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"fact-415": {
"value": "Section 1 \u2013 Basis of preparation
General information
Mitchells & Butlers plc (the Company) is a public limited company limited
by shares and is registered in England and Wales. The Company\u2019s shares
are listed on the London Stock Exchange. The address of the Company\u2019s
registered office is shown on page 196.
The principal activities of the Company and its subsidiaries (the Group)
and the nature of the Group\u2019s operations are set out in the Strategic
Report on pages 14 to 54.
The Group is required to prepare its consolidated financial statements
in accordance with UK-adopted International Financial Reporting
Standards (\u2018IFRSs\u2019) and in accordance with the Companies Act 2006.
The Group\u2019s accounting reference date is 30 September. The Group
draws up its consolidated financial statements to the Saturday directly
before or following the accounting reference date, as permitted by
section 390 (3) of the Companies Act 2006. The period ended
30 September 2023 includes 53 trading weeks and the comparative
period ended 24 September 2022 includes 52 trading weeks.
The consolidated financial statements have been prepared on the
historical cost basis as modified by the revaluation of freehold and long
leasehold properties, pension obligations and financial instruments.
The Group\u2019s accounting policies have been applied consistently.
Going concern
The Group\u2019s business activities, together with the factors likely to affect
its future development, performance and position are set out in the
Strategic Report on pages 14 to 54. The financial position of the Group,
its cash flows, liquidity position and borrowing facilities are also
described within the Financial review on pages 51 to 54.
Note 4.3 to the consolidated financial statements includes the Group\u2019s
objectives, policies and processes for managing capital; its financial risk
management objectives; details of its financial instruments and hedging
activities; and its exposures to credit and liquidity risks. As highlighted
in note 4.1 to the consolidated financial statements, the Group\u2019s financing
is based upon securitised debt and unsecured borrowing facilities.
The Directors have adopted the going concern basis in preparing the
Group and Company financial statements after assessing the impact of
identified principal risks and their possible adverse impact on financial
performance, specifically revenue and cash flows throughout the going
concern period, being at least 12 months from the date of signing of
these financial statements.
The challenges presented to the hospitality sector of Covid-19, Brexit
and more recently high and persistent cost inflation (both for the
business and its customers) have resulted in reduced levels of profits and
operating cash flow since March 2020. These factors cast a degree of
uncertainty as to the future financial performance and cash flows of the
Group and have been considered by the Directors in assessing the ability
of the Group and the Company to continue as a going concern.
The Group\u2019s primary source of borrowings is through ten tranches of
fully amortising loan notes with a gross debt value of \u00a31.3bn as at the end
of the year. These are secured against the majority of the Group\u2019s properties
and its future income streams. The principal repayment period varies by
class of note with maturity dates ranging from 2023 to 2036.
During the year the Group completed a refinancing of its unsecured
credit facility. The new facility of \u00a3200m is committed and remains
unsecured, with a negative pledge in favour of participating banks, and
has a maturity date in July 2026. At the balance sheet date there were no
drawings under this facility.
Within the secured debt financing structure there are two main
covenants: the level of net worth (being the net asset value of the
securitisation group) and, FCF to DSCR. As at 30 September 2023 there
was substantial headroom on the net worth covenant. FCF to DSCR
represents the multiple of Free Cash Flow (being EBITDA less tax and
required capital maintenance expenditure) generated by sites within the
structure to the cost of debt service (being the repayment of principal,
net interest charges and associated fees). This is tested quarterly on both
a trailing two quarter and a four quarter basis.
The unsecured facility also has two main financial covenants, based on
the performance of the unsecured estate: the ratio of EBITDAR to rent
plus interest (at a minimum of 1.25 times) and Net debt to EBITDA (to be
no more than 3.0 times), both tested on a half-yearly basis (for the prior
four quarters).
In the year ahead the main uncertainties facing the Group are considered
to be the maintenance of growth in sales in the face of pressure on
consumer spending power, and cost inflation. The outlook for these is
uncertain and will depend on a number of factors including consumer
confidence, global political developments and supply chain disruptions
and government policy.
The Directors have reviewed the financing arrangements against a base
case forward trading forecast in which they have considered the Group\u2019s
current financial position. This forecast assumes mid single digit growth
in sales across the year, a rate slightly below the level generated in recent
months. Cost inflation is assumed to abate from the historic high levels
last year, with some deflation in energy costs, blending at an expected
net increase of approximately three percent across the cost base of the
business of approximately \u00a32bn. Under this base case the Group is able
to stay within securitisation and committed facility financial covenants
and maintains sufficient liquidity.
The Directors have also considered a severe but plausible downside
scenario covering adverse movements against the base forward forecast
in both sales and cost inflation in which some mitigation activity is taken
including lower capital expenditure on site remodel activity and a flex
down of labour and site costs in line with reduced sales. In this scenario
sales are assumed to remain in growth but at an initial level of one percent,
falling to three percent, below the base case forecast. Unmitigated cost
inflation is also higher in the areas of food, labour and energy. In this
downside scenario the Group is again able to stay within securitisation
and committed facility financial covenants, whilst maintaining
sufficient liquidity.
Furthermore, the Directors have considered a reverse stress test
analysis, to review the headroom below which trading could fall beyond
the downside scenario before the earlier of financial covenants becoming
breached, or available liquidity becoming insufficient. This analysis
indicates that on consistent cost assumptions, sales would be able to
fall a further 3.3% (being approximately one percent down on FY 2023)
throughout the forecast period before financial covenants were breached
when tested at Q4 FY 2024 being the last full testing period within the
12 month going concern assessment period. In this scenario the Group
would still have sufficient available liquidity.
After due consideration of these factors, the Directors therefore believe
that it remains appropriate to prepare the financial statements of the
Group and the Company on a going concern basis.
A review of longer-term viability is provided on page 48 which assesses
the Group\u2019s ability to continue in operation and to meet its liabilities as
they fall due over a longer, three year period.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of Mitchells & Butlers plc (\u2018the Company\u2019) and entities
controlled by the Company (its subsidiaries).
Control is achieved when the Company:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable return from its involvement
with the investee; and
\u2022 has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of the
three elements of control listed above.
When the Company has less than a majority of voting rights of an
investee, it considers that it has power over the investee when the voting
rights are sufficient to give it the practical ability to direct the relevant
activities of the investee unilaterally. The Company considers all relevant
facts and circumstances in assessing whether or not the Company\u2019s
voting rights in an investee are sufficient to give it power, including:
\u2022 the size of the Company\u2019s holding of voting rights relative to the
size and dispersion of holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders
or parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 any additional facts and circumstances that indicate that the
Company has, or does not have, the current ability to direct the
relevant activities at the time that decisions need to be made,
including voting patterns at the previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Company obtains control
over the subsidiary and ceases when the Company loses control of the
subsidiary. Specifically, the results of the subsidiaries acquired or disposed
of during the period are included in the Group income statement from
the date the Company gains control until the date when the Company
ceases to control the subsidiary.
The financial statements of the subsidiaries are prepared for the same
financial reporting period as the Company, with the exception of 3Sixty
Restaurants Limited and Ego Restaurants Holdings Limited that are
prepared to 1 October 2023 (see note 5.3). Intercompany transactions,
balances and unrealised gains and losses on transactions between
Group companies are eliminated on consolidation.
Foreign currencies
Transactions in foreign currencies are recorded at the exchange rates
ruling on the dates of the transactions. Monetary assets and liabilities
denominated in foreign currencies are translated into the functional
currency at the relevant rates of exchange ruling at the balance
sheet date. Foreign exchange differences arising on translation are
recognised in the Group income statement. Non-monetary assets and
liabilities are measured at cost using the exchange rate on the date of
the initial transaction.
The consolidated financial statements are presented in pounds sterling
(rounded to the nearest million), being the functional currency of the
primary economic environment in which the parent and most
subsidiaries operate. On consolidation, the assets and liabilities of the
Group\u2019s overseas operations are translated into sterling at the relevant
rates of exchange ruling at the balance sheet date. The results of
overseas operations are translated into sterling at average rates of
exchange for the period. Exchange differences arising from the
translation of the results and the retranslation of opening net assets
denominated in foreign currencies are taken directly to the Group\u2019s
translation reserve. When an overseas operation is sold, such exchange
differences are recognised in the Group income statement as part of the
gain or loss on sale.
The results of overseas operations have been translated into sterling at
the weighted average euro rate of exchange for the period of \u00a31 = \u20ac1.16
(2022 \u00a31 = \u20ac1.18), where this is a reasonable approximation to the rate at
the dates of the transactions. Euro and US dollar denominated assets and
liabilities have been translated at the relevant rate of exchange at the
balance sheet date of \u00a31 = \u20ac1.15 (2022 \u00a31 = \u20ac1.12) and \u00a31 = $1.22
(2022 \u00a31 = $1.09) respectively.
New and amended IFRS Standards that are effective for the current period
The International Accounting Standards Board (\u2018IASB\u2019) and International Financial Reporting Interpretations Committee (\u2018IFRIC\u2019) have issued the
following standards and interpretations which have been adopted by the Group in these consolidated financial statements for the first time with the
following impact.
Accounting standard Effective date
Amendments to IAS 37
(Onerous Contracts \u2013 cost of
fulfilling a contract)
The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the
purpose of assessing whether the contract is onerous. The amendments apply for annual reporting periods
beginning on or after 1 January 2022.
The amendments have no impact on the contracts of the Group that are identified as onerous, as all costs
associated with fulfilling the lease contracts are allocated in the assessment of whether a lease is onerous.
As such there is no change to the leases assessed as onerous, or the resulting onerous lease provision shown
in note 3.5.
International Tax Reform \u2013 Pillar 2
model Rules \u2013 Amendments to
IAS 12
The amendments were endorsed on 19 July 2023, and provide a temporary mandatory exception from
deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures
about the Pillar 2 exposure from 31 December 2023. Further details are provided in note 2.4.
The following standards and interpretations have been adopted by the
Group in these consolidated financial statements for the first time, with
no impact.
Accounting standard Effective date
Amendments to IFRS 3
(Reference to the Conceptual
Framework)
1 January 2022
Amendments to IAS 16 (PPE \u2013
proceeds before intended use)
1 January 2022
Annual improvements to IFRS
standards 2018-2020 cycle
(Amendments to IFRS 1 First-time
Adoption of International
Financial Reporting Standards,
IFRS 9 Financial Instruments, IFRS
16 Leases, and IAS 41 Agriculture)
1 January 2022
New and revised IFRS Standards in issue but not
yet effective
The IASB and IFRIC have issued the following standards and
interpretations which could impact the Group, with an effective date for
financial periods beginning on or after the dates disclosed below:
Accounting standard Effective date
Amendments to IAS
1 and IFRS Practice Statement 2
(Disclosure of Accounting
Policies)
1 January 2023
Amendments to
IAS 8 (Definition of Accounting
Estimates)
1 January 2023
Amendments to IAS 12 (Deferred
Tax related to Assets and
Liabilities arising
from a Single Transaction)
1 January 2023
IFRS 17 Insurance Contracts 1 January 2023
Amendments to IAS 1
(Classification of Liabilities as
Current or Non-current)
1 January 2024
The Directors do not expect that the adoption of the standards listed
above will have a material impact on the consolidated financial
statements in future periods.
Critical accounting judgements and key sources
of estimation uncertainty
The preparation of the consolidated financial statements requires
management to make judgements, estimates and assumptions in the
application of accounting policies that affect reported amounts of assets,
liabilities, income and expense.
Estimates and judgements are periodically evaluated and are based on
historical experience and other factors including expectations of future
events that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates.
Judgements and estimates for the period remain largely unchanged from
the prior period, with the selection of assumptions for calculation of the
defined benefit pension liability removed in the current period due to the
reduced sensitivity to the assumptions following the main plan buy-in
(see note 4.5).
Significant accounting estimates:
The significant accounting estimate with a significant risk of a material
change to the carrying value of assets and liabilities within the next year
in terms of IAS 1 Presentation of Financial Statements, is:
\u2022 Fair value of freehold and long leasehold properties \u2013 see note 3.1
Other areas of judgement are described in each section listed below:
\u2022 Determination of items that are separately disclosed \u2013 see note 2.2
\u2022 Impairment review of short leasehold properties and right-of-use
assets \u2013 see note 3.3
Other sources of estimation uncertainty are described in:
\u2022 Impairment review of short leasehold properties and right-of-use
assets \u2013 see note 3.3
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-442": {
"value": "General information Mitchells & Butlers plc (the Company) is a public limited company limited by shares and is registered in England and Wales. The Company\u2019s shares are listed on the London Stock Exchange. The address of the Company\u2019s registered office is shown on page 196. The principal activities of the Company and its subsidiaries (the Group) and the nature of the Group\u2019s operations are set out in the Strategic Report on pages 14 to 54. The Group is required to prepare its consolidated financial statements in accordance with UK-adopted International Financial Reporting Standards (\u2018IFRSs\u2019) and in accordance with the Companies Act 2006. The Group\u2019s accounting reference date is 30 September. The Group draws up its consolidated financial statements to the Saturday directly before or following the accounting reference date, as permitted by section 390 (3) of the Companies Act 2006. The period ended 30 September 2023 includes 53 trading weeks and the comparative period ended 24 September 2022 includes 52 trading weeks. The consolidated financial statements have been prepared on the historical cost basis as modified by the revaluation of freehold and long leasehold properties, pension obligations and financial instruments. The Group\u2019s accounting policies have been applied consistently. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-2": {
"value": "Mitchells & Butlers plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-3": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-470": {
"value": "The Group is required to prepare its consolidated financial statements in accordance with UK-adopted International Financial Reporting Standards (\u2018IFRSs\u2019) and in accordance with the Companies Act 2006. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-443": {
"value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 14 to 54. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are also described within the Financial review on pages 51 to 54. Note 4.3 to the consolidated financial statements includes the Group\u2019s objectives, policies and processes for managing capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit and liquidity risks. As highlighted in note 4.1 to the consolidated financial statements, the Group\u2019s financing is based upon securitised debt and unsecured borrowing facilities. The Directors have adopted the going concern basis in preparing the Group and Company financial statements after assessing the impact of identified principal risks and their possible adverse impact on financial performance, specifically revenue and cash flows throughout the going concern period, being at least 12 months from the date of signing of these financial statements. The challenges presented to the hospitality sector of Covid-19, Brexit and more recently high and persistent cost inflation (both for the business and its customers) have resulted in reduced levels of profits and operating cash flow since March 2020. These factors cast a degree of uncertainty as to the future financial performance and cash flows of the Group and have been considered by the Directors in assessing the ability of the Group and the Company to continue as a going concern. The Group\u2019s primary source of borrowings is through ten tranches of fully amortising loan notes with a gross debt value of \u00a31.3bn as at the end of the year. These are secured against the majority of the Group\u2019s properties and its future income streams. The principal repayment period varies by class of note with maturity dates ranging from 2023 to 2036. During the year the Group completed a refinancing of its unsecured credit facility. The new facility of \u00a3200m is committed and remains unsecured, with a negative pledge in favour of participating banks, and has a maturity date in July 2026. At the balance sheet date there were no drawings under this facility. Within the secured debt financing structure there are two main covenants: the level of net worth (being the net asset value of the securitisation group) and, FCF to DSCR. As at 30 September 2023 there was substantial headroom on the net worth covenant. FCF to DSCR represents the multiple of Free Cash Flow (being EBITDA less tax and required capital maintenance expenditure) generated by sites within the structure to the cost of debt service (being the repayment of principal, net interest charges and associated fees). This is tested quarterly on both a trailing two quarter and a four quarter basis. The unsecured facility also has two main financial covenants, based on the performance of the unsecured estate: the ratio of EBITDAR to rent plus interest (at a minimum of 1.25 times) and Net debt to EBITDA (to be no more than 3.0 times), both tested on a half-yearly basis (for the prior four quarters). In the year ahead the main uncertainties facing the Group are considered to be the maintenance of growth in sales in the face of pressure on consumer spending power, and cost inflation. The outlook for these is uncertain and will depend on a number of factors including consumer confidence, global political developments and supply chain disruptions and government policy. The Directors have reviewed the financing arrangements against a base case forward trading forecast in which they have considered the Group\u2019s current financial position. This forecast assumes mid single digit growth in sales across the year, a rate slightly below the level generated in recent months. Cost inflation is assumed to abate from the historic high levels last year, with some deflation in energy costs, blending at an expected net increase of approximately three percent across the cost base of the business of approximately \u00a32bn. Under this base case the Group is able to stay within securitisation and committed facility financial covenants and maintains sufficient liquidity. The Directors have also considered a severe but plausible downside scenario covering adverse movements against the base forward forecast in both sales and cost inflation in which some mitigation activity is taken including lower capital expenditure on site remodel activity and a flex down of labour and site costs in line with reduced sales. In this scenario sales are assumed to remain in growth but at an initial level of one percent, falling to three percent, below the base case forecast. Unmitigated cost inflation is also higher in the areas of food, labour and energy. In this downside scenario the Group is again able to stay within securitisation and committed facility financial covenants, whilst maintaining sufficient liquidity. Furthermore, the Directors have considered a reverse stress test analysis, to review the headroom below which trading could fall beyond the downside scenario before the earlier of financial covenants becoming breached, or available liquidity becoming insufficient. This analysis indicates that on consistent cost assumptions, sales would be able to fall a further 3.3% (being approximately one percent down on FY 2023) throughout the forecast period before financial covenants were breached when tested at Q4 FY 2024 being the last full testing period within the 12 month going concern assessment period. In this scenario the Group would still have sufficient available liquidity. After due consideration of these factors, the Directors therefore believe that it remains appropriate to prepare the financial statements of the Group and the Company on a going concern basis. A review of longer-term viability is provided on page 48 which assesses the Group\u2019s ability to continue in operation and to meet its liabilities as they fall due over a longer, three year period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-445": {
"value": "Foreign currencies Transactions in foreign currencies are recorded at the exchange rates ruling on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the relevant rates of exchange ruling at the balance sheet date. Foreign exchange differences arising on translation are recognised in the Group income statement. Non-monetary assets and liabilities are measured at cost using the exchange rate on the date of the initial transaction. The consolidated financial statements are presented in pounds sterling (rounded to the nearest million), being the functional currency of the primary economic environment in which the parent and most subsidiaries operate. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into sterling at the relevant rates of exchange ruling at the balance sheet date. The results of overseas operations are translated into sterling at average rates of exchange for the period. Exchange differences arising from the translation of the results and the retranslation of opening net assets denominated in foreign currencies are taken directly to the Group\u2019s translation reserve. When an overseas operation is sold, such exchange differences are recognised in the Group income statement as part of the gain or loss on sale. The results of overseas operations have been translated into sterling at the weighted average euro rate of exchange for the period of \u00a31 = \u20ac1.16 (2022 \u00a31 = \u20ac1.18), where this is a reasonable approximation to the rate at the dates of the transactions. Euro and US dollar denominated assets and liabilities have been translated at the relevant rate of exchange at the balance sheet date of \u00a31 = \u20ac1.15 (2022 \u00a31 = \u20ac1.12) and \u00a31 = $1.22 (2022 \u00a31 = $1.09) respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-471": {
"value": "The consolidated financial statements are presented in pounds sterling (rounded to the nearest million), being the functional currency of the primary economic environment in which the parent and most subsidiaries operate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-444": {
"value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of Mitchells & Butlers plc (\u2018the Company\u2019) and entities controlled by the Company (its subsidiaries). Control is achieved when the Company: \u2022 has the power over the investee; \u2022 is exposed, or has rights, to variable return from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Company, other vote holders or parties; \u2022 rights arising from other contractual arrangements; and \u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at the previous shareholders\u2019 meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of the subsidiaries acquired or disposed of during the period are included in the Group income statement from the date the Company gains control until the date when the Company ceases to control the subsidiary. The financial statements of the subsidiaries are prepared for the same financial reporting period as the Company, with the exception of 3Sixty Restaurants Limited and Ego Restaurants Holdings Limited that are prepared to 1 October 2023 (see note 5.3). Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated on consolidation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-446": {
"value": "New and amended IFRS Standards that are effective for the current period The International Accounting Standards Board (\u2018IASB\u2019) and International Financial Reporting Interpretations Committee (\u2018IFRIC\u2019) have issued the following standards and interpretations which have been adopted by the Group in these consolidated financial statements for the first time with the following impact. Accounting standard Effective date Amendments to IAS 37 (Onerous Contracts \u2013 cost of fulfilling a contract) The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. The amendments apply for annual reporting periods beginning on or after 1 January 2022. The amendments have no impact on the contracts of the Group that are identified as onerous, as all costs associated with fulfilling the lease contracts are allocated in the assessment of whether a lease is onerous. As such there is no change to the leases assessed as onerous, or the resulting onerous lease provision shown in note 3.5. International Tax Reform \u2013 Pillar 2 model Rules \u2013 Amendments to IAS 12 The amendments were endorsed on 19 July 2023, and provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar 2 exposure from 31 December 2023. Further details are provided in note 2.4. The following standards and interpretations have been adopted by the Group in these consolidated financial statements for the first time, with no impact. Accounting standard Effective date Amendments to IFRS 3 (Reference to the Conceptual Framework) 1 January 2022 Amendments to IAS 16 (PPE \u2013 proceeds before intended use) 1 January 2022 Annual improvements to IFRS standards 2018-2020 cycle (Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 Agriculture) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-512": {
"value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect reported amounts of assets, liabilities, income and expense. Estimates and judgements are periodically evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Judgements and estimates for the period remain largely unchanged from the prior period, with the selection of assumptions for calculation of the defined benefit pension liability removed in the current period due to the reduced sensitivity to the assumptions following the main plan buy-in (see note 4.5). Significant accounting estimates: The significant accounting estimate with a significant risk of a material change to the carrying value of assets and liabilities within the next year in terms of IAS 1 Presentation of Financial Statements, is: \u2022 Fair value of freehold and long leasehold properties \u2013 see note 3.1 Other areas of judgement are described in each section listed below: \u2022 Determination of items that are separately disclosed \u2013 see note 2.2 \u2022 Impairment review of short leasehold properties and right-of-use assets \u2013 see note 3.3 Other sources of estimation uncertainty are described in: \u2022 Impairment review of short leasehold properties and right-of-use assets \u2013 see note 3.3 Accounting judgements Judgement is used to determine those items which should be separately disclosed to allow an understanding of the adjusted trading performance of the Group. This judgement includes assessment of whether an item is of sufficient size or of a nature that is not consistent with normal trading activities. Separately disclosed items are identified as follows: \u2022 A refund in relation to the settlement of a long-standing claim with HMRC regards gaming duty is separately disclosed due to its size on initial recognition. \u2022 Profit/(loss) arising on property disposals \u2013 property disposals are disclosed separately as they are not considered to be part of adjusted trade performance and there is volatility in the size of the profit/(loss) in each accounting period. \u2022 Movement in the valuation of the property portfolio \u2013 this is disclosed separately, due to the size and volatility of the movement in property valuation each period, which can be partly driven by movements in the property market and discount rate where impairment reviews are completed. This movement is also not considered to be part of the adjusted trade performance of the Group and would prevent comparability between periods of the Group\u2019s trading performance if not separately disclosed. \u2022 Costs associated with acquisitions \u2013 all costs directly associated with acquisition of subsidiaries, including fair value adjustment to the associate carrying value and settlement of pre-existing lease contracts, within the Group are reported separately due to the nature of the transaction as they are not considered to be part of the adjusted trade performance of the Group. Accounting judgements Revaluation of freehold and long leasehold properties The revaluation methodology is determined, with advice from CBRE, independent chartered surveyors and incorporates management judgement where appropriate. The application of a valuation multiple to the fair maintainable trade of each site is considered the most appropriate method for the Group to determine the fair value of freehold and long leasehold licensed land and buildings. In the current and prior period judgement has been applied to establish the basis of fair maintainable trade that a willing third-party buyer would assume. The estimation of fair maintainable trade is derived from the individual profit and loss accounts of pubs and restaurants and is inclusive of the trading margins earned by the Group but exclusive of any head office costs. This represents the Group\u2019s best view of the value that would be attributed by other reasonably efficient operators. In the current period the prevailing reported profits have been negatively impacted by high and sustained cost inflation, notably in food and energy price increases driven by the Ukraine conflict. In the current period, turnover (\u2018FMT\u2019) has been determined using recent site performance however the inflationary pressures are not expected to fully impact onsite valuations and as such, FMOP has been determined to include an adjustment to current margins. In the prior period ending 24 September 2022 judgement was made to adjust both turnover and margin for the impact of the Omicron variant of Covid-19 in November 2021 and the recovery in trade thereafter, and high cost inflation on margin. Where sites have been impacted by expansionary capital investment in the preceding twelve months, the fair maintainable trade has been determined by estimating both FMT and FMOP by reference to post-investment forecasts and turnover trends post opening. For the purposes of the valuation, and in order to group together properties of a similar nature, groupings by brand are applied for which standard multiples have been established through third-party inspections of 20% of the freehold and long leasehold licensed property estate. Judgements are applied in assessing multiples on the basis of market evidence of transaction prices and nature of the overall offer within the local market, with specific consideration given to geographical location, ancillary revenue such as accommodation sales from bedrooms and lease terms for long leasehold sites. Further judgement is required when a spot valuation is applied where the property value derived purely from a multiple applied to the fair maintainable trade misrepresents the underlying asset value with consideration given to the level of trade and location characteristics. Significant accounting estimates Revaluation of freehold and long leasehold properties The application of the valuation methodology requires two significant estimates; the estimation of valuation multiples, which are determined via third-party inspections; and an estimate of fair maintainable trade, consisting of estimates of both fair maintainable turnover (\u2018FMT\u2019) and fair maintainable operating profit (\u2018FMOP\u2019). Adjustments have been made to pub and restaurant trading margins to reflect the margin impacts of recent cost inflation which are expected to persist into the level of FMOP used by third-party, reasonably efficient operators in arriving at a transaction price. The impact of inflation across drink and food, labour, energy and other pub operating costs in the current period compared to pre Covid has been assessed and adjusted individually. In aggregate approximately 2.5% of the total margin reduction reported in the current period against pre Covid trade is expected to recover in the short to medium term and has been included in estimated fair maintainable trade. The estimation of valuation multiples is derived from the valuers knowledge of market evidence of transaction prices for similar properties. In the current period the multiples adopted reflect a slight easing of demand for freehold property caused by the lower profit margins in the sector. There is considered to be a significant risk that an adjustment to either of these assumptions could lead to a material change in the property valuation within the next year. A sensitivity analysis of changes in valuation multiples and fair maintainable trade, in relation to the properties to which these estimates apply, is provided on page 147. The carrying value of properties to which these estimates apply is \u00a33,933m (2022 \u00a34,036m). Accounting judgements Impairment review of cash-generating units \u2013 property, plant and equipment, right-of-use assets and goodwill For the individual outlet level impairment review, judgement has been applied to determine the most appropriate site level profit and cash flow forecasts based on the Group forecast for FY 2024 to FY 2026 that was in place at the balance sheet date. Management apply judgement when allocating overhead costs to site cash flows, with an overhead allocation being made only for those costs that can be directly attributable to a site on a consistent basis. Other sources of estimation uncertainty Impairment review of cash-generating units \u2013 property, plant and equipment, right-of-use assets and goodwill The impairment review requires two key sources of estimation uncertainty in calculating the value in use: the estimation of forecast cash flows for each site and the selection of an appropriate discount rate. The discount rate is applied consistently to each cash-generating unit. A sensitivity of changes in forecast cash flows and the discount rate is provided on page 154. The carrying value of assets to which these estimates apply is \u00a3442m (2022 \u00a3458m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-448": {
"value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect reported amounts of assets, liabilities, income and expense. Estimates and judgements are periodically evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Judgements and estimates for the period remain largely unchanged from the prior period, with the selection of assumptions for calculation of the defined benefit pension liability removed in the current period due to the reduced sensitivity to the assumptions following the main plan buy-in (see note 4.5). Significant accounting estimates: The significant accounting estimate with a significant risk of a material change to the carrying value of assets and liabilities within the next year in terms of IAS 1 Presentation of Financial Statements, is: \u2022 Fair value of freehold and long leasehold properties \u2013 see note 3.1 Other areas of judgement are described in each section listed below: \u2022 Determination of items that are separately disclosed \u2013 see note 2.2 \u2022 Impairment review of short leasehold properties and right-of-use assets \u2013 see note 3.3 Other sources of estimation uncertainty are described in: \u2022 Impairment review of short leasehold properties and right-of-use assets \u2013 see note 3.3 ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-447": {
"value": "New and revised IFRS Standards in issue but not yet effective The IASB and IFRIC have issued the following standards and interpretations which could impact the Group, with an effective date for financial periods beginning on or after the dates disclosed below: Accounting standard Effective date Amendments to IAS 1 and IFRS Practice Statement 2 (Disclosure of Accounting Policies) 1 January 2023 Amendments to IAS 8 (Definition of Accounting Estimates) 1 January 2023 Amendments to IAS 12 (Deferred Tax related to Assets and Liabilities arising from a Single Transaction) 1 January 2023 IFRS 17 Insurance Contracts 1 January 2023 Amendments to IAS 1 (Classification of Liabilities as Current or Non-current) 1 January 2024 The Directors do not expect that the adoption of the standards listed above will have a material impact on the consolidated financial statements in future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-416": {
"value": "2.1 Segmental analysis Accounting policies Operating segments IFRS 8 Operating Segments requires operating segments to be based on the Group\u2019s internal reporting to its Chief Operating Decision Maker (\u2018CODM\u2019). The CODM is regarded as the Chief Executive together with other Board members. The Group trades in one business segment (that of operating pubs and restaurants) and the Group\u2019s brands meet the aggregation criteria set out in Paragraph 12 of IFRS 8. Economic indicators assessed in determining that the aggregated operating segments share similar economic characteristics include: expected future financial performance; operating and competitive risks; and return on invested capital. As such, the Group reports the business as one reportable business segment. The CODM uses EBITDA and operating profit before interest and separately disclosed items as the key measures of the Group\u2019s results on an aggregated basis. Geographical segments Substantially all of the Group\u2019s business is conducted in the United Kingdom. In presenting information by geographical segment, segment revenue and non-current assets are based on the geographical location of customers and assets. Geographical segments UK Germany Total 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Revenue \u2013 sales to third parties 2,387 2,117 116 91 2,503 2,208 Segment non-current assets a 4,442 4,524 46 41 4,488 4,565 a. Includes balances relating to intangibles, property, plant and equipment, right-of-use assets, investments in associates, finance lease receivables and non-current other receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-414": {
"value": "Accounting policies Operating segments IFRS 8 Operating Segments requires operating segments to be based on the Group\u2019s internal reporting to its Chief Operating Decision Maker (\u2018CODM\u2019). The CODM is regarded as the Chief Executive together with other Board members. The Group trades in one business segment (that of operating pubs and restaurants) and the Group\u2019s brands meet the aggregation criteria set out in Paragraph 12 of IFRS 8. Economic indicators assessed in determining that the aggregated operating segments share similar economic characteristics include: expected future financial performance; operating and competitive risks; and return on invested capital. As such, the Group reports the business as one reportable business segment. The CODM uses EBITDA and operating profit before interest and separately disclosed items as the key measures of the Group\u2019s results on an aggregated basis. Geographical segments Substantially all of the Group\u2019s business is conducted in the United Kingdom. In presenting information by geographical segment, segment revenue and non-current assets are based on the geographical location of customers and assets. Accounting policy In addition to presenting information on an IFRS basis, the Group also presents adjusted profit and earnings per share information that excludes separately disclosed items and the impact of any associated tax. Adjusted profit measures are presented excluding separately disclosed items as we believe this provides both management, investors and other stakeholders with useful additional information about the Group\u2019s performance and supports a more effective comparison of the Group\u2019s trading performance from one period to the next. Adjusted profit and earnings per share information is used by management to monitor business performance against both shorter-term budgets and forecasts but also against the Group\u2019s longer-term strategic plans. Judgement is used to determine those items which should be separately disclosed. This judgement includes assessment of whether an item is of sufficient size or of a nature that is not consistent with normal trading activities. Separately disclosed items are those which are separately identified by virtue of their size or incidence. Accounting judgements Judgement is used to determine those items which should be separately disclosed to allow an understanding of the adjusted trading performance of the Group. This judgement includes assessment of whether an item is of sufficient size or of a nature that is not consistent with normal trading activities. Separately disclosed items are identified as follows: \u2022 A refund in relation to the settlement of a long-standing claim with HMRC regards gaming duty is separately disclosed due to its size on initial recognition. \u2022 Profit/(loss) arising on property disposals \u2013 property disposals are disclosed separately as they are not considered to be part of adjusted trade performance and there is volatility in the size of the profit/(loss) in each accounting period. \u2022 Movement in the valuation of the property portfolio \u2013 this is disclosed separately, due to the size and volatility of the movement in property valuation each period, which can be partly driven by movements in the property market and discount rate where impairment reviews are completed. This movement is also not considered to be part of the adjusted trade performance of the Group and would prevent comparability between periods of the Group\u2019s trading performance if not separately disclosed. \u2022 Costs associated with acquisitions \u2013 all costs directly associated with acquisition of subsidiaries, including fair value adjustment to the associate carrying value and settlement of pre-existing lease contracts, within the Group are reported separately due to the nature of the transaction as they are not considered to be part of the adjusted trade performance of the Group. Accounting policies Revenue recognition Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. Revenue \u2013 food and drink The majority of revenue comprises food and drinks sold in the Group\u2019s outlets. Revenue is recognised when control of the goods has transferred, being at the point the customer purchases the goods at the outlet or on ordering through a delivery partner. Payment of the transaction price is due immediately at the point the customer makes a purchase at the outlet, or on agreed terms where purchases are made through third-party delivery partners. Revenue excludes sales-based taxes, coupons and discounts. Revenue \u2013 services Revenue for services mainly represents income from gaming machines, hotel accommodation and rent receivable from unlicensed and leased operations. Revenue for gaming machines and hotel accommodation is recognised at the point the service is provided and excludes sales-based taxes and discounts. Rental income is received from operating leases where the Group acts as lessor for a number of unlicensed and leased operations. Income from these leases is recognised on a straight-line basis over the term of the lease. Operating profit Operating profit is stated after charging separately disclosed items but before investment income and finance costs. Supplier incentives Supplier incentives and rebates are recognised within operating costs as they are earned. The accrued value at the reporting date is included in other receivables. Government grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in the income statement on a systematic basis over the periods in which the Group recognises as expenses the related operating costs for which the grants are intended to compensate . Apprenticeship incentives The Group is entitled to claim \u00a31,000 for each apprentice employed, where they are aged 16 to 18, or under 25 and meet certain other criteria. In prior periods, as part of its response to the Covid-19 pandemic, the UK Government introduced a scheme to enable an employer to receive up to an additional \u00a33,000 per apprentice, where the apprentice commenced employment between 1 August 2020 and 31 January 2022. The payment is phased with amounts due in equal instalments at 90 days and 365 days after employment commenced and is recognised on receipt of cash. Local Authority grants During the prior period, following the EU Court ruling on State Aid aggregation, the Group recognised an additional \u00a32m of Covid-19 support, subject to the individual caps applicable in both the UK and Germany. In addition, following the outbreak of the Omicron variant of Covid-19 in the UK in November 2021, the Government introduced some further grants to help support businesses in the leisure and hospitality sectors. As a result, a further \u00a31m of grants were recognised. German Government grants In the prior period, following the impact of the Omicron variant, grant claims were made for costs incurred during periods of significantly lower sales under an extension of the Bridging Aid scheme. Accounting policies The income tax (charge)/credit represents both the income tax payable, based on profits/(losses) for the period, and deferred tax and is calculated using tax rates enacted or substantively enacted at the balance sheet date. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense which are not taxable. Income tax is recognised in the income statement except when it relates to items that are charged or credited in other comprehensive income or directly in equity, in which case the income tax is also charged or credited in other comprehensive income or directly in equity. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised based on tax laws and rates that have been substantively enacted at the balance sheet date. The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Accounting policies Property, plant and equipment The majority of the Group\u2019s freehold and long leasehold licensed land and buildings, and the associated landlord\u2019s fixtures, fittings and equipment (i.e. fixed fittings) are revalued annually and are therefore held at fair value less depreciation. Tenant\u2019s fixtures and fittings (i.e. loose fixtures) within freehold and long leasehold properties, are held at cost less depreciation and impairment. Short leasehold buildings (leases with an unexpired lease term of less than 50 years), unlicensed land and buildings and associated fixtures, fittings and equipment are held at cost less depreciation and impairment. Land and buildings include leasehold improvements on long and short leases. All land and buildings are disclosed as a single class of asset within the property, plant and equipment table, as we do not consider the short leasehold and unlicensed buildings to be material for separate disclosure. Non-current assets held for sale are held at their carrying value or their fair value less costs to sell where this is lower. Depreciation Depreciation is charged to the income statement on a straight-line basis to write off the cost less residual value over the estimated useful life of an asset and commences when an asset is ready for its intended use. Expected useful lives and residual values are reviewed each period and adjusted if appropriate. No adjustments have been made in the period. Freehold land is not depreciated. Freehold and long leasehold buildings are depreciated so that the difference between their carrying value and estimated residual value is written off over 50 years from the date of acquisition. The residual value of freehold and long leasehold buildings is reassessed each period and is estimated to be equal to the fair value determined in the annual valuation and therefore no depreciation charge is recognised. Short leasehold buildings, and associated fixtures and fittings, are depreciated over the shorter of the estimated useful life and the unexpired term of the lease. Fixtures, fittings and equipment have the following estimated useful lives: Information technology equipment 3 to 7 years Fixtures and fittings 3 to 20 years At the point of transfer to non-current assets held for sale, depreciation ceases. Should an asset be subsequently reclassified to property, plant and equipment, the depreciation charge is calculated to reflect the cumulative charge had the asset not been reclassified. Disposals Profits and losses on disposal of property, plant and equipment are calculated as the difference between the net sales proceeds and the carrying amount of the asset at the date of disposal. Revaluation The revaluation, performed at 30 September 2023, is determined via annual third-party inspection of 20% of the sites with the aim that all sites are individually valued approximately every five years. The valuation utilises estimates of fair maintainable trade and valuation multiples, with fair maintainable trade comprising estimates of both fair maintainable turnover (\u2018FMT\u2019) and fair maintainable operating profit (\u2018FMOP\u2019), and estimated fair value of tenant\u2019s fixtures and fittings. The revaluation determined by the annual inspection was carried out in accordance with the RICS Valuation \u2013 Global Standards 2022 which incorporate the International Valuation Standards and the RICS Valuation \u2013 Professional Standards UK (the \u2018Red Book\u2019) assuming each asset is sold as a fully operational trading entity. Properties are valued as fully operational entities, to include fixtures and fittings but excluding stock, personal goodwill and estimated fair value of tenant\u2019s fixtures and fittings. The 80% of the freehold and long leasehold estate which is not subject to a third-party valuation in the period is instead revalued internally by management. The Group\u2019s external valuer provides advice to management in relation to their internal valuation. This valuation is performed using the same principles applied in determining FMT and FMOP for the externally valued estate together with using the same multiples as those applied by the external valuer. Sites impacted by expansionary capital investment in the preceding twelve months are reviewed for impairment only, based on estimated annualised post investment fair maintainable trade against the carrying value of the asset. Where the value of land and buildings derived purely from a multiple applied to the fair maintainable trade misrepresents the underlying asset value, a spot valuation is applied. Surpluses which arise from the revaluation exercise are included within other comprehensive income (in the revaluation reserve) unless they are reversing a revaluation deficit which has been recognised in the income statement previously; in which case an amount equal to a maximum of that recognised in the income statement previously is recognised in the income statement. Where the revaluation exercise gives rise to a deficit, this is reflected directly within the income statement, unless it is reversing a previous revaluation surplus against the same asset; in which case an amount equal to the maximum of the revaluation surplus is recognised within other comprehensive income (in the revaluation reserve). Impairment
Short leaseholds, unlicensed properties and fixtures and fittings are reviewed on an outlet basis for impairment if events or changes in
circumstances indicate that the carrying amount may not be recoverable. Further details of the impairment policy are provided in the impairment
note 3.3.
Accounting judgements
Revaluation of freehold and long leasehold properties
The revaluation methodology is determined, with advice from CBRE, independent chartered surveyors and incorporates management judgement
where appropriate. The application of a valuation multiple to the fair maintainable trade of each site is considered the most appropriate method for
the Group to determine the fair value of freehold and long leasehold licensed land and buildings.
In the current and prior period judgement has been applied to establish the basis of fair maintainable trade that a willing third-party buyer would
assume. The estimation of fair maintainable trade is derived from the individual profit and loss accounts of pubs and restaurants and is inclusive of
the trading margins earned by the Group but exclusive of any head office costs. This represents the Group\u2019s best view of the value that would be
attributed by other reasonably efficient operators. In the current period the prevailing reported profits have been negatively impacted by high and
sustained cost inflation, notably in food and energy price increases driven by the Ukraine conflict. In the current period, turnover (\u2018FMT\u2019) has been
determined using recent site performance however the inflationary pressures are not expected to fully impact onsite valuations and as such,
FMOP has been determined to include an adjustment to current margins. In the prior period ending 24 September 2022 judgement was made to
adjust both turnover and margin for the impact of the Omicron variant of Covid-19 in November 2021 and the recovery in trade thereafter, and
high cost inflation on margin.
Where sites have been impacted by expansionary capital investment in the preceding twelve months, the fair maintainable trade has been
determined by estimating both FMT and FMOP by reference to post-investment forecasts and turnover trends post opening.
For the purposes of the valuation, and in order to group together properties of a similar nature, groupings by brand are applied for which standard
multiples have been established through third-party inspections of 20% of the freehold and long leasehold licensed property estate. Judgements
are applied in assessing multiples on the basis of market evidence of transaction prices and nature of the overall offer within the local market, with
specific consideration given to geographical location, ancillary revenue such as accommodation sales from bedrooms and lease terms for long
leasehold sites.
Further judgement is required when a spot valuation is applied where the property value derived purely from a multiple applied to the fair
maintainable trade misrepresents the underlying asset value with consideration given to the level of trade and location characteristics.
Significant accounting estimates
Revaluation of freehold and long leasehold properties
The application of the valuation methodology requires two significant estimates; the estimation of valuation multiples, which are determined via
third-party inspections; and an estimate of fair maintainable trade, consisting of estimates of both fair maintainable turnover (\u2018FMT\u2019) and fair
maintainable operating profit (\u2018FMOP\u2019).
Adjustments have been made to pub and restaurant trading margins to reflect the margin impacts of recent cost inflation which are expected to
persist into the level of FMOP used by third-party, reasonably efficient operators in arriving at a transaction price. The impact of inflation across
drink and food, labour, energy and other pub operating costs in the current period compared to pre Covid has been assessed and adjusted
individually. In aggregate approximately 2.5% of the total margin reduction reported in the current period against pre Covid trade is expected
to recover in the short to medium term and has been included in estimated fair maintainable trade.
The estimation of valuation multiples is derived from the valuers knowledge of market evidence of transaction prices for similar properties. In the
current period the multiples adopted reflect a slight easing of demand for freehold property caused by the lower profit margins in the sector.
There is considered to be a significant risk that an adjustment to either of these assumptions could lead to a material change in the property
valuation within the next year.
A sensitivity analysis of changes in valuation multiples and fair maintainable trade, in relation to the properties to which these estimates apply,
is provided on page 147. The carrying value of properties to which these estimates apply is \u00a33,933m (2022 \u00a34,036m).
Accounting policies The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of twelve months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the future lease payments unpaid at the lease commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives receivable; and \u2022 Lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a break option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The right-of-use assets comprise the initial measurement of the corresponding lease liability, adjusted for any advance payments made at or before lease commencement, less any lease incentives received and any initial direct costs (including lease premiums). Whenever the Group incurs an obligation to restore the underlying asset to the condition required by the terms and conditions of the lease, a dilapidations provision is recognised and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset. Right-of-use assets are depreciated over the remaining committed lease term on a straight-line basis. Right-of-use assets are tested annually for impairment in accordance with IAS 36 Impairment of Assets. Right-of-use assets are subsequently remeasured for any changes in lease term and future committed rental payments. For short-term leases (lease term of twelve months or less), and leases of low-value assets (such as personal computers and office furniture), the Group recognises a lease expense on a straight-line basis, directly in the income statement, as permitted by IFRS 16. Impairment of right-of-use assets Right-of-use assets are tested for impairment in accordance with IAS 36 Impairment of Assets, as described in the policy in the impairment note 3.3. Accounting policy The Group enters into lease agreements as a lessor with respect to some of its properties. The properties are operated as either licensed or unlicensed businesses by the tenants. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. Accounting policies
Impairment \u2013 Property, plant and equipment, right-of-use assets and goodwill
As described in the property, plant and equipment policy (note 3.1), the lease accounting policy (note 3.2) and the goodwill policy (note 3.5),
impairment reviews are considered at a cash-generating unit level, with this being an individual outlet.
The carrying value of assets for an individual outlet, comprise the property, plant and equipment value, the associated right-of-use asset and any
attributable goodwill. At each balance sheet date, the Group assesses whether there is any indication that the carrying value of assets for individual
outlets may be impaired. If any such impairment indicator exists then an impairment loss is recognised whenever the carrying value of the outlet
exceeds its recoverable amount, which is determined as the higher of the value in use, or fair value less costs to sell for each outlet. Any resulting
impairment relates to sites with poor trading performance, where the output of the value in use calculations are insufficient to justify their current
net book value. Changes in outlet earnings or cash flows, the discount rate applied to those cash flows, or the estimate of fair value less costs of
disposal could give rise to an additional impairment loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount,
but only so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss
been recognised for the asset in prior periods. A reversal of an impairment loss is recognised in the income statement. An impairment reversal is
only recognised where there is a change in circumstances or favourable events since the last impairment test impacting estimates used to
determine recoverable amounts, not where it results from the passage of time.
In addition to the cash-generating unit level impairment review performed for individual outlets, the overall Group\u2019s cash-generating units are
grouped together to ensure that the corporate level assets are also considered for impairment.
Accounting judgements
Impairment review of cash-generating units \u2013 property, plant and equipment, right-of-use assets and goodwill
For the individual outlet level impairment review, judgement has been applied to determine the most appropriate site level profit and cash flow
forecasts based on the Group forecast for FY 2024 to FY 2026 that was in place at the balance sheet date.
Management apply judgement when allocating overhead costs to site cash flows, with an overhead allocation being made only for those costs that
can be directly attributable to a site on a consistent basis.
Other sources of estimation uncertainty
Impairment review of cash-generating units \u2013 property, plant and equipment, right-of-use assets and goodwill
The impairment review requires two key sources of estimation uncertainty in calculating the value in use: the estimation of forecast cash flows for
each site and the selection of an appropriate discount rate. The discount rate is applied consistently to each cash-generating unit.
A sensitivity of changes in forecast cash flows and the discount rate is provided on page 154. The carrying value of assets to which these estimates
apply is \u00a3442m (2022 \u00a3458m).
Accounting policy Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method. Accounting policy Trade receivables are initially recognised at transaction price and other receivables are initially recognised at fair value. Subsequently, these assets are measured at amortised cost. This results in their recognition at nominal value less an allowance for any doubtful debts. The allowance for doubtful debts is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not (an \u2018expected credit loss\u2019 model). The Group always measures the loss allowance for trade receivables using the simplified model at an amount equal to lifetime ECL. Loss allowance for other receivables is measured either at twelve months or lifetime ECL depending on whether the credit risk has increased significantly since initial recognition (see financial assets impairment policy in note 4.3). Accounting policy Trade and other payables are initially recognised at fair value and recognised subsequently at amortised cost. Accounting policy Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and the amount can be reliably estimated. Provisions are measured using the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. Onerous property provisions represent the expected unavoidable losses on onerous and vacant property leases and comprise the net lease commitment (fixed service charges) not expected to be covered by operating revenue after all other operating costs. The provision is calculated on a site by site basis with a provision being made for the remaining committed lease term, where a lease is considered to be onerous. Other contractual dilapidations costs are also recorded as provisions as appropriate. Accounting policies Business combinations and goodwill Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given and liabilities incurred or assumed by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the income statement as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits (revised) respectively; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the net of the identifiable assets acquired and the liabilities assumed at the acquisition date. If, after reassessment, the net of the identifiable assets acquired and liabilities assumed at the acquisition date exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree, the excess is recognised immediately in the income statement as a bargain purchase. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the contingent consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates, at fair value, with the corresponding gain or loss being recognised in the income statement. When a business combination is achieved in stages, the Group\u2019s previously-held interests in the acquired entity is re-measured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the income statement. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill is not amortised, but is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. The impairment review requires management to consider the recoverable value of the business to which the goodwill relates, based on either the fair value less costs to sell or the value in use. Value in use calculations require management to consider the net present value of future cash flows generated by the business to which the goodwill relates. Fair value less costs to sell is based on management\u2019s estimate of the net proceeds which could be generated through disposing of that business. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Computer software Computer software and associated development costs, which are not an integral part of a related item of hardware, are capitalised as an intangible asset and amortised on a straight-line basis over their useful life. The period of amortisation ranges between three and seven years with the majority being five years. Brands Brand intangible assets recognised on acquisition are amortised on a straight-line basis over their estimated useful lives (20 years) within operating costs. Brand intangibles are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Accounting policy An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. If after reassessment the Group\u2019s share of the net fair value of the identifiable assets and liabilities are in excess of the cost of the investment, this is recognised immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 36 Impairment of Assets are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. The Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is classified as held for sale. When the Group retains an interest in the former associate and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IFRS 9. The difference between the carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained interest, and any proceeds from disposing of a part interest in the associate is included in the determination of the gain or loss on disposal of the associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss when the equity method is discontinued. When the Group reduces its ownership interest in an associate but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a Group entity transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognised in the consolidated financial statements only to the extent of interests in the associate that are not related to the Group. Accounting policy Borrowings, which include the Group\u2019s secured loan notes, are stated initially at fair value (normally the amount of the proceeds) net of issue costs. Thereafter they are stated at amortised cost using an effective interest basis. Finance costs, which are the difference between the net proceeds and the total amount of payments to be made in respect of the instruments, are allocated over the term of the debt using the effective interest method. Borrowing costs are not attributed to the acquisition or construction of assets and therefore no costs are capitalised within property, plant and equipment. Accounting policies Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets All financial assets are recognised or derecognised on a trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned. Financial assets are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Debt instruments that meet the following conditions are measured subsequently at amortised cost: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (\u2018FVTPL\u2019). The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u2018ECLs\u2019) on financial assets, where applicable. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial asset. The Group adopts the simplified approach detailed in IFRS 9 for trade receivables and finance lease receivables and therefore recognises lifetime ECL on these assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial assets, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial asset has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to twelve-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, twelve-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within twelve months after the reporting date. Definition of default The Group considers financial assets to be in default when information developed internally or obtained from external sources indicates that a debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collateral held by the Group). Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Write-off policy The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. Financial assets written off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss. Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. As for the exposure at default, for financial assets, this is represented by the assets\u2019 gross carrying amount at the reporting date. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. If the Group has measured the loss allowance for a financial asset at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to twelve-month ECL at the current reporting date, except for assets for which the simplified approach was used. The Group recognises an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their carrying amount through a loss allowance account. Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group does not retain substantially all the risks and rewards of ownership but continues to control a transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. Financial liabilities The Group has financial liabilities relating to borrowings, for which the accounting policy is provided in note 4.1. Other financial liabilities are initially measured at fair value, net of transaction costs. All financial liabilities are measured subsequently at amortised cost using the effective interest method or at fair value through profit or loss (\u2018FVTPL\u2019). Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability discharged and the consideration paid and payable is recognised in profit or loss. Effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating finance charges over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash flows (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) over the expected life of the debt instrument, or where appropriate, a shorter period, to the amortised cost of a financial liability. Finance charges are recognised on an effective interest basis for all debt instruments. Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including interest rate and currency swaps. Derivative financial instruments are initially measured at fair value on the contract date and are remeasured to fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the current legal right to offset and intention to settle on a net basis or realise simultaneously. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities. Hedge accounting The Group designates its derivative financial instruments, i.e. interest rate and currency swaps, as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. Hedge accounting is discontinued only when the hedging relationship ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold or terminated. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the hedging reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the hedging reserve is reclassified immediately to profit or loss. Accounting policies Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and other short-term highly liquid deposits with an original maturity at acquisition of three months or less. Cash held on deposit with an original maturity at acquisition of more than three months is disclosed as other cash deposits. In the cash flow statement, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management. Net debt Net debt comprises cash and cash equivalents, cash deposits net of borrowings and discounted lease liabilities. Net debt is presented on a constant currency basis, due to the inclusion of the fixed exchange rate component of the cross currency swap (as described in note 4.3). Cash flows on the interest rate and cross currency swaps are shown within interest paid in the Group cash flow statement Accounting policy Retirement and death benefits are provided for eligible employees in the United Kingdom principally by the Mitchells & Butlers Pension Plan (\u2018MABPP\u2019) and the Mitchells & Butlers Executive Pension Plan (\u2018MABEPP\u2019). These plans are funded, HMRC approved, occupational pension schemes with defined contribution and defined benefit sections. The defined benefit section of the plans is now closed to future service accrual. The defined benefit liabilities relates to these funded plans, together with an unfunded unapproved pension arrangement (the Executive Top-Up Scheme, or MABETUS) in respect of certain MABEPP members. The assets of the plans are held in self-administered trust funds separate from the Company\u2019s assets. The plans operate under the UK regulatory framework and are governed by Trustee Boards composed of member-nominated and independent Trustee Directors. The Trustee Directors make investment decisions and set the required contribution rates based on independent actuarial advice and consultation with the Company. In addition, Mitchells & Butlers plc also provides a workplace pension plan in line with the Workplace Pensions Reform Regulations. This automatically enrols all eligible workers into a Qualifying Workplace Pension Plan. IFRIC 14 limits the measurement of a net defined benefit asset to the lower of the surplus in the defined benefit plan and the asset ceiling. As the Company does not have an unconditional right to recover any surplus from the pension plans, no actuarial surplus can be recognised. Actuarial surplus/(liabilities) are the present value of the defined benefit obligation, less the fair value of the schemes\u2019 assets. The cost of providing benefits is determined using the projected unit credit method as determined annually by qualified actuaries. This is based on a number of financial assumptions and estimates, the determination of which may be significant to the balance sheet valuation in the event that this reflects a greater deficit than that suggested by the schedule of minimum contributions. There is no current service cost as all defined benefit schemes are closed to future accrual. The net pension finance charge, calculated by applying the discount rate to the pension deficit or surplus at the beginning of the period, is shown within finance income or expense. The administration costs of the schemes are recognised within operating costs in the income statement. Remeasurement comprising actuarial gains and losses, the effect of minimum funding requirements, and the return on schemes\u2019 assets are recognised immediately in the balance sheet with a charge or credit to the statement of comprehensive income in the period in which they occur. Curtailments and settlements relating to the Group\u2019s defined benefit plans are recognised in the income statement in the period in which the curtailment or settlement occurs. For the defined contribution arrangements, the charge against profit is equal to the amount of contributions payable for that period. Accounting policy The Group operates a number of equity-settled share-based compensation plans, whereby, subject to meeting any relevant conditions, employees are awarded shares or rights over shares. The cost of such awards is measured at fair value, excluding the effect of non market-based vesting conditions, on the date of grant. The expense is recognised on a straight-line basis over the vesting period and is adjusted for the estimated effect of non market-based vesting conditions and forfeitures, on the number of shares that will eventually vest due to employees leaving the employment of the Group. Fair values are calculated using either the Black-Scholes, Binomial or Monte Carlo simulation models depending on the conditions attached to the particular share scheme. Sharesave plan options granted to employees are treated as cancelled when employees cease to contribute to the scheme. This results in an accelerated recognition of the expense that would have arisen over the remainder of the original vesting period Accounting policies Own shares The cost of own shares held in employee share trusts and in treasury are deducted from shareholders\u2019 equity until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, the fair value of any consideration received is also included in shareholders\u2019 equity. Dividends Dividends proposed by the Board but unpaid at the period end are not recognised in the financial statements until they have been approved by shareholders at the Annual General Meeting. Interim Dividends are recognised when paid. Scrip Dividends are fully paid up from the share premium account. They are accounted for as an increase in share capital for the nominal value of the shares issued, and a resulting reduction in share premium. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-478": {
"value": "Accounting policies Operating segments IFRS 8 Operating Segments requires operating segments to be based on the Group\u2019s internal reporting to its Chief Operating Decision Maker (\u2018CODM\u2019). The CODM is regarded as the Chief Executive together with other Board members. The Group trades in one business segment (that of operating pubs and restaurants) and the Group\u2019s brands meet the aggregation criteria set out in Paragraph 12 of IFRS 8. Economic indicators assessed in determining that the aggregated operating segments share similar economic characteristics include: expected future financial performance; operating and competitive risks; and return on invested capital. As such, the Group reports the business as one reportable business segment. The CODM uses EBITDA and operating profit before interest and separately disclosed items as the key measures of the Group\u2019s results on an aggregated basis. Geographical segments Substantially all of the Group\u2019s business is conducted in the United Kingdom. In presenting information by geographical segment, segment revenue and non-current assets are based on the geographical location of customers and assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-449": {
"value": "Geographical segments UK Germany Total 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Revenue \u2013 sales to third parties 2,387 2,117 116 91 2,503 2,208 Segment non-current assets a 4,442 4,524 46 41 4,488 4,565 a. Includes balances relating to intangibles, property, plant and equipment, right-of-use assets, investments in associates, finance lease receivables and non-current other receivables",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-417": {
"value": "2.2 Separately disclosed items Accounting policy In addition to presenting information on an IFRS basis, the Group also presents adjusted profit and earnings per share information that excludes separately disclosed items and the impact of any associated tax. Adjusted profit measures are presented excluding separately disclosed items as we believe this provides both management, investors and other stakeholders with useful additional information about the Group\u2019s performance and supports a more effective comparison of the Group\u2019s trading performance from one period to the next. Adjusted profit and earnings per share information is used by management to monitor business performance against both shorter-term budgets and forecasts but also against the Group\u2019s longer-term strategic plans. Judgement is used to determine those items which should be separately disclosed. This judgement includes assessment of whether an item is of sufficient size or of a nature that is not consistent with normal trading activities. Separately disclosed items are those which are separately identified by virtue of their size or incidence. Accounting judgements Judgement is used to determine those items which should be separately disclosed to allow an understanding of the adjusted trading performance of the Group. This judgement includes assessment of whether an item is of sufficient size or of a nature that is not consistent with normal trading activities. Separately disclosed items are identified as follows: \u2022 A refund in relation to the settlement of a long-standing claim with HMRC regards gaming duty is separately disclosed due to its size on initial recognition. \u2022 Profit/(loss) arising on property disposals \u2013 property disposals are disclosed separately as they are not considered to be part of adjusted trade performance and there is volatility in the size of the profit/(loss) in each accounting period. \u2022 Movement in the valuation of the property portfolio \u2013 this is disclosed separately, due to the size and volatility of the movement in property valuation each period, which can be partly driven by movements in the property market and discount rate where impairment reviews are completed. This movement is also not considered to be part of the adjusted trade performance of the Group and would prevent comparability between periods of the Group\u2019s trading performance if not separately disclosed. \u2022 Costs associated with acquisitions \u2013 all costs directly associated with acquisition of subsidiaries, including fair value adjustment to the associate carrying value and settlement of pre-existing lease contracts, within the Group are reported separately due to the nature of the transaction as they are not considered to be part of the adjusted trade performance of the Group. The items identified in the current period are as follows: Notes 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Separately disclosed items Gaming machine settlement a (1) \u2013 Fair value adjustment to investment in 3Sixty Restaurants Limited b 5 \u2013 Settlement of pre-existing lease contracts on acquisition of 3Sixty Restaurants Limited c (3) \u2013 Costs associated with the acquisition of 3Sixty Restaurants Limited d (1) \u2013 Total separately disclosed items recognised within operating costs \u2013 \u2013 Net profit arising on property disposals 3 1 Movement in the valuation of the property portfolio: \u2013 Impairment charge arising from the revaluation of freehold and long leasehold properties e (110) (86) \u2013 Net impairment of short leasehold and unlicensed properties f (6) (9) \u2013 Net impairment of right-of-use assets g (14) (22) \u2013 Net impairment of goodwill h (1) \u2013 Net movement in the valuation of the property portfolio (131) (117) Total separately disclosed items before tax (128) (116) Tax credit relating to above items 28 22 Total separately disclosed items after tax (100) (94) a. During the period \u00a319m has been received from HMRC, relating to VAT on gaming machine income for the period 2005 to 2012, including interest. An estimate of \u00a320m for the amount receivable was recognised in the 52 weeks ended 25 September 2021 as a separately disclosed item. As a result, the shortfall of \u00a31m has been recognised. b. During the period, the Group acquired the remaining 60% of share capital of 3Sixty Restaurants Limited, after having a 40% interest since April 2018. As a result of this acquisition achieved in stages, the Group has applied the principles of IFRS 3 and remeasured the 40% interest to fair value at acquisition (see note 5.1 for further details). c. As a result of the acquisition of 3Sixty Restaurants Limited, a loss has been recognised at acquisition for the settlement of pre-existing lease contracts, due to the terms of the contracts being below to market terms (see note 5.1). d. Relates to integration costs, restructuring costs and legal and professional fees incurred in the acquisition of 3Sixty Restaurants Limited on 18 June 2023. e. The impairment arising from the Group\u2019s revaluation of its freehold and long leasehold pub estate comprises an impairment charge, where the carrying values of the properties exceed their recoverable amount, net of a revaluation surplus that reverses past impairments. See note 3.1 for further details. f. Impairment of short leasehold and unlicensed properties where their carrying values exceed their recoverable amounts, net of reversals of past impairments. See note 3.3 for further details. g. Impairment of right-of-use assets where their carrying values exceed their recoverable amounts, net of reversals of past impairments. See note 3.3 for further details. h. Impairment of goodwill where the carrying value exceeds the recoverable amount. See note 3.3 for further details.",
"dimensions": {
"concept": "mitchellsbutlersplc:DisclosureOfSeparatelyDisclosedItems",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-479": {
"value": "Accounting policy In addition to presenting information on an IFRS basis, the Group also presents adjusted profit and earnings per share information that excludes separately disclosed items and the impact of any associated tax. Adjusted profit measures are presented excluding separately disclosed items as we believe this provides both management, investors and other stakeholders with useful additional information about the Group\u2019s performance and supports a more effective comparison of the Group\u2019s trading performance from one period to the next. Adjusted profit and earnings per share information is used by management to monitor business performance against both shorter-term budgets and forecasts but also against the Group\u2019s longer-term strategic plans. Judgement is used to determine those items which should be separately disclosed. This judgement includes assessment of whether an item is of sufficient size or of a nature that is not consistent with normal trading activities. Separately disclosed items are those which are separately identified by virtue of their size or incidence. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-418": {
"value": "2.3 Revenue and operating costs Accounting policies Revenue recognition Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. Revenue \u2013 food and drink The majority of revenue comprises food and drinks sold in the Group\u2019s outlets. Revenue is recognised when control of the goods has transferred, being at the point the customer purchases the goods at the outlet or on ordering through a delivery partner. Payment of the transaction price is due immediately at the point the customer makes a purchase at the outlet, or on agreed terms where purchases are made through third-party delivery partners. Revenue excludes sales-based taxes, coupons and discounts. Revenue \u2013 services Revenue for services mainly represents income from gaming machines, hotel accommodation and rent receivable from unlicensed and leased operations. Revenue for gaming machines and hotel accommodation is recognised at the point the service is provided and excludes sales-based taxes and discounts. Rental income is received from operating leases where the Group acts as lessor for a number of unlicensed and leased operations. Income from these leases is recognised on a straight-line basis over the term of the lease. Operating profit Operating profit is stated after charging separately disclosed items but before investment income and finance costs. Supplier incentives Supplier incentives and rebates are recognised within operating costs as they are earned. The accrued value at the reporting date is included in other receivables. Government grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in the income statement on a systematic basis over the periods in which the Group recognises as expenses the related operating costs for which the grants are intended to compensate . Apprenticeship incentives The Group is entitled to claim \u00a31,000 for each apprentice employed, where they are aged 16 to 18, or under 25 and meet certain other criteria. In prior periods, as part of its response to the Covid-19 pandemic, the UK Government introduced a scheme to enable an employer to receive up to an additional \u00a33,000 per apprentice, where the apprentice commenced employment between 1 August 2020 and 31 January 2022. The payment is phased with amounts due in equal instalments at 90 days and 365 days after employment commenced and is recognised on receipt of cash. Local Authority grants During the prior period, following the EU Court ruling on State Aid aggregation, the Group recognised an additional \u00a32m of Covid-19 support, subject to the individual caps applicable in both the UK and Germany. In addition, following the outbreak of the Omicron variant of Covid-19 in the UK in November 2021, the Government introduced some further grants to help support businesses in the leisure and hospitality sectors. As a result, a further \u00a31m of grants were recognised. German Government grants In the prior period, following the impact of the Omicron variant, grant claims were made for costs incurred during periods of significantly lower sales under an extension of the Bridging Aid scheme. Government grants The impact of grants received on the income statement is as follows: Government grant scheme Income statement line impact 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Local Authority Grants (UK and Germany) Revenue \u2013 other \u2013 3 Grants for loss of profits in Germany Revenue \u2013 other \u2013 1 Apprenticeship incentives Revenue \u2013 other 1 1 Total Government grants received 1 5 VAT In addition to the above grants, in the prior period, the Group benefited from a reduction in the rate of VAT from 20% to 12.5% applied for the six month period from 1 October 2021 until 31 March 2022. The estimated impact of this on food and drink revenue in the current period is \u00a3nil (2022 \u00a343m). Business rates The Group also benefited from business rates relief in the prior period. Across all sites within the UK, this is an estimated saving of \u00a3nil (2022 \u00a35m). Revenue Revenue is analysed as follows: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Food 1,323 1,166 Drink 1,092 957 Services 87 80 Other \u2013 Local Authority grants (UK and Germany) \u2013 3 Other \u2013 German Government grants for loss of profits \u2013 1 Other \u2013 Apprenticeship incentives 1 1 2,503 2,208 Revenue from services includes rent receivable from unlicensed properties and leased operations of \u00a39m (2022 \u00a39m). Operating costs Operating costs are analysed as follows: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Raw materials and food and drink consumables recognised as an expense a 673 556 Changes in inventory of finished goods and work in progress (2) (3) Employee costs 878 758 Hire of plant and machinery 23 21 Property operating lease costsb 8 9 Utility costs 161 152 Business rates 86 91 Other pub costs 257 207 Other central costs 61 45 Operating costs before depreciation and amortisation 2,145 1,836 Net profit arising on property disposals (3) (1) Depreciation of property, plant and equipment (note 3.1) 93 93 Depreciation of right-of-use assets (note 3.2) 36 36 Amortisation of intangible assets (note 3.6) 4 4 Net movement in the valuation of the property portfolio (note 2.2) 131 117 Depreciation, amortisation and movements in the valuation of the property portfolio 264 250 Total operating costs 2,406 2,085 a. Supplier incentives are included as a reduction to the raw materials and consumables expense. These are not disclosed separately as the value is immaterial. b. Property operating lease costs include service charge, insurance and turnover rents. Employee costs 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Wages and salaries 795 684 Share-based payments (note 4.6) 5 4 Social security costs 61 54 Pensions (note 4.5) 17 16 Total employee costs 878 758 The four-weekly average number of employees including part-time employees was 48,003 retail employees (2022 44,335) and 1,147 support employees (2022 1,073). Information regarding key management personnel is included in note 5.2. Detailed information regarding Directors\u2019 emoluments, pensions, long-term incentive scheme entitlements and their interests in share options is given in the Report on Directors\u2019 remuneration in the information labelled as audited by KPMG on pages 109 to 116. Auditor remuneration 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Fees payable to the Group\u2019s auditor for the: \u2013 audit of the consolidated financial statements 0.3 0.2 \u2013 audit of the Company\u2019s subsidiaries\u2019 financial statements 0.6 0.5 Total audit fees a 0.9 0.7 Other fees to auditor: \u2013 audit-related assurance services \u2013 \u2013 Total non-audit fees \u2013 \u2013 Total fees 0.9 0.7 a. Auditor\u2019s remuneration of \u00a30.8m (2022 \u00a30.6m) was paid in the UK and \u00a30.1m (2022 \u00a30.1m) was paid in Germany.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-480": {
"value": "Accounting policies Revenue recognition Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. Revenue \u2013 food and drink The majority of revenue comprises food and drinks sold in the Group\u2019s outlets. Revenue is recognised when control of the goods has transferred, being at the point the customer purchases the goods at the outlet or on ordering through a delivery partner. Payment of the transaction price is due immediately at the point the customer makes a purchase at the outlet, or on agreed terms where purchases are made through third-party delivery partners. Revenue excludes sales-based taxes, coupons and discounts. Revenue \u2013 services Revenue for services mainly represents income from gaming machines, hotel accommodation and rent receivable from unlicensed and leased operations. Revenue for gaming machines and hotel accommodation is recognised at the point the service is provided and excludes sales-based taxes and discounts. Rental income is received from operating leases where the Group acts as lessor for a number of unlicensed and leased operations. Income from these leases is recognised on a straight-line basis over the term of the lease. Operating profit Operating profit is stated after charging separately disclosed items but before investment income and finance costs. Supplier incentives Supplier incentives and rebates are recognised within operating costs as they are earned. The accrued value at the reporting date is included in other receivables. Government grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in the income statement on a systematic basis over the periods in which the Group recognises as expenses the related operating costs for which the grants are intended to compensate . Apprenticeship incentives The Group is entitled to claim \u00a31,000 for each apprentice employed, where they are aged 16 to 18, or under 25 and meet certain other criteria. In prior periods, as part of its response to the Covid-19 pandemic, the UK Government introduced a scheme to enable an employer to receive up to an additional \u00a33,000 per apprentice, where the apprentice commenced employment between 1 August 2020 and 31 January 2022. The payment is phased with amounts due in equal instalments at 90 days and 365 days after employment commenced and is recognised on receipt of cash. Local Authority grants During the prior period, following the EU Court ruling on State Aid aggregation, the Group recognised an additional \u00a32m of Covid-19 support, subject to the individual caps applicable in both the UK and Germany. In addition, following the outbreak of the Omicron variant of Covid-19 in the UK in November 2021, the Government introduced some further grants to help support businesses in the leisure and hospitality sectors. As a result, a further \u00a31m of grants were recognised. German Government grants In the prior period, following the impact of the Omicron variant, grant claims were made for costs incurred during periods of significantly lower sales under an extension of the Bridging Aid scheme. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-497": {
"value": "Government grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in the income statement on a systematic basis over the periods in which the Group recognises as expenses the related operating costs for which the grants are intended to compensate ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-450": {
"value": "Government grants The impact of grants received on the income statement is as follows: Government grant scheme Income statement line impact 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Local Authority Grants (UK and Germany) Revenue \u2013 other \u2013 3 Grants for loss of profits in Germany Revenue \u2013 other \u2013 1 Apprenticeship incentives Revenue \u2013 other 1 1 Total Government grants received 1 5 VAT In addition to the above grants, in the prior period, the Group benefited from a reduction in the rate of VAT from 20% to 12.5% applied for the six month period from 1 October 2021 until 31 March 2022. The estimated impact of this on food and drink revenue in the current period is \u00a3nil (2022 \u00a343m). Business rates The Group also benefited from business rates relief in the prior period. Across all sites within the UK, this is an estimated saving of \u00a3nil (2022 \u00a35m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-451": {
"value": "Operating costs Operating costs are analysed as follows: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Raw materials and food and drink consumables recognised as an expense a 673 556 Changes in inventory of finished goods and work in progress (2) (3) Employee costs 878 758 Hire of plant and machinery 23 21 Property operating lease costsb 8 9 Utility costs 161 152 Business rates 86 91 Other pub costs 257 207 Other central costs 61 45 Operating costs before depreciation and amortisation 2,145 1,836 Net profit arising on property disposals (3) (1) Depreciation of property, plant and equipment (note 3.1) 93 93 Depreciation of right-of-use assets (note 3.2) 36 36 Amortisation of intangible assets (note 3.6) 4 4 Net movement in the valuation of the property portfolio (note 2.2) 131 117 Depreciation, amortisation and movements in the valuation of the property portfolio 264 250 Total operating costs 2,406 2,085 a. Supplier incentives are included as a reduction to the raw materials and consumables expense. These are not disclosed separately as the value is immaterial. b. Property operating lease costs include service charge, insurance and turnover rents. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-452": {
"value": "Employee costs 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Wages and salaries 795 684 Share-based payments (note 4.6) 5 4 Social security costs 61 54 Pensions (note 4.5) 17 16 Total employee costs 878 758 The four-weekly average number of employees including part-time employees was 48,003 retail employees (2022 44,335) and 1,147 support employees (2022 1,073). Information regarding key management personnel is included in note 5.2. Detailed information regarding Directors\u2019 emoluments, pensions, long-term incentive scheme entitlements and their interests in share options is given in the Report on Directors\u2019 remuneration in the information labelled as audited by KPMG on pages 109 to 116. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-453": {
"value": "Auditor remuneration 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Fees payable to the Group\u2019s auditor for the: \u2013 audit of the consolidated financial statements 0.3 0.2 \u2013 audit of the Company\u2019s subsidiaries\u2019 financial statements 0.6 0.5 Total audit fees a 0.9 0.7 Other fees to auditor: \u2013 audit-related assurance services \u2013 \u2013 Total non-audit fees \u2013 \u2013 Total fees 0.9 0.7 a. Auditor\u2019s remuneration of \u00a30.8m (2022 \u00a30.6m) was paid in the UK and \u00a30.1m (2022 \u00a30.1m) was paid in Germany.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-419": {
"value": "2.4 Taxation Accounting policies The income tax (charge)/credit represents both the income tax payable, based on profits/(losses) for the period, and deferred tax and is calculated using tax rates enacted or substantively enacted at the balance sheet date. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense which are not taxable. Income tax is recognised in the income statement except when it relates to items that are charged or credited in other comprehensive income or directly in equity, in which case the income tax is also charged or credited in other comprehensive income or directly in equity. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised based on tax laws and rates that have been substantively enacted at the balance sheet date. The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Taxation \u2013 Group income statement 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Current tax: \u2013 Corporation tax (5) (3) \u2013 Amounts over-provided in prior periods \u2013 1 Total current tax charge (5) (2) Deferred tax: \u2013 Origination and reversal of temporary differences 11 3 \u2013 Effect of changes in UK tax rate 3 4 Total deferred tax credit 14 7 Total tax credit in the Group income statement 9 5 Further analysed as tax relating to: Profit before separately disclosed items (19) (17) Separately disclosed items 28 22 9 5 The standard rate of corporation tax applied to the reported (loss)/profit is 22.0% (2022 19.0%). The tax credit (2022 credit) in the Group income statement for the period is higher than (2022 lower) the standard rate of corporation tax in the UK. The differences are reconciled below: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m (Loss)/profit before tax (13) 8 Taxation credit/(charge) at the UK standard rate of corporation tax of 22.0% (2022 19.0%) 3 (1) Expenses not deductible (1) (2) Permanent benefits 5 4 Tax credit in respect of change in UK tax rate 3 4 Adjustment in respect of prior periods \u2013 1 Effect of different tax rates of subsidiaries in other jurisdictions (1) (1) Total tax credit in the Group income statement 9 5 Taxation for other jurisdictions is calculated at the rates prevailing in those jurisdictions. 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Deferred tax in the Group income statement: Accelerated capital allowances (14) (12) Retirement benefit obligations \u2013 (8) Unrealised losses on revaluations 28 23 Tax losses \u2013 UK \u2013 (9) Tax losses \u2013 Interest restriction \u2013 13 Total deferred tax credit in the Group income statement 14 7 Taxation \u2013 other comprehensive income 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Deferred tax: Items that will not be reclassified subsequently to profit or loss: \u2013 Unrealised losses due to revaluations \u2013 revaluation reserve 18 46 \u2013 Unrealised gains due to revaluations \u2013 retained earnings (4) (5) \u2013 Remeasurement of pension liability (9) (9) 5 32 Items that may be reclassified subsequently to profit or loss: \u2013 Cash flow hedges (5) (45) Total tax charge recognised in other comprehensive income \u2013 (13) Tax relating to items recognised directly in equity 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Deferred tax: \u2013 Tax charge related to share-based payments \u2013 (1) Taxation \u2013 Group balance sheet The deferred tax assets and liabilities recognised in the Group balance sheet are shown below: 2023 \u00a3m 2022 \u00a3m Deferred tax assets: Retirement benefit obligation (note 4.5) 5 14 Derivative financial instruments 3 8 Tax losses \u2013 UK 43 43 Share-based payments 2 2 Right-of-use assets 6 6 Tax losses \u2013 Interest restriction 13 13 Total deferred tax assets 72 86 Deferred tax liabilities: Accelerated capital allowances (72) (57) Rolled over and held over gains (164) (164) Unrealised gains on revaluations (176) (211) Depreciated non-qualifying assets (4) (4) Total deferred tax liabilities (416) (436) Total (344) (350) At 30 September 2023, the Group has netted off deferred tax assets of \u00a368m (2022 \u00a382m) with deferred tax liabilities where there is a legally enforceable right to settle on a net basis. Deferred tax assets and liabilities have been offset and disclosed in the Group balance sheet as follows: 2023 \u00a3m 2022 \u00a3m Deferred tax assets (after offsetting) 4 4 Deferred tax liabilities (after offsetting) (348) (354) Net deferred tax liability (344) (350) Unrecognised tax allowances At the balance sheet date the Group had unrecognised tax allowances of \u00a390m in respect of unclaimed capital allowances (2022 \u00a395m) available for offset against future profits. A deferred tax asset has not been recognised on tax allowances with a value of \u00a322m (2022 \u00a324m) because it is not certain that future taxable profits will be available in the company where these tax allowances arose against which the Group can utilise these benefits. These tax credits can be carried forward indefinitely. Factors which may affect future tax charges The Finance Act 2021 increased the main rate of corporation tax from 19% to 25% with effect from 1 April 2023. The effect of this change has been reflected in the closing deferred tax balances at 24 September 2022 and 30 September 2023. The Group is within the Pillar Two income tax legislation, which is effective for financial periods beginning on or after 31 December 2023. The Group is currently assessing the impact of the legislation on its future financial performance and although it does not anticipate that the legislation will have a material impact on the Group\u2019s results, this cannot be confirmed until the assessment has been completed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-454": {
"value": "2.4 Taxation Accounting policies The income tax (charge)/credit represents both the income tax payable, based on profits/(losses) for the period, and deferred tax and is calculated using tax rates enacted or substantively enacted at the balance sheet date. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense which are not taxable. Income tax is recognised in the income statement except when it relates to items that are charged or credited in other comprehensive income or directly in equity, in which case the income tax is also charged or credited in other comprehensive income or directly in equity. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised based on tax laws and rates that have been substantively enacted at the balance sheet date. The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Taxation \u2013 Group income statement 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Current tax: \u2013 Corporation tax (5) (3) \u2013 Amounts over-provided in prior periods \u2013 1 Total current tax charge (5) (2) Deferred tax: \u2013 Origination and reversal of temporary differences 11 3 \u2013 Effect of changes in UK tax rate 3 4 Total deferred tax credit 14 7 Total tax credit in the Group income statement 9 5 Further analysed as tax relating to: Profit before separately disclosed items (19) (17) Separately disclosed items 28 22 9 5 The standard rate of corporation tax applied to the reported (loss)/profit is 22.0% (2022 19.0%). The tax credit (2022 credit) in the Group income statement for the period is higher than (2022 lower) the standard rate of corporation tax in the UK. The differences are reconciled below: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m (Loss)/profit before tax (13) 8 Taxation credit/(charge) at the UK standard rate of corporation tax of 22.0% (2022 19.0%) 3 (1) Expenses not deductible (1) (2) Permanent benefits 5 4 Tax credit in respect of change in UK tax rate 3 4 Adjustment in respect of prior periods \u2013 1 Effect of different tax rates of subsidiaries in other jurisdictions (1) (1) Total tax credit in the Group income statement 9 5 Taxation for other jurisdictions is calculated at the rates prevailing in those jurisdictions. 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Deferred tax in the Group income statement: Accelerated capital allowances (14) (12) Retirement benefit obligations \u2013 (8) Unrealised losses on revaluations 28 23 Tax losses \u2013 UK \u2013 (9) Tax losses \u2013 Interest restriction \u2013 13 Total deferred tax credit in the Group income statement 14 7 Taxation \u2013 other comprehensive income 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Deferred tax: Items that will not be reclassified subsequently to profit or loss: \u2013 Unrealised losses due to revaluations \u2013 revaluation reserve 18 46 \u2013 Unrealised gains due to revaluations \u2013 retained earnings (4) (5) \u2013 Remeasurement of pension liability (9) (9) 5 32 Items that may be reclassified subsequently to profit or loss: \u2013 Cash flow hedges (5) (45) Total tax charge recognised in other comprehensive income \u2013 (13) Tax relating to items recognised directly in equity 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Deferred tax: \u2013 Tax charge related to share-based payments \u2013 (1) Taxation \u2013 Group balance sheet The deferred tax assets and liabilities recognised in the Group balance sheet are shown below: 2023 \u00a3m 2022 \u00a3m Deferred tax assets: Retirement benefit obligation (note 4.5) 5 14 Derivative financial instruments 3 8 Tax losses \u2013 UK 43 43 Share-based payments 2 2 Right-of-use assets 6 6 Tax losses \u2013 Interest restriction 13 13 Total deferred tax assets 72 86 Deferred tax liabilities: Accelerated capital allowances (72) (57) Rolled over and held over gains (164) (164) Unrealised gains on revaluations (176) (211) Depreciated non-qualifying assets (4) (4) Total deferred tax liabilities (416) (436) Total (344) (350) At 30 September 2023, the Group has netted off deferred tax assets of \u00a368m (2022 \u00a382m) with deferred tax liabilities where there is a legally enforceable right to settle on a net basis. Deferred tax assets and liabilities have been offset and disclosed in the Group balance sheet as follows: 2023 \u00a3m 2022 \u00a3m Deferred tax assets (after offsetting) 4 4 Deferred tax liabilities (after offsetting) (348) (354) Net deferred tax liability (344) (350) Unrecognised tax allowances At the balance sheet date the Group had unrecognised tax allowances of \u00a390m in respect of unclaimed capital allowances (2022 \u00a395m) available for offset against future profits. A deferred tax asset has not been recognised on tax allowances with a value of \u00a322m (2022 \u00a324m) because it is not certain that future taxable profits will be available in the company where these tax allowances arose against which the Group can utilise these benefits. These tax credits can be carried forward indefinitely. Factors which may affect future tax charges The Finance Act 2021 increased the main rate of corporation tax from 19% to 25% with effect from 1 April 2023. The effect of this change has been reflected in the closing deferred tax balances at 24 September 2022 and 30 September 2023. The Group is within the Pillar Two income tax legislation, which is effective for financial periods beginning on or after 31 December 2023. The Group is currently assessing the impact of the legislation on its future financial performance and although it does not anticipate that the legislation will have a material impact on the Group\u2019s results, this cannot be confirmed until the assessment has been completed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-481": {
"value": "Accounting policies The income tax (charge)/credit represents both the income tax payable, based on profits/(losses) for the period, and deferred tax and is calculated using tax rates enacted or substantively enacted at the balance sheet date. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense which are not taxable. Income tax is recognised in the income statement except when it relates to items that are charged or credited in other comprehensive income or directly in equity, in which case the income tax is also charged or credited in other comprehensive income or directly in equity. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised based on tax laws and rates that have been substantively enacted at the balance sheet date. The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-498": {
"value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised based on tax laws and rates that have been substantively enacted at the balance sheet date. The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-420": {
"value": "2.5 Earnings/(loss) per share Basic earnings per share (\u2018EPS\u2019) has been calculated by dividing the profit for the period by the weighted average number of ordinary shares in issue during the period, excluding own shares held by employee share trusts. For diluted earnings per share, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. Adjusted earnings per ordinary share amounts are presented before separately disclosed items (see note 2.2) in order to allow an understanding of the adjusted trading performance of the Group. The profits used for the earnings per share calculations are as follows: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m (Loss)/profit for the period (4) 13 Separately disclosed items, net of tax 100 94 Adjusted profit for the period a 96 107 a. Adjusted profit and adjusted EPS are alternative performance measures (\u2018APMs\u2019) and are considered critical to aid understanding of the Group\u2019s performance. These measures are explained on pages 192 to 195 of this report. The number of shares used for the earnings/(loss) per share calculations are as follows: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Basic weighted average number of ordinary shares 595 595 Effect of dilutive potential ordinary shares: \u2013 Contingently issuable shares \u2013 1 Diluted weighted average number of shares 595 596 2023 53 weeks pence 2022 52 weeks pence Basic earnings/(loss) per share Basic (loss)/earnings per share (0.7p) 2.2p Separately disclosed items net of tax per share 16.8p 15.8p Adjusted basic earnings per share a 16.1p 18.0p Diluted earnings/(loss) per share Diluted earnings per share (0.7)p 2.2p Adjusted diluted earnings per sharea 16.1p 18.0p a. Adjusted earnings and adjusted EPS are alternative performance measures (\u2018APMs\u2019) and are considered critical to aid understanding of the Group\u2019s performance. These measures are explained on pages 192 to 195 of this report. At 30 September 2023, 7,323,559 (2022 4,839,607) other share options were outstanding that could potentially dilute basic EPS in the future but were not included in the calculation of diluted EPS as they are anti-dilutive for the periods presented.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-421": {
"value": "3.1 Property, plant and equipment
Accounting policies
Property, plant and equipment
The majority of the Group\u2019s freehold and long leasehold licensed land and buildings, and the associated landlord\u2019s fixtures, fittings and equipment
(i.e. fixed fittings) are revalued annually and are therefore held at fair value less depreciation. Tenant\u2019s fixtures and fittings (i.e. loose fixtures)
within freehold and long leasehold properties, are held at cost less depreciation and impairment.
Short leasehold buildings (leases with an unexpired lease term of less than 50 years), unlicensed land and buildings and associated fixtures,
fittings and equipment are held at cost less depreciation and impairment.
Land and buildings include leasehold improvements on long and short leases. All land and buildings are disclosed as a single class of asset within
the property, plant and equipment table, as we do not consider the short leasehold and unlicensed buildings to be material for separate disclosure.
Non-current assets held for sale are held at their carrying value or their fair value less costs to sell where this is lower.
Depreciation
Depreciation is charged to the income statement on a straight-line basis to write off the cost less residual value over the estimated useful life of an
asset and commences when an asset is ready for its intended use. Expected useful lives and residual values are reviewed each period and
adjusted if appropriate. No adjustments have been made in the period.
Freehold land is not depreciated.
Freehold and long leasehold buildings are depreciated so that the difference between their carrying value and estimated residual value is written
off over 50 years from the date of acquisition. The residual value of freehold and long leasehold buildings is reassessed each period and is
estimated to be equal to the fair value determined in the annual valuation and therefore no depreciation charge is recognised.
Short leasehold buildings, and associated fixtures and fittings, are depreciated over the shorter of the estimated useful life and the unexpired term
of the lease.
Fixtures, fittings and equipment have the following estimated useful lives:
Information technology equipment 3 to 7 years
Fixtures and fittings 3 to 20 years
At the point of transfer to non-current assets held for sale, depreciation ceases. Should an asset be subsequently reclassified to property, plant
and equipment, the depreciation charge is calculated to reflect the cumulative charge had the asset not been reclassified.
Disposals
Profits and losses on disposal of property, plant and equipment are calculated as the difference between the net sales proceeds and the carrying
amount of the asset at the date of disposal.
Revaluation
The revaluation, performed at 30 September 2023, is determined via annual third-party inspection of 20% of the sites with the aim that all sites
are individually valued approximately every five years. The valuation utilises estimates of fair maintainable trade and valuation multiples, with fair
maintainable trade comprising estimates of both fair maintainable turnover (\u2018FMT\u2019) and fair maintainable operating profit (\u2018FMOP\u2019), and estimated
fair value of tenant\u2019s fixtures and fittings. The revaluation determined by the annual inspection was carried out in accordance with the RICS
Valuation \u2013 Global Standards 2022 which incorporate the International Valuation Standards and the RICS Valuation \u2013 Professional Standards UK
(the \u2018Red Book\u2019) assuming each asset is sold as a fully operational trading entity.
Properties are valued as fully operational entities, to include fixtures and fittings but excluding stock, personal goodwill and estimated fair value
of tenant\u2019s fixtures and fittings.
The 80% of the freehold and long leasehold estate which is not subject to a third-party valuation in the period is instead revalued internally by
management. The Group\u2019s external valuer provides advice to management in relation to their internal valuation. This valuation is performed using
the same principles applied in determining FMT and FMOP for the externally valued estate together with using the same multiples as those
applied by the external valuer. Sites impacted by expansionary capital investment in the preceding twelve months are reviewed for impairment
only, based on estimated annualised post investment fair maintainable trade against the carrying value of the asset. Where the value of land and
buildings derived purely from a multiple applied to the fair maintainable trade misrepresents the underlying asset value, a spot valuation is applied.
Surpluses which arise from the revaluation exercise are included within other comprehensive income (in the revaluation reserve) unless they are
reversing a revaluation deficit which has been recognised in the income statement previously; in which case an amount equal to a maximum of
that recognised in the income statement previously is recognised in the income statement. Where the revaluation exercise gives rise to a deficit,
this is reflected directly within the income statement, unless it is reversing a previous revaluation surplus against the same asset; in which case an
amount equal to the maximum of the revaluation surplus is recognised within other comprehensive income (in the revaluation reserve).
Impairment Short leaseholds, unlicensed properties and fixtures and fittings are reviewed on an outlet basis for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Further details of the impairment policy are provided in the impairment note 3.3. Accounting judgements Revaluation of freehold and long leasehold properties The revaluation methodology is determined, with advice from CBRE, independent chartered surveyors and incorporates management judgement where appropriate. The application of a valuation multiple to the fair maintainable trade of each site is considered the most appropriate method for the Group to determine the fair value of freehold and long leasehold licensed land and buildings. In the current and prior period judgement has been applied to establish the basis of fair maintainable trade that a willing third-party buyer would assume. The estimation of fair maintainable trade is derived from the individual profit and loss accounts of pubs and restaurants and is inclusive of the trading margins earned by the Group but exclusive of any head office costs. This represents the Group\u2019s best view of the value that would be attributed by other reasonably efficient operators. In the current period the prevailing reported profits have been negatively impacted by high and sustained cost inflation, notably in food and energy price increases driven by the Ukraine conflict. In the current period, turnover (\u2018FMT\u2019) has been determined using recent site performance however the inflationary pressures are not expected to fully impact onsite valuations and as such, FMOP has been determined to include an adjustment to current margins. In the prior period ending 24 September 2022 judgement was made to adjust both turnover and margin for the impact of the Omicron variant of Covid-19 in November 2021 and the recovery in trade thereafter, and high cost inflation on margin. Where sites have been impacted by expansionary capital investment in the preceding twelve months, the fair maintainable trade has been determined by estimating both FMT and FMOP by reference to post-investment forecasts and turnover trends post opening. For the purposes of the valuation, and in order to group together properties of a similar nature, groupings by brand are applied for which standard multiples have been established through third-party inspections of 20% of the freehold and long leasehold licensed property estate. Judgements are applied in assessing multiples on the basis of market evidence of transaction prices and nature of the overall offer within the local market, with specific consideration given to geographical location, ancillary revenue such as accommodation sales from bedrooms and lease terms for long leasehold sites. Further judgement is required when a spot valuation is applied where the property value derived purely from a multiple applied to the fair maintainable trade misrepresents the underlying asset value with consideration given to the level of trade and location characteristics. Significant accounting estimates Revaluation of freehold and long leasehold properties The application of the valuation methodology requires two significant estimates; the estimation of valuation multiples, which are determined via third-party inspections; and an estimate of fair maintainable trade, consisting of estimates of both fair maintainable turnover (\u2018FMT\u2019) and fair maintainable operating profit (\u2018FMOP\u2019). Adjustments have been made to pub and restaurant trading margins to reflect the margin impacts of recent cost inflation which are expected to persist into the level of FMOP used by third-party, reasonably efficient operators in arriving at a transaction price. The impact of inflation across drink and food, labour, energy and other pub operating costs in the current period compared to pre Covid has been assessed and adjusted individually. In aggregate approximately 2.5% of the total margin reduction reported in the current period against pre Covid trade is expected to recover in the short to medium term and has been included in estimated fair maintainable trade. The estimation of valuation multiples is derived from the valuers knowledge of market evidence of transaction prices for similar properties. In the current period the multiples adopted reflect a slight easing of demand for freehold property caused by the lower profit margins in the sector. There is considered to be a significant risk that an adjustment to either of these assumptions could lead to a material change in the property valuation within the next year. A sensitivity analysis of changes in valuation multiples and fair maintainable trade, in relation to the properties to which these estimates apply, is provided on page 147. The carrying value of properties to which these estimates apply is \u00a33,933m (2022 \u00a34,036m). Property, plant and equipment
Property, plant and equipment can be analysed as follows:
Land and
buildings
\u00a3m
Fixtures, fittings
and equipment
\u00a3m
Total
\u00a3m
Cost or valuation
At 25 September 2021 4,076 943 5,019
Additions 41 89 130
Disposals
a
(9) (106) (115)
Net decrease from property revaluation (273) \u2013 (273)
Impairment of short leasehold properties (5) (4) (9)
Exchange differences 1 1 2
At 24 September 2022 3,831 923 4,754
Acquired through business combinations (note 5.1) 26 3 29
Additions 36 115 151
Disposals
a
(7) (93) (100)
Net decrease from property revaluation (186) \u2013 (186)
Impairment of short leasehold properties (1) (5) (6)
Exchange differences \u2013 (1) (1)
At 30 September 2023 3,699 942 4,641
Accumulated depreciation
At 25 September 2021 80 497 577
Provided during the period 5 88 93
Disposals
a
(5) (106) (111)
Exchange differences \u2013 1 1
At 24 September 2022 80 480 560
Provided during the period 5 88 93
Disposals
a
(5) (92) (97)
Exchange differences \u2013 (1) (1)
At 30 September 2023 80 475 555
Net book value
At 30 September 2023 3,619 467 4,086
At 24 September 2022 3,751 443 4,194
At 25 September 2021 3,996 446 4,442
a. Includes assets which are fully depreciated and have been removed from the fixed asset register.
Land and buildings include leasehold improvements on long and short leases with a net book value of \u00a3294m (2022 \u00a3304m).
Certain assets with a net book value of \u00a339m (2022 \u00a341m) owned by the Group are subject to a fixed charge in respect of liabilities held by the
Mitchells & Butlers Executive Top-Up Scheme (\u2018MABETUS\u2019).
Included within property, plant and equipment are assets with a net book value of \u00a33,446m (2022 \u00a33,577m), which are pledged as security for the
securitisation debt and over which there are certain restrictions on title. Further details of the securitisation are provided in note 4.1.
Cost at 30 September 2023 includes \u00a316m (2022 \u00a317m) of assets in the course of construction.
Revaluation of freehold and long leasehold properties
The fair value has been determined by estimations of fair maintainable trade and brand valuation multiples. Consideration has been given to current
cost inflationary pressures notably on food, labour, energy and other pub operating costs, as well as location, quality of the pub restaurant and recent
market transactions in the sector. In the current period, property multiples have been reduced, which is a reflection of the current demand in the
freehold licensed property market and fair maintainable trade includes adjusted fair maintainable operating profit (\u2018FMOP\u2019) margins.
Sensitivity analysis
Changes in the fair maintainable trade, or the multiple could materially impact the valuation of the freehold and long leasehold properties, and as such
they are both considered to be significant estimates in the current period.
Fair maintainable trade
In the current period, fair maintainable trade has declined by 4% as a result of changes in trade and the impact of the FMOP margin adjustment
excluding the sites with investment in the current period which are only assessed for impairment. Judgement has been applied to determine the
adjusted FMOP by assessing the extent that current levels of inflation are considered to be impacting on freehold licensed property values. As a
result, the valuation is sensitive to the view taken on the duration of the impact of high inflation on fair maintainable trade. Should the FMOP margins
fall to the levels reported through the reporting period the fair maintainable trade used as the basis in property valuations may decline by a further 6%.
Assuming multiples remain stable, and without applying any further judgement on the resulting property valuation, this would generate an
approximate \u00a3188m reduction in the valuation.
Multiples
Valuation multiples are determined at an individual brand level. Over the last three financial periods, the weighted average brand multiple has moved
by an average of 0.2, which is considered to be within the range of reasonably possible outcomes for future movements in multiples. It is estimated
that a 0.2 change in the multiple would generate an approximate \u00a378m movement in valuation.
Impairment review
Short leasehold and unlicensed properties (comprising land, buildings, fixtures, fittings and equipment) which are not revalued to fair market value,
are reviewed for impairment as described in the impairment note 3.3. A net impairment of \u00a36m (2022 \u00a39m) has been recognised against short
leasehold and unlicensed properties in the period.
Revaluation and impairment recognised
Current period valuations have been incorporated into the consolidated financial statements and the resulting revaluation adjustments have been
taken to the revaluation reserve or Group income statement as appropriate.
The impact of the revaluations/impairments described above is as follows:
2023
53 weeks
\u00a3m
2022
52 weeks
\u00a3m
Group income statement
Revaluation deficit charged as an impairment (162) (115)
Reversal of past revaluation deficits 52 29
Total impairment charge arising from the revaluation (110) (86)
Impairment of short leasehold and unlicensed properties (note 3.3) (11) (9)
Reversal of past impairments of short leasehold and unlicensed properties (note 3.3) 5 \u2013
Net impairment of short leaseholds and unlicensed properties (6) (9)
Total impairment charge recognised in the income statement (116) (95)
Group statement of other comprehensive income
Unrealised revaluation surplus 162 60
Reversal of past revaluation surplus (238) (247)
Total movement recognised in other comprehensive income (76) (187)
Net decrease in property, plant and equipment (192) (282)
The valuation techniques are consistent with the principles in IFRS 13 and use significant unobservable inputs such that the fair value measurement
of each property within the portfolio has been classified as Level 3 in the fair value hierarchy.
The number of pubs included in the revaluation and the resulting valuation of these properties is reconciled to the total value of property, plant and
equipment below.
Number of pubs
Land and
buildings
\u00a3m
Fixtures,
fittings and
equipment
\u00a3m
Net book
value
a
\u00a3m
30 September 2023
Freehold properties 1,330 3,298 368 3,666
Long leasehold properties 94 236 31 267
Total revalued properties 1,424 3,534 399 3,933
Short leasehold properties 58 55 113
Unlicensed properties 16 2 18
Other non-pub assets 1 5 6
Assets under construction 10 6 16
Total property, plant and equipment 3,619 467 4,086
Number of
pubs
Land and
buildings
\u00a3m
Fixtures,
fittings and
equipment
\u00a3m
Net book
value
a
\u00a3m
24 September 2022
Freehold properties 1,328 3,419 344 3,763
Long leasehold properties 94 243 30 273
Total revalued properties 1,422 3,662 374 4,036
Short leasehold properties 61 56 117
Unlicensed properties 14 3 17
Other non-pub assets 2 5 7
Assets under construction 12 5 17
Total property, plant and equipment 3,751 443 4,194
a. The carrying value of freehold and long leasehold properties based on their historical cost is \u00a32,503m and \u00a3171m respectively (2022 \u00a32,549m and \u00a3177m).
The tables below show, by class of asset, the number of properties that have been valued within each FMOP and multiple banding:
Valuation multiple applied to FMOP
Over 10 times 9 to 10 times 8 to 9 times 7 to 8 times Under 7 times Total
30 September 2023
Number of pubs in each FMOP income banding:
< \u00a3200k p.a. 83 42 174 179 17 495
\u00a3200k to \u00a3360k p.a. 10 116 205 80 14 425
> \u00a3360k p.a. 53 112 264 51 24 504
146 270 643 310 55 1,424
Valuation multiple applied to FMOP
Over 10 times 9 to 10 times 8 to 9 times 7 to 8 times Under 7 times Total
24 September 2022
Number of pubs in each FMOP income banding:
< \u00a3200k p.a. 67 59 129 174 17 446
\u00a3200k to \u00a3360k p.a. 21 148 188 102 13 472
> \u00a3360k p.a. 65 148 242 38 11 504
153 355 559 314 41 1,422
Movements in valuation multiples between financial periods are the result of changes in property market conditions. The average weighted multiple
is 8.7 (2022 8.9).
Capital commitments
2023
\u00a3m
2022
\u00a3m
Contracts placed for expenditure on property, plant and equipment not provided for in the consolidated
financial statements 12 28
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-482": {
"value": "Accounting policies Property, plant and equipment The majority of the Group\u2019s freehold and long leasehold licensed land and buildings, and the associated landlord\u2019s fixtures, fittings and equipment (i.e. fixed fittings) are revalued annually and are therefore held at fair value less depreciation. Tenant\u2019s fixtures and fittings (i.e. loose fixtures) within freehold and long leasehold properties, are held at cost less depreciation and impairment. Short leasehold buildings (leases with an unexpired lease term of less than 50 years), unlicensed land and buildings and associated fixtures, fittings and equipment are held at cost less depreciation and impairment. Land and buildings include leasehold improvements on long and short leases. All land and buildings are disclosed as a single class of asset within the property, plant and equipment table, as we do not consider the short leasehold and unlicensed buildings to be material for separate disclosure. Non-current assets held for sale are held at their carrying value or their fair value less costs to sell where this is lower. Depreciation Depreciation is charged to the income statement on a straight-line basis to write off the cost less residual value over the estimated useful life of an asset and commences when an asset is ready for its intended use. Expected useful lives and residual values are reviewed each period and adjusted if appropriate. No adjustments have been made in the period. Freehold land is not depreciated. Freehold and long leasehold buildings are depreciated so that the difference between their carrying value and estimated residual value is written off over 50 years from the date of acquisition. The residual value of freehold and long leasehold buildings is reassessed each period and is estimated to be equal to the fair value determined in the annual valuation and therefore no depreciation charge is recognised. Short leasehold buildings, and associated fixtures and fittings, are depreciated over the shorter of the estimated useful life and the unexpired term of the lease. Fixtures, fittings and equipment have the following estimated useful lives: Information technology equipment 3 to 7 years Fixtures and fittings 3 to 20 years At the point of transfer to non-current assets held for sale, depreciation ceases. Should an asset be subsequently reclassified to property, plant and equipment, the depreciation charge is calculated to reflect the cumulative charge had the asset not been reclassified. Disposals Profits and losses on disposal of property, plant and equipment are calculated as the difference between the net sales proceeds and the carrying amount of the asset at the date of disposal. Revaluation The revaluation, performed at 30 September 2023, is determined via annual third-party inspection of 20% of the sites with the aim that all sites are individually valued approximately every five years. The valuation utilises estimates of fair maintainable trade and valuation multiples, with fair maintainable trade comprising estimates of both fair maintainable turnover (\u2018FMT\u2019) and fair maintainable operating profit (\u2018FMOP\u2019), and estimated fair value of tenant\u2019s fixtures and fittings. The revaluation determined by the annual inspection was carried out in accordance with the RICS Valuation \u2013 Global Standards 2022 which incorporate the International Valuation Standards and the RICS Valuation \u2013 Professional Standards UK (the \u2018Red Book\u2019) assuming each asset is sold as a fully operational trading entity. Properties are valued as fully operational entities, to include fixtures and fittings but excluding stock, personal goodwill and estimated fair value of tenant\u2019s fixtures and fittings. The 80% of the freehold and long leasehold estate which is not subject to a third-party valuation in the period is instead revalued internally by management. The Group\u2019s external valuer provides advice to management in relation to their internal valuation. This valuation is performed using the same principles applied in determining FMT and FMOP for the externally valued estate together with using the same multiples as those applied by the external valuer. Sites impacted by expansionary capital investment in the preceding twelve months are reviewed for impairment only, based on estimated annualised post investment fair maintainable trade against the carrying value of the asset. Where the value of land and buildings derived purely from a multiple applied to the fair maintainable trade misrepresents the underlying asset value, a spot valuation is applied. Surpluses which arise from the revaluation exercise are included within other comprehensive income (in the revaluation reserve) unless they are reversing a revaluation deficit which has been recognised in the income statement previously; in which case an amount equal to a maximum of that recognised in the income statement previously is recognised in the income statement. Where the revaluation exercise gives rise to a deficit, this is reflected directly within the income statement, unless it is reversing a previous revaluation surplus against the same asset; in which case an amount equal to the maximum of the revaluation surplus is recognised within other comprehensive income (in the revaluation reserve). Impairment Short leaseholds, unlicensed properties and fixtures and fittings are reviewed on an outlet basis for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Further details of the impairment policy are provided in the impairment note 3.3. Accounting judgements Revaluation of freehold and long leasehold properties The revaluation methodology is determined, with advice from CBRE, independent chartered surveyors and incorporates management judgement where appropriate. The application of a valuation multiple to the fair maintainable trade of each site is considered the most appropriate method for the Group to determine the fair value of freehold and long leasehold licensed land and buildings. In the current and prior period judgement has been applied to establish the basis of fair maintainable trade that a willing third-party buyer would assume. The estimation of fair maintainable trade is derived from the individual profit and loss accounts of pubs and restaurants and is inclusive of the trading margins earned by the Group but exclusive of any head office costs. This represents the Group\u2019s best view of the value that would be attributed by other reasonably efficient operators. In the current period the prevailing reported profits have been negatively impacted by high and sustained cost inflation, notably in food and energy price increases driven by the Ukraine conflict. In the current period, turnover (\u2018FMT\u2019) has been determined using recent site performance however the inflationary pressures are not expected to fully impact onsite valuations and as such, FMOP has been determined to include an adjustment to current margins. In the prior period ending 24 September 2022 judgement was made to adjust both turnover and margin for the impact of the Omicron variant of Covid-19 in November 2021 and the recovery in trade thereafter, and high cost inflation on margin. Where sites have been impacted by expansionary capital investment in the preceding twelve months, the fair maintainable trade has been determined by estimating both FMT and FMOP by reference to post-investment forecasts and turnover trends post opening. For the purposes of the valuation, and in order to group together properties of a similar nature, groupings by brand are applied for which standard multiples have been established through third-party inspections of 20% of the freehold and long leasehold licensed property estate. Judgements are applied in assessing multiples on the basis of market evidence of transaction prices and nature of the overall offer within the local market, with specific consideration given to geographical location, ancillary revenue such as accommodation sales from bedrooms and lease terms for long leasehold sites. Further judgement is required when a spot valuation is applied where the property value derived purely from a multiple applied to the fair maintainable trade misrepresents the underlying asset value with consideration given to the level of trade and location characteristics. Significant accounting estimates Revaluation of freehold and long leasehold properties The application of the valuation methodology requires two significant estimates; the estimation of valuation multiples, which are determined via third-party inspections; and an estimate of fair maintainable trade, consisting of estimates of both fair maintainable turnover (\u2018FMT\u2019) and fair maintainable operating profit (\u2018FMOP\u2019). Adjustments have been made to pub and restaurant trading margins to reflect the margin impacts of recent cost inflation which are expected to persist into the level of FMOP used by third-party, reasonably efficient operators in arriving at a transaction price. The impact of inflation across drink and food, labour, energy and other pub operating costs in the current period compared to pre Covid has been assessed and adjusted individually. In aggregate approximately 2.5% of the total margin reduction reported in the current period against pre Covid trade is expected to recover in the short to medium term and has been included in estimated fair maintainable trade. The estimation of valuation multiples is derived from the valuers knowledge of market evidence of transaction prices for similar properties. In the current period the multiples adopted reflect a slight easing of demand for freehold property caused by the lower profit margins in the sector. There is considered to be a significant risk that an adjustment to either of these assumptions could lead to a material change in the property valuation within the next year. A sensitivity analysis of changes in valuation multiples and fair maintainable trade, in relation to the properties to which these estimates apply, is provided on page 147. The carrying value of properties to which these estimates apply is \u00a33,933m (2022 \u00a34,036m). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-499": {
"value": "Depreciation Depreciation is charged to the income statement on a straight-line basis to write off the cost less residual value over the estimated useful life of an asset and commences when an asset is ready for its intended use. Expected useful lives and residual values are reviewed each period and adjusted if appropriate. No adjustments have been made in the period. Freehold land is not depreciated. Freehold and long leasehold buildings are depreciated so that the difference between their carrying value and estimated residual value is written off over 50 years from the date of acquisition. The residual value of freehold and long leasehold buildings is reassessed each period and is estimated to be equal to the fair value determined in the annual valuation and therefore no depreciation charge is recognised. Short leasehold buildings, and associated fixtures and fittings, are depreciated over the shorter of the estimated useful life and the unexpired term of the lease. Fixtures, fittings and equipment have the following estimated useful lives: Information technology equipment 3 to 7 years Fixtures and fittings 3 to 20 years At the point of transfer to non-current assets held for sale, depreciation ceases. Should an asset be subsequently reclassified to property, plant and equipment, the depreciation charge is calculated to reflect the cumulative charge had the asset not been reclassified. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-500": {
"value": "Impairment Short leaseholds, unlicensed properties and fixtures and fittings are reviewed on an outlet basis for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Further details of the impairment policy are provided in the impairment note 3.3. Impairment of right-of-use assets Right-of-use assets are tested for impairment in accordance with IAS 36 Impairment of Assets, as described in the policy in the impairment note 3.3. Accounting policies Impairment \u2013 Property, plant and equipment, right-of-use assets and goodwill As described in the property, plant and equipment policy (note 3.1), the lease accounting policy (note 3.2) and the goodwill policy (note 3.5), impairment reviews are considered at a cash-generating unit level, with this being an individual outlet. The carrying value of assets for an individual outlet, comprise the property, plant and equipment value, the associated right-of-use asset and any attributable goodwill. At each balance sheet date, the Group assesses whether there is any indication that the carrying value of assets for individual outlets may be impaired. If any such impairment indicator exists then an impairment loss is recognised whenever the carrying value of the outlet exceeds its recoverable amount, which is determined as the higher of the value in use, or fair value less costs to sell for each outlet. Any resulting impairment relates to sites with poor trading performance, where the output of the value in use calculations are insufficient to justify their current net book value. Changes in outlet earnings or cash flows, the discount rate applied to those cash flows, or the estimate of fair value less costs of disposal could give rise to an additional impairment loss. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised in the income statement. An impairment reversal is only recognised where there is a change in circumstances or favourable events since the last impairment test impacting estimates used to determine recoverable amounts, not where it results from the passage of time. In addition to the cash-generating unit level impairment review performed for individual outlets, the overall Group\u2019s cash-generating units are grouped together to ensure that the corporate level assets are also considered for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-422": {
"value": "3.2 Leases Leases \u2013 Group as lessee Accounting policies The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of twelve months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the future lease payments unpaid at the lease commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives receivable; and \u2022 Lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a break option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The right-of-use assets comprise the initial measurement of the corresponding lease liability, adjusted for any advance payments made at or before lease commencement, less any lease incentives received and any initial direct costs (including lease premiums). Whenever the Group incurs an obligation to restore the underlying asset to the condition required by the terms and conditions of the lease, a dilapidations provision is recognised and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset. Right-of-use assets are depreciated over the remaining committed lease term on a straight-line basis. Right-of-use assets are tested annually for impairment in accordance with IAS 36 Impairment of Assets. Right-of-use assets are subsequently remeasured for any changes in lease term and future committed rental payments. For short-term leases (lease term of twelve months or less), and leases of low-value assets (such as personal computers and office furniture), the Group recognises a lease expense on a straight-line basis, directly in the income statement, as permitted by IFRS 16. Impairment of right-of-use assets Right-of-use assets are tested for impairment in accordance with IAS 36 Impairment of Assets, as described in the policy in the impairment note 3.3. Right-of-use assets Right-of-use assets can be analysed as follows: Land and buildings \u00a3m Cars \u00a3m Total \u00a3m Cost At 25 September 2021 555 5 560 Additions a 24 2 26 Disposals (13) (1) (14) Foreign currency movements 2 \u2013 2 At 24 September 2022 568 6 574 Acquired through business combinations (note 5.1) 6 \u2013 6 Additions a 32 4 36 Disposals (12) \u2013 (12) Foreign currency movements (2) \u2013 (2) At 30 September 2023 592 10 602 Accumulated depreciation and impairment At 25 September 2021 178 3 181 Provided during the period 35 1 36 Disposals (4) (1) (5) Impairment 22 \u2013 22 Foreign currency movements 1 \u2013 1 At 24 September 2022 232 3 235 Provided during the period 35 1 36 Disposals (10) \u2013 (10) Impairment 14 \u2013 14 At 30 September 2023 271 4 275 Net book value At 30 September 2023 321 6 327 At 24 September 2022 336 3 339 At 25 September 2021 377 2 379 a. Additions to right-of-use assets include new leases, increases in dilapidation provisions and lease extensions or rent reviews relating to existing leases. Some of the property leases in which the Group is lessee contain variable lease payment terms that are linked to the revenue generated from the leased pubs. Variable payment terms are used in contracts to link rental payments to pub cash flows and reduce fixed costs. The total value of variable lease payments charged to the income statement in the current period is \u00a32m (2022 \u00a32m). Impairment review of right-of-use assets Right-of-use assets are reviewed for impairment by comparing site recoverable amounts to their carrying values. Impairment is considered at a cash-generating unit level. A net impairment of \u00a314m (2022 \u00a322m) has been recognised against right-of-use assets in the period. Details of the impairment review at a cash-generating unit level are disclosed in note 3.3. Lease liabilities A maturity analysis of the undiscounted future lease payments used to calculate the lease liabilities is shown below. 2023 \u00a3m 2022 \u00a3m Amounts payable under lease liabilities Due within one year 49 68 Due between one and two years 52 42 Due between two and three years 51 47 Due between three and four years 42 43 Due between four and five years 47 38 Due between five and ten years 160 162 Due between ten and fifteen 115 113 Due between fifteen and twenty 66 73 Due between twenty and twenty five years 18 24 Due between twenty five and thirty years 11 12 Due after thirty years 79 80 Total undiscounted lease liabilities 690 702 Less: impact of discounting (227) (221) Present value of lease liabilities 463 481 Analysed as: Current lease liabilities \u2013 principal amounts due within twelve months 33 53 Non-current lease liabilities \u2013 principal amounts due after twelve months 430 428 463 481 Leases \u2013 Group as lessor Accounting policy The Group enters into lease agreements as a lessor with respect to some of its properties. The properties are operated as either licensed or unlicensed businesses by the tenants. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. Group as lessor \u2013 Finance lease receivables A maturity analysis of the undiscounted future lease payments receivable used to calculate the finance lease receivable is shown below. 2023 \u00a3m 2022 \u00a3m Amounts receivable under finance leases Due within one year 1 1 Due between one and two years 1 1 Due between two and three years 1 1 Due between three and four years 1 1 Due between four and five years 2 1 Due after five years 9 20 Total undiscounted lease payments receivable 15 25 Less: unearned finance income (3) (12) Present value of lease payments receivable 12 13 Net investment in the leases is analysed as: Current finance lease receivables \u2013 amounts due within twelve months 1 1 Non-current finance lease receivables \u2013 amounts due after twelve months 11 12 12 13 The Directors of the Group estimate the loss allowance on finance lease receivables at the end of the reporting period at an amount equal to lifetime expected credit loss (\u2018ECL\u2019). None of the finance lease receivables at the end of the reporting period is past due. The Directors of the Group have recognised a finance lease receivable impairment of \u00a3nil in the current period (2022 \u00a3nil). There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing the impairment for finance lease receivables. Group as lessor \u2013 Operating leases The Group leases a small proportion of its licensed and unlicensed properties to tenants. The majority of lease agreements have terms of 50 years or less and are classified as operating leases. Where sublet arrangements are in place, future minimum lease payments and receipts are presented gross. Total future minimum lease rental receipts under non-cancellable operating leases are as follows: 2023 \u00a3m 2022 \u00a3m Due within one year 10 9 Due between one and two years 9 8 Due between two and three years 8 8 Due between three and four years 7 6 Due between four and five years 6 6 Due after five years 35 34 75 71 The total value of future minimum sub-lease rental receipts included above is \u00a34m (2022 \u00a34m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-483": {
"value": "Accounting policies The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of twelve months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the future lease payments unpaid at the lease commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives receivable; and \u2022 Lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a break option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The right-of-use assets comprise the initial measurement of the corresponding lease liability, adjusted for any advance payments made at or before lease commencement, less any lease incentives received and any initial direct costs (including lease premiums). Whenever the Group incurs an obligation to restore the underlying asset to the condition required by the terms and conditions of the lease, a dilapidations provision is recognised and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset. Right-of-use assets are depreciated over the remaining committed lease term on a straight-line basis. Right-of-use assets are tested annually for impairment in accordance with IAS 36 Impairment of Assets. Right-of-use assets are subsequently remeasured for any changes in lease term and future committed rental payments. For short-term leases (lease term of twelve months or less), and leases of low-value assets (such as personal computers and office furniture), the Group recognises a lease expense on a straight-line basis, directly in the income statement, as permitted by IFRS 16. Impairment of right-of-use assets Right-of-use assets are tested for impairment in accordance with IAS 36 Impairment of Assets, as described in the policy in the impairment note 3.3. Accounting policy The Group enters into lease agreements as a lessor with respect to some of its properties. The properties are operated as either licensed or unlicensed businesses by the tenants. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-423": {
"value": "3.3 Impairment Accounting policies Impairment \u2013 Property, plant and equipment, right-of-use assets and goodwill As described in the property, plant and equipment policy (note 3.1), the lease accounting policy (note 3.2) and the goodwill policy (note 3.5), impairment reviews are considered at a cash-generating unit level, with this being an individual outlet. The carrying value of assets for an individual outlet, comprise the property, plant and equipment value, the associated right-of-use asset and any attributable goodwill. At each balance sheet date, the Group assesses whether there is any indication that the carrying value of assets for individual outlets may be impaired. If any such impairment indicator exists then an impairment loss is recognised whenever the carrying value of the outlet exceeds its recoverable amount, which is determined as the higher of the value in use, or fair value less costs to sell for each outlet. Any resulting impairment relates to sites with poor trading performance, where the output of the value in use calculations are insufficient to justify their current net book value. Changes in outlet earnings or cash flows, the discount rate applied to those cash flows, or the estimate of fair value less costs of disposal could give rise to an additional impairment loss. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised in the income statement. An impairment reversal is only recognised where there is a change in circumstances or favourable events since the last impairment test impacting estimates used to determine recoverable amounts, not where it results from the passage of time. In addition to the cash-generating unit level impairment review performed for individual outlets, the overall Group\u2019s cash-generating units are grouped together to ensure that the corporate level assets are also considered for impairment. Accounting judgements Impairment review of cash-generating units \u2013 property, plant and equipment, right-of-use assets and goodwill For the individual outlet level impairment review, judgement has been applied to determine the most appropriate site level profit and cash flow forecasts based on the Group forecast for FY 2024 to FY 2026 that was in place at the balance sheet date. Management apply judgement when allocating overhead costs to site cash flows, with an overhead allocation being made only for those costs that can be directly attributable to a site on a consistent basis. Other sources of estimation uncertainty Impairment review of cash-generating units \u2013 property, plant and equipment, right-of-use assets and goodwill The impairment review requires two key sources of estimation uncertainty in calculating the value in use: the estimation of forecast cash flows for each site and the selection of an appropriate discount rate. The discount rate is applied consistently to each cash-generating unit. A sensitivity of changes in forecast cash flows and the discount rate is provided on page 154. The carrying value of assets to which these estimates apply is \u00a3442m (2022 \u00a3458m). Impairment review of cash-generating units, comprising property, plant and equipment, right-of-use assets and goodwill Recoverable amount is determined as the higher of the value in use, or fair value less costs to sell for each outlet. Value in use calculations use forecast trading performance pre-tax cash flows, for years 1 to 3. These include steady growth in revenue and a gradual recovery in operating margins as annual cost inflation eases, albeit that costs remain ahead of historical levels. In the short to medium term, over the three year forecast period, no allowances have been made for any potential impact activity related to climate change, as the impacts of this on future cash flows or capital expenditure cannot yet be reasonably estimated or allocated to cash-generating units. The forecast cash flows are discounted by applying a pre-tax discount rate of 11.00% (2022 9.65%) and a long-term growth rate of 2.0% from year 4 (2022 2.0%). The long-term growth rate is applied to the net cash flows and is based on up-to-date economic data points. In summary, the carrying value of the cash-generating units and impairment charges and reversals recognised against those cash-generating units is as follows. Note Carrying value 2023 \u00a3m Impairment charges 2023 \u00a3m Impairment reversals 2023 \u00a3m Net impairment 2023 \u00a3m Short leasehold properties 3.1 113 (11) 5 (6) Right-of-use assets 3.2 327 (27) 13 (14) Goodwill 3.6 2 (1) \u2013 (1) 442 (39) 18 (21) Note Carrying value 2022 \u00a3m Impairment charges 2022 \u00a3m Impairment reversals 2022 \u00a3m Net impairment 2022 \u00a3m Short leasehold properties 3.1 117 (9) \u2013 (9) Right-of-use assets 3.2 339 (22) \u2013 (22) Goodwill 3.6 2 \u2013 \u2013 \u2013 458 (31) \u2013 (31) Impairment review of corporate level assets In addition to the cash-generating unit level impairment review performed, the overall Group\u2019s cash-generating units have been grouped together to ensure that the corporate level assets are also considered for impairment. The assumptions are consistent with those described above for the value in use calculations performed at an individual outlet level, whilst also including unallocated central overheads. As a result of this review, no impairment of corporate assets has been recognised in the current period (2022 \u00a3nil) and the Directors consider that it is not a reasonable expectation that a material impairment could occur in FY 2024 (2022 same expectation for FY 2023). Sensitivity analysis Changes in forecast cash flows or the discount rate could impact the impairment charge recognised against the cash-generating units, and corporate level assets. Forecast cash flows The forecast pre-tax cash flows used in the value in use calculations are site level forecasts determined from the Group forecast for FY 2024 to FY 2026 that was in place at the balance sheet date. Should future cash flows decline by 5%, this would result in an increase of \u00a38m to the net impairment charge recognised. Discount rate The pre-tax discount rate applied to the forecast cash flows is derived from the Group\u2019s post-tax weighted average cost of capital (\u2018WACC\u2019). The assumptions used in the calculation of the Group\u2019s WACC are benchmarked to externally available data. A single discount rate is applied to all cash-generating units. Over recent periods, the discount rate used in impairment reviews has moved by c. 1.0%. An increase of 1.0% in the discount rate would result in an increase of \u00a35m to the net impairment charge recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-484": {
"value": "Accounting policies Impairment \u2013 Property, plant and equipment, right-of-use assets and goodwill As described in the property, plant and equipment policy (note 3.1), the lease accounting policy (note 3.2) and the goodwill policy (note 3.5), impairment reviews are considered at a cash-generating unit level, with this being an individual outlet. The carrying value of assets for an individual outlet, comprise the property, plant and equipment value, the associated right-of-use asset and any attributable goodwill. At each balance sheet date, the Group assesses whether there is any indication that the carrying value of assets for individual outlets may be impaired. If any such impairment indicator exists then an impairment loss is recognised whenever the carrying value of the outlet exceeds its recoverable amount, which is determined as the higher of the value in use, or fair value less costs to sell for each outlet. Any resulting impairment relates to sites with poor trading performance, where the output of the value in use calculations are insufficient to justify their current net book value. Changes in outlet earnings or cash flows, the discount rate applied to those cash flows, or the estimate of fair value less costs of disposal could give rise to an additional impairment loss. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised in the income statement. An impairment reversal is only recognised where there is a change in circumstances or favourable events since the last impairment test impacting estimates used to determine recoverable amounts, not where it results from the passage of time. In addition to the cash-generating unit level impairment review performed for individual outlets, the overall Group\u2019s cash-generating units are grouped together to ensure that the corporate level assets are also considered for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-425": {
"value": "Inventories Accounting policy Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method. Inventories can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Goods held for resale 25 23",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-485": {
"value": "Accounting policy Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-424": {
"value": "Trade and other receivables Accounting policy Trade receivables are initially recognised at transaction price and other receivables are initially recognised at fair value. Subsequently, these assets are measured at amortised cost. This results in their recognition at nominal value less an allowance for any doubtful debts. The allowance for doubtful debts is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not (an \u2018expected credit loss\u2019 model). The Group always measures the loss allowance for trade receivables using the simplified model at an amount equal to lifetime ECL. Loss allowance for other receivables is measured either at twelve months or lifetime ECL depending on whether the credit risk has increased significantly since initial recognition (see financial assets impairment policy in note 4.3). Trade and other receivables can be analysed as follows: Current 2023 \u00a3m 2022 \u00a3m Trade receivables 17 13 Other receivables 16 16 Gaming machine settlement receivablea \u2013 20 Prepayments 32 11 Other financial assets b 58 21 Defined benefit pension blocked accountc \u2013 9 Total trade and other receivables 123 90 Non-current 2023 \u00a3m 2022 \u00a3m Defined benefit pension blocked accountsc 47 \u2013 a. Amount recognised at 24 September 2022 related to an expected claim amount due from HMRC in relation to a claim for VAT on gaming machines, which has been settled in the current period (see note 2.2). b. Other financial assets relate to cash collateral provided by a swap counterparty (see note 4.3). c. Contributions to the MABEPP scheme have been paid into a blocked account since the scheme buy-in that took place during the prior period, and contributions to the MABPP scheme have been paid into a blocked account since conclusion of the 2022 actuarial valuation during the current period (see note 4.5 for further details). All trade, lease and other receivables are non-interest bearing. The Directors consider that the carrying amount of trade receivables and other receivables approximately equates to their fair value. A provision for expected credit loss of \u00a33m (2022 \u00a33m) has been recognised against trade and other receivables. Credit risk is considered in note 4.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-486": {
"value": "Accounting policy Trade receivables are initially recognised at transaction price and other receivables are initially recognised at fair value. Subsequently, these assets are measured at amortised cost. This results in their recognition at nominal value less an allowance for any doubtful debts. The allowance for doubtful debts is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not (an \u2018expected credit loss\u2019 model). The Group always measures the loss allowance for trade receivables using the simplified model at an amount equal to lifetime ECL. Loss allowance for other receivables is measured either at twelve months or lifetime ECL depending on whether the credit risk has increased significantly since initial recognition (see financial assets impairment policy in note 4.3). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-426": {
"value": "Trade and other payables Accounting policy Trade and other payables are initially recognised at fair value and recognised subsequently at amortised cost. Trade and other payables can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Trade payables 100 106 Other taxation and social security 100 87 Accrued charges 182 151 Deferred income 29 23 Other payables 22 20 Other financial liabilitiesa 58 21 Total trade and other payables 491 408 a. Other financial liabilities relate to cash collateral provided by a swap counterparty (see note 4.3). Current trade and other payables are non-interest bearing. The Directors consider that the carrying amount of trade and other payables approximately equates to their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-487": {
"value": "Accounting policy Trade and other payables are initially recognised at fair value and recognised subsequently at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-427": {
"value": "3.5 Provisions Accounting policy Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and the amount can be reliably estimated. Provisions are measured using the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. Onerous property provisions represent the expected unavoidable losses on onerous and vacant property leases and comprise the net lease commitment (fixed service charges) not expected to be covered by operating revenue after all other operating costs. The provision is calculated on a site by site basis with a provision being made for the remaining committed lease term, where a lease is considered to be onerous. Other contractual dilapidations costs are also recorded as provisions as appropriate. Provisions The provision for unavoidable losses on onerous property leases has been set up to cover fixed service charge payments of vacant or loss-making properties. The provision for dilapidation costs has been set up to cover the estimated future dilapidation claims from landlords on leases that are within five years of expiry. Provisions can be analysed as follows: Onerous property provisions \u00a3m Dilapidation provisions \u00a3m Total property provisions \u00a3m At 25 September 2021 3 6 9 Provided in the period 2 1 3 Utilised in the period (1) \u2013 (1) Released in the period (1) (1) (2) At 24 September 2022 3 6 9 Provided in the period 1 2 3 Utilised in the period (2) \u2013 (2) Released in the period \u2013 (1) (1) At 30 September 2023 2 7 9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-488": {
"value": "Accounting policy Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and the amount can be reliably estimated. Provisions are measured using the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. Onerous property provisions represent the expected unavoidable losses on onerous and vacant property leases and comprise the net lease commitment (fixed service charges) not expected to be covered by operating revenue after all other operating costs. The provision is calculated on a site by site basis with a provision being made for the remaining committed lease term, where a lease is considered to be onerous. Other contractual dilapidations costs are also recorded as provisions as appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-428": {
"value": "3.6 Goodwill and other intangible assets Accounting policies Business combinations and goodwill Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given and liabilities incurred or assumed by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the income statement as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits (revised) respectively; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the net of the identifiable assets acquired and the liabilities assumed at the acquisition date. If, after reassessment, the net of the identifiable assets acquired and liabilities assumed at the acquisition date exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree, the excess is recognised immediately in the income statement as a bargain purchase. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the contingent consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates, at fair value, with the corresponding gain or loss being recognised in the income statement. When a business combination is achieved in stages, the Group\u2019s previously-held interests in the acquired entity is re-measured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the income statement. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill is not amortised, but is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. The impairment review requires management to consider the recoverable value of the business to which the goodwill relates, based on either the fair value less costs to sell or the value in use. Value in use calculations require management to consider the net present value of future cash flows generated by the business to which the goodwill relates. Fair value less costs to sell is based on management\u2019s estimate of the net proceeds which could be generated through disposing of that business. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Computer software Computer software and associated development costs, which are not an integral part of a related item of hardware, are capitalised as an intangible asset and amortised on a straight-line basis over their useful life. The period of amortisation ranges between three and seven years with the majority being five years. Brands Brand intangible assets recognised on acquisition are amortised on a straight-line basis over their estimated useful lives (20 years) within operating costs. Brand intangibles are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets Intangible assets can be analysed as follows: Goodwill \u00a3m Brands \u00a3m Computer software \u00a3m Total \u00a3m Cost At 25 September 2021 7 \u2013 18 25 Additions \u2013 \u2013 5 5 Disposals \u2013 \u2013 (3) (3) At 25 September 2022 7 \u2013 20 27 Acquired through business combinations (note 5.1) 1 5 \u2013 6 Additions \u2013 \u2013 4 4 Disposals \u2013 \u2013 (6) (6) At 30 September 2023 8 5 18 31 Accumulated amortisation and impairment At 25 September 2021 5 \u2013 7 12 Provided during the period \u2013 \u2013 4 4 Disposals \u2013 \u2013 (3) (3) At 24 September 2022 5 \u2013 8 13 Provided during the period \u2013 \u2013 4 4 Impairment 1 \u2013 \u2013 1 Disposals \u2013 \u2013 (4) (4) At 30 September 2023 6 \u2013 8 14 Net book value At 30 September 2023 2 5 10 17 At 24 September 2022 2 \u2013 12 14 At 25 September 2021 2 \u2013 11 13 Goodwill and brands With the exception of goodwill, there are no intangible assets with indefinite useful lives. All amortisation charges have been expensed through operating costs. Brand intangibles have been recognised as part of business combinations (see note 5.1). Brand intangibles are amortised over their estimated useful lives and have an average remaining useful life of 20 years. Impairment review All goodwill was recognised as part of business combinations. Goodwill has been allocated to cash-generating units, being individual outlets, to test for impairment. An impairment charge of \u00a31m (2022 \u00a3nil) has been recognised in the current period. Further details of the impairment review are provided in note 3.3. The carrying values of acquired brands are subject to impairment review if changes in events or circumstances give indication the brand value may be impaired, of which there have been none in the current period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-472": {
"value": "3.6 Goodwill and other intangible assets Accounting policies Business combinations and goodwill Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given and liabilities incurred or assumed by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the income statement as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits (revised) respectively; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the net of the identifiable assets acquired and the liabilities assumed at the acquisition date. If, after reassessment, the net of the identifiable assets acquired and liabilities assumed at the acquisition date exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree, the excess is recognised immediately in the income statement as a bargain purchase. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the contingent consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates, at fair value, with the corresponding gain or loss being recognised in the income statement. When a business combination is achieved in stages, the Group\u2019s previously-held interests in the acquired entity is re-measured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the income statement. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill is not amortised, but is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. The impairment review requires management to consider the recoverable value of the business to which the goodwill relates, based on either the fair value less costs to sell or the value in use. Value in use calculations require management to consider the net present value of future cash flows generated by the business to which the goodwill relates. Fair value less costs to sell is based on management\u2019s estimate of the net proceeds which could be generated through disposing of that business. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Computer software Computer software and associated development costs, which are not an integral part of a related item of hardware, are capitalised as an intangible asset and amortised on a straight-line basis over their useful life. The period of amortisation ranges between three and seven years with the majority being five years. Brands Brand intangible assets recognised on acquisition are amortised on a straight-line basis over their estimated useful lives (20 years) within operating costs. Brand intangibles are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets Intangible assets can be analysed as follows: Goodwill \u00a3m Brands \u00a3m Computer software \u00a3m Total \u00a3m Cost At 25 September 2021 7 \u2013 18 25 Additions \u2013 \u2013 5 5 Disposals \u2013 \u2013 (3) (3) At 25 September 2022 7 \u2013 20 27 Acquired through business combinations (note 5.1) 1 5 \u2013 6 Additions \u2013 \u2013 4 4 Disposals \u2013 \u2013 (6) (6) At 30 September 2023 8 5 18 31 Accumulated amortisation and impairment At 25 September 2021 5 \u2013 7 12 Provided during the period \u2013 \u2013 4 4 Disposals \u2013 \u2013 (3) (3) At 24 September 2022 5 \u2013 8 13 Provided during the period \u2013 \u2013 4 4 Impairment 1 \u2013 \u2013 1 Disposals \u2013 \u2013 (4) (4) At 30 September 2023 6 \u2013 8 14 Net book value At 30 September 2023 2 5 10 17 At 24 September 2022 2 \u2013 12 14 At 25 September 2021 2 \u2013 11 13 Goodwill and brands With the exception of goodwill, there are no intangible assets with indefinite useful lives. All amortisation charges have been expensed through operating costs. Brand intangibles have been recognised as part of business combinations (see note 5.1). Brand intangibles are amortised over their estimated useful lives and have an average remaining useful life of 20 years. Impairment review All goodwill was recognised as part of business combinations. Goodwill has been allocated to cash-generating units, being individual outlets, to test for impairment. An impairment charge of \u00a31m (2022 \u00a3nil) has been recognised in the current period. Further details of the impairment review are provided in note 3.3. The carrying values of acquired brands are subject to impairment review if changes in events or circumstances give indication the brand value may be impaired, of which there have been none in the current period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-455": {
"value": "3.6 Goodwill and other intangible assets Accounting policies Business combinations and goodwill Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given and liabilities incurred or assumed by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the income statement as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits (revised) respectively; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the net of the identifiable assets acquired and the liabilities assumed at the acquisition date. If, after reassessment, the net of the identifiable assets acquired and liabilities assumed at the acquisition date exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree, the excess is recognised immediately in the income statement as a bargain purchase. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the contingent consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates, at fair value, with the corresponding gain or loss being recognised in the income statement. When a business combination is achieved in stages, the Group\u2019s previously-held interests in the acquired entity is re-measured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the income statement. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill is not amortised, but is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. The impairment review requires management to consider the recoverable value of the business to which the goodwill relates, based on either the fair value less costs to sell or the value in use. Value in use calculations require management to consider the net present value of future cash flows generated by the business to which the goodwill relates. Fair value less costs to sell is based on management\u2019s estimate of the net proceeds which could be generated through disposing of that business. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Computer software Computer software and associated development costs, which are not an integral part of a related item of hardware, are capitalised as an intangible asset and amortised on a straight-line basis over their useful life. The period of amortisation ranges between three and seven years with the majority being five years. Brands Brand intangible assets recognised on acquisition are amortised on a straight-line basis over their estimated useful lives (20 years) within operating costs. Brand intangibles are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets Intangible assets can be analysed as follows: Goodwill \u00a3m Brands \u00a3m Computer software \u00a3m Total \u00a3m Cost At 25 September 2021 7 \u2013 18 25 Additions \u2013 \u2013 5 5 Disposals \u2013 \u2013 (3) (3) At 25 September 2022 7 \u2013 20 27 Acquired through business combinations (note 5.1) 1 5 \u2013 6 Additions \u2013 \u2013 4 4 Disposals \u2013 \u2013 (6) (6) At 30 September 2023 8 5 18 31 Accumulated amortisation and impairment At 25 September 2021 5 \u2013 7 12 Provided during the period \u2013 \u2013 4 4 Disposals \u2013 \u2013 (3) (3) At 24 September 2022 5 \u2013 8 13 Provided during the period \u2013 \u2013 4 4 Impairment 1 \u2013 \u2013 1 Disposals \u2013 \u2013 (4) (4) At 30 September 2023 6 \u2013 8 14 Net book value At 30 September 2023 2 5 10 17 At 24 September 2022 2 \u2013 12 14 At 25 September 2021 2 \u2013 11 13 Goodwill and brands With the exception of goodwill, there are no intangible assets with indefinite useful lives. All amortisation charges have been expensed through operating costs. Brand intangibles have been recognised as part of business combinations (see note 5.1). Brand intangibles are amortised over their estimated useful lives and have an average remaining useful life of 20 years. Impairment review All goodwill was recognised as part of business combinations. Goodwill has been allocated to cash-generating units, being individual outlets, to test for impairment. An impairment charge of \u00a31m (2022 \u00a3nil) has been recognised in the current period. Further details of the impairment review are provided in note 3.3. The carrying values of acquired brands are subject to impairment review if changes in events or circumstances give indication the brand value may be impaired, of which there have been none in the current period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-511": {
"value": "Accounting policies Business combinations and goodwill Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given and liabilities incurred or assumed by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the income statement as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits (revised) respectively; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the net of the identifiable assets acquired and the liabilities assumed at the acquisition date. If, after reassessment, the net of the identifiable assets acquired and liabilities assumed at the acquisition date exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree, the excess is recognised immediately in the income statement as a bargain purchase. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the contingent consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates, at fair value, with the corresponding gain or loss being recognised in the income statement. When a business combination is achieved in stages, the Group\u2019s previously-held interests in the acquired entity is re-measured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the income statement. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill is not amortised, but is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. The impairment review requires management to consider the recoverable value of the business to which the goodwill relates, based on either the fair value less costs to sell or the value in use. Value in use calculations require management to consider the net present value of future cash flows generated by the business to which the goodwill relates. Fair value less costs to sell is based on management\u2019s estimate of the net proceeds which could be generated through disposing of that business. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-508": {
"value": "Accounting policies Business combinations and goodwill Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given and liabilities incurred or assumed by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the income statement as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits (revised) respectively; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the net of the identifiable assets acquired and the liabilities assumed at the acquisition date. If, after reassessment, the net of the identifiable assets acquired and liabilities assumed at the acquisition date exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree, the excess is recognised immediately in the income statement as a bargain purchase. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the contingent consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates, at fair value, with the corresponding gain or loss being recognised in the income statement. When a business combination is achieved in stages, the Group\u2019s previously-held interests in the acquired entity is re-measured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the income statement. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill is not amortised, but is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. The impairment review requires management to consider the recoverable value of the business to which the goodwill relates, based on either the fair value less costs to sell or the value in use. Value in use calculations require management to consider the net present value of future cash flows generated by the business to which the goodwill relates. Fair value less costs to sell is based on management\u2019s estimate of the net proceeds which could be generated through disposing of that business. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-501": {
"value": "Accounting policies Business combinations and goodwill Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given and liabilities incurred or assumed by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the income statement as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits (revised) respectively; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the net of the identifiable assets acquired and the liabilities assumed at the acquisition date. If, after reassessment, the net of the identifiable assets acquired and liabilities assumed at the acquisition date exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree, the excess is recognised immediately in the income statement as a bargain purchase. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the contingent consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates, at fair value, with the corresponding gain or loss being recognised in the income statement. When a business combination is achieved in stages, the Group\u2019s previously-held interests in the acquired entity is re-measured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the income statement. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill is not amortised, but is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. The impairment review requires management to consider the recoverable value of the business to which the goodwill relates, based on either the fair value less costs to sell or the value in use. Value in use calculations require management to consider the net present value of future cash flows generated by the business to which the goodwill relates. Fair value less costs to sell is based on management\u2019s estimate of the net proceeds which could be generated through disposing of that business. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-489": {
"value": "Accounting policies Business combinations and goodwill Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given and liabilities incurred or assumed by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the income statement as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits (revised) respectively; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree over the net of the identifiable assets acquired and the liabilities assumed at the acquisition date. If, after reassessment, the net of the identifiable assets acquired and liabilities assumed at the acquisition date exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree, the excess is recognised immediately in the income statement as a bargain purchase. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the contingent consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates, at fair value, with the corresponding gain or loss being recognised in the income statement. When a business combination is achieved in stages, the Group\u2019s previously-held interests in the acquired entity is re-measured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in the income statement. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill is not amortised, but is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. The impairment review requires management to consider the recoverable value of the business to which the goodwill relates, based on either the fair value less costs to sell or the value in use. Value in use calculations require management to consider the net present value of future cash flows generated by the business to which the goodwill relates. Fair value less costs to sell is based on management\u2019s estimate of the net proceeds which could be generated through disposing of that business. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Computer software Computer software and associated development costs, which are not an integral part of a related item of hardware, are capitalised as an intangible asset and amortised on a straight-line basis over their useful life. The period of amortisation ranges between three and seven years with the majority being five years. Brands Brand intangible assets recognised on acquisition are amortised on a straight-line basis over their estimated useful lives (20 years) within operating costs. Brand intangibles are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-502": {
"value": "Computer software Computer software and associated development costs, which are not an integral part of a related item of hardware, are capitalised as an intangible asset and amortised on a straight-line basis over their useful life. The period of amortisation ranges between three and seven years with the majority being five years. Brands Brand intangible assets recognised on acquisition are amortised on a straight-line basis over their estimated useful lives (20 years) within operating costs. Brand intangibles are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-429": {
"value": "3.7 Associates Accounting policy An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. If after reassessment the Group\u2019s share of the net fair value of the identifiable assets and liabilities are in excess of the cost of the investment, this is recognised immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 36 Impairment of Assets are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. The Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is classified as held for sale. When the Group retains an interest in the former associate and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IFRS 9. The difference between the carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained interest, and any proceeds from disposing of a part interest in the associate is included in the determination of the gain or loss on disposal of the associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss when the equity method is discontinued. When the Group reduces its ownership interest in an associate but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a Group entity transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognised in the consolidated financial statements only to the extent of interests in the associate that are not related to the Group. The nature of the activities of all of the Group\u2019s associates is trading in pubs and restaurants, which are seen as complementing the Group\u2019s operations and contributing to the Group\u2019s overall strategy. Associates can be analysed as follows: \u00a3m Cost At 25 September 2021 5 Share in associates results 1 At 24 September 2022 6 Share in associates results 1 Fair value adjustment as a result of business combination (note 2.2) 5 Disposal of associate as a result of business combination (12) At 30 September 2023 \u2013 The carrying value of associates relates to \u00a3nil (2022 \u00a36m) for 3Sixty Restaurants Limited and \u00a3nil (2022 \u00a3nil) for Fatboy Pub Company Limited. Details of these associates are provided in note 5.2. In August 2018, the Group acquired 40% of the share capital of 3Sixty Restaurants Limited for \u00a34m, together with a put and call option that would enable the Group to purchase the remaining 60% share capital at a future date. During the period, the Group has exercised the call option, resulting in the acquisition of the remaining 60% of share capital of 3Sixty Restaurants Limited. As a result, at acquisition, the carrying value of the investment in 3Sixty Restaurants Limited of \u00a37m was revised to fair value of \u00a312m, with a gain of \u00a35m recognised as a separately disclosed item within the income statement (see note 2.2). 3Sixty Restaurants Limited is no longer recognised as an associate and has been consolidated as a subsidiary from 18 April 2023, the date on which control passed to the Group. Further details of the business combination are provided in note 5.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-490": {
"value": "Accounting policy An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. If after reassessment the Group\u2019s share of the net fair value of the identifiable assets and liabilities are in excess of the cost of the investment, this is recognised immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 36 Impairment of Assets are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. The Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is classified as held for sale. When the Group retains an interest in the former associate and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IFRS 9. The difference between the carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained interest, and any proceeds from disposing of a part interest in the associate is included in the determination of the gain or loss on disposal of the associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss when the equity method is discontinued. When the Group reduces its ownership interest in an associate but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a Group entity transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognised in the consolidated financial statements only to the extent of interests in the associate that are not related to the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-430": {
"value": "4.1 Borrowings
Accounting policy
Borrowings, which include the Group\u2019s secured loan notes, are stated initially at fair value (normally the amount of the proceeds) net of issue costs.
Thereafter they are stated at amortised cost using an effective interest basis. Finance costs, which are the difference between the net proceeds
and the total amount of payments to be made in respect of the instruments, are allocated over the term of the debt using the effective interest
method. Borrowing costs are not attributed to the acquisition or construction of assets and therefore no costs are capitalised within property,
plant and equipment.
Borrowings can be analysed as follows:
2023
\u00a3m
2022
\u00a3m
Current
Securitised debt
a,b
123 113
Unsecured revolving credit facilities
c
(2) \u2013
Overdrafts
d
23 17
Total current 144 130
Non-current
Securitised debt
a,b
1,186 1,334
Total borrowings 1,330 1,464
a. Further details of the assets pledged as security against the securitised debt are given on page 146.
b. Stated net of deferred issue costs.
c. At 30 September 2023 the amount of \u00a32m (2022 \u00a3nil) represents unamortised issue costs.
d. The overdraft is within a cash pooling arrangement. In the cash flow statement, cash and cash equivalents are presented net of this overdraft (see note 4.4).
2023
\u00a3m
2022
\u00a3m
Analysis by year of repayment
Due within one year or on demand 144 130
Due between one and two years 164 182
Due between two and five years 435 412
Due after five years 587 740
Total borrowings 1,330 1,464
Securitised debt
On 13 November 2003, the Group refinanced its debt by raising \u00a31,900m through a securitisation of the majority of its UK pubs and restaurants
owned by Mitchells & Butlers Retail Limited. On 15 September 2006 the Group completed a further debt (\u2018tap\u2019) issue to borrow an additional \u00a3655m
and refinance \u00a3450m of existing debt at lower cost.
The loan notes consist of ten tranches as follows:
Initial
principal
borrowed
\u00a3m Interest
Principal
repayment
period (all by
instalments)
Effective
interest
rate
%
Principal outstanding
Tranche
30 September
2023
\u00a3m
24 September
2022
\u00a3m
Expected
WAL
a
A1N 200 Floating 2011 to 2028 6.61
b
75 87 3 years
A2 550 Fixed \u2013 5.57% 2003 to 2028 5.72 136 158 3 years
A3N 250 Floating 2011 to 2028 6.69
b
93
c
109
c
3 years
A4 170 Floating 2016 to 2028 6.37
b
89 103 3 years
AB 325 Floating 2020 to 2032 6.28
b
276 291 6 years
B1 350 Fixed \u2013 5.97% 2003 to 2023 6.12 5 26 0 years
B2 350 Fixed \u2013 6.01% 2015 to 2028 6.12 240 255 3 years
C1 200 Fixed \u2013 6.47% 2029 to 2030 6.56 200 200 6 years
C2 50 Floating 2033 to 2034 6.47
b
50 50 10 years
D1 110 Floating 2034 to 2036 6.68
b
110 110 12 years
2,555 1,274 1,389
a. Expected weighted average life (\u2018WAL\u2019) assumes no early redemption in respect of any loan notes.
b. After the effect of interest rate swaps.
c. A3N notes are US$ notes which are shown as translated to sterling at the hedged swap rate. Values at the period end spot rate are \u00a3127m (2022 \u00a3168m). Therefore the exchange
difference on the A3N notes is \u00a334m (2022 \u00a359m).
Principal outstanding above is reconciled to the principal outstanding and carrying value of securitised debt as disclosed on page 161 as follows.
2023
\u00a3m
2022
\u00a3m
Principal outstanding 1,274 1,389
A3N US$ notes exchange difference 34 59
Principal outstanding at spot rate 1,308 1,448
Deferred issue costs (2) (3)
Accrued interest 3 2
Carrying value at end of period 1,309 1,447
The notes are secured on the majority of the Group\u2019s property and future income streams therefrom. All of the floating rate notes are hedged using
interest rate swaps which fix the interest rate payable.
Interest and margin is payable on the floating rate notes as follows:
Tranche Interest Margin
A1N 3 month SONIA 0.57%
A3N 3 month SOFR 0.71%
A4 3 month SONIA 0.69%
AB 3 month SONIA 0.72%
C2 3 month SONIA 1.99%
D1 3 month SONIA 2.24%
The overall cash interest rate payable on the loan notes is 6.3% (2022 6.3%) after taking account of interest rate hedging and the cost of the financial guarantee
provided by Ambac Assurance UK Limited (\u2018Ambac\u2019). Ambac acts as a guarantor of the Group\u2019s obligations to repay interest and principal on the loan
notes. In the event that the Group is unable to pay such amounts the guarantee is limited to the Class A1N, A3N, A4 and Class AB note holders only.
The securitisation is governed by various covenants, warranties and events of default, many of which apply to Mitchells & Butlers Retail Limited,
the Group\u2019s main operating subsidiary. There are two main financial covenants, being the level of net assets and free cash flow (FCF) to debt service.
FCF to debt service represents the multiple of cash generated by sites within the structure to the cost of debt service. This is tested quarterly on both
a trailing two quarter and a four quarter basis. There are additional covenants regarding the maintenance and disposal of securitised properties and
restrictions on its ability to move cash, by way of dividends for example, to other Group companies. Further details of the covenants are provided in
the going concern review on pages 133 and 134.
At 30 September 2023, Mitchells & Butlers Retail Limited had cash and cash equivalents of \u00a354m (2022 \u00a361m). Of this amount \u00a34m (2022 \u00a31m),
representing disposal proceeds, was held on deposit in an account over which there are a number of restrictions. The use of this cash requires
the approval of the securitisation trustee and may only be used for certain specified purposes such as capital enhancement expenditure and
business acquisitions.
The carrying value of the securitised debt in the Group balance sheet is analysed as follows:
2023
\u00a3m
2022
\u00a3m
Principal outstanding at beginning of period 1,448 1,527
Principal repaid during the period (121) (115)
Net principal receipts on cross currency swap 5 5
Exchange on translation of dollar loan notes (24) 31
Principal outstanding at end of period 1,308 1,448
Deferred issue costs (2) (3)
Accrued interest 3 2
Carrying value at end of period 1,309 1,447
Liquidity facility
Under the terms of the securitisation, the Group holds a liquidity facility of \u00a3295m provided by two counterparties.
The amount drawn at 30 September 2023 is \u00a3nil (2022 \u00a3nil).
Unsecured revolving credit facilities
In the prior period, the Group held a single unsecured committed revolving credit facility of \u00a3150m. During the period, the unsecured committed
revolving credit facility of \u00a3150m was cancelled and replaced by a new unsecured committed revolving credit facility of \u00a3200m, which expires on
20 July 2026. The amount drawn at 30 September 2023 is \u00a3nil (2022 \u00a3nil).
There are covenants on the unsecured revolving credit facilities relating to the ratio of EBITDAR to rent plus interest and net debt to EBITDA based
on the performance of the unsecured estate. Further details of the covenants are provided in the going concern review on pages 133 and 134.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-491": {
"value": "Accounting policy Borrowings, which include the Group\u2019s secured loan notes, are stated initially at fair value (normally the amount of the proceeds) net of issue costs. Thereafter they are stated at amortised cost using an effective interest basis. Finance costs, which are the difference between the net proceeds and the total amount of payments to be made in respect of the instruments, are allocated over the term of the debt using the effective interest method. Borrowing costs are not attributed to the acquisition or construction of assets and therefore no costs are capitalised within property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-431": {
"value": "4.2 Finance costs and income 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Finance costs Interest on securitised debt (89) (94) Interest on other borrowings (11) (5) Interest on lease liabilities (16) (16) Total finance costs (116) (115) Finance income Interest receivable \u2013 cash 8 1 Net pensions finance charge (note 4.5) (3) (2)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-473": {
"value": "4.2 Finance costs and income 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Finance costs Interest on securitised debt (89) (94) Interest on other borrowings (11) (5) Interest on lease liabilities (16) (16) Total finance costs (116) (115) Finance income Interest receivable \u2013 cash 8 1 Net pensions finance charge (note 4.5) (3) (2)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-456": {
"value": "4.2 Finance costs and income 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Finance costs Interest on securitised debt (89) (94) Interest on other borrowings (11) (5) Interest on lease liabilities (16) (16) Total finance costs (116) (115) Finance income Interest receivable \u2013 cash 8 1 Net pensions finance charge (note 4.5) (3) (2)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-432": {
"value": "4.3 Financial instruments
Accounting policies
Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions
of the instrument.
Financial assets
All financial assets are recognised or derecognised on a trade date where the purchase or sale of a financial asset is under a contract whose terms
require delivery of the financial asset within the timeframe established by the market concerned. Financial assets are initially measured at fair value,
plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.
Debt instruments that meet the following conditions are measured subsequently at amortised cost:
\u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
By default, all other financial assets are measured subsequently at fair value through profit or loss (\u2018FVTPL\u2019).
The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses (\u2018ECLs\u2019) on financial assets, where applicable. The amount of expected credit
losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial asset.
The Group adopts the simplified approach detailed in IFRS 9 for trade receivables and finance lease receivables and therefore recognises lifetime
ECL on these assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical
credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current
as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.
For all other financial assets, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition.
However, if the credit risk on the financial asset has not increased significantly since initial recognition, the Group measures the loss allowance for
that financial instrument at an amount equal to twelve-month ECL.
Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
In contrast, twelve-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that
are possible within twelve months after the reporting date.
Definition of default
The Group considers financial assets to be in default when information developed internally or obtained from external sources indicates that
a debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collateral held by the Group).
Credit-impaired financial assets
At each reporting date, the Group assesses whether financial assets are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more
events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
Write-off policy
The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic
prospect of recovery. Financial assets written off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into
account legal advice where appropriate. Any recoveries made are recognised in profit or loss.
Measurement and recognition of expected credit losses
The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is
a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by
forward-looking information. As for the exposure at default, for financial assets, this is represented by the assets\u2019 gross carrying amount at the
reporting date.
For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Group in
accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate.
If the Group has measured the loss allowance for a financial asset at an amount equal to lifetime ECL in the previous reporting period, but
determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an
amount equal to twelve-month ECL at the current reporting date, except for assets for which the simplified approach was used.
The Group recognises an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their carrying amount
through a loss allowance account.
Derecognition of financial assets
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial
asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group does not retain substantially all the risks
and rewards of ownership but continues to control a transferred asset, the Group recognises its retained interest in the asset and an associated
liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset,
the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the
consideration received and receivable is recognised in profit or loss.
Financial liabilities
The Group has financial liabilities relating to borrowings, for which the accounting policy is provided in note 4.1. Other financial liabilities
are initially measured at fair value, net of transaction costs.
All financial liabilities are measured subsequently at amortised cost using the effective interest method or at fair value through profit or loss (\u2018FVTPL\u2019).
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expired. The difference
between the carrying amount of the financial liability discharged and the consideration paid and payable is recognised in profit or loss.
Effective interest method
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating finance charges over the relevant
period. The effective interest rate is the rate that exactly discounts estimated future cash flows (including all fees and points paid or received that
form an integral part of the effective interest rate, transaction costs and other premiums or discounts) over the expected life of the debt
instrument, or where appropriate, a shorter period, to the amortised cost of a financial liability. Finance charges are recognised on an effective
interest basis for all debt instruments.
Derivative financial instruments
The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks,
including interest rate and currency swaps.
Derivative financial instruments are initially measured at fair value on the contract date and are remeasured to fair value at each reporting date.
The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument,
in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial
liability. Derivatives are not offset in the financial statements unless the Group has both the current legal right to offset and intention to settle on
a net basis or realise simultaneously. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as
current assets or current liabilities.
Hedge accounting
The Group designates its derivative financial instruments, i.e. interest rate and currency swaps, as cash flow hedges.
At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along
with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and
on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in cash flows of the hedged
item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
\u2022 there is an economic relationship between the hedged item and the hedging instrument;
\u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and
\u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges
and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that
designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so
that it meets the qualifying criteria again.
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other
comprehensive income and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item
from inception of the hedge.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when
the hedged item affects profit or loss, in the same line as the recognised hedged item. This transfer does not affect other comprehensive income.
Furthermore, if the Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount
is immediately reclassified to profit or loss.
Hedge accounting is discontinued only when the hedging relationship ceases to meet the qualifying criteria (after rebalancing, if applicable).
This includes instances when the hedging instrument expires or is sold or terminated. The discontinuation is accounted for prospectively. Any gain
or loss recognised in other comprehensive income and accumulated in the hedging reserve at that time remains in equity and is reclassified to
profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the
hedging reserve is reclassified immediately to profit or loss.
Financial risk management
Financial risk is managed by the Group\u2019s Treasury function. The Group\u2019s Treasury function is governed by a Board Approved Treasury Policy
Statement which details the key objectives and policies for the Group\u2019s treasury management. The Treasury Committee ensures that the Treasury
Policy is adhered to, monitors its operation and agrees appropriate strategies for recommendation to the Board. The Treasury Policy Statement is
reviewed annually, with recommendations for change made to the Board, as appropriate. The Group Treasury function is operated as a cost centre
and is the only area of the business permitted to transact treasury deals. It must also be consulted on other related matters such as the provision of
guarantees or the financial implications of contract terms.
An explanation of the Group\u2019s financial instrument risk management objectives and strategies is set out below.
The main financial risks which impact the Group result from funding and liquidity risk, credit risk, capital risk and market risk, principally as a result
of changes in interest and currency rates. Derivative financial instruments, principally interest rate and foreign currency swaps, are used to manage
market risk. Derivative financial instruments are not used for trading or speculative purposes.
Funding and liquidity risk
In order to ensure that the Group\u2019s long-term funding strategy is aligned with its strategic objectives, the Treasury Committee regularly assesses the
maturity profile of the Group\u2019s debt, alongside the prevailing financial projections. This enables it to ensure that funding levels are appropriate to
support the Group\u2019s plans.
The current funding arrangements of the Group consist of the securitised notes issued by Mitchells & Butlers Finance plc (and associated liquidity
facility) along with an unsecured committed revolving credit facility of \u00a3200m. The terms of the securitisation and the revolving credit facilities contain
various financial covenants. Compliance with these covenants is monitored by Group Treasury. The Group also has uncommitted credit facilities of \u00a35m.
The Group prepares a rolling daily cash forecast covering a six week period and an annual cash forecast by period. These forecasts are reviewed on
a daily basis and are used to manage the investment and borrowing requirements of the Group. A combination of cash pooling and zero balancing
agreements are in place to ensure the optimum liquidity position is maintained. The Group maintains sufficient cash balances or committed facilities
outside the securitisation to ensure that it can meet its medium-term anticipated cash flow requirements.
The maturity table below details the contractual undiscounted cash flows (both principal and interest), based on the prevailing period end interest
and exchange rates, for the Group\u2019s financial liabilities, after taking into account the effect of interest rate and currency swaps (which are settled
gross) and assumes no early redemption in respect of any loan notes. As such these amounts will not always reconcile to amounts disclosed in the
Group Balance Sheet.
Within
one year
\u00a3m
One to
two years
\u00a3m
Two to
three years
\u00a3m
Three to
four years
\u00a3m
Four to
five years
\u00a3m
More than
five years
\u00a3m
Total
\u00a3m
30 September 2023
Securitised debt \u2013 loan notes (206) (204) (203) (203) (202) (696) (1,714)
Derivative financial liabilities (settled net) \u2013 (2) (2) (2) (1) (3) (10)
Derivative financial asset receipts 27 27 27 27 27 7 142
Derivative financial asset payments (21) (20) (20) (20) (20) (5) (106)
Fixed rate: Securitised debt (200) (199) (198) (198) (196) (697) (1,688)
Lease liabilities (49) (52) (51) (42) (47) (449) (690)
Trade payables (100) \u2013 \u2013 \u2013 \u2013 \u2013 (100)
Other payables (22) \u2013 \u2013 \u2013 \u2013 \u2013 (22)
Accrued charges (182) \u2013 \u2013 \u2013 \u2013 \u2013 (182)
Other financial liabilities (58) \u2013 \u2013 \u2013 \u2013 \u2013 (58)
24 September 2022
Securitised debt \u2013 loan notes (209) (203) (203) (204) (204) (895) (1,918)
Derivative financial liabilities (settled net) \u2013 (5) (5) (4) (4) (12) (30)
Derivative financial asset receipts 30 28 29 29 30 39 185
Derivative financial asset payments (21) (20) (20) (20) (20) (24) (125)
Fixed rate: Securitised debt (200) (200) (199) (199) (198) (892) (1,888)
Lease liabilities (68) (42) (47) (43) (38) (464) (702)
Trade payables (106) \u2013 \u2013 \u2013 \u2013 \u2013 (106)
Other payables (20) \u2013 \u2013 \u2013 \u2013 \u2013 (20)
Accrued charges (151) \u2013 \u2013 \u2013 \u2013 \u2013 (151)
Other financial liabilities (21) \u2013 \u2013 \u2013 \u2013 \u2013 (21)
Credit risk
The Group Treasury function enters into contracts with third parties in respect of the investment of surplus funds and derivative financial instruments
for risk management purposes. These activities expose the Group to credit risk against the counterparties. To mitigate this exposure, Group Treasury
operates policies that restrict the general investment of surplus funds and the entering into of derivative transactions to counterparties that have
a minimum credit rating of \u2018A\u2019 (long-term) and \u2018A1\u2019/\u2018P1\u2019/\u2018F1\u2019 (short-term). Where ratings subsequently drop below the policy minimum additional
approval is sought from the Board to retain the position, or action is taken to move to a higher rated counterparty. The minimum long-term rating of
any Group counterparty during the year was \u2018A\u2019. The amount that can be invested or transacted at various ratings levels is restricted under the policy.
Counterparties to derivative financial instruments may also be required to post collateral with the Group where their credit rating falls below a
predetermined level. At the period end a collateral amount of \u00a358m (2022 \u00a321m) is held by the Group and is recognised as an other financial asset
and other financial liability in the balance sheet.
To minimise credit risk exposure against individual counterparties, investments and derivative transactions are entered into with a range of
counterparties. The maximum investment exposure with any counterparty during the year was \u00a350m (2022 \u00a350m). The Group held investments
with eleven counterparties during the year (2022 eleven). The Group Treasury function reviews credit ratings, as published by Moody\u2019s, Standard &
Poor\u2019s and Fitch Ratings, current exposure levels and the maximum permitted exposure at given credit ratings, for each counterparty on a daily basis.
Any exceptions are required to be formally reported to the Treasury Committee on a four-weekly basis.
Trade receivables and other receivables mainly represent amounts due from tenants of unlicensed properties, amounts due from Group suppliers
and cash collateral deposits held by third parties. Credit exposure relating to tenants is ordinarily considered to be low risk, with an expected lifetime
credit loss calculated at the period end to reflect the risk of irrecoverable amounts. To minimise credit risk new tenants are assessed using an external
credit rating system before they are approved for tenancy. Credit exposure is reduced for the amounts due from Group suppliers as the Group holds
offsetting amounts in trade and other payables that are due to some of these suppliers. Credit risk on cash collateral deposits held by third parties are
considered to be low credit risk as they are held with reputable banking institutions by third parties.
The Group\u2019s maximum credit exposure at the balance sheet date was:
FVTPL
\u00a3m
12-month
ECL
\u00a3m
Lifetime
ECL
\u00a3m
Total
\u00a3m
30 September 2023:
Cash and cash equivalents
a
\u2013 103 \u2013 103
Trade receivables
b
\u2013 \u2013 17 17
Other receivables
b
\u2013 16 \u2013 16
Other financial assets \u2013 58 \u2013 58
Defined benefit pension blocked account \u2013 47 \u2013 47
Finance lease receivables
c
\u2013 \u2013 12 12
Derivatives 35 \u2013 \u2013 35
24 September 2022:
Cash and cash equivalents
a
\u2013 190 \u2013 190
Trade receivables
b
\u2013 \u2013 13 13
Other receivables
b
\u2013 16 \u2013 16
Other financial assets \u2013 21 \u2013 21
Defined benefit pension blocked account \u2013 9 \u2013 9
Finance lease receivables
c
\u2013 \u2013 13 13
Derivatives 60 \u2013 \u2013 60
a. Cash and cash equivalents as presented in the cash flow statement. This is presented net of an overdraft within a cash pooling arrangement, to which the Group has a legal right
of offset.
b. Trade receivables and other receivables are shown net of an expected credit loss allowance, as shown in note 3.4.
c. Finance lease receivables expected credit loss allowance is immaterial, as described in note 3.2.
Capital management
The Group\u2019s capital base is comprised of its net debt (analysed in note 4.4) plus total equity (disclosed on the face of the Group balance sheet).
The objective is to maintain a capital base which is sufficiently strong to support the ongoing development of the business as a going concern,
including the amenity, and cash flow generation of the pub estate. By keeping debt and headroom against its debt facilities at an appropriate level,
the Group ensures that it maintains a strong credit position, whilst maximising value for shareholders and adhering to its covenants and other
restrictions associated with its debt (see note 4.1). In managing its capital structure, from time to time the Group may realise value from non-core
assets, buy back or issue new shares, initiate and vary its dividend payments and seek to vary or accelerate debt repayments. The Group\u2019s policy
is to ensure that the maturity of its debt profile supports its strategic objectives. The Board considers the latest covenant compliance, headroom
projections and projected balance sheet positions periodically throughout the period, based on the advice of the Treasury Committee which meets
on a four-weekly basis. The Treasury Committee is chaired by the Group Treasurer and monitors Treasury performance and compliance with
Board-approved policies. The Group Chief Financial Officer is also a member of the Committee.
Total capital at the balance sheet date is as follows:
2023
\u00a3m
2022
\u00a3m
Net debt excluding leases (note 4.4) 1,170 1,198
Total equity 2,130 2,143
Total capital 3,300 3,341
Market risk
The Group is exposed to the risk that the fair value of future cash flows of its financial instruments will fluctuate because of changes in market prices.
Market risk comprises foreign currency and interest rate risk.
Foreign currency risk
The most significant currency risk the Group faces is in relation to the class A3N floating rate notes. At issuance of these notes, the Group entered into
a cross currency interest rate swap to manage the foreign currency exposure resulting from both the US$ principal and initial interest elements of the
notes. The A3N notes have a carrying value of \u00a3127m (2022 \u00a3168m) and form part of the securitised debt (see note 4.1).
Sensitivity analysis
Further to the step-up on the A3N notes on 15 December 2010, the Group has additional foreign currency exposure as a result of the increase in US$
finance costs. A movement of 10% in the US$ exchange rate would have \u00a3nil (2022 \u00a3nil) impact on the reported Group profit and \u00a312m (2022 \u00a312m)
impact on the reported Group equity.
The Group has no significant profit and loss exposure as a result of retranslating monetary assets and liabilities at different exchange rates.
As the Group is predominantly UK-based and acquires the majority of its supplies in sterling, it has no significant direct currency exposure from
its operations.
Interest rate risk
The Group has a mixture of fixed and floating interest rate debt instruments and manages the variability in cash flows resulting from changes in
interest rates by using derivative financial instruments. Where the necessary criteria are met, the Group minimises the volatility in its consolidated
financial statements through the adoption of the hedge accounting provisions permitted under IFRS 9. The interest rate exposure resulting from the
Group\u2019s \u00a31.3bn securitisation is largely fixed, either as a result of the notes themselves being issued at fixed interest rates, or through a combination
of floating rate notes against which effective interest rate swaps are held, which are eligible for hedge accounting.
A number of the Group\u2019s financial instruments had LIBOR as their interest reference rate at the start of the prior period. During the prior period,
the Group completed the necessary amendments to transition its financing arrangements in advance of the discontinuation of LIBOR as a floating
reference rate, replacing LIBOR with a Sterling Overnight Index Average (\u2018SONIA\u2019) based rate in respect of sterling and a Secured Overnight
Financing Rate (\u2018SOFR\u2019) based rate in respect of US dollars. The amendments in respect of the securitised bonds were agreed by the Bondholders
through a formal consent solicitation process and bilateral agreements were reached with securitised swap providers (using amended reference rates
consistent with those agreed under the bonds). All sterling-based facilities and agreements referencing Sterling LIBOR transitioned in the prior period
to reference SONIA, plus a credit adjustment spread of 11.93 basis points to maintain an economically equivalent position, for periods commencing
on or after 1 January 2022. The facilities previously referencing US dollar LIBOR transitioned to SOFR plus 26.161 basis points for periods
commencing on or after 1 July 2023. The liquidity facility and the unsecured committed facility were arranged on a SONIA basis.
As part of the transition, all of the Group\u2019s hedge relationships were reviewed and these continue to be highly effective. Hedge documentation was
updated in accordance with the reliefs permitted in the amendments to IFRS 9, designating the new interest reference rate in both the hedged item
and the hedging instrument. As a result of the transition, there was no impact on the amounts recognised in the income statement or statement of
other comprehensive income.
There has been no change to interest rate exposure in the current period. This is consistent with the Group Treasury policy on interest rate management.
Sensitivity analysis
The sensitivity analysis below has been calculated based on the Group\u2019s exposure to interest rates for both derivative and non-derivative instruments
as at the balance sheet date. A 1% movement is used when reporting interest rate risk internally to key management personnel and represents
management\u2019s assessment of this reasonably possible change in interest rates.
For floating rate liabilities, which are not hedged by derivative instruments, the analysis has been prepared assuming that the liability outstanding at
the balance sheet date was outstanding for the whole period. For interest income the analysis assumes that cash and cash equivalents and other cash
deposits that were held in interest bearing accounts at the balance sheet date were held for the whole period.
The Group\u2019s sensitivity to a 1% increase in interest rates is detailed below:
2023
\u00a3m
2022
\u00a3m
Interest income
a
2 2
Interest expense
b
\u2013 \u2013
Profit impact 2 2
Derivative financial instruments (fair values)
c
31 40
Total equity 33 42
a. Represents interest income earned on cash and cash equivalents and other cash deposits (these are defined in note 4.1).
b. The element of interest expense which is not matched by payments and receipts under cash flow hedges which would otherwise offset the interest rate exposure of the Group.
c. The impact on total equity from movements in the fair value of cash flow hedges.
Derivative financial instruments
Cash flow hedges
Changes in cash flow hedge fair values are recognised in the hedging reserve in equity to the extent that the hedges are effective. The cash flow
hedges detailed below have been assessed as being highly effective during the period and are expected to remain highly effective over the remaining
contract lives. The following amounts have been recognised during the period:
2023
53 weeks
\u00a3m
2022
52 weeks
\u00a3m
(Losses)/gains arising during the period (9) 180
Reclassification adjustments for losses included in profit or loss within finance costs 30 1
21 181
Cash flow hedges \u2013 securitised borrowings
The nominal and carrying values of cash flow hedges at the balance sheet date, together with the changes in fair value of cash flow hedges during the
period, are shown below.
Nominal amount
of hedging
instrument
\u00a3m
Carrying amount of
hedging instrument
Changes in fair
value used for
calculating hedge
ineffectiveness
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
2023
Interest rate risk
\u2013 10 interest rate swaps 693 \u2013 (7) 21
Foreign exchange risk
\u2013 Cross currency swap 93 35 \u2013 (24)
2022
Interest rate risk
\u2013 10 interest rate swaps 750 \u2013 (28) 181
Foreign exchange risk
\u2013 Cross currency swap 109 59 \u2013 31
The cash flows on the interest rate swaps occur quarterly, receiving a floating rate of interest based on SONIA plus a credit adjustment spread of 11.93
basis points, and paying a fixed rate of 4.81% (2022 4.81%). The contract maturity dates match those of the hedged item. No hedge ineffectiveness on
the interest rate swaps was recognised in profit or loss in the current or prior period.
The cash flows on the cross currency swap occur quarterly, receiving a floating rate of interest based on SOFR and paying a floating rate of interest at
SONIA plus a credit adjustment spread of 11.93 basis points in sterling. The ineffectiveness on the cross currency swaps due to foreign currency basis
spread was immaterial in both the current and prior period.
The cash flows arising from interest rate swap positions on the same counterparty may be settled as a net position. The cross currency interest rate
swap is held under a separate agreement and cash movements for this instrument are settled individually. In the event of default, the interest rate
swaps and cross currency swaps with counterparty B may be settled net, as shown below.
The position at 30 September 2023 is as follows.
Gross position
\u00a3m
Positions netted
in balance sheet
\u00a3m
Balance sheet
position
\u00a3m
Positions that
could be net in
balance sheet
but are not
\u00a3m
Overall net
exposure
\u00a3m
Counterparty A \u2013 interest rate swaps (3) \u2013 (3) \u2013 (3)
Counterparty B \u2013 interest rate swaps (4) \u2013 (4) 35 31
Net interest rate swaps (7) \u2013 (7) 35 28
Counterparty B \u2013 cross currency swap liability (94) 94 \u2013 \u2013 \u2013
Counterparty B \u2013 cross currency swap asset 129 (94) 35 (35) \u2013
Net cross currency swap 35 \u2013 35 (35) \u2013
Total 28 \u2013 28 \u2013 28
The position at 24 September 2022 is as follows.
Gross position
\u00a3m
Positions netted
in balance sheet
\u00a3m
Balance sheet
position
\u00a3m
Positions that
could be net in
balance sheet
but are not
\u00a3m
Overall net
exposure
\u00a3m
Counterparty A \u2013 interest rate swaps (12) \u2013 (12) \u2013 (12)
Counterparty B \u2013 interest rate swaps (16) \u2013 (16) 16 \u2013
Net interest rate swaps (28) \u2013 (28) 16 (12)
Counterparty B \u2013 cross currency swap liability (110) 110 \u2013 \u2013 \u2013
Counterparty B \u2013 cross currency swap asset 169 (110) 59 (16) 43
Net cross currency swap 59 \u2013 59 (16) 43
Total 31 31 \u2013 31
Share options
In August 2018, a put and call option agreement was entered into, to allow the Group to acquire the remaining 60% share capital of the associate,
3Sixty Restaurants Limited, at any point in time after 1 April 2023. The initial 40% investment was purchased on 1 August 2018 for \u00a34m, and during
the period, the Group exercised the call option to acquire the remaining 60% of the share capital (see note 3.7). As a result, the option was revalued at
acquisition date of 18 April 2023, to \u00a31m and has been subsequently derecognised as part of the business combination (see note 5.1).
Fair values of derivative financial instruments
The fair values of the derivative financial instruments were measured at 30 September 2023 and may be subject to material movements in the period
subsequent to the balance sheet date. The fair values of the derivative financial instruments are reflected on the balance sheet as follows:
Derivative financial instruments \u2013 fair value
Non-current
assets
\u00a3m
Current
assets
\u00a3m
Current
liabilities
\u00a3m
Non-current
liabilities
\u00a3m
Total
\u00a3m
Derivatives at fair value designated in cash flow hedges:
\u2013 Interest rate swaps \u2013 \u2013 \u2013 (7) (7)
\u2013 Cross currency swap 33 2 \u2013 \u2013 35
30 September 2023 33 2 \u2013 (7) 28
24 September 2022 56 4 \u2013 (28) 32
Reconciliation of movements in derivative values
The tables below detail changes in the Group\u2019s derivatives, including both cash and non-cash changes where appropriate. Changes in the Group\u2019s
borrowings are disclosed in the net debt reconciliation in note 4.4.
Movements in derivative values for the 53 weeks ended 30 September 2023 are represented by:
At
24 September
2022
\u00a3m
Cash
movements
\u00a3m
Fair value
movements
\u00a3m
At
30 September
2023
\u00a3m
Cash flow hedges 31 (1) (2) 28
Share options 1 \u2013 (1) \u2013
Total derivatives 32 (1) (3) 28
Movements in derivative values for the 52 weeks ended 24 September 2022 are represented by:
At
25 September
2021
\u00a3m
Cash
movements
\u00a3m
Fair value
movements
\u00a3m
At
24 September
2022
\u00a3m
Cash flow hedges (181) 33 179 31
Share options 1 \u2013 \u2013 1
Total derivatives (180) 33 179 32
Fair value of financial assets and liabilities
The fair value and carrying value of financial assets and liabilities by category is as follows:
2023 2022
Carrying value
\u00a3m
Fair value
\u00a3m
Carrying value
\u00a3m
Fair value
\u00a3m
Financial assets at amortised cost:
\u2013 Cash and cash equivalents (note 4.4) 126 126 207 207
\u2013 Trade receivables (note 3.4) 17 17 13 13
\u2013 Other receivables (note 3.4) 16 16 16 16
\u2013 Other financial assets (note 3.4) 58 58 21 21
\u2013 Defined benefit pension blocked account (note 3.4) 47 47 9 9
\u2013 Finance lease receivables (note 3.2) 12 12 13 13
276 276 279 279
Financial assets \u2013 derivatives at FVTPL:
\u2013 Derivative instruments in designated hedge accounting relationships (note 4.3) 35 35 59 59
\u2013 Share options (note 4.3) \u2013 \u2013 1 1
35 35 60 60
Financial liabilities at amortised cost:
\u2013 Borrowings (note 4.1) (1,330) (1,162) (1,464) (1,180)
\u2013 Lease liabilities (note 3.2) (463) (463) (481) (481)
\u2013 Trade payables (note 3.4) (100) (100) (106) (106)
\u2013 Accrued charges (note 3.4) (182) (182) (151) (151)
\u2013 Other payables (note 3.4) (22) (22) (20) (20)
\u2013 Other financial liabilities (note 3.4) (58) (58) (21) (21)
(2,155) (1,987) (2,243) (1,959)
Financial liabilities \u2013 derivatives at FVTPL:
\u2013 Derivative instruments in designated hedge accounting relationships (note 4.3) (7) (7) (28) (28)
Borrowings have been valued as Level 1 financial instruments, as the various tranches of the securitised debt have been valued using period end
quoted offer prices. As the securitised debt is traded on an active market, the market value represents the fair value of this debt. The fair value
of interest rate and currency swaps is the estimated amount which the Group could expect to pay or receive on termination of the agreements.
Other financial assets and liabilities are either short-term in nature or their book values approximate to fair values.
Fair value of derivative financial instruments
The fair value of the Group\u2019s derivative financial instruments is calculated by discounting the expected future cash flows of each instrument at an
appropriate discount rate to a \u2018mark to market\u2019 position and then adjusting this to reflect any non-performance risk associated with the counterparties
to the instrument.
IFRS 13 Financial Instruments requires the Group\u2019s derivative financial instruments to be disclosed at fair value and categorised in three levels
according to the inputs used in the calculation of their fair value:
\u2022 Level 1 instruments use quoted prices as the input to fair value calculations;
\u2022 Level 2 instruments use inputs, other than quoted prices, that are observable either directly or indirectly;
\u2022 Level 3 instruments use inputs that are unobservable.
The table below sets out the valuation basis of derivative financial instruments held at fair value by the Group:
Fair value at 30 September 2023
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets:
Currency swaps \u2013 35 \u2013 35
Financial liabilities:
Interest rate swaps \u2013 (7) \u2013 (7)
\u2013 28 \u2013 28
Fair value at 24 September 2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets:
Currency swaps \u2013 59 \u2013 59
Share options (see note 3.7) \u2013 \u2013 1 1
Financial liabilities:
Interest rate swaps \u2013 (28) \u2013 (28)
\u2013 31 1 32
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-492": {
"value": "Accounting policies Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets All financial assets are recognised or derecognised on a trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned. Financial assets are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Debt instruments that meet the following conditions are measured subsequently at amortised cost: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (\u2018FVTPL\u2019). The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u2018ECLs\u2019) on financial assets, where applicable. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial asset. The Group adopts the simplified approach detailed in IFRS 9 for trade receivables and finance lease receivables and therefore recognises lifetime ECL on these assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial assets, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial asset has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to twelve-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, twelve-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within twelve months after the reporting date. Definition of default The Group considers financial assets to be in default when information developed internally or obtained from external sources indicates that a debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collateral held by the Group). Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Write-off policy The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. Financial assets written off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss. Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. As for the exposure at default, for financial assets, this is represented by the assets\u2019 gross carrying amount at the reporting date. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. If the Group has measured the loss allowance for a financial asset at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to twelve-month ECL at the current reporting date, except for assets for which the simplified approach was used. The Group recognises an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their carrying amount through a loss allowance account. Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group does not retain substantially all the risks and rewards of ownership but continues to control a transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. Financial liabilities The Group has financial liabilities relating to borrowings, for which the accounting policy is provided in note 4.1. Other financial liabilities are initially measured at fair value, net of transaction costs. All financial liabilities are measured subsequently at amortised cost using the effective interest method or at fair value through profit or loss (\u2018FVTPL\u2019). Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability discharged and the consideration paid and payable is recognised in profit or loss. Effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating finance charges over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash flows (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) over the expected life of the debt instrument, or where appropriate, a shorter period, to the amortised cost of a financial liability. Finance charges are recognised on an effective interest basis for all debt instruments. Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including interest rate and currency swaps. Derivative financial instruments are initially measured at fair value on the contract date and are remeasured to fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the current legal right to offset and intention to settle on a net basis or realise simultaneously. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities. Hedge accounting The Group designates its derivative financial instruments, i.e. interest rate and currency swaps, as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. Hedge accounting is discontinued only when the hedging relationship ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold or terminated. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the hedging reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the hedging reserve is reclassified immediately to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-503": {
"value": "Financial assets All financial assets are recognised or derecognised on a trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned. Financial assets are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Debt instruments that meet the following conditions are measured subsequently at amortised cost: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (\u2018FVTPL\u2019). The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-504": {
"value": "Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u2018ECLs\u2019) on financial assets, where applicable. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial asset. The Group adopts the simplified approach detailed in IFRS 9 for trade receivables and finance lease receivables and therefore recognises lifetime ECL on these assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial assets, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial asset has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to twelve-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, twelve-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within twelve months after the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-505": {
"value": "Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group does not retain substantially all the risks and rewards of ownership but continues to control a transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability discharged and the consideration paid and payable is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-506": {
"value": "Financial liabilities The Group has financial liabilities relating to borrowings, for which the accounting policy is provided in note 4.1. Other financial liabilities are initially measured at fair value, net of transaction costs. All financial liabilities are measured subsequently at amortised cost using the effective interest method or at fair value through profit or loss (\u2018FVTPL\u2019). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-509": {
"value": "Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including interest rate and currency swaps. Derivative financial instruments are initially measured at fair value on the contract date and are remeasured to fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the current legal right to offset and intention to settle on a net basis or realise simultaneously. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-507": {
"value": "Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including interest rate and currency swaps. Derivative financial instruments are initially measured at fair value on the contract date and are remeasured to fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the current legal right to offset and intention to settle on a net basis or realise simultaneously. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities. Hedge accounting The Group designates its derivative financial instruments, i.e. interest rate and currency swaps, as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. Hedge accounting is discontinued only when the hedging relationship ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold or terminated. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the hedging reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the hedging reserve is reclassified immediately to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-510": {
"value": "Hedge accounting The Group designates its derivative financial instruments, i.e. interest rate and currency swaps, as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. Hedge accounting is discontinued only when the hedging relationship ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold or terminated. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the hedging reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the hedging reserve is reclassified immediately to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-457": {
"value": "Financial risk management Financial risk is managed by the Group\u2019s Treasury function. The Group\u2019s Treasury function is governed by a Board Approved Treasury Policy Statement which details the key objectives and policies for the Group\u2019s treasury management. The Treasury Committee ensures that the Treasury Policy is adhered to, monitors its operation and agrees appropriate strategies for recommendation to the Board. The Treasury Policy Statement is reviewed annually, with recommendations for change made to the Board, as appropriate. The Group Treasury function is operated as a cost centre and is the only area of the business permitted to transact treasury deals. It must also be consulted on other related matters such as the provision of guarantees or the financial implications of contract terms. An explanation of the Group\u2019s financial instrument risk management objectives and strategies is set out below. The main financial risks which impact the Group result from funding and liquidity risk, credit risk, capital risk and market risk, principally as a result of changes in interest and currency rates. Derivative financial instruments, principally interest rate and foreign currency swaps, are used to manage market risk. Derivative financial instruments are not used for trading or speculative purposes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-458": {
"value": "Funding and liquidity risk In order to ensure that the Group\u2019s long-term funding strategy is aligned with its strategic objectives, the Treasury Committee regularly assesses the maturity profile of the Group\u2019s debt, alongside the prevailing financial projections. This enables it to ensure that funding levels are appropriate to support the Group\u2019s plans. The current funding arrangements of the Group consist of the securitised notes issued by Mitchells & Butlers Finance plc (and associated liquidity facility) along with an unsecured committed revolving credit facility of \u00a3200m. The terms of the securitisation and the revolving credit facilities contain various financial covenants. Compliance with these covenants is monitored by Group Treasury. The Group also has uncommitted credit facilities of \u00a35m. The Group prepares a rolling daily cash forecast covering a six week period and an annual cash forecast by period. These forecasts are reviewed on a daily basis and are used to manage the investment and borrowing requirements of the Group. A combination of cash pooling and zero balancing agreements are in place to ensure the optimum liquidity position is maintained. The Group maintains sufficient cash balances or committed facilities outside the securitisation to ensure that it can meet its medium-term anticipated cash flow requirements. The maturity table below details the contractual undiscounted cash flows (both principal and interest), based on the prevailing period end interest and exchange rates, for the Group\u2019s financial liabilities, after taking into account the effect of interest rate and currency swaps (which are settled gross) and assumes no early redemption in respect of any loan notes. As such these amounts will not always reconcile to amounts disclosed in the Group Balance Sheet. Within one year \u00a3m One to two years \u00a3m Two to three years \u00a3m Three to four years \u00a3m Four to five years \u00a3m More than five years \u00a3m Total \u00a3m 30 September 2023 Securitised debt \u2013 loan notes (206) (204) (203) (203) (202) (696) (1,714) Derivative financial liabilities (settled net) \u2013 (2) (2) (2) (1) (3) (10) Derivative financial asset receipts 27 27 27 27 27 7 142 Derivative financial asset payments (21) (20) (20) (20) (20) (5) (106) Fixed rate: Securitised debt (200) (199) (198) (198) (196) (697) (1,688) Lease liabilities (49) (52) (51) (42) (47) (449) (690) Trade payables (100) \u2013 \u2013 \u2013 \u2013 \u2013 (100) Other payables (22) \u2013 \u2013 \u2013 \u2013 \u2013 (22) Accrued charges (182) \u2013 \u2013 \u2013 \u2013 \u2013 (182) Other financial liabilities (58) \u2013 \u2013 \u2013 \u2013 \u2013 (58) 24 September 2022 Securitised debt \u2013 loan notes (209) (203) (203) (204) (204) (895) (1,918) Derivative financial liabilities (settled net) \u2013 (5) (5) (4) (4) (12) (30) Derivative financial asset receipts 30 28 29 29 30 39 185 Derivative financial asset payments (21) (20) (20) (20) (20) (24) (125) Fixed rate: Securitised debt (200) (200) (199) (199) (198) (892) (1,888) Lease liabilities (68) (42) (47) (43) (38) (464) (702) Trade payables (106) \u2013 \u2013 \u2013 \u2013 \u2013 (106) Other payables (20) \u2013 \u2013 \u2013 \u2013 \u2013 (20) Accrued charges (151) \u2013 \u2013 \u2013 \u2013 \u2013 (151) Other financial liabilities (21) \u2013 \u2013 \u2013 \u2013 \u2013 (21) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-459": {
"value": "Credit risk The Group Treasury function enters into contracts with third parties in respect of the investment of surplus funds and derivative financial instruments for risk management purposes. These activities expose the Group to credit risk against the counterparties. To mitigate this exposure, Group Treasury operates policies that restrict the general investment of surplus funds and the entering into of derivative transactions to counterparties that have a minimum credit rating of \u2018A\u2019 (long-term) and \u2018A1\u2019/\u2018P1\u2019/\u2018F1\u2019 (short-term). Where ratings subsequently drop below the policy minimum additional approval is sought from the Board to retain the position, or action is taken to move to a higher rated counterparty. The minimum long-term rating of any Group counterparty during the year was \u2018A\u2019. The amount that can be invested or transacted at various ratings levels is restricted under the policy. Counterparties to derivative financial instruments may also be required to post collateral with the Group where their credit rating falls below a predetermined level. At the period end a collateral amount of \u00a358m (2022 \u00a321m) is held by the Group and is recognised as an other financial asset and other financial liability in the balance sheet. To minimise credit risk exposure against individual counterparties, investments and derivative transactions are entered into with a range of counterparties. The maximum investment exposure with any counterparty during the year was \u00a350m (2022 \u00a350m). The Group held investments with eleven counterparties during the year (2022 eleven). The Group Treasury function reviews credit ratings, as published by Moody\u2019s, Standard & Poor\u2019s and Fitch Ratings, current exposure levels and the maximum permitted exposure at given credit ratings, for each counterparty on a daily basis. Any exceptions are required to be formally reported to the Treasury Committee on a four-weekly basis. Trade receivables and other receivables mainly represent amounts due from tenants of unlicensed properties, amounts due from Group suppliers and cash collateral deposits held by third parties. Credit exposure relating to tenants is ordinarily considered to be low risk, with an expected lifetime credit loss calculated at the period end to reflect the risk of irrecoverable amounts. To minimise credit risk new tenants are assessed using an external credit rating system before they are approved for tenancy. Credit exposure is reduced for the amounts due from Group suppliers as the Group holds offsetting amounts in trade and other payables that are due to some of these suppliers. Credit risk on cash collateral deposits held by third parties are considered to be low credit risk as they are held with reputable banking institutions by third parties. The Group\u2019s maximum credit exposure at the balance sheet date was: FVTPL \u00a3m 12-month ECL \u00a3m Lifetime ECL \u00a3m Total \u00a3m 30 September 2023: Cash and cash equivalentsa \u2013 103 \u2013 103 Trade receivables b \u2013 \u2013 17 17 Other receivables b \u2013 16 \u2013 16 Other financial assets \u2013 58 \u2013 58 Defined benefit pension blocked account \u2013 47 \u2013 47 Finance lease receivablesc \u2013 \u2013 12 12 Derivatives 35 \u2013 \u2013 35 24 September 2022: Cash and cash equivalentsa \u2013 190 \u2013 190 Trade receivables b \u2013 \u2013 13 13 Other receivables b \u2013 16 \u2013 16 Other financial assets \u2013 21 \u2013 21 Defined benefit pension blocked account \u2013 9 \u2013 9 Finance lease receivablesc \u2013 \u2013 13 13 Derivatives 60 \u2013 \u2013 60 a. Cash and cash equivalents as presented in the cash flow statement. This is presented net of an overdraft within a cash pooling arrangement, to which the Group has a legal right of offset. b. Trade receivables and other receivables are shown net of an expected credit loss allowance, as shown in note 3.4. c. Finance lease receivables expected credit loss allowance is immaterial, as described in note 3.2. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-461": {
"value": "Capital management The Group\u2019s capital base is comprised of its net debt (analysed in note 4.4) plus total equity (disclosed on the face of the Group balance sheet). The objective is to maintain a capital base which is sufficiently strong to support the ongoing development of the business as a going concern, including the amenity, and cash flow generation of the pub estate. By keeping debt and headroom against its debt facilities at an appropriate level, the Group ensures that it maintains a strong credit position, whilst maximising value for shareholders and adhering to its covenants and other restrictions associated with its debt (see note 4.1). In managing its capital structure, from time to time the Group may realise value from non-core assets, buy back or issue new shares, initiate and vary its dividend payments and seek to vary or accelerate debt repayments. The Group\u2019s policy is to ensure that the maturity of its debt profile supports its strategic objectives. The Board considers the latest covenant compliance, headroom projections and projected balance sheet positions periodically throughout the period, based on the advice of the Treasury Committee which meets on a four-weekly basis. The Treasury Committee is chaired by the Group Treasurer and monitors Treasury performance and compliance with Board-approved policies. The Group Chief Financial Officer is also a member of the Committee. Total capital at the balance sheet date is as follows: 2023 \u00a3m 2022 \u00a3m Net debt excluding leases (note 4.4) 1,170 1,198 Total equity 2,130 2,143 Total capital 3,300 3,341 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-460": {
"value": "Market risk The Group is exposed to the risk that the fair value of future cash flows of its financial instruments will fluctuate because of changes in market prices. Market risk comprises foreign currency and interest rate risk. Foreign currency risk The most significant currency risk the Group faces is in relation to the class A3N floating rate notes. At issuance of these notes, the Group entered into a cross currency interest rate swap to manage the foreign currency exposure resulting from both the US$ principal and initial interest elements of the notes. The A3N notes have a carrying value of \u00a3127m (2022 \u00a3168m) and form part of the securitised debt (see note 4.1). Sensitivity analysis Further to the step-up on the A3N notes on 15 December 2010, the Group has additional foreign currency exposure as a result of the increase in US$ finance costs. A movement of 10% in the US$ exchange rate would have \u00a3nil (2022 \u00a3nil) impact on the reported Group profit and \u00a312m (2022 \u00a312m) impact on the reported Group equity. The Group has no significant profit and loss exposure as a result of retranslating monetary assets and liabilities at different exchange rates. As the Group is predominantly UK-based and acquires the majority of its supplies in sterling, it has no significant direct currency exposure from its operations. Interest rate risk The Group has a mixture of fixed and floating interest rate debt instruments and manages the variability in cash flows resulting from changes in interest rates by using derivative financial instruments. Where the necessary criteria are met, the Group minimises the volatility in its consolidated financial statements through the adoption of the hedge accounting provisions permitted under IFRS 9. The interest rate exposure resulting from the Group\u2019s \u00a31.3bn securitisation is largely fixed, either as a result of the notes themselves being issued at fixed interest rates, or through a combination of floating rate notes against which effective interest rate swaps are held, which are eligible for hedge accounting. A number of the Group\u2019s financial instruments had LIBOR as their interest reference rate at the start of the prior period. During the prior period, the Group completed the necessary amendments to transition its financing arrangements in advance of the discontinuation of LIBOR as a floating reference rate, replacing LIBOR with a Sterling Overnight Index Average (\u2018SONIA\u2019) based rate in respect of sterling and a Secured Overnight Financing Rate (\u2018SOFR\u2019) based rate in respect of US dollars. The amendments in respect of the securitised bonds were agreed by the Bondholders through a formal consent solicitation process and bilateral agreements were reached with securitised swap providers (using amended reference rates consistent with those agreed under the bonds). All sterling-based facilities and agreements referencing Sterling LIBOR transitioned in the prior period to reference SONIA, plus a credit adjustment spread of 11.93 basis points to maintain an economically equivalent position, for periods commencing on or after 1 January 2022. The facilities previously referencing US dollar LIBOR transitioned to SOFR plus 26.161 basis points for periods commencing on or after 1 July 2023. The liquidity facility and the unsecured committed facility were arranged on a SONIA basis. As part of the transition, all of the Group\u2019s hedge relationships were reviewed and these continue to be highly effective. Hedge documentation was updated in accordance with the reliefs permitted in the amendments to IFRS 9, designating the new interest reference rate in both the hedged item and the hedging instrument. As a result of the transition, there was no impact on the amounts recognised in the income statement or statement of other comprehensive income. There has been no change to interest rate exposure in the current period. This is consistent with the Group Treasury policy on interest rate management. Sensitivity analysis The sensitivity analysis below has been calculated based on the Group\u2019s exposure to interest rates for both derivative and non-derivative instruments as at the balance sheet date. A 1% movement is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of this reasonably possible change in interest rates. For floating rate liabilities, which are not hedged by derivative instruments, the analysis has been prepared assuming that the liability outstanding at the balance sheet date was outstanding for the whole period. For interest income the analysis assumes that cash and cash equivalents and other cash deposits that were held in interest bearing accounts at the balance sheet date were held for the whole period. The Group\u2019s sensitivity to a 1% increase in interest rates is detailed below: 2023 \u00a3m 2022 \u00a3m Interest income a 2 2 Interest expenseb \u2013 \u2013 Profit impact 2 2 Derivative financial instruments (fair values)c 31 40 Total equity 33 42 a. Represents interest income earned on cash and cash equivalents and other cash deposits (these are defined in note 4.1). b. The element of interest expense which is not matched by payments and receipts under cash flow hedges which would otherwise offset the interest rate exposure of the Group. c. The impact on total equity from movements in the fair value of cash flow hedges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-462": {
"value": "Derivative financial instruments Cash flow hedges Changes in cash flow hedge fair values are recognised in the hedging reserve in equity to the extent that the hedges are effective. The cash flow hedges detailed below have been assessed as being highly effective during the period and are expected to remain highly effective over the remaining contract lives. The following amounts have been recognised during the period: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m (Losses)/gains arising during the period (9) 180 Reclassification adjustments for losses included in profit or loss within finance costs 30 1 21 181 Cash flow hedges \u2013 securitised borrowings The nominal and carrying values of cash flow hedges at the balance sheet date, together with the changes in fair value of cash flow hedges during the period, are shown below. Nominal amount of hedging instrument \u00a3m Carrying amount of hedging instrument Changes in fair value used for calculating hedge ineffectiveness \u00a3m Assets \u00a3m Liabilities \u00a3m 2023 Interest rate risk \u2013 10 interest rate swaps 693 \u2013 (7) 21 Foreign exchange risk \u2013 Cross currency swap 93 35 \u2013 (24) 2022 Interest rate risk \u2013 10 interest rate swaps 750 \u2013 (28) 181 Foreign exchange risk \u2013 Cross currency swap 109 59 \u2013 31 The cash flows on the interest rate swaps occur quarterly, receiving a floating rate of interest based on SONIA plus a credit adjustment spread of 11.93 basis points, and paying a fixed rate of 4.81% (2022 4.81%). The contract maturity dates match those of the hedged item. No hedge ineffectiveness on the interest rate swaps was recognised in profit or loss in the current or prior period. The cash flows on the cross currency swap occur quarterly, receiving a floating rate of interest based on SOFR and paying a floating rate of interest at SONIA plus a credit adjustment spread of 11.93 basis points in sterling. The ineffectiveness on the cross currency swaps due to foreign currency basis spread was immaterial in both the current and prior period. The cash flows arising from interest rate swap positions on the same counterparty may be settled as a net position. The cross currency interest rate swap is held under a separate agreement and cash movements for this instrument are settled individually. In the event of default, the interest rate swaps and cross currency swaps with counterparty B may be settled net, as shown below. The position at 30 September 2023 is as follows. Gross position \u00a3m Positions netted in balance sheet \u00a3m Balance sheet position \u00a3m Positions that could be net in balance sheet but are not \u00a3m Overall net exposure \u00a3m Counterparty A \u2013 interest rate swaps (3) \u2013 (3) \u2013 (3) Counterparty B \u2013 interest rate swaps (4) \u2013 (4) 35 31 Net interest rate swaps (7) \u2013 (7) 35 28 Counterparty B \u2013 cross currency swap liability (94) 94 \u2013 \u2013 \u2013 Counterparty B \u2013 cross currency swap asset 129 (94) 35 (35) \u2013 Net cross currency swap 35 \u2013 35 (35) \u2013 Total 28 \u2013 28 \u2013 28 The position at 24 September 2022 is as follows. Gross position \u00a3m Positions netted in balance sheet \u00a3m Balance sheet position \u00a3m Positions that could be net in balance sheet but are not \u00a3m Overall net exposure \u00a3m Counterparty A \u2013 interest rate swaps (12) \u2013 (12) \u2013 (12) Counterparty B \u2013 interest rate swaps (16) \u2013 (16) 16 \u2013 Net interest rate swaps (28) \u2013 (28) 16 (12) Counterparty B \u2013 cross currency swap liability (110) 110 \u2013 \u2013 \u2013 Counterparty B \u2013 cross currency swap asset 169 (110) 59 (16) 43 Net cross currency swap 59 \u2013 59 (16) 43 Total 31 31 \u2013 31 Share options In August 2018, a put and call option agreement was entered into, to allow the Group to acquire the remaining 60% share capital of the associate, 3Sixty Restaurants Limited, at any point in time after 1 April 2023. The initial 40% investment was purchased on 1 August 2018 for \u00a34m, and during the period, the Group exercised the call option to acquire the remaining 60% of the share capital (see note 3.7). As a result, the option was revalued at acquisition date of 18 April 2023, to \u00a31m and has been subsequently derecognised as part of the business combination (see note 5.1). Fair values of derivative financial instruments The fair values of the derivative financial instruments were measured at 30 September 2023 and may be subject to material movements in the period subsequent to the balance sheet date. The fair values of the derivative financial instruments are reflected on the balance sheet as follows: Derivative financial instruments \u2013 fair value Non-current assets \u00a3m Current assets \u00a3m Current liabilities \u00a3m Non-current liabilities \u00a3m Total \u00a3m Derivatives at fair value designated in cash flow hedges: \u2013 Interest rate swaps \u2013 \u2013 \u2013 (7) (7) \u2013 Cross currency swap 33 2 \u2013 \u2013 35 30 September 2023 33 2 \u2013 (7) 28 24 September 2022 56 4 \u2013 (28) 32 Reconciliation of movements in derivative values The tables below detail changes in the Group\u2019s derivatives, including both cash and non-cash changes where appropriate. Changes in the Group\u2019s borrowings are disclosed in the net debt reconciliation in note 4.4. Movements in derivative values for the 53 weeks ended 30 September 2023 are represented by: At 24 September 2022 \u00a3m Cash movements \u00a3m Fair value movements \u00a3m At 30 September 2023 \u00a3m Cash flow hedges 31 (1) (2) 28 Share options 1 \u2013 (1) \u2013 Total derivatives 32 (1) (3) 28 Movements in derivative values for the 52 weeks ended 24 September 2022 are represented by: At 25 September 2021 \u00a3m Cash movements \u00a3m Fair value movements \u00a3m At 24 September 2022 \u00a3m Cash flow hedges (181) 33 179 31 Share options 1 \u2013 \u2013 1 Total derivatives (180) 33 179 32 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-474": {
"value": "Cash flow hedges Changes in cash flow hedge fair values are recognised in the hedging reserve in equity to the extent that the hedges are effective. The cash flow hedges detailed below have been assessed as being highly effective during the period and are expected to remain highly effective over the remaining contract lives. The following amounts have been recognised during the period: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m (Losses)/gains arising during the period (9) 180 Reclassification adjustments for losses included in profit or loss within finance costs 30 1 21 181 Cash flow hedges \u2013 securitised borrowings The nominal and carrying values of cash flow hedges at the balance sheet date, together with the changes in fair value of cash flow hedges during the period, are shown below. Nominal amount of hedging instrument \u00a3m Carrying amount of hedging instrument Changes in fair value used for calculating hedge ineffectiveness \u00a3m Assets \u00a3m Liabilities \u00a3m 2023 Interest rate risk \u2013 10 interest rate swaps 693 \u2013 (7) 21 Foreign exchange risk \u2013 Cross currency swap 93 35 \u2013 (24) 2022 Interest rate risk \u2013 10 interest rate swaps 750 \u2013 (28) 181 Foreign exchange risk \u2013 Cross currency swap 109 59 \u2013 31 The cash flows on the interest rate swaps occur quarterly, receiving a floating rate of interest based on SONIA plus a credit adjustment spread of 11.93 basis points, and paying a fixed rate of 4.81% (2022 4.81%). The contract maturity dates match those of the hedged item. No hedge ineffectiveness on the interest rate swaps was recognised in profit or loss in the current or prior period. The cash flows on the cross currency swap occur quarterly, receiving a floating rate of interest based on SOFR and paying a floating rate of interest at SONIA plus a credit adjustment spread of 11.93 basis points in sterling. The ineffectiveness on the cross currency swaps due to foreign currency basis spread was immaterial in both the current and prior period. The cash flows arising from interest rate swap positions on the same counterparty may be settled as a net position. The cross currency interest rate swap is held under a separate agreement and cash movements for this instrument are settled individually. In the event of default, the interest rate swaps and cross currency swaps with counterparty B may be settled net, as shown below. The position at 30 September 2023 is as follows. Gross position \u00a3m Positions netted in balance sheet \u00a3m Balance sheet position \u00a3m Positions that could be net in balance sheet but are not \u00a3m Overall net exposure \u00a3m Counterparty A \u2013 interest rate swaps (3) \u2013 (3) \u2013 (3) Counterparty B \u2013 interest rate swaps (4) \u2013 (4) 35 31 Net interest rate swaps (7) \u2013 (7) 35 28 Counterparty B \u2013 cross currency swap liability (94) 94 \u2013 \u2013 \u2013 Counterparty B \u2013 cross currency swap asset 129 (94) 35 (35) \u2013 Net cross currency swap 35 \u2013 35 (35) \u2013 Total 28 \u2013 28 \u2013 28 The position at 24 September 2022 is as follows. Gross position \u00a3m Positions netted in balance sheet \u00a3m Balance sheet position \u00a3m Positions that could be net in balance sheet but are not \u00a3m Overall net exposure \u00a3m Counterparty A \u2013 interest rate swaps (12) \u2013 (12) \u2013 (12) Counterparty B \u2013 interest rate swaps (16) \u2013 (16) 16 \u2013 Net interest rate swaps (28) \u2013 (28) 16 (12) Counterparty B \u2013 cross currency swap liability (110) 110 \u2013 \u2013 \u2013 Counterparty B \u2013 cross currency swap asset 169 (110) 59 (16) 43 Net cross currency swap 59 \u2013 59 (16) 43 Total 31 31 \u2013 31",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-463": {
"value": "Fair value of financial assets and liabilities The fair value and carrying value of financial assets and liabilities by category is as follows: 2023 2022 Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Financial assets at amortised cost: \u2013 Cash and cash equivalents (note 4.4) 126 126 207 207 \u2013 Trade receivables (note 3.4) 17 17 13 13 \u2013 Other receivables (note 3.4) 16 16 16 16 \u2013 Other financial assets (note 3.4) 58 58 21 21 \u2013 Defined benefit pension blocked account (note 3.4) 47 47 9 9 \u2013 Finance lease receivables (note 3.2) 12 12 13 13 276 276 279 279 Financial assets \u2013 derivatives at FVTPL: \u2013 Derivative instruments in designated hedge accounting relationships (note 4.3) 35 35 59 59 \u2013 Share options (note 4.3) \u2013 \u2013 1 1 35 35 60 60 Financial liabilities at amortised cost: \u2013 Borrowings (note 4.1) (1,330) (1,162) (1,464) (1,180) \u2013 Lease liabilities (note 3.2) (463) (463) (481) (481) \u2013 Trade payables (note 3.4) (100) (100) (106) (106) \u2013 Accrued charges (note 3.4) (182) (182) (151) (151) \u2013 Other payables (note 3.4) (22) (22) (20) (20) \u2013 Other financial liabilities (note 3.4) (58) (58) (21) (21) (2,155) (1,987) (2,243) (1,959) Financial liabilities \u2013 derivatives at FVTPL: \u2013 Derivative instruments in designated hedge accounting relationships (note 4.3) (7) (7) (28) (28) Borrowings have been valued as Level 1 financial instruments, as the various tranches of the securitised debt have been valued using period end quoted offer prices. As the securitised debt is traded on an active market, the market value represents the fair value of this debt. The fair value of interest rate and currency swaps is the estimated amount which the Group could expect to pay or receive on termination of the agreements. Other financial assets and liabilities are either short-term in nature or their book values approximate to fair values. Fair value of derivative financial instruments The fair value of the Group\u2019s derivative financial instruments is calculated by discounting the expected future cash flows of each instrument at an appropriate discount rate to a \u2018mark to market\u2019 position and then adjusting this to reflect any non-performance risk associated with the counterparties to the instrument. IFRS 13 Financial Instruments requires the Group\u2019s derivative financial instruments to be disclosed at fair value and categorised in three levels according to the inputs used in the calculation of their fair value: \u2022 Level 1 instruments use quoted prices as the input to fair value calculations; \u2022 Level 2 instruments use inputs, other than quoted prices, that are observable either directly or indirectly; \u2022 Level 3 instruments use inputs that are unobservable. The table below sets out the valuation basis of derivative financial instruments held at fair value by the Group: Fair value at 30 September 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets: Currency swaps \u2013 35 \u2013 35 Financial liabilities: Interest rate swaps \u2013 (7) \u2013 (7) \u2013 28 \u2013 28 Fair value at 24 September 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets: Currency swaps \u2013 59 \u2013 59 Share options (see note 3.7) \u2013 \u2013 1 1 Financial liabilities: Interest rate swaps \u2013 (28) \u2013 (28) \u2013 31 1 32",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-433": {
"value": "4.4 Net debt Accounting policies Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and other short-term highly liquid deposits with an original maturity at acquisition of three months or less. Cash held on deposit with an original maturity at acquisition of more than three months is disclosed as other cash deposits. In the cash flow statement, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management. Net debt Net debt comprises cash and cash equivalents, cash deposits net of borrowings and discounted lease liabilities. Net debt is presented on a constant currency basis, due to the inclusion of the fixed exchange rate component of the cross currency swap (as described in note 4.3). Cash flows on the interest rate and cross currency swaps are shown within interest paid in the Group cash flow statement . Net debt Note 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents 126 207 Overdraft 4.1 (23) (17) Cash and cash equivalents as presented in the cash flow statementa 103 190 Securitised debt 4.1 (1,309) (1,447) Unsecured revolving credit facility 4.1 2 \u2013 Derivatives hedging securitised debtb 4.1 34 59 Net debt excluding leases (1,170) (1,198) Lease liabilities 3.2 (463) (481) Net debt including leases (1,633) (1,679) a. Cash and cash equivalents, in the cash flow statement, are presented net of an overdraft within a cash pooling arrangement, relating to various entities across the Group. b. Represents the element of the fair value of currency swaps hedging the balance sheet value of the Group\u2019s US$ denominated A3N loan notes. This amount is disclosed separately to remove the impact of exchange movements which are included in the securitised debt amount. Movement in net debt excluding leases 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Net decrease in cash and cash equivalents (86) (39) Add back cash flows in respect of other components of net debt: Principal repayments on securitised debt 121 115 Principal receipts on cross currency swap (21) (20) Principal payments on cross currency swap 16 15 Decrease in net debt arising from cash flows 30 71 Movement in capitalised debt issue costs net of accrued interest (1) (1) Decrease in net debt excluding leases 29 70 Opening net debt excluding leases (1,198) (1,270) Foreign exchange movements on cash (1) 2 Closing net debt excluding leases (1,170) (1,198) Movement in lease liabilities: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Opening lease liabilities (481) (513) Acquired through business combinations (note 5.1) (5) \u2013 Additions a (35) (25) Interest charged during the period (note 4.2) (16) (16) Repayment of principal 53 48 Payment of interest 16 16 Disposals 4 11 Foreign currency movements 1 (2) Closing lease liabilities (463) (481) a. Additions to lease liabilities include new leases and lease extensions or rent reviews relating to existing leases. The movement in net debt including leases for the 53 weeks ended 30 September 2023 is represented by: At 24 September 2022 \u00a3m Cash flow movements in the period \u00a3m Non-cash movements in the period \u00a3m Foreign currency movements \u00a3m At 30 September 2023 \u00a3m Securitised debt (1,447) 121 (3) 20 (1,309) Derivatives hedging securitised debt 59 (5) \u2013 (20) 34 (1,388) 116 (3) \u2013 (1,275) Revolving credit facilities \u2013 2 \u2013 \u2013 2 Lease liabilities a (481) 69 (52) 1 (463) Total liabilities arising from financing activities (1,869) 187 (55) 1 (1,736) Cash and cash equivalents 190 (86) \u2013 (1) 103 Net debt including leases (1,679) 101 (55) \u2013 (1,633) a. Cash movements of \u00a369m relate to \u00a353m repayment of principal on lease liabilities and \u00a316m of interest paid on lease liabilities. The movement in net debt including leases for the 52 weeks ended 24 September 2022 is represented by: At 25 September 2021 \u00a3m Cash flow movements in the period \u00a3m Non-cash movements in the period \u00a3m Foreign currency movements \u00a3m At 24 September 2022 \u00a3m Securitised debt (1,526) 115 \u2013 (36) (1,447) Derivatives hedging securitised debt 28 (5) \u2013 36 59 (1,498) 110 \u2013 \u2013 (1,388) Revolving credit facilities 1 \u2013 (1) \u2013 \u2013 Lease liabilities a (513) 64 (30) (2) (481) Total liabilities arising from financing activities (2,010) 174 (31) (2) (1,869) Cash and cash equivalents 227 (39) \u2013 2 190 Net debt including leases (1,783) 135 (31) \u2013 (1,679) a. Cash movements of \u00a364m relate to \u00a348m repayment of principal on lease liabilities and \u00a316m of interest paid on lease liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-493": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and other short-term highly liquid deposits with an original maturity at acquisition of three months or less. Cash held on deposit with an original maturity at acquisition of more than three months is disclosed as other cash deposits. In the cash flow statement, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-494": {
"value": "Net debt Net debt comprises cash and cash equivalents, cash deposits net of borrowings and discounted lease liabilities. Net debt is presented on a constant currency basis, due to the inclusion of the fixed exchange rate component of the cross currency swap (as described in note 4.3). Cash flows on the interest rate and cross currency swaps are shown within interest paid in the Group cash flow statement . ",
"dimensions": {
"concept": "mitchellsbutlersplc:DescriptionOfAccountingPolicyForNetDebt",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-434": {
"value": "4.5 Pensions
Accounting policy
Retirement and death benefits are provided for eligible employees in the United Kingdom principally by the Mitchells & Butlers Pension Plan
(\u2018MABPP\u2019) and the Mitchells & Butlers Executive Pension Plan (\u2018MABEPP\u2019). These plans are funded, HMRC approved, occupational pension
schemes with defined contribution and defined benefit sections. The defined benefit section of the plans is now closed to future service accrual.
The defined benefit liabilities relates to these funded plans, together with an unfunded unapproved pension arrangement (the Executive Top-Up
Scheme, or MABETUS) in respect of certain MABEPP members. The assets of the plans are held in self-administered trust funds separate from
the Company\u2019s assets.
The plans operate under the UK regulatory framework and are governed by Trustee Boards composed of member-nominated and independent
Trustee Directors. The Trustee Directors make investment decisions and set the required contribution rates based on independent actuarial
advice and consultation with the Company.
In addition, Mitchells & Butlers plc also provides a workplace pension plan in line with the Workplace Pensions Reform Regulations. This automatically
enrols all eligible workers into a Qualifying Workplace Pension Plan.
IFRIC 14 limits the measurement of a net defined benefit asset to the lower of the surplus in the defined benefit plan and the asset ceiling. As the
Company does not have an unconditional right to recover any surplus from the pension plans, no actuarial surplus can be recognised. Actuarial
surplus/(liabilities) are the present value of the defined benefit obligation, less the fair value of the schemes\u2019 assets. The cost of providing benefits
is determined using the projected unit credit method as determined annually by qualified actuaries. This is based on a number of financial
assumptions and estimates, the determination of which may be significant to the balance sheet valuation in the event that this reflects a greater
deficit than that suggested by the schedule of minimum contributions.
There is no current service cost as all defined benefit schemes are closed to future accrual. The net pension finance charge, calculated by applying
the discount rate to the pension deficit or surplus at the beginning of the period, is shown within finance income or expense. The administration
costs of the schemes are recognised within operating costs in the income statement.
Remeasurement comprising actuarial gains and losses, the effect of minimum funding requirements, and the return on schemes\u2019 assets are
recognised immediately in the balance sheet with a charge or credit to the statement of comprehensive income in the period in which they occur.
Curtailments and settlements relating to the Group\u2019s defined benefit plans are recognised in the income statement in the period in which the
curtailment or settlement occurs.
For the defined contribution arrangements, the charge against profit is equal to the amount of contributions payable for that period.
Measurement of scheme assets and liabilities
MABPP \u2013 buy-in policy transaction
During the current period, the Trustees of the MABPP entered a Bulk Purchase Agreement (\u2018BPA\u2019) with Standard Life. The resulting policies have
been set up to provide the plan with sufficient funding to cover the majority of known member benefits of the scheme, leaving c. \u00a327m of uninsured
benefits which the Trustees will meet using the remaining Plan assets.
The difference between the buy-in purchase price and the defined benefit obligation covered by the policies has been accounted for in other
comprehensive income. The accounting treatment has been based on the following considerations made by the Company:
\u2022 the employer is not relieved of primary responsibility for the obligation. The policy simply covers the benefit payments that continue to be payable
by the scheme;
\u2022 the contract is effectively an investment of the scheme; and
\u2022 the contract provides the option to convert the annuity into individual policies, which would transfer the obligation to the insurer (known as a
\u201cbuy-out\u201d). Whilst this course of action may be considered in future, this is not a requirement and a separate decision will be required before any
buy-out proceeds. The Company has not yet made a decision to move to buy-out.
MABEPP \u2013 buy-in policy transaction
During the prior period, the Trustees of the MABEPP entered a Bulk Purchase Agreement (\u2018BPA\u2019) with Legal and General Assurance Society Limited.
The resulting policy was set up to provide the plan with sufficient funding to cover all known member benefits of the scheme.
The difference between the buy-in purchase price and the defined benefit obligation covered by the policy was accounted for in other
comprehensive income. The accounting treatment was based on the following considerations made by the Company:
\u2022 the employer is not relieved of primary responsibility for the obligation. The policy simply covers the benefit payments that continue to be payable
by the scheme;
\u2022 the contract is effectively an investment of the scheme; and
\u2022 the contract provides the option to convert the annuity into individual policies, which would transfer the obligation to the insurer (known as a
\u201cbuy-out\u201d). Whilst this course of action may be considered in future, this is not a requirement and a separate decision will be required before any
buy-out proceeds. The Company had not made a decision, and has still not made a decision, to move to buy-out.
Actuarial valuation
The actuarial valuations used for IAS 19 (revised) purposes are based on the results of the latest full actuarial valuation carried out as at 31 March 2022,
which completed in December 2022, and updated by the schemes\u2019 independent qualified actuaries to 30 September 2023. Schemes\u2019 assets are
stated at market value at 30 September 2023 and the liabilities of the schemes have been assessed as at the same date using the projected
unit method. IAS 19 (revised) requires that the schemes\u2019 liabilities are discounted using market yields at the end of the period on high-quality
corporate bonds.
The principal financial assumptions have been updated to reflect changes in market conditions in the period and are as follows:
2023 2022
Main plan Executive plan Main plan Executive plan
Discount rate 5.7% 5.7% 5.3% 5.3%
Pensions increases \u2013 RPI max 5% 3.1% 3.1% 3.2% 3.2%
Inflation rate \u2013 RPI 3.3% 3.3% 3.5% 3.5%
The discount rate is based on a yield curve for AA corporate rated bonds which are consistent with the currency and estimated term of retirement
benefit liabilities.
To determine the RPI assumption the gilt implied inflation yield curve has been used, reflecting the duration of the Plan\u2019s cash flows, and adjusting for
an assumed inflation risk premium.
The mortality assumptions were reviewed following the 2022 actuarial valuation. A summary of the average life expectancies assumed is as follows:
2023 2022
Main plan
years
Executive plan
years
Main plan
years
Executive plan
years
Male member aged 65 (current life expectancy) 20.9 22.9 20.9 23.4
Male member aged 45 (life expectancy at 65) 22.3 24.3 22.7 24.5
Female member aged 65 (current life expectancy) 23.8 24.7 23.2 24.3
Female member aged 45 (life expectancy at 65) 25.2 26.1 25.3 26.3
Minimum funding requirements
The results of the 2022 actuarial valuation, which was completed in December 2022, show a marginal surplus. As a result of the 2022 actuarial
valuation, the Company subsequently agreed a revised schedule of contributions for both the MABPP and MABEPP schemes.
For the MABEPP, the agreement confirms that from December 2022, payments into the \u201cBlocked Account\u201d that commenced after completion
of the buy-in transaction in the prior period have been suspended.
For the MABPP, there was no change to the remaining contributions due, which have been paid in full during the current period. However, all
contributions since December 2022 have been made into a new \u201cBlocked Account\u201d. As the scheme is in surplus, these payments are no longer
considered a minimum funding requirement and therefore are not recognised as plan assets.
As a result, the Blocked Accounts for MABEPP and MABPP are recognised within non-current other receivables (note 3.4) as recovery of these
amounts is expected. The amount recognised as at 30 September 2023 is \u00a347m (2022 is \u00a39m).
In addition, under IFRIC 14, an additional liability is recognised to offset the actuarial surplus, due to the asset ceiling, as the Company does not have
an unconditional right to a refund of the surplus.
As a result of the above changes, the resulting net pension liability as at 30 September 2023 of \u00a322m relates solely to the MABETUS plan, with a total
of \u00a347m in \u201cBlocked\u201d accounts across the MABPP and MABEPP schemes, recognised in non-current other receivables.
Sensitivity to changes in actuarial assumptions
The sensitivities regarding principal actuarial assumptions, assessed in isolation, that have been used to measure the scheme liabilities are set out
below. These are considered to be reasonable sensitivities based on the average movement over the last three financial periods. There was no
change in the methods and assumptions used in preparing the sensitivity analysis from the prior period. It should be noted that the sensitivities have
reduced significantly at 30 September 2023 from the prior period end, as a result of the MABPP buy-in transaction.
2023
Increase/
(decrease)
in actuarial
surplus
2023
\u00a3m
Decrease/
(increase)
in total pension
liabilities
2023
\u00a3m
1.9% increase in discount rate 4 4
0.3% increase in inflation rate (2) (2)
Additional one year decrease to life expectancy \u2013 \u2013
2022
Increase/
(decrease)
in actuarial surplus
2022
\u00a3m
Decrease/
(increase)
in total pension
liabilities
2022
\u00a3m
1.9% increase in discount rate 250 5
0.3% increase in inflation rate (53) (1)
Additional one year decrease to life expectancy 44 1
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the
changes in assumptions would occur in isolation of one another as some of the assumptions may be correlated. In presenting the above sensitivity
analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting
period, which is the same as that applied in calculating the defined benefit obligation liabilities recognised in the statement of financial position.
Principal risks and assumptions
The defined benefit schemes are not exposed to any unusual, entity specific or scheme specific risks but there are general risks:
Inflation \u2013 The majority of the plans\u2019 obligations are linked to inflation. Higher inflation will lead to increased liabilities which is partially offset by the
plans holding inflation linked gilts and other inflation linked assets.
Interest rate \u2013 The plans\u2019 liabilities are determined using discount rates derived from yields on AA-rated corporate bonds. A decrease in corporate
bond yields will increase plan liabilities though this will be partially offset by an increase in the value of the bonds held by the plans.
Mortality \u2013 The majority of the plans\u2019 obligations are to provide benefits for the life of the members and their partners, so any increase in life
expectancy will result in an increase in the plans\u2019 liabilities.
Asset returns \u2013 Assets held by the pension plans are invested in a diversified portfolio of equities, bonds and other assets. Volatility in asset values will
lead to movements in the net deficit/surplus reported in the Group balance sheet for the plans which in addition will also impact the pension finance
charge in the Group income statement.
It should be noted that the above risks have been largely mitigated in the current period due to the impact of the MABPP buy-in in the current period,
and the MABEPP buy-in in the prior period.
Amounts recognised in respect of defined benefit schemes
The following amounts relating to the Group\u2019s defined benefit and defined contribution arrangements have been recognised in the Group income
statement and Group statement of comprehensive income.
Group income statement
2023
53 weeks
\u00a3m
2022
52 weeks
\u00a3m
Operating profit:
Employer contributions (defined contribution plans) (note 2.3) (17) (16)
Administrative costs (defined benefit plans) (5) (4)
Charge to operating profit (22) (20)
Finance costs:
Net pensions finance income on actuarial surplus 14 8
Additional pensions finance charge due to asset ceiling/minimum funding (17) (10)
Net finance charge in respect of pensions (3) (2)
Total charge (25) (22)
Group statement of comprehensive income
2023
53 weeks
\u00a3m
2022
52 weeks
\u00a3m
Return on scheme assets and effects of changes in assumptions (153) (161)
Movement in pension liabilities recognised due to asset ceiling/minimum funding 195 202
Remeasurement of pension liabilities 42 41
Group balance sheet
2023
\u00a3m
2022
\u00a3m
Fair value of schemes\u2019 assets 1,434 1,699
Present value of schemes\u2019 liabilities (1,313) (1,442)
Actuarial surplus in the schemes 121 257
Additional liabilities recognised due to asset ceiling/minimum funding (143) (321)
Total pension liabilities
a
(22) (64)
Associated deferred tax asset (note 2.4) 5 14
a. The total pension liabilities of \u00a322m (2022 \u00a364m) is presented as a \u00a31m current liability (2022 \u00a342m) and a \u00a321m non-current liability (2022 \u00a322m).
The movement in the fair value of the schemes\u2019 assets in the period is as follows:
Schemes\u2019 assets
2023
\u00a3m
2022
\u00a3m
Fair value of schemes\u2019 assets at beginning of period 1,699 2,808
Interest income 88 53
Remeasurement loss:
\u2013 Loss on schemes\u2019 assets (excluding amounts included in net finance charge) (277) (1,119)
Additional employer contributions 8 44
Benefits paid (79) (83)
Administration costs (5) (4)
At end of period 1,434 1,699
Changes in the present value of defined benefit obligation are as follows:
Defined benefit obligation
2023
\u00a3m
2022
\u00a3m
Present value of defined benefit obligation at beginning of period (1,442) (2,438)
Interest cost (74) (45)
Benefits paid 79 83
Remeasurement losses:
\u2013 Effect of changes in demographic assumptions 47 \u2013
\u2013 Effect of changes in financial assumptions 82 1,024
\u2013 Effect of experience adjustments (5) (66)
At end of period
a
(1,313) (1,442)
a. The defined benefit obligation comprises \u00a322m (2022 \u00a323m) relating to the MABETUS unfunded plan and \u00a31,291m (2022 \u00a31,419m) relating to the funded plans.
The weighted average duration of the defined benefit obligation is 13 years (2022 14 years).
The major categories and fair values of assets of the MABPP and MABEPP schemes at the end of the reporting period are as follows:
2023
\u00a3m
2022
\u00a3m
Cash and equivalents 67 175
Pooled investment funds:
\u2013 Real estate debt 23 30
\u2013 Infrastructure debt \u2013 92
Debt instruments:
\u2013 Bonds \u2013 1,321
\u2013 Secured income debt 79 360
\u2013 Gilt repurchase transactions \u2013 (574)
Forward foreign exchange contracts 1 (1)
MABPP insurance policies 983 \u2013
MABEPP insurance policy 281 296
Fair value of assets 1,434 1,699
The actual investment return achieved on schemes\u2019 assets over the period was a loss of 12.0% (2022 loss of 38.0%), which represented a loss of
\u00a3189m (2022 loss of \u00a31,063m).
Virtually all bonds have quoted prices in active markets and are classified as Level 1 instruments. Gilt repurchase transactions and forward foreign exchange
contracts are classified as Level 2 instruments. Real estate debt, infrastructure debt and secured income debt are classified as Level 3 instruments.
In the 53 weeks ended 30 September 2023 the Group paid \u00a316m (2022 \u00a316m) in respect of the defined contribution arrangements, with an additional
\u00a34m (2022 \u00a33m) outstanding as at the period end.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-495": {
"value": "Accounting policy Retirement and death benefits are provided for eligible employees in the United Kingdom principally by the Mitchells & Butlers Pension Plan (\u2018MABPP\u2019) and the Mitchells & Butlers Executive Pension Plan (\u2018MABEPP\u2019). These plans are funded, HMRC approved, occupational pension schemes with defined contribution and defined benefit sections. The defined benefit section of the plans is now closed to future service accrual. The defined benefit liabilities relates to these funded plans, together with an unfunded unapproved pension arrangement (the Executive Top-Up Scheme, or MABETUS) in respect of certain MABEPP members. The assets of the plans are held in self-administered trust funds separate from the Company\u2019s assets. The plans operate under the UK regulatory framework and are governed by Trustee Boards composed of member-nominated and independent Trustee Directors. The Trustee Directors make investment decisions and set the required contribution rates based on independent actuarial advice and consultation with the Company. In addition, Mitchells & Butlers plc also provides a workplace pension plan in line with the Workplace Pensions Reform Regulations. This automatically enrols all eligible workers into a Qualifying Workplace Pension Plan. IFRIC 14 limits the measurement of a net defined benefit asset to the lower of the surplus in the defined benefit plan and the asset ceiling. As the Company does not have an unconditional right to recover any surplus from the pension plans, no actuarial surplus can be recognised. Actuarial surplus/(liabilities) are the present value of the defined benefit obligation, less the fair value of the schemes\u2019 assets. The cost of providing benefits is determined using the projected unit credit method as determined annually by qualified actuaries. This is based on a number of financial assumptions and estimates, the determination of which may be significant to the balance sheet valuation in the event that this reflects a greater deficit than that suggested by the schedule of minimum contributions. There is no current service cost as all defined benefit schemes are closed to future accrual. The net pension finance charge, calculated by applying the discount rate to the pension deficit or surplus at the beginning of the period, is shown within finance income or expense. The administration costs of the schemes are recognised within operating costs in the income statement. Remeasurement comprising actuarial gains and losses, the effect of minimum funding requirements, and the return on schemes\u2019 assets are recognised immediately in the balance sheet with a charge or credit to the statement of comprehensive income in the period in which they occur. Curtailments and settlements relating to the Group\u2019s defined benefit plans are recognised in the income statement in the period in which the curtailment or settlement occurs. For the defined contribution arrangements, the charge against profit is equal to the amount of contributions payable for that period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-435": {
"value": "4.6 Share-based payments Accounting policy The Group operates a number of equity-settled share-based compensation plans, whereby, subject to meeting any relevant conditions, employees are awarded shares or rights over shares. The cost of such awards is measured at fair value, excluding the effect of non market-based vesting conditions, on the date of grant. The expense is recognised on a straight-line basis over the vesting period and is adjusted for the estimated effect of non market-based vesting conditions and forfeitures, on the number of shares that will eventually vest due to employees leaving the employment of the Group. Fair values are calculated using either the Black-Scholes, Binomial or Monte Carlo simulation models depending on the conditions attached to the particular share scheme. Sharesave plan options granted to employees are treated as cancelled when employees cease to contribute to the scheme. This results in an accelerated recognition of the expense that would have arisen over the remainder of the original vesting period . Schemes in operation The net charge recognised for share-based payments in the period was \u00a35m (2022 \u00a34m). The Group had five equity-settled share schemes (2022 five) in operation during the period: the Restricted Share Plan (\u2018RSP\u2019); the Performance Restricted Share Plan (\u2018PRSP\u2019); Sharesave Plan; Share Incentive Plan (\u2018SIP\u2019) and Short Term Deferred Incentive Plan (\u2018STDIP\u2019). The vesting of all awards or options is generally dependent upon participants remaining in the employment of a participating company during the vesting period. Further details on each scheme are provided in the Report on Directors\u2019 remuneration on pages 88 to 118. The fair value of awards under the Restricted Share Plan, the Share Incentive Plan and the Short Term Deferred Incentive Plan are equal to the share price on the date they are granted as there is no price to be paid and employees are entitled to Dividend Accrued Shares to the value of ordinary dividends paid or payable during the vesting period. There were no awards under the Short Term Deferred Incentive Plan in the current or prior periods. The fair value of options granted under these schemes is shown below. Fair value of options granted 2023 2022 Share Incentive Plan 228.0p 206.4p Short Term Deferred Incentive Plan 134.6p \u2013 Restricted Share Plan 134.6p 244.4p The following table sets out weighted average information about how the fair value of the Sharesave Plan option grants were calculated. 2023 Sharesave Plan 2022 Sharesave Plan Valuation model Black-Scholes Black-Scholes Weighted average share price 228.0p 206.4p Exercise price 211.0p 199.0p Expected dividend yield \u2013 \u2013 Risk-free interest rate 4.30% 2.32% Volatilitya 42.2% 41.9% Expected life (years) b 4.1 4.1 Weighted average fair value of grants during the period 94.1p 76.5p a. The expected volatility is determined by calculating the historical volatility of the Company\u2019s share price commensurate with the expected term of the options and share awards. b. The expected life of the options represents the average length of time between grant date and exercise date. Scheme movements in the period The tables below summarise the movements in outstanding options during the period for each scheme. Number of shares Weighted average exercise price Sharesave Plan 2023 m 2022 m 2023 p 2022 p Outstanding at the beginning of the period 5.7 5.4 223.5 238.3 Granted 2.0 2.2 211.0 199.0 Exercised \u2013 (0.3) \u2013 224.4 Forfeited (1.1) (1.2) 228.7 243.9 Expired (1.0) (0.4) 216.0 225.9 Outstanding at the end of the period 5.6 5.7 219.5 223.5 Exercisable at the end of the period \u2013 \u2013 \u2013 \u2013 The outstanding options for the sharesave plan scheme had an exercise price of between 199.0p and 256.0p (2022 between 199.0p and 256.0p) and the weighted average remaining contract life was 3.1 years (2022 2.9 years). The number of forfeited shares in the period includes 744,873 (2022 726,485) cancellations. Sharesave plan options were exercised on a range of dates. The average share price through the period was 174.9p (2022 218.7p). Number of shares Share Incentive Plan 2023 m 2022 m Outstanding at the beginning of the period 2.1 1.9 Granted 0.3 0.4 Exercised (0.2) (0.2) Outstanding at the end of the period 2.2 2.1 Exercisable at the end of the period 1.4 1.3 Options under the Share Incentive Plan are capable of remaining within the SIP trust indefinitely while participants continue to be employed. Number of shares Restricted Share Plan 2023 m 2022 m Outstanding at the beginning of the period 2.4 1.0 Granted 2.4 1.4 Outstanding at the end of the period 4.8 2.4 Exercisable at the end of the period \u2013 \u2013 The weighted average remaining contract life of the RSP options was 1.5 years (2022 1.8 years). Number of shares Performance Restricted Share Plan 2023 m 2022 m Outstanding at the beginning of the period 1.8 3.6 Exercised \u2013 \u2013 Forfeited \u2013 \u2013 Expired (1.3) (1.8) Outstanding at the end of the period 0.5 1.8 Exercisable at the end of the period \u2013 \u2013 The weighted average remaining contract life of the PRSP options was 0.1 years (2022 0.1 years).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-496": {
"value": "Accounting policy The Group operates a number of equity-settled share-based compensation plans, whereby, subject to meeting any relevant conditions, employees are awarded shares or rights over shares. The cost of such awards is measured at fair value, excluding the effect of non market-based vesting conditions, on the date of grant. The expense is recognised on a straight-line basis over the vesting period and is adjusted for the estimated effect of non market-based vesting conditions and forfeitures, on the number of shares that will eventually vest due to employees leaving the employment of the Group. Fair values are calculated using either the Black-Scholes, Binomial or Monte Carlo simulation models depending on the conditions attached to the particular share scheme. Sharesave plan options granted to employees are treated as cancelled when employees cease to contribute to the scheme. This results in an accelerated recognition of the expense that would have arisen over the remainder of the original vesting period . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-436": {
"value": "4.7 Equity
Accounting policies
Own shares
The cost of own shares held in employee share trusts and in treasury are deducted from shareholders\u2019 equity until the shares are cancelled,
reissued or disposed of. Where such shares are subsequently sold or reissued, the fair value of any consideration received is also included in
shareholders\u2019 equity.
Dividends
Dividends proposed by the Board but unpaid at the period end are not recognised in the financial statements until they have been approved by
shareholders at the Annual General Meeting. Interim Dividends are recognised when paid.
Scrip Dividends are fully paid up from the share premium account. They are accounted for as an increase in share capital for the nominal value
of the shares issued, and a resulting reduction in share premium.
2023 2022
Called up share capital
Number of
shares \u00a3m
Number of
shares \u00a3m
Allotted, called up and fully paid
Ordinary shares of 8
13
\u2044
24
p each
At start of period 597,383,363 51 596,618,849 51
Share capital issued
a
343,496 \u2013 764,514 \u2013
At end of period 597,726,859 51 597,383,363 51
a. During the period, the Company issued 343,496 (2022 764,514) shares at nominal value under share option schemes, for consideration of \u00a329,340 (2022 \u00a365,302).
All of the ordinary shares rank equally with respect to voting rights and rights to receive Ordinary and Special Dividends. There are no restrictions
on the rights to transfer shares.
Details of options granted under the Group\u2019s share schemes are contained in note 4.6.
Dividends
There were no dividends declared or paid during the current period.
Share premium account
The share premium account represents amounts received in excess of the nominal value of shares on issue of new shares. Share premium of \u00a3nil
(2022 \u00a31m) has been recognised on shares issued in the period.
Capital redemption reserve
The capital redemption reserve movement arose on the repurchase and cancellation by the Company of ordinary shares during prior periods.
Revaluation reserve
The revaluation reserve represents the unrealised gain generated on revaluation of the property estate with effect from 29 September 2007.
It comprises the excess of the fair value of the estate over deemed cost, net of related deferred taxation.
Own shares held
Own shares held by the Group represent the shares in the Company held by the employee share trusts.
During the period, the employee share trusts acquired nil shares at a cost of \u00a3nil (2022 1,000,000 shares at a cost of \u00a32m) and subscribed for 339,240
shares (2022 440,652) at a cost of \u00a3nil (2022 \u00a3nil). The employee share trusts released 195,457 (2022 261,839) shares to employees on the exercise of
options and other share awards for a total consideration of \u00a3nil (2022 \u00a3nil). The 3,990,454 shares held by the trusts at 30 September 2023 had a
market value of \u00a39m (2022 3,846,671 shares held had a market value of \u00a36m).
The Company has established two employee share trusts:
Share Incentive Plan (\u2018SIP\u2019) Trust
The SIP Trust was established in 2003 to purchase shares on behalf of employees participating in the Company\u2019s Share Incentive Plan. Under this
scheme, eligible employees are awarded free shares which are normally held in trust for a holding period of at least three years. After three years,
the shares may be transferred or sold by the employee but would be subject to income tax and National Insurance contributions. After five years
the shares may be transferred to or sold by the employee free of income tax and National Insurance contributions. The SIP Trust buys the shares in
the market or subscribes for newly issued shares with funds provided by the Company. During the holding period, dividends are paid directly to the
participating employees. At 30 September 2023, the trustees, Equiniti Share Plan Trustees Limited, held 2,235,495 (2022 2,091,712) shares in the
Company. Of these shares, 1,112,099 (2022 1,289,854) shares are available to employees, 1,112,172 (2022 756,585) shares have been awarded to
employees but are still required to be held within the SIP Trust until the three year holding period has expired, and the remaining 11,224 (2022
45,273) shares are unallocated.
Employee Benefit Trust (\u2018EBT\u2019)
The EBT was established in 2003 in order to satisfy the exercise or vesting of existing and future share options and awards under the Restricted Share
Plan, Performance Restricted Share Plan, Short Term Deferred Incentive Plan and the Sharesave Plan. The EBT purchases shares in the market or
subscribes for newly issued shares, using funds provided by the Company, based on expectations of future requirements. Dividends are waived by
the EBT. At 30 September 2023, the trustees, Sanne Fiduciary Services Limited, were holding 1,754,959 (2022 1,754,959) shares in the Company.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged
future cash flows.
Translation reserve
The translation reserve is used to record exchange differences arising from the translation of the consolidated financial statements of foreign subsidiaries.
Retained earnings
The Group\u2019s main operating subsidiary, Mitchells & Butlers Retail Limited, had retained earnings under FRS 101 of \u00a32,227m at 30 September 2023
(2022 \u00a32,207m). Its ability to distribute these reserves by way of dividends is restricted by the securitisation covenants (see note 4.1).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-475": {
"value": "Own shares The cost of own shares held in employee share trusts and in treasury are deducted from shareholders\u2019 equity until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, the fair value of any consideration received is also included in shareholders\u2019 equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-476": {
"value": "Dividends Dividends proposed by the Board but unpaid at the period end are not recognised in the financial statements until they have been approved by shareholders at the Annual General Meeting. Interim Dividends are recognised when paid. Scrip Dividends are fully paid up from the share premium account. They are accounted for as an increase in share capital for the nominal value of the shares issued, and a resulting reduction in share premium. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-464": {
"value": "2023 2022 Called up share capital Number of shares \u00a3m Number of shares \u00a3m Allotted, called up and fully paid Ordinary shares of 813\u204424 p each At start of period 597,383,363 51 596,618,849 51 Share capital issued a 343,496 \u2013 764,514 \u2013 At end of period 597,726,859 51 597,383,363 51 a. During the period, the Company issued 343,496 (2022 764,514) shares at nominal value under share option schemes, for consideration of \u00a329,340 (2022 \u00a365,302). All of the ordinary shares rank equally with respect to voting rights and rights to receive Ordinary and Special Dividends. There are no restrictions on the rights to transfer shares. Details of options granted under the Group\u2019s share schemes are contained in note 4.6. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-465": {
"value": "Dividends There were no dividends declared or paid during the current period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-466": {
"value": "Share premium account The share premium account represents amounts received in excess of the nominal value of shares on issue of new shares. Share premium of \u00a3nil (2022 \u00a31m) has been recognised on shares issued in the period. Capital redemption reserve The capital redemption reserve movement arose on the repurchase and cancellation by the Company of ordinary shares during prior periods. Revaluation reserve The revaluation reserve represents the unrealised gain generated on revaluation of the property estate with effect from 29 September 2007. It comprises the excess of the fair value of the estate over deemed cost, net of related deferred taxation. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged future cash flows. Translation reserve The translation reserve is used to record exchange differences arising from the translation of the consolidated financial statements of foreign subsidiaries. Retained earnings The Group\u2019s main operating subsidiary, Mitchells & Butlers Retail Limited, had retained earnings under FRS 101 of \u00a32,227m at 30 September 2023 (2022 \u00a32,207m). Its ability to distribute these reserves by way of dividends is restricted by the securitisation covenants (see note 4.1).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-467": {
"value": "Own shares held Own shares held by the Group represent the shares in the Company held by the employee share trusts. During the period, the employee share trusts acquired nil shares at a cost of \u00a3nil (2022 1,000,000 shares at a cost of \u00a32m) and subscribed for 339,240 shares (2022 440,652) at a cost of \u00a3nil (2022 \u00a3nil). The employee share trusts released 195,457 (2022 261,839) shares to employees on the exercise of options and other share awards for a total consideration of \u00a3nil (2022 \u00a3nil). The 3,990,454 shares held by the trusts at 30 September 2023 had a market value of \u00a39m (2022 3,846,671 shares held had a market value of \u00a36m). The Company has established two employee share trusts: Share Incentive Plan (\u2018SIP\u2019) Trust The SIP Trust was established in 2003 to purchase shares on behalf of employees participating in the Company\u2019s Share Incentive Plan. Under this scheme, eligible employees are awarded free shares which are normally held in trust for a holding period of at least three years. After three years, the shares may be transferred or sold by the employee but would be subject to income tax and National Insurance contributions. After five years the shares may be transferred to or sold by the employee free of income tax and National Insurance contributions. The SIP Trust buys the shares in the market or subscribes for newly issued shares with funds provided by the Company. During the holding period, dividends are paid directly to the participating employees. At 30 September 2023, the trustees, Equiniti Share Plan Trustees Limited, held 2,235,495 (2022 2,091,712) shares in the Company. Of these shares, 1,112,099 (2022 1,289,854) shares are available to employees, 1,112,172 (2022 756,585) shares have been awarded to employees but are still required to be held within the SIP Trust until the three year holding period has expired, and the remaining 11,224 (2022 45,273) shares are unallocated. Employee Benefit Trust (\u2018EBT\u2019) The EBT was established in 2003 in order to satisfy the exercise or vesting of existing and future share options and awards under the Restricted Share Plan, Performance Restricted Share Plan, Short Term Deferred Incentive Plan and the Sharesave Plan. The EBT purchases shares in the market or subscribes for newly issued shares, using funds provided by the Company, based on expectations of future requirements. Dividends are waived by the EBT. At 30 September 2023, the trustees, Sanne Fiduciary Services Limited, were holding 1,754,959 (2022 1,754,959) shares in the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-437": {
"value": "5.1 Acquisitions In August 2018, the Group acquired 40% of the share capital of 3Sixty Restaurants Limited for \u00a34m, together with a put and call option that would enable the Group to purchase the remaining 60% share capital at a future date. On 18 April 2023, the Group exercised the call option, resulting in the acquisition of the remaining 60% of share capital of 3Sixty Restaurants Limited, for \u00a317m, with the purchase completing on 18 June 2023. The date of the option exercise, 18 April 2023, is considered to be the date at which control passed to the Group, and therefore consolidation has taken place from that date. At acquisition, the carrying value of the investment in 3Sixty Restaurants Limited of \u00a37m was revised to fair value of \u00a312m, with a gain of \u00a35m recognised as a separately disclosed item within the income statement (see note 2.2). In addition, the pre-existing property leases that existed between the Group and 3Sixty Restaurants Limited have been treated as settled at the acquisition date, with a resulting \u00a33m loss recognised as a separately disclosed item within the income statement (see note 2.2). The amounts recognised in respect of identifiable assets and liabilities relating to the acquisition were as follows. Fair value on acquisition \u00a3m Land and buildings 26 Fixtures, fittings and equipment 3 Right-of-use assets 6 Brand intangible 5 Cash and cash equivalents 5 Trade and other receivables 1 Trade and other payables (8) Lease liabilities (5) Deferred tax liability (8) Net identifiable assets of 3Sixty Restaurants Limited 25 Goodwill 1 Fair value of assets and liabilities 26 Consideration: Cash consideration for purchase of the remaining 60% interest 17 Less: cash and cash equivalents acquired (5) Net cash outflow on acquisition 12 Plus: Fair value of the existing 40% interest at acquisition 12 Less: settlement of pre-existing contracts (3) Net consideration 21 Goodwill of \u00a31m has arisen on the acquisition of 3Sixty Restaurants Limited primarily through the benefits that will be gained from cost synergies that will be obtained on joining the Group and future conversions of other Group outlets. The brand intangible has been fair valued by reference to an estimated royalty income based on forecast cash flows for 3Sixty Restaurants Limited over the expected useful life of 20 years. Acquisition costs, relating to restructuring costs, integration and legal and professional fees, amounted to \u00a31m and have been charged to the income statement and recognised within separately disclosed items during the period (see note 2.2). 3Sixty Restaurants Limited has contributed \u00a318m to revenue and \u00a31m to the Group\u2019s operating profit for the period between acquisition date and the balance sheet date. If 3Sixty Restaurants Limited had been included as a subsidiary since the start of the financial period, it would have contributed \u00a345m revenue and \u00a33m to the Group\u2019s operating profit.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-438": {
"value": "5.2 Related party transactions
Key management personnel
Employees of the Mitchells & Butlers plc Group who are members of the Board of Directors or the Executive Committee of Mitchells & Butlers plc are
deemed to be key management personnel. It is the Board who have responsibility for planning, directing and controlling the activities of the Group.
Compensation of key management personnel of the Group:
2023
53 weeks
\u00a3m
2022
52 weeks
\u00a3m
Short-term employee benefits 6 4
Movements in share options held by the Directors of Mitchells & Butlers plc are summarised in the Report on Directors\u2019 remuneration in the
information labelled as audited by KPMG on pages 109 to 115.
Associate companies
During the period, the Group has held a number of property lease agreements with its associate companies, 3Sixty Restaurants Limited and Fatboy
Pub Company Limited. As disclosed in note 5.1, 3Sixty Restaurants Limited has been acquired during the period and from 18 April 2023 is treated as
a subsidiary under control of the Group. Disclosures below for 3Sixty Restaurants Limited relate to the period up to 18 April 2023 only.
The Group has entered into the following transactions with the associates:
3Sixty Restaurants Limited Fatboy Pub Company Limited
2023
53 weeks
\u00a3000
2022
52 weeks
\u00a3000
2023
53 weeks
\u00a3000
2022
52 weeks
\u00a3000
Rent charged 640 1,180 100 60
Sales of goods and services 419 782 4 4
1,059 1,962 104 64
The balance due from Fatboy Pub Company at 30 September 2023 was \u00a310,000 (2022 \u00a3nil), net of a provision of \u00a3179,000 (2022 \u00a3179,000).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-468": {
"value": "5.2 Related party transactions Key management personnel Employees of the Mitchells & Butlers plc Group who are members of the Board of Directors or the Executive Committee of Mitchells & Butlers plc are deemed to be key management personnel. It is the Board who have responsibility for planning, directing and controlling the activities of the Group. Compensation of key management personnel of the Group: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Short-term employee benefits 6 4 Movements in share options held by the Directors of Mitchells & Butlers plc are summarised in the Report on Directors\u2019 remuneration in the information labelled as audited by KPMG on pages 109 to 115. Associate companies During the period, the Group has held a number of property lease agreements with its associate companies, 3Sixty Restaurants Limited and Fatboy Pub Company Limited. As disclosed in note 5.1, 3Sixty Restaurants Limited has been acquired during the period and from 18 April 2023 is treated as a subsidiary under control of the Group. Disclosures below for 3Sixty Restaurants Limited relate to the period up to 18 April 2023 only. The Group has entered into the following transactions with the associates: 3Sixty Restaurants Limited Fatboy Pub Company Limited 2023 53 weeks \u00a3000 2022 52 weeks \u00a3000 2023 53 weeks \u00a3000 2022 52 weeks \u00a3000 Rent charged 640 1,180 100 60 Sales of goods and services 419 782 4 4 1,059 1,962 104 64 The balance due from Fatboy Pub Company at 30 September 2023 was \u00a310,000 (2022 \u00a3nil), net of a provision of \u00a3179,000 (2022 \u00a3179,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-477": {
"value": "Key management personnel Employees of the Mitchells & Butlers plc Group who are members of the Board of Directors or the Executive Committee of Mitchells & Butlers plc are deemed to be key management personnel. It is the Board who have responsibility for planning, directing and controlling the activities of the Group. Compensation of key management personnel of the Group: 2023 53 weeks \u00a3m 2022 52 weeks \u00a3m Short-term employee benefits 6 4 Movements in share options held by the Directors of Mitchells & Butlers plc are summarised in the Report on Directors\u2019 remuneration in the information labelled as audited by KPMG on pages 109 to 115. Associate companies During the period, the Group has held a number of property lease agreements with its associate companies, 3Sixty Restaurants Limited and Fatboy Pub Company Limited. As disclosed in note 5.1, 3Sixty Restaurants Limited has been acquired during the period and from 18 April 2023 is treated as a subsidiary under control of the Group. Disclosures below for 3Sixty Restaurants Limited relate to the period up to 18 April 2023 only. The Group has entered into the following transactions with the associates: 3Sixty Restaurants Limited Fatboy Pub Company Limited 2023 53 weeks \u00a3000 2022 52 weeks \u00a3000 2023 53 weeks \u00a3000 2022 52 weeks \u00a3000 Rent charged 640 1,180 100 60 Sales of goods and services 419 782 4 4 1,059 1,962 104 64 The balance due from Fatboy Pub Company at 30 September 2023 was \u00a310,000 (2022 \u00a3nil), net of a provision of \u00a3179,000 (2022 \u00a3179,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-439": {
"value": "5.3 Subsidiaries and associates
Subsidiaries
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation.
Mitchells & Butlers plc is the ultimate controlling party and the beneficial owner of all of the equity share capital, either itself or through subsidiary
undertakings, of the following companies:
Name of subsidiary
Country of
incorporation
Registration
Number Nature of business
Principal operating subsidiaries
Mitchells & Butlers Retail Limited England and Wales 00024542 Leisure retailing
Mitchells & Butlers Retail (No. 2) Limited England and Wales 03959664 Leisure retailing
Ha Ha Bar & Grill Limited England and Wales 06295359 Leisure retailing
Orchid Pubs & Dining Limited England and Wales 06754332 Leisure retailing
3Sixty Restaurants Limited England and Wales 07540663 Leisure retailing
ALEX Gastst\u00e4tten Gesellschaft mbH & Co KG Germany Leisure retailing
Midco 1 Limited England and Wales 05835640 Property leasing company
Mitchells & Butlers Leisure Retail Limited England and Wales 01001181 Service company
Mitchells & Butlers Germany GmbH
a
Germany Service company
Mitchells & Butlers Finance plc England and Wales 04778667 Finance company
Other subsidiaries
Mitchells & Butlers (Property) Limited
b
England and Wales 01299745 Property management
Standard Commercial Property Developments Limited
b
England and Wales 00056525 Property development
Mitchells & Butlers Holdings (No.2) Limited
a,b
England and Wales 06475790 Holding company
Mitchells & Butlers Holdings Limited
b
England and Wales 03420338 Holding company
Mitchells & Butlers Leisure Holdings Limited
b
England and Wales 02608173 Holding company
Mitchells & Butlers Retail Holdings Limited England and Wales 04887979 Holding company
Ego Restaurants Holdings Limited England and Wales 06425958 Holding company
Old Kentucky Restaurants Limited England and Wales 00465905 Trademark ownership
Mitchells & Butlers (IP) Limited
b
England and Wales 04885717 Dormant
Mitchells & Butlers Retail Property Limited
a,b
England and Wales 06301758 Non\u2013trading
Mitchells and Butlers Healthcare Trustee Limited
b
England and Wales 04659443 Healthcare trustee
ALEX Gastst\u00e4tten Immobiliengesellschaft mbH
c
Germany Property management
ALL BAR ONE Gastst\u00e4tten Betriebsgesellschaft mbH
c
Germany Leisure retailing
ALEX Alsterpavillon Immobilien GmbH & Co KG
c
Germany Property management
ALEX Alsterpavillon Management GmbH
c
Germany Management company
ALEX Gastst\u00e4tten Management GmbH
c
Germany Management company
Miller & Carter Gastst\u00e4tten Betriebsgesellschaft mbH
c
Germany Leisure retailing
Browns Restaurant (Brighton) Limited
d
England and Wales 01564302 Dormant
Browns Restaurant (Bristol) Limited
d
England and Wales 02351724 Dormant
Browns Restaurant (Cambridge) Limited
d
England and Wales 01237917 Dormant
Browns Restaurant (London) Limited
d
England and Wales 00291996 Dormant
Browns Restaurant (Oxford) Limited
d
England and Wales 01730727 Dormant
Browns Restaurants Limited
d
England and Wales 01001320 Dormant
Lander & Cook Limited
d
England and Wales 11160005 Dormant
a. Shares held directly by Mitchells & Butlers plc.
b. These companies are exempt from the requirement to prepare individual audited financial statements in respect of the 53 week period ended 30 September 2023 by virtue
of sections 479A and 479C of the Companies Act 2006.
c. The German subsidiary companies are consolidated on the basis of their reporting period, being the year ending 30 September 2023 (2022 30 September 2022).
d. These companies are exempt from the requirement to prepare and file individual financial statements in respect of the 53 week period ended 30 September 2023 by virtue
of sections 394A and 448A of the Companies Act 2006.
All companies registered in England and Wales operate within the United Kingdom. The registered office for these companies is 27 Fleet Street,
Birmingham, B3 1JP.
All companies registered in Germany operate solely within Germany. The registered office for these companies is Adolfstrasse 16, 65185 Wiesbaden.
Associates Details of the Company\u2019s associates, held indirectly, are as follows. Shares in these associates were acquired in the prior period. Name of associate Registered office Country of incorporation and operation Country of operation Nature of business Proportion of ownership interest % Proportion of voting power interest % Fatboy Pub Company Limited Ampney House, Falcon Close, Quedgeley, Gloucester, GL2 4LS England and Wales United Kingdom Leisure retailing 25 25",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-469": {
"value": "5.3 Subsidiaries and associates Subsidiaries Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation. Mitchells & Butlers plc is the ultimate controlling party and the beneficial owner of all of the equity share capital, either itself or through subsidiary undertakings, of the following companies: Name of subsidiary Country of incorporation Registration Number Nature of business Principal operating subsidiaries Mitchells & Butlers Retail Limited England and Wales 00024542 Leisure retailing Mitchells & Butlers Retail (No. 2) Limited England and Wales 03959664 Leisure retailing Ha Ha Bar & Grill Limited England and Wales 06295359 Leisure retailing Orchid Pubs & Dining Limited England and Wales 06754332 Leisure retailing 3Sixty Restaurants Limited England and Wales 07540663 Leisure retailing ALEX Gastst\u00e4tten Gesellschaft mbH & Co KG Germany Leisure retailing Midco 1 Limited England and Wales 05835640 Property leasing company Mitchells & Butlers Leisure Retail Limited England and Wales 01001181 Service company Mitchells & Butlers Germany GmbH a Germany Service company Mitchells & Butlers Finance plc England and Wales 04778667 Finance company Other subsidiaries Mitchells & Butlers (Property) Limited b England and Wales 01299745 Property management Standard Commercial Property Developments Limitedb England and Wales 00056525 Property development Mitchells & Butlers Holdings (No.2) Limiteda,b England and Wales 06475790 Holding company Mitchells & Butlers Holdings Limitedb England and Wales 03420338 Holding company Mitchells & Butlers Leisure Holdings Limited b England and Wales 02608173 Holding company Mitchells & Butlers Retail Holdings Limited England and Wales 04887979 Holding company Ego Restaurants Holdings Limited England and Wales 06425958 Holding company Old Kentucky Restaurants Limited England and Wales 00465905 Trademark ownership Mitchells & Butlers (IP) Limited b England and Wales 04885717 Dormant Mitchells & Butlers Retail Property Limited a,b England and Wales 06301758 Non\u2013trading Mitchells and Butlers Healthcare Trustee Limited b England and Wales 04659443 Healthcare trustee ALEX Gastst\u00e4tten Immobiliengesellschaft mbH c Germany Property management ALL BAR ONE Gastst\u00e4tten Betriebsgesellschaft mbHc Germany Leisure retailing ALEX Alsterpavillon Immobilien GmbH & Co KG c Germany Property management ALEX Alsterpavillon Management GmbHc Germany Management company ALEX Gastst\u00e4tten Management GmbHc Germany Management company Miller & Carter Gastst\u00e4tten Betriebsgesellschaft mbH c Germany Leisure retailing Browns Restaurant (Brighton) Limitedd England and Wales 01564302 Dormant Browns Restaurant (Bristol) Limitedd England and Wales 02351724 Dormant Browns Restaurant (Cambridge) Limitedd England and Wales 01237917 Dormant Browns Restaurant (London) Limitedd England and Wales 00291996 Dormant Browns Restaurant (Oxford) Limited d England and Wales 01730727 Dormant Browns Restaurants Limitedd England and Wales 01001320 Dormant Lander & Cook Limitedd England and Wales 11160005 Dormant a. Shares held directly by Mitchells & Butlers plc. b. These companies are exempt from the requirement to prepare individual audited financial statements in respect of the 53 week period ended 30 September 2023 by virtue of sections 479A and 479C of the Companies Act 2006. c. The German subsidiary companies are consolidated on the basis of their reporting period, being the year ending 30 September 2023 (2022 30 September 2022). d. These companies are exempt from the requirement to prepare and file individual financial statements in respect of the 53 week period ended 30 September 2023 by virtue of sections 394A and 448A of the Companies Act 2006. All companies registered in England and Wales operate within the United Kingdom. The registered office for these companies is 27 Fleet Street, Birmingham, B3 1JP. All companies registered in Germany operate solely within Germany. The registered office for these companies is Adolfstrasse 16, 65185 Wiesbaden. Associates
Details of the Company\u2019s associates, held indirectly, are as follows. Shares in these associates were acquired in the prior period.
Name of associate Registered office
Country of
incorporation and
operation Country of operation Nature of business
Proportion of
ownership
interest %
Proportion of voting
power interest %
Fatboy Pub
Company Limited
Ampney House, Falcon Close,
Quedgeley, Gloucester, GL2 4LS
England and
Wales United Kingdom Leisure retailing 25 25
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-440": {
"value": "Mitchells & Butlers plc
",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
},
"fact-441": {
"value": "27 Fleet Street Birmingham B3 1JP",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800JHYNDNB1NS2W10",
"period": "2022-09-25T00:00:00/2023-10-01T00:00:00"
}
}
}
}