all of its liabilities. Equity instruments issued
\n
by the Group are recorded at the proceeds received, net
\nof any direct issue costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15686": { "value": "Foreign Currencies
The presentational currency of the Group is sterling. The
\n
functional currency of the Company is also sterling.
\n
Foreign currency transactions are translated into sterling
\n
using the exchange rates prevailing on the dates of the
\n
transactions. Exchange differences of the Company
\n
arising on the settlement of monetary items, and on
\n
the retranslation of monetary items, are included in the
\n
Income Statement for the period.
\n
Exchange differences arising on the retranslation of
\n
non-monetary items carried at fair value are included
\n
in the Income Statement for the period except for
\n
differences arising on the retranslation of non-monetary
\n
items in respect of which gains and losses are
\n
recognised in other comprehensive income. For such
\n
non-monetary items, any exchange component of
\n
that gain or loss is also recognised directly in other
\n
comprehensive income. Monetary assets and liabilities
\n
denominated in foreign currencies are translated at
\n
the rate of exchange ruling at the balance sheet date.
\n
Non-monetary items that are measured in terms of
\n
historical cost in a foreign currency are not retranslated.
\n
Non-monetary items that are held at valuation are
\n
translated at the foreign exchange rate at the date of
\n
the valuation.
\n
On consolidation, the assets and liabilities of foreign
\n
operations which have a functional currency other than
\n
sterling are translated into sterling at foreign exchange
\n
rates ruling at the balance sheet date. The revenues
\n
and expenses of these subsidiary undertakings are
\n
translated at average rates applicable in the period. All
\n
resulting exchange differences are recognised in other
\n
comprehensive income and documented in a separate
\n
component of equity.
\n
When a foreign operation is sold, the cumulative
\n
exchange differences that have been recognised as
\n
a separate component of equity are reclassified from
\n
equity to the Income Statement when the disposal is
\n
recognised.
\n
In order to mitigate its exposure to certain foreign
\n
exchange risks, the Group enters into forward and option
\n
contracts (see Chief Executive\u2019s Report and Business
\nReview and the cash flow hedging accounting policy).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15689": { "value": "The presentational currency of the Group is sterling. The
functional currency of the Company is also sterling.
\n
Foreign currency transactions are translated into sterling
\n
using the exchange rates prevailing on the dates of the
\n
transactions. Exchange differences of the Company
\n
arising on the settlement of monetary items, and on
\n
the retranslation of monetary items, are included in the
\nIncome Statement for the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15752": { "value": "Dividends
Dividends are recognised as a liability in the Group\u2019s
\n
Financial Statements and as a deduction from equity in
\n
the period in which the dividends are declared. Where
\n
such dividends are proposed subject to the approval of
\n
shareholders, the dividends are regarded as declared
\n
once shareholder approval has been obtained and they
\nare no longer at the discretion of the Company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15763": { "value": "Materiality
In preparing the Financial Statements, the Board
\n
considers both quantitative and qualitative factors in
\n
forming its judgements, and related disclosures, and
\n
are mindful of the need to best serve the interests of its
\n
stakeholders and to avoid unnecessary clutter borne of
\n
the disclosure of immaterial items.
\n
In making this assessment the Board considers the
\n
nature of each item, as well as its size, in assessing
\n
whether any disclosure omissions or misstatements
\n
could influence the decisions of users of the Financial
\nStatements.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15805": { "value": "New Accounting Standards, Interpretations
and Amendments Adopted By The Group
\n
The Group has not early adopted any new accounting
\n
standard, interpretation or amendment that has been
\n
issued but is not effective. The Group has applied for the
\n
first time the following new standards:
\n
\u2022
Annual Improvements to IFRS Standards 2018-2020
\n
Cycle - amendments to IAS 1, IFRS 9 and IFRS 16
\n
\u2022
Amendments to IFRS 3 \u2013 Reference to the
\n
Conceptual Framework
\n
\u2022
Amendments to IAS 16 \u2013 Property, Plant and
\n
Equipment: Proceeds before intended use
\n
\u2022
Amendment to IAS 37 \u2013 Onerous Contracts: Cost of
\n
Fulfilling a Contract
\n
\u2022
Interest Rate Benchmark Reform \u2013 Phase 2 \u2013
\n
amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and
\n
IFRS 16.
\n
By adopting the above, there has been no material
\nimpact on the Financial Statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15832": { "value": "International Financial Reporting
Standards (\u201cStandards\u201d) in Issue but not
\n
Yet Effective
\n
At the date of authorisation of these consolidated
\n
Financial Statements, there are no standards in
\n
issue from the International Accounting Standards
\n
Board (\u201cIASB\u201d) or International Financial Reporting
\n
Interpretations Committee (\u201cIFRIC\u201d) which are effective
\n
for annual accounting periods beginning on or after
\n
30 April 2023 that will have a material impact on these
\nFinancial Statements.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f15863": { "value": "2.
CRITICAL ACCOUNTING
\n
JUDGEMENTS AND
\n
ESTIMATES
\n
Climate Change
\n
We have considered the potential impact of climate
\n
change in preparing these financial statements. Tackling
\n
climate change is a global imperative. Measures which
\n
support climate change initiatives and our wider ESG
\n
agenda continue to be key components of our strategic
\n
direction, supporting sustainability, the broader social
\n
agenda and consumer choice. The risks associated
\n
with climate change have been deemed to be arising
\n
in the medium to long term, however we are working to
\n
mitigate these risks as detailed within the TCFD section
\n
of this annual report.
\n
We have considered climate change as part of our
\n
cash flow projections within going concern, impairment
\n
assessments and viability, and the impact of climate
\n
change is not deemed to have a significant impact on
\n
these assessments currently and therefore they are not
\n
deemed to be a key source of estimation uncertainty.
\n
The Group will continue to monitor the impacts of
\n
climate change over the coming years.
\n
The critical accounting estimates and judgements made
\n
by the Group regarding the future or other key sources
\n
of estimation, uncertainty and judgement that may have
\n
a significant risk of giving rise to a material adjustment
\n
to the carrying values of assets and liabilities within the
\n
next financial period are:
\n
Critical Accounting Judgements
\n
Determining Related Party Relationships
\n
Management determines whether a related party
\n
relationship exists by assessing the nature of the
\n
relationship by reference to the requirements of IAS 24,
\n
Related Party Disclosures. This is in order to determine
\n
whether significant influence exists as a result of control,
\n
shared directors or parent companies, or close family
\n
relationships. The level at which one party may be
\n
expected to influence the other is also considered for
\n
transactions involving close family relationships.
\n
Control and Significant Influence Over
\n
Certain Entities
\n
Under IAS 28 Investments in Associates and Joint
\n
Ventures if an entity holds 20% or more of the voting
\n
power of the investee, it is presumed that the entity has
\n
significant influence, unless it can clearly demonstrate
\n
that this is not the case.
\n
In assessing the level of control that management have
\n
over certain entities, management will consider the
\n
various aspects that allow management to influence
\n
decision making. This includes the level of share
\n
ownership, board membership, the level of investment
\n
and funding and the ability of the Group to influence
\n
operational and strategic decisions and effect its returns
\n
through the exercise of such influence. If management
\n
were to consider that the Group does have significant
\n
influence over these entities then the equity method
\n
of accounting would be used and the percentage
\n
shareholding multiplied by the results of the investee in
\n
the period would be recognised in profit or loss.
\n
Mulberry Group Plc
\n
During the period the Group has held greater than 20%
\n
of the voting rights of Mulberry Group Plc. Management
\n
consider that the Group does not have significant
\n
influence over this entity for combinations of the
\n
following reasons:
\n
\u2022
The Group does not have any representation on the
\n
board of directors of the investee.
\n
\u2022
There is no participation in decision making and
\n
strategic processes, including participation in
\n
decisions about dividends or other distributions.
\n
\u2022
There have been no material transactions between
\n
the entity and the investee company.
\n
\u2022
There has been no interchange of managerial
\n
personnel.
\n
\u2022
No non-public essential technical management
\n
information is provided to the investee.
\n
\n
Four (Holdings) Limited
\n
The Group holds 49% of the share capital of Four
\n
(Holdings) Limited which is accounted for as an
\n
associate using the equity method. The Group does
\n
not have any representation on the board of directors
\n
and no participation in decision making about relevant
\n
activities such as establishing operating and capital
\n
decisions, including budgets, appointing or remunerating
\n
key management personnel or service providers and
\n
terminating their services or employment. However, in
\n
prior periods the Group has provided Four (Holdings)
\n
Limited with a significant loan. At the reporting date, the
\n
amount owed by Four (Holdings) Limited for this loan
\n
totalled \u00a360m (\u00a326.8m net of amounts recognised in
\n
respect of loss allowance). The Group is satisfied that
\n
the existence of these transactions provides evidence
\n
that the entity has significant influence over the investee
\n
but in the absence of any other rights, in isolation it is
\n
insufficient to meet the control criteria of IFRS 10, as the
\n
Group does not have power over Four (Holdings) Limited.
\n
Tymit Limited
\n
The Group holds 25% of the share Capital of
\n
Tymit Limited. This holding is accounted for as an
\n
associate under IAS 28, although the carrying value
\n
of the investment is \u00a3nil as a result of management\u2019s
\n
assessment of future trading prospects of the business.
\n
Management has advanced Tymit convertible loans of
\n
\u00a37.2m at 30 April 2023, which have been fully provided
\n
for, and is committed to loaning a further \u00a33.6m
\n
post-year end. Management has considered whether
\n
any of the rights attaching to the loan notes could give
\n
rise to control and concluded that this was not the case.
\n
Kangol LLC
\n
During the current period, the Group sold 51% of its
\n
shareholding in Kangol LLC to Bollman Hat Company
\n
for \u00a317.6m, retaining a 49% stake. Management
\n
considered the criteria set out in IFRS 10 when
\n
assessing whether or not it retains control of the entity
\n
or significant influence as defined by IAS 28. It was
\n
concluded that the Group has significant influence by
\n
virtue of its holding more than 20% of the voting power
\n
of the investee, but not control since Bollman holds 51%
\n
of total voting rights. Consequently, the Group\u2019s 49%
\n
shareholding has been accounted for as an associate
\n
under IAS 28. Refer to note 20 for details.
\n
Cash Flow Hedging
\n
The Group uses a range of forward and option contracts
\n
that are entered into at the same time, they are in
\n
contemplation with one another and have the same
\n
counterparty. A judgement is made in determining
\n
whether there is an economic need or substantive
\n
business purpose for structuring the transactions
\n
separately that could not also have been accomplished
\n
in a single transaction. Management are of the view
\n
that there is a substantive distinct business purpose for
\n
entering into the options and a strategy for managing
\n
the options independently of the forward contracts. The
\n
forward and options contracts are therefore not viewed
\n
as one instrument accordingly hedge accounting for the
\n
forwards is permitted.
\n
Under IFRS 9 in order to achieve cash flow hedge
\n
accounting, forecast transactions (primarily Euro
\n
denominated sales and USD denominated purchases)
\n
must be considered to be highly probable. The hedge
\n
must be expected to be highly effective in achieving
\n
offsetting changes in cash flows attributable to the
\n
hedged risk. The forecast transaction that is the
\n
subject of the hedge must be highly probable and
\n
must present an exposure to variations in cash flows
\n
that could ultimately affect profit or loss. Management
\n
have reviewed the detailed forecasts and the growth
\n
assumptions within them and are satisfied that
\n
forecasts on which the cash flow hedge accounting
\n
has been based meet the criteria per IFRS 9 as being
\n
highly probable forecast transactions. Should the
\n
forecast levels not pass the highly probable test, any
\n
cumulative fair value gains and losses in relation
\n
to either the entire or the ineffective portion of the
\n
hedged instrument would be recognised in the
\n
Consolidated Income Statement.
\n
Management considers various factors when
\n
determining whether a forecast transaction is highly
\n
probable. These factors include detailed sales and
\n
purchase forecasts by channel, geographical area and
\n
seasonality, conditions in target markets and the impact
\n
of expansion in new areas. Management also consider
\n
any change in alternative customer sales channels that
\n
could impact on the hedged transaction.
\n
If the forecast transactions were determined to be
\n
not highly probable and all hedge accounting was
\n
discontinued, amounts in the Hedging reserve of up to
\n
\u00a314.0m (FY22: \u00a355.3m) would be shown in
\n
Finance Income.
\n
\n
Adjustment to Regulatory Provisions
\n
in Studio
\n
As a regulated business, Frasers Group Financial
\n
Services Limited has an obligation to proactively review
\n
its business to ensure that appropriate outcomes were
\n
delivered to customers. At 24 April 2022, a provision of
\n
\u00a341.6m was recognised in respect of the probable costs
\n
of remediating customers who may have been adversely
\n
impacted by legacy decisions. Since the approval of
\n
the prior year\u2019s consolidated financial statements, the
\n
receipt of new information, which was not available
\n
at the point the prior year financial statements were
\n
approved, has enabled management to refine the
\n
relevant customer cohorts who were potentially
\n
impacted by these legacy decisions and complete
\n
detailed analysis of the financial implications. This has
\n
enabled a revision to management\u2019s best estimate of
\n
the likely costs of remediation and has resulted in a
\n
reduction in the amount provided of approximately
\n
\u00a325m. The remaining provision is expected to be utilised
\n
within 12 months of the balance sheet date.
\n
Management considered whether or not the reduction
\n
in provision should result in an adjustment to the
\n
amounts recognised in the acquisition balance sheet
\n
in accordance with the requirements of IFRS 3.45
\n
and IFRS3.47 and concluded that the release should
\n
be treated as a prospective change in accounting
\n
estimate under IAS8.34 since it arose as a result of
\n
new information which has come to light since the
\n
acquisition date. It is the Group\u2019s policy to present items
\n
that \u201cmerit separate presentation\u201d by reference to their
\n
\u201ctheir size, nature and infrequency of the events giving
\n
rise to them\u201d as exceptional items. Given the unusual
\n
size, nature and infrequency of movements in provisions
\n
of this nature, management has disclosed the income
\n
statement impact within exceptional items in the
\n
consolidated income statement.
\n
Sale and Leaseback transactions
\n
During the current period, the Group disposed of a
\n
number of freehold properties by means of the sale
\n
of shares in the limited companies that owned the
\n
relevant properties but accounted for these as sale and
\n
leaseback transactions under IFRS 16 Leases (\u201cIFRS
\n
16\u201d). Management exercised judgment in determining
\n
whether or not these sales should be treated as a loss
\n
of control of subsidiaries under IFRS 10 Consolidated
\n
Financial Statements or sale and leaseback transactions
\n
as defined by IFRS 16, paying due consideration to the
\n
IFRS Interpretations Committee\u2019s tentative agenda
\n
decision on this topic from September 2020.
\n
Key Estimates
\n
Inventory provisioning
\n
The Group carries significant amounts of inventory,
\n
against which there are provisions for expected losses
\n
to be incurred in the sale of slow moving, obsolete
\n
and delisted products. At 30 April 2023 a provision
\n
of \u00a3220.6m (2022: \u00a3236.7m) was held against a gross
\n
inventory value of \u00a31,685.5m (2022: \u00a31,514.3m).
\n
In the current year, management has changed the
\n
methodology applied in calculating an appropriate
\n
level of inventory provision owing to changes in the mix
\n
of the Group\u2019s inventory holding, driven in large part
\n
by the growth of the Premium Lifestyle segment and
\n
various acquisitions.
\n
In assessing the level of provision required, management
\n
has applied its experience and industry knowledge
\n
to divide the core UK inventory holding into
\n
separate categories based on internal management
\n
classifications and behavioural characteristics, taking
\n
account of experience by fascia, as follows:
\n
\u2022
Continuity inventory \u2013 inventory that is considered
\n
to be perennial and therefore exhibits limited risk
\n
of obsolescence.
\n
\u2022
Current season inventory \u2013 inventory that has been
\n
purchased specifically for seasons in the current
\n
calendar year.
\n
\u2022
Out of season inventory (including inventory
\n
previously classified as continuity) \u2013 inventory that
\n
has moved out of the two categories above because
\n
of its age, range development or because it is being
\n
sold at below cost to clear warehouse/store space.
\n
An adjusted rate of loss is then calculated based on
\n
losses incurred on the sale of out of season inventory
\n
over the past three years (being management\u2019s
\n
assessment of the time taken to clear through out of
\n
season inventory), with any inventory remaining on hand
\n
after three years of being classified as out of season
\n
being assumed to require a 100% provision rate. The
\n
historical rate is sensitised to reflect management\u2019s best
\n
estimate of future performance by making assumptions
\n
around changes to sales prices achieved on the sale of
\n
out of season inventory vs. those achieved in the past
\n
three years and the level of inventory remaining after
\n
three years of being classified as out of season. In the
\n
current period, management have estimated that selling
\n
prices will need to reduce by a further 10% to clear an
\n
equivalent volume of out of season inventory and that
\n
approximately twelve times as much Premium Lifestyle
\n
out of season inventory will remain on hand at the end
\n
of the three-year period of assessment than has typically
\n
been the case historically, requiring a 100% provision
\n
rate, reflecting the different profile of this inventory to
\n
Sports inventory.
\n
\n
In addition, management has applied a provision rate
\n
of 100% against a portion of the inventory holding
\n
that is either currently being sold at a loss or exhibits
\n
an unusually high level of obsolescence risk. The 100%
\n
provision rate reflects the costs associated with clearing
\n
and disposing of this inventory.
\n
The adjusted rate of loss is applied to the gross value of
\n
inventory in each of the categories above as follows:
\n
\u2022
Continuity inventory \u2013 the adjusted loss rate is
\n
applied to 30% of the gross holding (representing
\n
the proportion of inventory in this category that
\n
is expected to roll into the out of season category
\n
based on historical experience).
\n
\u2022
Current season inventory \u2013 the adjusted loss rate is
\n
applied to 30% of the gross holding (representing
\n
the proportion of inventory in this category that
\n
is expected to roll into the out of season category
\n
based on historical experience).
\n
\u2022
Out of season inventory (including inventory
\n
previously classified as continuity) - the adjusted
\n
loss rate is applied to this population, excluding
\n
those specific items that carry at 100% provision
\n
rate based on the analysis detailed above.
\n
The provisioning calculations require a high degree
\n
of judgement, given the significant level of estimation
\n
uncertainty, in the classification of inventory lines and
\n
the roll rates between classifications, as well as the
\n
use of estimates around future sales prices and the
\n
remaining inventory holding for out of season inventory.
\n
Sensitivity analysis relating to these key assumptions is
\n
set out below.
\n
% of inventory rolling into out of season (including inventory
\n
previously classified as continuity) category
\n
Base assumption
\n
30%
\n
Sensitised assumption
\n
35%/25%
\n
Increase/(decrease) to provision
\n
\u00a37.2m/(\u00a37.2m)
\n
Decrease in sales prices on out of season inventory
\n
Base assumption
\n
-10%
\n
Sensitised assumption
\n
-5%/-15%
\n
(Decrease)/Increase to provision
\n
(\u00a35.7m)/\u00a37.0m
\n
Increase in out of season Premium Lifestyle inventory on
\n
hand after three-years
\n
Base assumption
\n
12 times historical rate
\n
Sensitised assumption
\n
10 times historical rate/14 times
\n
historical rate
\n
(Decrease)/increase to provision
\n
(\u00a37.0m)/\u00a36.4m
\n
These sensitivities reflect management\u2019s assessment of
\n
reasonably possible changes to key assumptions which
\n
could result in adjustments to the level of provision
\n
within the next financial year.
\n
Property Related Provisions \u2013 note 29
\n
Property related estimates and judgements are
\n
continually evaluated and are based on historical
\n
experience, external advice and other factors, including
\n
expectations of future events that are believed to be
\n
reasonable under the circumstances.
\n
Dilapidations \u2013 note 29
\n
The Group provides for its legal responsibility for
\n
dilapidation costs following advice from chartered
\n
surveyors and previous experience of exit costs (including
\n
strip out costs and professional fees). Management
\n
use a reference estimate of \u00a3100,000 (FY22 \u00a3100,000)
\n
for large leasehold stores, \u00a350,000 (FY22: \u00a350,000)
\n
for smaller leasehold stores (\u00a325,000 per store for
\n
Game UK and Game Spain stores) and $/\u20ac50,000
\n
(FY22: $/\u20ac50,000) for non-UK stores. Management do
\n
not consider these costs to be capital in nature and
\n
therefore dilapidations are not capitalised, except for
\n
in relation to the sale and leaseback of Shirebrook for
\n
which a material dilapidations provision was capitalised
\n
in FY20. The annual movement in the dilapidations
\n
provisions is considered to be immaterial.
\n
A 10% increase in dilapidation cost per store would
\n
result in an approx. \u00a39.0m (FY22: \u00a38.5m) reduction in
\n
profit before tax.
\n
Legal and regulatory provisions \u2013 note 29
\n
Provisions are made for items where the Group has
\n
identified a present legal or constructive obligation
\n
arising as a result of a past event, it is probable that
\n
an outflow of resources will be required to settle the
\n
obligation and a reliable estimate can be made of the
\n
amount of the obligation.
\n
Legal and regulatory provisions reflect management\u2019s
\n
best estimate of the potential costs arising from the
\n
settlement of outstanding disputes of a commercial
\n
and regulatory nature. A substantial portion of the
\n
amounts provided relates to ongoing legal claims and
\n
non-UK tax enquiries. Further details can be found
\n
in note 29. Management have made a judgement
\n
to consider all claims collectively given their similar
\n
nature. In accordance with IAS37.92, management have
\n
concluded that it would prejudice seriously the position
\n
of the entity to provide further specific disclosures in
\n
respect of amounts provided for non-UK tax enquiries
\n
and legal claims.
\n
\n
Other Receivables and Amounts Owed by
\n
Related Parties
\n
Other receivables and amounts owed by related
\n
parties are stated net of provision for any impairment.
\n
Management have applied estimates in assessing the
\n
recoverability of working capital and loan advances
\n
made to investee companies. Matters considered
\n
include the relevant financial strength of the underlying
\n
investee company to repay the loans, the repayment
\n
period and underlying terms of the monies advanced,
\n
forecast performance of the underlying borrower, and
\n
where relevant, the Group\u2019s intentions for the companies
\n
to which monies have been advanced. Management
\n
have applied a weighted probability to certain potential
\n
repayment scenarios, with the strongest weighting given
\n
to expected default after two years.
\n
Impairment of Assets
\n
A.
IFRS 16 right-of-use assets and associated plant and
\n
equipment
\n
IFRS 16 defines the lease term as the non-cancellable
\n
period of a lease together with the options to extend
\n
or terminate a lease, if the lessee were reasonably
\n
certain to exercise that option. The Group will assess
\n
the likelihood of extending lease contracts beyond the
\n
break date by taking into account current economic and
\n
market conditions, current trading performance, forecast
\n
profitability and the level of capital investment in the
\n
property.
\n
IFRS 16 states that the lease payments shall be
\n
discounted using the lessee\u2019s incremental borrowing rate
\n
where the rate implicit in the lease cannot be readily
\n
determined. Accordingly, all lease payments have been
\n
discounted using the incremental borrowing rate (IBR).
\n
The IBR has been determined by using a synthetic credit
\n
rating for the Group which is used to obtain market
\n
data on debt instruments for companies with the same
\n
credit rating, this is split by currency to represent each of
\n
the geographical areas the Group operates within and
\n
adjusted for the lease term.
\n
The weighted average discount rates based on
\n
incremental borrowing rates used throughout the period
\n
across the Group\u2019s lease portfolio are shown below. The
\n
discount rate for each lease is dependent on lease start
\n
date, term and location.
\n
Lease Term FY23
UK
Europe
Rest of World
\n
Up to 5 years
1.4% - 5.1%
0.3% - 4%
1.5% - 5.3%
\n
Greater than 5 years
\n
and up to 10 years
\n
2.0% - 5.7%
0.5% - 4%
1.5% - 5.3%
\n
Greater than 10 years
\n
and up to 20 years
\n
2.2% - 5.7%
0.8% - 4%
1.5% - 5.4%
\n
Greater than 20 years
\n
2.5% - 5.9%
1.1% - 4%
1.5% - 5.6%
\n
Lease Term FY22
UK
Europe
Rest of World
\n
Up to 5 years
1.4% - 2.6%
0.8% - 1.0%
1.5% - 2.9%
\n
Greater than 5 years
\n
and up to 10 years
\n
2.2% - 3.2%
1.2% - 1.9%
2.4% - 4.1%
\n
Greater than 10 years
\n
and up to 20 years
\n
2.5% - 3.4%
1.4% - 2.2%
2.9% - 4.3%
\n
Greater than 20 years
\n
2.8% - 3.5%
1.7% - 2.5%
3.5% - 4.6%
\n
The right of use assets are assessed for impairment
\n
at each reporting period in line with IAS 36 to review
\n
whether the carrying amount exceeds its recoverable
\n
amount. For impairment testing purposes the Group
\n
has determined that each store is a separate CGU. The
\n
recoverable amount is calculated based on the Group\u2019s
\n
latest forecast cash flows which are then extrapolated
\n
to cover the period to the break date of the lease taking
\n
into account historic performance and knowledge of
\n
the current market, together with the Group\u2019s views on
\n
future profitability of each CGU. The key assumptions in
\n
the calculations are the sales growth rates, gross margin
\n
rates, changes in the operating cost base and the
\n
pre-tax discount rate derived from the Group\u2019s weighted
\n
average cost of capital using the capital asset pricing
\n
model, the inputs of which include a risk-free rate, equity
\n
risk premium and a risk adjustment (Beta). Given the
\n
number of assumptions used, the assessment involves
\n
significant estimation uncertainty.
\n
Impairments in the period have been recognised
\n
for the amount of \u00a366.1m (FY22: \u00a3115.9m) due to the
\n
impact of ongoing challenges in the retail sector on
\n
the forecast cash flows of the CGUs, including the
\n
ongoing cost of living squeeze on customers. This is
\n
broken down as follows:
\n
\u2022
\u00a343.1m (FY22: \u00a376.8m) against right-of-use assets;
\n
and
\n
\u2022
\u00a323.0m (FY22: \u00a339.1m) against plant and equipment.
\n
\n
The key assumptions, which are equally applicable
\n
to each CGU, in the cash flow projections used to
\n
support the carrying amount of the right of use asset
\n
are consistent with the cashflow projections for the
\n
freehold land and buildings impairment assessment.
\n
In line with IAS 36 Impairment of Assets,
\n
management have considered whether any amounts
\n
should be recognised for the reversal of prior period
\n
impairment losses with \u00a3nil (FY22: \u00a3nil) being
\n
recognised in the period. Further detail is given below.
\n
A sensitivity analysis has been performed in respect
\n
of sales, margin, the new store exemption and
\n
operating costs as these are considered to be the
\n
most sensitive of the key assumptions:
\n
Forecast:
\n
Impact of change in
\n
assumption:
\n
Impairment increase
\n
/ (decrease) (\u00a3'm)
\n
Sales decline year 1
10% improvement to 5%
(19.8)
\n
Sales decline year 1
10% reduction to 15%
24.9
\n
Existing gross margin
\n
year 1 > 40%
\n
100bps - improvement
(3.7)
\n
Existing gross margin
\n
year 1 > 40%
\n
100bps - reduction
3.8
\n
New store exemption
\n
(1)
\n
Change from 1 to 2 years
(41.5)
\n
Operating costs
\n
increase year 1
\n
Change from 3% to 6%
4.5
\n
(1)
Stores which have been open for less than one year are not reviewed for impairment.
\n
B.
Freehold land and buildings, long-term leasehold,
\n
investment property and associated plant
\n
and equipment
\n
Freehold land and buildings and long-term leasehold
\n
assets are assessed at each reporting period for as to
\n
whether there is any indication of impairment in line
\n
with IAS 36.
\n
An asset is impaired when the carrying amount exceeds
\n
its recoverable amount. IAS 36 defines recoverable
\n
amount as the higher of an asset\u2019s or cash-generating
\n
unit\u2019s fair value less costs of disposal and its value in use,
\n
the Group has determined that each store is a separate
\n
CGU.
\n
Impairments in the period have been recognised in the
\n
amount of \u00a333.5m (FY22: \u00a3111.1m) due to the ongoing
\n
challenges in the retail sector on the forecast cash flows
\n
of the CGU. This is broken down as follows:
\n
\u2022
\u00a324.1m (FY22: \u00a3106.5m) against freehold land and
\n
buildings, including \u00a30.2m (FY22: \u00a32.0m) in relation
\n
to long leasehold properties;
\n
\u2022
\u00a39.2m (FY22: \u00a31.6m) plant and equipment; and
\n
\u2022
\u00a30.2m (FY22: \u00a31.0m) investment property.
\n
In line with IAS 36 Impairment of Assets, management
\n
have considered whether any amounts should be
\n
recognised for the reversal of prior period impairment
\n
losses with \u00a3nil (FY22: \u00a3nil) being recognised in the period.
\n
Value In Use (VIU)
\n
The value in use is calculated based on five year cash
\n
flow projections. These are formulated by using the
\n
Group\u2019s forecast cash flows for each individual CGU,
\n
taking into account historic performance of the CGU,
\n
and then adjusting for the Group\u2019s current views on
\n
future profitability for each CGU. The key assumptions in
\n
the calculations are the sales growth rates, gross margin
\n
rates, changes in the operating cost base and the
\n
pre-tax discount rate derived from the Group\u2019s weighted
\n
average cost of capital using the capital asset pricing
\n
model, the inputs of which include a risk-free rate, equity
\n
risk premium and a risk adjustment (Beta). Given the
\n
number of assumptions used, the assessment involves
\n
significant estimation uncertainty.
\n
The key assumptions, which are equally applicable to
\n
each CGU, in the cash flow projections used to support
\n
the carrying amount of the freehold land and buildings
\n
were as follows:
\n
Key assumptions
\n
FY23
\n
Year 1
Year 2
Year 3
Year 4
Year 5
\n
Sales decline
-5%
-4%
-3%
-2%
-2%
\n
Existing gross
\n
margin > 40%
\n
-175bps
-150bps
-125bps
-100bps
-75bps
\n
Operating costs
\n
increase per annum
\n
3%
3%
3%
3%
3%
\n
Discount rate
\n
8.5%
8.5%
8.5%
8.5%
8.5%
\n
Terminal growth rate
\n
of 2%
\n
Key assumptions
\n
FY22
\n
Year 1
Year 2
Year 3
Year 4
Year 5
\n
Sales decline
-10%
-5%
-4%
-3%
-2%
\n
Existing gross
\n
margin > 40%
\n
-200bps
-175bps
-150bps
-125bps
-100bps
\n
Operating costs
\n
increase per annum
\n
6%
3%
3%
3%
3%
\n
Discount rate
\n
7.5%
7.5%
7.5%
7.5%
7.5%
\n
Terminal growth rate
\n
of 2%
\n
A sensitivity analysis has been performed in respect
\n
of sales, margin and operating costs as these are
\n
considered to be the most sensitive of the key
\n
assumptions.
\n
Forecast:
Impact of:
\n
Impairment increase
\n
/ (decrease) (\u00a3'm)
\n
Sales decline year 1
10% improvement to 5%
(5.0)
\n
Sales decline year 1
10% reduction to 15%
6.4
\n
Existing gross
\n
margin year 1 > 40%
\n
100bps - improvement
(0.7)
\n
Existing gross
\n
margin year 1 > 40%
\n
100bps - reduction
1.6
\n
Operating costs
\n
increase year 1
\n
Change from 3% to 6%
1.8
\n
\n
Fair value less costs of disposal
\n
For those CGUs where the value in use is less than the carrying value of the asset, the fair value less costs of disposal
\n
has been determined using both external and internal market valuations. This fair value is deemed to fall into Level
\n
3 of the fair value hierarchy as per IFRS 13. The property portfolio consists of vacant, Frasers Group occupied and
\n
third party tenanted units, one property can include all three types. The following valuation methodology has been
\n
adopted for each:
\n
Scenario
Valuation methodology
Key assumptions
\n
Vacant units
Estimated Rental Value (ERV) and suitable reversionary yield applied
\n
to reflect the market to generate a net capital value. A deduction to
\n
the capital value generated is then made based on the void period
\n
with applicable rates payable for the unit and rent-free incentive.
\n
Void period and rent free band \u2013 two bands
\n
applied depending on circumstances:
\n
\u2022
1 year void, 2 years rent free; or
\n
\u2022
2 years void, 3 years rent free.
\n
Yield bands \u2013 ranging from 5.5% - 14.0%
\n
Frasers Group occupied
Will be assumed the unit is vacant given there is no legally
\n
binding inter-company agreement in place. Therefore, a void
\n
and rent free incentive period assumed, the cost amount then
\n
deducted from the capital value generated by the ERV and
\n
reversionary yield. Although we consider the commercial reality
\n
is that fair value less costs to sell will be higher than vacant
\n
possession this very conservative assumption is in line with both
\n
technical accounting rules and that of our management experts.
\n
Void period and rent free band \u2013 two bands
\n
applied depending on circumstances:
\n
\u2022
1 year void, 2 years rent free; or
\n
\u2022
2 years void, 3 years rent free.
\n
Yield bands \u2013 ranging from 5.5% - 14.0%
\n
Third party tenanted
An ERV is applied using a percentage band on the passing rent. An
\n
appropriate reversionary yield is applied reflecting the risk of tenant
\n
and renewal to generate a capital value. This will also provide a net
\n
initial yield based off the current passing rent.
\n
ERV is applied reflecting the market for the
\n
applicable unit. An appropriate reversionary yield is
\n
applied reflecting the risk of tenant and renewal to
\n
generate a capital value. This will also provide a net
\n
initial yield based off the current passing rent.
\n
A 10% increase in the market valuation amounts used in the impairment calculations would result in a decrease in
\n
impairment of \u00a33.4m (FY22: \u00a35.0m).
\n
The total recoverable amount of the assets that were impaired at the period end was \u00a372.2m (FY22: \u00a3105.9m), with
\n
\u00a360.5m (FY22: \u00a347.3m) of this being based on their fair value less costs of disposal and \u00a311.7m (FY22: \u00a358.6m) being
\n
based on their value in use.
\n
\n
Impairment reversals
\n
In accordance with IAS 36.110 management has
\n
assessed whether there is any indication that an
\n
impairment loss recognised in prior periods for an
\n
asset other than goodwill may no longer exist or
\n
may have decreased. Key triggers considered by
\n
management include store (i.e., CGU) EBITDA showing
\n
a material year-on-year improvement, significant
\n
changes in property valuations, and whether any
\n
new, wider economic factors may impact the forecast
\n
performance. Based on the criteria set by management,
\n
an impairment reversal of approximately \u00a311.0m was
\n
considered. However, management concluded that
\n
in light of the challenging economic outlook and the
\n
unprecedented level of uncertainty in the retail market,
\n
it would not be appropriate to record a reversal at this
\n
stage, only to \u201cre-impair\u201d at a later date.
\n
Credit Customer Receivables
\n
The Group\u2019s credit customer receivables are recognised
\n
on balance sheet at amortised cost (i.e., net of
\n
provision for expected credit loss). At 30 April 2023,
\n
trade receivables with a gross value of \u00a3326.0m were
\n
recorded on the balance sheet, less a provision for
\n
impairment of \u00a3100.1m.
\n
Fair value considerations
\n
Management has concluded that the fair value of
\n
trade receivables acquired as part of the Studio Retail
\n
Limited acquisition in FY22 broadly equated to their
\n
book value and therefore that the difference on a
\n
go-forward basis will not be material given that the
\n
nature of the loan product offered (a revolving credit
\n
account) means that the portfolio has a relatively
\n
short life (i.e. loans with customers are repaid and
\n
replaced with fresh loans under the revolving account).
\n
As a result of this, management has concluded that
\n
it is appropriate to recognise the trade receivables
\n
portfolio at the gross book value less associated
\n
expected credit losses at acquisition, and to apply the
\n
accounting policies for expected credit loss that were
\n
in place at the point of the acquisition in the Studio
\n
business on a go-forward basis.
\n
Expected credit loss
\n
An appropriate allowance for expected credit loss in
\n
respect of trade receivables is derived from estimates
\n
and underlying assumptions such as the Probability
\n
of Default and the Loss Given Default, taking into
\n
consideration forward looking macro-economic
\n
assumptions. The assessment involves significant
\n
estimation uncertainty. Changes in the assumptions
\n
applied such as the value and frequency of future debt
\n
sales in calculating the Loss Given Default, and the
\n
estimation of customer repayments and Probability
\n
of Default rates, as well as the weighting of the
\n
macro-economic scenarios applied to the impairment
\n
model could have a significant impact on the carrying
\n
value of trade receivables. These assumptions are
\n
continually assessed for relevance and adjusted
\n
appropriately. Revisions to estimates are recognised
\n
prospectively. Sensitivity analysis is given in note 23.
\n
Macroeconomic scenarios
\n
The principial macroeconomic driver factored into
\n
the impairment model is unemployment. The latest
\n
economic scenarios used in the model along with the
\n
probably weighting applied to each are summarised
\n
as follows:
\n
Scenario
Qualitative explanation
\n
Probability
\n
weighting
\n
applied
\n
Upside
Inflation recedes leading to cuts in interest
\n
rates to 3.25% by end-2024. Unemployment
\n
falls to 3.5% whilst wage growth remains
\n
strong and supportive of high growth.
\n
0%
\n
Baseline
Unemployment rate peaks at approximately
\n
4.5% and remains at this level for most of 2024.
\n
Inflation begins to fall by mid-2024.
\n
50%
\n
Downside
Interest rates continue to rise and
\n
unemployment peaks at 6.5% in mid-2024
\n
30%
\n
Stress
Inflation continues to rise leading to sharp
\n
increases in interest rates. Unemployment peaks
\n
at 8% in 2024.
\n
20%
\n
Post model adjustment
\n
As noted in the prior year, the impairment model
\n
was not designed to take into account changes to
\n
customer payment and default performance arising as
\n
a result of the current cost of living crisis where levels
\n
of price inflation greatly exceed income growth, as
\n
the existing model uses unemployment rates as the
\n
principal determinant in considering forward looking
\n
macro-economic assumptions.
\n
It is our expectation that Studio\u2019s customer base has
\n
seen and will continue to see a significant reduction
\n
in real earnings as a result of the current cost of
\n
living crisis and, whilst the adverse impact payment
\n
and arrears performance has been less severe than
\n
anticipated to date, it will continue to be felt in future.
\n
Judgement has therefore been exercised in applying a
\n
post model adjustment of \u00a36.6m (April 2022: \u00a340.0m)
\n
to the output of the impairment model in arriving
\n
at the provision. This reflects management\u2019s best
\n
estimate based on the information available to them
\n
at the current time.
\n
\n
Valuation of assets acquired in business
\n
combinations
\n
During the current period, the Group has recognised
\n
net assets acquired in business combinations with a
\n
fair value of \u00a3121.2m including goodwill of \u00a335.6m and
\n
a gain on bargain purchase of \u00a356.1m. Management
\n
make use of estimates when calculating the fair value of
\n
assets and liabilities acquired in business combinations
\n
and make use of both internal and external information
\n
in doing so.
\n
In the current year, on the acquisition of JD premium
\n
brands, the principal estimate was around the fair value
\n
of inventory acquired. The fair value of inventory, which
\n
primarily includes finished goods was estimated at
\n
\u00a373.4m, a reduction of \u00a36.9m on the carrying value prior
\n
to the acquisition. The fair value adjustment relates only
\n
to finished goods and was calculated as the estimated
\n
selling price less costs to complete and sell the inventory,
\n
associated margins on these activities and holding
\n
costs. The fair value adjustment is expected to amortise
\n
over approximately the first 12 months post acquisition,
\n
in line with revenues.
\n
Management also notes that a gain on bargain
\n
purchase arose on the acquisition of JD premium
\n
brands. In light of this, management has considered
\n
the fair values attributed to the acquired assets and
\n
liabilities and concluded that they are appropriate.
\n
If the fair value of assets and liabilities recognised
\n
were to increase/decrease by \u00a35m, there would be a
\n
corresponding increase/decrease to the gain on bargain
\npurchase by an equivalent amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f16909": { "value": "3.
FINANCIAL RISK
\n
MANAGEMENT
\n
The Group\u2019s current activities result in the following
\n
financial risks and set out below are management\u2019s
\n
responses to those risks in order to minimise any resulting
\n
adverse effects on the Group\u2019s financial performance.
\n
Foreign Exchange Risk
\n
The Group is exposed to foreign exchange risk
\n
principally via:
\n
A.
Transactional exposure from the cost of future
\n
purchases of goods for resale, where those
\n
purchases are denominated in a currency other than
\n
the functional currency of the purchasing company.
\n
Transactional exposures that could significantly
\n
impact the income statement are hedged. These
\n
exposures are hedged via forward foreign currency
\n
contracts and options which are designated as cash
\n
flow hedges. The notional and fair value of these
\n
contracts is shown in note 30;
\n
B.
Transactional exposure from the sale of goods,
\n
where those sales are denominated in a currency
\n
other than the functional currency of the selling
\n
company. Transactional exposures that could
\n
significantly impact the income statement are
\n
hedged. These exposures are hedged via forward
\n
foreign currency contracts which are designated
\n
as cash flow hedges. The notional and fair value of
\n
these contracts is shown in note 30;
\n
C.
Loans to non-UK subsidiaries. These are hedged
\n
via foreign currency transactions and borrowings
\n
in matching currencies, which are not formally
\n
designated as hedges, as gains and losses on
\n
hedges and hedged loans will naturally offset; and
\n
D.
The Group uses currency options, swaps and spots
\n
for more flexibility against cash flows that are less
\n
than highly probable and therefore do not qualify
\n
for hedge accounting under IFRS 9 Financial
\n
Instruments. Exposures in respect of written
\n
options to sell Euros or buy USD are explained in
\n
the Financial Review. These are not hedged and
\n
movements in fair value could significantly impact
\n
the Income Statement in future periods. See note 30.
\n
Interest Rate Risk
\n
The Group has net borrowings, which are principally
\n
at floating interest rates linked to bank base rates
\n
or SONIA. The Group uses interest rate financial
\n
instruments to hedge its exposure to interest rate
\n
movements using interest rate swaps although hedge
\n
accounting is not applied. The Group regularly monitors
\n
and reacts accordingly to any exposure to fluctuations
\n
in interest rates and the impact on its monetary assets
\n
and liabilities.
\n
Credit Risk
\n
The Directors have a credit policy in place and the
\n
exposure to credit risk is monitored on an ongoing
\n
basis. Credit evaluations are performed on all customers
\n
requiring credit over a certain amount. The Group does
\n
not require collateral in respect of financial assets.
\n
At each balance sheet date, there were no significant
\n
concentrations of credit risk. The maximum exposure to
\n
credit risk is represented by the carrying amount of each
\n
financial asset in the balance sheet.
\n
Investments of cash surpluses, borrowings and derivative
\n
instruments are made through banks and companies
\n
which must fulfil credit rating and investment criteria
\n
approved by the Board.
\n
\n
Liquidity Risk
\n
The Group manages liquidity risk by reviewing the
\n
maturity profiles of financial assets and liabilities.
\n
The Group has sufficient liquid resources and
\n
suitable financing facilities to meets its short- and
\n
medium-term requirements and it does this through
\n
utilisation of its revolving credit facilities together
\n
with equity and retained profits thereby achieving
\n
continuity of funding and short-term flexibility, while
\n
keeping interest to a minimum.
\n
Management regularly reviews forecasts and consider
\n
risks and equivalent mitigating actions to ensure there is
\n
adequate headroom on the facilities and to ensure the
\n
Group is operating within its financial covenants.
\n
Price Risk
\n
The Group is exposed to price risk in respect of
\n
its long term financial assets (in relation to listed
\n
company shares).
\n
The price risk relates to volatility in the market, and
\n
how other comprehensive income and equity would
\n
have been affected by changes in market risk that
\n
were reasonably possible at the reporting date. If
\n
the quoted stock price for these securities increased
\n
or decreased, other comprehensive income and
\n
equity would have changed. The listed securities
\n
are classified as long term investments at fair value
\n
through other comprehensive income so there would
\n
be no effect on profit or loss.
\n
The investments in listed equity securities (long-term
\n
financial assets) are considered medium to long-term
\n
strategic investments. In accordance with the Group\u2019s
\n
policies, no specific hedging activities are undertaken
\n
in relation to these investments.
\n
Capital Management
\n
A description of the Group\u2019s objectives, policies and
\nprocesses for managing capital are included in note 30.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f16968": { "value": "Credit Risk
The Directors have a credit policy in place and the
\n
exposure to credit risk is monitored on an ongoing
\n
basis. Credit evaluations are performed on all customers
\n
requiring credit over a certain amount. The Group does
\n
not require collateral in respect of financial assets.
\n
At each balance sheet date, there were no significant
\n
concentrations of credit risk. The maximum exposure to
\n
credit risk is represented by the carrying amount of each
\n
financial asset in the balance sheet.
\n
Investments of cash surpluses, borrowings and derivative
\n
instruments are made through banks and companies
\n
which must fulfil credit rating and investment criteria
\napproved by the Board.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f17002": { "value": "Liquidity Risk
The Group manages liquidity risk by reviewing the
\n
maturity profiles of financial assets and liabilities.
\n
The Group has sufficient liquid resources and
\n
suitable financing facilities to meets its short- and
\n
medium-term requirements and it does this through
\n
utilisation of its revolving credit facilities together
\n
with equity and retained profits thereby achieving
\n
continuity of funding and short-term flexibility, while
\n
keeping interest to a minimum.
\n
Management regularly reviews forecasts and consider
\n
risks and equivalent mitigating actions to ensure there is
\n
adequate headroom on the facilities and to ensure the
\nGroup is operating within its financial covenants.F.
Liquidity Risk
\n
The table below shows the maturity analysis of the undiscounted remaining contractual cash flows of the Group\u2019s non
\n
derivative liabilities and foreign currency derivative financial instruments:
\n
Less than 1 year
1 to 2 years
2 to 5 years
Over 5 years
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
2023
\n
Non derivative financial liabilities:
\n
Bank loans and overdrafts
\n
-
-
749.7
-
749.7
\n
Bank loans and overdrafts interest
\n
46.3
49.2
52.2
-
147.7
\n
Trade and other payables
\n
701.5
-
-
-
701.5
\n
IFRS 16 Lease liabilities
\n
134.7
106.7
214.0
490.3
945.7
\n
Derivative financial instruments:
\n
Cash inflows
\n
(638.0)
(700.1)
(763.6)
-
(2,101.7)
\n
Cash outflows
\n
654.4
702.6
769.5
-
2,126.5
\n
898.9
158.4
1,021.8
490.3
2,569.4
\n
2022
\n
Non derivative financial liabilities:
\n
Bank loans and overdrafts
\n
-
-
827.9
-
827.9
\n
Bank loans and overdrafts interest
\n
26.5
27.3
28.2
-
82.0
\n
Trade and other payables
\n
721.7
-
-
-
721.7
\n
IFRS 16 Lease liabilities
\n
131.5
93.6
182.4
426.4
833.9
\n
Derivative financial instruments:
\n
Cash inflows
\n
(1,008.7)
(38.5)
(711.5)
-
(1,758.7)
\n
Cash outflows
\n
1,079.7
45.1
702.4
-
1,827.2
\n
950.7
127.5
1,029.4
426.4
2,534.0", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f17038": { "value": "Capital Management
A description of the Group\u2019s objectives, policies and
processes for managing capital are included in note 30.Capital Management
The capital structure of the Group consists of equity
\n
attributable to the equity holders of the parent
\n
company, comprising issued share capital (less
\n
treasury shares), share premium, retained earnings
\n
and cash and borrowings.
\n
It is the Group\u2019s policy to maintain a strong capital
\n
base so as to maintain investor, creditor and market
\n
confidence and to sustain the development of the
\n
business.
\n
In respect of equity, the Board has decided, in order
\n
to maximise flexibility in the near term with regards
\n
to a number of inorganic growth opportunities under
\n
review, not to return any cash by way of a final
\n
dividend at this time.
\n
The Board is committed to keeping this policy
\n
under review and to looking to evaluate methods of
\n
returning cash to shareholders when appropriate.
\n
The objective of the Share Scheme is to encourage
\n
employee share ownership and to link employee\u2019s
\n
remuneration to the performance of the Company.
\n
It is not designed as a means of managing capital.
\n
From time to time the Board may initiate share buy
\n
back programmes.
\n
In respect of cash and borrowings, the Board
\n
regularly monitors the ratio of net debt to
\n
Reported EBITDA (Pre-IFRS 16), the working capital
\n
requirements and forecasted cash flows, however
\n
no minimum or maximum ratios are set outside of
\n
maintaining a ratio of net debt to Reported EBITDA
\n
(pre IFRS 16) below 3.0. The ratio for net debt to
\n
Reported EBITDA (pre IFRS 16) is 0.4 (FY22: 0.6). The
\n
objective is to keep this figure below 3.0 (FY22: 3.0).
\n
Based on this analysis, the Board determines the
\n
appropriate return to equity holders whilst ensuring
\n
sufficient capital is retained within the Group to meet
\n
its strategic objectives, including but not limited to,
\n
acquisition opportunities.
\n
The Group allocates capital in the following order:
\n
\u2022
The existing business such as automation
\n
and infrastructure
\n
\u2022
Growth opportunities such as acquisitions and
\n
property purchases
\n
\u2022
Strategic investments where the Group believes
\n
that there is a mutually beneficial commercial
\n
relationship
\n
\u2022
Returns to shareholders in the form of share
\n
buy backs
\n
These capital management policies have remained
unchanged from the prior period.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f17045": { "value": "4.
SEGMENTAL ANALYSIS
\n
Management has determined to present its segmental
\n
disclosures consistently with the presentation in the
\n
2022 Annual Report with the exception of merging the
\n
European Retail and Rest of World Retail segments into
\n
a new International Retail segment. The prior period
\n
numbers have been re-categorised for this change.
\n
Management considers operationally that the UK Retail
\n
divisions (UK Sports Retail and Premium Lifestyle) are
\n
currently run as one business unit in terms of allocating
\n
resources, inventory management and assessing
\n
performance. Under IFRS 8 we have not as at 30 April
\n
2023 met the required criteria with enough certainty to
\n
aggregate these operating segments. We will continually
\n
keep this under review at subsequent reporting dates.
\n
European and other international countries have
\n
been identified as operating segments and have
\n
been aggregated into a single operating segment as
\n
permitted under IFRS 8. The decision to aggregate these
\n
segments was based on the fact that they each have
\n
similar market characteristics, similar long-term financial
\n
performance expectations, and are similar in each of the
\n
following respects:
\n
\u2022
The nature of the products;
\n
\u2022
The type or class of customer for the products; and
\n
\u2022
The methods used to distribute the products.
\n
In accordance with paragraph 12 of IFRS 8 the Group\u2019s
\n
operating segments have been aggregated into the
\n
following reportable segments:
\n
1.
UK Retail:
\n
i. UK Sports Retail - includes core sports retail store
\n
operations in the UK, plus all the Group\u2019s sports
\n
retail online business (excluding Bob\u2019s Stores &
\n
Eastern Mountain Sports which were disposed
\n
of during the period, Malaysia and Baltics), the
\n
gyms, the Group\u2019s Shirebrook campus operations,
\n
freehold property owning companies excluding
\n
Premium Lifestyle fascia properties, GAME UK
\n
stores and online operations, Frasers Group
\n
Financial Services Limited, and retail store
\n
operations in Northern Ireland.
\n
ii. Premium Lifestyle \u2013 includes the results of the
\n
premium and luxury retail businesses FLANNELS,
\n
Cruise, Van Mildert, Jack Wills, House of Fraser
\n
and Sofa.com along with the related websites,
\n
the Missguided and I Saw it First websites, and
\n
freehold property owning companies where
\n
trading is purely from Premium Lifestyle fascias.
\n
2.
International Retail \u2013 includes all of the Group\u2019s
\n
sports retail stores, management and operating in
\n
Europe and Asia, including the Group\u2019s European
\n
Distribution Centres in Belgium and Austria,
\n
European freehold property owning companies,
\n
GAME Spain stores, and Baltics & Asia e-commerce
\n
offerings. The MySale acquisition will be reported
\n
in this segment. International Retail also includes
\n
the results of the US based retail activities until the
\n
disposal in May 2022.
\n
3.
Wholesale & Licensing \u2013 includes the results of
\n
the Group\u2019s portfolio of internationally recognised
\n
brands such as Everlast, Karrimor, and Slazenger.
\n
\n
Planned changes to segmental reporting
\n
The Group currently intends to revise its segmental reporting based on planned changes in how the Group
\n
will report performance and allocate resources going forwards. Following the acquisition of Frasers Group
\n
Financial Services Limited (formerly known as Studio Retail Limited) and the launch of the Group\u2019s consumer
\n
credit offering, Frasers Plus, as well as recent acquisitions of larger properties, it is expected to lead to the
\n
Group\u2019s financial services and property businesses being disclosed as separate reporting segments. The Group
\n
also currently intends to consolidate UK Sports Retail and Premium Lifestyle into one UK Retail segment. The
\n
underlying businesses within the Wholesale & Licensing segment will be consolidated into the appropriate
\n
retail segments. Since these changes have taken place post year-end, it is intended that the revised segmental
\n
presentation will take effect from FY24 onwards.
\n
Segmental information for the 53 weeks
ended 30 April 2023:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
Eliminations
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Sales to external customers
\n
3,080.6
1,212.9
4,293.5
1,083.4
5,376.9
188.3
-
5,565.2
\n
Sales to other segments
\n
-
-
-
-
-
69.9
(69.9)
-
\n
Revenue
\n
3,080.6
1,212.9
4,293.5
1,083.4
5,376.9
258.2
(69.9)
5,565.2
\n
Gross profit
\n
1,381.7
471.8
1,853.5
438.8
2,292.3
77.5
-
2,369.8
\n
Operating profit before foreign exchange,
\n
exceptional items, property and other
\n
related impairments, profit on sale of
\n
properties and gain on sale of subsidiaries/
\n
discontinued operation
\n
341.0
50.1
391.1
69.4
460.5
(52.8)
-
407.7
\n
Foreign exchange realised
\n
35.8
0.1
35.9
(6.5)
29.4
1.8
-
31.2
\n
Property and other
\n
related impairments
\n
(26.6)
(47.9)
(74.5)
(25.1)
(99.6)
-
-
(99.6)
\n
Profit/(loss) on sale of properties
\n
84.0
(1.4)
82.6
12.8
95.4
-
-
95.4
\n
Exceptional items
\n
25.0
55.2
80.2
-
80.2
16.9
-
97.1
\n
Operating profit
\n
459.2
56.1
515.3
50.6
565.9
(34.1)
-
531.8
\n
Gain on sale of subsidiaries/discontinued
\n
operations
\n
17.6
-
17.6
26.3
43.9
-
-
43.9
\n
Investment income
\n
112.4
-
112.4
0.2
112.6
-
-
112.6
\n
Investment costs
\n
(4.6)
-
(4.6)
-
(4.6)
-
-
(4.6)
\n
Finance income
\n
41.1
0.9
42.0
4.1
46.1
-
-
46.1
\n
Finance costs
\n
(58.9)
(1.8)
(60.7)
(8.3)
(69.0)
(0.1)
-
(69.1)
\n
Profit before taxation
\n
566.8
55.2
622.0
72.9
694.9
(34.2)
-
660.7
\n
Taxation
\n
(159.4)
\n
Profit for the period
\n
501.3
\n
Sales to external customers in Frasers Group Financial Services Limited includes credit account interest of \u00a3115.4m, and
\n
gross profit includes impairment losses on credit customer receivables of \u00a315.5m, both of which are recognised in the
\n
UK Sports segment.
\n
Other segment items included in the income statement for the 53 weeks
ended 30 April 2023:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Property, plant & equipment depreciation
\n
132.3
41.4
173.7
11.8
185.5
1.6
187.1
\n
Property, plant & equipment impairment
\n
20.2
28.7
48.9
7.4
56.3
-
56.3
\n
IFRS 16 ROU depreciation
\n
37.3
6.4
43.7
31.5
75.2
-
75.2
\n
IFRS 16 ROU impairment
\n
6.2
19.2
25.4
17.7
43.1
-
43.1
\n
Investment property depreciation
\n
10.2
-
10.2
-
10.2
-
10.2
\n
Investment property impairment
\n
0.2
-
0.2
-
0.2
-
0.2
\n
IFRS 16 disposal and modification/remeasurement of lease
\n
liabilities
\n
(17.6)
(0.8)
(18.4)
(8.2)
(26.6)
(0.2)
(26.8)
\n
Intangible amortisation
\n
-
-
-
0.4
0.4
6.5
6.9
\n
Intangible impairment
\n
4.9
20.5
25.4
26.8
52.2
87.9
140.1
\n
\n
Information regarding segmental assets and liabilities as at
30 April 2023
and capital expenditure for the 53 weeks
\n
then ended:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
Eliminations
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Total assets
\n
5,587.7
1,859.4
7,447.1
846.0
8,293.1
536.5
(4,536.9)
4,292.7
\n
Total liabilities
\n
2,762.4
1,796.5
4,558.9
878.6
5,437.5
23.0
(2,826.0)
2,634.5
\n
Tangible asset additions
\n
336.1
26.3
362.4
105.3
467.7
0.7
-
468.4
\n
Right of use asset additions
\n
62.8
23.0
85.8
51.1
136.9
3.3
-
140.2
\n
Intangible asset additions
\n
-
-
-
1.0
1.0
-
-
1.0
\n
The segment assets and liabilities above include intercompany balances which eliminate on consolidation but appear
\n
in the information presented to the Chief Operating Decision Maker (CODM). Eliminations primarily relate to the
\n
elimination of intercompany balances on consolidation, intangible assets arising on consolidation, defined benefit
\n
pension surplus as well as current tax balances and deferred tax. These are shown in eliminations in the information
\n
presented to the CODM.
\n
Segmental information for the 52 weeks
ended 24 April 2022
\n
(1)
\n
:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
Eliminations
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Sales to external customers
\n
2,640.1
1,056.6
3,696.7
940.5
4,637.2
168.1
-
4,805.3
\n
Sales to other segments
\n
-
-
-
-
-
80.1
(80.1)
-
\n
Revenue
\n
2,640.1
1,056.6
3,696.7
940.5
4,637.2
248.2
(80.1)
4,805.3
\n
Gross profit
\n
1,136.8
474.8
1,611.6
414.0
2,025.6
63.1
-
2,088.7
\n
Operating profit before foreign exchange,
\n
exceptional items and property and other
\n
related impairments
\n
278.7
124.0
402.7
144.1
546.8
6.9
-
553.7
\n
Foreign exchange realised
\n
(1.1)
(0.1)
(1.2)
(3.7)
(4.9)
(0.9)
-
(5.8)
\n
Property and other related impairments
\n
(103.4)
(103.5)
(206.9)
(20.1)
(227.0)
-
-
(227.0)
\n
Profit on sale of properties
\n
10.7
-
10.7
0.1
10.8
-
-
10.8
\n
Gain on sale of discontinued operations
\n
-
-
-
-
-
-
-
-
\n
Exceptional items
\n
(1.3)
-
(1.3)
-
(1.3)
-
-
(1.3)
\n
Operating profit
\n
183.6
20.4
204.0
120.4
324.4
6.0
-
330.4
\n
Investment income
\n
43.8
-
43.8
-
43.8
-
-
43.8
\n
Investment costs
\n
(19.7)
-
(19.7)
-
(19.7)
-
-
(19.7)
\n
Finance income
\n
36.8
-
36.8
2.0
38.8
-
(8.5)
30.3
\n
Finance costs
\n
(42.8)
(10.0)
(52.8)
(4.9)
(57.7)
-
8.5
(49.2)
\n
Profit before taxation
\n
201.7
10.4
212.1
117.5
329.6
6.0
-
335.6
\n
Taxation
\n
(78.7)
\n
Profit for the period
\n
256.9
\n
(1)
The FY22 results have been re-categorised due to changes in the reporting segments, with European retail stores, management and operations from European Retail and Rest of
\n
the World being merged into International Retail
\n
Inter-segment sales are priced at cost plus a 10% mark-up.
\n
Other segment items included in the income statement for the 52 weeks
ended 24 April 2022:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Property, plant & equipment depreciation
\n
122.2
22.9
145.1
22.6
167.7
1.3
169.0
\n
Property, plant & equipment impairment
\n
51.7
94.0
145.7
3.5
149.2
-
149.2
\n
IFRS 16 ROU depreciation
\n
47.8
6.4
54.2
23.0
77.2
0.4
77.6
\n
IFRS 16 ROU impairment
\n
50.7
9.5
60.2
16.6
76.8
-
76.8
\n
Investment property depreciation
\n
5.9
-
5.9
-
5.9
-
5.9
\n
Investment property impairment
\n
1.0
-
1.0
-
1.0
-
1.0
\n
IFRS 16 disposal and modification/remeasurement
\n
of lease liabilities
\n
(14.2)
(3.9)
(18.1)
(10.2)
(28.3)
-
(28.3)
\n
Intangible amortisation
\n
1.0
-
1.0
-
1.0
6.5
7.5
\n
Intangible impairment
\n
1.3
-
1.3
-
1.3
4.4
5.7
\n
(1)
The FY22 results have been re-categorised due to changes in the reporting segments, with European retail stores, management and operations from European Retail and Rest of
\n
the World being merged into International Retail
\n
\n
Information regarding segment assets and liabilities as at
24 April 2022
and capital expenditure for the
\n
52 weeks then ended:
\n
UK Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
Eliminations
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Total assets
\n
4,161.9
1,002.1
5,164.0
569.9
5,733.9
349.7
(1,940.9)
4,142.7
\n
Total liabilities
\n
(2,908.9)
(1,098.9)
(4,007.8)
(673.8)
(4,681.6)
(93.4)
1,940.9
(2,834.1)
\n
Tangible asset additions
\n
228.1
63.6
291.7
30.7
322.4
0.8
-
323.2
\n
Right of use asset additions
\n
27.8
25.0
52.8
47.7
100.5
0.4
-
100.9
\n
Intangible assets acquired
\n
7.0
-
7.0
-
7.0
-
-
7.0
\n
The segment assets and liabilities above include intercompany balances which eliminate on consolidation but appear
\n
in the information presented to the CODM. Eliminations primarily relate to the elimination of intercompany balances
\n
on consolidation, intangible assets arising on consolidation, defined benefit pension surplus as well as current tax
\n
balances and deferred tax. These are shown in eliminations in the information presented to the CODM.
\n
Geographic Information
\n
Segmental information for the 53 weeks
ended 30 April 2023:
\n
UK
Europe
USA
Asia
Oceania
Eliminations
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Segmental revenue from
\n
external customers
\n
4,309.4
1,024.6
136.5
77.8
16.9
-
5,565.2
\n
Total capital expenditure
\n
362.4
104.5
0.7
0.8
-
-
468.4
\n
Non-current segment
\n
assets*
\n
1,045.1
237.7
35.8
3.8
1.4
-
1,323.8
\n
Total segmental assets
\n
8,062.8
554.6
155.8
46.7
9.7
(4,536.9)
4,292.7
\n
Segmental information for the 52 weeks
ended 24 April 2022:
\n
UK
Europe
USA
Asia
Eliminations
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Segmental revenue from
\n
external customers
\n
3,714.8
823.0
223.0
44.5
-
4,805.3
\n
Total capital expenditure
\n
291.7
29.4
0.9
1.2
-
323.2
\n
Non-current segment
\n
assets*
\n
962.2
130.3
126.0
4.5
-
1,223.0
\n
Total segmental assets
\n
5,486.8
381.3
176.3
39.2
(1,940.9)
4,142.7
\n
*Excludes deferred tax and financial instruments.
\n
Material non-current segmental assets \u2013
by a non-UK country:
\n
USA
Belgium
Austria
Estonia
Ireland
Spain
Denmark
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
FY23
\n
35.8
47.6
21.7
20.9
90.4
15.1
13.9
\n
FY22
\n
126.0
58.4
19.5
0.7
13.3
33.4
-
\n
Material segmental revenue from external customers \u2013
by a non-UK country:
\n
USA
Belgium
Austria
Estonia
Ireland
Spain
\n
Denmark
\n
Malaysia
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
FY23
\n
136.5
120.4
41.1
142.2
186.4
282.3
86.5
68.0
\n
FY22
\n
223.0
113.3
38.3
118.5
172.6
229.4
-
36.0
\n
Note the Group has no individual customer which accounts for more than 10% of revenue in the current or prior period.
\n
\n
The following tables reconciles the Profit Before Tax to the Adjusted PBT as it is one of the main measures used by the
\n
Chief Operating Decision Maker when reviewing the performance of the segment:
\n
Reconciliation of Reported PBT to Adjusted PBT for the 53-week period
ended 30 April 2023:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Reported PBT
\n
566.8
55.2
622.0
72.9
694.9
(34.2)
660.7
\n
Exceptional items
\n
(25.0)
(55.2)
(80.2)
-
(80.2)
(16.9)
(97.1)
\n
Fair value adjustment to derivative financial instruments
\n
(32.5)
-
(32.5)
-
(32.5)
-
(32.5)
\n
Fair value gains and profit on disposal of equity derivatives
\n
(41.1)
-
(41.1)
-
(41.1)
-
(41.1)
\n
Realised FX loss / (gain)
\n
(35.8)
(0.1)
(35.9)
6.5
(29.4)
(1.8)
(31.2)
\n
Share based payments
\n
14.6
-
14.6
-
14.6
4.7
19.3
\n
Adjusted PBT
\n
447.0
(0.1)
446.9
79.4
526.3
(48.2)
478.1
\n
Reconciliation of Reported PBT to Adjusted PBT for the 52 week period
ended 24 April 2022
\n
(1)
\n
:
\n
UK
\n
Sports
\n
Premium
\n
Lifestyle
\n
UK Retail
\n
Total
\n
International
\n
Retail
\n
Total
\n
Retail
\n
Wholesale &
\n
Licensing
\n
Group
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Reported PBT
\n
201.6
10.4
212.0
117.6
329.6
6.0
335.6
\n
Exceptional items
\n
1.3
-
1.3
-
1.3
-
1.3
\n
Fair value adjustment to derivative financial instruments
\n
(7.6)
-
(7.6)
-
(7.6)
-
(7.6)
\n
Fair value (gains)/losses and profit on disposal of equity
\n
derivatives
\n
(9.9)
-
(9.9)
-
(9.9)
-
(9.9)
\n
Realised FX loss / (gain)
\n
1.1
0.1
1.2
3.7
4.9
0.9
5.8
\n
Share based payments
\n
10.4
-
10.4
-
10.4
4.2
14.6
\n
Adjusted PBT
\n
196.9
10.5
207.4
121.3
328.7
11.1
339.8
\n
(1)
The FY22 numbers have been re-categorised due to changes in the reporting segments, with European retail stores, management and operations from European Retail and Rest of
\nthe World being merged into International Retail", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18235": { "value": "5.
OTHER OPERATING INCOME
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Rent receivable
\n
30.3
27.3
\n
Other
\n
10.8
20.7
\n
41.1
48.0
\n
Other operating income relates to charges for aircraft, lease surrender premiums, ad hoc income and sundry charges
\nto third parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18310": { "value": "8.
OPERATING PROFIT FOR THE PERIOD
\n
Operating profit for the period is stated after charging/(crediting):
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Foreign exchange (gain)/loss
\n
(31.2)
5.8
\n
Depreciation and amortisation of non-current assets:
\n
- Depreciation of property, plant & equipment (incl. right-of-use asset)
\n
262.3
246.6
\n
- Impairment of property, plant & equipment (incl. right-of-use asset)
\n
99.4
226.0
\n
- Depreciation of investment properties
\n
10.2
5.9
\n
- Impairment of investment properties
\n
0.2
1.0
\n
- Amortisation of intangible assets
\n
6.9
7.5
\n
- Impairment of intangible assets
\n
140.1
5.7
\n
IFRS 16 leases:
\n
(Profit) on disposal and modification/ remeasurement of lease liabilities
\n
(26.8)
(28.3)
\n
Variable lease payments*
\n
15.4
14.0
\n
Short term and low value lease expenses*
\n
33.3
25.0
\n
*These are recorded in selling, distribution and administrative expenses in the consolidated income statement.
\n
Services Provided by the Group\u2019s Auditor
\n
The remuneration of the auditors, RSM UK Audit LLP, and associated firms, was as detailed below:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
AUDIT SERVICES
\n
Audit of the Group and company - recurring
\n
2.0
1.8
\n
Audit of the Group and company - non-recurring
\n
-
-
\n
Audit of subsidiary companies
\n
1.1
1.0
\n
3.1
2.8
\n
During the current period, RSM UK Audit LLP and associated firms provided reporting accountant services and
\nfees amounted to \u00a30.3m. No non-audit services were provided in the prior period.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18354": { "value": "Services Provided by the Group\u2019s Auditor
The remuneration of the auditors, RSM UK Audit LLP, and associated firms, was as detailed below:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
AUDIT SERVICES
\n
Audit of the Group and company - recurring
\n
2.0
1.8
\n
Audit of the Group and company - non-recurring
\n
-
-
\n
Audit of subsidiary companies
\n
1.1
1.0
\n
3.1
2.8
\n
During the current period, RSM UK Audit LLP and associated firms provided reporting accountant services and
fees amounted to \u00a30.3m. No non-audit services were provided in the prior period.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18395": { "value": "9.
PAYROLL COSTS
\n
The average monthly number of employees, including Executive Directors, employed by the Group during the
\n
period was:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
Retail stores
\n
24,763
23,971
\n
Distribution, administration and other
\n
7,718
6,382
\n
32,481
30,353
\n
The increase in employees is mainly due organic growth of the business offset by the centralisation of previously
\n
acquired businesses and sale of Bobs.
\n
The aggregate payroll costs of the employees, including Executive Directors, were as follows:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Wages and salaries
\n
606.8
491.5
\n
Social security costs
\n
41.7
34.9
\n
Pension costs
\n
8.5
6.5
\n
657.0
532.9
\n
Aggregate emoluments of the Directors of the Company are summarised below:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
Aggregate emoluments
\n
0.7
0.6
\n
Further details of Directors\u2019 remuneration are given in the Directors\u2019 Remuneration Report. Details of key management
\nremuneration are given in note 34.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18399": { "value": "The average monthly number of employees, including Executive Directors, employed by the Group during the
period was:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
Retail stores
\n
24,763
23,971
\n
Distribution, administration and other
\n
7,718
6,382
\n
32,481
30,353
\n
The increase in employees is mainly due organic growth of the business offset by the centralisation of previously
\nacquired businesses and sale of Bobs.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18447": { "value": "10. INVESTMENT INCOME
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Profit on disposal of equity derivatives
\n
-
23.2
\n
Premium received on equity derivatives
\n
63.9
13.2
\n
Fair value gain on equity derivatives
\n
45.7
6.4
\n
Dividend income
\n
3.0
1.0
\n
112.6
43.8
\n
The profit on disposal of equity derivatives in the prior year mainly relates to Hugo Boss contracts for difference. The
\n
fair value gain on equity derivatives mainly relates to Hugo Boss options. The premium received on equity derivatives
\n
mainly relates to written Hugo Boss options.
\n
11.
INVESTMENT COSTS
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Loss on disposal of equity derivatives
\n
4.6
-
\n
Fair value loss on equity derivatives
\n
-
19.7
\n
4.6
19.7
\n
The fair value loss on equity derivatives in the prior period mainly relates to Hugo Boss contracts for
\ndifference. The loss on disposal of equity derivatives relates to ASOS and Next options.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18507": { "value": "12.
FINANCE INCOME
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Bank interest receivable
\n
9.7
4.5
\n
Interest on retirement benefit obligations
\n
-
0.1
\n
Other finance income
\n
3.9
1.7
\n
Fair value adjustment to derivatives*
\n
32.5
24.0
\n
46.1
30.3
\n
*Includes \u00a38.4m from interest rate swaps.
\n
13.
FINANCE COSTS
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Interest on bank loans and overdrafts
\n
41.4
13.6
\n
Other interest
\n
9.5
7.0
\n
Interest on retirement benefit obligations
-
-
\n
IFRS 16 lease interest
\n
18.2
12.2
\n
Fair value adjustment to derivatives
\n
-
16.4
\n
69.1
49.2", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18508": { "value": "12.
FINANCE INCOME
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Bank interest receivable
\n
9.7
4.5
\n
Interest on retirement benefit obligations
\n
-
0.1
\n
Other finance income
\n
3.9
1.7
\n
Fair value adjustment to derivatives*
\n
32.5
24.0
\n
46.1
30.3
\n*Includes \u00a38.4m from interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18535": { "value": "13.
FINANCE COSTS
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Interest on bank loans and overdrafts
\n
41.4
13.6
\n
Other interest
\n
9.5
7.0
\n
Interest on retirement benefit obligations
-
-
\n
IFRS 16 lease interest
\n
18.2
12.2
\n
Fair value adjustment to derivatives
\n
-
16.4
\n
69.1
49.2", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18564": { "value": "14.
TAXATION
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Current tax
\n
145.2
86.2
\n
Adjustment in respect to prior periods
\n
(1.0)
(5.7)
\n
Total current tax
\n
144.2
80.5
\n
Deferred tax
\n
39.7
(8.5)
\n
Adjustment in respect of prior periods
\n
(24.5)
6.7
\n
Total deferred tax (see note 28)
\n
15.2
(1.8)
\n
159.4
78.7
\n
Profit before taxation
\n
660.7
335.6
\n
Taxation at the standard rate of tax in the UK of 19.5% (2022: 19.0%)
\n
128.8
63.8
\n
Non-taxable income
\n
(17.9)
(14.4)
\n
Expenses not deductible for tax purposes
\n
70.9
62.4
\n
Other tax adjustments
\n
3.1
(15.6)
\n
Adjustments in respect of prior periods - current tax
\n
(1.0)
(5.7)
\n
Adjustments in respect of prior periods - deferred tax
\n
(24.5)
6.7
\n
Changes in deferred tax rate
\n
-
(18.5)
\n
159.4
78.7
\n
Non-taxable income largely relates to differences between capital allowances and depreciation which are not
\n
timing differences on which deferred tax is provided. Expenses not deductible for tax purposes largely relates to
\nnon-qualifying depreciation and impairments not qualifying for tax allowances.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18639": { "value": "15.
EARNINGS PER SHARE FROM TOTAL AND CONTINUING
\n
OPERATIONS ATTRIBUTABLE TO THE EQUITY
\n
SHAREHOLDERS
\n
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders of the parent by
\n
the weighted average number of ordinary shares outstanding during the year.
\n
For diluted earnings per share, the weighted average number of shares, 459,911,330 (FY22: 471,975,282), is adjusted to
\n
assume conversion of all dilutive potential ordinary shares under the Group\u2019s share schemes, being nil (FY22: nil), to
\n
give the diluted weighted average number of shares of 459,911,330 (FY22: 471,975,282). There is therefore no difference
\n
between the Basic and Diluted EPS calculations for both periods. Shares bought back into treasury are deducted
\n
when calculating the weighted average number of shares below.
\n
Basic and Diluted Earnings Per Share
\n
53 weeks ended
\n
30 April 2023
\n
Basic and diluted,
\n
continuing
\n
operations
\n
53 weeks ended
\n
30 April 2023
\n
Basic and diluted,
\n
discontinued
\n
operations
\n
53 weeks ended
\n
30 April 2023
\n
Basic and diluted,
\n
total
\n
52 weeks ended
\n
24 April 2022
\n
Basic and diluted,
\n
continuing
\n
operations
\n
52 weeks ended
\n
24 April 2022
\n
Basic and diluted,
\n
discontinued
\n
operations
\n
52 weeks ended
\n
24 April 2022
\n
Basic and diluted,
\n
total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Profit for the period
461.7
26.3
488.0
224.1
25.7
249.8
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Weighted average number
\n
of shares
\n
459,911
459,911
459,911
471,975
471,975
471,975
\n
Pence per share
Pence per share
Pence per share
Pence per share
Pence per share
Pence per share
\n
Earnings per share
100.4
5.7
106.1
47.5
5.4
52.9
\n
Adjusted Earnings Per Share
\n
The adjusted earnings per share reflects the underlying performance of the business compared with the prior period
\n
and is calculated by dividing adjusted earnings by the weighted average number of shares for the period. Adjusted
\n
earnings is used by management as a measure of profitability within the Group. Adjusted earnings is defined as profit
\n
for the period attributable to equity holders of the parent for each financial period but excluding the post-tax effect of
\n
certain non-trading items. Tax has been calculated with reference to the effective rate of tax for the Group.
\n
The Directors believe that the adjusted earnings and adjusted earnings per share measures provide additional useful
\n
information for shareholders on the underlying performance of the business and are consistent with how business
\n
performance is measured internally. Adjusted earnings is not a recognised profit measure under IFRS and may not be
\n
directly comparable with adjusted profit measures used by other companies.
\n
53 weeks ended
\n
30 April 2023
\n
Basic
\n
53 weeks ended
\n
30 April 2023
\n
Diluted
\n
52 weeks ended
\n
24 April 2022
\n
Basic
\n
52 weeks ended
\n
24 April 2022
\n
Diluted
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Profit for the period
488.0
488.0
249.8
249.8
\n
Pre-tax adjustments to profit / (loss) for the period for the following items:
\n
Exceptional items
(97.1)
(97.1)
1.3
1.3
\n
Fair value adjustment to derivatives included within finance (income)
(32.5)
(32.5)
(7.6)
(7.6)
\n
Fair value gains and profit on disposal of equity derivatives
(41.1)
(41.1)
(9.9)
(9.9)
\n
Realised foreign exchange loss/ (gain)
(31.2)
(31.2)
5.8
5.8
\n
Share based payments
19.3
19.3
14.6
14.6
\n
Share based payments
19.3
19.3
14.6
14.6
\n
Tax adjustments on the above items
20.8
20.8
0.3
0.3
\n
Adjusted profit for the period
326.2
326.2
254.3
254.3
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Number in
\n
thousands
\n
Weighted average number of shares
459,911
459,911
471,975
471,975
\n
Pence per share
Pence per share
Pence per share
Pence per share
\n
Adjusted Earnings per share
70.9
70.9
53.9
53.9", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18837": { "value": "16.
DISCONTINUED OPERATIONS
\n
On 24 May 2022, the Group disposed of its US retail businesses trading as Bobs Stores and Eastern Mountain Sports
\n
for net cash consideration of approximately \u00a343.6m. The disposal took place through the sale of 100% of the share
\n
capital of Roberts 50 USA LLC and its subsidiaries to GoDigital Media Group. These businesses are reported as part of
\n
the International operating segment.
\n
As per IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, this disposal group was classified as
\n
held for sale and as a discontinued operation in FY22. A profit on disposal of \u00a326.3m has been recognised in the
\n
Consolidated Income Statement in the current year.
\n
The following major classes of assets and liabilities relating to the disposal group were classified as held for sale in the
\n
Consolidated Balance Sheet as of 24 April 2022:
\n
24 April 2022
\n
(\u00a3\u2019m)
\n
Inventories
37.7
\n
Trade and other receivables
2.3
\n
Assets held for sale
40.0
\n
Trade and other payables
10.6
\n
Provisions
3.2
\n
Lease liabilities
8.9
\n
Liabilities held for sale
22.7
\n
The reconciliation of the transaction is detailed below:
\n
30 April 2023
\n
(\u00a3\u2019m)
\n
Net assets disposed of (including FX revaluation)
(18.9)
\n
Cash received, net of transaction costs and cash disposed of
43.6
\n
Gain on sale before income tax and reclassification of foreign currency translation reserve
24.7
\n
Reclassification of foreign currency translation reserve
1.6
\n
Income tax expense on gain
-
\n
Gain on sale after income tax
26.3
\n
The Consolidated Cash Flow Statement includes the following amounts relating to this discontinued operation:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Operating activities
\n
(2.2)
4.2
\n
Financing activities
\n
(0.5)
(6.1)
\n
Net cash outflow from discontinued operations
\n
(2.7)
(1.9)
\n
During the current period, consideration of \u00a32.9m was received in respect of the Group\u2019s disposal of a 51%
\n
shareholding in Kangol LLC to Bollman Hat Company. Further details can be found in note 20. Total proceeds received
\nfrom disposals of discontinued operations and subsidiaries in the current period was therefore \u00a346.5m.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18838": { "value": "16.
DISCONTINUED OPERATIONS
\n
On 24 May 2022, the Group disposed of its US retail businesses trading as Bobs Stores and Eastern Mountain Sports
\n
for net cash consideration of approximately \u00a343.6m. The disposal took place through the sale of 100% of the share
\n
capital of Roberts 50 USA LLC and its subsidiaries to GoDigital Media Group. These businesses are reported as part of
\n
the International operating segment.
\n
As per IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, this disposal group was classified as
\n
held for sale and as a discontinued operation in FY22. A profit on disposal of \u00a326.3m has been recognised in the
\n
Consolidated Income Statement in the current year.
\n
The following major classes of assets and liabilities relating to the disposal group were classified as held for sale in the
\n
Consolidated Balance Sheet as of 24 April 2022:
\n
24 April 2022
\n
(\u00a3\u2019m)
\n
Inventories
37.7
\n
Trade and other receivables
2.3
\n
Assets held for sale
40.0
\n
Trade and other payables
10.6
\n
Provisions
3.2
\n
Lease liabilities
8.9
\n
Liabilities held for sale
22.7
\n
The reconciliation of the transaction is detailed below:
\n
30 April 2023
\n
(\u00a3\u2019m)
\n
Net assets disposed of (including FX revaluation)
(18.9)
\n
Cash received, net of transaction costs and cash disposed of
43.6
\n
Gain on sale before income tax and reclassification of foreign currency translation reserve
24.7
\n
Reclassification of foreign currency translation reserve
1.6
\n
Income tax expense on gain
-
\n
Gain on sale after income tax
26.3
\n
The Consolidated Cash Flow Statement includes the following amounts relating to this discontinued operation:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Operating activities
\n
(2.2)
4.2
\n
Financing activities
\n
(0.5)
(6.1)
\n
Net cash outflow from discontinued operations
\n
(2.7)
(1.9)
\n
During the current period, consideration of \u00a32.9m was received in respect of the Group\u2019s disposal of a 51%
\n
shareholding in Kangol LLC to Bollman Hat Company. Further details can be found in note 20. Total proceeds received
\nfrom disposals of discontinued operations and subsidiaries in the current period was therefore \u00a346.5m.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18919": { "value": "17.
PROPERTY, PLANT AND EQUIPMENT
\n
Right of
\n
use asset
\n
Freehold land
\n
and Buildings
\n
Long-term
\n
Leasehold
\n
Short-term
\n
leasehold
\n
improvements
\n
Plant and
\n
Equipment
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
669.1
905.4
153.3
127.4
878.8
2,734.0
\n
Acquisitions
5.6
7.0
-
-
6.9
19.5
\n
Additions
100.9
79.3
4.1
2.5
195.3
382.1
\n
Eliminated on disposals
(75.9)
(42.0)
(1.2)
(4.7)
(82.0)
(205.8)
\n
Reclassifications /
\n
Remeasurements
\n
(1)
\n
(5.4)
(43.4)
-
-
(0.2)
(49.0)
\n
Exchange differences
(7.7)
(2.3)
(0.5)
(0.1)
(3.0)
(13.6)
\n
At 24 April 2022
686.6
904.0
155.7
125.1
995.8
2,867.2
\n
Acquisitions (see note 32)
43.0
-
15.7
-
7.6
66.3
\n
Additions
116.7
97.5
6.0
1.1
275.5
496.8
\n
Eliminated on disposals
(111.2)
(60.1)
(34.3)
-
(65.6)
(271.2)
\n
Reclassifications /
\n
Remeasurements
\n
7.6
(1.5)
-
-
-
6.1
\n
Exchange differences
12.6
(13.3)
0.6
0.3
18.6
18.8
\n
At 30 April 2023
755.3
926.6
143.7
126.5
1,231.9
3,184.0
\n
ACCUMULATED DEPRECIATION AND IMPAIRMENT
\n
At 25 April 2021
(419.4)
(282.7)
(49.7)
(118.7)
(698.6)
(1,569.1)
\n
Charge for the period
(77.6)
(47.9)
(12.4)
(3.6)
(105.1)
(246.6)
\n
Impairment
(76.8)
(106.5)
(2.0)
-
(40.7)
(226.0)
\n
Eliminated on disposals
75.9
15.7
1.1
1.8
79.1
173.6
\n
Reclassifications /
\n
Remeasurements
\n
(1)
\n
-
0.6
(0.1)
(1.1)
4.0
3.4
\n
Exchange differences
6.0
0.3
0.1
0.2
1.9
8.5
\n
At 24 April 2022
(491.9)
(420.5)
(63.0)
(121.4)
(759.4)
(1,856.2)
\n
Charge for the period
(75.2)
(43.8)
(11.4)
(1.7)
(130.2)
(262.3)
\n
Impairment
(43.1)
(23.9)
(0.2)
-
(32.2)
(99.4)
\n
Eliminated on disposals
110.8
16.7
11.6
(0.9)
57.0
195.2
\n
Reclassifications /
\n
Remeasurements
\n
-
0.2
-
-
-
0.2
\n
Exchange differences
(9.4)
4.3
(0.3)
(0.3)
(5.1)
(10.8)
\n
At 30 April 2023
(508.8)
(467.0)
(63.3)
(124.3)
(869.9)
(2,033.3)
\n
NET BOOK VALUE
\n
At 30 April 2023
246.5
459.6
80.4
2.2
362.0
1,150.7
\n
At 24 April 2022
194.7
483.5
92.7
3.7
236.4
1,011.0
\n
At 25 April 2021
249.7
622.7
103.6
8.7
180.2
1,164.9
\n
(1)
In FY22 assets were identified that were previously classified within Property, Plant and Equipment but management believe it to be more appropriate to classify within Investment
\n
Properties. These have therefore been adjusted in the prior period as reclassifications.
\n
Note 2 provides further detail on the property related impairments (relating to ROU assets and freehold land
\n
and buildings).
\n
\n
Leases
\n
The Group only has property leases within the scope of IFRS 16, including retail stores, offices and warehouses. Leases
\n
are largely for a period between 1 \u2013 15 years typically with break clauses. It is management\u2019s intention to continue to
\n
enter into turnover linked leases in the future.
\n
The Group presents right-of-use assets that do not meet the definition of investment property in \u2018property, plant and
\n
equipment\u2019, the same line item as it presents underlying assets of the same nature that it owns. The carrying amount
\n
and movements in the period can be seen in the table above.
\n
Lease liabilities are presented separately within the Consolidated Balance Sheet. The maturity analysis of lease
\n
liabilities is shown in note 30(f). Interest expense on the lease liability is presented as a component of finance costs as
\n
per note 13. Cash payments for the principal portion and the interest portion of the lease liability are presented in the
\n
Consolidated Cash Flow Statement with further details given in note 27.
\n
The Group is party to a number of leases that are classed as short term leases and with variable lease payments.
\n
These are typically property leases on turnover based rents. Note 8 discloses variable lease payments and short term
\n
and low value lease expenses incurred in the period. Cash flows in the period relating to variable lease payments, short
\n
term lease payments, and leases for low value assets were approx. \u00a349m (FY22: approx. \u00a333m). It is expected that
\n
future cash flows will not be materially different to the FY23 cash flows.
\nLeases to which the Group is committed but have not yet commenced at period end are not considered to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f18923": { "value": "Right of
use asset
\n
Freehold land
\n
and Buildings
\n
Long-term
\n
Leasehold
\n
Short-term
\n
leasehold
\n
improvements
\n
Plant and
\n
Equipment
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
669.1
905.4
153.3
127.4
878.8
2,734.0
\n
Acquisitions
5.6
7.0
-
-
6.9
19.5
\n
Additions
100.9
79.3
4.1
2.5
195.3
382.1
\n
Eliminated on disposals
(75.9)
(42.0)
(1.2)
(4.7)
(82.0)
(205.8)
\n
Reclassifications /
\n
Remeasurements
\n
(1)
\n
(5.4)
(43.4)
-
-
(0.2)
(49.0)
\n
Exchange differences
(7.7)
(2.3)
(0.5)
(0.1)
(3.0)
(13.6)
\n
At 24 April 2022
686.6
904.0
155.7
125.1
995.8
2,867.2
\n
Acquisitions (see note 32)
43.0
-
15.7
-
7.6
66.3
\n
Additions
116.7
97.5
6.0
1.1
275.5
496.8
\n
Eliminated on disposals
(111.2)
(60.1)
(34.3)
-
(65.6)
(271.2)
\n
Reclassifications /
\n
Remeasurements
\n
7.6
(1.5)
-
-
-
6.1
\n
Exchange differences
12.6
(13.3)
0.6
0.3
18.6
18.8
\n
At 30 April 2023
755.3
926.6
143.7
126.5
1,231.9
3,184.0
\n
ACCUMULATED DEPRECIATION AND IMPAIRMENT
\n
At 25 April 2021
(419.4)
(282.7)
(49.7)
(118.7)
(698.6)
(1,569.1)
\n
Charge for the period
(77.6)
(47.9)
(12.4)
(3.6)
(105.1)
(246.6)
\n
Impairment
(76.8)
(106.5)
(2.0)
-
(40.7)
(226.0)
\n
Eliminated on disposals
75.9
15.7
1.1
1.8
79.1
173.6
\n
Reclassifications /
\n
Remeasurements
\n
(1)
\n
-
0.6
(0.1)
(1.1)
4.0
3.4
\n
Exchange differences
6.0
0.3
0.1
0.2
1.9
8.5
\n
At 24 April 2022
(491.9)
(420.5)
(63.0)
(121.4)
(759.4)
(1,856.2)
\n
Charge for the period
(75.2)
(43.8)
(11.4)
(1.7)
(130.2)
(262.3)
\n
Impairment
(43.1)
(23.9)
(0.2)
-
(32.2)
(99.4)
\n
Eliminated on disposals
110.8
16.7
11.6
(0.9)
57.0
195.2
\n
Reclassifications /
\n
Remeasurements
\n
-
0.2
-
-
-
0.2
\n
Exchange differences
(9.4)
4.3
(0.3)
(0.3)
(5.1)
(10.8)
\n
At 30 April 2023
(508.8)
(467.0)
(63.3)
(124.3)
(869.9)
(2,033.3)
\n
NET BOOK VALUE
\n
At 30 April 2023
246.5
459.6
80.4
2.2
362.0
1,150.7
\n
At 24 April 2022
194.7
483.5
92.7
3.7
236.4
1,011.0
\n
At 25 April 2021
249.7
622.7
103.6
8.7
180.2
1,164.9Freehold land and Buildings
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
38.2
\n
Additions
42.0
\n
Reclassifications
\n
(1)
\n
43.4
\n
At 24 April 2022
123.6
\n
Additions
88.3
\n
Disposals
(43.4)
\n
Reclassifications
1.5
\n
As at 30 April 2023
170.0
\n
ACCUMULATED DEPRECIATION AND IMPAIRMENT
\n
As at 25 April 2021
(24.1)
\n
Charge for the period
(5.9)
\n
Impairment
(1.0)
\n
Reclassifications
\n
(1)
\n
(3.4)
\n
As at 24 April 2022
(34.4)
\n
Charge for the period
(10.2)
\n
Impairment
(0.2)
\n
Disposals
6.3
\n
Reclassifications
(0.2)
\n
As at 30 April 2023
(38.7)
\n
NET BOOK VALUE
\n
At 30 April 2023
131.3
\n
At 24 April 2022
89.2
\n
At 25 April 2021
14.1Goodwill
Trademarks
\n
and licenses
Brands
\n
Customer
\n
related
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
170.7
90.7
80.6
-
342.0
\n
Acquisitions
1.3
-
-
5.7
7.0
\n
Exchange adjustments
4.8
0.4
6.4
-
11.6
\n
At 24 April 2022
176.8
91.1
87.0
5.7
360.6
\n
Acquisitions (note 32)
35.6
11.7
-
-
47.3
\n
Additions
-
1.0
-
-
1.0
\n
Disposals
(0.2)
(2.3)
-
-
(2.5)
\n
Exchange adjustments
2.5
0.3
1.8
-
4.6
\n
At 30 April 2023
214.7
101.8
88.8
5.7
411.0
\n
AMORTISATION AND IMPAIRMENT
\n
At 25 April 2021
(124.0)
(86.7)
(10.8)
-
(221.5)
\n
Amortisation charge
-
(0.5)
(6.0)
(1.0)
(7.5)
\n
Impairment
(5.7)
-
-
-
(5.7)
\n
Exchange adjustments
(2.7)
(0.1)
(2.5)
-
(5.3)
\n
At 24 April 2022
(132.4)
(87.3)
(19.3)
(1.0)
(240.0)
\n
Amortisation charge
-
(0.9)
(6.0)
-
(6.9)
\n
Impairment
(71.7)
(11.7)
(52.0)
(4.7)
(140.1)
\n
Disposals
0.4
2.3
-
-
2.7
\n
Exchange adjustments
(1.1)
(0.3)
(1.2)
-
(2.6)
\n
At 30 April 2023
(204.8)
(97.9)
(78.5)
(5.7)
(386.9)
\n
At 30 April 2023
9.9
3.9
10.3
-
24.1
\n
At 24 April 2022
44.4
3.8
67.7
4.7
120.6
\n
At 25 April 2021
46.7
4.0
69.8
-
120.5", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f19178": { "value": "Leases
The Group only has property leases within the scope of IFRS 16, including retail stores, offices and warehouses. Leases
\n
are largely for a period between 1 \u2013 15 years typically with break clauses. It is management\u2019s intention to continue to
\n
enter into turnover linked leases in the future.
\n
The Group presents right-of-use assets that do not meet the definition of investment property in \u2018property, plant and
\n
equipment\u2019, the same line item as it presents underlying assets of the same nature that it owns. The carrying amount
\n
and movements in the period can be seen in the table above.
\n
Lease liabilities are presented separately within the Consolidated Balance Sheet. The maturity analysis of lease
\n
liabilities is shown in note 30(f). Interest expense on the lease liability is presented as a component of finance costs as
\n
per note 13. Cash payments for the principal portion and the interest portion of the lease liability are presented in the
\n
Consolidated Cash Flow Statement with further details given in note 27.
\n
The Group is party to a number of leases that are classed as short term leases and with variable lease payments.
\n
These are typically property leases on turnover based rents. Note 8 discloses variable lease payments and short term
\n
and low value lease expenses incurred in the period. Cash flows in the period relating to variable lease payments, short
\n
term lease payments, and leases for low value assets were approx. \u00a349m (FY22: approx. \u00a333m). It is expected that
\n
future cash flows will not be materially different to the FY23 cash flows.
Leases to which the Group is committed but have not yet commenced at period end are not considered to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f19199": { "value": "18.
INVESTMENT PROPERTIES
\n
Freehold land and Buildings
\n
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
38.2
\n
Additions
42.0
\n
Reclassifications
\n
(1)
\n
43.4
\n
At 24 April 2022
123.6
\n
Additions
88.3
\n
Disposals
(43.4)
\n
Reclassifications
1.5
\n
As at 30 April 2023
170.0
\n
ACCUMULATED DEPRECIATION AND IMPAIRMENT
\n
As at 25 April 2021
(24.1)
\n
Charge for the period
(5.9)
\n
Impairment
(1.0)
\n
Reclassifications
\n
(1)
\n
(3.4)
\n
As at 24 April 2022
(34.4)
\n
Charge for the period
(10.2)
\n
Impairment
(0.2)
\n
Disposals
6.3
\n
Reclassifications
(0.2)
\n
As at 30 April 2023
(38.7)
\n
NET BOOK VALUE
\n
At 30 April 2023
131.3
\n
At 24 April 2022
89.2
\n
At 25 April 2021
14.1
\n
(1)
In FY22 assets were identified that were previously classified within Property, Plant and Equipment but management believe it to be more appropriate to classify within Investment
\n
Properties. These have therefore been adjusted in the prior period as reclassifications.
\n
The fair values of the Group\u2019s investment properties as at 30 April 2023 and 24 April 2022 were estimated as being
\n
materially in line with carrying values. The valuations were calculated by the Group\u2019s internal property team who are
\n
appropriately qualified chartered surveyors and follow the applicable valuation methodology of the Royal Institute of
\n
Chartered Surveyors. Note 2 provides further detail on the property related impairments.
\n
\n
The rental income from Investment Properties recognised in the consolidated income statement for the year was
\n\u00a323.7m (2022: \u00a39.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f19282": { "value": "19.
INTANGIBLE ASSETS
\n
Goodwill
\n
Trademarks
\n
and licenses
Brands
\n
Customer
\n
related
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
170.7
90.7
80.6
-
342.0
\n
Acquisitions
1.3
-
-
5.7
7.0
\n
Exchange adjustments
4.8
0.4
6.4
-
11.6
\n
At 24 April 2022
176.8
91.1
87.0
5.7
360.6
\n
Acquisitions (note 32)
35.6
11.7
-
-
47.3
\n
Additions
-
1.0
-
-
1.0
\n
Disposals
(0.2)
(2.3)
-
-
(2.5)
\n
Exchange adjustments
2.5
0.3
1.8
-
4.6
\n
At 30 April 2023
214.7
101.8
88.8
5.7
411.0
\n
AMORTISATION AND IMPAIRMENT
\n
At 25 April 2021
(124.0)
(86.7)
(10.8)
-
(221.5)
\n
Amortisation charge
-
(0.5)
(6.0)
(1.0)
(7.5)
\n
Impairment
(5.7)
-
-
-
(5.7)
\n
Exchange adjustments
(2.7)
(0.1)
(2.5)
-
(5.3)
\n
At 24 April 2022
(132.4)
(87.3)
(19.3)
(1.0)
(240.0)
\n
Amortisation charge
-
(0.9)
(6.0)
-
(6.9)
\n
Impairment
(71.7)
(11.7)
(52.0)
(4.7)
(140.1)
\n
Disposals
0.4
2.3
-
-
2.7
\n
Exchange adjustments
(1.1)
(0.3)
(1.2)
-
(2.6)
\n
At 30 April 2023
(204.8)
(97.9)
(78.5)
(5.7)
(386.9)
\n
At 30 April 2023
9.9
3.9
10.3
-
24.1
\n
At 24 April 2022
44.4
3.8
67.7
4.7
120.6
\n
At 25 April 2021
46.7
4.0
69.8
-
120.5
\n
Amortisation is charged to selling, distribution and administrative expenses in the Consolidated Income Statement.
\n
Goodwill, trademarks and licenses and brands are acquired in a business combination are allocated, at acquisition,
\n
to the CGUs that are expected to benefit from that business combination. After recognition of impairment losses, the
\n
carrying amount of these assets at the start and end of the current period are allocated as follows:
\n
30 April 2023
\n
Goodwill
Trademarks and
\n
licenses
\n
Brands
Customer
\n
related
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Wholesale & Licensing (excl. Everlast)
9.9
-
-
-
9.9
\n
Everlast
-
3.3
10.3
-
13.6
\n
Studio Retail
-
-
-
-
-
\n
9.9
3.3
10.3
-
23.5
\n
24 April 2022
\n
Goodwill
Trademarks and
\n
licenses
\n
Brands
Customer
\n
related
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Wholesale & Licensing (excl. Everlast)
9.9
-
-
-
9.9
\n
Everlast
34.5
3.8
67.7
-
106.0
\n
Studio Retail
-
-
-
4.7
4.7
\n
44.4
3.8
67.7
4.7
120.6
\n
\n
Acquisitions
\n
During the current period, goodwill and trademarks with a fair value of \u00a347.3 were recognised as part of business
\n
combinations. See note 32 for details. Following a review of the trading performance of these businesses, the goodwill
\n
and intangibles assets were fully impaired as their recoverable amount on a value in use basis was estimated to be \u00a3nil.
\n
In the prior period, a customer related intangible asset with a fair value of \u00a35.7m was allocated the Studio Retail CGU
\n
following the acquisition of the business. This has been fully impaired in the current period following a review of the
\n
trading performance of the business, which indicated that the carrying value was not supportable.
\n
Amortisation
\n
The brands, trademarks & licenses allocated to the Everlast CGU are being amortised over a 15-year period. The
\n
amortisation charge in the current period is \u00a36.5m (FY22: \u00a36.5m) and is disclosed within selling, distribution and
\n
administrative expenses in the Consolidated Income Statement. The remaining useful economic life of these assets is
\n
11 years (FY22: 12 years).
\n
Impairment review
\n
The Group tests the carrying amount of goodwill and intangible assets with an indefinite life for impairment annually
\n
or more frequently if there are indications that their carrying value might be impaired. The carrying amounts of other
\n
intangible assets are reviewed for impairment if there is an indicator of impairment.
\n
The recoverable amounts of the Wholesale & Licensing (excl. Everlast) and Everlast CGUs have been determined by
\n
reference to value in use calculations. The recoverable amounts were then compared to the carrying value of the
\n
assets allocated to each CGU to assess the level impairment required, if any.
\n
Significant judgements, assumptions and estimates
\n
In determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present
\n
value of future cash flows. In each case, these key assumptions have been made by management reflecting past
\n
experience, current trends, and where applicable, are consistent with relevant external sources of information. The key
\n
assumptions are as follows:
\n
30 April 2023
24 April 2022
\n
Wholesale & Licensing
\n
(excl. Everlast)
Everlast
\n
Wholesale & Licensing
\n
(excl. Everlast)
\n
Everlast
\n
5-year average annual forecast sales
\n
(decline)/growth
\n
(3.0%)
(2.6%)
(4.4%)
0.8%
\n
Discount rate
\n
8.5%
14.2%
7.5%
13.5%
\n
Terminal growth rate
\n
2.0%
2.0%
2.0%
2.0%
\n
Management has prepared cash flow forecasts for a five-year period derived from the actual results for financial year
\n
2022/23. These forecasts include assumptions around sales prices and volumes, specific customer relationships and
\n
operating costs and working capital movements.
\n
The material reduction in revenue growth assumptions for the Everlast CGU from an average growth rate of 0.8%
\n
pa in the prior year to a decline of 2.6% pa in the current year is reflective of the failure of commercial negotiations
\n
with prospective wholesale partners that were factored into the cashflow forecasts in the prior year. In addition, the
\n
business has significantly underperformed in financial year 2022/23 vs. the forecast performance assumed in the
\n
prior year impairment review partly as result of a challenging US retail market and a failure to maintain the trading
\n
momentum seen during the Covid-19 pandemic. Management has revisited the FY22 impairment assessment and are
\n
satisfied that the assessment remains appropriate based on the facts and information that were available at the time.
\n
The pre-tax rates used to discount the forecast cash flows are shown above and are derived from the Group\u2019s weighted
\n
average cost of capital as adjusted for the specific risks related to each CGU.
\n
To forecast beyond the detailed cash flows into perpetuity, a long-term average growth rate of 2.0% (2022: 2.0%) has
\n
been used. This is not greater than the published International Monetary Fund average growth rate in gross domestic
\n
product for the next five-year period in the territories where the CGUs operate. The growth rate was assessed
\n
separately for each CGU however the 2.0% rate was deemed appropriate in both cases.
\n
\n
Results
\n
The recoverable amount of the Wholesale & Licensing (excluding Everlast) CGU exceeds its carrying value by
\n
approximately \u00a382m and as such no impairment was required.
\n
The carrying value of the Everlast CGU was determined to be higher than the recoverable amount, primarily as a result
\n
of the revised sales assumptions noted above, and consequently an impairment loss of \u00a387.9m was recognised. The
\n
impairment loss was allocated first to goodwill (\u00a335.9m) and then to brands (\u00a352.0m) and has been disclosed within
\n
selling, distribution and administrative expenses in the Consolidated Income Statement.
\n
Sensitivity Analysis
\n
Following the impairment loss recognised in respect of the Everlast CGU, the recoverable amount is equal to the
\n
carrying amount. Therefore, any adverse movement in a key assumption would lead to a further impairment.
\n
The table below shows changes to the terminal growth rate, risk adjusted discount rate and forecast operating
\n
cash flow assumptions used in the calculation of value in use for the Everlast CGU and the change to the level of
\n
impairment indicated by reasonably possible changes in these assumptions:
\n
Everlast
\n
Impairment recorded
\n
\u00a387.9m
\n
Recoverable amount
\n
\u00a343.7m
\n
Additional impairment required as a result of changes to key assumptions
\n
Current Terminal Growth Rate
\n
2.0%
\n
Revised Terminal Growth Rate
\n
1.8%
\n
Additional impairment required
\n
\u00a30.5m
\n
Current Discount Rate
\n
14.2%
\n
Revised Discount Rate
\n
15.6%
\n
Additional impairment required
\n
\u00a34.1m
\n
Current 5-year average annual forecast sales decline
\n
(2.6%)
\n
Revised 5-year average annual forecast sales decline
\n
(2.8%)
\n
Additional impairment required
\n
\u00a37.9m
\n
Based on the results of the impairment test for the Wholesale & Licensing (excluding Everlast) CGU and the immaterial
\n
carrying value of the remaining goodwill, management are satisfied that there is sufficient headroom against the
\n
carrying value such that a reasonably possible change in assumption would not lead to an impairment. Consequently,
\n
no sensitivity analysis has been disclosed for this CGU.
\n
Climate Change
\n
Management considered the impact of climate change when conducting its impairment review and concluded that it
\n
was unlikely to have a material impact on the assumptions based on the following:
\n
\u2022
The relevant tangible assets have relatively short useful economic lives and are not considered to be in locations
\n
that will be materially impacted by climate change (i.e., they are in the USA \u2013 a developed country).
\n
\u2022
The forecasts include estimates for ongoing capital expenditure, which management consider to be sufficient
\n
to make any essential climate change related acquisitions (e.g., solar panels or building energy management
\nsystems).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f19283": { "value": "19.
INTANGIBLE ASSETS
\n
Goodwill
\n
Trademarks
\n
and licenses
Brands
\n
Customer
\n
related
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
170.7
90.7
80.6
-
342.0
\n
Acquisitions
1.3
-
-
5.7
7.0
\n
Exchange adjustments
4.8
0.4
6.4
-
11.6
\n
At 24 April 2022
176.8
91.1
87.0
5.7
360.6
\n
Acquisitions (note 32)
35.6
11.7
-
-
47.3
\n
Additions
-
1.0
-
-
1.0
\n
Disposals
(0.2)
(2.3)
-
-
(2.5)
\n
Exchange adjustments
2.5
0.3
1.8
-
4.6
\n
At 30 April 2023
214.7
101.8
88.8
5.7
411.0
\n
AMORTISATION AND IMPAIRMENT
\n
At 25 April 2021
(124.0)
(86.7)
(10.8)
-
(221.5)
\n
Amortisation charge
-
(0.5)
(6.0)
(1.0)
(7.5)
\n
Impairment
(5.7)
-
-
-
(5.7)
\n
Exchange adjustments
(2.7)
(0.1)
(2.5)
-
(5.3)
\n
At 24 April 2022
(132.4)
(87.3)
(19.3)
(1.0)
(240.0)
\n
Amortisation charge
-
(0.9)
(6.0)
-
(6.9)
\n
Impairment
(71.7)
(11.7)
(52.0)
(4.7)
(140.1)
\n
Disposals
0.4
2.3
-
-
2.7
\n
Exchange adjustments
(1.1)
(0.3)
(1.2)
-
(2.6)
\n
At 30 April 2023
(204.8)
(97.9)
(78.5)
(5.7)
(386.9)
\n
At 30 April 2023
9.9
3.9
10.3
-
24.1
\n
At 24 April 2022
44.4
3.8
67.7
4.7
120.6
\n
At 25 April 2021
46.7
4.0
69.8
-
120.5
\n
Amortisation is charged to selling, distribution and administrative expenses in the Consolidated Income Statement.
\n
Goodwill, trademarks and licenses and brands are acquired in a business combination are allocated, at acquisition,
\n
to the CGUs that are expected to benefit from that business combination. After recognition of impairment losses, the
\n
carrying amount of these assets at the start and end of the current period are allocated as follows:
\n
30 April 2023
\n
Goodwill
Trademarks and
\n
licenses
\n
Brands
Customer
\n
related
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Wholesale & Licensing (excl. Everlast)
9.9
-
-
-
9.9
\n
Everlast
-
3.3
10.3
-
13.6
\n
Studio Retail
-
-
-
-
-
\n
9.9
3.3
10.3
-
23.5
\n
24 April 2022
\n
Goodwill
Trademarks and
\n
licenses
\n
Brands
Customer
\n
related
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Wholesale & Licensing (excl. Everlast)
9.9
-
-
-
9.9
\n
Everlast
34.5
3.8
67.7
-
106.0
\n
Studio Retail
-
-
-
4.7
4.7
\n
44.4
3.8
67.7
4.7
120.6
\n
\n
Acquisitions
\n
During the current period, goodwill and trademarks with a fair value of \u00a347.3 were recognised as part of business
\n
combinations. See note 32 for details. Following a review of the trading performance of these businesses, the goodwill
\n
and intangibles assets were fully impaired as their recoverable amount on a value in use basis was estimated to be \u00a3nil.
\n
In the prior period, a customer related intangible asset with a fair value of \u00a35.7m was allocated the Studio Retail CGU
\n
following the acquisition of the business. This has been fully impaired in the current period following a review of the
\n
trading performance of the business, which indicated that the carrying value was not supportable.
\n
Amortisation
\n
The brands, trademarks & licenses allocated to the Everlast CGU are being amortised over a 15-year period. The
\n
amortisation charge in the current period is \u00a36.5m (FY22: \u00a36.5m) and is disclosed within selling, distribution and
\n
administrative expenses in the Consolidated Income Statement. The remaining useful economic life of these assets is
\n
11 years (FY22: 12 years).
\n
Impairment review
\n
The Group tests the carrying amount of goodwill and intangible assets with an indefinite life for impairment annually
\n
or more frequently if there are indications that their carrying value might be impaired. The carrying amounts of other
\n
intangible assets are reviewed for impairment if there is an indicator of impairment.
\n
The recoverable amounts of the Wholesale & Licensing (excl. Everlast) and Everlast CGUs have been determined by
\n
reference to value in use calculations. The recoverable amounts were then compared to the carrying value of the
\n
assets allocated to each CGU to assess the level impairment required, if any.
\n
Significant judgements, assumptions and estimates
\n
In determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present
\n
value of future cash flows. In each case, these key assumptions have been made by management reflecting past
\n
experience, current trends, and where applicable, are consistent with relevant external sources of information. The key
\n
assumptions are as follows:
\n
30 April 2023
24 April 2022
\n
Wholesale & Licensing
\n
(excl. Everlast)
Everlast
\n
Wholesale & Licensing
\n
(excl. Everlast)
\n
Everlast
\n
5-year average annual forecast sales
\n
(decline)/growth
\n
(3.0%)
(2.6%)
(4.4%)
0.8%
\n
Discount rate
\n
8.5%
14.2%
7.5%
13.5%
\n
Terminal growth rate
\n
2.0%
2.0%
2.0%
2.0%
\n
Management has prepared cash flow forecasts for a five-year period derived from the actual results for financial year
\n
2022/23. These forecasts include assumptions around sales prices and volumes, specific customer relationships and
\n
operating costs and working capital movements.
\n
The material reduction in revenue growth assumptions for the Everlast CGU from an average growth rate of 0.8%
\n
pa in the prior year to a decline of 2.6% pa in the current year is reflective of the failure of commercial negotiations
\n
with prospective wholesale partners that were factored into the cashflow forecasts in the prior year. In addition, the
\n
business has significantly underperformed in financial year 2022/23 vs. the forecast performance assumed in the
\n
prior year impairment review partly as result of a challenging US retail market and a failure to maintain the trading
\n
momentum seen during the Covid-19 pandemic. Management has revisited the FY22 impairment assessment and are
\n
satisfied that the assessment remains appropriate based on the facts and information that were available at the time.
\n
The pre-tax rates used to discount the forecast cash flows are shown above and are derived from the Group\u2019s weighted
\n
average cost of capital as adjusted for the specific risks related to each CGU.
\n
To forecast beyond the detailed cash flows into perpetuity, a long-term average growth rate of 2.0% (2022: 2.0%) has
\n
been used. This is not greater than the published International Monetary Fund average growth rate in gross domestic
\n
product for the next five-year period in the territories where the CGUs operate. The growth rate was assessed
\n
separately for each CGU however the 2.0% rate was deemed appropriate in both cases.
\n
\n
Results
\n
The recoverable amount of the Wholesale & Licensing (excluding Everlast) CGU exceeds its carrying value by
\n
approximately \u00a382m and as such no impairment was required.
\n
The carrying value of the Everlast CGU was determined to be higher than the recoverable amount, primarily as a result
\n
of the revised sales assumptions noted above, and consequently an impairment loss of \u00a387.9m was recognised. The
\n
impairment loss was allocated first to goodwill (\u00a335.9m) and then to brands (\u00a352.0m) and has been disclosed within
\n
selling, distribution and administrative expenses in the Consolidated Income Statement.
\n
Sensitivity Analysis
\n
Following the impairment loss recognised in respect of the Everlast CGU, the recoverable amount is equal to the
\n
carrying amount. Therefore, any adverse movement in a key assumption would lead to a further impairment.
\n
The table below shows changes to the terminal growth rate, risk adjusted discount rate and forecast operating
\n
cash flow assumptions used in the calculation of value in use for the Everlast CGU and the change to the level of
\n
impairment indicated by reasonably possible changes in these assumptions:
\n
Everlast
\n
Impairment recorded
\n
\u00a387.9m
\n
Recoverable amount
\n
\u00a343.7m
\n
Additional impairment required as a result of changes to key assumptions
\n
Current Terminal Growth Rate
\n
2.0%
\n
Revised Terminal Growth Rate
\n
1.8%
\n
Additional impairment required
\n
\u00a30.5m
\n
Current Discount Rate
\n
14.2%
\n
Revised Discount Rate
\n
15.6%
\n
Additional impairment required
\n
\u00a34.1m
\n
Current 5-year average annual forecast sales decline
\n
(2.6%)
\n
Revised 5-year average annual forecast sales decline
\n
(2.8%)
\n
Additional impairment required
\n
\u00a37.9m
\n
Based on the results of the impairment test for the Wholesale & Licensing (excluding Everlast) CGU and the immaterial
\n
carrying value of the remaining goodwill, management are satisfied that there is sufficient headroom against the
\n
carrying value such that a reasonably possible change in assumption would not lead to an impairment. Consequently,
\n
no sensitivity analysis has been disclosed for this CGU.
\n
Climate Change
\n
Management considered the impact of climate change when conducting its impairment review and concluded that it
\n
was unlikely to have a material impact on the assumptions based on the following:
\n
\u2022
The relevant tangible assets have relatively short useful economic lives and are not considered to be in locations
\n
that will be materially impacted by climate change (i.e., they are in the USA \u2013 a developed country).
\n
\u2022
The forecasts include estimates for ongoing capital expenditure, which management consider to be sufficient
\n
to make any essential climate change related acquisitions (e.g., solar panels or building energy management
\nsystems).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f19284": { "value": "19.
INTANGIBLE ASSETS
\n
Goodwill
\n
Trademarks
\n
and licenses
Brands
\n
Customer
\n
related
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
COST
\n
At 25 April 2021
170.7
90.7
80.6
-
342.0
\n
Acquisitions
1.3
-
-
5.7
7.0
\n
Exchange adjustments
4.8
0.4
6.4
-
11.6
\n
At 24 April 2022
176.8
91.1
87.0
5.7
360.6
\n
Acquisitions (note 32)
35.6
11.7
-
-
47.3
\n
Additions
-
1.0
-
-
1.0
\n
Disposals
(0.2)
(2.3)
-
-
(2.5)
\n
Exchange adjustments
2.5
0.3
1.8
-
4.6
\n
At 30 April 2023
214.7
101.8
88.8
5.7
411.0
\n
AMORTISATION AND IMPAIRMENT
\n
At 25 April 2021
(124.0)
(86.7)
(10.8)
-
(221.5)
\n
Amortisation charge
-
(0.5)
(6.0)
(1.0)
(7.5)
\n
Impairment
(5.7)
-
-
-
(5.7)
\n
Exchange adjustments
(2.7)
(0.1)
(2.5)
-
(5.3)
\n
At 24 April 2022
(132.4)
(87.3)
(19.3)
(1.0)
(240.0)
\n
Amortisation charge
-
(0.9)
(6.0)
-
(6.9)
\n
Impairment
(71.7)
(11.7)
(52.0)
(4.7)
(140.1)
\n
Disposals
0.4
2.3
-
-
2.7
\n
Exchange adjustments
(1.1)
(0.3)
(1.2)
-
(2.6)
\n
At 30 April 2023
(204.8)
(97.9)
(78.5)
(5.7)
(386.9)
\n
At 30 April 2023
9.9
3.9
10.3
-
24.1
\n
At 24 April 2022
44.4
3.8
67.7
4.7
120.6
\n
At 25 April 2021
46.7
4.0
69.8
-
120.5
\n
Amortisation is charged to selling, distribution and administrative expenses in the Consolidated Income Statement.
\n
Goodwill, trademarks and licenses and brands are acquired in a business combination are allocated, at acquisition,
\n
to the CGUs that are expected to benefit from that business combination. After recognition of impairment losses, the
\n
carrying amount of these assets at the start and end of the current period are allocated as follows:
\n
30 April 2023
\n
Goodwill
Trademarks and
\n
licenses
\n
Brands
Customer
\n
related
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Wholesale & Licensing (excl. Everlast)
9.9
-
-
-
9.9
\n
Everlast
-
3.3
10.3
-
13.6
\n
Studio Retail
-
-
-
-
-
\n
9.9
3.3
10.3
-
23.5
\n
24 April 2022
\n
Goodwill
Trademarks and
\n
licenses
\n
Brands
Customer
\n
related
\n
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Wholesale & Licensing (excl. Everlast)
9.9
-
-
-
9.9
\n
Everlast
34.5
3.8
67.7
-
106.0
\n
Studio Retail
-
-
-
4.7
4.7
\n
44.4
3.8
67.7
4.7
120.6
\n
\n
Acquisitions
\n
During the current period, goodwill and trademarks with a fair value of \u00a347.3 were recognised as part of business
\n
combinations. See note 32 for details. Following a review of the trading performance of these businesses, the goodwill
\n
and intangibles assets were fully impaired as their recoverable amount on a value in use basis was estimated to be \u00a3nil.
\n
In the prior period, a customer related intangible asset with a fair value of \u00a35.7m was allocated the Studio Retail CGU
\n
following the acquisition of the business. This has been fully impaired in the current period following a review of the
\n
trading performance of the business, which indicated that the carrying value was not supportable.
\n
Amortisation
\n
The brands, trademarks & licenses allocated to the Everlast CGU are being amortised over a 15-year period. The
\n
amortisation charge in the current period is \u00a36.5m (FY22: \u00a36.5m) and is disclosed within selling, distribution and
\n
administrative expenses in the Consolidated Income Statement. The remaining useful economic life of these assets is
\n
11 years (FY22: 12 years).
\n
Impairment review
\n
The Group tests the carrying amount of goodwill and intangible assets with an indefinite life for impairment annually
\n
or more frequently if there are indications that their carrying value might be impaired. The carrying amounts of other
\n
intangible assets are reviewed for impairment if there is an indicator of impairment.
\n
The recoverable amounts of the Wholesale & Licensing (excl. Everlast) and Everlast CGUs have been determined by
\n
reference to value in use calculations. The recoverable amounts were then compared to the carrying value of the
\n
assets allocated to each CGU to assess the level impairment required, if any.
\n
Significant judgements, assumptions and estimates
\n
In determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present
\n
value of future cash flows. In each case, these key assumptions have been made by management reflecting past
\n
experience, current trends, and where applicable, are consistent with relevant external sources of information. The key
\n
assumptions are as follows:
\n
30 April 2023
24 April 2022
\n
Wholesale & Licensing
\n
(excl. Everlast)
Everlast
\n
Wholesale & Licensing
\n
(excl. Everlast)
\n
Everlast
\n
5-year average annual forecast sales
\n
(decline)/growth
\n
(3.0%)
(2.6%)
(4.4%)
0.8%
\n
Discount rate
\n
8.5%
14.2%
7.5%
13.5%
\n
Terminal growth rate
\n
2.0%
2.0%
2.0%
2.0%
\n
Management has prepared cash flow forecasts for a five-year period derived from the actual results for financial year
\n
2022/23. These forecasts include assumptions around sales prices and volumes, specific customer relationships and
\n
operating costs and working capital movements.
\n
The material reduction in revenue growth assumptions for the Everlast CGU from an average growth rate of 0.8%
\n
pa in the prior year to a decline of 2.6% pa in the current year is reflective of the failure of commercial negotiations
\n
with prospective wholesale partners that were factored into the cashflow forecasts in the prior year. In addition, the
\n
business has significantly underperformed in financial year 2022/23 vs. the forecast performance assumed in the
\n
prior year impairment review partly as result of a challenging US retail market and a failure to maintain the trading
\n
momentum seen during the Covid-19 pandemic. Management has revisited the FY22 impairment assessment and are
\n
satisfied that the assessment remains appropriate based on the facts and information that were available at the time.
\n
The pre-tax rates used to discount the forecast cash flows are shown above and are derived from the Group\u2019s weighted
\n
average cost of capital as adjusted for the specific risks related to each CGU.
\n
To forecast beyond the detailed cash flows into perpetuity, a long-term average growth rate of 2.0% (2022: 2.0%) has
\n
been used. This is not greater than the published International Monetary Fund average growth rate in gross domestic
\n
product for the next five-year period in the territories where the CGUs operate. The growth rate was assessed
\n
separately for each CGU however the 2.0% rate was deemed appropriate in both cases.
\n
\n
Results
\n
The recoverable amount of the Wholesale & Licensing (excluding Everlast) CGU exceeds its carrying value by
\n
approximately \u00a382m and as such no impairment was required.
\n
The carrying value of the Everlast CGU was determined to be higher than the recoverable amount, primarily as a result
\n
of the revised sales assumptions noted above, and consequently an impairment loss of \u00a387.9m was recognised. The
\n
impairment loss was allocated first to goodwill (\u00a335.9m) and then to brands (\u00a352.0m) and has been disclosed within
\n
selling, distribution and administrative expenses in the Consolidated Income Statement.
\n
Sensitivity Analysis
\n
Following the impairment loss recognised in respect of the Everlast CGU, the recoverable amount is equal to the
\n
carrying amount. Therefore, any adverse movement in a key assumption would lead to a further impairment.
\n
The table below shows changes to the terminal growth rate, risk adjusted discount rate and forecast operating
\n
cash flow assumptions used in the calculation of value in use for the Everlast CGU and the change to the level of
\n
impairment indicated by reasonably possible changes in these assumptions:
\n
Everlast
\n
Impairment recorded
\n
\u00a387.9m
\n
Recoverable amount
\n
\u00a343.7m
\n
Additional impairment required as a result of changes to key assumptions
\n
Current Terminal Growth Rate
\n
2.0%
\n
Revised Terminal Growth Rate
\n
1.8%
\n
Additional impairment required
\n
\u00a30.5m
\n
Current Discount Rate
\n
14.2%
\n
Revised Discount Rate
\n
15.6%
\n
Additional impairment required
\n
\u00a34.1m
\n
Current 5-year average annual forecast sales decline
\n
(2.6%)
\n
Revised 5-year average annual forecast sales decline
\n
(2.8%)
\n
Additional impairment required
\n
\u00a37.9m
\n
Based on the results of the impairment test for the Wholesale & Licensing (excluding Everlast) CGU and the immaterial
\n
carrying value of the remaining goodwill, management are satisfied that there is sufficient headroom against the
\n
carrying value such that a reasonably possible change in assumption would not lead to an impairment. Consequently,
\n
no sensitivity analysis has been disclosed for this CGU.
\n
Climate Change
\n
Management considered the impact of climate change when conducting its impairment review and concluded that it
\n
was unlikely to have a material impact on the assumptions based on the following:
\n
\u2022
The relevant tangible assets have relatively short useful economic lives and are not considered to be in locations
\n
that will be materially impacted by climate change (i.e., they are in the USA \u2013 a developed country).
\n
\u2022
The forecasts include estimates for ongoing capital expenditure, which management consider to be sufficient
\n
to make any essential climate change related acquisitions (e.g., solar panels or building energy management
\nsystems).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f19690": { "value": "20.
INVESTMENTS IN ASSOCIATED UNDERTAKINGS
\n
The Group uses the equity method of accounting for associates and joint ventures in accordance with IAS 28. The
\n
following table shows the aggregate movement in the Group\u2019s investment in associates and joint ventures:
\n
Associates
\n
(\u00a3\u2019m)
\n
At 24 April 2022
-
\n
Gain on revaluation
16.9
\n
At 30 April 2023
16.9
\n
The Group currently holds a 49.0% share of Four (Holdings) Limited (FY22: 49.0%), the carrying amount of this
\n
investment is \u00a3nil (FY22: \u00a3nil). Detailed disclosures have not been presented as the results are immaterial. The Group
\n
is owed \u00a337.9m from the group of companies headed by Four (Holdings) Limited (\u00a34.5m net of amounts recognised
\n
in respect of loss allowance) (FY22: \u00a362.4m, \u00a324.0m net of loss allowance), see note 23 for further details. The group of
\n
companies headed by Four (Holdings) Limited made a profit of \u00a34.7m in the period (FY22: profit of \u00a311.5m).
\n
During the current period, the Group sold 51% of its shareholding in Kangol LLC to Bollman Hat Company for \u00a317.6m,
\n
retaining a 49% stake. A gain on disposal (loss of control) of \u00a317.6m has been recognised in the gain on disposal
\n
of subsidiaries/discontinued operations line in the consolidated income statement. A fair value gain of \u00a316.9m has
\n
also been recognised within exceptional items reflecting the recognition of the fair value of the Group\u2019s investment
\n
in an associate (\u00a316.9m reflecting the fair value of the remaining 49% stake). Detailed disclosures as to Kangol\u2019s
\nperformance have not been presented as the results are immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f19691": { "value": "20.
INVESTMENTS IN ASSOCIATED UNDERTAKINGS
\n
The Group uses the equity method of accounting for associates and joint ventures in accordance with IAS 28. The
\n
following table shows the aggregate movement in the Group\u2019s investment in associates and joint ventures:
\n
Associates
\n
(\u00a3\u2019m)
\n
At 24 April 2022
-
\n
Gain on revaluation
16.9
\n
At 30 April 2023
16.9
\n
The Group currently holds a 49.0% share of Four (Holdings) Limited (FY22: 49.0%), the carrying amount of this
\n
investment is \u00a3nil (FY22: \u00a3nil). Detailed disclosures have not been presented as the results are immaterial. The Group
\n
is owed \u00a337.9m from the group of companies headed by Four (Holdings) Limited (\u00a34.5m net of amounts recognised
\n
in respect of loss allowance) (FY22: \u00a362.4m, \u00a324.0m net of loss allowance), see note 23 for further details. The group of
\n
companies headed by Four (Holdings) Limited made a profit of \u00a34.7m in the period (FY22: profit of \u00a311.5m).
\n
During the current period, the Group sold 51% of its shareholding in Kangol LLC to Bollman Hat Company for \u00a317.6m,
\n
retaining a 49% stake. A gain on disposal (loss of control) of \u00a317.6m has been recognised in the gain on disposal
\n
of subsidiaries/discontinued operations line in the consolidated income statement. A fair value gain of \u00a316.9m has
\n
also been recognised within exceptional items reflecting the recognition of the fair value of the Group\u2019s investment
\n
in an associate (\u00a316.9m reflecting the fair value of the remaining 49% stake). Detailed disclosures as to Kangol\u2019s
\nperformance have not been presented as the results are immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f19719": { "value": "21.
LONG-TERM FINANCIAL ASSETS
\n
The Group is not looking to make gains through increases in market prices of its long-term financial assets, therefore
\n
on initial application of IFRS 9 the Group made the irrevocable election to account for long term financial assets at
\n
fair value through other comprehensive income (FVOCI). The election has been made on an instrument-by-instrument
\n
basis, only qualifying dividend income is recognised in profit and loss, changes in fair value are recognised within OCI
\n
and never reclassified to profit and loss, even if the asset is impaired, sold or otherwise derecognised. The majority of
\n
long-term financial assets are recognised in the UK Sports segment.
\n
The fair value of the long-term financial assets is based on bid quoted market prices at the balance sheet date or
\n
where market prices are not available, at management\u2019s estimate of fair value.
\n
The following table shows the aggregate movement in the Group\u2019s financial assets during the period:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
At beginning of period
\n
206.6
263.3
\n
Additions
\n
243.3
198.4
\n
Disposals
\n
(172.4)
(238.4)
\n
Amounts recognised through other comprehensive income
\n
9.9
(8.1)
\n
Exchange differences
\n
2.2
(8.6)
\n
289.6
206.6
\n
Included within long-term financial assets at the period ended 30 April 2023 are the following direct interests held by
\n
the Group:
\n
\u2022
36.9% (FY22: 36.9%) interest in Mulberry Group plc
\n
\u2022
17.6% (FY22: Nil%) interest in N Brown Group plc
\n
\u2022
5.5% (FY22: 2.0%) interest in ASOS plc
\n
\u2022
Various other interests, none of which represent more than 5.0% of the voting power of the investee
\n
\n
The following table shows the fair value of each of the Group\u2019s long-term financial assets (all listed):
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Mulberry Group plc
\n
53.2
65.3
\n
N Brown Group plc
\n
23.5
-
\n
ASOS plc
\n
40.5
-
\n
Other*
\n
172.4
141.3
\n
At end of period
\n
289.6
206.6
\n
*Other relates to interests which do not represent more than 5.0% of the voting power of the investee as at 30 April 2023.
\n
These holdings have been assessed under IFRS 9 Financial Instruments and categorised as long-term financial assets,
\n
as the Group does not consider them to be associates and therefore, they are not accounted for on an equity basis,
\n
see note 2.
\n
Our strategic investments are intended to allow us to develop relationships and commercial partnerships with the
\nrelevant retailers and assist in building relationships with key suppliers and brands.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f19807": { "value": "22. INVENTORIES
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Goods for resale
\n
1,464.9
1,277.6
\n
As at 30 April 2023, goods for resale include a right of return asset totalling \u00a36.9m (FY22: \u00a33.2m). Amounts written off in
\n
the period relating to stock was \u00a354.0m (FY22: \u00a359.8m).
\n
The following inventory costs have been recognised in cost of sales:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Cost of inventories recognised as an expense
\n
3,179.9
2,703.3
\n
The Directors have reviewed the opening and closing provisions against inventory and have concluded that these are
\n
fairly stated. The Group has reviewed its estimates and assumptions for calculating inventory provisions at 30 April
\n
2023. Overall provisions have decreased from \u00a3236.7m in FY22 to \u00a3220.6m as at 30 April 2023, with this \u00a316.1m change
\nin provision being recognised as a credit in cost of sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f19836": { "value": "23.
TRADE AND OTHER RECEIVABLES
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Gross credit customer receivables
\n
326.0
372.7
\n
Allowance for expected credit loss on credit customer receivables
\n
(100.1)
(138.5)
\n
Net credit customer receivables
\n
225.9
234.2
\n
Trade receivables
\n
65.6
56.4
\n
Deposits in respect of derivative financial instruments
\n
190.1
243.9
\n
Amounts owed by related parties (see note 34)
\n
4.7
24.2
\n
Other receivables
\n
122.3
170.2
\n
Prepayments
\n
111.5
112.5
\n
720.1
841.4
\n
Following the acquisition of Frasers Group Financial Services Limited (formerly known as Studio Retail Limited) in the
\n
prior year, credit customer receivables now make up a significant element of trade and other receivables. Further
\n
disclosure with regards to the credit customer receivables and the associated allowance for expected credit loss can
\n
be found at the end of this note. Following the acquisition of Frasers Group Financial Services Limited (formerly known
\n
as Studio Retail Limited) in the prior year, credit customer receivables now make up a significant element of trade and
\n
\n
other receivables. Further disclosure with regards to the credit customer receivables and the associated allowance for
\n
expected credit loss can be found at the end of this note.
\n
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
\n
The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset above,
\n
plus any cash balances. Other receivables also include unremitted sales receipts.
\n
Deposits in respect of derivative financial instruments are collateral to cover margin requirements for derivative
\n
transactions held with counterparties. The collateral requirement changes with the market (which is dependent
\n
on share price, interest rates and volatility), the financial institutions\u2019 assessment of the Group\u2019s creditworthiness
\n
and further purchases / sales of underlying investments held.
\n
The majority of the Group\u2019s trade receivables are held within the Wholesale & Licensing businesses. Each
\n
customer\u2019s creditworthiness is assessed before payment terms are agreed.
\n
Under IFRS 9, the Group has applied the simplified approach to providing for expected credit losses for trade
\n
receivables, using the lifetime expected loss provision for all trade receivables. To measure the expected credit
\n
losses, trade receivables have been grouped based on credit risk characteristics, representing management\u2019s
\n
view of the risk, and the days past due. The credit quality of assets neither past due nor impaired is considered
\n
to be good. The Group considers a debt to be defaulted at the point when no further amounts are expected to
\n
be recovered. Financial assets are written off when there is no reasonable expectation of recovery. If recoveries
\n
are subsequently made after receivables have been written off, they are recognised in profit or loss.
\n
The amounts owed by related parties mostly relates to the group headed by Four (Holdings) Limited, for further
\n
details see note 34.
\n
Exposure to credit risk of trade receivables:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Current
\n
29.1
24.2
\n
0-30 days past due
\n
18.5
14.2
\n
30-60 days past due
\n
3.5
4.6
\n
60-90 days past due
\n
2.6
3.0
\n
Over 90 days past due
\n
11.9
10.4
\n
65.6
56.4
\n
The credit quality of assets neither past due nor impaired is considered to be good.
\n
The movement in loss allowance relating to trade receivables and amounts owed by related parties can be analysed
\n
as follows:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Opening position
\n
74.9
68.3
\n
Amounts charged to the income statement
\n
14.8
6.6
\n
Amounts written off as uncollectable
\n
(0.4)
-
\n
Amounts recovered during the period
\n
(5.7)
-
\n
Closing position
\n
83.6
74.9
\n
Included in the below table is the loss allowance movement in amounts due from related parties as follows:
\n
53 weeks ended
\n
30 April 2023
\n
52 weeks ended
\n
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Opening position
\n
38.4
38.4
\n
Amounts charged to income statement
\n
5.6
-
\n
Closing position
\n
44.0
38.4
\n
\n
The gross carrying amount of the balance due from
\n
related parties is \u00a348.7m (FY22: \u00a362.6m). The charge
\n
in the period was recorded in Selling, distribution and
\n
administrative expenses. \u00a311.2m of the gross amounts due
\n
from related parties balance is due in less than one year
\n
with the remaining being due in more than a one year
\n
(FY22: \u00a317.6m due less than one year).
\n
The Group has no significant concentration of credit risk,
\n
with exposure spread over a large number of customers.
\n
The loss allowance / charges have been determined by
\n
reference to past default experience, current / forecasted
\n
trading performance and future economic conditions.
\n
Deposits in respect of derivative financial instruments
\n
and prepayments are not considered to be impaired.
\n
Credit Customer Receivables
\n
Certain of the Group\u2019s trade receivables are funded
\n
through a securitisation facility that is secured against
\n
those receivables. The finance provider will seek
\n
repayment of the finance, as to both principal and
\n
interest, only to the extent that collections from the trade
\n
receivables financed allows and the benefit of additional
\n
collections remains with the Group. At the period end,
\n
receivables of \u00a3256.4m (2022: \u00a3287.2m) were eligible to
\n
be funded via the securitisation facility, and the facilities
\n
utilised were \u00a3161.6m (2022: \u00a3143.6m).were \u00a3143.6m.
\n
Other information
\n
The average credit period taken on sales of goods is 222
\n
days (2022: 219 days). On average, interest is charged
\n
at 3.4% (2022: 3.5%) per month on the outstanding
\n
balance.
\n
The Group will undertake a reasonable assessment
\n
of the creditworthiness of a customer before opening
\n
a new credit account or significantly increasing the
\n
credit limit on that credit account. The Group will
\n
only offer credit limit increases for those customers
\n
that can reasonably be expected to be able to afford
\n
and sustain the increased repayments in line with the
\n
affordability and creditworthiness assessment. There are
\n
no customers who represent more than 1% of the total
\n
balance of the Group\u2019s trade receivables.
\n
Where appropriate, the Group will offer forbearance to
\n
allow customers reasonable time to repay the debt. The
\n
Group will ensure that the forbearance option deployed
\n
is suitable in light of the customer\u2019s circumstances
\n
(paying due regard to current and future personal and
\n
financial circumstances). Where repayment plans are
\n
agreed, the Group will ensure that these are affordable
\n
to the customer and that unreasonable or unsustainable
\n
amounts are not requested. At the balance sheet date
\n
there were 21,395 accounts (2022: 24,711) with total gross
\n
balances of \u00a314.3m (2022: \u00a316.2m) on repayment plans.
\n
Provisions are assessed as detailed above.
\n
During the current period, overdue receivables with a
\n
gross value of \u00a356.0m (24 February to 24 April 2022:
\n
\u00a35.3m) were sold to third party debt collection agencies.
\n
As a result of the sales, the contractual rights to receive
\n
the cash flows from these assets were transferred
\n
to the purchasers. Any gain or loss between actual
\n
recovery and expected recovery is reflected within the
\n
impairment charge.
\n
\n
Allowance for expected credit loss
\n
The following tables provide information about the exposure to credit risk and ECLs for trade receivables from
\n
individual customers as at 30 April 2023:
\n
30 April 2023
24 April 2022
\n
Trade receivables
\n
Trade receivables
\n
on forbearance
\n
arrangements
Total
Trade receivables
\n
Trade receivables
\n
on forbearance
\n
arrangements
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Ageing of trade receivables
\n
Not past due
242.5
13.0
255.5
272.1
14.3
286.4
\n
Past due:
-
\n
0 - 60 days
23.4
1.3
24.7
36.7
1.8
38.5
\n
60 - 120 days
9.6
0.0
9.6
20.0
0.1
20.1
\n
120+ days
36.2
-
36.2
27.7
-
27.7
\n
Gross trade receivables
311.7
14.3
326.0
356.5
16.2
372.7
\n
Allowance for expected
\n
credit loss
\n
(90.2)
(9.9)
(100.1)
(127.3)
(11.2)
(138.5)
\n
Carrying value
221.5
4.4
225.9
229.2
5.0
234.2
\n
25 April 2022 to 30 April 2023
\n
Stage 1
Stage 2
Stage 3
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Gross trade receivables
166.3
103.9
55.8
326.0
\n
Allowance for doubtful debts:
\n
Opening balance
(60.4)
(25.7)
(52.4)
(138.5)
\n
Impairment (charge)/release
28.6
(26.4)
(24.4)
(22.2)
\n
Utilisation in period
14.6
14.9
31.1
60.6
\n
Closing balance
(17.2)
(37.2)
(45.7)
(100.1)
\n
Carrying value
149.1
66.7
10.1
225.9
\n
Analysis of impairment charge:
\n
25 April 2022
\n
to 30 April 2023
\n
24 February 2022
\n
to 24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Impairment charge impacting on provision
\n
(22.2)
(14.2)
\n
Recoveries
9.2
1.1
\n
Other
(2.5)
(0.2)
\n
Impairment charge
(15.5)
(13.3)
\n
Sensitivity analysis
\n
Management judgement is required in setting
\n
assumptions around probabilities of default, cash
\n
recoveries and the weighting of macro-economic
\n
scenarios applied to the impairment model, which have
\n
a material impact on the results indicated by the model.
\n
A 1% increase/decrease in the probability of default
\n
would increase/decrease the provision amount by
\n
approximately \u00a32.3m.
\n
A 1% increase/decrease in the assumed recoveries rate
\n
would result in the impairment provision decreasing/
\n
increasing by approximately \u00a31.0m.
\n
Changing the weighting of macro-economic scenarios
\n
so that the severe-case scenario\u2019s weighting is halved
\n
to 10% (with both upside and downside increasing to
\n
5% and base remaining at 50%) would result in the
\nimpairment provision reducing by approximately \u00a30.6m.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f20072": { "value": "Allowance for expected credit loss
The following tables provide information about the exposure to credit risk and ECLs for trade receivables from
\n
individual customers as at 30 April 2023:
\n
30 April 2023
24 April 2022
\n
Trade receivables
\n
Trade receivables
\n
on forbearance
\n
arrangements
Total
Trade receivables
\n
Trade receivables
\n
on forbearance
\n
arrangements
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Ageing of trade receivables
\n
Not past due
242.5
13.0
255.5
272.1
14.3
286.4
\n
Past due:
-
\n
0 - 60 days
23.4
1.3
24.7
36.7
1.8
38.5
\n
60 - 120 days
9.6
0.0
9.6
20.0
0.1
20.1
\n
120+ days
36.2
-
36.2
27.7
-
27.7
\n
Gross trade receivables
311.7
14.3
326.0
356.5
16.2
372.7
\n
Allowance for expected
\n
credit loss
\n
(90.2)
(9.9)
(100.1)
(127.3)
(11.2)
(138.5)
\n
Carrying value
221.5
4.4
225.9
229.2
5.0
234.2
\n
25 April 2022 to 30 April 2023
\n
Stage 1
Stage 2
Stage 3
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Gross trade receivables
166.3
103.9
55.8
326.0
\n
Allowance for doubtful debts:
\n
Opening balance
(60.4)
(25.7)
(52.4)
(138.5)
\n
Impairment (charge)/release
28.6
(26.4)
(24.4)
(22.2)
\n
Utilisation in period
14.6
14.9
31.1
60.6
\n
Closing balance
(17.2)
(37.2)
(45.7)
(100.1)
\n
Carrying value
149.1
66.7
10.1
225.9", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f20241": { "value": "24.
CASH AND CASH EQUIVALENTS
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Cash in bank and in hand - Sterling
\n
81.0
135.4
\n
Cash in bank and in hand - US dollars
\n
61.7
(4.7)
\n
Cash in bank and in hand - Euros
\n
160.7
176.4
\n
Cash in bank and in hand - Other
\n
29.5
29.7
\n
Cash and cash equivalents including overdrafts at period end
\n
332.9
336.8", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f20265": { "value": "25. SHARE CAPITAL
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
AUTHORISED
\n
999,500,010 ordinary shares of 10p each
\n
100.0
100.0
\n
ALLOTTED, CALLED UP AND FULLY PAID
\n
640,602,369 (2021: 640,602,369) ordinary shares of 10p each
\n
64.1
64.1
\n
SHARE CAPITAL
\n
At 30 April 2023 and At 24 April 2022
\n
64.1
64.1
\n
The Group holds 173,127,025 ordinary shares in treasury
\n
(FY22: 151,240,174).
\n
The holders of ordinary shares are entitled to receive
\n
dividends as declared from time to time and are entitled
\n
to one vote per ordinary share at general meetings of
\n
the Company.
\n
We are aware of unsponsored American Depository
\n
Receipt (ADR) programmes established from time to
\n
time in respect of our shares. We have not sponsored or
\n
authorised their creation and any questions should be
\n
directed to the relevant depositary.
\n
Frasers has not and does not intend to offer or sell its
\n
Ordinary Shares or other securities (in the form of ADR or
\n
otherwise) to the general public in the United States nor
\n
has it listed or intends to list its Ordinary Shares or other
\n
securities on any national securities exchange in the
\n
United States or to encourage the trading of its Ordinary
\n
Shares on any over the counter market located in the
\n
United States. Frasers does not make arrangements to
\n
permit the voting of Ordinary Shares held in the form of
\n
ADRs and its publication of periodic financial and other
\n
information is not intended to facilitate the operation of
\n
any unsponsored ADR programme under Rule 12g3-2(b)
\n
of U.S. Securities Exchange Act of 1934, as amended or
\n
otherwise.
\n
Contingent Share Awards
\n
Share Schemes
\n
The 2011 Share Scheme was a four year scheme
\n
based upon achieving underlying EBITDA (before the
\n
costs of the scheme) of \u00a3215m in FY12, \u00a3250m in FY13,
\n
\u00a3260m in FY14 and \u00a3300m in FY15 coupled with the
\n
individual participating employee\u2019s satisfactory personal
\n
performance and continued employment. All of the
\n
above targets were met meaning that approx. 11.6m
\n
shares vested in September 2017 and approx. 4m shares
\n
vested in September 2015.
\n
The Group holds 17,386,913 shares in the Own Share
\n
Reserve as at period end (FY22: 17,386,913).
\n
Fearless 1000 Bonus Scheme
\n
FY21 scheme launch
\n
At the annual general meeting in October 2020, our
\n
shareholders gave approval for the Fearless 1000 bonus
\n
scheme. Under this scheme shares may be issued by
\n
the Group to employees for no cash consideration. All
\n
Group employees (excluding executive directors, their
\n
family associates, Chief Operating Officer and the
\n
Chief Commercial Officer) are eligible to participate
\n
in the scheme. Under the scheme, 10 million shares
\n
are awarded to eligible employees if certain market
\n
conditions are achieved. This would equate to \u00a3100m
\n
worth of fully paid ordinary shares in Frasers Group Plc
\n
that could be paid to eligible employees if our share
\n
price reaches \u00a310 any time over the four year vesting
\n
period. The share price must stay above \u00a310 for 30
\n
consecutive trading days to trigger the vesting of
\n
shares at the end of the four year vesting period, or the
\n
\n
Remuneration Committee can now allow all awards to
\n
vest early if a \u00a315 share price target is achieved. 50% of
\n
the shares are granted after 4 years and the remaining
\n
50% after 5 years. One thousand eligible employees will
\n
receive the shares with a potential value ranging from
\n
\u00a350k to \u00a31m if the share price is at \u00a310 at the vesting
\n
dates. In all other respects the shares rank equally with
\n
other fully paid ordinary shares on issue.
\n
The share element of the scheme is deemed to
\n
be an equity-settled scheme as defined by IFRS 2
\n
Share-based payment. In line with the accounting
\n
policy in note 1, the fair value at the date of grant is
\n
expensed to the Consolidated Income Statement on
\n
a straight-line basis over the vesting period, with the
\n
corresponding credit going to equity.
\n
The assessed fair value at grant date of the shares
\n
granted during the period ended 25 April 2021 was
\n
165.69p per share for the 4 year vesting period and
\n
165.95p per share for the 5 year vesting period. At the
\n
2021 AGM, the vesting dates were extended by one
\n
year, which was communicated to employees. The
\n
fair value at grant date is independently determined
\n
using an adjusted form of the Black-Scholes model
\n
which includes a Monte Carlo simulation model that
\n
takes into account the exercise price, the term of the
\n
option, the impact of dilution (where material), the share
\n
price at grant date and expected price volatility of the
\n
underlying share, the expected dividend yield, and the
\n
risk-free interest rate for the term of the scheme. The
\n
model inputs for shares granted during the period
\n
ended 25 April 2021 included:
\n
\u2022
exercise price: \u00a3nil
\n
\u2022
grant date: 10 February 2021, being the date the
\n
Deed of Grant was executed
\n
\u2022
expiry date: 7 October 2024 and 7 October 2025
\n
\u2022
share price at grant date: 450p
\n
\u2022
expected price volatility of the company\u2019s shares:
\n
38.8%
\n
\u2022
expected dividend yield: 0%
\n
\u2022
risk-free interest rate: 0.1%
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
The scheme also has a cash-settled bonus for all other
\n
eligible employees who do not qualify for the Fearless
\n
1000 share scheme. The cash bonus at the end of the 5
\n
year vesting period is based on the employee tenure and
\n
has been accounted as an other long-term employee
\n
benefit as defined by IAS 19 Employee Benefits.
\n
For the equity-settled element of the FY21 Fearless 1000
\n
plan, a charge in the Consolidated Income Statement
\n
of \u00a34.1m (FY22 \u00a34.1m) has been recognised in the period
\n
in relation to the scheme with an equivalent \u00a34.1m (FY22
\n
\u00a34.1m) being recognised in equity.
\n
For the cash-settled element of the FY21 Fearless 1000
\n
plan, a charge to the Consolidated Income Statement
\n
of \u00a31.7m (FY22 \u00a32.4m) has been recognised in the period
\n
along with a corresponding increase in liability.
\n
Executive Share Schemes
\n
At the annual general meeting in October 2021, our
\n
shareholders gave approval for the Executive Share
\n
Scheme. Under this scheme shares may be issued by
\n
the Group to Chris Wootton (CFO), Sean Nevitt (Chief
\n
Commercial Officer) and David Al-Mudallal (COO) for no
\n
cash consideration. Under the scheme, 600,000 shares
\n
per person are awarded to the individuals if certain
\n
market conditions are achieved. At the 2022 AGM, the
\n
share price hurdle was increased from \u00a312 to \u00a315 and an
\n
additional requirement of achieving \u00a3500m Adjusted
\n
PBT was agreed. The share price must stay above \u00a315
\n
for 30 consecutive trading days to trigger the vesting of
\n
shares at the end of the four year vesting period, or the
\n
Remuneration Committee can now allow all awards to
\n
vest early if a \u00a315 share price target is achieved. 50% of
\n
the shares are granted after 4 years and the remaining
\n
50% after 5 years. In all other respects the shares rank
\n
equally with other fully paid ordinary shares on issue.
\n
The scheme is deemed to be an equity-settled scheme
\n
as defined by IFRS 2 Share-based payment. In line with
\n
the accounting policy in note 1, the fair value at the
\n
date of grant is expensed to the Consolidated Income
\n
Statement on a straight-line basis over the vesting
\n
period, with the corresponding credit going to equity.
\n
\n
The assessed fair value at grant date of the shares
\n
granted during the period ended 24 April 2022 was
\n
327.82p per share for the 4 year vesting period and
\n
331.6p per share for the 5 year vesting period. The
\n
fair value at grant date is independently determined
\n
using an adjusted form of the Black-Scholes model
\n
which includes a Monte Carlo simulation model that
\n
takes into account the exercise price, the term of the
\n
option, the impact of dilution (where material), the share
\n
price at grant date and expected price volatility of the
\n
underlying share, the expected dividend yield, and the
\n
risk-free interest rate for the term of the scheme. The
\n
model inputs for shares granted during the period ended
\n
24 April 2022 included:
\n
\u2022
exercise price: \u00a3nil
\n
\u2022
grant date: 14 October 2021
\n
\u2022
expiry date: 7 October 2025 and 7 October 2026
\n
\u2022
share price at grant date: 632p
\n
\u2022
expected price volatility of the company\u2019s shares:
\n
42.38%
\n
\u2022
expected dividend yield: 0%
\n
\u2022
risk-free interest rate: 3.52%
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
A charge in the Consolidated Income Statement of
\n
\u00a30.8m has been recognised in the period in relation to
\n
the scheme with an equivalent \u00a30.8m being recognised
\n
in equity.
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
A charge in the Consolidated Income Statement of
\n
\u00a31.5m (FY22: \u00a30.8m) has been recognised in the period in
\n
relation to the scheme with an equivalent \u00a31.5m (FY22:
\n
\u00a30.8m) being recognised in equity.
\n
At the annual general meeting in October 2022, our
\n
shareholders gave approval for the CEO Executive
\n
Share Scheme. Under this scheme shares may be
\n
issued by the Group to Michael Murray (CEO) for no
\n
cash consideration. Under the scheme, 6,711,409 shares
\n
are awarded to the CEO if certain market conditions
\n
are achieved. The share price must stay above \u00a315 for
\n
30 consecutive trading days to trigger the vesting of
\n
shares at the end of the four year vesting period, or the
\n
Remuneration Committee can now allow all awards to
\n
vest early if a \u00a315 share price target is achieved. Awards
\n
are also subject to an adjusted PBT performance
\n
condition and no awards vest unless an adjusted PBT
\n
of \u00a3500 million is achieved during a complete financial
\n
year of the Group that falls within the performance
\n
period. 50% of the shares are granted after 3 years and
\n
the remaining 50% after 4 years. In all other respects the
\n
shares rank equally with other fully paid ordinary shares
\n
on issue.
\n
The scheme is deemed to be an equity-settled scheme
\n
as defined by IFRS 2 Share-based payment. In line with
\n
the accounting policy in note 1, the fair value at the
\n
date of grant is expensed to the Consolidated Income
\n
Statement on a straight-line basis over the vesting
\n
period, with the corresponding credit going to equity.
\n
The assessed fair value at grant date of the shares
\n
granted during the period ended 30 April 2023 was
\n
233.03p per share for the 3 year vesting period and
\n
233.66p per share for the 4 year vesting period. The
\n
fair value at grant date is independently determined
\n
using an adjusted form of the Black-Scholes model
\n
which includes a Monte Carlo simulation model that
\n
takes into account the exercise price, the term of the
\n
option, the impact of dilution (where material), the share
\n
price at grant date and expected price volatility of the
\n
underlying share, the expected dividend yield, and the
\n
risk-free interest rate for the term of the scheme. The
\n
model inputs for shares granted during the period ended
\n
30 April 2023 included:
\n
\u2022
exercise price: \u00a3nil
\n
\u2022
grant date: 19 October 2022
\n
\u2022
expiry date: 7 October 2025 and 7 October 2026
\n
\u2022
share price at grant date: 643p
\n
\u2022
expected price volatility of the company\u2019s shares:
\n
42.38%
\n
\u2022
expected dividend yield: 0%
\n
\u2022
risk-free interest rate: 3.52%
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
A charge in the Consolidated Income Statement of
\n
\u00a32.4m (FY22: \u00a3nil) has been recognised in the period in
\n
relation to the scheme with an equivalent \u00a32.4m (FY22:
\n
\u00a3nil) being recognised in equity.
\n
\n
26. OTHER RESERVES
\n
Permanent
\n
contribution
\n
to capital
\n
Capital
\n
redemption
\n
reserve
\n
Reverse
\n
combination
\n
reserve
\n
Hedging
\n
reserve
\n
Total other
\n
reserves
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
At 25 April 2021
0.1
8.0
(987.3)
11.5
(967.7)
\n
Cash flow hedges
\n
- recognised in the period
-
-
-
52.1
52.1
\n
- reclassified and reported in cost of sales
-
-
-
7.5
7.5
\n
- Taxation
-
-
-
(15.8)
(15.8)
\n
At 24 April 2022
0.1
8.0
(987.3)
55.3
(923.9)
\n
Cash flow hedges
\n
- recognised in the period
-
-
-
6.5
6.5
\n
- recognised time value of options
-
-
-
0.7
0.7
\n
- reclassified and reported in inventory / cost of sales
-
-
-
(38.5)
(38.5)
\n
- reclassified in the period and reported in the sales
-
-
-
(24.6)
(24.6)
\n
- Taxation
-
-
-
14.6
14.6
\n
At 30 April 2023
0.1
8.0
(987.3)
14.0
(965.2)
\n
The permanent contribution to capital relates to a cash
\n
payment of \u00a350,000 to the Company on 8 February
\n
2007 under a deed of capital contribution.
\n
The capital redemption reserve arose on the redemption
\n
of the Company\u2019s redeemable preference shares of 10p
\n
each at par on 2 March 2007.
\n
The reverse acquisition reserve exists as a result of
\n
the adoption of the principles of reverse acquisition
\n
accounting in accounting for the Group restructuring
\n
which occurred on 2 March 2007 and 29 March 2007
\n
between the Company and Sports World International
\n
Limited, Brands Holdings Limited, International Brand
\n
Management Limited and CDS Holdings SA with Sports
\n
World International Limited as the acquirer.
\n
The hedging reserve represents the cumulative amount
\n
of gains and losses on hedging instruments deemed
\n
effective in cash flow hedges. The cumulative deferred
\n
gain or loss on the hedging instrument is recognised
\n
in the income statement only when the hedged
\n
transaction impacts the income statement.
\n
Other Balance Sheet Reserves
\n
The foreign currency translation reserve is used to record
\n
exchange differences arising from the translation of
\n
the Financial Statements of foreign subsidiaries and
\n
associates.
\n
The own shares reserve represents the cost of shares in
\n
Frasers Group Plc purchased in the market and held by
\n
Frasers Group Employee Benefit Trust to satisfy options
\n
under the Group\u2019s share options scheme. The treasury
\n
reserve represents shares held by the Group in treasury.
\n
The Group holds 17,386,913 shares in the Employee
\n
Benefit Trust as at period end (FY22: 17,386,913).
\n
The non-controlling interests of the Group mostly relates
\n
to Sportland International Group AS and its subsidiaries
\n
and Sports Direct Malaysia Sdn. Bhd.
\n
Sportland International Group AS is incorporated
\n
in Estonia with the principal places of business
\n
being a number of Baltic countries in Europe. The
\n
non-controlling interests hold 40% of the share capital
\n
of Sportland International Group AS. During the period
\n
\u00a34.0m profit (FY22: \u00a35.6m) has been allocated to the
\n
non-controlling interests of Sportland International
\n
Group AS, resulting in an accumulated non-controlling
\n
interests at the end of the period of \u00a322.0m (FY22:
\n
\u00a318.0m). A dividend of \u00a30.7m was paid to the
\n
non-controlling interest in the period (FY22: \u00a31.3m). The
\n
group of companies headed by Sportland International
\n
Group AS has total assets of \u00a3110.4m (FY22: \u00a368.6m) and
\n
total liabilities of \u00a342.8m (FY22: \u00a323.4m).
\n
Sports Direct Malaysia Sdn. Bhd. is incorporated in
\n
Malaysia with the principal places of business being a
\n
number of countries across Asia. The non-controlling
\n
interests hold 49% of the share capital of Sports Direct
\n
Malaysia Sdn. Bhd. During the period \u00a36.2m profit
\n
(FY22: \u00a31.5m) has been allocated to the non-controlling
\n
interests of Sports Direct Malaysia Sdn. Bhd., resulting
\n
in an accumulated non-controlling interests at the end
\n
of the period of \u00a310.8m (FY22: \u00a34.6m). No dividend was
\n
paid to the non-controlling interest in the period (FY22:
\n
\u00a3nil). The group of companies headed by Sports Direct
\n
Malaysia Sdn. Bhd. has total assets of \u00a331.4m (FY22:
\n\u00a318.7m) and total liabilities of \u00a35.8m (FY22: \u00a35.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f20266": { "value": "25. SHARE CAPITAL
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
AUTHORISED
\n
999,500,010 ordinary shares of 10p each
\n
100.0
100.0
\n
ALLOTTED, CALLED UP AND FULLY PAID
\n
640,602,369 (2021: 640,602,369) ordinary shares of 10p each
\n
64.1
64.1
\n
SHARE CAPITAL
\n
At 30 April 2023 and At 24 April 2022
\n
64.1
64.1
\n
The Group holds 173,127,025 ordinary shares in treasury
\n
(FY22: 151,240,174).
\n
The holders of ordinary shares are entitled to receive
\n
dividends as declared from time to time and are entitled
\n
to one vote per ordinary share at general meetings of
\n
the Company.
\n
We are aware of unsponsored American Depository
\n
Receipt (ADR) programmes established from time to
\n
time in respect of our shares. We have not sponsored or
\n
authorised their creation and any questions should be
\n
directed to the relevant depositary.
\n
Frasers has not and does not intend to offer or sell its
\n
Ordinary Shares or other securities (in the form of ADR or
\n
otherwise) to the general public in the United States nor
\n
has it listed or intends to list its Ordinary Shares or other
\n
securities on any national securities exchange in the
\n
United States or to encourage the trading of its Ordinary
\n
Shares on any over the counter market located in the
\n
United States. Frasers does not make arrangements to
\n
permit the voting of Ordinary Shares held in the form of
\n
ADRs and its publication of periodic financial and other
\n
information is not intended to facilitate the operation of
\n
any unsponsored ADR programme under Rule 12g3-2(b)
\n
of U.S. Securities Exchange Act of 1934, as amended or
\n
otherwise.
\n
Contingent Share Awards
\n
Share Schemes
\n
The 2011 Share Scheme was a four year scheme
\n
based upon achieving underlying EBITDA (before the
\n
costs of the scheme) of \u00a3215m in FY12, \u00a3250m in FY13,
\n
\u00a3260m in FY14 and \u00a3300m in FY15 coupled with the
\n
individual participating employee\u2019s satisfactory personal
\n
performance and continued employment. All of the
\n
above targets were met meaning that approx. 11.6m
\n
shares vested in September 2017 and approx. 4m shares
\n
vested in September 2015.
\n
The Group holds 17,386,913 shares in the Own Share
\n
Reserve as at period end (FY22: 17,386,913).
\n
Fearless 1000 Bonus Scheme
\n
FY21 scheme launch
\n
At the annual general meeting in October 2020, our
\n
shareholders gave approval for the Fearless 1000 bonus
\n
scheme. Under this scheme shares may be issued by
\n
the Group to employees for no cash consideration. All
\n
Group employees (excluding executive directors, their
\n
family associates, Chief Operating Officer and the
\n
Chief Commercial Officer) are eligible to participate
\n
in the scheme. Under the scheme, 10 million shares
\n
are awarded to eligible employees if certain market
\n
conditions are achieved. This would equate to \u00a3100m
\n
worth of fully paid ordinary shares in Frasers Group Plc
\n
that could be paid to eligible employees if our share
\n
price reaches \u00a310 any time over the four year vesting
\n
period. The share price must stay above \u00a310 for 30
\n
consecutive trading days to trigger the vesting of
\n
shares at the end of the four year vesting period, or the
\n
\n
Remuneration Committee can now allow all awards to
\n
vest early if a \u00a315 share price target is achieved. 50% of
\n
the shares are granted after 4 years and the remaining
\n
50% after 5 years. One thousand eligible employees will
\n
receive the shares with a potential value ranging from
\n
\u00a350k to \u00a31m if the share price is at \u00a310 at the vesting
\n
dates. In all other respects the shares rank equally with
\n
other fully paid ordinary shares on issue.
\n
The share element of the scheme is deemed to
\n
be an equity-settled scheme as defined by IFRS 2
\n
Share-based payment. In line with the accounting
\n
policy in note 1, the fair value at the date of grant is
\n
expensed to the Consolidated Income Statement on
\n
a straight-line basis over the vesting period, with the
\n
corresponding credit going to equity.
\n
The assessed fair value at grant date of the shares
\n
granted during the period ended 25 April 2021 was
\n
165.69p per share for the 4 year vesting period and
\n
165.95p per share for the 5 year vesting period. At the
\n
2021 AGM, the vesting dates were extended by one
\n
year, which was communicated to employees. The
\n
fair value at grant date is independently determined
\n
using an adjusted form of the Black-Scholes model
\n
which includes a Monte Carlo simulation model that
\n
takes into account the exercise price, the term of the
\n
option, the impact of dilution (where material), the share
\n
price at grant date and expected price volatility of the
\n
underlying share, the expected dividend yield, and the
\n
risk-free interest rate for the term of the scheme. The
\n
model inputs for shares granted during the period
\n
ended 25 April 2021 included:
\n
\u2022
exercise price: \u00a3nil
\n
\u2022
grant date: 10 February 2021, being the date the
\n
Deed of Grant was executed
\n
\u2022
expiry date: 7 October 2024 and 7 October 2025
\n
\u2022
share price at grant date: 450p
\n
\u2022
expected price volatility of the company\u2019s shares:
\n
38.8%
\n
\u2022
expected dividend yield: 0%
\n
\u2022
risk-free interest rate: 0.1%
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
The scheme also has a cash-settled bonus for all other
\n
eligible employees who do not qualify for the Fearless
\n
1000 share scheme. The cash bonus at the end of the 5
\n
year vesting period is based on the employee tenure and
\n
has been accounted as an other long-term employee
\n
benefit as defined by IAS 19 Employee Benefits.
\n
For the equity-settled element of the FY21 Fearless 1000
\n
plan, a charge in the Consolidated Income Statement
\n
of \u00a34.1m (FY22 \u00a34.1m) has been recognised in the period
\n
in relation to the scheme with an equivalent \u00a34.1m (FY22
\n
\u00a34.1m) being recognised in equity.
\n
For the cash-settled element of the FY21 Fearless 1000
\n
plan, a charge to the Consolidated Income Statement
\n
of \u00a31.7m (FY22 \u00a32.4m) has been recognised in the period
\n
along with a corresponding increase in liability.
\n
Executive Share Schemes
\n
At the annual general meeting in October 2021, our
\n
shareholders gave approval for the Executive Share
\n
Scheme. Under this scheme shares may be issued by
\n
the Group to Chris Wootton (CFO), Sean Nevitt (Chief
\n
Commercial Officer) and David Al-Mudallal (COO) for no
\n
cash consideration. Under the scheme, 600,000 shares
\n
per person are awarded to the individuals if certain
\n
market conditions are achieved. At the 2022 AGM, the
\n
share price hurdle was increased from \u00a312 to \u00a315 and an
\n
additional requirement of achieving \u00a3500m Adjusted
\n
PBT was agreed. The share price must stay above \u00a315
\n
for 30 consecutive trading days to trigger the vesting of
\n
shares at the end of the four year vesting period, or the
\n
Remuneration Committee can now allow all awards to
\n
vest early if a \u00a315 share price target is achieved. 50% of
\n
the shares are granted after 4 years and the remaining
\n
50% after 5 years. In all other respects the shares rank
\n
equally with other fully paid ordinary shares on issue.
\n
The scheme is deemed to be an equity-settled scheme
\n
as defined by IFRS 2 Share-based payment. In line with
\n
the accounting policy in note 1, the fair value at the
\n
date of grant is expensed to the Consolidated Income
\n
Statement on a straight-line basis over the vesting
\n
period, with the corresponding credit going to equity.
\n
\n
The assessed fair value at grant date of the shares
\n
granted during the period ended 24 April 2022 was
\n
327.82p per share for the 4 year vesting period and
\n
331.6p per share for the 5 year vesting period. The
\n
fair value at grant date is independently determined
\n
using an adjusted form of the Black-Scholes model
\n
which includes a Monte Carlo simulation model that
\n
takes into account the exercise price, the term of the
\n
option, the impact of dilution (where material), the share
\n
price at grant date and expected price volatility of the
\n
underlying share, the expected dividend yield, and the
\n
risk-free interest rate for the term of the scheme. The
\n
model inputs for shares granted during the period ended
\n
24 April 2022 included:
\n
\u2022
exercise price: \u00a3nil
\n
\u2022
grant date: 14 October 2021
\n
\u2022
expiry date: 7 October 2025 and 7 October 2026
\n
\u2022
share price at grant date: 632p
\n
\u2022
expected price volatility of the company\u2019s shares:
\n
42.38%
\n
\u2022
expected dividend yield: 0%
\n
\u2022
risk-free interest rate: 3.52%
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
A charge in the Consolidated Income Statement of
\n
\u00a30.8m has been recognised in the period in relation to
\n
the scheme with an equivalent \u00a30.8m being recognised
\n
in equity.
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
A charge in the Consolidated Income Statement of
\n
\u00a31.5m (FY22: \u00a30.8m) has been recognised in the period in
\n
relation to the scheme with an equivalent \u00a31.5m (FY22:
\n
\u00a30.8m) being recognised in equity.
\n
At the annual general meeting in October 2022, our
\n
shareholders gave approval for the CEO Executive
\n
Share Scheme. Under this scheme shares may be
\n
issued by the Group to Michael Murray (CEO) for no
\n
cash consideration. Under the scheme, 6,711,409 shares
\n
are awarded to the CEO if certain market conditions
\n
are achieved. The share price must stay above \u00a315 for
\n
30 consecutive trading days to trigger the vesting of
\n
shares at the end of the four year vesting period, or the
\n
Remuneration Committee can now allow all awards to
\n
vest early if a \u00a315 share price target is achieved. Awards
\n
are also subject to an adjusted PBT performance
\n
condition and no awards vest unless an adjusted PBT
\n
of \u00a3500 million is achieved during a complete financial
\n
year of the Group that falls within the performance
\n
period. 50% of the shares are granted after 3 years and
\n
the remaining 50% after 4 years. In all other respects the
\n
shares rank equally with other fully paid ordinary shares
\n
on issue.
\n
The scheme is deemed to be an equity-settled scheme
\n
as defined by IFRS 2 Share-based payment. In line with
\n
the accounting policy in note 1, the fair value at the
\n
date of grant is expensed to the Consolidated Income
\n
Statement on a straight-line basis over the vesting
\n
period, with the corresponding credit going to equity.
\n
The assessed fair value at grant date of the shares
\n
granted during the period ended 30 April 2023 was
\n
233.03p per share for the 3 year vesting period and
\n
233.66p per share for the 4 year vesting period. The
\n
fair value at grant date is independently determined
\n
using an adjusted form of the Black-Scholes model
\n
which includes a Monte Carlo simulation model that
\n
takes into account the exercise price, the term of the
\n
option, the impact of dilution (where material), the share
\n
price at grant date and expected price volatility of the
\n
underlying share, the expected dividend yield, and the
\n
risk-free interest rate for the term of the scheme. The
\n
model inputs for shares granted during the period ended
\n
30 April 2023 included:
\n
\u2022
exercise price: \u00a3nil
\n
\u2022
grant date: 19 October 2022
\n
\u2022
expiry date: 7 October 2025 and 7 October 2026
\n
\u2022
share price at grant date: 643p
\n
\u2022
expected price volatility of the company\u2019s shares:
\n
42.38%
\n
\u2022
expected dividend yield: 0%
\n
\u2022
risk-free interest rate: 3.52%
\n
The expected price volatility is based on the historic
\n
volatility (based on the remaining life of the scheme),
\n
adjusted for any expected changes to future volatility
\n
due to publicly available information.
\n
A charge in the Consolidated Income Statement of
\n
\u00a32.4m (FY22: \u00a3nil) has been recognised in the period in
\n
relation to the scheme with an equivalent \u00a32.4m (FY22:
\n\u00a3nil) being recognised in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f20596": { "value": "26. OTHER RESERVES
Permanent
\n
contribution
\n
to capital
\n
Capital
\n
redemption
\n
reserve
\n
Reverse
\n
combination
\n
reserve
\n
Hedging
\n
reserve
\n
Total other
\n
reserves
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
At 25 April 2021
0.1
8.0
(987.3)
11.5
(967.7)
\n
Cash flow hedges
\n
- recognised in the period
-
-
-
52.1
52.1
\n
- reclassified and reported in cost of sales
-
-
-
7.5
7.5
\n
- Taxation
-
-
-
(15.8)
(15.8)
\n
At 24 April 2022
0.1
8.0
(987.3)
55.3
(923.9)
\n
Cash flow hedges
\n
- recognised in the period
-
-
-
6.5
6.5
\n
- recognised time value of options
-
-
-
0.7
0.7
\n
- reclassified and reported in inventory / cost of sales
-
-
-
(38.5)
(38.5)
\n
- reclassified in the period and reported in the sales
-
-
-
(24.6)
(24.6)
\n
- Taxation
-
-
-
14.6
14.6
\n
At 30 April 2023
0.1
8.0
(987.3)
14.0
(965.2)
\n
The permanent contribution to capital relates to a cash
\n
payment of \u00a350,000 to the Company on 8 February
\n
2007 under a deed of capital contribution.
\n
The capital redemption reserve arose on the redemption
\n
of the Company\u2019s redeemable preference shares of 10p
\n
each at par on 2 March 2007.
\n
The reverse acquisition reserve exists as a result of
\n
the adoption of the principles of reverse acquisition
\n
accounting in accounting for the Group restructuring
\n
which occurred on 2 March 2007 and 29 March 2007
\n
between the Company and Sports World International
\n
Limited, Brands Holdings Limited, International Brand
\n
Management Limited and CDS Holdings SA with Sports
\n
World International Limited as the acquirer.
\n
The hedging reserve represents the cumulative amount
\n
of gains and losses on hedging instruments deemed
\n
effective in cash flow hedges. The cumulative deferred
\n
gain or loss on the hedging instrument is recognised
\n
in the income statement only when the hedged
\n
transaction impacts the income statement.
\n
Other Balance Sheet Reserves
\n
The foreign currency translation reserve is used to record
\n
exchange differences arising from the translation of
\n
the Financial Statements of foreign subsidiaries and
\n
associates.
\n
The own shares reserve represents the cost of shares in
\n
Frasers Group Plc purchased in the market and held by
\n
Frasers Group Employee Benefit Trust to satisfy options
\n
under the Group\u2019s share options scheme. The treasury
\n
reserve represents shares held by the Group in treasury.
\n
The Group holds 17,386,913 shares in the Employee
\n
Benefit Trust as at period end (FY22: 17,386,913).
\n
The non-controlling interests of the Group mostly relates
\n
to Sportland International Group AS and its subsidiaries
\n
and Sports Direct Malaysia Sdn. Bhd.
\n
Sportland International Group AS is incorporated
\n
in Estonia with the principal places of business
\n
being a number of Baltic countries in Europe. The
\n
non-controlling interests hold 40% of the share capital
\n
of Sportland International Group AS. During the period
\n
\u00a34.0m profit (FY22: \u00a35.6m) has been allocated to the
\n
non-controlling interests of Sportland International
\n
Group AS, resulting in an accumulated non-controlling
\n
interests at the end of the period of \u00a322.0m (FY22:
\n
\u00a318.0m). A dividend of \u00a30.7m was paid to the
\n
non-controlling interest in the period (FY22: \u00a31.3m). The
\n
group of companies headed by Sportland International
\n
Group AS has total assets of \u00a3110.4m (FY22: \u00a368.6m) and
\n
total liabilities of \u00a342.8m (FY22: \u00a323.4m).
\n
Sports Direct Malaysia Sdn. Bhd. is incorporated in
\n
Malaysia with the principal places of business being a
\n
number of countries across Asia. The non-controlling
\n
interests hold 49% of the share capital of Sports Direct
\n
Malaysia Sdn. Bhd. During the period \u00a36.2m profit
\n
(FY22: \u00a31.5m) has been allocated to the non-controlling
\n
interests of Sports Direct Malaysia Sdn. Bhd., resulting
\n
in an accumulated non-controlling interests at the end
\n
of the period of \u00a310.8m (FY22: \u00a34.6m). No dividend was
\n
paid to the non-controlling interest in the period (FY22:
\n
\u00a3nil). The group of companies headed by Sports Direct
\n
Malaysia Sdn. Bhd. has total assets of \u00a331.4m (FY22:
\u00a318.7m) and total liabilities of \u00a35.8m (FY22: \u00a35.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f20764": { "value": "27.
BORROWINGS
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Current:
\n
Lease liabilities
\n
119.6
117.0
\n
Non-Current
\n
Bank and other loans
\n
749.7
827.9
\n
Lease liabilities
\n
560.3
503.6
\n
1,429.6
1,448.5
\n
An analysis of the Group\u2019s total borrowings other than bank overdrafts is as follows:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Borrowings - sterling
\n
749.7
827.9
\n
Group borrowings (excluding Frasers Group Financial Services Limited) are at a rate of interest of 2.0% (FY22: 2.0%)
\n
over the interbank rate of the country within which the borrowing entity resides. The securitisation loan relating to
\n
Frasers Group Financial Services Limited had a balance at 30 April 2023 of \u00a3161.6m (FY22: \u00a3143.6m). The average
\n
interest rate paid on the securitisation loan was 5.41% (FY22: 3.23%).
\n
Reconciliation Of Liabilities Arising From Financing Activities
\n
The changes in the Group\u2019s liabilities arising from financing activities can be classified as follows:
\n
Non-current
\n
borrowings
\n
Current
\n
borrowings
Total
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
At 25 April 2021
\n
1,240.1
188.5
1,428.6
\n
Cash-flows:
\n
- Borrowings drawn down
\n
1,374.4
-
1,374.4
\n
- Borrowings repaid
\n
(1,484.4)
-
(1,484.4)
\n
- Borrowings acquired through business combinations
\n
232.0
-
232.0
\n
Lease liability:
\n
- IFRS 16 Lease Liabilities - cash-flows
\n
-
(176.2)
(176.2)
\n
- IFRS 16 Lease Liabilities - modifications/remeasurements, transfers from non-current
\n
to current, and foreign exchange adjustments
\n
(136.7)
91.1
(45.6)
\n
- IFRS 16 Lease Liabilities - new leases
\n
90.1
11.4
101.5
\n
- IFRS 16 Lease Liabilities - acquired through business combinations (note 32)
\n
16.0
2.2
18.2
\n
At 24 April 2022
\n
1,331.5
117.0
1,448.5
\n
Cash-flows:
\n
- Borrowings drawn down
\n
616.8
-
616.8
\n
- Borrowings repaid
\n
(695.0)
-
(695.0)
\n
Lease liability:
\n
- IFRS 16 Lease Liabilities - cash-flows
\n
-
(140.7)
(140.7)
\n
- IFRS 16 Lease Liabilities - modifications/remeasurements, transfers from non-current
\n
to current, and foreign exchange adjustments
\n
(121.4)
101.8
(19.6)
\n
- IFRS 16 Lease Liabilities - new leases
\n
137.1
35.2
172.3
\n
- IFRS 16 Lease Liabilities - acquired through business combinations (note 32)
\n
41.0
6.3
47.3
\n
At 30 April 2023
\n
1,310.0
119.6
1,429.6
\n
\n
On 30 November 2021 the Group refinanced its existing borrowings and entered into a combined term loan and
\n
revolving credit facility of \u00a3930.0m for a period of 3 years, with the possibility to extend this by a further 2 years. This
\n
facility was extended by one year and the facility increased to \u00a31,052.5m as at the reporting date until November
\n
2024 and \u00a31,002.5m until November 2025. Given the revolving credit facility is available for a minimum of 2 years
\n
and the limited restriction of lending under the facility, the balance is classified as non-current on the Consolidated
\n
Balance Sheet.
\n
The Group continues to operate comfortably within its banking facilities and covenants and the Board remains
\n
comfortable with the Group\u2019s available headroom. The carrying amounts and fair value of the borrowings are not
\n
materially different.
\n
Reconciliation of Net Debt:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Borrowings
\n
(1,429.6)
(1,448.5)
\n
Add back:
\n
- Lease liabilities
\n
679.9
620.6
\n
Cash and cash equivalents
\n
332.9
336.8
\n
Net debt
\n
(416.8)
(491.1)", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f20903": { "value": "Reconciliation of Net Debt:
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Borrowings
\n
(1,429.6)
(1,448.5)
\n
Add back:
\n
- Lease liabilities
\n
679.9
620.6
\n
Cash and cash equivalents
\n
332.9
336.8
\n
Net debt
\n
(416.8)
(491.1)", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f20925": { "value": "28.
DEFERRED TAX ASSETS AND LIABILITIES
\n
IFRS 16
\n
Accounts
\n
depreciation
\n
exceeding tax
\n
depreciation
\n
Tax losses
\n
recoverable
\n
Bonus
\n
share
\n
scheme
\n
Forward
\n
currency
\n
contracts
\n
Fair value
\n
adjustments
\n
to intangibles
\n
Retirement
\n
benefit
\n
obligations
\n
Other
\n
temporary
\n
differences
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
At 25 April 2021
\n
43.1
23.7
-
(0.3)
(7.0)
(14.1)
-
(5.6)
39.8
\n
Acquired through business
\n
combinations (see note 32)
\n
-
8.2
22.6
-
-
(1.1)
(6.8)
3.2
26.1
\n
Credited/(charged) to the
\n
income statement
\n
10.1
(12.6)
-
2.5
-
1.5
(0.5)
0.8
1.8
\n
Charged to reserves
\n
-
-
-
3.5
-
(1.7)
6.7
-
8.5
\n
Credited to hedging reserves
\n
-
-
-
-
(15.8)
-
-
-
(15.8)
\n
At 24 April 2022
\n
53.2
19.3
22.6
5.7
(22.8)
(15.4)
(0.6)
(1.6)
60.4
\n
Acquired through business
\n
combinations (see note 32)
\n
-
-
0.9
-
-
-
-
-
0.9
\n
Credited/(charged) to the
\n
income statement
\n
11.0
(17.2)
(23.5)
2.4
-
9.0
-
3.1
(15.2)
\n
Charged to reserves
\n
-
-
-
6.2
-
(0.5)
-
-
5.7
\n
Charged to hedging reserves
\n
-
-
-
-
14.6
-
-
-
14.6
\n
At 30 April 2023
\n
64.2
2.1
-
14.3
(8.2)
(6.9)
(0.6)
1.5
66.4
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Deferred tax assets
\n
82.1
100.8
\n
Deferred tax liabilities
\n
(15.7)
(40.4)
\n
Net deferred tax balance
\n
66.4
60.4
\n
The tax rate used to measure the deferred tax assets and liabilities was 25% (FY22: 25%), on the basis that this was the
\n
tax rate that was enacted at the balance sheet date.
\n
Deferred tax assets are recognised to the extent that realisation of the related tax benefit is probable on the basis
\n
of the Group\u2019s current expectations of future taxable profits. The Group has approx. \u00a3166m of taxable losses not
\n
recognised as a deferred tax asset (approx. \u00a342m deferred tax asset) (FY22: approx. \u00a3122m taxable losses and approx.
\n\u00a330m deferred tax asset).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f21110": { "value": "29. PROVISIONS
Legal and
\n
regulatory
\n
Property
\n
related
\n
Financial
\n
services related
Other
Total
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
At 25 April 2021
\n
215.8
144.1
-
1.3
361.2
\n
Amounts provided
\n
17.7
53.7
-
-
71.4
\n
Acquired through business combinations
\n
(see note 32)
\n
7.1
2.7
42.4
-
52.2
\n
Amounts utilised / reversed
\n
(10.4)
(39.3)
(0.8)
(1.3)
(51.8)
\n
At 24 April 2022
\n
230.2
161.2
41.6
-
433.0
\n
Acquired through business combinations
\n
(see note 32)
\n
-
6.0
-
-
6.0
\n
Amounts provided
\n
1.3
69.7
-
0.8
71.8
\n
Amounts utilised / reversed
\n
(108.0)
(70.2)
(25.6)
(0.5)
(204.3)
\n
At 30 April 2023
\n
123.5
166.7
16.0
0.3
306.5
\n
Financial services related and other provisions are
\n
categorised as current liabilities, while legal and
\n
regulatory and property related provisions are
\n
non-current.
\n
Legal and regulatory provisions
\n
Legal and regulatory provisions reflect management\u2019s
\n
best estimate of the potential costs arising from the
\n
settlement of outstanding disputes of a commercial and
\n
regulatory nature.
\n
A substantial portion of the amounts provided relates
\n
to ongoing legal claims and non-UK tax enquiries. On
\n
the basis of a review of the facts and circumstances
\n
prevailing at the balance sheet date in relation to
\n
these matters, management has reassessed its best
\n
estimate of the amounts provided at 30 April 2023
\n
which has resulted in a reduction in amounts provided
\n
of approximately \u00a395m compared to the prior year.
\n
In accordance with IAS37.92, management have
\n
concluded that it would prejudice seriously the position
\n
of the Group to provide further specific disclosures
\n
in respect of amounts provided for legal claims and
\n
non-UK tax enquiries.
\n
Also included within legal and regulatory provisions
\n
are amounts relating to appeals by Studio Retail
\n
against decisions of HMRC with regard to the setting
\n
of a Partial Exemption Special Method (the means by
\n
which the recovery of input VAT on costs relating to
\n
the company\u2019s financial services activities is restricted).
\n
As at 30 April 2023, the Group held a provision of
\n
approximately \u00a32.5m (FY22: \u00a36.9m), which represents
\n
management\u2019s best estimate of the likely increase in the
\n
level of restriction on the recovery of input VAT over and
\n
above that which has already been restricted in Studio
\n
Retail\u2019s quarterly VAT returns or paid to HMRC pending
\n
appeal. We note that management\u2019s best estimate is
\n
one of a number of different outcomes so the amounts
\n
provided may differ to the final costs incurred by the
\n
company in respect of this matter.
\n
The timing of the outcome of legal claims and non-UK
\n
tax inquiries is dependent on factors outside the
\n
Group\u2019s control and therefore the timing of settlement
\n
is uncertain. After taking appropriate legal advice, the
\n
outcomes of these claims are not expected to give rise
\n
to material loss in excess of the amounts provided.
\n
Property related provisions
\n
Included within property related provisions are
\n
provisions for dilapidations in respect of the Group\u2019s
\n
retail stores and warehouses. Further details of
\n
management\u2019s estimates are included in note 2.
\n
Financial services provisions
\n
As a regulated business, Frasers Group Financial
\n
Services Limited has an obligation to proactively review
\n
its business to ensure that appropriate outcomes were
\n
delivered to customers. At 24 April 2022, a provision
\n
of \u00a341.6m was recognised in respect of the probable
\n
costs of remediating customers who may have been
\n
adversely impacted by legacy decisions. Since the
\n
approval of the prior year\u2019s consolidated financial
\n
statements, the receipt of new information which
\n
was not available at the point the prior year financial
\n
statements were approved, has enabled management
\n
to refine the relevant customer cohorts who were
\n
potentially impacted by these legacy decisions and
\n
complete detailed analysis of the financial implications.
\n
This has enabled a revision to management\u2019s best
\n
estimate of the likely costs of remediation and has
\n
resulted in a reduction in the amount provided of
\n
approximately \u00a325m. The remaining provision is
\n
expected to be utilised within 12 months of the balance
\n
sheet date.
\n
Management considered whether or not the reduction
\n
in provision should result in an adjustment to the
\n
amounts recognised in the acquisition balance sheet
\n
in accordance with the requirements of IFRS 3.45 and
\n
\n
IFRS3.47 and concluded that the release should be treated as a prospective change in accounting estimate under
\n
IAS8.34 since it arose as a result of new information which has come to light since 24 April 2022. It is the Group\u2019s
\n
policy to present items that \u201cmerit separate presentation\u201d by reference to their \u201ctheir size, nature and infrequency of
\n
the events giving rise to them\u201d as exceptional items. Given the unusual size, nature and infrequency of movements in
\n
provisions of this nature, management has disclosed the income statement impact within exceptional items in the
\n
consolidated income statement.
\n
Other provisions
\nOther provisions relate to provisions for restructuring and employment (non-retirement related).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f21282": { "value": "30. FINANCIAL INSTRUMENTS
A.
Financial Assets and Liabilities by Category and Fair Value Hierarchy
\n
The fair value hierarchy of financial assets and liabilities, which are principally denominated in Sterling or US Dollars,
\n
were as follows:
\n
Level 1
Level 2
Level 3
Other
Total
\n
FINANCIAL ASSETS - 30 April 2023
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Amortised cost:
\n
Trade and other receivables*
\n
-
-
-
603.9
603.9
\n
Cash and cash equivalents
\n
-
-
-
332.9
332.9
\n
Amounts owed by related parties
\n
-
-
-
4.7
4.7
\n
FVOCI:
\n
Long Term Financial Assets (Equity Instruments)
\n
289.6
-
-
-
289.6
\n
Derivative financial assets (FV):
\n
Foreign forward purchase and sales contracts
\n
-
49.9
-
-
49.9
\n
Foreign currency options
\n
-
0.7
-
-
0.7
\n
Interest rate swaps
\n
-
28.7
-
-
28.7
\n
-
79.3
-
-
79.3
\n
FINANCIAL LIABILITIES - 30 April 2023
\n
Amortised cost:
\n
Non-current borrowings
\n
-
-
-
(749.7)
(749.7)
\n
Trade and other payables**
\n
-
-
-
(701.5)
(701.5)
\n
IFRS 16 Lease liabilities
\n
-
-
-
(679.9)
(679.9)
\n
Derivative financial liabilities (FV):
\n
Foreign forward and written options purchase and sales contracts
\n
-
(22.7)
-
-
(22.7)
\n
Derivative financial liabilities - contracts for difference & equity options
\n
-
(43.8)
-
-
(43.8)
\n
-
(66.5)
-
-
(66.5)
\n
*Prepayments of \u00a3111.5m are not included as a financial asset.
\n
**Other taxes including social security costs of \u00a310.4m are not included as a financial liability.
\n
\n
Level 1
Level 2
Level 3
Other
Total
\n
FINANCIAL ASSETS - 24 April 2022
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Amortised cost:
\n
Trade and other receivables*
\n
-
-
-
704.7
704.7
\n
Cash and cash equivalents
\n
-
-
-
336.8
336.8
\n
Amounts owed by related parties
\n
-
-
-
24.2
24.2
\n
FVOCI:
\n
Long Term Financial Assets (Equity Instruments)
\n
206.6
-
-
-
206.6
\n
Derivative financial assets (FV):
\n
Foreign forward purchase and sales contracts
\n
-
116.5
-
-
116.5
\n
-
116.5
-
-
116.5
\n
FINANCIAL LIABILITIES - 24 April 2022
\n
Amortised cost:
\n
Non-current borrowings
\n
-
-
-
(827.9)
(827.9)
\n
Trade and other payables**
\n
-
-
-
(721.7)
(721.7)
\n
IFRS 16 Lease liabilities
\n
-
-
-
(620.6)
(620.6)
\n
Derivative financial liabilities (FV):
\n
Foreign forward and written options purchase and sales contracts
\n
-
(31.3)
-
-
(31.3)
\n
Derivative financial liabilities - contracts for difference & equity options
\n
-
(75.9)
-
-
(75.9)
\n
-
(107.2)
-
-
(107.2)
\n
*Prepayments of \u00a3112.5m are not included as a financial asset.
\n
**Other taxes including social security costs of \u00a38.1m are not included as a financial liability.
\n
B.
Financial Assets and Liabilities Sensitivities by Currency
\n
The Group\u2019s principal foreign currency exposures are to US Dollars and Euros. The table below illustrates the
\n
hypothetical sensitivity of the Group\u2019s reported profit and equity to a 5% increase and decrease in the US Dollar /
\n
Sterling and Euro / Sterling exchange rates at the year-end date, assuming all other variables remain unchanged.
\n
The figures have been calculated by comparing the fair values of outstanding foreign currency contracts, assets and
\n
liabilities at the current exchange rate to those if exchange rates moved as illustrated. The income statement figures
\n
include the profit effect of any relevant derivatives which are not in a designated cash flow hedge. The impact on US
\n
Dollar and Euro related hedging instruments is included in equity.
\n
The analysis has been prepared using the following assumptions:
\n
1.
Existing assets and liabilities are held as at the period end; and
\n
2.
No additional hedge contracts are taken out.
\n
SENSITIVITY
\n
USD
EUR
\n
GBP & Other
USD
EUR
Total
-5%
+5%
-5%
+5%
\n
FY23:
\n
Trade and Other Receivables
\n
548.2
22.1
33.6
603.9
(1.1)
1.1
(1.6)
1.6
\n
Cash and cash equivalents
\n
227.3
32.1
73.5
332.9
(1.5)
1.5
(3.5)
3.5
\n
Trade and Other Payables
\n
(579.0)
(19.4)
(103.1)
(701.5)
0.9
-0.9
4.9
-4.9
\n
FY22:
\n
Trade and Other Receivables
\n
648.6
24.5
31.6
704.7
(1.2)
1.2
(1.6)
1.6
\n
Cash and cash equivalents
\n
243.2
19.2
74.4
336.8
(1.0)
1
(3.7)
3.7
\n
Trade and Other Payables
\n
(614.0)
(15.0)
(92.7)
(721.7)
0.8
(0.8)
4.6
-4.6
\n
There is no difference between fair value and carrying value of the above financial instruments (FY22: \u00a3nil).
\n
\n
Fair Value Hierarchy
\n
The Group uses the following hierarchy for determining
\n
and disclosing the fair value of financial instruments by
\n
valuation technique:
\n
\u2022
Level 1: quoted (unadjusted) prices in active markets
\n
for identical assets or liabilities;
\n
\u2022
Level 2: other techniques for which all inputs which
\n
have a significant effect on the recorded fair value
\n
are observable, either directly or indirectly; and
\n
\u2022
Level 3: techniques which use inputs which have a
\n
significant effect on the recorded fair value that are
\n
not based on observable market data.
\n
Contracts for difference are classified as Level 2 as the
\n
fair value is calculated using quoted prices for listed
\n
shares and commodities at contract inception and the
\n
period end.
\n
Foreign forward purchase and sales contracts and
\n
options are classified as Level 2, the Group enters into
\n
these derivative financial instruments with various
\n
counterparties, principally financial institutions with
\n
investment grade credit ratings. Foreign exchange
\n
forward contracts and options are valued using valuation
\n
techniques, which employ the use of market observable
\n
inputs. The most frequently applied valuation techniques
\n
include forward pricing and swap models using present
\n
value calculations. The models incorporate various inputs
\n
including the credit quality of counterparties, foreign
\n
exchange spot and forward rates, and yield curves of the
\n
respective currencies.
\n
Long-term financial assets such as equity instruments are
\n
classified as Level 1 as the fair value is calculated using
\n
quoted prices.
\n
The fair value of equity derivative agreements are
\n
included within the derivative financial assets balance of
\n
\u00a3nil (FY22: \u00a3nil) and derivative financial liabilities balance
\n
of \u00a343.8m (FY22: \u00a375.9m). The equity derivative financial
\n
assets and equity derivative financial liabilities as at 30
\n
April 2023 relate to strategic investments held of between
\n
0.1% and 25.6% of investee share capital.
\n
Sold options are classified as Level 2 as the fair value
\n
is calculated using other techniques, where inputs are
\n
observable.
\n
Trade receivables / payables, amounts owed from related
\n
parties, other receivables / payables, cash and cash
\n
equivalents, current / non-current borrowings, and lease
\n
liabilities are held at amortised cost.
\n
The maximum exposure to credit risk as at 30 April 2023
\n
and at 24 April 2022 is the carrying value of each class
\n
of asset in the Balance Sheet, except for amounts owed
\n
from related parties which is the gross carrying amount of
\n
\u00a348.7m (FY22: \u00a362.6m).
\n
C.
Derivatives: Foreign Currency Forward Contracts
\n
(c)(i) Hedging
\n
The most significant exposure to foreign exchange
\n
fluctuations relates to transactions denominated in
\n
foreign currencies, principally purchases made in US
\n
Dollars and online sales receipts in Euros. The Group\u2019s
\n
policy is to reduce substantially the risk associated with
\n
foreign currency spot rates by using forward fixed rate
\n
currency purchase contracts and options, taking into
\n
account any foreign currency cash flows. The Group
\n
does not hold or issue derivative financial instruments for
\n
trading purposes. If derivatives, including both forwards
\n
and written options, do not qualify for hedge accounting
\n
they are accounted for as such and accordingly any
\n
gain or loss is recognised immediately in the income
\n
statement. Management are of the view that there is a
\n
substantive distinct business purpose for entering into
\n
the options and a strategy for managing the options
\n
independently of the forward contracts. The forward
\n
and options contracts are therefore not viewed as one
\n
contract and hedge accounting for the forwards is
\n
permitted.
\n
Hedge effectiveness is determined at inception of
\n
the hedge relationship and at every reporting period
\n
end through the assessment of the hedged items and
\n
hedging instrument to determine whether there is still an
\n
economic relationship between the two.
\n
The critical terms of the foreign currency forwards
\n
entered into exactly match the terms of the hedged
\n
item. As such the economic relationship and hedge
\n
effectiveness are based on the qualitative factors and
\n
the use of a hypothetical derivative where appropriate.
\n
Hedge ineffectiveness may arise where the critical terms
\n
of the forecast transaction no longer meet those of the
\n
hedging instrument, for example, if there was a change
\n
in the timing of the forecast sales transactions from
\n
what was initially estimated or if the volume of currency
\n
in the hedged item was below expectations leading to
\n
over-hedging. Differences can arise when the initial value
\n
on the Hedging instrument is not zero.
\n
The hedged items and the hedging instrument are
\n
denominated in the same currency and as a result the
\n
hedging ratio is always one to one.
\n
All derivative financial instruments used for hedge
\n
accounting are recognised initially at fair value and
\n
reported subsequently at fair value in the statement of
\n
financial position. To the extent that the hedge is effective,
\n
changes in the fair value of derivatives designated as
\n
hedging instruments in cash flow hedges are recognised
\n
in other comprehensive income and included within the
\n
cash flow hedge reserve in equity. Any ineffectiveness in
\n
the hedge relationship is recognised immediately in profit
\n
or loss.
\n
\n
At the time the hedged item affects profit or loss, any gain or loss previously recognised in other comprehensive
\n
income is reclassified from equity to profit or loss and presented as a reclassification adjustment within other
\n
comprehensive income. If a forecast transaction is no longer expected to occur, any related gain or loss recognised
\n
in other comprehensive income is transferred immediately to profit or loss. If the hedging relationship ceases to meet
\n
the effectiveness conditions then hedge accounting is discontinued and the related gain or loss is held in the equity
\n
reserve until the forecast transaction occurs.
\n
The fair value of hedged contracts as at
30 April 2023 was:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Assets
\n
US Dollar purchases - GBP
\n
0.7
32.9
\n
US Dollar purchases - EUR
\n
7.1
54.2
\n
Euro sales
\n
37.7
12.8
\n
Total
\n
45.5
99.9
\n
Liabilities
\n
US Dollar purchases - GBP
\n
2.2
-
\n
US Dollar purchases - EUR
\n
-
-
\n
Total
\n
2.2
-
\n
The details of hedged forward foreign currency purchase contracts, options and contracted forward rates were
\n
as follows:
\n
30 April 2023
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Currency
GBP
Currency
GBP
\n
US Dollar purchases
\n
380.0
306.5
480.0
340.4
\n
Contracted rates USD / GBP
1.21 - 1.257
1.41
\n
Weighted average contracted rates USD / GBP
1.24
1.41
\n
US Dollar purchases
60.0
40.1
120.0
78.6
\n
Contracted rates USD / EUR
1.31
1.26-1.31
\n
Weighted average contracted rates USD / EUR
1.31
1.28
\n
Euro sales
(816.0)
(771.1)
(600.0)
(574.5)
\n
Contracted rates EUR / GBP
0.98-1.09
0.99-1.08
\n
Weighted average contracted rates EUR / GBP
1.058
1.04
\n
The timing of the contracts is as follows:
\n
Currency
Hedging against
Currency value
Timing
Rates
\n
USD/GBP
USD inventory purchases
USD 380m
FY24
1.21 - 1.26
\n
USD/EUR
USD inventory purchases
USD 60m
FY24
1.31
\n
EUR/GBP
Euro sales
EUR 816m
FY24-FY26
0.98-1.09
\n
The foreign currency forwards and options are denominated in the same currency as the highly probable future
\n
inventory purchases and sales so the hedged ratio is 1:1. Hedge ineffectiveness may arise where the critical terms of
\n
the forecast transaction no longer meet those of the hedging instrument, for example if there was a change in the
\n
timing of the forecast sales transactions from what was initially estimated or if the volume of currency in the hedged
\n
item was below expectations leading to over-hedging.
\n
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Change in discounted spot value of outstanding hedging instruments since inception of the hedge
\n
(14.7)
(77.5)
\n
Change in value of hedged item used to determine hedge ineffectiveness
\n
(41.3)
(104.9)
\n
30 April 2023
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Change in the
\n
fair value of the
\n
currency forward
\n
Change in the
\n
fair value of the
\n
hedged item
\n
Change in the
\n
fair value of the
\n
currency forward
\n
Change in the
\n
fair value of the
\n
hedged item
\n
US Dollars purchases - GBP
\n
(2.7)
2.7
30.5
30.5
\n
US Dollars purchases - EUR
0.8
(0.8)
9.7
9.7
\n
Euro sales
7.7
(7.7)
11.9
11.9
\n
At 30 April 2023, \u00a3771.1m of forward sales contracts (FY22: \u00a3574.5m) and \u00a3346.7m of purchase contracts (FY22: \u00a3419.0m)
\n
qualified for hedge accounting and the gain on fair valuation of these contracts of \u00a37.2m (FY22: \u00a352.1m) has therefore
\n
been recognised in other comprehensive income.
\n
At 30 April 2023, no hedged purchase contracts had a maturity of greater than 12 months (FY22: \u00a338.6m of purchase
\n
contracts) and \u00a3576.0m of hedged sales had a maturity of greater than 12 months (FY22: \u00a3332.1m of sales contracts).
\n
As a result of the changes above there is no ineffectiveness to recognise in profit or loss.
\n
The movements through the Hedging reserve are:
\n
USD/GBP
EUR/GBP
USD/EUR
\n
Total
\n
hedge movement
Deferred tax
\n
Total
\n
hedging reserve
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
As at 25 April 2021
\n
(4.9)
17.0
2.2
14.3
(2.8)
11.5
\n
Recognised
\n
30.5
11.9
9.7
52.1
-
52.1
\n
Reclassified in inventory /
\n
cost of sales
\n
7.4
-
0.1
7.5
-
7.5
\n
Deferred Tax
\n
-
-
-
-
(15.8)
(15.8)
\n
As at 24 April 2022
\n
33.0
28.9
12.0
73.9
(18.6)
55.3
\n
Recognised
\n
6.1
7.5
(6.4)
7.2
-
7.2
\n
Reclassified in sales
\n
-
(24.6)
-
(24.6)
-
(24.6)
\n
Reclassified in inventory /
\n
cost of sales
\n
(33.0)
-
(5.5)
(38.5)
-
(38.5)
\n
Deferred Tax
\n
-
-
-
-
14.6
14.6
\n
As at 30 April 2023
\n
6.1
11.8
0.1
18.0
(4.0)
14.0
\n
\n
(c)(ii) Unhedged
\n
The sterling principal amounts of unhedged forward contracts and written currency option contracts and contracted
\n
rates were as follows:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
US Dollar purchases - GBP
\n
155.1
-
\n
Contracted rates USD / GBP
\n
1.21 - 1.25
-
\n
US Dollar purchases - EUR
\n
18.6
78.6
\n
Contracted rates USD / EUR
\n
1.31
1.26-1.31
\n
- Euro sales
\n
831.8
(715.9)
\n
Contracted rates EUR / GBP
\n
0.98 - 1.13
0.99-1.08
\n
Included within finance income, classified within fair
\n
value adjustment to derivatives, is a gain on fair value
\n
of unhedged forward contracts, written currency option
\n
contracts and swaps of \u00a326.0m (FY22: loss of \u00a328.9m).
\n
At 30 April 2023, \u00a316.3m of unhedged purchase contracts
\n
had a maturity at inception of greater than 12 months
\n
(FY22: \u00a378.6m purchase contracts) and \u00a3831.8m of
\n
unhedged sales had a maturity at inception of greater
\n
than 12 months (FY22: \u00a3715.9m of sales contracts).
\n
These contracts form part of the Treasury management
\n
activities, which incorporates the risk management
\n
strategy for areas that are not reliable enough in timing
\n
and amount to qualify for hedge accounting. This
\n
includes acquisitions, disposals of overseas subsidiaries,
\n
related working capital requirements, dividends and loan
\n
repayments from overseas subsidiaries and purchase
\n
and sale of overseas property. Written options carry
\n
additional risk as the exercise of the option lies with the
\n
purchaser. The options involve the Group receiving a
\n
premium on inception in exchange for accepting that
\n
risk and the outcome is that the bank may require the
\n
Group to sell Euros. However, the Group is satisfied that
\n
the use of options as a Treasury management tool is
\n
appropriate.
\n
FY23 value excludes short term swaps of USD/GBP of
\n
USD 70.0m, EUR/USD of EUR 27.0m and EUR/GBP of
\n
EUR 180m which were required for cash management
\n
purposes only (FY22: USD/GBP of USD 40m and EUR/
\n
USD of EUR 40m).
\n
D.
Interest rate swaps
\n
The Group uses interest rate swaps to manage its
\n
exposure to interest rate movements on its bank
\n
borrowings. The Group has two contracts in place that
\n
fix interest payments on variable rate debt. The first
\n
contract covers a notional amount of \u00a3250.0m and fixes
\n
the interest rate at 0.985% per annum until 29 May
\n
2026. The second contract covers a notional amount of
\n
\u00a3100.0m and fixes the interest rate at 0.45% per annum
\n
until 2 September 2024. The fair value of these interest
\n
rate swaps is an asset of \u00a328.7m (2022: asset of \u00a316.6m).
\n
The fair value gain has been recognised in finance cost
\n
classified as fair value adjustment to derivatives.
\n
\n
E.
Sensitivity Analysis
\n
The Group\u2019s principal foreign currency exposures are to US Dollars and Euros. The table below illustrates the
\n
hypothetical sensitivity of the Group\u2019s reported profit and equity to a 10% increase and decrease in the US Dollar /
\n
Sterling and Euro / Sterling exchange rates at the year-end date, assuming all other variables remain unchanged. The
\n
figures have been calculated by comparing the fair values of outstanding foreign currency contracts at the current
\n
exchange rate to those if exchange rates moved as illustrated. The income statement figures include the profit effect
\n
of any relevant derivatives which are not in a designated cash flow hedge. The impact on US Dollar and Euro related
\n
hedging instruments is included in equity.
\n
Positive figures represent an increase in profit or equity:
\n
Income statement
Equity
\n
30 April 2023
24 April 2022
30 April 2023
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Sterling strengthens by 10%
\n
US Dollar
(0.1)
(2.9)
(32.3)
(22.6)
\n
Euro
(14.3)
(39.4)
(17.6)
10.0
\n
Sterling weakens by 10%
\n
US Dollar
0.1
3.5
39.5
27.6
\n
Euro
17.5
48.1
21.6
(12.3)
\n
Interest Rate Sensitivity Analysis
\n
The following table illustrates the sensitivity of the Group\u2019s reported profit and equity to a 0.5% increase or decrease in
\n
interest rates, assuming all other variables were unchanged.
\n
The analysis has been prepared using the following assumptions:
\n
\u2022
For floating rate assets and liabilities, the amount of asset or liability outstanding at the balance sheet date is
\n
assumed to have been outstanding for the whole year.
\n
\u2022
Fixed rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the
\n
purpose of this analysis.
\n
Positive figures represent an increase in profit or equity:
\n
Income statement
Equity
\n
30 April 2023
24 April 2022
30 April 2023
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Interest rate increase of 0.5%
(3.8)
(2.6)
(3.8)
(2.6)
\n
Interest rate decrease of 0.5%
3.8
2.6
3.8
2.6
\n
Long term Investments Sensitivity Analysis
\n
The following table illustrates the sensitivity of price risk in relation to long term investments held by the Group:
\n
30 April 2023
\n
Equity
\n
(\u00a3'm)
\n
Share price increase of 10%
\n
29.0
\n
Share price decrease of 10%
\n
(29.0)
\n
\n
F.
Liquidity Risk
\n
The table below shows the maturity analysis of the undiscounted remaining contractual cash flows of the Group\u2019s non
\n
derivative liabilities and foreign currency derivative financial instruments:
\n
Less than 1 year
1 to 2 years
2 to 5 years
Over 5 years
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
2023
\n
Non derivative financial liabilities:
\n
Bank loans and overdrafts
\n
-
-
749.7
-
749.7
\n
Bank loans and overdrafts interest
\n
46.3
49.2
52.2
-
147.7
\n
Trade and other payables
\n
701.5
-
-
-
701.5
\n
IFRS 16 Lease liabilities
\n
134.7
106.7
214.0
490.3
945.7
\n
Derivative financial instruments:
\n
Cash inflows
\n
(638.0)
(700.1)
(763.6)
-
(2,101.7)
\n
Cash outflows
\n
654.4
702.6
769.5
-
2,126.5
\n
898.9
158.4
1,021.8
490.3
2,569.4
\n
2022
\n
Non derivative financial liabilities:
\n
Bank loans and overdrafts
\n
-
-
827.9
-
827.9
\n
Bank loans and overdrafts interest
\n
26.5
27.3
28.2
-
82.0
\n
Trade and other payables
\n
721.7
-
-
-
721.7
\n
IFRS 16 Lease liabilities
\n
131.5
93.6
182.4
426.4
833.9
\n
Derivative financial instruments:
\n
Cash inflows
\n
(1,008.7)
(38.5)
(711.5)
-
(1,758.7)
\n
Cash outflows
\n
1,079.7
45.1
702.4
-
1,827.2
\n
950.7
127.5
1,029.4
426.4
2,534.0
\n
Capital Management
\n
The capital structure of the Group consists of equity
\n
attributable to the equity holders of the parent
\n
company, comprising issued share capital (less
\n
treasury shares), share premium, retained earnings
\n
and cash and borrowings.
\n
It is the Group\u2019s policy to maintain a strong capital
\n
base so as to maintain investor, creditor and market
\n
confidence and to sustain the development of the
\n
business.
\n
In respect of equity, the Board has decided, in order
\n
to maximise flexibility in the near term with regards
\n
to a number of inorganic growth opportunities under
\n
review, not to return any cash by way of a final
\n
dividend at this time.
\n
The Board is committed to keeping this policy
\n
under review and to looking to evaluate methods of
\n
returning cash to shareholders when appropriate.
\n
The objective of the Share Scheme is to encourage
\n
employee share ownership and to link employee\u2019s
\n
remuneration to the performance of the Company.
\n
It is not designed as a means of managing capital.
\n
From time to time the Board may initiate share buy
\n
back programmes.
\n
In respect of cash and borrowings, the Board
\n
regularly monitors the ratio of net debt to
\n
Reported EBITDA (Pre-IFRS 16), the working capital
\n
requirements and forecasted cash flows, however
\n
no minimum or maximum ratios are set outside of
\n
maintaining a ratio of net debt to Reported EBITDA
\n
(pre IFRS 16) below 3.0. The ratio for net debt to
\n
Reported EBITDA (pre IFRS 16) is 0.4 (FY22: 0.6). The
\n
objective is to keep this figure below 3.0 (FY22: 3.0).
\n
Based on this analysis, the Board determines the
\n
appropriate return to equity holders whilst ensuring
\n
sufficient capital is retained within the Group to meet
\n
its strategic objectives, including but not limited to,
\n
acquisition opportunities.
\n
The Group allocates capital in the following order:
\n
\u2022
The existing business such as automation
\n
and infrastructure
\n
\u2022
Growth opportunities such as acquisitions and
\n
property purchases
\n
\u2022
Strategic investments where the Group believes
\n
that there is a mutually beneficial commercial
\n
relationship
\n
\u2022
Returns to shareholders in the form of share
\n
buy backs
\n
These capital management policies have remained
\nunchanged from the prior period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f21595": { "value": "Fair Value Hierarchy
The Group uses the following hierarchy for determining
\n
and disclosing the fair value of financial instruments by
\n
valuation technique:
\n
\u2022
Level 1: quoted (unadjusted) prices in active markets
\n
for identical assets or liabilities;
\n
\u2022
Level 2: other techniques for which all inputs which
\n
have a significant effect on the recorded fair value
\n
are observable, either directly or indirectly; and
\n
\u2022
Level 3: techniques which use inputs which have a
\n
significant effect on the recorded fair value that are
\n
not based on observable market data.
\n
Contracts for difference are classified as Level 2 as the
\n
fair value is calculated using quoted prices for listed
\n
shares and commodities at contract inception and the
\n
period end.
\n
Foreign forward purchase and sales contracts and
\n
options are classified as Level 2, the Group enters into
\n
these derivative financial instruments with various
\n
counterparties, principally financial institutions with
\n
investment grade credit ratings. Foreign exchange
\n
forward contracts and options are valued using valuation
\n
techniques, which employ the use of market observable
\n
inputs. The most frequently applied valuation techniques
\n
include forward pricing and swap models using present
\n
value calculations. The models incorporate various inputs
\n
including the credit quality of counterparties, foreign
\n
exchange spot and forward rates, and yield curves of the
\n
respective currencies.
\n
Long-term financial assets such as equity instruments are
\n
classified as Level 1 as the fair value is calculated using
\n
quoted prices.
\n
The fair value of equity derivative agreements are
\n
included within the derivative financial assets balance of
\n
\u00a3nil (FY22: \u00a3nil) and derivative financial liabilities balance
\n
of \u00a343.8m (FY22: \u00a375.9m). The equity derivative financial
\n
assets and equity derivative financial liabilities as at 30
\n
April 2023 relate to strategic investments held of between
\n
0.1% and 25.6% of investee share capital.
\n
Sold options are classified as Level 2 as the fair value
\n
is calculated using other techniques, where inputs are
\n
observable.
\n
Trade receivables / payables, amounts owed from related
\n
parties, other receivables / payables, cash and cash
\n
equivalents, current / non-current borrowings, and lease
\n
liabilities are held at amortised cost.
\n
The maximum exposure to credit risk as at 30 April 2023
\n
and at 24 April 2022 is the carrying value of each class
\n
of asset in the Balance Sheet, except for amounts owed
\n
from related parties which is the gross carrying amount of
\n\u00a348.7m (FY22: \u00a362.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f21652": { "value": "C.
Derivatives: Foreign Currency Forward Contracts
\n
(c)(i) Hedging
\n
The most significant exposure to foreign exchange
\n
fluctuations relates to transactions denominated in
\n
foreign currencies, principally purchases made in US
\n
Dollars and online sales receipts in Euros. The Group\u2019s
\n
policy is to reduce substantially the risk associated with
\n
foreign currency spot rates by using forward fixed rate
\n
currency purchase contracts and options, taking into
\n
account any foreign currency cash flows. The Group
\n
does not hold or issue derivative financial instruments for
\n
trading purposes. If derivatives, including both forwards
\n
and written options, do not qualify for hedge accounting
\n
they are accounted for as such and accordingly any
\n
gain or loss is recognised immediately in the income
\n
statement. Management are of the view that there is a
\n
substantive distinct business purpose for entering into
\n
the options and a strategy for managing the options
\n
independently of the forward contracts. The forward
\n
and options contracts are therefore not viewed as one
\n
contract and hedge accounting for the forwards is
\n
permitted.
\n
Hedge effectiveness is determined at inception of
\n
the hedge relationship and at every reporting period
\n
end through the assessment of the hedged items and
\n
hedging instrument to determine whether there is still an
\n
economic relationship between the two.
\n
The critical terms of the foreign currency forwards
\n
entered into exactly match the terms of the hedged
\n
item. As such the economic relationship and hedge
\n
effectiveness are based on the qualitative factors and
\n
the use of a hypothetical derivative where appropriate.
\n
Hedge ineffectiveness may arise where the critical terms
\n
of the forecast transaction no longer meet those of the
\n
hedging instrument, for example, if there was a change
\n
in the timing of the forecast sales transactions from
\n
what was initially estimated or if the volume of currency
\n
in the hedged item was below expectations leading to
\n
over-hedging. Differences can arise when the initial value
\n
on the Hedging instrument is not zero.
\n
The hedged items and the hedging instrument are
\n
denominated in the same currency and as a result the
\n
hedging ratio is always one to one.
\n
All derivative financial instruments used for hedge
\n
accounting are recognised initially at fair value and
\n
reported subsequently at fair value in the statement of
\n
financial position. To the extent that the hedge is effective,
\n
changes in the fair value of derivatives designated as
\n
hedging instruments in cash flow hedges are recognised
\n
in other comprehensive income and included within the
\n
cash flow hedge reserve in equity. Any ineffectiveness in
\n
the hedge relationship is recognised immediately in profit
\n
or loss.
\n
\n
At the time the hedged item affects profit or loss, any gain or loss previously recognised in other comprehensive
\n
income is reclassified from equity to profit or loss and presented as a reclassification adjustment within other
\n
comprehensive income. If a forecast transaction is no longer expected to occur, any related gain or loss recognised
\n
in other comprehensive income is transferred immediately to profit or loss. If the hedging relationship ceases to meet
\n
the effectiveness conditions then hedge accounting is discontinued and the related gain or loss is held in the equity
\n
reserve until the forecast transaction occurs.
\n
The fair value of hedged contracts as at
30 April 2023 was:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Assets
\n
US Dollar purchases - GBP
\n
0.7
32.9
\n
US Dollar purchases - EUR
\n
7.1
54.2
\n
Euro sales
\n
37.7
12.8
\n
Total
\n
45.5
99.9
\n
Liabilities
\n
US Dollar purchases - GBP
\n
2.2
-
\n
US Dollar purchases - EUR
\n
-
-
\n
Total
\n
2.2
-
\n
The details of hedged forward foreign currency purchase contracts, options and contracted forward rates were
\n
as follows:
\n
30 April 2023
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Currency
GBP
Currency
GBP
\n
US Dollar purchases
\n
380.0
306.5
480.0
340.4
\n
Contracted rates USD / GBP
1.21 - 1.257
1.41
\n
Weighted average contracted rates USD / GBP
1.24
1.41
\n
US Dollar purchases
60.0
40.1
120.0
78.6
\n
Contracted rates USD / EUR
1.31
1.26-1.31
\n
Weighted average contracted rates USD / EUR
1.31
1.28
\n
Euro sales
(816.0)
(771.1)
(600.0)
(574.5)
\n
Contracted rates EUR / GBP
0.98-1.09
0.99-1.08
\n
Weighted average contracted rates EUR / GBP
1.058
1.04
\n
The timing of the contracts is as follows:
\n
Currency
Hedging against
Currency value
Timing
Rates
\n
USD/GBP
USD inventory purchases
USD 380m
FY24
1.21 - 1.26
\n
USD/EUR
USD inventory purchases
USD 60m
FY24
1.31
\n
EUR/GBP
Euro sales
EUR 816m
FY24-FY26
0.98-1.09
\n
The foreign currency forwards and options are denominated in the same currency as the highly probable future
\n
inventory purchases and sales so the hedged ratio is 1:1. Hedge ineffectiveness may arise where the critical terms of
\n
the forecast transaction no longer meet those of the hedging instrument, for example if there was a change in the
\n
timing of the forecast sales transactions from what was initially estimated or if the volume of currency in the hedged
\n
item was below expectations leading to over-hedging.
\n
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Change in discounted spot value of outstanding hedging instruments since inception of the hedge
\n
(14.7)
(77.5)
\n
Change in value of hedged item used to determine hedge ineffectiveness
\n
(41.3)
(104.9)
\n
30 April 2023
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Change in the
\n
fair value of the
\n
currency forward
\n
Change in the
\n
fair value of the
\n
hedged item
\n
Change in the
\n
fair value of the
\n
currency forward
\n
Change in the
\n
fair value of the
\n
hedged item
\n
US Dollars purchases - GBP
\n
(2.7)
2.7
30.5
30.5
\n
US Dollars purchases - EUR
0.8
(0.8)
9.7
9.7
\n
Euro sales
7.7
(7.7)
11.9
11.9
\n
At 30 April 2023, \u00a3771.1m of forward sales contracts (FY22: \u00a3574.5m) and \u00a3346.7m of purchase contracts (FY22: \u00a3419.0m)
\n
qualified for hedge accounting and the gain on fair valuation of these contracts of \u00a37.2m (FY22: \u00a352.1m) has therefore
\n
been recognised in other comprehensive income.
\n
At 30 April 2023, no hedged purchase contracts had a maturity of greater than 12 months (FY22: \u00a338.6m of purchase
\n
contracts) and \u00a3576.0m of hedged sales had a maturity of greater than 12 months (FY22: \u00a3332.1m of sales contracts).
\n
As a result of the changes above there is no ineffectiveness to recognise in profit or loss.
\n
The movements through the Hedging reserve are:
\n
USD/GBP
EUR/GBP
USD/EUR
\n
Total
\n
hedge movement
Deferred tax
\n
Total
\n
hedging reserve
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
As at 25 April 2021
\n
(4.9)
17.0
2.2
14.3
(2.8)
11.5
\n
Recognised
\n
30.5
11.9
9.7
52.1
-
52.1
\n
Reclassified in inventory /
\n
cost of sales
\n
7.4
-
0.1
7.5
-
7.5
\n
Deferred Tax
\n
-
-
-
-
(15.8)
(15.8)
\n
As at 24 April 2022
\n
33.0
28.9
12.0
73.9
(18.6)
55.3
\n
Recognised
\n
6.1
7.5
(6.4)
7.2
-
7.2
\n
Reclassified in sales
\n
-
(24.6)
-
(24.6)
-
(24.6)
\n
Reclassified in inventory /
\n
cost of sales
\n
(33.0)
-
(5.5)
(38.5)
-
(38.5)
\n
Deferred Tax
\n
-
-
-
-
14.6
14.6
\n
As at 30 April 2023
\n
6.1
11.8
0.1
18.0
(4.0)
14.0
\n
\n
(c)(ii) Unhedged
\n
The sterling principal amounts of unhedged forward contracts and written currency option contracts and contracted
\n
rates were as follows:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
US Dollar purchases - GBP
\n
155.1
-
\n
Contracted rates USD / GBP
\n
1.21 - 1.25
-
\n
US Dollar purchases - EUR
\n
18.6
78.6
\n
Contracted rates USD / EUR
\n
1.31
1.26-1.31
\n
- Euro sales
\n
831.8
(715.9)
\n
Contracted rates EUR / GBP
\n
0.98 - 1.13
0.99-1.08
\n
Included within finance income, classified within fair
\n
value adjustment to derivatives, is a gain on fair value
\n
of unhedged forward contracts, written currency option
\n
contracts and swaps of \u00a326.0m (FY22: loss of \u00a328.9m).
\n
At 30 April 2023, \u00a316.3m of unhedged purchase contracts
\n
had a maturity at inception of greater than 12 months
\n
(FY22: \u00a378.6m purchase contracts) and \u00a3831.8m of
\n
unhedged sales had a maturity at inception of greater
\n
than 12 months (FY22: \u00a3715.9m of sales contracts).
\n
These contracts form part of the Treasury management
\n
activities, which incorporates the risk management
\n
strategy for areas that are not reliable enough in timing
\n
and amount to qualify for hedge accounting. This
\n
includes acquisitions, disposals of overseas subsidiaries,
\n
related working capital requirements, dividends and loan
\n
repayments from overseas subsidiaries and purchase
\n
and sale of overseas property. Written options carry
\n
additional risk as the exercise of the option lies with the
\n
purchaser. The options involve the Group receiving a
\n
premium on inception in exchange for accepting that
\n
risk and the outcome is that the bank may require the
\n
Group to sell Euros. However, the Group is satisfied that
\n
the use of options as a Treasury management tool is
\n
appropriate.
\n
FY23 value excludes short term swaps of USD/GBP of
\n
USD 70.0m, EUR/USD of EUR 27.0m and EUR/GBP of
\n
EUR 180m which were required for cash management
\n
purposes only (FY22: USD/GBP of USD 40m and EUR/
\nUSD of EUR 40m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f22366": { "value": "31.
TRADE AND OTHER PAYABLES
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Trade payables
\n
374.9
358.1
\n
Amounts owed to related undertakings
\n
0.2
0.1
\n
Other taxes including social security costs
\n
10.4
8.1
\n
Other payables
\n
95.9
102.0
\n
Accruals
\n
230.5
261.5
\n
711.9
729.8
\n
Included within other payables are amounts outstanding in respect of gift cards and vouchers of \u00a346.8m (FY22: \u00a342.6m).
\nThe Directors consider that the carrying amount of trade and other payables approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f22370": { "value": "30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Trade payables
\n
374.9
358.1
\n
Amounts owed to related undertakings
\n
0.2
0.1
\n
Other taxes including social security costs
\n
10.4
8.1
\n
Other payables
\n
95.9
102.0
\n
Accruals
\n
230.5
261.5
\n
711.9
729.8", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f22397": { "value": "32. ACQUISITIONS
Sportmaster
\n
On 16 May 2022 the Group acquired the entire share
\n
capital of leading Danish sport retailer Sportmaster
\n
Danmark ApS (\u2018Sportmaster\u2019) for cash consideration
\n
of \u00a30.9m which is deemed to be the fair value of the
\n
consideration. The acquisition will help to grow the
\n
Group\u2019s retail presence in Denmark. At the date of
\n
acquisition, included within Borrowings was \u00a315.3m
\n
owed by Sportmaster Danmark ApS to its parent
\n
company Sportmaster Operations PTE. Ltd. As part
\n
of the transaction, a debt transfer took place which
\n
transferred this loan to the Group which became the
\n
new lender and the fair value adjustment against
\n
borrowings relates to this. The fair value adjustment to
\n
intangible assets, property, plant & equipment assets,
\n
and inventory relates to management\u2019s assessment of
\n
the price that would be paid for the acquired assets in
\n
an orderly transaction between market participants at
\n
the acquisition date. The asset and liability values at
\n
acquisition are detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
5.0
(5.0)
-
\n
Right of use assets
\n
21.7
(3.5)
18.2
\n
Intangible assets
\n
2.4
(2.4)
-
\n
Inventories
\n
19.8
3.1
22.9
\n
Cash and cash equivalents
\n
2.1
-
2.1
\n
Trade and other receivables
\n
9.2
-
9.2
\n
Trade and other payables
\n
(22.9)
(7.0)
(29.9)
\n
Borrowings
\n
(22.3)
22.3
-
\n
Lease liability
\n
(21.6)
-
(21.6)
\n
Provisions
\n
(2.3)
-
(2.3)
\n
Goodwill
\n
-
2.3
2.3
\n
Net (liabilities) /
\n
assets acquired
\n
(8.9)
9.8
0.9
\n
Transaction costs for the acquisition of Sportmaster
\n
totalled \u00a30.3m.
\n
Missguided
\n
On 1 June 2022 the Group acquired certain intellectual
\n
property, freehold property and inventory of the
\n
online women\u2019s fashion retailer Missguided Limited (in
\n
administration), Mennace Limited (in administration) and
\n
Missguided (IP) Limited for \u00a330.8m which is deemed to
\n
be the fair value of the consideration. The acquisition
\n
will add additional expertise to the Group\u2019s digital
\n
women\u2019s fashion offering. Goodwill represents the
\n
premium associated with the future brand value and
\n
the assembled workforce. The fair value adjustments
\n
to intangible assets, property, plant & equipment, and
\n
inventory relate to management\u2019s assessment of the
\n
price that would be paid for the acquired assets in an
\n
orderly transaction between market participants at
\n
the acquisition date. The asset and liability values at
\n
acquisition are detailed below. The intangible assets
\n
acquired relate to the IP/Brand.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
4.4
1.6
6.0
\n
Intangible assets
\n
-
11.7
11.7
\n
Inventories
\n
17.0
(12.2)
4.8
\n
Goodwill
\n
-
8.3
8.3
\n
Net assets acquired
\n
21.4
9.4
30.8
\n
Transaction costs for the acquisition of Missguided
\n
totalled \u00a30.2m.
\n
\n
I Saw It First
\n
On 28 July 2022 the Group acquired the entire share
\n
capital of online fashion retailer I Saw It First Limited
\n
for cash consideration of \u00a31. At the date of acquisition,
\n
I Saw It First Limited owed \u00a313.0m to its shareholders.
\n
As part of the transaction, a debt transfer took place
\n
which transferred this loan to the Group which became
\n
the new lender and the fair value adjustment against
\n
borrowings relates to this. The acquisition will add
\n
additional expertise to the Group\u2019s digital women\u2019s
\n
fashion offering. The asset and liability values at
\n
acquisition are detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
0.7
-
0.7
\n
Inventories
\n
5.0
-
5.0
\n
Cash and cash equivalents
\n
1.8
-
1.8
\n
Trade and other receivables
\n
1.2
-
1.2
\n
Trade and other payables
\n
(9.2)
-
(9.2)
\n
Borrowings
\n
(13.0)
13.0
-
\n
Goodwill
\n
-
0.5
0.5
\n
Net (liabilities) / assets
\n
acquired
\n
(13.5)
13.5
-
\n
Transaction costs for the acquisition of I Saw It First
\n
totalled \u00a30.2m.
\n
Mysale
\n
On 17 August 2022 the Group made a cash offer to
\n
acquire the entire issued and to be issued ordinary
\n
share capital of Mysale Group plc (\u2018Mysale\u2019) not already
\n
held by Frasers Group at a price of 2 pence per MySale
\n
share. On 26 September 2022 the Group announced
\n
that the offer had become a mandatory cash offer
\n
and on 18 October 2022 the mandatory offer became
\n
unconditional. The deadline for acceptance of the offer
\n
was 1 November 2022 and at that date the Group owned
\n
or had received valid acceptances in respect of 95.35%
\n
of Mysale\u2019s issued share capital. The shareholding
\n
passed 50% on 13 October 2022 and at the period
\n
end the Group held 99.96% of Mysale\u2019s issued share
\n
capital. Therefore, it has been treated as a subsidiary
\n
and consolidated in the results of Frasers Group Plc with
\n
the acquisition date being treated as 13 October 2022.
\n
Total consideration paid was \u00a320.8m. \u00a310.4m of his had
\n
been paid at acquisition with a liability being recognised
\n
for the remaining 50% - this has been fully paid up
\n
since the half year. The acquisition will accelerate the
\n
Group\u2019s global growth strategy, enhance its operational
\n
capabilities and its offering to consumers and provide
\n
a platform from which to explore further opportunities
\n
for investment in retail opportunities in Australia and the
\n
surrounding regions. Goodwill represents the premium
\n
associated with the future domain reputation, the ability
\n
of the Company to develop future software technology,
\n
and the assembled workforce. The fair value adjustment
\n
to intangible assets relates to management\u2019s assessment
\n
of the price that would be paid for the acquired assets
\n
in an orderly transaction between market participants
\n
at the acquisition date. The asset and liability values at
\n
acquisition are detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
1.0
(0.2)
0.8
\n
Right of use assets
\n
1.3
-
1.3
\n
Intangible assets
\n
12.9
(12.9)
-
\n
Inventories
\n
2.3
0.8
3.1
\n
Cash and cash equivalents
\n
1.7
-
1.7
\n
Trade and other receivables
\n
1.7
-
1.7
\n
Trade and other payables
\n
(10.1)
-
(10.1)
\n
Lease liability
\n
(2.2)
-
(2.2)
\n
Goodwill
\n
-
24.5
24.5
\n
Net assets acquired
\n
8.6
12.2
20.8
\n
Transaction costs for the acquisition of Mysale
\n
totalled \u00a30.3m.
\n
Sneakerboy
\n
On 23 September 2022 the Group acquired the trade and
\n
assets of Sneakerboy PTY Limited for cash consideration
\n
of \u00a31.0m. The acquisition is part of the Group\u2019s global
\n
growth strategy for luxury footwear. The asset and
\n
liability values at acquisition are detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Inventories
\n
1.0
-
1.0
\n
Net assets acquired
\n
1.0
-
1.0
\n
Transaction costs for the acquisition of Sneakerboy
\n
totalled \u00a30.4m.
\n
Coventry Arena
\n
On 17 November 2022 the Group acquired the trade
\n
and assets of Arena Coventry (2006) Limited, Arena
\n
Coventry Limited and IEC Experience Limited for
\n
cash consideration of \u00a315.8m. The acquisition shows
\n
our commitment to the Coventry area further to our
\n
investment in a site, subject to planning, for a new
\n
delivery centre and campus at Ansty.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
15.8
-
15.8
\n
Net assets acquired
\n
15.8
-
15.8
\n
Transaction costs for the acquisition of Coventry Arena
\n
totalled \u00a32.2m.
\n
\n
Gieves & Hawkes
\n
On 24 November 2022 the Group acquired the trade
\n
and assets of Gieves & Hawkes Limited, Gieves
\n
Limited, Gieves and Hawkes International (BVI) Limited
\n
and Gieves & Hawkes International Limited for cash
\n
consideration of \u00a31.3m. The acquisition adds to our
\n
portfolio of strategic investments in luxury and premium
\n
brands. The asset and liability values at acquisition are
\n
detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Inventories
\n
0.9
0.4
1.3
\n
Net assets acquired
\n
0.9
0.4
1.3
\n
Transaction costs for the acquisition of Gieves & Hawkes
\n
totalled \u00a30.2m.
\n
Amara
\n
On 30 November 2022 the Group acquired the
\n
trade and assets of Amara Living Limited for cash
\n
consideration of \u00a32.0m. The acquisition will build on our
\n
ambitions to create a credible homeware destination for
\n
Flannels. The asset and liability values at acquisition are
\n
detailed below.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Inventories
\n
4.2
-
4.2
\n
Non-controlling interests
\n
-
(1.3)
(1.3)
\n
Bargain purchase
\n
-
(0.9)
(0.9)
\n
Net assets acquired
\n
4.2
(2.2)
2.0
\n
Transaction costs for the acquisition of Amara
\n
totalled \u00a30.4m.
\n
The bargain purchase of \u00a30.9m is as a result of the
\n
administration of Amara, the amount has been
\n
recognised within Selling, distribution and administrative
\n
expenses in the period.
\n
The non-controlling interests of \u00a31.3m has been measured
\n
at its proportionate share of the recognised amount of
\n
the identifiable net assets at the acquisition date.
\n
Premium Fashion Brands
\n
On 16 December 2022 the Group acquired the
\n
premium fashion brands Base Childrenswear, Choice,
\n
Clothingsites (including Brown Bag Clothing), Cricket,
\n
Giulio, Kids Cavern, Missy Empire, Nicholas Deakins,
\n
Pretty Green, Prevu Studio, Rascal Clothing, Tessuti
\n
(including Xile), Scotts, Watch Shop and Topgrade
\n
Sportswear (including Get The Label) by way of the
\n
acquisition of shares held by JD Sports and the transfer
\n
of all of the indebtedness owing to JD by the Businesses,
\n
by, and to, subsidiaries of Frasers Group.
\n
Completion of the acquisition of eight of the Businesses
\n
and the debt took place on exchange on 16 December
\n
2022. Completion of the acquisition of Cricket, Tessuti
\n
Scotts, Giulio and Choice took place on 8 February
\n
2023. Completion of the acquisition of fashion brand
\n
Topgrade Sportswear (including Get The Label) took
\n
place on 3 March 2023. The acquisition of the Rascal
\n
Clothing brand did not proceed. In addition, on 9 March
\n
2023 the acquisition of Woodlandslove Limited (Philip
\n
Browne) took place.
\n
The acquisition adds to our existing luxury and premium
\n
business.
\n
The cash consideration for the above companies
\n
totalled \u00a347.4m.
\n
Book
\n
Value
\n
Fair Value
\n
Adjustment
\n
Fair
\n
Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and equipment
\n
20.3
(20.3)
-
\n
Right of use assets
\n
37.3
(13.8)
23.5
\n
Intangible assets
\n
5.6
(5.6)
-
\n
Deferred tax asset
\n
0.9
-
0.9
\n
Inventories
\n
80.3
(6.9)
73.4
\n
Trade and other receivables
\n
7.5
-
7.5
\n
Prepayments
\n
7.0
-
7.0
\n
Cash and cash equivalents
\n
86.4
-
86.4
\n
Trade and other payables
\n
(45.2)
-
(45.2)
\n
Accruals
\n
(19.8)
-
(19.8)
\n
Provisions
\n
(0.8)
(2.9)
(3.7)
\n
Lease liability
\n
(39.5)
16.0
(23.5)
\n
Non-controlling interests
\n
-
(2.7)
(2.7)
\n
Bargain purchase
\n
-
(55.2)
(55.2)
\n
Net assets acquired
\n
140.0
(91.4)
48.6
\n
Transaction costs for the acquisition of the Premium
\n
fashion brands totalled \u00a31.7m.
\n
The bargain purchase of \u00a355.2m has been recognised
\n
within exceptional items in the period.
\n
The non-controlling interests of \u00a32.7m has been
\n
measured at its proportionate share of the
\n
recognised amount of the identifiable net assets at
\n
the acquisition date.
\n
Total transaction costs across all acquisitions totalled
\n
\u00a35.9m, the amount has been recognised within Selling,
\n
distribution and administrative expenses in the period.
\n
\n
Summary of FY23 acquisitions
\n
The following table summarises the fair values of
\n
consideration paid:
\n
Cash
\n
consideration
\n
(\u00a3m)
\n
Sportmaster
\n
0.9
\n
Missguided
\n
30.8
\n
I Saw It First
\n
-
\n
Mysale
\n
20.8
\n
Sneakerboy
\n
1.0
\n
Coventry Arena
\n
15.8
\n
Gieves & Hawkes
\n
1.3
\n
Amara
\n
2.0
\n
Premium fashion brands
\n
47.4
\n
Total
\n
120.0
\n
The asset and liability values of all the acquisitions are
\n
summarised below.
\n
Fair values
\n
(\u00a3m)
\n
Property, plant and equipment
\n
23.3
\n
Right of use assets
\n
43.0
\n
Intangible assets
\n
11.7
\n
Deferred tax assets
\n
0.9
\n
Inventories
\n
115.7
\n
Cash and cash equivalents
\n
92.0
\n
Trade and other receivables
\n
19.6
\n
Prepayments
\n
7.0
\n
Trade and other payables
\n
(94.4)
\n
Accruals
\n
(19.8)
\n
Borrowings
\n
-
\n
Lease liability
\n
(47.3)
\n
Provisions
\n
(6.0)
\n
Non-controlling interests
\n
(4.0)
\n
Goodwill
\n
35.6
\n
Bargain purchase
\n
(56.1)
\n
Net assets acquired
\n
121.2
\n
Since the date of control, the following amounts have
\n
been included within the Group\u2019s Financial Statements
\n
for the period:
\n
Revenue
\n
Operating
\n
(loss)/profit
\n
(Loss)/Profit
\n
before tax
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Sportmaster
\n
86.5
(18.5)
(19.2)
\n
Missguided
\n
20.0
(21.6)
(21.6)
\n
I Saw It First
\n
12.4
(6.8)
(6.8)
\n
Mysale
\n
16.9
(1.1)
(1.1)
\n
Sneakerboy
\n
-
-
-
\n
Coventry Arena
\n
6.7
(3.5)
(4.4)
\n
Gieves & Hawkes
\n
2.1
(1.2)
(1.2)
\n
Amara
\n
3.2
(2.4)
(2.4)
\n
Premium fashion brands
\n
71.9
9.8
9.7
\n
Total
\n
219.7
(45.3)
(47.0)
\n
Had the acquisitions been included from the start of the
\n
period the following amounts would have been included
\n
within the Group\u2019s Financial Statements for the period:
\n
Revenue
\n
Operating
\n
loss
\n
Loss before
\n
tax
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Sportmaster
\n
94.4
(23.2)
(24.9)
\n
Missguided
\n
10.1
(1.8)
(21.8)
\n
I Saw It First
\n
13.1
(8.0)
(8.0)
\n
Mysale
\n
36.2
(3.6)
(3.6)
\n
Sneakerboy
\n
-
-
-
\n
Coventry Arena
\n
13.4
(7.0)
(7.0)
\n
Gieves & Hawkes
\n
3.6
(2.0)
(2.0)
\n
Amara
\n
5.5
(5.6)
(5.6)
\n
Premium fashion brands
\n
288.2
(11.6)
(13.7)
\n
Total
\n
464.5
(62.8)
(86.6)
\n
There were no contingent liabilities acquired as a result
\n
of the above transactions.
\n
\n
Reconciliation of net cash outflow from investing activities:
\n
Cash
\n
consideration
\n
Fair value of
\n
cash and cash
\n
equivalents
\n
acquired
\n
Purchase of
\n
subsidiaries, net of
\n
cash acquired
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Sportmaster
\n
0.9
2.1
(1.2)
\n
Missguided
\n
30.8
-
30.8
\n
I Saw It First
\n
-
1.8
(1.8)
\n
Mysale
\n
20.8
1.7
19.1
\n
Sneakerboy
\n
1.0
-
1.0
\n
Coventry Arena
\n
15.8
-
15.8
\n
Gieves & Hawkes
\n
1.3
-
1.3
\n
Amara
\n
2.0
-
2.0
\n
Premium fashion brands
\n
47.4
86.4
(39.0)
\n
Total
\n
120.0
92.0
28.0
\n
Summary of FY22 acquisitions
\n
i.
On 24 February 2022, the Group acquired 100% of
\n
the share capital and voting rights of Studio Retail
\n
Limited (SRL) and certain other assets of Studio
\n
Retail Group plc (in administration) (SRG) for cash
\n
consideration of \u00a328.3m which is deemed to be
\n
the fair value of the consideration. SRL is a digital
\n
value retailer with a broad product offering and the
\n
ability to provide customers a range of payment
\n
options including a flexible credit facility. As part of
\n
the transaction, SRG assigned its liabilities held to
\n
its lending banks under its revolving credit facilities
\n
to SRL. A debt transfer took place which transferred
\n
this revolving credit facility debt from the lending
\n
banks to Frasers Group Plc which became the
\n
new lender. The fair value adjustment to intangible
\n
assets and inventory relates to management\u2019s
\n
assessment of the price that would be paid for the
\n
acquired assets in an orderly transaction between
\n
market participants at the acquisition date, as well
\n
as the recognition of a customer related intangible.
\n
The fair value adjustment to property, plant and
\n
equipment relates to management\u2019s assessment
\n
of the fair value of the buildings acquired as part
\n
of the acquisition and which are recognised on the
\n
balance sheet of the Frasers Group Plc company.
\n
The fair value adjustment relating to borrowings
\n
relates to the acquisition by Frasers Group Plc of
\n
the liabilities held between SRG and the lending
\n
banks under its revolving credit facilities which
\n
SRG assigned to SRL. Acquisition related costs of
\n
\u00a30.4m are included in administrative expenses in the
\n
Consolidated Income Statement and in cash flows
\n
from operating activities in the Consolidated Cash
\n
Flow Statement.
\n
ii.
During FY22, the Group acquired the entire
\n
share capital of Bob Woolmer Sales Limited for
\n
consideration of \u00a32.5m.
\n
The asset and liability values at acquisition are detailed
\n
below. In FY22 we reviewed the fair value of the assets
\n
and liabilities acquired which were deemed to be
\n
provisional given the judgemental nature of some of the
\n
balances. The following table summarises the fair values
\n
of consideration paid:
\n
Studio Retail
\n
Limited
Other
\n
(\u00a3m)
(\u00a3m)
\n
Cash consideration
\n
28.3
2.5
\n
28.3
2.5
\n
\n
Studio Retail Limited
Other
\n
Book Value
\n
Fair Value
\n
Adjustment
Fair Value
Book Value
\n
Fair Value
\n
Adjustment
Fair Value
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Property, plant and
\n
equipment
\n
12.5
7.0
19.5
-
-
-
\n
Intangible assets
\n
12.6
(6.9)
5.7
-
-
-
\n
Inventories
\n
56.4
7.6
64.0
0.4
-
0.4
\n
Cash and cash equivalents
\n
29.8
-
29.8
0.8
-
0.8
\n
Retirement benefit
\n
obligations
\n
27.3
-
27.3
-
-
-
\n
Credit customer
\n
receivables
\n
383.0
-
383.0
-
-
-
\n
Allowance for expected
\n
credit losses
\n
(129.0)
-
(129.0)
-
-
-
\n
Deferred tax balances
\n
27.2
(1.1)
26.1
-
-
-
\n
Borrowings
\n
(253.3)
21.3
(232.0)
-
-
-
\n
Other working capital
\n
(90.9)
(90.9)
-
-
-
\n
Lease liability
\n
(18.2)
-
(18.2)
-
-
-
\n
Provisions
\n
(52.2)
-
(52.2)
-
-
-
\n
Goodwill
\n
-
-
-
-
1.3
1.3
\n
Bargain purchase
\n
-
(4.8)
(4.8)
-
-
-
\n
Net assets acquired
\n
5.2
23.1
28.3
1.2
1.3
2.5
\n
The bargain purchase of \u00a34.8m from the Studio Retail Limited acquisition is as a result of the administration of SRG,
\n
and the amount was recognised within cost of sales in FY22. The Goodwill arising on the other acquisitions of \u00a31.3m
\n
was impaired to \u00a3nil as at the prior period end with the impairment being recognised in Exceptional Items, see note
\n
6. Due to the nature of the credit facility offered by SRL to customers being a rolling facility, where new purchases
\n
are added to the account as they are incurred and payments being allocated against the total customer balance as
\n
received, the credit customer receivable and the IFRS 9 allowance for expected credit losses have been recognised
\n
gross at the acquisition date. The FY22 and FY23 analysis of this receivable balance and the IFRS 9 allowance for
\n
expected credit losses can be found at note 23.
\n
There were no contingent liabilities acquired as a result of the above transactions.
\n
Reconciliation of net cash outflow from investing activities for FY22:
\n
(\u00a3\u2019m)
\n
Studio Retail
\n
Limited
Other
Total
\n
(\u00a3m)
(\u00a3m)
(\u00a3m)
\n
Cash consideration
\n
(28.3)
(2.5)
(30.8)
\n
Fair value of cash and cash equivalent acquired
\n
29.8
0.8
30.6
\n
Purchase of subsidiaries, net of cash acquired
\n
1.5
(1.7)
(0.2)", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f23428": { "value": "33. CAPITAL COMMITMENTS
The Group had capital commitments of \u00a365.2m as at 30 April 2023 (24 April 2022: \u00a3145.0m) relating to warehouse
\nautomation, aircraft, other plant and machinery, and property purchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f23434": { "value": "34.
RELATED PARTY TRANSACTIONS
\n
The Group has taken advantage of the exemptions contained within IAS 24 - \u201cRelated Party Disclosures\u201d from the
\n
requirement to disclose transactions between Group companies as these have been eliminated on consolidation.
\n
The Group entered into the following material transactions with related parties:
\n
53 weeks ended 30 April 2023:
\n
Relationship
Sales
Purchases
\n
Trade
\n
and other
\n
receivables
\n
Trade
\n
and other
\n
payables
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Related Party
\n
Four (Holdings) Limited & subsidiaries
\n
(1)
\n
Associate
0.3
68.2
4.5
-
\n
Mash Holdings Limited
\n
Parent company
-
-
0.2
-
\n
Mike Ashley
\n
(2)
\n
Plc Director
2.6
-
-
-
\n
Rangers Retail Limited
\n
Associate
-
-
-
0.1
\n
Tymit Ltd
\n
Associate
-
2.1
-
-
\n
Reath SW Limited
\n
Connected
\n
persons
\n
-
0.6
-
0.1
\n
52 weeks ended 24 April 2022:
\n
Relationship
Sales
Purchases
\n
Trade
\n
and other
\n
receivables
\n
Trade
\n
and other
\n
payables
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
Related Party
\n
Four (Holdings) Limited & subsidiaries
\n
(1)
\n
Associate
2.6
63.7
24.0
-
\n
Mash Holdings Limited
\n
Parent company
-
-
0.2
-
\n
Mike Ashley
\n
(2)
\n
Plc Director
1.5
-
-
-
\n
N M Design London Limited
\n
Connected
\n
persons
\n
-
0.2
-
-
\n
Rangers Retail Limited
\n
Associate
-
-
-
0.1
\n
MM Prop Consultancy Limited & M.P.M Elevation Limited
\n
Connected
\n
persons
\n
-
21.0
-
-
\n
(1)
The outstanding balance with Four (Holdings) Limited reflects the funding related to Agent Provocateur. Management consider that the underlying results of Four (Holdings)
\n
Limited supports the recoverability of the receivables balance. The results of Four (Holdings) Limited are not material on the basis of net assets and profit before tax, subsequently
\n
detailed disclosures have not been presented under IFRS 12.
\n
(2)
Use of the Company jet and helicopter are charged at commercial rates.
\n
N M Design London Limited is a company in which Nicola Murray, Michael Murray\u2019s mother, is a director, who
\n
performs design work for the Group in relation to some of the Group\u2019s sites.
\n
The trade and other receivables balance with Four (Holdings) Limited includes an unsecured loan balance of \u00a337.5m
\n
(gross of \u00a333.2m (FY22: \u00a338.5m) recognised in respect of loss allowance) which attracts interest at SONIA + 2.5% within
\n
current assets (FY22: \u00a360.0m). This has been accounted for at amortised cost in accordance with IFRS 9. The carrying
\n
value has been determined by assessing the recoverability of the receivable balance, discounted at an appropriate
\n
market rate of interest. \u00a3nil was recognised in the period in respect of doubtful debts (FY22: \u00a3nil). Further disclosure can
\n
be found in note 23.
\n
The sales amount in relation to Four (Holdings) Limited relates to the interest charge on the loan and the purchases
\n
relate to the purchase of clothing products.
\n
Reath SW Limited is a company in which Robert Palmer, the Groups Company Secretary, is a director. Reath SW
\n
Limited provide professional services to the Group.
\n
\n
At the period end the Group does not have significant influence over but holds greater than 20% of the voting rights of
\n
Mulberry Group plc. The latest equity amounts and results are shown below:
\n
Mulberry Group plc
\n
Period ended
\n
1 April 2023
\n
(\u00a3m)
\n
Share capital
\n
3.0
\n
Share premium
\n
12.2
\n
Retained earnings
\n
38.1
\n
Total equity
\n
46.8
\n
Profit for the period
\n
12.9
\n
The Group does not consider it has the power to participate in the financial and operating policy decisions of Mulberry
\n
Group Plc and so management do not consider the Group to be able to exert significant influence as per IAS 28
\n
Investments in Associates and Joint Ventures and IAS 24 Related Party Disclosures.
\n
Key Management, Executive And Non-Executive Director Compensation
\n
24 April 2022
25 April 2021
\n
(\u00a3m)
(\u00a3m)
\n
Salaries and short-term benefits
\n
1.9
1.4
\n
Fair value charge for Executive Share Scheme (see note 25)
\n
1.5
0.8
\n
Total
\n
3.4
2.2
\n
Key management personnel are considered to be the
\n
directors and members of management who play
\n
a key part in the long term strategy and operations
\n
of the Group. Detailed remuneration disclosures are
\n
provided in the Directors\u2019 Remuneration Report in this
\n
annual report including Directors\u2019 shareholdings and
\n
share interests.
\n
On 1 May 2022 Michael Murray was appointed as
\n
CEO, prior to his appointment MM Prop Consultancy
\n
Limited and the Group finalised the terms on which
\n
any relevant prior consultancy services agreements
\n
terminated. The Board has completed its assessment
\n
of the unsettled value created by MM Prop
\n
Consultancy Limited to the Group in FY22, with the
\n
assistance of independent third-party experts.
\n
In FY22 MM Prop Consultancy Limited was entitled to
\n
up to 25% of any value created by services provided
\n
to the Group. MM Prop Consultancy Limited agreed
\n
to waive contractually due amounts, including part
\n
crediting previous payments under this agreement,
\n
such that the Group received a 40% discount as part
\n
of the finalisation and cessation of the consultancy
\n
agreement. The final payment made by the Group
\n
to MM Prop Consultancy Limited following the
\n
application of this discount is \u00a320.9m which was paid
\n
in the prior year.
\n
During FY21 the Group entered into an agreement
\n
with M.P.M Elevation Limited, a company owned and
\n
controlled by Michael Murray in relation to elevation
\n
strategy services. This agreement ended on 1 May
\n
2022 when Michael Murray became CEO of Frasers
\n
Group. M.P.M Elevation Limited was not paid in the
\n
year in relation to the provision of the elevation
\nstrategy services (FY22: \u00a30.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f23604": { "value": "Key Management, Executive And Non-Executive Director Compensation
24 April 2022
25 April 2021
\n
(\u00a3m)
(\u00a3m)
\n
Salaries and short-term benefits
\n
1.9
1.4
\n
Fair value charge for Executive Share Scheme (see note 25)
\n
1.5
0.8
\n
Total
\n
3.4
2.2
\n
Key management personnel are considered to be the
\n
directors and members of management who play
\n
a key part in the long term strategy and operations
\n
of the Group. Detailed remuneration disclosures are
\n
provided in the Directors\u2019 Remuneration Report in this
\n
annual report including Directors\u2019 shareholdings and
\n
share interests.
\n
On 1 May 2022 Michael Murray was appointed as
\n
CEO, prior to his appointment MM Prop Consultancy
\n
Limited and the Group finalised the terms on which
\n
any relevant prior consultancy services agreements
\n
terminated. The Board has completed its assessment
\n
of the unsettled value created by MM Prop
\n
Consultancy Limited to the Group in FY22, with the
\n
assistance of independent third-party experts.
\n
In FY22 MM Prop Consultancy Limited was entitled to
\n
up to 25% of any value created by services provided
\n
to the Group. MM Prop Consultancy Limited agreed
\n
to waive contractually due amounts, including part
\n
crediting previous payments under this agreement,
\n
such that the Group received a 40% discount as part
\n
of the finalisation and cessation of the consultancy
\n
agreement. The final payment made by the Group
\n
to MM Prop Consultancy Limited following the
\n
application of this discount is \u00a320.9m which was paid
\n
in the prior year.
\n
During FY21 the Group entered into an agreement
\n
with M.P.M Elevation Limited, a company owned and
\n
controlled by Michael Murray in relation to elevation
\n
strategy services. This agreement ended on 1 May
\n
2022 when Michael Murray became CEO of Frasers
\n
Group. M.P.M Elevation Limited was not paid in the
\n
year in relation to the provision of the elevation
strategy services (FY22: \u00a30.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f23684": { "value": "36.
POST BALANCE SHEET
\n
EVENTS
\n
On 30 May 2023 and 20 June 2023, the Group
\n
commenced share buyback programmes with the
\n
aggregate purchase price of all shares acquired
\n
under these programmes of no greater than \u00a370m
\n
each and the maximum number of shares that may
\n
be purchased under the programmes of 10m ordinary
\n
shares each. The purpose of the programmes was to
\n
reduce the share capital of the Company. 9,988,501
\n
ordinary shares at an average price of 6.93p each for
\n
consideration of \u00a369.2m were acquired through these
\n
programmes as at 26 July 2023.
\n
The Group has continued to increase its holdings
\n
across its strategic investments portfolio through the
\n
following transactions after the financial year:
\n
\u2022
The Group made several transactions to increase
\n
its holding in ASOS plc bringing the total direct
\n
shareholding to 10.6% as of 18 July.
\n
\u2022
On the 9 June, the Group announced its partnership
\n
with AO World and acquired a 18.9% holding in the
\n
entity for \u00a374m. The Group continued its investment
\n
on 26 June bringing the total ownership to 22.2%.
\n
\u2022
It was announced on 20 June that the Group
\n
acquired a 5% stake in Boohoo Group PLC
\n
having purchased 63,543,706 ordinary shares. The
\n
Group subsequently increased this holding to
\n
7.8% on 26 July.
\n
\u2022
It was announced on 26 July that the Group had
\n
increased its stake in N Brown PLC bringing total
\n
ownership to 19.0%.
\n
Studio Retail Limited changed its name to Frasers Group
\n
Financial Services on 31 May 2023.
\n
The Group increased its holding in Sports Direct
\n
Malaysia Sdn. Bhd. On 31 May 2023, bringing the total
\nownership to 75% for consideration of \u00a316.9m.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f23728": { "value": "37.
PENSIONS
\n
Defined contribution schemes
\n
The Group operates a defined contribution retirement
\n
benefit plan for all qualifying employees. The assets
\n
of the plan are held separately from those of the
\n
Group in funds under the control of trustees. The only
\n
obligation of the Group with respect to the retirement
\n
benefit plan is to make the specified contributions.
\n
The total expense recognised in the income statement
\n
of \u00a38.5m represents contributions payable at rates
\n
specified by the rules of the plan.
\n
Defined benefit schemes
\n
On 24 February 2022, as part of the acquisition of
\n
Studio Retail Limited (\u201cSRL\u201d), SRL became the sponsor
\n
of the Findel Group Pension Fund (\u201cThe Scheme\u201d)
\n
via a Deed of Amendment, Substitution, Waiver of
\n
Liability and Guarantee. Only the costs and liabilities
\n
associated with the Group section of the Scheme relate
\n
to SRL and as such, it is only assets and liabilities of
\n
the Group section that have been recognised in these
\n
consolidated financial statements. Frasers Group Plc has
\n
also guaranteed payments from Studio Retail Group
\n
plc (in administration) to the three other sections of the
\n
Scheme up to a maximum of \u00a3875,000.
\n
As part of the Deed of Amendment, Substitution,
\n
Waiver of Liability and Guarantee, a one off
\n
contribution of \u00a32.0m was made to the Scheme by
\n
SRL. Of this amount, \u00a31.2m is held by the Scheme but
\n
is unallocated by the administrator. This amount has
\n
therefore been shown within the cash position of the
\n
Group section of the Scheme.
\n
On 11 March 2022, the Trustee signed a full buy-in
\n
contract (i.e., a policy to cover all members\u2019 benefits
\n
in the four sections of the Scheme) with Standard Life.
\n
This insurance policy allows the pension scheme to
\n
have assets that broadly match the benefits paid by
\n
the Scheme. However, SRL retains responsibility for the
\n
Group section of the Scheme until it is fully transferred
\n
to Standard Life. The contract includes the potential to
\n
convert the policy to a full buy-out at an unspecified
\n
point in the future. However, this is expected to only
\n
happen if a number of conditions included in the
\n
contract are met, based on the insurer\u2019s requirements
\n
and a formal request from the Trustee and therefore is
\n
not a certainty. The buy-in has therefore been treated
\n
as an investment decision for accounting purposes,
\n
with the associated remeasurement of plan assets
\n
recognised through Other Comprehensive Income
\n
(\u201cOCI\u201d).
\n
Following the Deed of Amendment, Substitution, Waiver
\n
of Liability and Guarantee and the buy-in, no further
\n
contributions to the scheme are anticipated.
\n
\n
The last funding valuation of the Scheme was undertaken at 5 April 2019 and recorded a surplus of \u00a31,477,000 in
\n
respect of the Group section. The Scheme is administered by Barnet Waddingham LLP.
\n
The latest full actuarial valuation has been updated for IAS 19 purposes to 30 April 2023 by PricewaterhouseCoopers
\n
LLP (\u201cPwC\u201d) using the assumptions detailed below. The results of the IAS 19 valuation are summarised as follow:
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Fair value of the scheme assets
\n
67.6
89.0
\n
Present value of the funded obligations
\n
(66.8)
(86.8)
\n
Surplus in the scheme
\n
0.8
2.2
\n
Plan assets
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Plan assets comprise:
\n
Annuities
\n
65.0
84.8
\n
Cash
\n
2.6
4.2
\n
Total
\n
67.6
89.0
\n
Movement in the present value of defined benefit obligations
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
At beginning of the period
\n
(86.8)
(93.2)
\n
Interest cost
\n
(2.6)
(0.4)
\n
Effect of changes in demographic assumptions
\n
0.5
0.1
\n
Effect of changes in financial assumptions
\n
20.3
5.7
\n
Effect of experience adjustments
\n
(3.6)
(0.4)
\n
Benefits paid
\n
5.4
1.4
\n
At end of the period
\n
(66.8)
(86.8)
\n
Movement in the fair value of plan assets
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
At beginning of the period
\n
89.0
120.5
\n
Scheme expenses
\n
(0.9)
(0.4)
\n
Interest on assets
\n
2.6
0.5
\n
Remeasurements
\n
(17.7)
(32.2)
\n
Employer contributions
\n
-
2.0
\n
Benefits paid
\n
(5.4)
(1.4)
\n
At end of the period
\n
67.6
89.0
\n
Movement in the pension surplus
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Surplus at beginning of the period
\n
2.2
27.3
\n
Scheme expenses
\n
(0.9)
(0.4)
\n
Net interest income
\n
-
0.1
\n
Remeasurements
\n
(0.5)
(26.8)
\n
Employer contributions
\n
-
2.0
\n
Surplus at end of the period
\n
0.8
2.2
\n
\n
Expense recognised in the Consolidated Income Statement
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
(i) Included within administrative expenses
\n
Scheme expenses
\n
(0.9)
(0.4)
\n
(ii) Included within finance income
\n
Net interest income
\n
-
0.1
\n
Amounts recognised in other comprehensive income
\n
30 April 2023
24 April 2022
\n
(\u00a3m)
(\u00a3m)
\n
Total remeasurements
\n
(0.5)
(26.8)
\n
Actuarial Assumptions
\n
The following are the principal actuarial assumptions at the reporting date:
\n
30 April 2023
24 April 2022
\n
Financial Assumptions
\n
Discount rate for scheme liabilities
\n
4.90%
3.00%
\n
RPI Price Inflation
\n
3.25%
3.70%
\n
CPI Price Inflation (Pre-2030 / Post-2030)
\n
2.25% / 3.25%
2.70% / 3.70%
\n
Rate of increase to pensions in payment in line with RPI inflation (up to 5% per annum)
\n
2.15%
2.50%
\n
Rate of increase to pensions in payment in line with CPI inflation (up to 5% per annum)
\n
2.7%
3.15%
\n
Rate of increase to deferred pensions
\n
2.75%
3.20%
\n
Post retirement mortality (in years)
\n
Current pensioners at 65 - male
\n
86.3yrs
86.6yrs
\n
Current pensioners at 45 - male
\n
87.5yrs
87.9yrs
\n
Current pensioners at 65 - female
\n
88.2yrs
88.4yrs
\n
Current pensioners at 45 - female
\n
89.6yrs
89.8yrs
\n
Demographic Assumptions
\n
Cash Commutation (members taking cash lump sum)
\n
60%
60%
\n
Proportion of members that are married at retirement
\n
70%
70%
\n
The duration, or average term to payment for the benefits due weighted by liability, is around 12 years.
\n
\n
Risks
\n
Inflation
\n
In projecting the expected future benefit payments,
\n
assumptions are made regarding future price inflation.
\n
There is a risk that the actual rate of inflation will be
\n
higher than assumed which will increase the cost of
\n
providing the benefits and thus the liability. This would
\n
result in additional contributions being required and a
\n
deterioration in the solvency position unless investment
\n
returns are similarly higher than expected.
\n
Mortality
\n
It is not possible to predict with any certainty how
\n
long members of the Scheme will live, and if members
\n
live longer than expected, additional contributions
\n
will be required and the Scheme\u2019s solvency position
\n
will deteriorate.
\n
Managing risk
\n
To manage the risks of the Scheme, TPIE exercises were
\n
carried out during 2015 and 2016, which resulted in a
\n
number of members transferring out of the Scheme. The
\n
TPIE option has now been embedded within the scheme.
\n
IFRIC 14
\n
IFRIC 14 is an interpretation relating to IAS 19 that covers
\n
whether pension scheme surpluses can be recognised
\n
on the balance sheet. Based on the circumstances of the
\n
Fund and in line with the prior period, management do
\n
not believe that IFRIC 14 impacts the IAS 19 results since
\n
the Company has a right to a refund of surplus assets
\n
at some point in the future, and as such have not made
\n
any adjustments to the results.
\n
Funding
\n
The Scheme is funded by the Group. During the current
\n
period, the company contributed \u00a3nil to the scheme.
\n
The Group expects to make contributions of \u00a3nil in the
\n
financial period ended April 2024.
\n
The following table shows the expected future benefit
\n
payments for the Findel Group Pension Fund:
\n
Future benefit payments
(\u00a3m)
\n
2023 - 2032
\n
39.0
\n
2033 \u2013 2042
\n
42.8
\n
2043 \u2013 2052
\n
24.5
\n
2053 \u2013 2062
\n
17.3
\n
2063 \u2013 2072
\n
3.0
\n
2073 \u2013 2082
\n
0.1
\n
2083 \u2013 2092
\n
-
\n
After 2093
\n
-
\n
Total
\n126.7", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f24079": { "value": "38. SUBSIDIARY UNDERTAKINGS
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
18Montrose Retail Limited
Shirebrook
\n
(1)
\n
11577636
100
\n
2CARE4 LIMITED*
Church Bridge House, Henry Street, Accrington, BB5 4EE
\n
3806485
100
\n
Activator Brands Limited
Shirebrook
\n
(1)
\n
5344658
100
\n
Activator Products Limited
Shirebrook
\n
(1)
\n
4204611
100
\n
Active Apparel New Corp
\n
Cogency Global Inc. 850 New Burton Road Suite 201, Dover,
\n
Kent, 19904
\n
3270168
100
\n
Alpha Developments Stockport Ltd
Shirebrook
\n
(1)
\n
12662564
100
\n
Amara Retail Limited
Shirebrook
\n
(1)
\n
12299584
100
\n
AP Brands Holdings Sdn Bhd
\n
Lot G1.PT.10A Sunway Pyramid Shopping Mall No. 3,
\n
Jalan PJS , Malaysia
\n
196301000009 4921-A
100
\n
AS Sportland International Group
Parnu mnt 139c, Kesklinna, Tallinn, 11317, Estonia
\n
10993195
60
\n
Base Childrenswear Limited
Shirebrook
\n
(1)
\n
8297599
100
\n
Bellatrix Associates Limited
\n
Clinch's House, Lord Street, Douglas, Isle of Man, IM99 1RZ,
\n
Isle of Man
\n
111671C
100
\n
Bellatrix Overseas Limited
\n
Clinch's House, Lord Street, Douglas, Isle of Man, IM99 1RZ,
\n
Isle of Man
\n
128827c
100
\n
Bellatrix Unlimited
\n
Clinch's House, Lord Street, Douglas, Isle of Man, IM99 1RZ,
\n
Isle of Man
\n
111670C
100
\n
Brands & Fashion N.V.
Leopoldstraat, nr. 79, 2800 Mechelen, Belgium
\n
0477.995.412
100
\n
Brands 001 Limited
Shirebrook
\n
(1)
\n
5347540
100
\n
Brands Holdings Limited*
Shirebrook
\n
(1)
\n
4087435
100
\n
Brands Holdings Sponsorship Limited
Shirebrook
\n
(1)
\n
10375418
100
\n
BSL International Limited
Shirebrook
\n
(1)
\n
2800425
100
\n
Cacifo - Comercio de Artigos de
\n
Des-portos S.A.
\n
Via Central de Milheiros no 121, 4475-334, Frguesia de Milherios,
\n
Concelho da Maia, Porto, Portugal
\n
503.751.804
100
\n
Cafe Clo Limited
Shirebrook
\n
(1)
\n
13641982
100
\n
Campri Limited
Shirebrook
\n
(1)
\n
5398677
100
\n
Cardinal Investments S.L
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88542766
100
\n
Carlton Sports Company Limited
Shirebrook
\n
(1)
\n
467686
100
\n
Catchbest Limited
Shirebrook
\n
(1)
\n
2611299
100
\n
Catriona Investments S.L
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88542683
100
\n
CDS-IP SA
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
458.883.046
100
\n
Choice Limited
Shirebrook
\n
(1)
\n
2812899
100
\n
Choice 33 Limited
Shirebrook
\n
(1)
\n
6344682
100
\n
Clothingsites Holdings Limited
Shirebrook
\n
(1)
\n
10075381
100
\n
Clothingsites.co.uk Limited
Shirebrook
\n
(1)
\n
4432380
100
\n
Criminal Clothing Ltd.
Shirebrook
\n
(1)
\n
4184750
100
\n
Cruise Clothing Limited
\n
Martin House, 184 Ingram Street, Glasgow, Scotland, G1 1DN,
\n
United Kingdom
\n
SC382991
100
\n
Curlina Investments S.L
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88415369
100
\n
Dantra Limited
Shirebrook
\n
(1)
\n
3126490
100
\n
Donnay International NV
Leopoldstraat nr 79, 2800 Mechelen, Belgium
\n
BE 0435 392 220
100
\n
Eastchance Limited
\n
Unit 1714, 17/F, Miramar Tower, 132 Nathan Road, Tsim Sha Tsui,
\n
Kowloon, Hong Kong
\n
174348
100
\n
Epoch Properties Limited
First Floor, La Chasse Chambers, St Helier, JE2 4UE, Jersey
\n
74753
100
\n
Etail Services Limited
Shirebrook
\n
(1)
\n
5146997
100
\n
Evans Cycles Brands Limited
Shirebrook
\n
(1)
\n
11634915
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
Evans Cycles Limited
Shirebrook
\n
(1)
\n
11577650
100
\n
Everlast Australia Limited
Shirebrook
\n
(1)
\n
8103912
100
\n
EVERLAST SPORTS INTERNATIONAL INC
Everlast 42 West 39th St. 3rd floor New York, New York, 10018
\n
364696
100
\n
Everlast Sports MFG. CORP.
\n
Corporation Service Company, 80 State Street, Albany,
\n
New York, 122207-2543-USA
\n
57121
100
\n
Everlast World's Boxing Headquarters Corp
42 W 39th Street, 3rd Floor, New York, NY 10018, USA
\n
13-1804773
100
\n
Everlast Worldwide Inc
42 W 39th Street, 3rd Floor, New York, NY 10018, USA
\n
13-3672716
100
\n
FG (AF Holdings) Limited*
Shirebrook
\n
(1)
\n
13281983
100
\n
FG USA Trade Group Limited
Shirebrook
\n
(1)
\n
13216390
100
\n
Firetrap Limited
Shirebrook
\n
(1)
\n
6836684
100
\n
Forever Media Limited*
Shirebrook
\n
(1)
\n
8249185
100
\n
Forever Sports Limited
Shirebrook
\n
(1)
\n
9489811
100
\n
Frasers Group (European Holdings) Limited*
Shirebrook
\n
(1)
\n
12903845
100
\n
Frasers Group Asia SDN.BHD.
\n
LEVEL 15-2, BANGUNAN FABER IMPERIAL COURT, JALAN
\n
SULTAN ISMAIL, 50250 WILAYAH PERSEKUTUAN,
\n
KUALA LUMPUR, Malaysia
\n
201901040821
\n
1350151-U
\n
51
\n
Frasers Group Credit Broking Limited
Shirebrook
\n
(1)
\n
14606004
100
\n
Frasers Group F&B JV Limited
Shirebrook
\n
(1)
\n
12298852
100
\n
Frasers Group Financial Services Limited*
Shirebrook
\n
(1)
\n
13191369
100
\n
Frasers Group Holdings Australia Pty Ltd*
5 ATTADALE COURT, ELANORA QLD 4221, Australia
\n
661993844
100
\n
Frasers Group Loyalty Services Limited*
Shirebrook
\n
(1)
\n
13340837
100
\n
FRASERS RETAIL NIGERIA LIMITED
\n
RCO COURT 3-5, SINARI DARANIJO STREET, VICTORIA ISLAND,
\n
LAGOS STATE, Nigeria
\n
1799366
60
\n
Game AR Limited
Shirebrook
\n
(1)
\n
10142852
100
\n
Game Belong Limited
Shirebrook
\n
(1)
\n
12794477
100
\n
Game Digital Holdings Limited
Basingstoke
\n
(2)
\n
7893832
100
\n
Game Digital Limited*
Basingstoke
\n
(2)
\n
9040213
100
\n
Game Digital Solutions Limited
Basingstoke
\n
(2)
\n
9476209
100
\n
Game Retail Limited
Basingstoke
\n
(2)
\n
7837246
100
\n
Game Spain Holdings Limited
Basingstoke
\n
(2)
\n
10846702
100
\n
Game Spain Investments Limited
Basingstoke
\n
(2)
\n
10863881
100
\n
Game Stores Iberia SLU
\n
C/ Virgilio 7 - 9, Parcelas 12 - 13, Pozuelo de Alarcon,
\n
Madrid, Spain
\n
B81209751
100
\n
Gelert IP Limited
Shirebrook
\n
(1)
\n
8576185
100
\n
Gelert Limited
Shirebrook
\n
(1)
\n
8576204
100
\n
GetTheLabel.com Limited
Shirebrook
\n
(1)
\n
06330132
100
\n
Gieves & Hawkes Limited
Shirebrook
\n
(1)
\n
11689077
100
\n
Giulio Fashion Limited
Shirebrook
\n
(1)
\n
67898449
100
\n
Giulio Limited
Shirebrook
\n
(1)
\n
1631026
100
\n
Giulio Woman Limited
Shirebrook
\n
(1)
\n
6898487
100
\n
Golddigga Brands Limited
Shirebrook
\n
(1)
\n
6636173
100
\n
Gotay Investments SL
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88542709
100
\n
GRMNT Ltd
Shirebrook
\n
(1)
\n
11144039
100
\n
GT-Lines BV
Bert Haanstrakade 2, 1087DN, Amsterdam, Netherlands
\n
17117820
100
\n
Gul IP Limited
Shirebrook
\n
(1)
\n
8612478
100
\n
Gul Watersports Limited
Shirebrook
\n
(1)
\n
7589716
100
\n
Heatons (N.I.) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI035599
100
\n
Heatons Stores Limited
\n
Heaton House, IDA Business Park, Whitestown, Tallaght, Dublin,
\n
Ireland, D24E932, Ireland
\n
509525
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
Heatons Limited
\n
HEATON HOUSE , IDA BUSINESS PARK, WHITESTOWN,
\n
TALLAGHT, DUBLIN 24, Ireland
\n
11229
100
\n
Heaven or Hell Limited
Shirebrook
\n
(1)
\n
5899282
100
\n
HK Sports & Golf Aktiebolag
Eskilstorpsv 7, 269 96, B\u00e5stad, Sweden
\n
556510-8189
100
\n
HOF Ireland Stores Limited
\n
Heaton House, IDA Business Park, Whitestown, Tallaght, Dublin,
\n
Ireland, D24E932, Ireland
\n
626384
100
\n
Hot Tuna IP Limited
Shirebrook
\n
(1)
\n
6836792
100
\n
House of Fraser Brands Limited
Shirebrook
\n
(1)
\n
10687367
100
\n
House of Fraser Limited
Shirebrook
\n
(1)
\n
10686681
100
\n
Hugo Stores Limited
Shirebrook
\n
(1)
\n
11687276
100
\n
I SAW IT FIRST LIMITED
Shirebrook
\n
(1)
\n
10184572
100
\n
International Brand Management Limited*
Shirebrook
\n
(1)
\n
5142123
100
\n
Jack Wills IP Limited
Shirebrook
\n
(1)
\n
11775495
100
\n
Jack Wills Property Limited
Shirebrook
\n
(1)
\n
11775643
100
\n
Jack Wills Retail (Ireland) Limited
\n
HEATON HOUSE , IDA BUSINESS PARK, WHITESTOWN,
\n
TALLAGHT, DUBLIN 24, Ireland
\n
656208
100
\n
Jack Wills Retail Limited
Shirebrook
\n
(1)
\n
11634810
100
\n
James Lillywhites Limited
Shirebrook
\n
(1)
\n
118840
100
\n
Kangol Holdings Limited
Shirebrook
\n
(1)
\n
3317738
100
\n
Kangol Limited
Shirebrook
\n
(1)
\n
3343793
100
\n
Kangol LLC
\n
Corporation Service Ltd, 251 Little Falls Drive, Wilming-ton, New
\n
Castle, Delaware, 19808
\n
7004841
49
\n
Kangol Trustees Limited
Shirebrook
\n
(1)
\n
3505512
100
\n
Karrimor International Limited
\n
Aminaka Kudan Building 6/F, 1-14-17 Kudankita, Chiyoda-ku,
\n
Tokyo, 102-0073, Japan
\n
0100-01-012128
95
\n
Karrimor Limited
Shirebrook
\n
(1)
\n
5215974
100
\n
La Jolla (UK) Limited
Shirebrook
\n
(1)
\n
5737550
100
\n
Lillywhites Limited
Shirebrook
\n
(1)
\n
290939
100
\n
Liverpool F&B Limited
Shirebrook
\n
(1)
\n
13905094
100
\n
Lonsdale Australia Limited
Shirebrook
\n
(1)
\n
7665885
100
\n
Lonsdale Boxing Limited
Shirebrook
\n
(1)
\n
3912303
100
\n
Lonsdale Sports Limited
Shirebrook
\n
(1)
\n
4430781
100
\n
Lovell Sports (Holdings) Limited
Shirebrook
\n
(1)
\n
9608995
100
\n
Lovell Sports Limited
Shirebrook
\n
(1)
\n
4184358
100
\n
Lovells SP Limited
Shirebrook
\n
(1)
\n
8907509
100
\n
Masters Holders Limited
Shirebrook
\n
(1)
\n
8787718
100
\n
Missguided Retail Limited
Shirebrook
\n
(1)
\n
12298767
100
\n
Mississippi Manufacturing LLC
1209 Orange Street, Wilmington Newcastle County, Delaware
\n
3470413
100
\n
Missy Empire Limited
Shirebrook
\n
(1)
\n
11382398
100
\n
Muddyfox IP Limited
Shirebrook
\n
(1)
\n
10246764
100
\n
Muddyfox Limited
Shirebrook
\n
(1)
\n
4187350
100
\n
MySale Group Plc*
\n
Ogier House, The Esplanade, 44 Esplanade Street, Helier,
\n
JE4 9WG, Jersey
\n
115584
100
\n
MySale Group Trustee Limited
Shirebrook
\n
(1)
\n
10476058
100
\n
Nevica IP Limited
Shirebrook
\n
(1)
\n
6836778
100
\n
Nicholas Deakins Limited
Shirebrook
\n
(1)
\n
3201284
100
\n
No Fear Brand Limited
Shirebrook
\n
(1)
\n
5568043
100
\n
No Fear International Limited
Shirebrook
\n
(1)
\n
5532482
100
\n
No Fear USA limited
Shirebrook
\n
(1)
\n
7712470
100
\n
Old Brown Bag Clothing Limited
Shirebrook
\n
(1)
\n
4144718
100
\n
Olympus Ventures Limited
Shirebrook
\n
(1)
\n
3945752
100
\n
PG2019 Limited
Shirebrook
\n
(1)
\n
11628610
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
Prevu Studio Limited
Shirebrook
\n
(1)
\n
13473413
100
\n
Prima Designer Limited
Shirebrook
\n
(1)
\n
4781351
100
\n
Psyche Holdings Limited
Shirebrook
\n
(1)
\n
3438665
100
\n
Psyche Limited
Shirebrook
\n
(1)
\n
2844011
100
\n
Puffa IP Limited
Shirebrook
\n
(1)
\n
10910124
100
\n
Queensberry Boxing IP Limited
Shirebrook
\n
(1)
\n
7929363
100
\n
Quentin Investments S.L
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88542733
100
\n
R.D. Scott Limited
Shirebrook
\n
(1)
\n
1738894
100
\n
Republic IP Limited
Shirebrook
\n
(1)
\n
5635015
100
\n
Republic.com Retail Limited
Shirebrook
\n
(1)
\n
8248997
100
\n
Rhapsody Investments (Europe) S.A.
1 Cote d'Eich, L-1450, Luxembourg
\n
B21.608
100
\n
Runnel Limited
Shirebrook
\n
(1)
\n
9336830
100
\n
S&B Brands Limited
Shirebrook
\n
(1)
\n
5635585
100
\n
SD Equestrian Limited
Shirebrook
\n
(1)
\n
8692780
100
\n
SD Outdoor Limited
Shirebrook
\n
(1)
\n
8560260
100
\n
SDB2 S.A.
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
0848.964.388
100
\n
SDI (Aberdeen) Limited
Shirebrook
\n
(1)
\n
8512592
100
\n
SDI (Aberwystwyth) Limited
Shirebrook
\n
(1)
\n
2789996
100
\n
SDI (ACQCO 5) LIMITED
Shirebrook
\n
(1)
\n
10162904
100
\n
SDI (Ashford) Limited
Shirebrook
\n
(1)
\n
7848460
100
\n
SDI (Ashington) Limited
Shirebrook
\n
(1)
\n
7849231
100
\n
SDI (Ayr) Limited
Shirebrook
\n
(1)
\n
5528267
100
\n
SDI (Belfast) Limited
Shirebrook
\n
(1)
\n
9872471
100
\n
SDI (Berwick) Limited
Shirebrook
\n
(1)
\n
2739957
100
\n
SDI (Birkenhead) Limited
Shirebrook
\n
(1)
\n
7849198
100
\n
SDI (Bishop Auckland) Limited
Shirebrook
\n
(1)
\n
3004246
100
\n
SDI (Boucher Road) Limited
Shirebrook
\n
(1)
\n
13808700
100
\n
SDI (Brands 1) Limited
Shirebrook
\n
(1)
\n
11795958
100
\n
SDI (Brands 3) Limited
Shirebrook
\n
(1)
\n
12299567
100
\n
SDI (Brands 4) Limited
Shirebrook
\n
(1)
\n
12299515
100
\n
SDI (Bridgwater) Limited
Shirebrook
\n
(1)
\n
7852061
100
\n
SDI (Brighton) Limited
Shirebrook
\n
(1)
\n
12579780
100
\n
SDI (Brixton) Limited
Shirebrook
\n
(1)
\n
9127300
100
\n
SDI (Brook ROW) Limited
Shirebrook
\n
(1)
\n
9336806
100
\n
SDI (Brook UK) Limited
Shirebrook
\n
(1)
\n
9340379
100
\n
SDI (Burton) Limited
Shirebrook
\n
(1)
\n
8495632
100
\n
SDI (Cardiff Flannels) Limited
Shirebrook
\n
(1)
\n
10177359
100
\n
SDI (CARDIFF QS 2) LTD
Shirebrook
\n
(1)
\n
11227321
100
\n
SDI (Cardiff QS) Limited
Shirebrook
\n
(1)
\n
12578045
100
\n
SDI (Carlisle) Limited
Shirebrook
\n
(1)
\n
7851959
100
\n
SDI (Chatham) Limited
Shirebrook
\n
(1)
\n
6836679
100
\n
SDI (Cheshunt 2) Limited
Shirebrook
\n
(1)
\n
11775717
100
\n
SDI (Cheshunt) Limited
Shirebrook
\n
(1)
\n
11775599
100
\n
SDI (Clacton) Limited
Shirebrook
\n
(1)
\n
7852078
100
\n
SDI (Colchester) Limited
Shirebrook
\n
(1)
\n
5632790
100
\n
SDI (Corby) Limited
Shirebrook
\n
(1)
\n
10885672
100
\n
SDI (Cork) Limited
Shirebrook
\n
(1)
\n
11775763
100
\n
SDI (Coventry) Limited
Shirebrook
\n
(1)
\n
9680128
100
\n
SDI (Croydon) Limited
Shirebrook
\n
(1)
\n
14156557
100
\n
SDI (Darlington) Limited
Shirebrook
\n
(1)
\n
10915193
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI (Derby) Limited
Shirebrook
\n
(1)
\n
9310031
100
\n
SDI (Derry) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI653340
100
\n
SDI (Doncaster) Limited
Shirebrook
\n
(1)
\n
9888670
100
\n
SDI (Dundee 2) Ltd
Shirebrook
\n
(1)
\n
14155935
100
\n
SDI (Dundee) Limited
Shirebrook
\n
(1)
\n
9702004
100
\n
SDI (Dunfermline) Limited
Shirebrook
\n
(1)
\n
8483679
100
\n
SDI (East Ham) Limited
Shirebrook
\n
(1)
\n
9810378
100
\n
SDI (East Kilbride) Limited
Shirebrook
\n
(1)
\n
6656368
100
\n
SDI (Edinburgh) Limited
Shirebrook
\n
(1)
\n
10100990
100
\n
SDI (Enfield) Limited
Shirebrook
\n
(1)
\n
10086209
100
\n
SDI (Fulham) Limited
Shirebrook
\n
(1)
\n
7852037
100
\n
SDI (Gainsborough) Limited
Shirebrook
\n
(1)
\n
6338907
100
\n
SDI (Galashiels) Limited
Shirebrook
\n
(1)
\n
7852091
100
\n
SDI (Glasgow Argyle St) Ltd
Shirebrook
\n
(1)
\n
11227937
100
\n
SDI (Glasgow Frasers) Limited
Shirebrook
\n
(1)
\n
11531596
100
\n
SDI (Glasgow Ingram Street) Limited
Shirebrook
\n
(1)
\n
9925519
100
\n
SDI (Gloucester) Limited
Shirebrook
\n
(1)
\n
7852067
100
\n
SDI (Great Yarmouth) Limited
Shirebrook
\n
(1)
\n
11732687
100
\n
SDI (Hanley) Limited
Shirebrook
\n
(1)
\n
11228017
100
\n
SDI (Hastings) Limited
Shirebrook
\n
(1)
\n
8625893
100
\n
SDI (Hereford) Limited
Shirebrook
\n
(1)
\n
9888642
100
\n
SDI (Hofco) Limited
Shirebrook
\n
(1)
\n
8319960
100
\n
SDI (HoH Holdings) Limited
Shirebrook
\n
(1)
\n
10161592
100
\n
SDI (Hounslow) Limited
Shirebrook
\n
(1)
\n
10086218
100
\n
SDI (Hull) Limited
Shirebrook
\n
(1)
\n
9638564
100
\n
SDI (IPCO 150) Limited
Shirebrook
\n
(1)
\n
14479914
100
\n
SDI (Ipswich 2) Limited
Shirebrook
\n
(1)
\n
12578948
100
\n
SDI (Ipswich) Limited
Shirebrook
\n
(1)
\n
9788411
100
\n
SDI (Isle of Man) Limited
Shirebrook
\n
(1)
\n
9901745
100
\n
SDI (Jersey Holding) Limited
Shirebrook
\n
(1)
\n
10177028
100
\n
SDI (K Lynn) Limited
Shirebrook
\n
(1)
\n
10073076
100
\n
SDI (Keighley) Limited
Shirebrook
\n
(1)
\n
6260239
100
\n
SDI (Kendal) Limited
Shirebrook
\n
(1)
\n
6338918
100
\n
SDI (Kentish Town) Limited.
Shirebrook
\n
(1)
\n
9901702
100
\n
SDI (Kilmarnock) Limited
Shirebrook
\n
(1)
\n
7853433
100
\n
SDI (Kingston) Limited
Shirebrook
\n
(1)
\n
10915209
100
\n
SDI (Kirkcaldy) Limited
Shirebrook
\n
(1)
\n
7852097
100
\n
SDI (Leeds 2) Ltd.
Shirebrook
\n
(1)
\n
13808640
100
\n
SDI (Leeds) Limited
Shirebrook
\n
(1)
\n
9293515
100
\n
SDI (Leicester) Limited
Shirebrook
\n
(1)
\n
9127170
100
\n
SDI (Liverpool) Limited
Shirebrook
\n
(1)
\n
9888734
100
\n
SDI (Livingston) Ltd.
Shirebrook
\n
(1)
\n
14156550
100
\n
SDI (Lowestoft) Limited
Shirebrook
\n
(1)
\n
7852265
100
\n
SDI (LSL Holdings) Limited
Shirebrook
\n
(1)
\n
10161824
100
\n
SDI (Luton 2) Limited
Shirebrook
\n
(1)
\n
14570336
100
\n
SDI (Luton) Limited
Shirebrook
\n
(1)
\n
14570159
100
\n
SDI (Manchester Denton) Limited
Shirebrook
\n
(1)
\n
9127295
100
\n
SDI (Market Road) Limited
Shirebrook
\n
(1)
\n
10799247
100
\n
SDI (Middlesbrough 2) Ltd.
Shirebrook
\n
(1)
\n
13808704
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI (Middlesbrough) Limited
Shirebrook
\n
(1)
\n
10081909
100
\n
SDI (Nassau Street) Limited
Shirebrook
\n
(1)
\n
11227964
100
\n
SDI (Neath) Limited
Shirebrook
\n
(1)
\n
7853548
100
\n
SDI (Newark) Limited
Shirebrook
\n
(1)
\n
7853470
100
\n
SDI (Newcastle) Limited
Shirebrook
\n
(1)
\n
9127286
100
\n
SDI (Newport IOW) Ltd
Shirebrook
\n
(1)
\n
12578944
100
\n
SDI (Newport) Limited
Shirebrook
\n
(1)
\n
8679118
100
\n
SDI (Newquay) Limited
Shirebrook
\n
(1)
\n
10089800
100
\n
SDI (Newton Abbot) Limited
Shirebrook
\n
(1)
\n
6836666
100
\n
SDI (Newtownabbey) Limited
Shirebrook
\n
(1)
\n
9127266
100
\n
SDI (NFSK) Limited
Shirebrook
\n
(1)
\n
10919102
100
\n
SDI (Northampton) Limited
Shirebrook
\n
(1)
\n
7852272
100
\n
SDI (Northwich) Limited
Shirebrook
\n
(1)
\n
5656295
100
\n
SDI (Nottingham) Limited
Shirebrook
\n
(1)
\n
10100609
100
\n
SDI (Nuneaton) Limited
Shirebrook
\n
(1)
\n
7852249
100
\n
Coventry Arena OpCo Limited
Shirebrook
\n
(1)
\n
14479916
100
\n
SDI (Oswestry) Limited
Shirebrook
\n
(1)
\n
7852363
100
\n
SDI (Oxford Street) Limited
Shirebrook
\n
(1)
\n
10046080
100
\n
SDI (Penzance) Limited
Shirebrook
\n
(1)
\n
7852297
100
\n
SDI (Peterlee) Limited
Shirebrook
\n
(1)
\n
7852401
100
\n
SDI (Plymouth Flannels) Limited
Shirebrook
\n
(1)
\n
9127387
100
\n
SDI (Plymouth) Limited
Shirebrook
\n
(1)
\n
9470468
100
\n
SDI (Portsmouth) Limited
Shirebrook
\n
(1)
\n
12579294
100
\n
SDI (Propco 100) Limited
Shirebrook
\n
(1)
\n
11732700
100
\n
SDI (Propco 101) Limited
Shirebrook
\n
(1)
\n
11773466
100
\n
SDI (Propco 105) Limited
Shirebrook
\n
(1)
\n
11775597
100
\n
SDI (Propco 107) Limited
Shirebrook
\n
(1)
\n
11775706
100
\n
SDI (Propco 111) Limited
Shirebrook
\n
(1)
\n
11775722
100
\n
SDI (Propco 114) Limited
Shirebrook
\n
(1)
\n
12298708
100
\n
SDI (Propco 115) Limited
Shirebrook
\n
(1)
\n
12300052
100
\n
SDI (Propco 117) Limited
Shirebrook
\n
(1)
\n
12332456
100
\n
SDI (Propco 118) Limited
Shirebrook
\n
(1)
\n
12332859
100
\n
SDI (Propco 119) Limited
Shirebrook
\n
(1)
\n
12332862
100
\n
SDI (Propco 125) Limited
Shirebrook
\n
(1)
\n
12577378
100
\n
SDI (Propco 134) Limited
Shirebrook
\n
(1)
\n
9625631
100
\n
SDI (Propco 139) Limited
Shirebrook
\n
(1)
\n
13808689
100
\n
SDI (Propco 141) Limited
Shirebrook
\n
(1)
\n
13808701
100
\n
SDI (PROPCO 144) LIMITED
Shirebrook
\n
(1)
\n
14156232
100
\n
SDI (PROPCO 148) LIMITED
Shirebrook
\n
(1)
\n
14156546
100
\n
Coventry Arena Propco Limited
Shirebrook
\n
(1)
\n
14156565
100
\n
SDI (Propco 151) Limited
Shirebrook
\n
(1)
\n
14469756
100
\n
SDI (Propco 152) Limited
Shirebrook
\n
(1)
\n
14469758
100
\n
Tessuti Stores Limited
Shirebrook
\n
(1)
\n
14469753
100
\n
SDI (Propco 154) Limited
Shirebrook
\n
(1)
\n
14469755
100
\n
SDI (Propco 155) Limited
Shirebrook
\n
(1)
\n
14456686
100
\n
SDI (Propco 156) Limited
Shirebrook
\n
(1)
\n
14634903
100
\n
SDI (Propco 157) Limited
Shirebrook
\n
(1)
\n
14634777
100
\n
SDI (Propco 158) Limited
Shirebrook
\n
(1)
\n
14634781
100
\n
SDI (Propco 159) Limited
Shirebrook
\n
(1)
\n
14634987
100
\n
SDI (Propco 160) Limited
Shirebrook
\n
(1)
\n
14634974
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI (Propco 37) Limited
Shirebrook
\n
(1)
\n
11523343
100
\n
SDI (Propco 38) Limited
Shirebrook
\n
(1)
\n
11523424
100
\n
SDI (Propco 40) Limited
Shirebrook
\n
(1)
\n
11523489
100
\n
SDI (Propco 41) Limited
Shirebrook
\n
(1)
\n
11523621
100
\n
SDI (Propco 43) Limited
Shirebrook
\n
(1)
\n
11523609
100
\n
SDI (Propco 46 ) Limited
Shirebrook
\n
(1)
\n
11523748
100
\n
SDI (Propco 47) Limited
Shirebrook
\n
(1)
\n
11530370
100
\n
SDI (Propco 49) Limited
Shirebrook
\n
(1)
\n
11526115
100
\n
SDI (Propco 50) Limited
Shirebrook
\n
(1)
\n
11526182
100
\n
SDI (Propco 51) Limited
Shirebrook
\n
(1)
\n
11527237
100
\n
SDI (Propco 52) Limited
Shirebrook
\n
(1)
\n
11526972
100
\n
SDI (Propco 55) Limited
Shirebrook
\n
(1)
\n
11527303
100
\n
SDI (Propco 56) Limited
Shirebrook
\n
(1)
\n
11527382
100
\n
SDI (Propco 57) Limited
Shirebrook
\n
(1)
\n
11527500
100
\n
SDI (Propco 60) Limited
Shirebrook
\n
(1)
\n
11531386
100
\n
SDI (Propco 62) Limited
Shirebrook
\n
(1)
\n
11531444
100
\n
SDI (Propco 65) Limited
Shirebrook
\n
(1)
\n
11531532
100
\n
SDI (Propco 70) Limited
Shirebrook
\n
(1)
\n
11572933
100
\n
SDI (Propco 71) Limited
Shirebrook
\n
(1)
\n
11574887
100
\n
SDI (Propco 75) Limited
Shirebrook
\n
(1)
\n
11577256
100
\n
SDI (Propco 76) Limited
Shirebrook
\n
(1)
\n
11577617
100
\n
SDI (Propco 77) Limited
Shirebrook
\n
(1)
\n
11578164
100
\n
SDI (Propco 80) Limited
Shirebrook
\n
(1)
\n
11577670
100
\n
SDI (Propco 81) Limited
Shirebrook
\n
(1)
\n
11641123
100
\n
SDI (Propco 83) Limited
Shirebrook
\n
(1)
\n
11646302
100
\n
SDI (Propco 86) Limited
Shirebrook
\n
(1)
\n
11649235
100
\n
SDI (Propco 87) Limited
Shirebrook
\n
(1)
\n
11649336
100
\n
SDI (Propco 88) Limited
Shirebrook
\n
(1)
\n
11674753
100
\n
SDI (Propco 90) Limited
Shirebrook
\n
(1)
\n
11649431
100
\n
SDI (Propco 91) Limited
Shirebrook
\n
(1)
\n
11687077
100
\n
SDI (Propco 93) Limited
Shirebrook
\n
(1)
\n
11730253
100
\n
SDI (Propco 96) Limited
Shirebrook
\n
(1)
\n
11730503
100
\n
SDI (Propco 99) Limited
Shirebrook
\n
(1)
\n
11732772
100
\n
SDI (Ramsgate) Limited
Shirebrook
\n
(1)
\n
7852250
100
\n
SDI (Reading) Limited
Shirebrook
\n
(1)
\n
10422164
100
\n
SDI (Redcar) Limited
Shirebrook
\n
(1)
\n
2731452
100
\n
Coventry Arena Retail Limited
Shirebrook
\n
(1)
\n
11689119
100
\n
SDI (Retail Co 14) Limited
Shirebrook
\n
(1)
\n
14492147
100
\n
SDI (Retail Co 15) Limited
Shirebrook
\n
(1)
\n
14492165
100
\n
SDI (Retail Co 16) Limited
Shirebrook
\n
(1)
\n
14492146
100
\n
SDI (Retail Co 17) Limited
Shirebrook
\n
(1)
\n
14492217
100
\n
SDI (Retail Co 18) Limited
Shirebrook
\n
(1)
\n
14492202
100
\n
SDI (Retail Co 4) Limited
Shirebrook
\n
(1)
\n
11635011
100
\n
SDI (Retail Co 8) Limited
Shirebrook
\n
(1)
\n
11687376
100
\n
SDI (Rolle St) Limited
Shirebrook
\n
(1)
\n
7852669
100
\n
SDI (Romford) Limited
Shirebrook
\n
(1)
\n
10071547
100
\n
SDI (Rotherham) Limited
Shirebrook
\n
(1)
\n
9888635
100
\n
SDI (Salisbury) Ltd
Shirebrook
\n
(1)
\n
10107572
100
\n
SDI (Scunthorpe Parishes Centre) Limited
Shirebrook
\n
(1)
\n
11730442
100
\n
SDI (Scunthorpe) Limited
Shirebrook
\n
(1)
\n
7852055
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI (Southampton 2) Limited
Shirebrook
\n
(1)
\n
9665889
100
\n
SDI (Southampton) Limited
Shirebrook
\n
(1)
\n
8512480
100
\n
SDI (St Austell) Limited
Shirebrook
\n
(1)
\n
7852284
100
\n
SDI (St Helens) Limited
Shirebrook
\n
(1)
\n
7852281
100
\n
SDI (Stafford Riverside) Limited
Shirebrook
\n
(1)
\n
8972499
100
\n
SDI (Stafford) Limited
Shirebrook
\n
(1)
\n
8568681
100
\n
SDI (Stockport) Limited
Shirebrook
\n
(1)
\n
6372181
100
\n
SDI (Stoke Longton) Limited
Shirebrook
\n
(1)
\n
7853877
100
\n
SDI (Stoke Newington) Limited
Shirebrook
\n
(1)
\n
7852207
100
\n
SDI (Strabane) Limited
Shirebrook
\n
(1)
\n
9890243
100
\n
SDI (Streatham) Limited
Shirebrook
\n
(1)
\n
10066335
100
\n
SDI (Strood) Limited
Shirebrook
\n
(1)
\n
7852251
100
\n
SDI (Sunderland) Limited
Shirebrook
\n
(1)
\n
8755347
100
\n
SDI (Sutton) Limited
Shirebrook
\n
(1)
\n
11228011
100
\n
SDI (Swindon) Limited
Shirebrook
\n
(1)
\n
9888662
100
\n
SDI (Taunton) Limited
Shirebrook
\n
(1)
\n
7852191
100
\n
SDI (The House Yarm) Limited
Shirebrook
\n
(1)
\n
12332871
100
\n
SDI (The Lion Hotel) Limited
Shirebrook
\n
(1)
\n
6836880
100
\n
SDI (Trowbridge) Limited
Shirebrook
\n
(1)
\n
12355661
100
\n
SDI (Uxbridge 2) Limited
Shirebrook
\n
(1)
\n
9127316
100
\n
SDI (Uxbridge) Limited
Shirebrook
\n
(1)
\n
10177276
100
\n
SDI (Wakefield) Limited
Shirebrook
\n
(1)
\n
8483711
100
\n
SDI (Walsall) Limited
Shirebrook
\n
(1)
\n
7852289
100
\n
SDI (Watford) Limited
Shirebrook
\n
(1)
\n
6328505
100
\n
SDI (Widnes) Limited
Shirebrook
\n
(1)
\n
8576472
100
\n
SDI (Wishaw) Limited
Shirebrook
\n
(1)
\n
6656365
100
\n
SDI (Wrexham) Limited
Shirebrook
\n
(1)
\n
10915200
100
\n
SDI (Wythenshawe) Limited
Shirebrook
\n
(1)
\n
9659156
100
\n
SDI (York) Limited
Shirebrook
\n
(1)
\n
11331391
100
\n
SDI 2300 COLLINS LLC
\n
Corporation Trust Centre, 1209 Orange Street, Wilming-ton, New
\n
Castle, 19801
\n
6870031
100
\n
SDI 735 COLLINS LLC
\n
Corporation Trust Centre, 1209 Orange Street, Wilming-ton, New
\n
Castle, 19801
\n
6870028
100
\n
SDI Aviation Limited*
Shirebrook
\n
(1)
\n
9633152
100
\n
SDI Brands 10 Limited
Shirebrook
\n
(1)
\n
14553954
100
\n
SDI Brands 5 Limited
Shirebrook
\n
(1)
\n
14532468
100
\n
SDI Brands 6 Limited
Shirebrook
\n
(1)
\n
14553581
100
\n
SDI Brands 7 Limited
Shirebrook
\n
(1)
\n
14553947
100
\n
SDI Brands 8 Limited
Shirebrook
\n
(1)
\n
14553950
100
\n
SDI Brands 9 Limited
Shirebrook
\n
(1)
\n
14553881
100
\n
SDI (Chester) Limited
Shirebrook
\n
(1)
\n
14635087
100
\n
SDI CORRIB SHOPPING CENTRE LIM-ITED
\n
HEATON HOUSE , IDA BUSINESS PARK, WHITESTOWN,
\n
TALLAGHT, DUBLIN 24, Ireland
\n
715322
100
\n
SDI (Covent Garden) Limited
Shirebrook
\n
(1)
\n
14634874
100
\n
SDI Fitness (Bury St Edmunds) Limited
Shirebrook
\n
(1)
\n
9038949
100
\n
SDI Fitness (Colchester) Limited
Shirebrook
\n
(1)
\n
9039011
100
\n
SDI Fitness (DW) Limited
Shirebrook
\n
(1)
\n
12298794
100
\n
SDI Fitness (Hove) Limited
Shirebrook
\n
(1)
\n
9039030
100
\n
SDI Fitness (Huntingdon) Limited
Shirebrook
\n
(1)
\n
9039881
100
\n
SDI Fitness (NI 1) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI672034
100
\n
SDI Fitness (NI 2) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI672033
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI Fitness (NI 3) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI672035
100
\n
SDI Fitness (NI 4) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI672885
100
\n
SDI Fitness (NI 5) Limited
\n
C/O Eversheds Sutherland, 4F Montgomery House, Montgomery
\n
Street, Belfast, BT1 4NX, United Kingdom
\n
NI672884
100
\n
SDI Fitness (Northfield) Limited
Shirebrook
\n
(1)
\n
9039412
100
\n
SDI Fitness (Sale) Limited
Shirebrook
\n
(1)
\n
9039405
100
\n
SDI Fitness 1 Limited
Shirebrook
\n
(1)
\n
12371923
100
\n
SDI Fitness 10 Limited
Shirebrook
\n
(1)
\n
12372368
100
\n
SDI Fitness 11 Limited
Shirebrook
\n
(1)
\n
12820382
100
\n
SDI Fitness 12 Limited
Shirebrook
\n
(1)
\n
12821058
100
\n
SDI Fitness 13 Limited
Shirebrook
\n
(1)
\n
12820585
100
\n
SDI Fitness 14 Limited
Shirebrook
\n
(1)
\n
12820516
100
\n
SDI Fitness 15 Limited
Shirebrook
\n
(1)
\n
12822245
100
\n
SDI Fitness 16 Limited
Shirebrook
\n
(1)
\n
12822564
100
\n
SDI Fitness 17 Limited
Shirebrook
\n
(1)
\n
12822692
100
\n
SDI Fitness 18 Limited
Shirebrook
\n
(1)
\n
12822794
100
\n
SDI Fitness 19 Limited
Shirebrook
\n
(1)
\n
12822856
100
\n
SDI Fitness 2 Limited
Shirebrook
\n
(1)
\n
12372165
100
\n
SDI Fitness 20 Limited
Shirebrook
\n
(1)
\n
12823728
100
\n
SDI Fitness 21 Limited
Shirebrook
\n
(1)
\n
12823572
100
\n
SDI Fitness 22 Limited
Shirebrook
\n
(1)
\n
12823510
100
\n
SDI Fitness 23 Limited
Shirebrook
\n
(1)
\n
12823786
100
\n
SDI Fitness 24 Limited
Shirebrook
\n
(1)
\n
12823986
100
\n
SDI Fitness 25 Limited
Shirebrook
\n
(1)
\n
12823926
100
\n
SDI Fitness 26 Limited
Shirebrook
\n
(1)
\n
12825248
100
\n
SDI Fitness 27 Limited
Shirebrook
\n
(1)
\n
12830411
100
\n
SDI Fitness 28 Limited
Shirebrook
\n
(1)
\n
12825356
100
\n
SDI Fitness 29 Limited
Shirebrook
\n
(1)
\n
12825569
100
\n
SDI Fitness 3 Limited
Shirebrook
\n
(1)
\n
12372169
100
\n
SDI Fitness 30 Limited
Shirebrook
\n
(1)
\n
12825721
100
\n
SDI Fitness 31 Limited
Shirebrook
\n
(1)
\n
12930743
100
\n
SDI Fitness 32 Limited
Shirebrook
\n
(1)
\n
12930838
100
\n
SDI Fitness 33 Limited
Shirebrook
\n
(1)
\n
12930826
100
\n
SDI Fitness 34 Limited
Shirebrook
\n
(1)
\n
12930829
100
\n
SDI Fitness 35 Limited
Shirebrook
\n
(1)
\n
12930938
100
\n
SDI Fitness 36 Limited
Shirebrook
\n
(1)
\n
12930954
100
\n
SDI Fitness 37 Limited
Shirebrook
\n
(1)
\n
12930944
100
\n
SDI Fitness 38 Limited
Shirebrook
\n
(1)
\n
9038724
100
\n
SDI Fitness 39 Limited
Shirebrook
\n
(1)
\n
9038768
100
\n
SDI Fitness 40 Limited
Shirebrook
\n
(1)
\n
9038881
100
\n
SDI Fitness 41 Limited
Shirebrook
\n
(1)
\n
9038839
100
\n
SDI Fitness 42 Limited
Shirebrook
\n
(1)
\n
9038943
100
\n
SDI Fitness 43 Limited
Shirebrook
\n
(1)
\n
9039023
100
\n
SDI Fitness 44 Limited
Shirebrook
\n
(1)
\n
9039343
100
\n
SDI Fitness 45 Limited
Shirebrook
\n
(1)
\n
9039481
100
\n
SDI Fitness 46 Limited
Shirebrook
\n
(1)
\n
13030435
100
\n
SDI Fitness 47 Limited
Shirebrook
\n
(1)
\n
13030364
100
\n
SDI Fitness 48 Limited
Shirebrook
\n
(1)
\n
13030107
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SDI Fitness 49 Limited
Shirebrook
\n
(1)
\n
13030173
100
\n
SDI Fitness 5 Limited
Shirebrook
\n
(1)
\n
12372199
100
\n
SDI Fitness 50 Limited
Shirebrook
\n
(1)
\n
13030175
100
\n
SDI Fitness 6 Limited
Shirebrook
\n
(1)
\n
12372224
100
\n
SDI Fitness 7 Limited
Shirebrook
\n
(1)
\n
12372218
100
\n
SDI Fitness 8 Limited
Shirebrook
\n
(1)
\n
12372305
100
\n
SDI Fitness 9 Limited
Shirebrook
\n
(1)
\n
12372303
100
\n
SDI Four Limited
Shirebrook
\n
(1)
\n
9719779
100
\n
SDI Holdings USA, Inc
1209 Orange Street, Wilmington Newcastle County, Del-aware
\n
6641201
100
\n
SDI Lifestyle Limited
Shirebrook
\n
(1)
\n
8293614
100
\n
SDI Malta Holdco Limited
\n
Level 1, LM Complex, Brewery Street , Zone 3 Central Business
\n
District , Birkirkara, CBD3040, Malta
\n
C 102352
100
\n
SDI Properties (USA) Inc.
1209 Orange Street, Wilmington Newcastle County, Del-aware
\n
535872
100
\n
SDI Property (Bitburg) B.V.
\n
Van Konijnenburgweg 45,, 4672PL , Bergen op Zoom,
\n
Netherlands
\n
82495807
100
\n
SDI Property (Europe) BV
Van Konijnenburgweg 45, 4612PL , Bergen op Zoom, Netherlands
\n
69042594
100
\n
SDI Property (Evans Cycles) Limited
Shirebrook
\n
(1)
\n
11646219
100
\n
SDI Property Limited*
Shirebrook
\n
(1)
\n
2767493
100
\n
SDI Property US Inc
\n
Corporation Trust Centre, 1209 Orange Street, Wilming-ton, New
\n
Castle, 19801
\n
6870024
100
\n
SDI Property US Limited
Shirebrook
\n
(1)
\n
11323420
100
\n
SDI Retail Services Limited
Shirebrook
\n
(1)
\n
8143303
100
\n
SDI Sport London Limited
Shirebrook
\n
(1)
\n
9848767
100
\n
SDI Sports (Stoke) Limited
Shirebrook
\n
(1)
\n
10163722
100
\n
SDI Sports Group Americas, LLC
\n
Corporation Trust Centre, 1209 Orange Street, Wilming-ton, New
\n
Castle, 19801
\n
2047393
100
\n
SDI Ventures LLC
1209 Orange Street, Wilmington Newcastle County, Del-aware
\n
6870023
100
\n
SDI.com Fitness Parent Limited*
Shirebrook
\n
(1)
\n
9082454
100
\n
SDIL S.A.
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
810.198.636
100
\n
SIA SIG Logistics
A. Deglava, str 50, Riga, LV-1035, Latvia
\n
40203110076
60
\n
SIA Sportland
A Degalava str . 50, Riga, LV-1035, Latvia
\n
40003530961
60
\n
SIA Sportsdirect.com
A. Deglava, str 50, Riga, LV-1035, Latvia
\n
40103932873
60
\n
Sienna Dining Limited
Shirebrook
\n
(1)
\n
13629737
100
\n
Ski and Outdoor Warehouse Limited
Shirebrook
\n
(1)
\n
2917223
100
\n
Skins IP Limited
Shirebrook
\n
(1)
\n
12168568
100
\n
Slazenger Carlton (Holdings) Limited
Shirebrook
\n
(1)
\n
10463051
100
\n
Slazengers Australia Limited
Shirebrook
\n
(1)
\n
9217319
100
\n
Slazengers Limited
Shirebrook
\n
(1)
\n
116000
100
\n
Smith And Brooks Group Limited
Shirebrook
\n
(1)
\n
4079331
100
\n
Smith And Brooks Holdings Limited
Shirebrook
\n
(1)
\n
4983573
100
\n
SNO Sport Vertriebs GmbH
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
272671m
100
\n
Sofa.com Bidco Limited
Shirebrook
\n
(1)
\n
9341955
100
\n
Sofa.com BV
Flaas 4 V 6, Den Dungen, 5275HH, Netherlands
\n
17196766
100
\n
Sofa.com Ltd
Shirebrook
\n
(1)
\n
5222498
100
\n
Sondico IP Limited
Shirebrook
\n
(1)
\n
6546121
100
\n
Sport Eybl & Sports Experts Logistikbetriebs
\n
GmbH
\n
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
FN 96024 m
100
\n
Sport Eybl Holding GmbH
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
188095 x
100
\n
Sportland Eesti AS
Parnu mnt 139c, Kesklinna, Tallinn, 11317, Estonia
\n
10677712
60
\n
Sportmaster Danmark ApS
Baltorpbakken 5, 2750 Ballerup, Denmark
\n
34479526
100
\n
Sports Direct (Singapore) Pte.Ltd
6 Eu Tong Sen Street, #11-09, The Central, 059817, Sin-gapore
\n
202004542Z
51
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
Sports Direct Holdings Limited*
Shirebrook
\n
(1)
\n
6464317
100
\n
Sports Direct International Holdings Limited*
Shirebrook
\n
(1)
\n
6027131
100
\n
Sports Direct International Limited
Shirebrook
\n
(1)
\n
11775757
100
\n
SPORTS DIRECT MALAYSIA SDN. BHD.
\n
LEVEL 15-2, BANGUNAN FABER IMPERIAL COURT, JALAN
\n
SULTAN ISMAIL, 50250 WILAYAH PERSEKUTUAN,
\n
KUALA LUMPUR, Malaysia
\n
925166-M
51
\n
Sports Direct Spain S.L.U
\n
Centro Comercial Puerto Venecia, Local 84, Traves\u00eda de los
\n
Jardines Reales n\u00ba 7, 50021, Zaragoza , Spain
\n
B-86567880
100
\n
Sports World International Limited
Shirebrook
\n
(1)
\n
6531266
100
\n
Sports World the Netherlands B.V.
Van Konijenburgweg 45, 4612 PL Bergen op zoom, Netherlands
\n
34056291
100
\n
SportsDirect (Iceland) ehf
Skogarlind 2, 201, Kopavogur, Iceland
\n
6301121760
100
\n
Sportsdirect.com (Asia) Limited
\n
Unit 1903B & 1905, Exchange Tower,, 33 Wang Chiu Road,
\n
Kowloon Bay, Kowloon, Hong Kong
\n
1216339
100
\n
Sportsdirect.com (Shanghai) Limited
\n
Room 315, 3rd Floor Building 2, No 239 Gang'ao Road, China
\n
(Shanghai) Pilot Free Zone, Shanghai, China
\n
93110115MA1k463A6B
95
\n
Sportsdirect.com Austria GmbH
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
309738 y
100
\n
Sportsdirect.com Belgium SA
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
416,268,471
100
\n
Sportsdirect.com China Pte Limited
\n
C25, 3rd Floor, ASEAN Building, 690 Minzhi Avenue, Xin-niu
\n
Community, Minzhi Street, Longhua District, Shen-zhen, China
\n
91440300579987503D
95
\n
Sportsdirect.com Cyprus Limited
Miltiades Stylianou 34B, Shop 2, 8577 Tala, Paphos, Cy-prus
\n
HE 230340
100
\n
Sportsdirect.com Czech Republic s.r.o.
\n
Prague 1 - Nove Mesto, Na Porici 1079/3a, 100 00,
\n
Czech Republic
\n
24268933
100
\n
Sportsdirect.com Fitness Limited
Shirebrook
\n
(1)
\n
9028577
100
\n
Sportsdirect.com France
Zac des Copistes, Boulevard du Havre, 95220, Herblay, France
\n
379 062 813 R.C.S.
\n
Pontoise
\n
100
\n
Sportsdirect.com Hungary Korl\u00e1tolt
\n
Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
\n
H-1053 Budapest, Karolyi Mihaly utca 12, Hungary
\n
01-09-19366
100
\n
Sportsdirect.com Immobilien GmbH
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
104151 p
100
\n
Sportsdirect.com Malta Limited
\n
Level 1, LM Complex, Brewery Street, Zone 3 Central Business
\n
District, Birkirkara CBD , 3040, Malta
\n
C99278
100
\n
Sportsdirect.com OU
Parnu mnt 139c, Kesklinna, Tallinn, 11318, Estonia
\n
1285837
60
\n
Sportsdirect.com Poland S.P. Z.o.o.
ul. Skladowa 5, 61-897, Pozna\u0144, Poland
\n
452610
100
\n
Sportsdirect.com PTY
\n
c/o Norton Rose Fulbright, Level 6, 60 Martin Place, Syd-ney
\n
NSW 2000, Australia
\n
84 603 187 319
100
\n
Sportsdirect.com Retail (Europe) SA*
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
458883046
100
\n
Sportsdirect.com Retail Limited*
Shirebrook
\n
(1)
\n
3406347
100
\n
Sportsdirect.com Slovakia s.r.o.
Vysoka 2/B, 81106, Bratislava, Slovakia
\n
47 240 458
100
\n
Sportsdirect.com Switzerland A.G.
Zeughausgasse 27, 3011 Bern, Switzerland
\n
CHE-331.683.991
100
\n
Sportsdirect.com Vienna North GmbH
Flugplatzstra\u00dfe 30, 4600, Wels, Austria
\n
FN 104486g
100
\n
Sportsdirect.com (Taiwan) Limited
17F.-5, No.500, Shizheng Rd., , Xitun District, 40757, Taiwan
\n
82778619
95
\n
Sportsdirect.comSLVN d.o.o.
Planjava 4, 1236 Trzin, Slovenia
\n
1.198.157.000
100
\n
SSG Sport GmbH
Vornholzstr. 48, , 94036, Passau, Germany
\n
HRB 7134
100
\n
Sterling Resources (Holdings) Limited
Shirebrook
\n
(1)
\n
4651701
100
\n
Stirlings (Argyle Street) Limited
\n
Martin House, 184 Ingram Street, Glasgow, G1 1DN, United
\n
Kingdom
\n
SC088108
100
\n
Straub Corporation Limited
Shirebrook
\n
(1)
\n
3003584
100
\n
Studio Retail Trading Limited
Church Bridge House, Henry Street, Accrington, BB5 4EE
\n
3994833
100
\n
Studio Retail Financial Services Lim-ited
Shirebrook
\n
(1)
\n
14156254
100
\n
Studio Retail Holdings Limited
Shirebrook
\n
(1)
\n
14134781
100
\n
Studio Retail Limited*
Church Bridge House, Henry Street, Accrington, BB5 4EE
\n
718151
100
\n
Studio Retail Properties Limited
Church Bridge House, Henry Street, Accrington, BB5 4EE
\n
14428143
100
\n
SDI (Propco 146) Limited
Shirebrook
\n
(1)
\n
14156309
100
\n
Suplay Investments S.L
\n
C.C Puerto Venecia, local 84, , Trav Jardines Reales 7, 50021,
\n
Zaragoza, spain
\n
B88542691
100
\n
\n
NAME
REGISTERED OFFICE ADDRESS
COMPANY NUMBER
\n
PERCENTAGE OF
\n
ISSUED SHARE
\n
CAPITAL HELD
\n
SWimmo Eupen SPRL
Parc Industriel, Avenue Ernest, Solvay 29 1480 Saintes, Belgium
\n
878.673.906
100
\n
Table Tennis Pro Europe Ltd
Shirebrook
\n
(1)
\n
5003853
100
\n
Tessuti Group Limited
Shirebrook
\n
(1)
\n
8008909
100
\n
Tessuti Limited
Shirebrook
\n
(1)
\n
5640916
100
\n
Tessuti Retail Limited
Shirebrook
\n
(1)
\n
7312882
100
\n
Tessuti (Ireland) Limited
\n
HEATON HOUSE, IDA BUSINESS PARK, WHITESTOWN,
\n
TALLAGHT, DUBLIN 24, IRELAND
\n
726070
100
\n
The Antigua Group Inc
Incorp Services INC, 3773 Howard Hughes PKWY STE 500S
\n
NV19941063957
100
\n
THE FLANNELS GROUP (ROI) LIMITED
\n
Heaton House, IDA Business Park, Whitestown, Tallaght, Dublin,
\n
Ireland, D24E932, Ireland
\n
707468
100
\n
The Flannels Group Limited
Shirebrook
\n
(1)
\n
2318510
100
\n
The Watch Shop Holdings Limited
Shirebrook
\n
(1)
\n
11640948
100
\n
Topgrade Sportswear Holdings Lim-ited
Shirebrook
\n
(1)
\n
06330487
100
\n
Topgrade Sportswear Limited
Shirebrook
\n
(1)
\n
03139070
100
\n
UAB SDI (Gedimino) LT
Vilniaus m. sav. , Vilniaus m. S, Seimyniskkiu g. 3/, Lithuania
\n
304584281
100
\n
UAB Sportland
Seimyniskiu g. 3, Vilnius, LT-09312, Lithuania
\n
135039836
51
\n
UAB Sportsdirect.com
Seimyniskiu g.3, Vilnius, LT-09312, Lithuania
\n
304155613
60
\n
Uggbugg Fashion Limited
Shirebrook
\n
(1)
\n
8918157
100
\n
Universal Cycles Limited
Shirebrook
\n
(1)
\n
1339667
100
\n
USA Pro IP Limited
Shirebrook
\n
(1)
\n
6497914
100
\n
USC IP Limited
Shirebrook
\n
(1)
\n
6836808
100
\n
Van Mildert (Lifestyle) Limited
Shirebrook
\n
(1)
\n
8319959
100
\n
Voodoo Dolls Brand Limited
Shirebrook
\n
(1)
\n
5323305
100
\n
Wareshop2 Limited
Shirebrook
\n
(1)
\n
9870840
100
\n
Waterline Angling Products Limited
Shirebrook
\n
(1)
\n
2696374
100
\n
West Coast Capital (HOFCO) Limited
\n
Martin House, 184 Ingram Street, Glasgow, Scotland, G1 1DN,
\n
United Kingdom
\n
SC437614
100
\n
Westminster Manufacturing LLC
2 Office Park Court, Suite 103, Columbia, SC 29233, USA
\n
44358
100
\n
WHCO Limited
Shirebrook
\n
(1)
\n
13376181
100
\n
Woodlandslovelimited
Shirebrook
\n
(1)
\n
11940353
100
\n
Yeomans Outdoors Limited
Shirebrook
\n
(1)
\n
8058714
100
\n
Zaparoh Sp. z.o.o
\n
ul. \u017bERNICKA, No. 22, office, place ROBAKOWO, CODE 62-02,
\n
Poland
\n
KRS 0000459435
100
\n
Warrnambool *
\n
Heaton House , IDA Business Park, Whitestown, Tallaght, Dublin
\n
24, Ireland
\n
387014
100
\n
Waterline Angling Products Limited
Shirebrook
\n
(1)
\n
2696374
100
\n
West Coast Capital (HOFCO) Limited
15 Atholl Crescent, Edinburgh, EH3 8HA
\n
SC437614
100
\n
Westminster Manufacturing LLC
2 Office Park Court , Suite 103, Coumbia SC 29233 USA
\n
44358
100
\n
Yeomans Outdoors Limited
Shirebrook
\n
(1)
\n
8058714
100
\n
Yubel International Trade Co Limited
Room 5C, No561 Ouyang Road, Hongkou District, Shanghai
\n
91310000MA1G5FKRX1
100
\n
Zaparoh SPz.o.o
ul. \u017bernicka 22, Robakowo, 62-023 G\u0105dki, Poland
\n
KRS 0000459435
100
\n
(1)
Unit A, Brook Park East, Shirebrook, NG20 8RY
\n
(2)
Unity House, Telford Road, Basingstoke, Hampshire, RG21 6YJ
\n
*
Direct shareholdings held by Frasers Group Plc
\n
\n
Frasers Group Plc intends to provide a parental guarantee for the following United Kingdom incorporated subsidiaries
\n
thus entitling them to exemption from statutory audit under section 479A of the Companies Act 2006.
\n
COMPANY NAME
COMPANY NUMBER
COMPANY NAME
COMPANY NUMBER
\n
Hot Tuna IP Limited
\n
6836792
SDI (Liverpool) Limited
9888734
\n
SD Equestrian Limited
\n
8692780
SDI (Lowestoft) Limited
7852265
\n
SD Outdoor Limited
\n
8560260
SDI (Manchester Denton) Limited
9127295
\n
SDI (Aberdeen) Limited
\n
8512592
SDI (Market Road) Limited
10799247
\n
SDI (Aberwystwyth) Limited
\n
2789996
SDI (Middlesbrough) Limited
10081909
\n
SDI (Ashford) Limited
\n
7848460
SDI (Nassau Street) Limited
11227964
\n
SDI (Ashington) Limited
\n
7849231
SDI (Neath) Limited
7853548
\n
SDI (Ayr) Limited
\n
5528267
SDI (Newark) Limited
7853470
\n
SDI (Belfast) Limited
\n
9872471
SDI (Newcastle) Limited
9127286
\n
SDI (Berwick) Limited
\n
2739957
SDI (Newport) Limited
8679118
\n
SDI (Birkenhead) Limited
\n
7849198
SDI (Newquay) Limited
10089800
\n
SDI (Bishop Auckland) Limited
\n
3004246
SDI (Newton Abbot) Limited
6836666
\n
SDI (Boucher Road) Limited
\n
13808700
SDI (Northampton) Limited
7852272
\n
SDI (Bridgwater) Limited
\n
7852061
SDI (Northwich) Limited
5656295
\n
SDI (Brighton) Limited
\n
12579780
SDI (Nottingham) Limited
10100609
\n
SDI (Brixton) Limited
\n
9127300
SDI (Nuneaton) Limited
7852249
\n
SDI (Burton) Limited
\n
8495632
SDI (Oswestry) Limited
7852363
\n
SDI (Cardiff Flannels) Limited
\n
10177359
SDI (Oxford Street) Limited
10046080
\n
SDI (Cardiff QS) Limited
\n
12578045
SDI (Penzance) Limited
7852297
\n
SDI (Cardiff QS 2) Limited
\n
11227321
SDI (Peterlee) Limited
7852401
\n
SDI (Carlisle) Limited
\n
7851959
SDI (Plymouth Flannels) Limited
9127387
\n
SDI (Chatham) Limited
\n
6836679
SDI (Plymouth) Limited
9470468
\n
SDI (Cheshunt 2) Limited
\n
11775717
SDI (Portsmouth) Limited
12579294
\n
SDI (Cheshunt) Limited
\n
11775599
SDI (Propco 75) Limited
11577256
\n
SDI (Clacton) Limited
\n
7852078
SDI (Propco 119) Limited
12332862
\n
SDI (Colchester) Limited
\n
5632790
SDI (Propco 141) Limited
13808701
\n
SDI (Corby) Limited
\n
10885672
SDI (Ramsgate) Limited
7852250
\n
SDI (Cork) Limited
\n
11775763
SDI (Reading) Limited
10422164
\n
SDI (Coventry) Limited
\n
9680128
SDI (Redcar) Limited
2731452
\n
SDI (Darlington) Limited
\n
10915193
SDI (Rolle St) Limited
7852669
\n
SDI (Derby) Limited
\n
9310031
SDI (Romford) Limited
10071547
\n
SDI (Derry) Limited
\n
NI653340
SDI (Salisbury) Limited
10107572
\n
SDI (Doncaster) Limited
\n
9888670
SDI (Scunthorpe) Limited
7852055
\n
SDI (Dundee) Limited
\n
9702004
SDI (Scunthorpe Parishes Centre) Limited
11730442
\n
SDI (Dunfermline) Limited
\n
8483679
SDI (Southampton 2) Limited
9665889
\n
SDI (East Ham) Limited
\n
9810378
SDI (Southampton) Limited
8512480
\n
SDI (East Kilbride) Limited
\n
6656368
SDI (St Austell) Limited
7852284
\n
SDI (Edinburgh) Limited
\n
10100990
SDI (St Helens) Limited
7852281
\n
SDI (Enfield) Limited
\n
10086209
SDI (Stafford) Limited
8568681
\n
SDI (Fulham) Limited
\n
7852037
SDI (Stafford Riverside) Limited
8972499
\n
SDI (Gainsborough) Limited
\n
6338907
SDI (Stockport) Limited
6372181
\n
SDI (Galashiels) Limited
\n
7852091
SDI (Stoke Longton) Limited
7853877
\n
SDI (Glasgow Argyle St) Limited
\n
11227937
SDI (Stoke Newington) Limited
7852207
\n
SDI (Glasgow Frasers) Limited
\n
11531596
SDI (Strabane) Limited
9890243
\n
SDI (Glasgow Ingram Street) Limited
\n
9925519
SDI (Streatham) Limited
10066335
\n
SDI (Gloucester) Limited
\n
7852067
SDI (Strood) Limited
7852251
\n
SDI (Great Yarmouth) Limited
\n
11732687
SDI (Sunderland) Limited
8755347
\n
SDI (Hanley) Limited
\n
11228017
SDI (Sutton) Limited
11228011
\n
SDI (Hastings) Limited
\n
8625893
SDI (Swindon) Limited
9888662
\n
SDI (Hereford) Limited
\n
9888642
SDI (Taunton) Limited
7852191
\n
SDI (Hoh Holdings) Limited
\n
10161592
SDI (The House Yarm) Limited
12332871
\n
SDI (Hounslow) Limited
\n
10086218
SDI (Trowbridge) Limited
12355661
\n
SDI (Hull) Limited
\n
9638564
SDI (Uxbridge 2) Limited
9127316
\n
SDI (Ipswich) Limited
\n
9788411
SDI (Uxbridge) Limited
10177276
\n
SDI (Ipswich 2) Limited
\n
12578948
SDI (Wakefield) Limited
8483711
\n
SDI (Isle Of Man) Limited
\n
9901745
SDI (Walsall) Limited
7852289
\n
SDI (K Lynn) Limited
\n
10073076
SDI (Watford) Limited
6328505
\n
SDI (Keighley) Limited
\n
6260239
SDI (Widnes) Limited
8576472
\n
SDI (Kendal) Limited
\n
6338918
SDI (Wishaw) Limited
6656365
\n
SDI (Kentish Town) Limited
\n
9901702
SDI (Wrexham) Limited
10915200
\n
SDI (Kilmarnock) Limited
\n
7853433
SDI (Wythenshawe) Limited
9659156
\n
SDI (Kingston) Limited
\n
10915209
SDI (York) Limited
11331391
\n
SDI (Kirkcaldy) Limited
\n
7852097
SDI Four Limited
9719779
\n
SDI (Leeds) Limited
\n
9293515
SDI Property Limited
2767493
\n
SDI (Leicester) Limited
\n
9127170
SDI Sport London Limited
9848767
\n
Stirlings (Argyle Street) Limited
SC088108", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } }, "f27316": { "value": "COMPANY BALANCE SHEET
at 30 April 2023
Company number: 06035106
\n
Note
\n
As at
\n
30 April 2023
\n
As at
\n
24 April 2022
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
FIXED ASSETS
\n
Investments
2
1,440.4
1,443.6
\n
Property, plant and equipment
3
-
6.9
\n
CURRENT ASSETS
\n
Debtors: amounts falling due after more than one year
5
95.4
-
\n
Debtors: amounts falling due within one year
6
269.9
512.8
\n
Cash at bank and in hand
37.4
1.8
\n
402.7
514.6
\n
Creditors: amounts falling due within one year
7
(883.2)
(945.7)
\n
NET CURRENT LIABILITIES
\n
(575.9)
(431.1)
\n
Provisions
8
(3.0)
(3.0)
\n
Deferred tax liability
9
(20.0)
(6.1)
\n
NET ASSETS
936.9
1,010.3
\n
CAPITAL AND RESERVES
\n
Called up share capital
10
64.1
64.1
\n
Share premium
874.3
874.3
\n
Treasury share reserve
(644.2)
(488.9)
\n
Permanent contribution to capital
0.1
0.1
\n
Capital redemption reserve
8.0
8.0
\n
Own share reserve
(66.8)
(66.8)
\n
Share based payment reserve
11.6
5.8
\n
Profit and Loss account
689.8
613.7
\n
SHAREHOLDERS' FUNDS
936.9
1,010.3
\n
Frasers Group Plc reported a profit after taxation for the 53 weeks ended 30 April 2023 of \u00a366.2m
\n
(FY22: a profit of \u00a3141.7m).
\n
The accompanying accounting policies and notes form part of these Financial Statements.
\n
The Financial Statements were approved by the Board on 27 July 2023 and were signed on its behalf by:
\n
Chris Wootton
\n
Chief Financial Officer
\n
Company number: 06035106
\n
\n
COMPANY STATEMENT OF
\n
CHANGES IN EQUITY
\n
For the 53 weeks ended 30 April 2023
\n
Called
\n
up share
\n
capital
\n
Share
\n
premium
\n
account
\n
Treasury
\n
share
\n
reserve
\n
Permanent
\n
contribution
\n
to capital
\n
Capital
\n
redemption
\n
reserve
\n
Own
\n
share
\n
reserve
\n
Share based
\n
payment
\n
reserve
\n
Profit
\n
& loss
\n
account
Total
\n
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
(\u00a3\u2019m)
\n
As at 25 April 2021
\n
64.1
874.3
(295.7)
0.1
8.0
(66.7)
0.8
480.0
1,064.9
\n
Profit for the financial period
\n
-
-
-
-
-
-
-
141.7
141.7
\n
Fair value adjustment in respect
\n
of long-term financial assets -
\n
recognised
\n
-
-
-
-
-
-
-
(8.0)
(8.0)
\n
Share based payments
\n
-
-
-
-
-
-
5.0
-
5.0
\n
Share repurchase
\n
-
-
(193.2)
-
-
(0.1)
-
-
(193.3)
\n
As at 24 April 2022
\n
64.1
874.3
(488.9)
0.1
8.0
(66.8)
5.8
613.7
1,010.3
\n
Profit for the financial period
\n
-
-
-
-
-
-
-
66.2
66.2
\n
Fair value adjustment in respect
\n
of long-term financial assets -
\n
recognised
\n
-
-
-
-
-
-
-
9.9
9.9
\n
Share based payments
\n
-
-
-
-
-
-
5.8
-
5.8
\n
Share repurchase
\n
-
-
(155.3)
-
-
-
-
-
(155.3)
\n
As at 30 April 2023
\n
64.1
874.3
(644.2)
0.1
8.0
(66.8)
11.6
689.8
936.9
\n
The share premium account is used to record the excess proceeds over nominal value on the issue of shares.
\n
The permanent contribution to capital relates to a cash payment of \u00a350,000 to the Company on 8 February
\n
2007 under a deed of capital contribution. The capital redemption reserve arose on the redemption of the
\n
Company\u2019s redeemable preference shares of 10p each at par on 2 March 2007. The own shares and treasury
\n
reserves represent the cost of shares in Frasers Group Plc purchased in the market and held by Frasers Group
\n
Plc Employee Benefit Trust to satisfy options under the Group\u2019s Share Scheme. For further information see note
\n26 in the Group Notes to the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JEGHHEAXIJDX34", "period": "2022-04-25T00:00:00/2023-05-01T00:00:00" } } } }