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1\u2002General information
On the Beach Group plc is a public
limited company which is listed on the
London Stock Exchange and is domiciled
and incorporated in the United Kingdom
under the Companies Act 2006. The
address of the registered office is
given on page 180.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-3": { "value": "On the Beach Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-233": { "value": "On the Beach Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-236": { "value": "On the Beach Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-234": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-237": { "value": "
2\u2002Accounting policies
a) Basis of preparation
The consolidated financial statements
presented in this document have been
prepared in accordance with UK adopted
International Accounting Standards in
conformity with the requirements of the
Companies Act 2006.
The Company\u2019s financial statements
have been prepared in accordance with
Financial Reporting Standard 102 \"The
Financial Reporting Standard applicable
in the United Kingdom and the Republic
of Ireland\" ('FRS 102') and as applied in
accordance with the provisions of the
Companies Act 2006. The Company
has taken advantage of the exemption
provided under section 408 of the
Companies Act 2006 not to publish
its individual income statement and
related notes.
These financial statements are presented
in pounds sterling (\u00a3m) because that is
the currency of the primary economic
environment in which the Group operates.
b) Going concern
The Group covers its daily working
capital requirements by means of cash
and Revolving Credit Facility ('RCF').
On 7 December 2023, the Group
refinanced its credit facilities with
Lloyds Bank and NatWest. This included
cancelling its current facility of \u00a350m and
CLBILS facility of \u00a325m and entering into a
new facility for \u00a360m expiring in December
2025. The facility agreement included
the option for two one-year extensions,
both of which have now been exercised.
The revised expiry date is therefore
December 2027. In January 2024, the
facility was increased by \u00a325m until July
2025. The RCF has financial covenants
in place which are tested quarterly.
As at 30 September 2024 Group cash
(excluding cash held in trust which
is ringfenced and not factored into
the going concern assessment) was
\u00a396.2m (30 September 2023: \u00a375.8m).
Cash received from customers for
bookings that have not yet travelled is
held in a ring-fenced trust account and is
not withdrawn until the customer returns
from their holiday, or the booking is
cancelled and refunded. All withdrawals
from the Trust account are approved
by our Trustees and the Civil Aviation
Authority. Cash held in trust at 30
September 2024 was \u00a3139.5m
(30 September 2023: \u00a3108.6m).
The Directors have assessed a going
concern period through to 31 March
2026 and have modelled a number of
scenarios considering factors such as
airline resilience, cost of living, inflation,
interest rates and customer behaviour/
demand. The Group has performed an
assessment of the impact of climate
risk, as part of the Director\u2019s assessment
of the Group\u2019s ability to continue as a
going concern. Detail of the Group\u2019s
assessment of the impact of climate
risk is provided within the \u2018Here for
the planet\u2019 section of this report.
The Directors have modelled a
reasonably possible downside scenario
to sensitise the base case as a result
of major airline failure (two airlines,
modelled separately). In both of these
scenarios the Directors have assessed
the impact to cash and revenue in
an environment where bookings are
100% lower than forecasted for three
months followed by a 50% reduction
for the remaining going concern
period; although profitability would
be affected, the Group would be able
to continue operating.
In addition, the Directors have modelled
sensitivity analysis on both average
booking values and booking volumes
separately, as well as a reverse stress
test, though the outcome is considered
to be remote. Although in each of these
scenarios profitability would be affected,
the Group would be able to continue
operating with sufficient liquidity and
headroom on covenants.
Given the assumptions above, the
mitigating actions available and within
the Group\u2019s control, the Directors remain
confident that the Group continue to
operate in an agile way adapting to any
continued travel disruption. Therefore,
it is considered appropriate to continue
to adopt the going concern basis in
preparing these financial statements.
c) New standards, amendments
and interpretations
A number of new standards and
amendments to standards are effective for
annual periods beginning after 1 January
2023; the following amended standards
have been implemented, however, they
have not had a significant impact on the
Group\u2019s consolidated financial statements:
\u2022 IFRS 17 Insurance Contracts
\u2022 Disclosure of Accounting Policies
\u2013 Amendments to IAS 1 and IFRS
Practice Statement 2
\u2022 Definition of Accounting Estimates \u2013
Amendments to IAS 8
\u2022 Deferred Tax related to Assets
and Liabilities arising from a Single
Transaction \u2013 Amendments to IAS 12
\u2022 Interpretations of IFRS 8 Operating
Segments \u2013 Paragraph 23
International Tax Reform \u2013 Pillar Two
Model Rules \u2013 Amendments to IAS
12 introduced a mandatory temporary
exception to the requirements of IAS
12 under which a company does not
recognise or disclose information about
deferred tax assets and liabilities related
to the proposed OECD/G20 BEPS Pillar
Two model rules. The Group has applied
the temporary exception in the Group\u2019s
consolidated financial statements, the
impact of which is not material.
Standards issued but not yet effective
Certain new financial reporting standards,
amendments and interpretations have
been published that are not mandatory for
the 30 September 2024 reporting period,
and have not been early adopted by the
Group. The Group is currently assessing
the impact of the following standards,
amendments and interpretations:
\u2022 Amendment to IFRS 16 \u2013
Leases on sale and leaseback
\u2022 Amendment to IAS 7 and IFRS 7 \u2013
Supplier finance
\u2022 Amendments to IAS 21 \u2013
Lack of Exchangeability
\u2022 Amendments to IAS 1 \u2013
Classification of Liabilities as
Current or Non-current and Non-
current Liabilities with Covenants
\u2022 Amendments to IFRS 9 and IFRS
7 \u2013 Classification and Measurement
of Financial Instruments
\u2022 Annual Improvements to IFRS
Accounting Standards\u2014Volume 11
\u2022 IFRS 18 \u2013 Presentation and
Disclosure in Financial Statements
\u2022 IFRS 19 \u2013 Subsidiaries without
Public Accountability: Disclosures
d) Climate-related matters
The Group considers climate-related
matters in estimates and assumptions
where appropriate, which includes
areas such as:
\u2022 Impairment of non-financial
assets: The value in use may be
impacted by the changes in climate-
related regulations or a change
in the demand of certain holiday
destinations as a result of extreme
weather or natural disasters.
\u2022 Deferred tax asset recoverability:
The forecasts used in assessing
whether the Group has sufficient
future taxable income could be
impacted by climate-related regulation
or change in consumer demand for
travelling abroad.
\u2022 Going concern: When forecasting
future expected cashflows, the primary
climate-related risk is extreme heat/
weather due to wildfires, flooding
or other extreme weather events in
holiday destinations. While other risks
have not materialised in the short
term, we will continue to monitor
them closely.
The Group\u2019s business model allows for
flexibility, through being asset light, which
means the Group can respond quickly
to changes in customer demand for
certain locations. The Group is closely
monitoring changes and developments
in both climate-related legislation and
extreme weather events.
e) Discontinued operations
Discontinued operations are excluded
from the results of continuing operations
and are presented as a single amount as
profit or loss after tax from discontinued
operations in the statement of profit
or loss. Additional disclosures are
provided in note 10. All other notes
to the financial statements include
amounts for continuing operations,
unless indicated otherwise.
f) Basis of consolidation
The Group\u2019s consolidated financial
statements consolidate the financial
statements of On the Beach Group plc
and all of its subsidiary undertakings.
i. Subsidiaries are entities controlled
by the Company
Control exists when the Company has
power over the investee, the Company is
exposed, or has rights to variable returns
from its involvement with the subsidiary
and the Company has the ability to use
its power of the investee to affect the
amount of investor\u2019s returns.
ii. Transactions eliminated
on consolidation
Intragroup balances, and any gains
and losses or income and expenses
arising from intragroup transactions, are
eliminated in preparing the consolidated
financial information. Gains arising
from transactions with jointly controlled
entities are eliminated to the extent of
the Group\u2019s interest in the entity. Losses
are eliminated in the same way as gains,
but only to the extent that there is no
evidence of impairment.
g) Goodwill
Goodwill arising on the acquisition of
subsidiary undertakings and trade and
assets represents the excess of the cost
of acquisition over the fair value of the
identifiable assets and liabilities at the
date of acquisition. Goodwill is initially
recognised as an asset at cost and is
subsequently remeasured at cost less
any accumulated impairment losses.
Goodwill which is recognised as an asset
is reviewed for impairment at least annually.
Any impairment 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.
For the purposes of impairment testing,
goodwill is allocated to the cash generating
units expected to benefit from the
combination. If the recoverable amount
is less than the carrying amount of the
unit, the impairment loss is allocated
to first reduce the amount of goodwill
allocated to the unit and then the other
assets in the unit. An impairment loss
recognised for goodwill is not reversed in
a subsequent period.
Impairment losses recognised for other
assets is reversed only if the reasons for
the impairment have ceased to apply .
h) Foreign currency
Transactions in foreign currencies are
translated to the respective functional
currencies of Group entities at the foreign
exchange rate ruling at the date of the
transaction. Monetary assets and liabilities
denominated in foreign currencies at
the balance sheet date are retranslated
to the functional currency at the foreign
exchange rate ruling at that date.
Foreign exchange differences arising
on translation are recognised in the
income statement.
i) Financial instruments
A financial instrument is any contract
that gives rise to a financial asset of one
entity and a financial liability or equity
instrument of another entity.
i. Financial assets
Financial assets are classified, at initial
recognition, and subsequently measured
at amortised cost, fair value through
other comprehensive income ('OCI'),
and fair value through profit or loss.
In order for a financial asset to be
classified and measured at amortised
cost, the financial asset is under a \"hold
to collect\" business model and it needs
to give rise to cash flows that are \u201csolely
payments of principal and interest\u201d ('SPPI')
on the principal amount outstanding. The
Group considers financial asset in default
when contractual payments are 90 days
past due.
Trade and other receivables
Trade and other receivables are
recognised initially at fair value.
Subsequent to initial recognition, they
are measured at amortised cost using
the effective interest method, less any
impairment losses. Gains and losses
are recognised in profit or loss when
the asset is derecognised, modified
or impaired. An expected credit loss
is calculated using a provision matrix
which is initially based on the Group\u2019s
historical observed default rates
that is calibrated for changes in the
forward-looking estimates.
Cash at bank
Cash at bank comprises cash balances
and call deposits. Bank overdrafts
that are repayable on demand and
form an integral part of the Group\u2019s
cash management are included as a
component of cash at bank.
Trust account
All ATOL protected customer monies
are held in a trust account until after the
provision of the holiday service. The trust
account is governed by a deed between
the Group, the Civil Aviation Authority Air
Travel Trustees and independent trustees
(Travel Trust Services Limited), which
determines the inflows and outflows
from the account.
All ATOL protected customer receipts
are paid into the trust account in full
before the holiday departure date. These
payments are held in the trust account
until the service is provided - for flights
on payment to the supplier and for
hotels and ancillaries on the customer\u2019s
return from holiday. The Group therefore
does not use customer prepayments
to fund its business operations. Due to
the restrictions on accessing the funds
in the trust account, customer monies
held in the trust account are presented
separately to cash at bank.
Cash flows in respect of the trust account
are presented as operating cash flows
on the basis that they are linked to the
Group\u2019s revenue-producing activities
as an online travel agent.
ii. Financial liabilities
Financial liabilities are classified, at initial
recognition, as financial liabilities at fair
value through profit or loss, loans and
borrowings, payables, or as derivatives
designated as hedging instruments in
an effective hedge, as appropriate.
Trade and other payables
Trade and other payables are
recognised initially at fair value and net
of directly attributable transaction costs.
Subsequent to initial recognition they
are measured at amortised cost using
the effective interest method. Gains
and losses are recognised in profit or loss
when the liabilities are derecognised
as well as through the Effective Interest
Rate ('EIR') amortisation process.
Revolving credit facility ('RCF')
Borrowings from the RCF are recognised
initially at fair value and net of directly
attributable transaction costs. After initial
recognition, the RCF is subsequently
measured at amortised cost using the
EIR method.
iii. Derivative financial instruments,
including hedge accounting
The Group enters into forward foreign
exchange contracts to manage exposure
to foreign exchange rate risk of
trade payables.
Additionally, the Group acquired
interest rate swaps in order to hedge
the interest rate risk associated with the
interest received on the Trust account.
The movement associated with this is
recognised within finance income in
the income statement.
Further details of these derivative
financial instruments are disclosed in
note 23 of these financial statements.
Such derivative financial instruments
are initially recognised at fair value on
the date on which a derivative contract
is entered into and are subsequently
remeasured at fair value.
Fair value hedges
All derivative financial instruments
are assessed against the hedge
accounting criteria set out in IFRS 9.
On initial designation of the derivative
as a hedging instrument, the Group
formally documents the relationship
between the hedging instrument and
hedged item, the Group elects to identify
the spot-element of forward contracts
as the hedging instrument.
The documentation also identifies the
hedged item, the risk management
objectives and strategy in understanding
the hedge transaction and the hedged risk,
together with the methods that will be
used to assess the effectiveness of the
hedging relationship.
The Group makes an assessment, both at
the inception of the hedge relationship as
well as on an ongoing basis, of whether the
hedging instruments are expected to be
highly effective in offsetting the changes
in the fair value of the respective hedged
items attributable to the hedged risk.
Derivatives are initially recognised at the
fair value on the date a derivative contract
is entered into and are subsequently
remeasured at each reporting date at their
fair value. The change in the fair value of
the hedging instrument is recognised in
the statement of profit or loss as other
expense. The change in the fair value
of the hedged item attributable to the
risk hedged is recorded as part of the
carrying value of the hedged item and is
also recognised in the statement of profit
or loss as other expense. The change in
the fair value of the forward element of the
forward contracts is recognised in other
comprehensive income.
Cash flow hedges
For derivatives that are designated as
cash flow hedges and where the hedge
accounting criteria are met, the effective
portion of changes in the fair value is
recognised in other comprehensive
income. For the Group the is the interest
rate swaps. The gain or loss relating
to the ineffective portion is recognised
immediately in profit or loss as part of
finance costs. Amounts accumulated in
equity are recognised in profit or loss when
the income or expense on the hedged item
is recognised in profit or loss.
j) Segment reporting
IFRS 8 requires operating segments
to be reported in a manner consistent
with the internal reporting provided to
the chief operating decision maker. The
chief operating decision maker, who is
responsible for allocating resources and
assessing performance of the operating
segments, has been identified as the
management team, including the Chief
Executive Officer and Chief Financial
Officer. For management purposes, the
Group is organised into segments based
on the nature of products and services,
and information is provided to the
management team on these segments
for the purposes of resource allocation
and segment performance management
and monitoring.
In the year, Classic Collection Holidays
Limited discontinued its website, vacated
the property used for operations, and made
a number of redundancies, transferring
all remaining assets to Classic Package
Holidays Limited. Classic Package Holidays
Limited is still considered to be a single
operating segment following this transfer.
Classic Package Holidays Limited has since
been renamed Classic Collection Holdings
Limited, and is referred to throughout as
\u201cClassic Collection\u201d. See note 10 for details
of discontinued operations.
The management team considers there
to be two reportable segments:
(i) \u201cOTB\u201d \u2013 activity via UK websites as a
B2C trader (www.onthebeach.co.uk,
www.sunshine.co.uk and
www.onthebeachtransfers.co.uk)
(ii) \u201cClassic Collection\u201d \u2013 activity
via the Classic Collection online
business to business portal as a
B2B trader (www.classiccollection.
co.uk)
k) Revenue recognition
IFRS 15 Revenue from Contracts with
Customers is a principle-based model
of recognising revenue from customer
contracts. It has a five-step model that
requires revenue to be recognised
when control over goods and services
are transferred to the customer. The
standard requires the Group to exercise
judgement, taking into consideration all
of the relevant facts and circumstances
when applying each step of the model
to contracts with their customers.
The following paragraphs describes the
types of contracts, when performance
obligations are satisfied, and the timing
of revenue recognition. Further details
of the disaggregation of revenue
are disclosed in note 4 of these
financial statements.
As agent:
The Group acts as agent when it is not the
primary party responsible for providing the
components that make up the customer\u2019s
booking and it does not control the
components before they are transferred
to customers. Revenue comprises the
fair value of the consideration received
or receivable in the form of commission.
Service fees/commissions are earned
through purchases from customers of
travel products such as flight tickets
or hotel accommodation from third-
party suppliers. Revenue in the form of
commission or service fees is recognised
when the performance obligation of
arranging and facilitating the customer
to enter into individual contracts with
suppliers is satisfied, usually on delivery
of the booking confirmation.
Given the level of cancellations the
Group has experienced, the commission
is considered to represent variable
consideration and the transaction price
of commission income determined using
the expected value method, such that
revenue is recognised only to the extent
that it is highly probable that there will
not be a significant reversal of revenue
recognised in future periods. The sum of
the range of probabilities of cancellations
in different scenarios based on historical
trends and best estimate of future
expectations is used to calculate the
extent to which the variable consideration
is reduced and a corresponding refund
liability (presented as a cancellation
provision) recognised in provisions.
See note 17 for more information.
Revenue earned from sales through
the OTB segment are stated net.
Revenue earned from sales through
Classic Collection are stated net, with
the commission payable to agents
recognised in the cost of sales.
As principal:
The Group acts as principal when it is the
primary party responsible for providing the
components that make up the customer\u2019s
booking and it controls the components
before transferring to the customer.
Revenue represents amounts received
or receivable for the sale of package
holidays and other services supplied to
the customers. Revenue is recognised
when the performance obligation of
delivering an integrated package holiday
is satisfied, usually over the duration of
the holiday.
Revenue is stated net of discounts,
rebates, refunds and value added tax.
Following the cessation of operations
for Classic Collection Holidays on 30
September 2024, all principal revenue
for the year is recognised within
discontinued operations, see note 10
for more details.
l) Override income
The Group has agreements with suppliers
which give rise to rebate income. This
income relates to segments where
revenue is accounted for on an agent
basis, therefore the income received
from suppliers relates to reduction in
cost of sales (corresponding increase
in commission received), and as such is
considered part of the Group\u2019s net revenue,
for the year ended 30 September 2024
override income was \u00a38.5m (FY23: \u00a35.5m).
The Group has some agreements whereby
receipt of the income is conditional on the
Group achieving agreed volume targets.
For agreements not linked to volume
targets, override income is recognised
when earned by the Group, which occurs
when all obligations conditional for
earning income have been discharged,
and the income can be measured reliably
based on the terms of the contract, which
is usually once the booking has been
confirmed with the supplier.
For agreements where volume targets
are in place, income is recognised once
the target has been achieved. For volume
targets which span the year end, the
Group is required to make estimates in
determining the amount and timing of
recognition of override. In determining
the amount of volume-related allowances
recognised in any period, management
estimate the probability that the Group will
meet contractual target volumes, based on
current and forecast performance.
Amounts due but not yet recovered
relating to override income are recognised
within trade and other receivables.
m) Business combinations
All business combinations are accounted
for by applying the acquisition method.
Business combinations are accounted
for using the acquisition method as at
the acquisition date, which is the date on
which control is transferred to the Group.
For acquisitions, the Group measures
goodwill at the acquisition date as:
\u2022 the fair value of the consideration
transferred; plus
\u2022 the recognised amount of any
non-controlling interests in the
acquiree; plus
\u2022 the fair value of the existing equity
interest in the acquiree; less
\u2022 the net recognised amount (generally
fair value) of the identifiable assets
acquired and liabilities assumed.
Costs related to the acquisition, other
than those associated with the issue of
debt or equity securities, are expensed
as incurred. Any contingent consideration
payable is recognised at fair value at
the acquisition date. If the contingent
consideration is classified as equity, it
is not remeasured and settlement is
accounted for within equity. Otherwise,
subsequent changes to the fair value
of the contingent consideration are
recognised in the income statement.
n) Property, plant and equipment
Property, plant and equipment are stated
at cost less accumulated depreciation
and accumulated impairment losses.
Depreciation is charged to the income
statement on a straight-line basis over
the estimated useful lives of each part of
an item of property, plant and equipment.
Land is not depreciated. The estimated
useful lives are as follows:
Fixtures, fittings
and equipment
3\u201310 years
Buildings freehold 50 years
Depreciation methods, useful lives and
residual values are reviewed at each
balance sheet date.
The gain or loss arising on the disposal
or retirement of an asset is determined
as the difference between the sales
proceeds and the carrying amount
of the asset and is recognised in
administrative expenses.
o) Intangible assets
i. Research and development
Expenditure on research activities is
recognised in the income statement as
an expense as incurred. Expenditure
on development activities directly
attributable to the design and testing of
identifiable and unique software products
are capitalised if the product or process
meet the following criteria:
\u2022 the completion of the development is
technically and commercially feasible
to complete;
\u2022 adequate technical resources
are sufficiently available to
complete development;
\u2022 it can be demonstrated that future
economic benefits are probable; and
\u2022 the expenditure attributable
to the development can be
measured reliably.
Development activities involve a plan
or design for the production of new
or substantially improved products or
processes. Directly attributable costs that
are capitalised as part of the software
product, website or system include
employee costs. Other development
expenditures that do not meet these
criteria as well as ongoing maintenance
are recognised as an expense as incurred.
Development costs for software,
websites and systems are carried at cost
less accumulated amortisation and are
amortised over their useful lives (not
exceeding three years) at the point in
which they come into use.
ii. Software licences and domain names
Acquired intangible assets are capitalised
at the cost necessary to bring the asset
to its working condition. The Group
has applied the guidance published
by the IFRS Interpretations Committee
('IFRIC') in respect of cloud computing
arrangements. The guidance requires
that cloud computing arrangements are
reviewed to determine if they are within
the scope of IAS 38 Intangible Assets,
IFRS 16 Leases, or a service contract.
This is to determine if the Group has
control of the software intangible asset.
Control is assumed if the Group has the
right to take possession of the software
and run it on its own or a third party\u2019s
computer infrastructure or if the Group
has exclusive rights to use the software
whereby the supplier cannot make the
software available to other customers.
Costs for software licences and
domain names are carried at cost less
accumulated amortisation and are
amortised over their useful lives at the
point in which they come into use.
iii. Brand
Upon acquisition of the Group, the On
the Beach brand was identified as a
separately identifiable asset. Acquisitions
of Sunshine.co.uk and Classic Collection
Holidays Limited resulted in the brand
of each being identified and recognised
separately from goodwill at fair value.
iv. Amortisation
Amortisation is charged to the income
statement on a straight-line basis over
the estimated useful lives of intangible
assets unless such lives are indefinite.
Intangible assets with an indefinite useful
life and goodwill are systematically
tested for impairment at each balance
sheet date. Other intangible assets
are amortised from the date they
are available for use.
The estimated useful lives are as follows:
Website technology: 10 years
Website &
development costs: 3 years
Brand: 10\u201315 years
Agent relationships: 15 years
Customer relationships: 5 years
v. Customer and agent relationships
Upon the acquisition of Classic Collection
Holidays Limited, customer relationships
were identified as a separately
identifiable assets. Classic Collection\u2019s
revenue is driven by a very high volume
of repeat customers due to its bespoke
holiday packages and the target market.
Repeat customers are from two broad
segments - independent travel agents
and direct customers and individuals
booking directly. There is a defined
margin and attrition profile differential
between the two customer groups and as
such two separate assets were identified.
p) Impairment of non-
financial assets
At each balance sheet date, the
Group reviews the carrying amounts
of its tangible and intangible assets to
determine whether there is any indication
that those assets have suffered an
impairment loss. If any such indication
exists, the recoverable amount of the
asset is estimated in order to determine
the extent of the impairment loss (if any).
Where the asset does not generate
cash flows that are independent from
other assets, the Group estimates
the recoverable amount of the cash
generating unit to which the asset
belongs. The recoverable amount of
an asset or cash generating unit is the
greater of its value in use and its fair
value less costs to sell.
Goodwill is required to be tested for
impairment annually, or more frequently
where there is an indication that the
goodwill may be impaired. The goodwill
acquired in a business combination, for the
purpose of impairment testing, is allocated
to cash generating units, or ('CGU').
Subject to an operating segment
ceiling test, for the purposes of goodwill
impairment testing, CGUs to which goodwill
has been allocated are aggregated so
that the level at which impairment is
tested reflects the lowest level at which
goodwill is monitored for internal reporting
purposes. Goodwill acquired in a business
combination is allocated to groups of
CGUs that are expected to benefit from
the synergies of the combination.
In assessing value in use, the estimated
future cash flows are discounted to
their present value using a pre-tax
discount rate that reflects current market
assessments of the time value of money
and the risks specific to the asset. For
the purpose of impairment testing, assets
that cannot be tested individually are
grouped together into the smallest group
of assets that generates cash inflows
from continuing use that are largely
independent of the cash inflows of other
assets or groups of assets (the \u201ccash-
generating unit\u201d).
An impairment loss is recognised if
the carrying amount of an asset or its
CGU exceeds its estimated recoverable
amount. Impairment losses are
recognised in profit or loss. Impairment
losses recognised in respect of CGUs
are allocated first to reduce the carrying
amount of any goodwill allocated to the
units, and then to reduce the carrying
amounts of the other assets in the unit
(group of units) on a prorata basis.
q) Leases
The Group assesses at contract inception
whether a contract is, or contains, a
lease. That is, if the contract conveys the
right to control the use of an identified
asset for a period of time in exchange
for consideration.
Group as a lessee
The Group applies a single recognition
and measurement approach for all
leases, except for short-term leases
and leases of low-value assets. The
Group recognises lease liabilities to
make lease payments and right-of-use
assets representing the right to use the
underlying assets.
i) Right-of-use assets
The Group recognises right-of-use
assets at the commencement date of
the lease (ie, the date the underlying
asset is available for use). Right-of-
use assets are measured at cost, less
any accumulated depreciation and
impairment losses, and adjusted for
any remeasurement of lease liabilities.
The cost of right-of-use assets
includes the amount of lease liabilities
recognised, initial direct costs incurred,
and lease payments made at or
before the commencement date less
any lease incentives received. The
recognised right-of-use assets are
depreciated on a straight-line basis
over the shorter of the lease term and
the estimated useful lives of the assets,
as follows:
Buildings 10 years
IT equipment 3\u20135 years
The right-of-use assets are also
subject to impairment. The Group\u2019s
right-of-use assets are included as a
separate category in property, plant
and equipment.
ii) Lease liabilities
At the commencement date of the lease,
the Group recognises lease liabilities
measured at the present value of lease
payments to be made over the lease
term. In calculating the present value
of lease payments, the Group uses
the incremental borrowing rate at the
lease commencement date where the
interest rate implicit in the lease is not
readily determinable.
After the commencement date, the
amount of lease liabilities is increased
to reflect the accretion of interest and
reduced for the lease payments made.
In addition, the carrying amount of lease
liabilities is remeasured if there is a
modification, a change in the lease term,
a change in the lease payments (eg,
changes to future payments resulting
from a change in an index or rate used
to determine such lease payments) or a
change in the assessment of an option
to purchase the underlying asset.
The Group\u2019s lease liabilities are
included in trade and other payables.
r) Employee benefits
i. Pension scheme
The Group operates a defined
contribution pension scheme. A
defined contribution scheme is a post-
employment benefit plan under which the
Company pays fixed contributions into
a separate entity and will have no legal
or constructive obligation to pay further
amounts. Obligations for contributions to
defined contribution pension plans are
recognised as an expense in the income
statement in the years during which
services are rendered by employees.
ii. Share-based payment transactions
Employees (including senior executives)
of the Group receive remuneration in
the form of share-based payments,
whereby employees render services
as consideration for equity instruments
(equity-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions
is determined by the fair value at the
date when the grant is made using an
appropriate valuation model, further
details of which are given in note 24.
That cost is recognised in employee
benefits expense (note 7a), together
with a corresponding increase in equity
(other capital reserves), over the period in
which the service and, where applicable,
the performance conditions are fulfilled
(the vesting period). The cumulative
expense recognised for equity-settled
transactions at each reporting date until
the vesting date reflects the extent to
which the vesting period has expired
and the Group\u2019s best estimate of the
number of equity instruments that will
ultimately vest. The expense or credit in
the statement of profit or loss for a period
represents the movement in cumulative
expense recognised as at the beginning
and end of that period.
Service and non-market performance
conditions are not taken into account
when determining the grant date fair
value of awards, but the likelihood of
the conditions being met is assessed
as part of the Group\u2019s best estimate of
the number of equity instruments that
will ultimately vest. Market performance
conditions are reflected within the grant
date fair value. Any other conditions
attached to an award, but without an
associated service requirement, are
considered to be non-vesting conditions.
Non-vesting conditions are reflected in
the fair value of an award and lead to
an immediate expensing of an award
unless there are also service and/or
performance conditions.
No expense is recognised for awards
that do not ultimately vest because
non-market performance and/or service
conditions have not been met. Where
awards include a market or non-vesting
condition, the transactions are treated as
vested irrespective of whether the market
or non-vesting condition is satisfied,
provided that all other performance and/
or service conditions are satisfied.
The dilutive effect of outstanding options
is reflected as additional share dilution in
the computation of diluted earnings per
share (further details are given in note 11).
s) Financing income and expenses
Financing expenses comprises interest
payable and interest on lease liabilities
recognised in profit or loss using the
effective interest method, unwinding
of the discount on provisions, and
net foreign exchange losses that are
recognised in the income statement
(see foreign currency accounting policy).
Financing income comprises interest
receivable on funds invested. Finance
income is shown net of movements in the
interest rate swaps held.
Interest income and interest payable is
recognised in profit or loss as it accrues,
using the effective interest method.
Foreign currency gains and losses are
reported on a net basis.
t) Exceptional items
Exceptional items are material items of
income and expense which, because of
the nature and expected infrequency of
events giving rise to them, merit separate
presentation to allow shareholders
to understand better the elements of
financial performance in the year, so
as to facilitate comparison with prior
years and to assess better trends in
financial performance.
u) Taxation
Tax on the profit or loss for the year
comprises current and deferred tax. Tax
is recognised in the income statement
except to the extent that it relates to
items recognised directly in equity, in
which case it is recognised in equity.
Current tax is the expected tax payable
or receivable on the taxable income or
loss for the year, using tax rates enacted
or substantively enacted at the balance
sheet date, and any adjustment to tax
payable in respect of previous years.
Deferred tax is provided on temporary
differences between the carrying
amounts of assets and liabilities for
financial reporting purposes and the
amounts used for taxation purposes. The
following temporary differences are not
provided for: the initial recognition of
goodwill; the initial recognition of assets
or liabilities that affect neither accounting
nor taxable profit other than in a business
combination, and differences relating to
investments in subsidiaries to the extent
that they will probably not reverse in the
foreseeable future.
A deferred tax asset is recognised only
to the extent that it is probable that future
taxable profits will be available against
which the temporary difference can
be utilised.
v) Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable
to the issue of new shares are shown in
equity as a deduction from the proceeds.
w) Share premium and
other reserves
The amount subscribed for the Ordinary
Shares in excess of the nominal value of
these new shares is recorded in \u201cshare
premium\u201d. The amount subscribed for
the preference shares in excess of the
nominal value of these new preference
shares is recorded in \u201cother reserves\u201d.
Costs that directly relate to the issue
of Ordinary Shares are deducted from
share premium net of corporation tax.
The merger reserve represents the
amount subscribed for the Ordinary
Shares in excess of the nominal value
of the shares issued in exchange for
the acquisition of subsidiaries.
x) Earnings per share
The Group presents basic and diluted
earnings per share ('EPS') data for its
Ordinary Shares. Basic EPS is calculated
by dividing the profit attributable to
Ordinary Shareholders by the weighted
average number of Ordinary Shares
outstanding during the period. For diluted
EPS, the weighted average number of
Ordinary Shares is adjusted to assume
conversion of all dilutive potential
Ordinary Shares.
y) Capital management
The Group\u2019s objectives when managing
capital are to safeguard the Group\u2019s
ability to continue as a going concern in
order to provide returns for shareholders
and benefits for other stakeholders and
to maintain an optimal capital structure
to reduce the cost of capital. In order to
maintain or adjust the capital structure,
the Group may adjust the amount of
dividends paid to shareholders, return
capital to shareholders, issue new shares
or sell assets to reduce debt.
z) Provisions
A provision is recognised in the balance
sheet when the Group has a present
legal or constructive obligation as a
result of a past event, that can be reliably
measured and it is probable that an
outflow of economic benefits will be
required to settle the obligation.
The Group recognises a refund liability
(presented as a cancellation provision)
for the commission that is considered to
represent variable consideration due to
the risk that a booking may be cancelled
(see note 2k).
aa) Non-statutory measures
One of the Group\u2019s KPIs is adjusted profit
before tax. When reviewing profitability,
the Directors use an adjusted profit
before taxation ('PBT') in order to give
a meaningful year-on-year comparison.
Whilst we recognise that the measure is
an alternative (non-Generally Accepted
Accounting Principles ('non-GAAP'))
performance measure which is also
not defined within IFRS, this measure
is important and should be considered
alongside the IFRS measures.
Adjusted PBT is calculated by adjusting
for material items of income and
expenditure where because of the
nature and expected infrequency of
events giving rise to them, merit separate
presentation to allow shareholders a
better understanding of the financial
performance in the period. These
adjustments include amortisation of
acquired intangibles and exceptional
items. In addition, share-based payments
charge is excluded in order to provide
comparability to prior periods due to
fluctuations in the charge.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-239": { "value": "a) Basis of preparation The consolidated financial statements presented in this document have been prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006. The Company\u2019s financial statements have been prepared in accordance with Financial Reporting Standard 102 \"The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland\" ('FRS 102') and as applied in accordance with the provisions of the Companies Act 2006. The Company has taken advantage of the exemption provided under section 408 of the Companies Act 2006 not to publish its individual income statement and related notes. These financial statements are presented in pounds sterling (\u00a3m) because that is the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-289": { "value": "The consolidated financial statements presented in this document have been prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-290": { "value": "These financial statements are presented in pounds sterling (\u00a3m) because that is the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-240": { "value": "b) Going concern The Group covers its daily working capital requirements by means of cash and Revolving Credit Facility ('RCF'). On 7 December 2023, the Group refinanced its credit facilities with Lloyds Bank and NatWest. This included cancelling its current facility of \u00a350m and CLBILS facility of \u00a325m and entering into a new facility for \u00a360m expiring in December 2025. The facility agreement included the option for two one-year extensions, both of which have now been exercised. The revised expiry date is therefore December 2027. In January 2024, the facility was increased by \u00a325m until July 2025. The RCF has financial covenants in place which are tested quarterly. As at 30 September 2024 Group cash (excluding cash held in trust which is ringfenced and not factored into the going concern assessment) was \u00a396.2m (30 September 2023: \u00a375.8m). Cash received from customers for bookings that have not yet travelled is held in a ring-fenced trust account and is not withdrawn until the customer returns from their holiday, or the booking is cancelled and refunded. All withdrawals from the Trust account are approved by our Trustees and the Civil Aviation Authority. Cash held in trust at 30 September 2024 was \u00a3139.5m (30 September 2023: \u00a3108.6m). The Directors have assessed a going concern period through to 31 March 2026 and have modelled a number of scenarios considering factors such as airline resilience, cost of living, inflation, interest rates and customer behaviour/ demand. The Group has performed an assessment of the impact of climate risk, as part of the Director\u2019s assessment of the Group\u2019s ability to continue as a going concern. Detail of the Group\u2019s assessment of the impact of climate risk is provided within the \u2018Here for the planet\u2019 section of this report. The Directors have modelled a reasonably possible downside scenario to sensitise the base case as a result of major airline failure (two airlines, modelled separately). In both of these scenarios the Directors have assessed the impact to cash and revenue in an environment where bookings are 100% lower than forecasted for three months followed by a 50% reduction for the remaining going concern period; although profitability would be affected, the Group would be able to continue operating. In addition, the Directors have modelled sensitivity analysis on both average booking values and booking volumes separately, as well as a reverse stress test, though the outcome is considered to be remote. Although in each of these scenarios profitability would be affected, the Group would be able to continue operating with sufficient liquidity and headroom on covenants. Given the assumptions above, the mitigating actions available and within the Group\u2019s control, the Directors remain confident that the Group continue to operate in an agile way adapting to any continued travel disruption. Therefore, it is considered appropriate to continue to adopt the going concern basis in preparing these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-291": { "value": "c) New standards, amendments and interpretations A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2023; the following amended standards have been implemented, however, they have not had a significant impact on the Group\u2019s consolidated financial statements: \u2022 IFRS 17 Insurance Contracts \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 Interpretations of IFRS 8 Operating Segments \u2013 Paragraph 23 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 introduced a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group has applied the temporary exception in the Group\u2019s consolidated financial statements, the impact of which is not material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-241": { "value": "c) New standards, amendments and interpretations A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2023; the following amended standards have been implemented, however, they have not had a significant impact on the Group\u2019s consolidated financial statements: \u2022 IFRS 17 Insurance Contracts \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 Interpretations of IFRS 8 Operating Segments \u2013 Paragraph 23 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 introduced a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group has applied the temporary exception in the Group\u2019s consolidated financial statements, the impact of which is not material. Standards issued but not yet effective Certain new financial reporting standards, amendments and interpretations have been published that are not mandatory for the 30 September 2024 reporting period, and have not been early adopted by the Group. The Group is currently assessing the impact of the following standards, amendments and interpretations: \u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback \u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non- current Liabilities with Covenants \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments \u2022 Annual Improvements to IFRS Accounting Standards\u2014Volume 11 \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-292": { "value": "Standards issued but not yet effective Certain new financial reporting standards, amendments and interpretations have been published that are not mandatory for the 30 September 2024 reporting period, and have not been early adopted by the Group. The Group is currently assessing the impact of the following standards, amendments and interpretations: \u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback \u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non- current Liabilities with Covenants \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments \u2022 Annual Improvements to IFRS Accounting Standards\u2014Volume 11 \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-242": { "value": "d) Climate-related matters The Group considers climate-related matters in estimates and assumptions where appropriate, which includes areas such as: \u2022 Impairment of non-financial assets: The value in use may be impacted by the changes in climate- related regulations or a change in the demand of certain holiday destinations as a result of extreme weather or natural disasters. \u2022 Deferred tax asset recoverability: The forecasts used in assessing whether the Group has sufficient future taxable income could be impacted by climate-related regulation or change in consumer demand for travelling abroad. \u2022 Going concern: When forecasting future expected cashflows, the primary climate-related risk is extreme heat/ weather due to wildfires, flooding or other extreme weather events in holiday destinations. While other risks have not materialised in the short term, we will continue to monitor them closely. The Group\u2019s business model allows for flexibility, through being asset light, which means the Group can respond quickly to changes in customer demand for certain locations. The Group is closely monitoring changes and developments in both climate-related legislation and extreme weather events. ", "dimensions": { "concept": "onthebeachgroupplc:DescriptionOfAccountingPolicyForClimateRelatedMatters", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-293": { "value": "e) Discontinued operations Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in note 10. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-243": { "value": "e) Discontinued operations Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in note 10. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-244": { "value": "f) Basis of consolidation The Group\u2019s consolidated financial statements consolidate the financial statements of On the Beach Group plc and all of its subsidiary undertakings. i. Subsidiaries are entities controlled by the Company Control exists when the Company has power over the investee, the Company is exposed, or has rights to variable returns from its involvement with the subsidiary and the Company has the ability to use its power of the investee to affect the amount of investor\u2019s returns. ii. Transactions eliminated on consolidation Intragroup balances, and any gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated financial information. Gains arising from transactions with jointly controlled entities are eliminated to the extent of the Group\u2019s interest in the entity. Losses are eliminated in the same way as gains, but only to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-296": { "value": "i. Subsidiaries are entities controlled by the Company Control exists when the Company has power over the investee, the Company is exposed, or has rights to variable returns from its involvement with the subsidiary and the Company has the ability to use its power of the investee to affect the amount of investor\u2019s returns. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-245": { "value": "g) Goodwill Goodwill arising on the acquisition of subsidiary undertakings and trade and assets represents the excess of the cost of acquisition over the fair value of the identifiable assets and liabilities at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently remeasured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment 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. For the purposes of impairment testing, goodwill is allocated to the cash generating units expected to benefit from the combination. If the recoverable amount is less than the carrying amount of the unit, the impairment loss is allocated to first reduce the amount of goodwill allocated to the unit and then the other assets in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. Impairment losses recognised for other assets is reversed only if the reasons for the impairment have ceased to apply ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-326": { "value": "g) Goodwill Goodwill arising on the acquisition of subsidiary undertakings and trade and assets represents the excess of the cost of acquisition over the fair value of the identifiable assets and liabilities at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently remeasured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment 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. For the purposes of impairment testing, goodwill is allocated to the cash generating units expected to benefit from the combination. If the recoverable amount is less than the carrying amount of the unit, the impairment loss is allocated to first reduce the amount of goodwill allocated to the unit and then the other assets in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. Impairment losses recognised for other assets is reversed only if the reasons for the impairment have ceased to apply . o) Intangible assets i. Research and development Expenditure on research activities is recognised in the income statement as an expense as incurred. Expenditure on development activities directly attributable to the design and testing of identifiable and unique software products are capitalised if the product or process meet the following criteria: \u2022 the completion of the development is technically and commercially feasible to complete; \u2022 adequate technical resources are sufficiently available to complete development; \u2022 it can be demonstrated that future economic benefits are probable; and \u2022 the expenditure attributable to the development can be measured reliably. Development activities involve a plan or design for the production of new or substantially improved products or processes. Directly attributable costs that are capitalised as part of the software product, website or system include employee costs. Other development expenditures that do not meet these criteria as well as ongoing maintenance are recognised as an expense as incurred. Development costs for software, websites and systems are carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding three years) at the point in which they come into use. ii. Software licences and domain names Acquired intangible assets are capitalised at the cost necessary to bring the asset to its working condition. The Group has applied the guidance published by the IFRS Interpretations Committee ('IFRIC') in respect of cloud computing arrangements. The guidance requires that cloud computing arrangements are reviewed to determine if they are within the scope of IAS 38 Intangible Assets, IFRS 16 Leases, or a service contract. This is to determine if the Group has control of the software intangible asset. Control is assumed if the Group has the right to take possession of the software and run it on its own or a third party\u2019s computer infrastructure or if the Group has exclusive rights to use the software whereby the supplier cannot make the software available to other customers. Costs for software licences and domain names are carried at cost less accumulated amortisation and are amortised over their useful lives at the point in which they come into use. iii. Brand Upon acquisition of the Group, the On the Beach brand was identified as a separately identifiable asset. Acquisitions of Sunshine.co.uk and Classic Collection Holidays Limited resulted in the brand of each being identified and recognised separately from goodwill at fair value. iv. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows: Website technology: 10 years Website & development costs: 3 years Brand: 10\u201315 years Agent relationships: 15 years Customer relationships: 5 years v. Customer and agent relationships Upon the acquisition of Classic Collection Holidays Limited, customer relationships were identified as a separately identifiable assets. Classic Collection\u2019s revenue is driven by a very high volume of repeat customers due to its bespoke holiday packages and the target market. Repeat customers are from two broad segments - independent travel agents and direct customers and individuals booking directly. There is a defined margin and attrition profile differential between the two customer groups and as such two separate assets were identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-294": { "value": "g) Goodwill Goodwill arising on the acquisition of subsidiary undertakings and trade and assets represents the excess of the cost of acquisition over the fair value of the identifiable assets and liabilities at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently remeasured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment 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. For the purposes of impairment testing, goodwill is allocated to the cash generating units expected to benefit from the combination. If the recoverable amount is less than the carrying amount of the unit, the impairment loss is allocated to first reduce the amount of goodwill allocated to the unit and then the other assets in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. Impairment losses recognised for other assets is reversed only if the reasons for the impairment have ceased to apply m) Business combinations All business combinations are accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-246": { "value": "h) Foreign currency Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-247": { "value": "i) Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i. Financial assets Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income ('OCI'), and fair value through profit or loss. In order for a financial asset to be classified and measured at amortised cost, the financial asset is under a \"hold to collect\" business model and it needs to give rise to cash flows that are \u201csolely payments of principal and interest\u201d ('SPPI') on the principal amount outstanding. The Group considers financial asset in default when contractual payments are 90 days past due. Trade and other receivables Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. An expected credit loss is calculated using a provision matrix which is initially based on the Group\u2019s historical observed default rates that is calibrated for changes in the forward-looking estimates. Cash at bank Cash at bank comprises cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash at bank. Trust account All ATOL protected customer monies are held in a trust account until after the provision of the holiday service. The trust account is governed by a deed between the Group, the Civil Aviation Authority Air Travel Trustees and independent trustees (Travel Trust Services Limited), which determines the inflows and outflows from the account. All ATOL protected customer receipts are paid into the trust account in full before the holiday departure date. These payments are held in the trust account until the service is provided - for flights on payment to the supplier and for hotels and ancillaries on the customer\u2019s return from holiday. The Group therefore does not use customer prepayments to fund its business operations. Due to the restrictions on accessing the funds in the trust account, customer monies held in the trust account are presented separately to cash at bank. Cash flows in respect of the trust account are presented as operating cash flows on the basis that they are linked to the Group\u2019s revenue-producing activities as an online travel agent. ii. Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Trade and other payables Trade and other payables are recognised initially at fair value and net of directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the Effective Interest Rate ('EIR') amortisation process. Revolving credit facility ('RCF') Borrowings from the RCF are recognised initially at fair value and net of directly attributable transaction costs. After initial recognition, the RCF is subsequently measured at amortised cost using the EIR method. iii. Derivative financial instruments, including hedge accounting The Group enters into forward foreign exchange contracts to manage exposure to foreign exchange rate risk of trade payables. Additionally, the Group acquired interest rate swaps in order to hedge the interest rate risk associated with the interest received on the Trust account. The movement associated with this is recognised within finance income in the income statement. Further details of these derivative financial instruments are disclosed in note 23 of these financial statements. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Fair value hedges All derivative financial instruments are assessed against the hedge accounting criteria set out in IFRS 9. On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between the hedging instrument and hedged item, the Group elects to identify the spot-element of forward contracts as the hedging instrument. The documentation also identifies the hedged item, the risk management objectives and strategy in understanding the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value of the respective hedged items attributable to the hedged risk. Derivatives are initially recognised at the fair value on the date a derivative contract is entered into and are subsequently remeasured at each reporting date at their fair value. The change in the fair value of the hedging instrument is recognised in the statement of profit or loss as other expense. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognised in the statement of profit or loss as other expense. The change in the fair value of the forward element of the forward contracts is recognised in other comprehensive income. Cash flow hedges For derivatives that are designated as cash flow hedges and where the hedge accounting criteria are met, the effective portion of changes in the fair value is recognised in other comprehensive income. For the Group the is the interest rate swaps. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of finance costs. Amounts accumulated in equity are recognised in profit or loss when the income or expense on the hedged item is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-295": { "value": "i. Financial assets Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income ('OCI'), and fair value through profit or loss. In order for a financial asset to be classified and measured at amortised cost, the financial asset is under a \"hold to collect\" business model and it needs to give rise to cash flows that are \u201csolely payments of principal and interest\u201d ('SPPI') on the principal amount outstanding. The Group considers financial asset in default when contractual payments are 90 days past due. Trade and other receivables Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. An expected credit loss is calculated using a provision matrix which is initially based on the Group\u2019s historical observed default rates that is calibrated for changes in the forward-looking estimates. Cash at bank Cash at bank comprises cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash at bank. Trust account All ATOL protected customer monies are held in a trust account until after the provision of the holiday service. The trust account is governed by a deed between the Group, the Civil Aviation Authority Air Travel Trustees and independent trustees (Travel Trust Services Limited), which determines the inflows and outflows from the account. All ATOL protected customer receipts are paid into the trust account in full before the holiday departure date. These payments are held in the trust account until the service is provided - for flights on payment to the supplier and for hotels and ancillaries on the customer\u2019s return from holiday. The Group therefore does not use customer prepayments to fund its business operations. Due to the restrictions on accessing the funds in the trust account, customer monies held in the trust account are presented separately to cash at bank. Cash flows in respect of the trust account are presented as operating cash flows on the basis that they are linked to the Group\u2019s revenue-producing activities as an online travel agent. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-327": { "value": "Trade and other receivables Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. An expected credit loss is calculated using a provision matrix which is initially based on the Group\u2019s historical observed default rates that is calibrated for changes in the forward-looking estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-329": { "value": "Cash at bank Cash at bank comprises cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash at bank. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-297": { "value": "ii. Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Trade and other payables Trade and other payables are recognised initially at fair value and net of directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the Effective Interest Rate ('EIR') amortisation process. Revolving credit facility ('RCF') Borrowings from the RCF are recognised initially at fair value and net of directly attributable transaction costs. After initial recognition, the RCF is subsequently measured at amortised cost using the EIR method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-328": { "value": "Trade and other payables Trade and other payables are recognised initially at fair value and net of directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the Effective Interest Rate ('EIR') amortisation process. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-344": { "value": "iii. Derivative financial instruments, including hedge accounting The Group enters into forward foreign exchange contracts to manage exposure to foreign exchange rate risk of trade payables. Additionally, the Group acquired interest rate swaps in order to hedge the interest rate risk associated with the interest received on the Trust account. The movement associated with this is recognised within finance income in the income statement. Further details of these derivative financial instruments are disclosed in note 23 of these financial statements. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Fair value hedges All derivative financial instruments are assessed against the hedge accounting criteria set out in IFRS 9. On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between the hedging instrument and hedged item, the Group elects to identify the spot-element of forward contracts as the hedging instrument. The documentation also identifies the hedged item, the risk management objectives and strategy in understanding the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value of the respective hedged items attributable to the hedged risk. Derivatives are initially recognised at the fair value on the date a derivative contract is entered into and are subsequently remeasured at each reporting date at their fair value. The change in the fair value of the hedging instrument is recognised in the statement of profit or loss as other expense. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognised in the statement of profit or loss as other expense. The change in the fair value of the forward element of the forward contracts is recognised in other comprehensive income. Cash flow hedges For derivatives that are designated as cash flow hedges and where the hedge accounting criteria are met, the effective portion of changes in the fair value is recognised in other comprehensive income. For the Group the is the interest rate swaps. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of finance costs. Amounts accumulated in equity are recognised in profit or loss when the income or expense on the hedged item is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-330": { "value": "iii. Derivative financial instruments, including hedge accounting The Group enters into forward foreign exchange contracts to manage exposure to foreign exchange rate risk of trade payables. Additionally, the Group acquired interest rate swaps in order to hedge the interest rate risk associated with the interest received on the Trust account. The movement associated with this is recognised within finance income in the income statement. Further details of these derivative financial instruments are disclosed in note 23 of these financial statements. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Fair value hedges All derivative financial instruments are assessed against the hedge accounting criteria set out in IFRS 9. On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between the hedging instrument and hedged item, the Group elects to identify the spot-element of forward contracts as the hedging instrument. The documentation also identifies the hedged item, the risk management objectives and strategy in understanding the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value of the respective hedged items attributable to the hedged risk. Derivatives are initially recognised at the fair value on the date a derivative contract is entered into and are subsequently remeasured at each reporting date at their fair value. The change in the fair value of the hedging instrument is recognised in the statement of profit or loss as other expense. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognised in the statement of profit or loss as other expense. The change in the fair value of the forward element of the forward contracts is recognised in other comprehensive income. Cash flow hedges For derivatives that are designated as cash flow hedges and where the hedge accounting criteria are met, the effective portion of changes in the fair value is recognised in other comprehensive income. For the Group the is the interest rate swaps. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of finance costs. Amounts accumulated in equity are recognised in profit or loss when the income or expense on the hedged item is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-298": { "value": "iii. Derivative financial instruments, including hedge accounting The Group enters into forward foreign exchange contracts to manage exposure to foreign exchange rate risk of trade payables. Additionally, the Group acquired interest rate swaps in order to hedge the interest rate risk associated with the interest received on the Trust account. The movement associated with this is recognised within finance income in the income statement. Further details of these derivative financial instruments are disclosed in note 23 of these financial statements. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Fair value hedges All derivative financial instruments are assessed against the hedge accounting criteria set out in IFRS 9. On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between the hedging instrument and hedged item, the Group elects to identify the spot-element of forward contracts as the hedging instrument. The documentation also identifies the hedged item, the risk management objectives and strategy in understanding the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value of the respective hedged items attributable to the hedged risk. Derivatives are initially recognised at the fair value on the date a derivative contract is entered into and are subsequently remeasured at each reporting date at their fair value. The change in the fair value of the hedging instrument is recognised in the statement of profit or loss as other expense. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognised in the statement of profit or loss as other expense. The change in the fair value of the forward element of the forward contracts is recognised in other comprehensive income. Cash flow hedges For derivatives that are designated as cash flow hedges and where the hedge accounting criteria are met, the effective portion of changes in the fair value is recognised in other comprehensive income. For the Group the is the interest rate swaps. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of finance costs. Amounts accumulated in equity are recognised in profit or loss when the income or expense on the hedged item is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-248": { "value": "j) Segment reporting IFRS 8 requires operating segments to be reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the management team, including the Chief Executive Officer and Chief Financial Officer. For management purposes, the Group is organised into segments based on the nature of products and services, and information is provided to the management team on these segments for the purposes of resource allocation and segment performance management and monitoring. In the year, Classic Collection Holidays Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays Limited. Classic Package Holidays Limited is still considered to be a single operating segment following this transfer. Classic Package Holidays Limited has since been renamed Classic Collection Holdings Limited, and is referred to throughout as \u201cClassic Collection\u201d. See note 10 for details of discontinued operations. The management team considers there to be two reportable segments: (i) \u201cOTB\u201d \u2013 activity via UK websites as a B2C trader (www.onthebeach.co.uk, www.sunshine.co.uk and www.onthebeachtransfers.co.uk) (ii) \u201cClassic Collection\u201d \u2013 activity via the Classic Collection online business to business portal as a B2B trader (www.classiccollection. co.uk) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-249": { "value": "k) Revenue recognition IFRS 15 Revenue from Contracts with Customers is a principle-based model of recognising revenue from customer contracts. It has a five-step model that requires revenue to be recognised when control over goods and services are transferred to the customer. The standard requires the Group to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers. The following paragraphs describes the types of contracts, when performance obligations are satisfied, and the timing of revenue recognition. Further details of the disaggregation of revenue are disclosed in note 4 of these financial statements. As agent: The Group acts as agent when it is not the primary party responsible for providing the components that make up the customer\u2019s booking and it does not control the components before they are transferred to customers. Revenue comprises the fair value of the consideration received or receivable in the form of commission. Service fees/commissions are earned through purchases from customers of travel products such as flight tickets or hotel accommodation from third- party suppliers. Revenue in the form of commission or service fees is recognised when the performance obligation of arranging and facilitating the customer to enter into individual contracts with suppliers is satisfied, usually on delivery of the booking confirmation. Given the level of cancellations the Group has experienced, the commission is considered to represent variable consideration and the transaction price of commission income determined using the expected value method, such that revenue is recognised only to the extent that it is highly probable that there will not be a significant reversal of revenue recognised in future periods. The sum of the range of probabilities of cancellations in different scenarios based on historical trends and best estimate of future expectations is used to calculate the extent to which the variable consideration is reduced and a corresponding refund liability (presented as a cancellation provision) recognised in provisions. See note 17 for more information. Revenue earned from sales through the OTB segment are stated net. Revenue earned from sales through Classic Collection are stated net, with the commission payable to agents recognised in the cost of sales. As principal: The Group acts as principal when it is the primary party responsible for providing the components that make up the customer\u2019s booking and it controls the components before transferring to the customer. Revenue represents amounts received or receivable for the sale of package holidays and other services supplied to the customers. Revenue is recognised when the performance obligation of delivering an integrated package holiday is satisfied, usually over the duration of the holiday. Revenue is stated net of discounts, rebates, refunds and value added tax. Following the cessation of operations for Classic Collection Holidays on 30 September 2024, all principal revenue for the year is recognised within discontinued operations, see note 10 for more details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-250": { "value": "l) Override income The Group has agreements with suppliers which give rise to rebate income. This income relates to segments where revenue is accounted for on an agent basis, therefore the income received from suppliers relates to reduction in cost of sales (corresponding increase in commission received), and as such is considered part of the Group\u2019s net revenue, for the year ended 30 September 2024 override income was \u00a38.5m (FY23: \u00a35.5m). The Group has some agreements whereby receipt of the income is conditional on the Group achieving agreed volume targets. For agreements not linked to volume targets, override income is recognised when earned by the Group, which occurs when all obligations conditional for earning income have been discharged, and the income can be measured reliably based on the terms of the contract, which is usually once the booking has been confirmed with the supplier. For agreements where volume targets are in place, income is recognised once the target has been achieved. For volume targets which span the year end, the Group is required to make estimates in determining the amount and timing of recognition of override. In determining the amount of volume-related allowances recognised in any period, management estimate the probability that the Group will meet contractual target volumes, based on current and forecast performance. Amounts due but not yet recovered relating to override income are recognised within trade and other receivables.", "dimensions": { "concept": "onthebeachgroupplc:DescriptionOfAccountingPolicyForOverrideIncome", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-251": { "value": "m) Business combinations All business combinations are accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-299": { "value": "n) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows: Fixtures, fittings and equipment 3\u201310 years Buildings freehold 50 years Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-252": { "value": "n) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows: Fixtures, fittings and equipment 3\u201310 years Buildings freehold 50 years Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-253": { "value": "o) Intangible assets i. Research and development Expenditure on research activities is recognised in the income statement as an expense as incurred. Expenditure on development activities directly attributable to the design and testing of identifiable and unique software products are capitalised if the product or process meet the following criteria: \u2022 the completion of the development is technically and commercially feasible to complete; \u2022 adequate technical resources are sufficiently available to complete development; \u2022 it can be demonstrated that future economic benefits are probable; and \u2022 the expenditure attributable to the development can be measured reliably. Development activities involve a plan or design for the production of new or substantially improved products or processes. Directly attributable costs that are capitalised as part of the software product, website or system include employee costs. Other development expenditures that do not meet these criteria as well as ongoing maintenance are recognised as an expense as incurred. Development costs for software, websites and systems are carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding three years) at the point in which they come into use. ii. Software licences and domain names Acquired intangible assets are capitalised at the cost necessary to bring the asset to its working condition. The Group has applied the guidance published by the IFRS Interpretations Committee ('IFRIC') in respect of cloud computing arrangements. The guidance requires that cloud computing arrangements are reviewed to determine if they are within the scope of IAS 38 Intangible Assets, IFRS 16 Leases, or a service contract. This is to determine if the Group has control of the software intangible asset. Control is assumed if the Group has the right to take possession of the software and run it on its own or a third party\u2019s computer infrastructure or if the Group has exclusive rights to use the software whereby the supplier cannot make the software available to other customers. Costs for software licences and domain names are carried at cost less accumulated amortisation and are amortised over their useful lives at the point in which they come into use. iii. Brand Upon acquisition of the Group, the On the Beach brand was identified as a separately identifiable asset. Acquisitions of Sunshine.co.uk and Classic Collection Holidays Limited resulted in the brand of each being identified and recognised separately from goodwill at fair value. iv. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows: Website technology: 10 years Website & development costs: 3 years Brand: 10\u201315 years Agent relationships: 15 years Customer relationships: 5 years v. Customer and agent relationships Upon the acquisition of Classic Collection Holidays Limited, customer relationships were identified as a separately identifiable assets. Classic Collection\u2019s revenue is driven by a very high volume of repeat customers due to its bespoke holiday packages and the target market. Repeat customers are from two broad segments - independent travel agents and direct customers and individuals booking directly. There is a defined margin and attrition profile differential between the two customer groups and as such two separate assets were identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-300": { "value": "i. Research and development Expenditure on research activities is recognised in the income statement as an expense as incurred. Expenditure on development activities directly attributable to the design and testing of identifiable and unique software products are capitalised if the product or process meet the following criteria: \u2022 the completion of the development is technically and commercially feasible to complete; \u2022 adequate technical resources are sufficiently available to complete development; \u2022 it can be demonstrated that future economic benefits are probable; and \u2022 the expenditure attributable to the development can be measured reliably. Development activities involve a plan or design for the production of new or substantially improved products or processes. Directly attributable costs that are capitalised as part of the software product, website or system include employee costs. Other development expenditures that do not meet these criteria as well as ongoing maintenance are recognised as an expense as incurred. Development costs for software, websites and systems are carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding three years) at the point in which they come into use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-254": { "value": "p) Impairment of non- financial assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs. The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. Goodwill is required to be tested for impairment annually, or more frequently where there is an indication that the goodwill may be impaired. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash generating units, or ('CGU'). Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u201ccash- generating unit\u201d). An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a prorata basis", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-255": { "value": "q) Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (ie, the date the underlying asset is available for use). Right-of- use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Buildings 10 years IT equipment 3\u20135 years The right-of-use assets are also subject to impairment. The Group\u2019s right-of-use assets are included as a separate category in property, plant and equipment. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (eg, changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group\u2019s lease liabilities are included in trade and other payables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-256": { "value": "r) Employee benefits i. Pension scheme The Group operates a defined contribution pension scheme. A defined contribution scheme is a post- employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the years during which services are rendered by employees. ii. Share-based payment transactions Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in note 24. That cost is recognised in employee benefits expense (note 7a), together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/ or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in note 11). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-301": { "value": "ii. Share-based payment transactions Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in note 24. That cost is recognised in employee benefits expense (note 7a), together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/ or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in note 11). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-331": { "value": "s) Financing income and expenses Financing expenses comprises interest payable and interest on lease liabilities recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income statement (see foreign currency accounting policy). Financing income comprises interest receivable on funds invested. Finance income is shown net of movements in the interest rate swaps held. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Foreign currency gains and losses are reported on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-302": { "value": "s) Financing income and expenses Financing expenses comprises interest payable and interest on lease liabilities recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income statement (see foreign currency accounting policy). Financing income comprises interest receivable on funds invested. Finance income is shown net of movements in the interest rate swaps held. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Foreign currency gains and losses are reported on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-257": { "value": "s) Financing income and expenses Financing expenses comprises interest payable and interest on lease liabilities recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income statement (see foreign currency accounting policy). Financing income comprises interest receivable on funds invested. Finance income is shown net of movements in the interest rate swaps held. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Foreign currency gains and losses are reported on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-258": { "value": "t) Exceptional items Exceptional items are material items of income and expense which, because of the nature and expected infrequency of events giving rise to them, merit separate presentation to allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison with prior years and to assess better trends in financial performance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-303": { "value": "u) Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-259": { "value": "u) Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-260": { "value": "v) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-261": { "value": "w) Share premium and other reserves The amount subscribed for the Ordinary Shares in excess of the nominal value of these new shares is recorded in \u201cshare premium\u201d. The amount subscribed for the preference shares in excess of the nominal value of these new preference shares is recorded in \u201cother reserves\u201d. Costs that directly relate to the issue of Ordinary Shares are deducted from share premium net of corporation tax. The merger reserve represents the amount subscribed for the Ordinary Shares in excess of the nominal value of the shares issued in exchange for the acquisition of subsidiaries. ", "dimensions": { "concept": "onthebeachgroupplc:DescriptionOfAccountingPolicyForSharePremiumAndOtherReserves", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-262": { "value": "x) Earnings per share The Group presents basic and diluted earnings per share ('EPS') data for its Ordinary Shares. Basic EPS is calculated by dividing the profit attributable to Ordinary Shareholders by the weighted average number of Ordinary Shares outstanding during the period. For diluted EPS, the weighted average number of Ordinary Shares is adjusted to assume conversion of all dilutive potential Ordinary Shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-263": { "value": "y) Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.", "dimensions": { "concept": "onthebeachgroupplc:DescriptionOfAccountingPolicyForCapitalManagement", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-264": { "value": "z) Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. The Group recognises a refund liability (presented as a cancellation provision) for the commission that is considered to represent variable consideration due to the risk that a booking may be cancelled (see note 2k). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-265": { "value": "aa) Non-statutory measures One of the Group\u2019s KPIs is adjusted profit before tax. When reviewing profitability, the Directors use an adjusted profit before taxation ('PBT') in order to give a meaningful year-on-year comparison. Whilst we recognise that the measure is an alternative (non-Generally Accepted Accounting Principles ('non-GAAP')) performance measure which is also not defined within IFRS, this measure is important and should be considered alongside the IFRS measures. Adjusted PBT is calculated by adjusting for material items of income and expenditure where because of the nature and expected infrequency of events giving rise to them, merit separate presentation to allow shareholders a better understanding of the financial performance in the period. These adjustments include amortisation of acquired intangibles and exceptional items. In addition, share-based payments charge is excluded in order to provide comparability to prior periods due to fluctuations in the charge.", "dimensions": { "concept": "onthebeachgroupplc:DescriptionOfAccountingPolicyForNonStatutoryMeasures", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-266": { "value": "
3 Critical accounting estimates
and judgements
The Group\u2019s accounting policies have
been set by management. The application
of these accounting policies to specific
scenarios requires reasonable estimates
and assumptions to be made concerning
the future. These are continually evaluated
based on historical experience and
expectations of future events.
The resulting accounting estimates will,
by definition, seldom equal the related
actual results. Under IFRS, estimates or
judgements are considered critical where
they involve a significant risk of causing
a material adjustment to the carrying
amounts of assets and liabilities from
period to period.
This may be because the estimate or
judgement involves matters which are
highly uncertain or because different
estimation methods or assumptions could
reasonably have been used.
Critical accounting judgements
Revenue from contracts with customers
The Group applied the following key
judgements on the agent vs principal
status of each segment as well as the
number of performance objections
in each.
Agent vs principal
Determining whether an entity is acting
as a principal or as an agent requires
judgement and has a significant effect
on the timing and amount (gross or net
basis) of revenue by the Group. As an
agent, revenue is recognised at the point
of booking on a net basis. As a principal,
revenue is recognised on a gross basis
over the duration of the holiday.
In accordance with IFRS 15, revenue for
the OTB and Classic Collection segments
is recognised as an agent on the basis
that the performance obligation is to
arrange for another entity to provide
the goods or services. This assessment
has given consideration that there is no
inventory risk and limited discretion in
establishing prices.
Performance obligations
Revenue in the OTB and Classic
Collection segments is recognised based
on there being a single performance
obligation to at the point of booking. This
is to arrange and facilitate the customer
entering into individual contracts with
principal suppliers providing holiday
related services including flights,
hotels and transfers. For the OTB and
Classic Collection segments, there is
not a significant integration service and
responsibility for providing the services
remains with the principal suppliers.
The Group has concluded that under
IFRS 15 for revenue in the former CCH
segment, a package holiday constitutes
the delivery of one distinct performance
obligation which includes flights,
accommodation, transfers and other
holiday-related services. In formulating
this conclusion, management has
assessed that it provides a significant
integration service to collate all of
the elements within a customer\u2019s
specification to produce one integrated
package holiday. Management has
further analysed the recognition profile
and concluded that under IFRS 15,
revenue and corresponding cost of sales
should be recognised over the period a
customer is on holiday.
Following the cessation of operations
for Classic Collection Holidays on 30
September 2024, all principal revenue
for the year is recognised within
discontinued operations, see note 10 for
more details.
Capitalised website development costs
Determining the amounts to be
capitalised involves judgement and is
dependent upon the nature of the related
development; namely whether it is capital
(as relating to the enhancement of the
website) or expenditure (as relating to the
ongoing maintenance of the website) in
nature. In order to capitalise a project, the
key judgement management has made
is in determining the project\u2019s ability to
produce future economic benefits.
In the year ending 30 September 2024,
the proportion of development costs
that have been capitalised is in line with
prior year as the development team are
focusing on key strategic development
objectives. Management has assessed
each project to determine whether the
project is technically feasible, intended to
be completed and used, whether there
is available resources to complete it and
whether there is probable economic
benefits from each project.
Discontinued operations
On 11 March 2024, the Board made the
decision to cease the Classic Collection
Holidays operation and to not attempt
to sell the business. Management
determined that on abandonment
of Classic Collection Holidays on 30
September 2024, the operation should
be presented as a discontinued operation
due to a number of factors including the
different nature of cash flows expected
to arise and revenue expected to be
recognised from the cessation of the
Classic Collection Holidays operation.
By presenting Classic Collection
Holidays as a discontinued operation,
Management believes that the
presentation of the Income Statement
is more aligned to the ongoing and
anticipated recurring cash flows and
revenue recognised by the business in
the restructured operating model.
The following factors were considered to
classify the operation as discontinued:
\u2022 Key dates of decisions and actions
taken in relation to abandoning the
operation including the redundancy
of staff, vacating the property from
which the operation was ran and
subsequently putting the property up
for sale.
\u2022 The distinction between the
two Classic Package and Classic
Collection CGU\u2019s in terms
of location, operating teams
and expected cashflows.
As noted above Classic Collection
Holidays has been classified as
discontinued operations, therefore as
there is no future expected cashflows, the
goodwill of \u00a34.6m has been written off.
Critical accounting estimates
Expected Credit Losses ('ECL')
The Group\u2019s estimation of credit risk
relating to customer repayments of debt is
inherently uncertain and subject to degree
of judgement. Further information on the
Group\u2019s credit risk management practices
and risk exposures are outlined in the risk
management section on page 54.
The ECL provision is calculated using
two years of historical default rates
following financial years impacted
by COVID-19, which are compared
to forecasted revenue projections to
calculate the expected liability. Two years
is considered to be a suitable period to
use for estimation as this more accurately
reflects current events when compared
to period prior to, or during the effects
of COVID-19. These results are adjusted
for the expected effect of cost of living,
as well as inflation. The calculation is
updated at each reporting date. The
origination, measurement and release
of material judgemental adjustments are
subject to further analysis and challenge
through the Group\u2019s accounting
judgement review process before
ultimate being presented to the Group\u2019s
Audit Committee.
Estimation uncertainty arises on the
forecasted bookings, effects of the
cost of living and inflation adjustments.
These estimations are subject to
challenge by the Board of Directors, as
well as the Audit Committee to ensure
that they most accurately reflect the
available information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-267": { "value": "
4 Revenue
In line with IFRS 15, the Group is required to disaggregate its revenue to show the main drivers of its revenue streams. Revenue is
accounted for at the point the Group has satisfied its performance obligations; details of the revenue performance obligations are
set out in note 2k of these financial statements.
For the year ended 30 September 2024
OTB Classic Collection Total
\u00a3m \u00a3m \u00a3m
Total revenue before exceptional items
114.6
8.8
123.4
Exceptional recoveries**
4.6
0.2
4.8
Total revenue
119.2
9.0
128.2
For the year ended 30 September 2023*
OTB Classic Collection Total
\u00a3m \u00a3m \u00a3m
Total revenue before exceptional items
106.9
6.0
112.9
Fair value FX gains
(0.8)
\u2013
(0.8)
Total revenue
106.1
6.0
112.1
* Revenue for the year ended 30 September 2023 has been restated to exclude the results of discontinued operation included in that period (note 10).
** Exceptional recoveries relate to refunds from airlines for cancelled flights during COVID-19. Previously, exceptional cancellations related to these flights were
provided for against, which have now been released.
In the year, Classic Collection Holidays Limited discontinued its website, vacated the property used for operations, and made
a number of redundancies, transferring all remaining assets to Classic Package Holidays Limited (see note 10). Upon transfer,
operations have been streamlined for Classic Collection Holidays and Classic Package Holidays to operate under a single CGU,
\u201cClassic Collection\u201d.
Details of receivables arising from contracts with customers are set out in note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-304": { "value": "4 Revenue In line with IFRS 15, the Group is required to disaggregate its revenue to show the main drivers of its revenue streams. Revenue is accounted for at the point the Group has satisfied its performance obligations; details of the revenue performance obligations are set out in note 2k of these financial statements.
For the year ended 30 September 2024
OTB Classic Collection Total
\u00a3m \u00a3m \u00a3m
Total revenue before exceptional items
114.6
8.8
123.4
Exceptional recoveries**
4.6
0.2
4.8
Total revenue
119.2
9.0
128.2
For the year ended 30 September 2023*
OTB Classic Collection Total
\u00a3m \u00a3m \u00a3m
Total revenue before exceptional items
106.9
6.0
112.9
Fair value FX gains
(0.8)
\u2013
(0.8)
Total revenue
106.1
6.0
112.1
* Revenue for the year ended 30 September 2023 has been restated to exclude the results of discontinued operation included in that period (note 10). ** Exceptional recoveries relate to refunds from airlines for cancelled flights during COVID-19. Previously, exceptional cancellations related to these flights were provided for against, which have now been released. In the year, Classic Collection Holidays Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays Limited (see note 10). Upon transfer, operations have been streamlined for Classic Collection Holidays and Classic Package Holidays to operate under a single CGU, \u201cClassic Collection\u201d. Details of receivables arising from contracts with customers are set out in note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-268": { "value": "
5 Segmental report
As explained in note 2j, the management team considers the reportable segments to be \u2018\u2018OTB\u2019\u2019 and \u201cClassic Collection\u201d.
All segment revenue, operating profit assets and liabilities are attributable to the Group from its principal activities.
OTB and Classic Collection recognise revenue as agent on a net basis.
The Group\u2019s Chief Operating Decision Maker ('CODM') is its executive board and it monitors the performance of these operating
segments as well as deciding on the allocation of resources to them based on divisional level financial reports. Segmental
performance is monitored using adjusted segment operating results.
In the year, Classic Collection Holidays Limited discontinued its website, vacated the property used for operations, and made a
number of redundancies, transferring all remaining assets to Classic Package Holidays Limited. Classic Package Holidays Limited
is still considered to be a single operating segment following this transfer. Classic Package Holidays Limited has since been
renamed Classic Collection Holdings Limited, and is referred to throughout as \u201cClassic Collection\u201d. For further details on the
discontinued operations see note 10.
2024
2023*
Classic Classic
OTB Collection Total OTB Collection Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Revenue
119.2
9.0
128.2
106.1
6.0
112.1
Exceptional recoveries**
(4.6)
(0.2)
(4.8)
\u2013
\u2013
\u2013
Fair value FX losses
\u2013
\u2013
\u2013
0.8
\u2013
0.8
Adjusted Revenue
114.6
8.8
123.4
106.9
6.0
112.9
Cost of sales
\u2013
(4.8)
(4.8)
\u2013
(3.7)
(3.7)
Expected credit losses
(1.7)
\u2013
(1.7)
(1.9)
(0.1)
(2.0)
Adjusted Gross Profit
112.9
4.0
116.9
105.0
2.2
107.2
Marketing
(40.0)
(0.1)
(40.1)
(38.8)
(0.5)
(39.3)
Staff costs (excluding share based payments)
(20.9)
(0.7)
(21.6)
(20.6)
(0.6)
(21.2)
Other administrative expenses
(15.7)
(1.5)
(17.2)
(13.5)
(1.0)
(14.5)
Adjusted EBITDA
36.3
1.7
38.0
32.1
0.1
32.2
Share-based charge
(2.2)
(0.1)
(2.3)
(1.1)
\u2013
(1.1)
Exceptional items
0.4
0.2
0.6
(3.3)
\u2013
(3.3)
Fair value FX losses
\u2013
\u2013
\u2013
(0.8)
\u2013
(0.8)
EBITDA
34.5
1.8
36.3
26.9
0.1
27.0
Depreciation and amortisation
(14.4)
(0.7)
(15.1)
(14.1)
(0.9)
(15.0)
Group operating profit
20.1
1.1
21.2
12.8
(0.8)
12.0
Finance costs
(2.4)
(1.5)
Finance income
7.7
3.9
Profit before taxation
26.5
14.4
Non-current assets
Goodwill
31.6
4.0
35.6
31.6
4.0
35.6
Other intangible assets***
25.5
5.1
30.6
27.9
5.8
33.7
Property, plant and equipment
3.6
\u2013
3.6
5.5
\u2013
5.5
* The results for the year ended 30 September 2023 has been restated to exclude the results of discontinued operation included in that period (note 10).
** Exceptional recoveries relate to refunds from airlines for cancelled flights during COVID-19. Previously, exceptional cancellations related to these flights were
provided for against, which have now been released.
*** Acquired intangibles previously recognised in under the discontinued operations have been recognised in Classic Collection, as these relate to continuing
operations. Please see note 12 for details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-305": { "value": "
6 Operating profit
a) Operating expenses from continuing operations
Expenses by nature including exceptional items and amortisation of intangible assets:
2024 2023*
\u00a3m \u00a3m
Marketing
40.1
39.3
Depreciation
2.1
2.4
Staff costs (including share-based payments)
23.9
22.4
IT hosting, licences & support
5.8
5.6
Office expenses
0.6
0.7
Credit/debit card charges
4.8
3.9
Insurance
1.9
1.7
Professional services
0.9
1.0
Other
3.2
1.5
Administrative expenses before exceptional items & amortisation of intangible assets
83.3
78.5
Exceptional items
4.2
3.3
Amortisation of intangible assets
13.0
12.6
Exceptional items and amortisation of intangible assets
17.2
15.9
Administrative expenses
100.5
94.4
* The prior period is restated for the effects of discontinued operations (see note 10).
Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff
training and \u00a30.4m of staff travel expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-269": { "value": "6 Operating profit a) Operating expenses from continuing operations Expenses by nature including exceptional items and amortisation of intangible assets:
2024 2023*
\u00a3m \u00a3m
Marketing
40.1
39.3
Depreciation
2.1
2.4
Staff costs (including share-based payments)
23.9
22.4
IT hosting, licences & support
5.8
5.6
Office expenses
0.6
0.7
Credit/debit card charges
4.8
3.9
Insurance
1.9
1.7
Professional services
0.9
1.0
Other
3.2
1.5
Administrative expenses before exceptional items & amortisation of intangible assets
83.3
78.5
Exceptional items
4.2
3.3
Amortisation of intangible assets
13.0
12.6
Exceptional items and amortisation of intangible assets
17.2
15.9
Administrative expenses
100.5
94.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. b) Exceptional items Exceptional items in the year ended 30 September 2024 of \u00a34.2m represents \u00a33.9m of non-trade legal and professional fees relating to litigation and \u00a30.3m of restructuring costs which derive from events or transactions that fall outside of the normal activities of the Group. Exceptional items in the year ended 30 September 2023 of \u00a33.3m represents \u00a32.0m of non-trade legal and professional fees relating to ongoing litigation and \u00a31.3m of restructuring costs as a result of the consolidation of certain Group functions. Exceptional recoveries of \u00a34.8m relate to refunds from airlines for cancelled flights during COVID-19. Previously, exceptional cancellations related to these flights were provided for against, which have now been released. c) Services provided by the Company auditor During the year, the Group obtained the following services from the operating company\u2019s auditor.
2024 2023
\u00a3m \u00a3m
Audit of the Parent Company financial statements
0.1
0.1
Amounts receivable by the Company\u2019s auditor and its associated in respect of:
\u2013 Audit of financial statements of subsidiaries pursuant to legislation
0.4
0.4
0.5
0.5
d) Adjusted profit before tax
Management measures the overall performance of the Group by reference to Adjusted profit before tax, a non-GAAP measure as
it gives a meaningful year-on-year comparison of the Group\u2019s performance:
Restated*
2024 2023
\u00a3m \u00a3m
Profit before taxation
26.5
14.4
Exceptional items
(0.6)
3.3
Fair value FX losses/(gains)
\u2013
0.8
Amortisation of acquired intangibles**
2.8
5.2
Share-based payments charge***
2.3
1.1
Adjusted profit before tax
31.0
24.8
* The prior period is restated for the effects of discontinued operations (see note 10).
** These charges relate to amortisation of brand, website technology and customer relationships recognised on the acquisition of subsidiaries and are added back
as they are inherently linked to historical acquisitions of businesses.
*** The share-based payment charge represents the expected cost of shares vesting under the Group\u2019s Long-Term Incentive Plan. The share-based payment charge
has increased to \u00a32.3m (2023: \u00a31.1m) as a result of a reduction in the number of awards in the year and the change in the expectations for non-market based
performance conditions; the year ending 30 September 2023 also included a catch-up charge following the introduction of an underpin/minimum award. These
charges are added back to provide comparability to prior periods due to fluctuations in the charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-357": { "value": "6 Operating profit a) Operating expenses from continuing operations Expenses by nature including exceptional items and amortisation of intangible assets:
2024 2023*
\u00a3m \u00a3m
Marketing
40.1
39.3
Depreciation
2.1
2.4
Staff costs (including share-based payments)
23.9
22.4
IT hosting, licences & support
5.8
5.6
Office expenses
0.6
0.7
Credit/debit card charges
4.8
3.9
Insurance
1.9
1.7
Professional services
0.9
1.0
Other
3.2
1.5
Administrative expenses before exceptional items & amortisation of intangible assets
83.3
78.5
Exceptional items
4.2
3.3
Amortisation of intangible assets
13.0
12.6
Exceptional items and amortisation of intangible assets
17.2
15.9
Administrative expenses
100.5
94.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. b) Exceptional items Exceptional items in the year ended 30 September 2024 of \u00a34.2m represents \u00a33.9m of non-trade legal and professional fees relating to litigation and \u00a30.3m of restructuring costs which derive from events or transactions that fall outside of the normal activities of the Group. Exceptional items in the year ended 30 September 2023 of \u00a33.3m represents \u00a32.0m of non-trade legal and professional fees relating to ongoing litigation and \u00a31.3m of restructuring costs as a result of the consolidation of certain Group functions. Exceptional recoveries of \u00a34.8m relate to refunds from airlines for cancelled flights during COVID-19. Previously, exceptional cancellations related to these flights were provided for against, which have now been released. c) Services provided by the Company auditor During the year, the Group obtained the following services from the operating company\u2019s auditor.
2024 2023
\u00a3m \u00a3m
Audit of the Parent Company financial statements
0.1
0.1
Amounts receivable by the Company\u2019s auditor and its associated in respect of:
\u2013 Audit of financial statements of subsidiaries pursuant to legislation
0.4
0.4
0.5
0.5
d) Adjusted profit before tax Management measures the overall performance of the Group by reference to Adjusted profit before tax, a non-GAAP measure as it gives a meaningful year-on-year comparison of the Group\u2019s performance:
Restated*
2024 2023
\u00a3m \u00a3m
Profit before taxation
26.5
14.4
Exceptional items
(0.6)
3.3
Fair value FX losses/(gains)
\u2013
0.8
Amortisation of acquired intangibles**
2.8
5.2
Share-based payments charge***
2.3
1.1
Adjusted profit before tax
31.0
24.8
* The prior period is restated for the effects of discontinued operations (see note 10). ** These charges relate to amortisation of brand, website technology and customer relationships recognised on the acquisition of subsidiaries and are added back as they are inherently linked to historical acquisitions of businesses. *** The share-based payment charge represents the expected cost of shares vesting under the Group\u2019s Long-Term Incentive Plan. The share-based payment charge has increased to \u00a32.3m (2023: \u00a31.1m) as a result of a reduction in the number of awards in the year and the change in the expectations for non-market based performance conditions; the year ending 30 September 2023 also included a catch-up charge following the introduction of an underpin/minimum award. These charges are added back to provide comparability to prior periods due to fluctuations in the charges.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-356": { "value": "6 Operating profit a) Operating expenses from continuing operations Expenses by nature including exceptional items and amortisation of intangible assets:
2024 2023*
\u00a3m \u00a3m
Marketing
40.1
39.3
Depreciation
2.1
2.4
Staff costs (including share-based payments)
23.9
22.4
IT hosting, licences & support
5.8
5.6
Office expenses
0.6
0.7
Credit/debit card charges
4.8
3.9
Insurance
1.9
1.7
Professional services
0.9
1.0
Other
3.2
1.5
Administrative expenses before exceptional items & amortisation of intangible assets
83.3
78.5
Exceptional items
4.2
3.3
Amortisation of intangible assets
13.0
12.6
Exceptional items and amortisation of intangible assets
17.2
15.9
Administrative expenses
100.5
94.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-345": { "value": "6 Operating profit a) Operating expenses from continuing operations Expenses by nature including exceptional items and amortisation of intangible assets:
2024 2023*
\u00a3m \u00a3m
Marketing
40.1
39.3
Depreciation
2.1
2.4
Staff costs (including share-based payments)
23.9
22.4
IT hosting, licences & support
5.8
5.6
Office expenses
0.6
0.7
Credit/debit card charges
4.8
3.9
Insurance
1.9
1.7
Professional services
0.9
1.0
Other
3.2
1.5
Administrative expenses before exceptional items & amortisation of intangible assets
83.3
78.5
Exceptional items
4.2
3.3
Amortisation of intangible assets
13.0
12.6
Exceptional items and amortisation of intangible assets
17.2
15.9
Administrative expenses
100.5
94.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-332": { "value": "6 Operating profit a) Operating expenses from continuing operations Expenses by nature including exceptional items and amortisation of intangible assets:
2024 2023*
\u00a3m \u00a3m
Marketing
40.1
39.3
Depreciation
2.1
2.4
Staff costs (including share-based payments)
23.9
22.4
IT hosting, licences & support
5.8
5.6
Office expenses
0.6
0.7
Credit/debit card charges
4.8
3.9
Insurance
1.9
1.7
Professional services
0.9
1.0
Other
3.2
1.5
Administrative expenses before exceptional items & amortisation of intangible assets
83.3
78.5
Exceptional items
4.2
3.3
Amortisation of intangible assets
13.0
12.6
Exceptional items and amortisation of intangible assets
17.2
15.9
Administrative expenses
100.5
94.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. b) Exceptional items Exceptional items in the year ended 30 September 2024 of \u00a34.2m represents \u00a33.9m of non-trade legal and professional fees relating to litigation and \u00a30.3m of restructuring costs which derive from events or transactions that fall outside of the normal activities of the Group. Exceptional items in the year ended 30 September 2023 of \u00a33.3m represents \u00a32.0m of non-trade legal and professional fees relating to ongoing litigation and \u00a31.3m of restructuring costs as a result of the consolidation of certain Group functions. Exceptional recoveries of \u00a34.8m relate to refunds from airlines for cancelled flights during COVID-19. Previously, exceptional cancellations related to these flights were provided for against, which have now been released. c) Services provided by the Company auditor During the year, the Group obtained the following services from the operating company\u2019s auditor.
2024 2023
\u00a3m \u00a3m
Audit of the Parent Company financial statements
0.1
0.1
Amounts receivable by the Company\u2019s auditor and its associated in respect of:
\u2013 Audit of financial statements of subsidiaries pursuant to legislation
0.4
0.4
0.5
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-354": { "value": "a) Operating expenses from continuing operations Expenses by nature including exceptional items and amortisation of intangible assets:
2024 2023*
\u00a3m \u00a3m
Marketing
40.1
39.3
Depreciation
2.1
2.4
Staff costs (including share-based payments)
23.9
22.4
IT hosting, licences & support
5.8
5.6
Office expenses
0.6
0.7
Credit/debit card charges
4.8
3.9
Insurance
1.9
1.7
Professional services
0.9
1.0
Other
3.2
1.5
Administrative expenses before exceptional items & amortisation of intangible assets
83.3
78.5
Exceptional items
4.2
3.3
Amortisation of intangible assets
13.0
12.6
Exceptional items and amortisation of intangible assets
17.2
15.9
Administrative expenses
100.5
94.4
* The prior period is restated for the effects of discontinued operations (see note 10). Other expenses in the year ended 30 September 2024 include \u00a30.4m of bonding fees, \u00a30.2m recruitment fees, \u00a30.2m of staff training and \u00a30.4m of staff travel expenses. 13 Property, plant and equipment
Right-of-use asset
(note 17)
Fixtures, fittings IT
Freehold property* and equipment Head office equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2022
2.3
7.4
3.6
1.5
14.8
Additions
\u2013
0.1
\u2013
1.0
1.1
Disposals
\u2013
(1.4)
\u2013
\u2013
(1.4)
Modification of lease
\u2013
\u2013
0.9
\u2013
0.9
At 1 October 2023
2.3
6.1
4.5
2.5
15.4
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
(0.8)
\u2013
\u2013
(0.8)
Assets held for sale
(2.3)
\u2013
\u2013
\u2013
(2.3)
At 30 September 2024
\u2013
5.3
4.5
2.5
12.3
Accumulated depreciation
At 1 October 2022
0.2
3.8
1.5
0.2
5.7
Charge for the year
0.1
1.2
0.5
0.9
2.7
Disposals
\u2013
(1.3)
\u2013
\u2013
(1.3)
At 1 October 2023
0.3
3.7
2.0
1.1
7.1
Charge for the year
\u2013
0.7
0.5
0.9
2.1
Disposals
\u2013
(0.2)
\u2013
\u2013
(0.2)
Assets held for sale
(0.3)
\u2013
\u2013
\u2013
(0.3)
At 30 September 2024
\u2013
4.2
2.5
2.0
8.7
Net book amount
At 30 September 2024
\u2013
1.1
2.0
0.5
3.6
At 30 September 2023
2.0
2.4
2.5
1.4
8.3
The depreciation expense of \u00a32.1m for the year ended 30 September 2024 and the depreciation expense of \u00a32.7m for the year ended 30 September 2023 have been recognised within administrative expenses. * In the year, Classic Collection Holdings Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays Limited. Included within this is the freehold property owned by CCH, which has now been made available for sale following the transfer of assets. Any gains or losses on sale will be recognised through the income statement. There is no impairment recognised to date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-306": { "value": "
b) Exceptional items
Exceptional items in the year ended 30 September 2024 of \u00a34.2m represents \u00a33.9m of non-trade legal and professional fees
relating to litigation and \u00a30.3m of restructuring costs which derive from events or transactions that fall outside of the normal
activities of the Group.
Exceptional items in the year ended 30 September 2023 of \u00a33.3m represents \u00a32.0m of non-trade legal and professional fees
relating to ongoing litigation and \u00a31.3m of restructuring costs as a result of the consolidation of certain Group functions.
Exceptional recoveries of \u00a34.8m relate to refunds from airlines for cancelled flights during COVID-19. Previously, exceptional
cancellations related to these flights were provided for against, which have now been released.
", "dimensions": { "concept": "onthebeachgroupplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-307": { "value": "
c) Services provided by the Company auditor
During the year, the Group obtained the following services from the operating company\u2019s auditor.
2024 2023
\u00a3m \u00a3m
Audit of the Parent Company financial statements
0.1
0.1
Amounts receivable by the Company\u2019s auditor and its associated in respect of:
\u2013 Audit of financial statements of subsidiaries pursuant to legislation
0.4
0.4
0.5
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-270": { "value": "
7 Employees and Directors
a) Payroll costs
The aggregate payroll costs of these persons were as follows:
Restated*
2024 2023
\u00a3m \u00a3m
Wages and salaries
26.6
26.5
Defined contribution pension cost
0.8
0.8
Social security costs
2.8
2.8
Share-based payment charge
2.3
1.1
32.5
31.2
* The prior period is restated for the effects of discontinued operations (see note 10).
Staff costs above include \u00a38.6m (2023: \u00a38.8m) employee costs capitalised as part of software development.
The share-based payment charge has increased to \u00a32.3m (2023: \u00a31.1m) as a result of an increase in the number of options awarded.
b) Employee numbers
Average monthly number of people (including Executive Directors) employed:
2024 2023*
No. No.
By reportable segment:
UK
526
522
Classic Collection
57
11
Total number of employees
583
533
* The results for the year ended 30 September 2023 has been restated to exclude the results of discontinued operation included in that period (note 10). Classic
Collection Holidays employed an average number of 148 people in the year ended 30 September 2023.
c) Directors\u2019 emoluments
The remuneration of Directors was as follows:
2024 2023
\u00a3m \u00a3m
Aggregate emoluments
1.5
1.8
Defined contribution pension
0.1
0.1
Share-based payment charges
0.9
0.4
Total Director remuneration
2.5
2.3
Remuneration was paid by On the Beach Limited, a subsidiary company of the Group.
The remuneration of the highest paid Director was as follows:
2024 2023
\u00a3m \u00a3m
Aggregate emoluments
0.6
0.6
Share-based payment charges
0.3
0.3
Total remuneration
0.9
0.9
d) Key management compensation
Key management comprised the eight members of the Executive team (2023: nine).
Remuneration of all key management (including Directors) was as follows:
2024 2023*
\u00a3m \u00a3m
Wages and salaries
3.5
4.2
Short-term non-monetary benefits
0.1
0.2
Share-based payment charges
1.9
1.1
Total key management
5.5
5.5
* The prior period is restated for the effects of discontinued operations (see note 10).
e) Retirement benefits
Included in pension contributions payable by the Group of \u00a30.8m (2023: \u00a30.8m) is \u00a316,200 (2023: \u00a325,800) of contributions that
the Group made to a personal pension scheme in relation to one Executive Director.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-308": { "value": "d) Key management compensation Key management comprised the eight members of the Executive team (2023: nine). Remuneration of all key management (including Directors) was as follows:
2024 2023*
\u00a3m \u00a3m
Wages and salaries
3.5
4.2
Short-term non-monetary benefits
0.1
0.2
Share-based payment charges
1.9
1.1
Total key management
5.5
5.5
* The prior period is restated for the effects of discontinued operations (see note 10). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-311": { "value": "e) Retirement benefits Included in pension contributions payable by the Group of \u00a30.8m (2023: \u00a30.8m) is \u00a316,200 (2023: \u00a325,800) of contributions that the Group made to a personal pension scheme in relation to one Executive Director.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-271": { "value": "
8 Finance income and finance costs
a) Finance costs
2024 2023
\u00a3m \u00a3m
Revolving credit facility interest/fees
2.3
1.3
Interest on lease liabilities
0.1
0.2
Finance costs
2.4
1.5
b) Finance income
Restated*
2024 2023
\u00a3m \u00a3m
Bank interest receivable
7.8
3.9
Loss on interest rate swaps
(0.1)
\u2013
Finance income
7.7
3.9
* The prior period is restated for the effects of discontinued operations (see note 10), prior year included \u00a30.2m of finance income related to discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-333": { "value": "8 Finance income and finance costs a) Finance costs
2024 2023
\u00a3m \u00a3m
Revolving credit facility interest/fees
2.3
1.3
Interest on lease liabilities
0.1
0.2
Finance costs
2.4
1.5
b) Finance income
Restated*
2024 2023
\u00a3m \u00a3m
Bank interest receivable
7.8
3.9
Loss on interest rate swaps
(0.1)
\u2013
Finance income
7.7
3.9
* The prior period is restated for the effects of discontinued operations (see note 10), prior year included \u00a30.2m of finance income related to discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-346": { "value": "a) Finance costs
2024 2023
\u00a3m \u00a3m
Revolving credit facility interest/fees
2.3
1.3
Interest on lease liabilities
0.1
0.2
Finance costs
2.4
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-309": { "value": "a) Finance costs
2024 2023
\u00a3m \u00a3m
Revolving credit facility interest/fees
2.3
1.3
Interest on lease liabilities
0.1
0.2
Finance costs
2.4
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-347": { "value": "b) Finance income
Restated*
2024 2023
\u00a3m \u00a3m
Bank interest receivable
7.8
3.9
Loss on interest rate swaps
(0.1)
\u2013
Finance income
7.7
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-310": { "value": "b) Finance income
Restated*
2024 2023
\u00a3m \u00a3m
Bank interest receivable
7.8
3.9
Loss on interest rate swaps
(0.1)
\u2013
Finance income
7.7
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-272": { "value": "
9 Taxation
2024 2023*
\u00a3m \u00a3m
Current tax on profit for the year
3.3
1.8
Adjustments in respect of prior years
(0.1)
(0.1)
Total current tax
3.2
1.7
Deferred tax on profits for the year
Origination and reversal of temporary differences
3.3
1.0
Adjustments in respect of prior years
(0.2)
(0.2)
Total deferred tax
3.1
0.8
Total tax charge
6.3
2.5
The differences between the total taxation shown above and the amount calculated by applying the standard UK corporation
taxation rate to the profit before taxation on continuing operating are as follows.
2024 2023*
\u00a3m \u00a3m
Profit on ordinary activities before tax
26.5
11.9
Profit on ordinary activities multiplied by the effective rate of corporation tax of 25% (2023: 22%)
6.6
2.8
Effects of:
Impact of difference in current and deferred tax rates
\u2013
(0.5)
Adjustments in respect of prior years
(0.3)
(0.3)
Expenses not deductible
\u2013
0.5
Total taxation charge
6.3
2.5
The tax charge for the year is based on the effective rate of corporation tax for the period of 25% (2023: 22%). An increase in the
UK corporation rate from 19% to 25% (effective from 1 April 2023) was substantively enacted on 24 May 2021. The deferred tax
assets and liabilities at 30 September 2024 have been calculated based on these rates.
* The prior period is restated for the effects of discontinued operations (see note 10).
20 Deferred tax
Property, Losses and
Intangible plant and Share-based unused tax Tax assets/
assets equipment payments relief (liabilities)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Assets
\u2013
0.2
0.8
1.9
2.9
Liabilities
(3.3)
\u2013
\u2013
\u2013
(3.3)
Total
(3.3)
0.2
0.8
1.9
(0.4)
2023
Assets
\u2013
\u2013
0.4
6.3
6.7
Liabilities
(4.0)
(0.1)
\u2013
\u2013
(4.1)
Total
(4.0)
(0.1)
0.4
6.3
2.6
Losses and
Intangible Capital Acquired Share-based unused tax
assets allowances property payments relief Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2022
(5.2)
(0.1)
(0.2)
0.7
8.2
3.4
Recognised in income
1.2
0.2
\u2013
(0.3)
(1.9)
(0.8)
Recognised in equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
30 September 2023
(4.0)
0.1
(0.2)
0.4
6.3
2.6
Recognised in income
0.7
0.1
0.2
0.3
(4.4)
(3.1)
Recognised in equity
\u2013
\u2013
\u2013
0.1
\u2013
0.1
30 September 2024
(3.3)
0.2
\u2013
0.8
1.9
(0.4)
The deferred tax liability includes an amount of \u00a31.9m (2023: \u00a36.3m) which relates to carried forward tax losses. Deferred tax assets are recognised for tax losses carried forward only to the extent that realisation of the related tax benefit is probable, deferred tax assets are reviewed at each reporting date to assess the availability of sufficient taxable temporary differences and the probability that sufficient taxable profit will be available to allow all or part of deferred tax asset to be utilised. The Group determined that there would be sufficient taxable income generated to realise the benefit of the deferred tax assets and no reasonably possible change to key assumptions would result in a material reduction in forecast headroom of tax profits. In determining the recognition of deferred tax assets arising from the carry forward of unused tax losses, the Group considered the following: \u2022 The Group considered the location of the taxable entities, and the loss making companies were all located in the United Kingdom; for a full list of subsidiaries see note 14. \u2022 The Group has considered the approved budgeted information covering a five-year period that is consistent with the forecasts used for the Group\u2019s review of impairment, going concern and viability assessments. For details of the assumptions used and sensitivity analysis performed for the forecasts, see note 2b. Whilst the forecasts include inherent estimation uncertainty, the Group determined that there would be sufficient taxable income generated to realise the benefit of the deferred tax assets and no reasonably possible change to key assumptions would result in a material reduction in forecast headroom of tax profits. On this basis the Group concluded that there is not a significant risk of a material adjustment to the carrying amount of the deferred tax asset. \u2022 The Group has \u00a30.2m that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as they may not be used to offset taxable profits elsewhere in the Group, they have arisen in subsidiaries that have been loss-making for some time, and there are no other tax planning opportunities or other evidence of recoverability in the near future.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-273": { "value": "
10 Loss from discontinued operations
Classic Collection Holidays Limited
On 11 March 2024, the Board made the decision to cease the Classic Collection Holidays operation and to not attempt to sell
the business. In the year, Classic Collection Holidays Limited discontinued its website, vacated the property used for operations,
and made a number of redundancies, transferring all remaining assets to Classic Package Holidays. Upon transfer, operations
have been streamlined for Classic Collection Holidays and Classic Package Holidays to operate under a single CGU, \u201cClassic
Collection\u201d. The comparative figures have been restated to show separately the results of the discontinued operation included in
that period. The \u201cCCH\u201d segment is no longer presented in the segment note.
After a review of IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations) management believe that the
discontinuation of Classic Collection Holidays operations merits disclosure for the following reasons:
\u2022 The Classic Collection Holidays operation represented a separate major line of business, treated by management as an
operating segment and was reported separately within the CFO report and segmental reporting. Classic Collection Holidays
provided personalised holiday packages on a principal basis with dedicated teams responsible for the fulfilment, sales and
marketing. Classic Collection Holidays was treated by management as a separate operating segment to Classic Package
Holidays due to the terms that bookings are made under and operational differences in fulfilling the bookings.
\u2022 The majority of the contact centre team were made redundant, and the property used for the CGU\u2019s operation was vacated on
13 May 2024 and was put up for sale on 22 July 2024. The remaining 57 members of staff transferred to Classic Package from
1st July 2024. The property is available for immediate sale and is expected to be sold by end of December 2024.
\u2022 The Classic Collection Holidays website was switched off on 11 June 2024, no new bookings were made under Classic Collection Holidays\u2019 terms or on the Classic Collection Holidays booking system after this date, and the Contact Centre responsible for fulfilling the bookings for the Classic Collection Holidays CGU was closed on 30 June 2024. \u2022 On sale to Classic Package Holidays, all forward order bookings were transferred and followed a re-booking process under Classic Package Holidays\u2019 terms, as such Classic Collection Holidays will no longer be an identifiable CGU or operating segment and a single CGU will be in place for Classic Package Holidays. \u2022 Whilst the re-booking process commenced, any bookings that remained on a principal basis were fulfilled by Classic Package Holidays and its contact centre, due to the bookings being on a principal basis and originally booked under the Classic Collection Holidays terms, these bookings have been included within the discontinued operations. The re-book process was completed by the 30 September 2024 and at this point the Classic Collection Holidays operation was classified as discontinued.
2024 2023*
\u00a3m \u00a3m
Loss for the year from discontinued operations
Revenue
46.6
58.1
Cost of sales
(41.4)
(50.5)
Gross profit
5.2
7.6
Administrative expenses
(7.8)
(9.1)
Impairment of goodwill
(4.6)
\u2013
Loss before tax
(7.2)
(1.5)
Tax
\u2013
0.2
Loss from discontinued operations
(7.2)
(1.3)
Earnings per share
Basic EPS
(4.3p)
(0.8p)
Diluted EPS
(4.3p)
(0.8p)
Cash flows from discontinued operations
Net cash flows from operating activities
(2.4)
(1.4)
Net cash flows from investing activities 0.2 0.2
Net cash flows from discontinued operations
(2.2)
(1.2)
No impact on cash flows from financing activities. Disposal of discontinued operations There was a loss on disposal, the Group disposed of tangible assets with a \u00a30.3m net book value (2023: \u00a3nil) and did not receive proceeds for these. Assets relating to discontinued operations held for sale at 30 September 2024 are valued at \u00a32.0m (2023: \u00a3nil), see note 13 for more details. Prior year discontinued operations \u2013 International On 27 September 2023, the Group made the decision to cease its current operations outside of the UK. The results of discontinued operations are analysed below. The comparative figures have been restated to show separately the results of the discontinued operation included in that period. \u201cInternational\u201d segment is no longer presented in the segment note.
2024 2023*
\u00a3m \u00a3m
Loss for the year from discontinued operations
Revenue
\u2013
0.9
Administrative expenses
\u2013
(1.4)
Loss before tax
\u2013
(0.5)
Loss from discontinued operations
\u2013
(0.5)
Earnings per share
Basic EPS
0.0p
(0.3p)
Diluted EPS
0.0p
(0.3p)
Cash flows from discontinued operations
Net cash flows from operating activities
\u2013
(0.5)
Net cash flows from discontinued operations
\u2013
(0.5)
No impact on cash flows from investing or financing activities. Disposal of discontinued operations There was no loss on disposal, the Group disposed of intangible assets with a \u00a3nil net book value and did not receive proceeds for these. There are no assets relating to discontinued operations held for sale at 30 September 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-312": { "value": "10 Loss from discontinued operations Classic Collection Holidays Limited On 11 March 2024, the Board made the decision to cease the Classic Collection Holidays operation and to not attempt to sell the business. In the year, Classic Collection Holidays Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays. Upon transfer, operations have been streamlined for Classic Collection Holidays and Classic Package Holidays to operate under a single CGU, \u201cClassic Collection\u201d. The comparative figures have been restated to show separately the results of the discontinued operation included in that period. The \u201cCCH\u201d segment is no longer presented in the segment note. After a review of IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations) management believe that the discontinuation of Classic Collection Holidays operations merits disclosure for the following reasons: \u2022 The Classic Collection Holidays operation represented a separate major line of business, treated by management as an operating segment and was reported separately within the CFO report and segmental reporting. Classic Collection Holidays provided personalised holiday packages on a principal basis with dedicated teams responsible for the fulfilment, sales and marketing. Classic Collection Holidays was treated by management as a separate operating segment to Classic Package Holidays due to the terms that bookings are made under and operational differences in fulfilling the bookings. \u2022 The majority of the contact centre team were made redundant, and the property used for the CGU\u2019s operation was vacated on 13 May 2024 and was put up for sale on 22 July 2024. The remaining 57 members of staff transferred to Classic Package from 1st July 2024. The property is available for immediate sale and is expected to be sold by end of December 2024.
\u2022 The Classic Collection Holidays website was switched off on 11 June 2024, no new bookings were made under Classic
Collection Holidays\u2019 terms or on the Classic Collection Holidays booking system after this date, and the Contact Centre
responsible for fulfilling the bookings for the Classic Collection Holidays CGU was closed on 30 June 2024.
\u2022 On sale to Classic Package Holidays, all forward order bookings were transferred and followed a re-booking process under
Classic Package Holidays\u2019 terms, as such Classic Collection Holidays will no longer be an identifiable CGU or operating
segment and a single CGU will be in place for Classic Package Holidays.
\u2022 Whilst the re-booking process commenced, any bookings that remained on a principal basis were fulfilled by Classic Package
Holidays and its contact centre, due to the bookings being on a principal basis and originally booked under the Classic
Collection Holidays terms, these bookings have been included within the discontinued operations. The re-book process was
completed by the 30 September 2024 and at this point the Classic Collection Holidays operation was classified as discontinued.
2024 2023*
\u00a3m \u00a3m
Loss for the year from discontinued operations
Revenue
46.6
58.1
Cost of sales
(41.4)
(50.5)
Gross profit
5.2
7.6
Administrative expenses
(7.8)
(9.1)
Impairment of goodwill
(4.6)
\u2013
Loss before tax
(7.2)
(1.5)
Tax
\u2013
0.2
Loss from discontinued operations
(7.2)
(1.3)
Earnings per share
Basic EPS
(4.3p)
(0.8p)
Diluted EPS
(4.3p)
(0.8p)
Cash flows from discontinued operations
Net cash flows from operating activities
(2.4)
(1.4)
Net cash flows from investing activities 0.2 0.2
Net cash flows from discontinued operations
(2.2)
(1.2)
No impact on cash flows from financing activities.
Disposal of discontinued operations
There was a loss on disposal, the Group disposed of tangible assets with a \u00a30.3m net book value (2023: \u00a3nil) and did not receive
proceeds for these. Assets relating to discontinued operations held for sale at 30 September 2024 are valued at \u00a32.0m (2023:
\u00a3nil), see note 13 for more details.
Prior year discontinued operations \u2013 International
On 27 September 2023, the Group made the decision to cease its current operations outside of the UK. The results of
discontinued operations are analysed below. The comparative figures have been restated to show separately the results
of the discontinued operation included in that period. \u201cInternational\u201d segment is no longer presented in the segment note.
2024 2023*
\u00a3m \u00a3m
Loss for the year from discontinued operations
Revenue
\u2013
0.9
Administrative expenses
\u2013
(1.4)
Loss before tax
\u2013
(0.5)
Loss from discontinued operations
\u2013
(0.5)
Earnings per share
Basic EPS
0.0p
(0.3p)
Diluted EPS
0.0p
(0.3p)
Cash flows from discontinued operations
Net cash flows from operating activities
\u2013
(0.5)
Net cash flows from discontinued operations
\u2013
(0.5)
No impact on cash flows from investing or financing activities.
Disposal of discontinued operations
There was no loss on disposal, the Group disposed of intangible assets with a \u00a3nil net book value and did not receive proceeds
for these. There are no assets relating to discontinued operations held for sale at 30 September 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-274": { "value": "
11 Earnings per share
Basic earnings per share are calculated by dividing the profit attributable to equity holders of On the Beach Group plc by the
weighted average number of Ordinary Shares issued during the year.
Diluted earnings per share is calculated by dividing the profit attributable to equity holders of On the Beach Group plc by the
weighted average number of Ordinary Shares issued during the period plus the weighted average number of Ordinary Shares
that would be issued on the conversion of all dilutive potential Ordinary Shares into Ordinary Shares.
Adjusted basic earnings per share figures are calculated by dividing adjusted earnings after tax for the year by the weighted
average number of shares. Adjusted diluted earnings per share figures are calculated by dividing adjusted earnings after tax for
the year by the weighted average number of shares plus the weighted average number of Ordinary Shares that would be issued
on the conversion of all dilutive potential Ordinary Shares into Ordinary Shares.
Basic weighted
average number
of Ordinary Shares Total earnings
EPS for continuing operations (m)
\u00a3m
Pence per share
Year ended 30 September 2024
Basic EPS
166.9
20.2
12.1p
Diluted EPS
169.8
20.2
11.9p
Adjusted basic EPS
166.9
23.6
14.1p
Adjusted diluted EPS
169.8
23.6
13.9p
Year ended 30 September 2023*
Basic EPS
166.5
11.9
7.2p
Diluted EPS
167.8
11.9
7.1p
Adjusted basic EPS
166.5
20.1
12.0p
Adjusted diluted EPS
167.8
20.1
12.0p
EPS for total operations
Year ended 30 September 2024
Basic EPS
166.9
13.0
7.8p
Diluted EPS
169.8
13.0
7.7p
Year ended 30 September 2023*
Basic EPS
166.5
10.1
6.1p
Diluted EPS
167.8
10.1
6.0p
* The prior period is restated for the effects of discontinued operations (see note 10).
Adjusted earnings after tax is calculated using the Group\u2019s effective tax rate as follows:
Restated*
2024 2023
\u00a3m \u00a3m
Profit for the year after taxation
20.2
11.9
Adjustments (net of tax at the effective rate)*
Exceptional recoveries
(0.4)
2.6
Fair value FX losses
\u2013
0.6
Amortisation of acquired intangibles
2.1
4.1
Share-based payment charges*
1.7
0.9
Adjusted earnings after tax
23.6
20.1
* The effective tax rate for the year ending 30 September 2024 was 25% (2023: 22%), see note 9 for details.
** The share-based payment charges are in relation to options which are not yet exercisable.
2024 2023
(m) (m)
Weighted average number of shares for basic earnings per share
166.9
166.5
Dilution from share options
2.9
1.3
Weighted average number of shares for diluted earnings per share
169.8
167.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-275": { "value": "
12 Intangible assets
Website &
development Website Customer Agent
Brand Goodwill costs technology relationships relationships Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2022
35.9
40.2
31.2
22.8
2.1
4.4
136.6
Additions
\u2013
\u2013
12.0
\u2013
\u2013
\u2013
12.0
Disposals
\u2013
\u2013
(0.5)
\u2013
\u2013
\u2013
(0.5)
At 30 September 2023
35.9
40.2
42.7
22.8
2.1
4.4
148.1
Additions
\u2013
\u2013
10.3
\u2013
\u2013
\u2013
10.3
Disposals
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment (note 10) (4.6) (4.6)
At 30 September 2024
35.9
35.6
52.6
22.8
2.1
4.4
153.4
Accumulated amortisation
At 1 October 2022
19.9
\u2013
18.6
20.8
1.7
1.3
62.3
Charge for the year
2.5
\u2013
7.4
2.0
0.4
0.3
12.6
Disposals
\u2013
\u2013
(0.5)
\u2013
\u2013
\u2013
(0.5)
At 30 September 2023
22.4
\u2013
25.5
22.8
2.1
1.6
74.4
Charge for the year
2.5
\u2013
10.2
\u2013
\u2013
0.3
13.0
Disposals
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
At 30 September 2024
24.9
\u2013
35.5
22.8
2.1
1.9
87.2
Net book amount
At 30 September 2024
11.0
35.6
17.1
\u2013
\u2013
2.5
66.2
At 30 September 2023
13.5
40.2
17.2
\u2013
\u2013
2.8
73.7
Brand
The brand intangibles assets consist of three brands which were separately identified as intangibles on the acquisition of the
respective businesses. The carrying amount of the brand intangible assets:
At At
30 September 30 September
Remaining useful 2024 2023
Brand economic life Acquisitions \u00a3m \u00a3m
On the Beach 4
On the Beach Travel Limited
7.9
10.0
Sunshine.co.uk 4
Sunshine.co.uk Limited
0.5
0.6
Classic Collection 9
Classic Collection Holidays Limited
2.6
2.9
11.0
13.5
Key assumptions used in value in use calculations and sensitivity to changes in assumptions
The main assumptions on which the forecast cash flows used for the CGUs were based include:
\u2022 Consumer demand \u2013 management considered historic performance both pre-pandemic (year ending 30 September 2019)
and during the pandemic (years ending 30 September 2020 and 2021) as well as the size of the market, current market share,
competitive pressure, consumer confidence and appetite under the cost of living crisis. The Directors have used their past
experience of the business and its industry, together with their expectations of the market.
\u2022 Impact of new marketing and planned improvements on booking conversion \u2013 whilst the spend on incentives and
improvements is within the Group\u2019s control, the impact on increasing bookings requires assessment of consumer demand
and competitive pressures using industry and market knowledge.
The calculation of value in use for all CGUs is most sensitive to the following assumptions:
\u2022 Revenue: the level of sales is based on expected customer demand, average booking values and booking conversion
however a material deterioration in consumers can lead to reduced demand for holidays as well as disruption to its operations
from unpredictable domestic and international events which can significantly impact the level of sales. A decrease in bookings
of 20% for each CGU would not result in an impairment.
\u2022 Discount rates: discount rates represent the current market assessment of the risks specific to each CGU, taking into
consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash
flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments
and is derived from its weighted average cost of capital ('WACC'). A rise in the discount rate to 14.8% for all CGUs would not
result in an impairment, and is considered to be implausible.
\u2022 Growth rates used to extrapolate cash flows beyond the forecast period: the Group operates in a fast-moving
marketplace so management recognises that the speed of technological change and the possibility of new entrants can
have a significant impact on growth rate assumptions. A reduction in long-term growth rates by 10ppts for each CGU would
not result in an impairment, and is not considered plausible.
Sensitivity analysis has been completed in isolation and in combination. Management considers that no reasonably possible
changes in assumptions would reduce a CGU\u2019s headroom to nil.
Impact of changes in customer behaviour
The Group does not consider that any CGU has been automatically impaired as a result of either the rising cost of living or
changes in customer behaviour in respect of climate related matters, with booking volumes increasing for the year ending 30
September in comparison to the prior year. All CGUs remain viable long term trade and assets, which the Group expects to
continue to generate positive cashflows. Inherent in the impairment test and sensitivity analysis is the impact of customer demand
being affected by either of these factors. The Group is satisfied that sufficient headroom exists to support the asset value.
Website and development costs
The Group capitalises development projects where they satisfy the requirements for capitalisation in accordance with the IAS 38
and expense projects that relate to ongoing maintenance and support.
Capitalised development costs are not treated as a realised loss for the purpose of determining the Company\u2019s distributable
profits as the costs meet the conditions requiring them to be treated as an asset in accordance with IAS 38.
Additions in the year relate to the development of software and the purchase of domain names. The amortisation period for
website and development costs is three years straight line. Domain names are amortised over ten years. Amortisation has been
recognised within operating expenses.
Research and development costs that are not eligible for capitalisation have been recognised in administrative expenses in the
period incurred; in 2024 this was \u00a31.0m (2023: \u00a30.9m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-334": { "value": "12 Intangible assets
Website &
development Website Customer Agent
Brand Goodwill costs technology relationships relationships Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2022
35.9
40.2
31.2
22.8
2.1
4.4
136.6
Additions
\u2013
\u2013
12.0
\u2013
\u2013
\u2013
12.0
Disposals
\u2013
\u2013
(0.5)
\u2013
\u2013
\u2013
(0.5)
At 30 September 2023
35.9
40.2
42.7
22.8
2.1
4.4
148.1
Additions
\u2013
\u2013
10.3
\u2013
\u2013
\u2013
10.3
Disposals
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment (note 10) (4.6) (4.6)
At 30 September 2024
35.9
35.6
52.6
22.8
2.1
4.4
153.4
Accumulated amortisation
At 1 October 2022
19.9
\u2013
18.6
20.8
1.7
1.3
62.3
Charge for the year
2.5
\u2013
7.4
2.0
0.4
0.3
12.6
Disposals
\u2013
\u2013
(0.5)
\u2013
\u2013
\u2013
(0.5)
At 30 September 2023
22.4
\u2013
25.5
22.8
2.1
1.6
74.4
Charge for the year
2.5
\u2013
10.2
\u2013
\u2013
0.3
13.0
Disposals
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
At 30 September 2024
24.9
\u2013
35.5
22.8
2.1
1.9
87.2
Net book amount
At 30 September 2024
11.0
35.6
17.1
\u2013
\u2013
2.5
66.2
At 30 September 2023
13.5
40.2
17.2
\u2013
\u2013
2.8
73.7
Brand The brand intangibles assets consist of three brands which were separately identified as intangibles on the acquisition of the respective businesses. The carrying amount of the brand intangible assets:
At At
30 September 30 September
Remaining useful 2024 2023
Brand economic life Acquisitions \u00a3m \u00a3m
On the Beach 4
On the Beach Travel Limited
7.9
10.0
Sunshine.co.uk 4
Sunshine.co.uk Limited
0.5
0.6
Classic Collection 9
Classic Collection Holidays Limited
2.6
2.9
11.0
13.5
Goodwill
Goodwill acquired in a business combination is allocated on acquisition to the CGUs that are expected to benefit from that
business combination. The carrying amount of goodwill has been allocated as follows:
At At
30 September 30 September
2024 2023
Reportable segment
CGU
Acquisitions
\u00a3m \u00a3m
OTB
OTB
On the Beach Travel Limited
21.5
21.5
OTB
Sunshine
Sunshine.co.uk Limited
10.1
10.1
Classic Collection
Classic Collection*
Classic Collection Holidays Limited
4.0
4.0
N/A
CCH**
Classic Collection Holidays Limited
\u2013
4.6
35.6
40.2
* Previously known as CPH CGU, following the rebrand of Classic Package, the segment is shown throughout as Classic Collection.
** Classic Collection Holidays (CCH) ceased operations on 30 September 2024, and as a result the acquired goodwill was impaired. See note 10 for details.
Impairment of goodwill
On the Beach and Sunshine are considered to be one reportable segment, as they are internally reported and managed as
one entity. Goodwill acquired through Sunshine.co.uk has been allocated to the \u201cOTB\u201d cash generating unit. Goodwill acquired
through the acquisition of Classic Collection Holidays Limited that is associated with the continuing operations has been allocated
to the \u201cClassic Collection\u201d cash generating unit, the goodwill that arose and was apportioned to the operations that have been
discontinued in the year has been considered to be impaired (see note 10 for further details on discontinued operations).
Management have determined that the brand, agent and customer relationships remain in use following the rebrand of Classic
Package Holidays to \u201cClassic Collection\u201d.
The Group has recognised an impairment to the goodwill for the discontinued operations of \u00a34.6m for the year ending
30 September 2024 (2023: \u00a3nil). The group believes that the recoverable amount for the CGU has been estimated to be
\u00a3nil due to the cessation of operations.
\u201cOTB\u201d CGU
The Group performed its annual impairment test as at 30 September 2024 on the \u201cOTB\u201d cash generating unit ('CGU'). The
recoverable amount of the CGU has been determined based on the value in use calculations using cash flow projections derived
from financial budgets and projections covering a five-year period. The forecasts are then extrapolated in perpetuity based
on an estimated growth rate of 2 percent (2023: 2 percent), this being the Directors\u2019 best estimate of the future prospects of
the business. This is deemed appropriate because the CGU is considered to be a long-term business. Management estimates
discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to
this CGU. The discount rate applied is 13.5 percent (2023: 14.6 percent).
\u201cClassic Collection\u201d CGU
The Group performed its annual impairment test as at 30 September 2024 on the \u201cClassic Collection\u201d cash generating unit
('CGU'). The recoverable amount of the CGU has been determined based on the value in use calculations using cash flow
projections derived from financial budgets and projections covering a five-year period. The forecasts are then extrapolated in
perpetuity based on an estimated growth rate of 2 percent (2023: 2 percent). This is deemed appropriate based on the Directors\u2019
best estimate of the future prospects of the business. Management estimates discount rates using pre-tax rates that reflect
current market assessments of the time value of money and the risks specific to the CGU. The discount rate applied is 13.5
percent (2023: 14.6 percent).
In the year, Classic Collection Holidays discontinued its website, vacated the property used for operations, and made a number
of redundancies transferring all remaining assets to Classic Package Holidays (see note 10). Upon transfer, operations have been
streamlined for Classic Collection Holidays and Classic Package Holidays to operate under a single CGU, \u201cClassic Collection\u201d.
As a result of this, the goodwill on acquisition of Classic Collection Holidays is now impaired, as there are no expected future
cashflows. However, Classic Collection will continue to utilise the brand and relationships intangibles following the transfer, and
these are not believed to be impaired following management\u2019s review.
Administrative expenses are dependent upon the net costs to the business of purchasing services. Expenses are based on the
current cost base of the Group adjusted for variable costs.
Key assumptions used in value in use calculations and sensitivity to changes in assumptions The main assumptions on which the forecast cash flows used for the CGUs were based include: \u2022 Consumer demand \u2013 management considered historic performance both pre-pandemic (year ending 30 September 2019) and during the pandemic (years ending 30 September 2020 and 2021) as well as the size of the market, current market share, competitive pressure, consumer confidence and appetite under the cost of living crisis. The Directors have used their past experience of the business and its industry, together with their expectations of the market. \u2022 Impact of new marketing and planned improvements on booking conversion \u2013 whilst the spend on incentives and improvements is within the Group\u2019s control, the impact on increasing bookings requires assessment of consumer demand and competitive pressures using industry and market knowledge. The calculation of value in use for all CGUs is most sensitive to the following assumptions: \u2022 Revenue: the level of sales is based on expected customer demand, average booking values and booking conversion however a material deterioration in consumers can lead to reduced demand for holidays as well as disruption to its operations from unpredictable domestic and international events which can significantly impact the level of sales. A decrease in bookings of 20% for each CGU would not result in an impairment. \u2022 Discount rates: discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital ('WACC'). A rise in the discount rate to 14.8% for all CGUs would not result in an impairment, and is considered to be implausible. \u2022 Growth rates used to extrapolate cash flows beyond the forecast period: the Group operates in a fast-moving marketplace so management recognises that the speed of technological change and the possibility of new entrants can have a significant impact on growth rate assumptions. A reduction in long-term growth rates by 10ppts for each CGU would not result in an impairment, and is not considered plausible. Sensitivity analysis has been completed in isolation and in combination. Management considers that no reasonably possible changes in assumptions would reduce a CGU\u2019s headroom to nil. Impact of changes in customer behaviour The Group does not consider that any CGU has been automatically impaired as a result of either the rising cost of living or changes in customer behaviour in respect of climate related matters, with booking volumes increasing for the year ending 30 September in comparison to the prior year. All CGUs remain viable long term trade and assets, which the Group expects to continue to generate positive cashflows. Inherent in the impairment test and sensitivity analysis is the impact of customer demand being affected by either of these factors. The Group is satisfied that sufficient headroom exists to support the asset value. Website and development costs The Group capitalises development projects where they satisfy the requirements for capitalisation in accordance with the IAS 38 and expense projects that relate to ongoing maintenance and support. Capitalised development costs are not treated as a realised loss for the purpose of determining the Company\u2019s distributable profits as the costs meet the conditions requiring them to be treated as an asset in accordance with IAS 38. Additions in the year relate to the development of software and the purchase of domain names. The amortisation period for website and development costs is three years straight line. Domain names are amortised over ten years. Amortisation has been recognised within operating expenses. Research and development costs that are not eligible for capitalisation have been recognised in administrative expenses in the period incurred; in 2024 this was \u00a31.0m (2023: \u00a30.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-313": { "value": "12 Intangible assets
Website &
development Website Customer Agent
Brand Goodwill costs technology relationships relationships Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2022
35.9
40.2
31.2
22.8
2.1
4.4
136.6
Additions
\u2013
\u2013
12.0
\u2013
\u2013
\u2013
12.0
Disposals
\u2013
\u2013
(0.5)
\u2013
\u2013
\u2013
(0.5)
At 30 September 2023
35.9
40.2
42.7
22.8
2.1
4.4
148.1
Additions
\u2013
\u2013
10.3
\u2013
\u2013
\u2013
10.3
Disposals
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment (note 10) (4.6) (4.6)
At 30 September 2024
35.9
35.6
52.6
22.8
2.1
4.4
153.4
Accumulated amortisation
At 1 October 2022
19.9
\u2013
18.6
20.8
1.7
1.3
62.3
Charge for the year
2.5
\u2013
7.4
2.0
0.4
0.3
12.6
Disposals
\u2013
\u2013
(0.5)
\u2013
\u2013
\u2013
(0.5)
At 30 September 2023
22.4
\u2013
25.5
22.8
2.1
1.6
74.4
Charge for the year
2.5
\u2013
10.2
\u2013
\u2013
0.3
13.0
Disposals
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
At 30 September 2024
24.9
\u2013
35.5
22.8
2.1
1.9
87.2
Net book amount
At 30 September 2024
11.0
35.6
17.1
\u2013
\u2013
2.5
66.2
At 30 September 2023
13.5
40.2
17.2
\u2013
\u2013
2.8
73.7
Brand The brand intangibles assets consist of three brands which were separately identified as intangibles on the acquisition of the respective businesses. The carrying amount of the brand intangible assets:
At At
30 September 30 September
Remaining useful 2024 2023
Brand economic life Acquisitions \u00a3m \u00a3m
On the Beach 4
On the Beach Travel Limited
7.9
10.0
Sunshine.co.uk 4
Sunshine.co.uk Limited
0.5
0.6
Classic Collection 9
Classic Collection Holidays Limited
2.6
2.9
11.0
13.5
Key assumptions used in value in use calculations and sensitivity to changes in assumptions The main assumptions on which the forecast cash flows used for the CGUs were based include: \u2022 Consumer demand \u2013 management considered historic performance both pre-pandemic (year ending 30 September 2019) and during the pandemic (years ending 30 September 2020 and 2021) as well as the size of the market, current market share, competitive pressure, consumer confidence and appetite under the cost of living crisis. The Directors have used their past experience of the business and its industry, together with their expectations of the market. \u2022 Impact of new marketing and planned improvements on booking conversion \u2013 whilst the spend on incentives and improvements is within the Group\u2019s control, the impact on increasing bookings requires assessment of consumer demand and competitive pressures using industry and market knowledge. The calculation of value in use for all CGUs is most sensitive to the following assumptions: \u2022 Revenue: the level of sales is based on expected customer demand, average booking values and booking conversion however a material deterioration in consumers can lead to reduced demand for holidays as well as disruption to its operations from unpredictable domestic and international events which can significantly impact the level of sales. A decrease in bookings of 20% for each CGU would not result in an impairment. \u2022 Discount rates: discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital ('WACC'). A rise in the discount rate to 14.8% for all CGUs would not result in an impairment, and is considered to be implausible. \u2022 Growth rates used to extrapolate cash flows beyond the forecast period: the Group operates in a fast-moving marketplace so management recognises that the speed of technological change and the possibility of new entrants can have a significant impact on growth rate assumptions. A reduction in long-term growth rates by 10ppts for each CGU would not result in an impairment, and is not considered plausible. Sensitivity analysis has been completed in isolation and in combination. Management considers that no reasonably possible changes in assumptions would reduce a CGU\u2019s headroom to nil. Impact of changes in customer behaviour The Group does not consider that any CGU has been automatically impaired as a result of either the rising cost of living or changes in customer behaviour in respect of climate related matters, with booking volumes increasing for the year ending 30 September in comparison to the prior year. All CGUs remain viable long term trade and assets, which the Group expects to continue to generate positive cashflows. Inherent in the impairment test and sensitivity analysis is the impact of customer demand being affected by either of these factors. The Group is satisfied that sufficient headroom exists to support the asset value. Website and development costs The Group capitalises development projects where they satisfy the requirements for capitalisation in accordance with the IAS 38 and expense projects that relate to ongoing maintenance and support. Capitalised development costs are not treated as a realised loss for the purpose of determining the Company\u2019s distributable profits as the costs meet the conditions requiring them to be treated as an asset in accordance with IAS 38. Additions in the year relate to the development of software and the purchase of domain names. The amortisation period for website and development costs is three years straight line. Domain names are amortised over ten years. Amortisation has been recognised within operating expenses. Research and development costs that are not eligible for capitalisation have been recognised in administrative expenses in the period incurred; in 2024 this was \u00a31.0m (2023: \u00a30.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-348": { "value": "Impairment of goodwill On the Beach and Sunshine are considered to be one reportable segment, as they are internally reported and managed as one entity. Goodwill acquired through Sunshine.co.uk has been allocated to the \u201cOTB\u201d cash generating unit. Goodwill acquired through the acquisition of Classic Collection Holidays Limited that is associated with the continuing operations has been allocated to the \u201cClassic Collection\u201d cash generating unit, the goodwill that arose and was apportioned to the operations that have been discontinued in the year has been considered to be impaired (see note 10 for further details on discontinued operations). Management have determined that the brand, agent and customer relationships remain in use following the rebrand of Classic Package Holidays to \u201cClassic Collection\u201d. The Group has recognised an impairment to the goodwill for the discontinued operations of \u00a34.6m for the year ending 30 September 2024 (2023: \u00a3nil). The group believes that the recoverable amount for the CGU has been estimated to be \u00a3nil due to the cessation of operations. \u201cOTB\u201d CGU The Group performed its annual impairment test as at 30 September 2024 on the \u201cOTB\u201d cash generating unit ('CGU'). The recoverable amount of the CGU has been determined based on the value in use calculations using cash flow projections derived from financial budgets and projections covering a five-year period. The forecasts are then extrapolated in perpetuity based on an estimated growth rate of 2 percent (2023: 2 percent), this being the Directors\u2019 best estimate of the future prospects of the business. This is deemed appropriate because the CGU is considered to be a long-term business. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to this CGU. The discount rate applied is 13.5 percent (2023: 14.6 percent). \u201cClassic Collection\u201d CGU The Group performed its annual impairment test as at 30 September 2024 on the \u201cClassic Collection\u201d cash generating unit ('CGU'). The recoverable amount of the CGU has been determined based on the value in use calculations using cash flow projections derived from financial budgets and projections covering a five-year period. The forecasts are then extrapolated in perpetuity based on an estimated growth rate of 2 percent (2023: 2 percent). This is deemed appropriate based on the Directors\u2019 best estimate of the future prospects of the business. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGU. The discount rate applied is 13.5 percent (2023: 14.6 percent). In the year, Classic Collection Holidays discontinued its website, vacated the property used for operations, and made a number of redundancies transferring all remaining assets to Classic Package Holidays (see note 10). Upon transfer, operations have been streamlined for Classic Collection Holidays and Classic Package Holidays to operate under a single CGU, \u201cClassic Collection\u201d. As a result of this, the goodwill on acquisition of Classic Collection Holidays is now impaired, as there are no expected future cashflows. However, Classic Collection will continue to utilise the brand and relationships intangibles following the transfer, and these are not believed to be impaired following management\u2019s review. Administrative expenses are dependent upon the net costs to the business of purchasing services. Expenses are based on the current cost base of the Group adjusted for variable costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-349": { "value": "Website and development costs The Group capitalises development projects where they satisfy the requirements for capitalisation in accordance with the IAS 38 and expense projects that relate to ongoing maintenance and support. Capitalised development costs are not treated as a realised loss for the purpose of determining the Company\u2019s distributable profits as the costs meet the conditions requiring them to be treated as an asset in accordance with IAS 38. Additions in the year relate to the development of software and the purchase of domain names. The amortisation period for website and development costs is three years straight line. Domain names are amortised over ten years. Amortisation has been recognised within operating expenses. Research and development costs that are not eligible for capitalisation have been recognised in administrative expenses in the period incurred; in 2024 this was \u00a31.0m (2023: \u00a30.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-276": { "value": "
13 Property, plant and equipment
Right-of-use asset
(note 17)
Fixtures, fittings IT
Freehold property* and equipment Head office equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 October 2022
2.3
7.4
3.6
1.5
14.8
Additions
\u2013
0.1
\u2013
1.0
1.1
Disposals
\u2013
(1.4)
\u2013
\u2013
(1.4)
Modification of lease
\u2013
\u2013
0.9
\u2013
0.9
At 1 October 2023
2.3
6.1
4.5
2.5
15.4
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
(0.8)
\u2013
\u2013
(0.8)
Assets held for sale
(2.3)
\u2013
\u2013
\u2013
(2.3)
At 30 September 2024
\u2013
5.3
4.5
2.5
12.3
Accumulated depreciation
At 1 October 2022
0.2
3.8
1.5
0.2
5.7
Charge for the year
0.1
1.2
0.5
0.9
2.7
Disposals
\u2013
(1.3)
\u2013
\u2013
(1.3)
At 1 October 2023
0.3
3.7
2.0
1.1
7.1
Charge for the year
\u2013
0.7
0.5
0.9
2.1
Disposals
\u2013
(0.2)
\u2013
\u2013
(0.2)
Assets held for sale
(0.3)
\u2013
\u2013
\u2013
(0.3)
At 30 September 2024
\u2013
4.2
2.5
2.0
8.7
Net book amount
At 30 September 2024
\u2013
1.1
2.0
0.5
3.6
At 30 September 2023
2.0
2.4
2.5
1.4
8.3
The depreciation expense of \u00a32.1m for the year ended 30 September 2024 and the depreciation expense of \u00a32.7m for the year
ended 30 September 2023 have been recognised within administrative expenses.
* In the year, Classic Collection Holdings Limited discontinued its website, vacated the property used for operations, and made a number of redundancies,
transferring all remaining assets to Classic Package Holidays Limited. Included within this is the freehold property owned by CCH, which has now been made
available for sale following the transfer of assets. Any gains or losses on sale will be recognised through the income statement. There is no impairment recognised
to date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-277": { "value": "
14 Investments
The Parent Company, On the Beach Group plc, is incorporated in the UK and directly holds a number of subsidiaries.
The registered address for each subsidiary is Aeroworks, 5 Adair Street, Manchester, M1 2NQ.
The table below shows details of the wholly owned subsidiaries of the Group.
Proportion of Ordinary
Subsidiary
Nature of business
Shares held by the Group
On the Beach Topco Limited*
Holding Company
100%
On the Beach Limited
Internet travel agent
100%
On the Beach Beds Limited
In-house bedbank
100%
On the Beach Bid Co Limited*
Holding Company
100%
On the Beach Travel Limited
Holding Company
100%
On the Beach Trustees Limited
Employee trust
100%
Sunshine.co.uk Limited
Internet travel agent
100%
Sunshine Abroad Limited
Dormant
100%
Classic Collection Holidays Limited**
Tour Operator
100%
Classic Collection Aviation Limited
Transport Broker
100%
Saxon House Properties Limited
Property Management
100%
Classic Collection Holdings Limited**
Travel agent
100%
* The Group undertook a project to simplify the Group structure; on 30 September 2022 On the Beach Topco Limited and On the Beach Bidco were placed into
Members Voluntary Liquidation. The Group chose to simply the Group structure to reduce duplication of processes, reduce complexity of the structure without
affecting the control of the Group\u2019s assets and reduce additional costs associated with the subsidiaries.
** In the year, Classic Collection Holdings Limited discontinued its website, vacated the property used for operations, and made a number of redundancies,
transferring all remaining assets to Classic Package Holidays Limited. Classic Package Holidays Limited is still considered to be a single CGU following this
transfer. Classic Package Holidays Limited was renamed as Classic Collection Holdings Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-350": { "value": "14 Investments The Parent Company, On the Beach Group plc, is incorporated in the UK and directly holds a number of subsidiaries. The registered address for each subsidiary is Aeroworks, 5 Adair Street, Manchester, M1 2NQ. The table below shows details of the wholly owned subsidiaries of the Group.
Proportion of Ordinary
Subsidiary
Nature of business
Shares held by the Group
On the Beach Topco Limited*
Holding Company
100%
On the Beach Limited
Internet travel agent
100%
On the Beach Beds Limited
In-house bedbank
100%
On the Beach Bid Co Limited*
Holding Company
100%
On the Beach Travel Limited
Holding Company
100%
On the Beach Trustees Limited
Employee trust
100%
Sunshine.co.uk Limited
Internet travel agent
100%
Sunshine Abroad Limited
Dormant
100%
Classic Collection Holidays Limited**
Tour Operator
100%
Classic Collection Aviation Limited
Transport Broker
100%
Saxon House Properties Limited
Property Management
100%
Classic Collection Holdings Limited**
Travel agent
100%
* The Group undertook a project to simplify the Group structure; on 30 September 2022 On the Beach Topco Limited and On the Beach Bidco were placed into Members Voluntary Liquidation. The Group chose to simply the Group structure to reduce duplication of processes, reduce complexity of the structure without affecting the control of the Group\u2019s assets and reduce additional costs associated with the subsidiaries. ** In the year, Classic Collection Holdings Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays Limited. Classic Package Holidays Limited is still considered to be a single CGU following this transfer. Classic Package Holidays Limited was renamed as Classic Collection Holdings Limited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-335": { "value": "14 Investments The Parent Company, On the Beach Group plc, is incorporated in the UK and directly holds a number of subsidiaries. The registered address for each subsidiary is Aeroworks, 5 Adair Street, Manchester, M1 2NQ. The table below shows details of the wholly owned subsidiaries of the Group.
Proportion of Ordinary
Subsidiary
Nature of business
Shares held by the Group
On the Beach Topco Limited*
Holding Company
100%
On the Beach Limited
Internet travel agent
100%
On the Beach Beds Limited
In-house bedbank
100%
On the Beach Bid Co Limited*
Holding Company
100%
On the Beach Travel Limited
Holding Company
100%
On the Beach Trustees Limited
Employee trust
100%
Sunshine.co.uk Limited
Internet travel agent
100%
Sunshine Abroad Limited
Dormant
100%
Classic Collection Holidays Limited**
Tour Operator
100%
Classic Collection Aviation Limited
Transport Broker
100%
Saxon House Properties Limited
Property Management
100%
Classic Collection Holdings Limited**
Travel agent
100%
* The Group undertook a project to simplify the Group structure; on 30 September 2022 On the Beach Topco Limited and On the Beach Bidco were placed into Members Voluntary Liquidation. The Group chose to simply the Group structure to reduce duplication of processes, reduce complexity of the structure without affecting the control of the Group\u2019s assets and reduce additional costs associated with the subsidiaries. ** In the year, Classic Collection Holdings Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays Limited. Classic Package Holidays Limited is still considered to be a single CGU following this transfer. Classic Package Holidays Limited was renamed as Classic Collection Holdings Limited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-314": { "value": "14 Investments The Parent Company, On the Beach Group plc, is incorporated in the UK and directly holds a number of subsidiaries. The registered address for each subsidiary is Aeroworks, 5 Adair Street, Manchester, M1 2NQ. The table below shows details of the wholly owned subsidiaries of the Group.
Proportion of Ordinary
Subsidiary
Nature of business
Shares held by the Group
On the Beach Topco Limited*
Holding Company
100%
On the Beach Limited
Internet travel agent
100%
On the Beach Beds Limited
In-house bedbank
100%
On the Beach Bid Co Limited*
Holding Company
100%
On the Beach Travel Limited
Holding Company
100%
On the Beach Trustees Limited
Employee trust
100%
Sunshine.co.uk Limited
Internet travel agent
100%
Sunshine Abroad Limited
Dormant
100%
Classic Collection Holidays Limited**
Tour Operator
100%
Classic Collection Aviation Limited
Transport Broker
100%
Saxon House Properties Limited
Property Management
100%
Classic Collection Holdings Limited**
Travel agent
100%
* The Group undertook a project to simplify the Group structure; on 30 September 2022 On the Beach Topco Limited and On the Beach Bidco were placed into Members Voluntary Liquidation. The Group chose to simply the Group structure to reduce duplication of processes, reduce complexity of the structure without affecting the control of the Group\u2019s assets and reduce additional costs associated with the subsidiaries. ** In the year, Classic Collection Holdings Limited discontinued its website, vacated the property used for operations, and made a number of redundancies, transferring all remaining assets to Classic Package Holidays Limited. Classic Package Holidays Limited is still considered to be a single CGU following this transfer. Classic Package Holidays Limited was renamed as Classic Collection Holdings Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-278": { "value": "
15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Amounts falling due within one year:
Trade receivables \u2013 net
162.8
147.4
Other receivables and prepayments
23.1
15.5
Other taxes and social security
2.5
2.4
188.4
165.3
For the year ended 30 September 2024, other receivables and prepayments includes \u00a35.4m in respect of amounts due from
airlines as a result of cancellations, \u00a34.2m of advanced payments to suppliers, \u00a36.3m of overrides commissions and \u00a34.5m of
rebates due from suppliers. The expected credit losses in respect to these balances is not material.
For the year ended 30 September 2023 , other receivables includes \u00a31.2m receivable in respect of amounts due from airlines as
a result of supplier cancellations. Other receivables and prepayments includes \u00a37.4m of advanced payments to suppliers, and
\u00a36.0m of rebates due from suppliers. The expected credit losses in respect to these balances is not material.
Expected credit losses for trade receivables
Set out below is the movement in the allowance for expected credit losses of trade receivables:
2024 2023
\u00a3m \u00a3m
At 1 October 1.0 0.5
Provision for expected credit losses
1.7
2.0
Utilised in year
(1.5)
(1.5)
At 30 September
1.2
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-351": { "value": "15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Amounts falling due within one year:
Trade receivables \u2013 net
162.8
147.4
Other receivables and prepayments
23.1
15.5
Other taxes and social security
2.5
2.4
188.4
165.3
For the year ended 30 September 2024, other receivables and prepayments includes \u00a35.4m in respect of amounts due from airlines as a result of cancellations, \u00a34.2m of advanced payments to suppliers, \u00a36.3m of overrides commissions and \u00a34.5m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. For the year ended 30 September 2023 , other receivables includes \u00a31.2m receivable in respect of amounts due from airlines as a result of supplier cancellations. Other receivables and prepayments includes \u00a37.4m of advanced payments to suppliers, and \u00a36.0m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. Expected credit losses for trade receivables Set out below is the movement in the allowance for expected credit losses of trade receivables:
2024 2023
\u00a3m \u00a3m
At 1 October 1.0 0.5
Provision for expected credit losses
1.7
2.0
Utilised in year
(1.5)
(1.5)
At 30 September
1.2
1.0
20 Deferred tax
Property, Losses and
Intangible plant and Share-based unused tax Tax assets/
assets equipment payments relief (liabilities)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Assets
\u2013
0.2
0.8
1.9
2.9
Liabilities
(3.3)
\u2013
\u2013
\u2013
(3.3)
Total
(3.3)
0.2
0.8
1.9
(0.4)
2023
Assets
\u2013
\u2013
0.4
6.3
6.7
Liabilities
(4.0)
(0.1)
\u2013
\u2013
(4.1)
Total
(4.0)
(0.1)
0.4
6.3
2.6
Losses and
Intangible Capital Acquired Share-based unused tax
assets allowances property payments relief Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2022
(5.2)
(0.1)
(0.2)
0.7
8.2
3.4
Recognised in income
1.2
0.2
\u2013
(0.3)
(1.9)
(0.8)
Recognised in equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
30 September 2023
(4.0)
0.1
(0.2)
0.4
6.3
2.6
Recognised in income
0.7
0.1
0.2
0.3
(4.4)
(3.1)
Recognised in equity
\u2013
\u2013
\u2013
0.1
\u2013
0.1
30 September 2024
(3.3)
0.2
\u2013
0.8
1.9
(0.4)
The deferred tax liability includes an amount of \u00a31.9m (2023: \u00a36.3m) which relates to carried forward tax losses. Deferred tax assets are recognised for tax losses carried forward only to the extent that realisation of the related tax benefit is probable, deferred tax assets are reviewed at each reporting date to assess the availability of sufficient taxable temporary differences and the probability that sufficient taxable profit will be available to allow all or part of deferred tax asset to be utilised. The Group determined that there would be sufficient taxable income generated to realise the benefit of the deferred tax assets and no reasonably possible change to key assumptions would result in a material reduction in forecast headroom of tax profits. In determining the recognition of deferred tax assets arising from the carry forward of unused tax losses, the Group considered the following: \u2022 The Group considered the location of the taxable entities, and the loss making companies were all located in the United Kingdom; for a full list of subsidiaries see note 14. \u2022 The Group has considered the approved budgeted information covering a five-year period that is consistent with the forecasts used for the Group\u2019s review of impairment, going concern and viability assessments. For details of the assumptions used and sensitivity analysis performed for the forecasts, see note 2b. Whilst the forecasts include inherent estimation uncertainty, the Group determined that there would be sufficient taxable income generated to realise the benefit of the deferred tax assets and no reasonably possible change to key assumptions would result in a material reduction in forecast headroom of tax profits. On this basis the Group concluded that there is not a significant risk of a material adjustment to the carrying amount of the deferred tax asset. \u2022 The Group has \u00a30.2m that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as they may not be used to offset taxable profits elsewhere in the Group, they have arisen in subsidiaries that have been loss-making for some time, and there are no other tax planning opportunities or other evidence of recoverability in the near future.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-336": { "value": "15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Amounts falling due within one year:
Trade receivables \u2013 net
162.8
147.4
Other receivables and prepayments
23.1
15.5
Other taxes and social security
2.5
2.4
188.4
165.3
For the year ended 30 September 2024, other receivables and prepayments includes \u00a35.4m in respect of amounts due from airlines as a result of cancellations, \u00a34.2m of advanced payments to suppliers, \u00a36.3m of overrides commissions and \u00a34.5m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. For the year ended 30 September 2023 , other receivables includes \u00a31.2m receivable in respect of amounts due from airlines as a result of supplier cancellations. Other receivables and prepayments includes \u00a37.4m of advanced payments to suppliers, and \u00a36.0m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. Expected credit losses for trade receivables Set out below is the movement in the allowance for expected credit losses of trade receivables:
2024 2023
\u00a3m \u00a3m
At 1 October 1.0 0.5
Provision for expected credit losses
1.7
2.0
Utilised in year
(1.5)
(1.5)
At 30 September
1.2
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-315": { "value": "15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Amounts falling due within one year:
Trade receivables \u2013 net
162.8
147.4
Other receivables and prepayments
23.1
15.5
Other taxes and social security
2.5
2.4
188.4
165.3
For the year ended 30 September 2024, other receivables and prepayments includes \u00a35.4m in respect of amounts due from airlines as a result of cancellations, \u00a34.2m of advanced payments to suppliers, \u00a36.3m of overrides commissions and \u00a34.5m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. For the year ended 30 September 2023 , other receivables includes \u00a31.2m receivable in respect of amounts due from airlines as a result of supplier cancellations. Other receivables and prepayments includes \u00a37.4m of advanced payments to suppliers, and \u00a36.0m of rebates due from suppliers. The expected credit losses in respect to these balances is not material. Expected credit losses for trade receivables Set out below is the movement in the allowance for expected credit losses of trade receivables:
2024 2023
\u00a3m \u00a3m
At 1 October 1.0 0.5
Provision for expected credit losses
1.7
2.0
Utilised in year
(1.5)
(1.5)
At 30 September
1.2
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-279": { "value": "
16 Trust account
Trust accounts are restricted cash held separately and only accessible once the Trust rules are met as approved by our Trustees
and the Civil Aviation Authority, this is at the point the customer has travelled or the booking is cancelled and refunded.
For the year ended 30 September 2024, the Trust account is split between current and non-current assets. The split is achieved
by recognising the earliest point that the cash can be recognised, as either the point of the customer travelling, or the cash is
reclaimable under trust rules. Therefore, the non-current assets include cash received relating to bookings not yet travelled/not
yet reclaimable, that are due to return from holiday beyond 30 September 2025.
", "dimensions": { "concept": "onthebeachgroupplc:DisclosureOfTrustAccount", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-280": { "value": "
17 Trade, other payables and provisions
2024 2023
\u00a3m \u00a3m
Non-current
Lease liabilities (note 18)
2.1
2.6
Current
Trade payables
281.0
236.4
Accruals and other payables
22.3
17.0
Contract liabilities
0.3
5.9
Lease liabilities (note 18)
0.7
1.9
Provision
0.4
0.4
306.8
264.2
Accruals and other payables includes \u00a313.2m (2023: \u00a38.6m) for products or services received but not yet invoiced at the
year end date.
Contract balances
The Group acts as principal when it is the primary party responsible for providing the components that make up the customer\u2019s
booking and it controls the components before transferring to the customer. Revenue represents amounts received or receivable
for the sale of package holidays and other services supplied to the customers. Revenue is recognised when the performance
obligation of delivering an integrated package holiday is satisfied, usually over the duration of the holiday. Revenue is stated net
of discounts, rebates, refunds and value added tax.
A contract liability is recognised if a payment is received from a customer before the Group delivers its performance obligations.
Contract liabilities are recognised as revenue when the Group delivers its performance obligations.
Set below is the amount of revenue recognised from:
2024 2023
\u00a3m \u00a3m
Amounts included in contract liabilities at the beginning of the year
5.8
6.6
Performance obligations satisfied during previous years
1.0
0.9
Provisions
2024 2023
\u00a3m \u00a3m
At 1 October 2023
0.4
0.3
Arising during the year
0.4
0.4
Utilised
(0.3)
(0.3)
Unused amounts reversed
(0.1)
\u2013
At 30 September 2024
0.4
0.4
Current
0.4
0.4
Non-current
\u2013
\u2013
Cancellations
A provision has been recognised in respect of expected future cancellations for supplier and customer cancellations on the
forward order book for future departures. The Group expect this provision to be utilised over the next year. The provision
is based on historical trends and best estimate of future expectation, there is inherent uncertainty in terms of the level and
timing of future cancellations, which will depend on various factors including potential supplier disruption and customer
requested cancellations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-355": { "value": "17 Trade, other payables and provisions
2024 2023
\u00a3m \u00a3m
Non-current
Lease liabilities (note 18)
2.1
2.6
Current
Trade payables
281.0
236.4
Accruals and other payables
22.3
17.0
Contract liabilities
0.3
5.9
Lease liabilities (note 18)
0.7
1.9
Provision
0.4
0.4
306.8
264.2
Accruals and other payables includes \u00a313.2m (2023: \u00a38.6m) for products or services received but not yet invoiced at the year end date. Contract balances The Group acts as principal when it is the primary party responsible for providing the components that make up the customer\u2019s booking and it controls the components before transferring to the customer. Revenue represents amounts received or receivable for the sale of package holidays and other services supplied to the customers. Revenue is recognised when the performance obligation of delivering an integrated package holiday is satisfied, usually over the duration of the holiday. Revenue is stated net of discounts, rebates, refunds and value added tax. A contract liability is recognised if a payment is received from a customer before the Group delivers its performance obligations. Contract liabilities are recognised as revenue when the Group delivers its performance obligations. Set below is the amount of revenue recognised from:
2024 2023
\u00a3m \u00a3m
Amounts included in contract liabilities at the beginning of the year
5.8
6.6
Performance obligations satisfied during previous years
1.0
0.9
Provisions
2024 2023
\u00a3m \u00a3m
At 1 October 2023
0.4
0.3
Arising during the year
0.4
0.4
Utilised
(0.3)
(0.3)
Unused amounts reversed
(0.1)
\u2013
At 30 September 2024
0.4
0.4
Current
0.4
0.4
Non-current
\u2013
\u2013
Cancellations A provision has been recognised in respect of expected future cancellations for supplier and customer cancellations on the forward order book for future departures. The Group expect this provision to be utilised over the next year. The provision is based on historical trends and best estimate of future expectation, there is inherent uncertainty in terms of the level and timing of future cancellations, which will depend on various factors including potential supplier disruption and customer requested cancellations. 20 Deferred tax
Property, Losses and
Intangible plant and Share-based unused tax Tax assets/
assets equipment payments relief (liabilities)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Assets
\u2013
0.2
0.8
1.9
2.9
Liabilities
(3.3)
\u2013
\u2013
\u2013
(3.3)
Total
(3.3)
0.2
0.8
1.9
(0.4)
2023
Assets
\u2013
\u2013
0.4
6.3
6.7
Liabilities
(4.0)
(0.1)
\u2013
\u2013
(4.1)
Total
(4.0)
(0.1)
0.4
6.3
2.6
Losses and
Intangible Capital Acquired Share-based unused tax
assets allowances property payments relief Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2022
(5.2)
(0.1)
(0.2)
0.7
8.2
3.4
Recognised in income
1.2
0.2
\u2013
(0.3)
(1.9)
(0.8)
Recognised in equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
30 September 2023
(4.0)
0.1
(0.2)
0.4
6.3
2.6
Recognised in income
0.7
0.1
0.2
0.3
(4.4)
(3.1)
Recognised in equity
\u2013
\u2013
\u2013
0.1
\u2013
0.1
30 September 2024
(3.3)
0.2
\u2013
0.8
1.9
(0.4)
The deferred tax liability includes an amount of \u00a31.9m (2023: \u00a36.3m) which relates to carried forward tax losses. Deferred tax assets are recognised for tax losses carried forward only to the extent that realisation of the related tax benefit is probable, deferred tax assets are reviewed at each reporting date to assess the availability of sufficient taxable temporary differences and the probability that sufficient taxable profit will be available to allow all or part of deferred tax asset to be utilised. The Group determined that there would be sufficient taxable income generated to realise the benefit of the deferred tax assets and no reasonably possible change to key assumptions would result in a material reduction in forecast headroom of tax profits. In determining the recognition of deferred tax assets arising from the carry forward of unused tax losses, the Group considered the following: \u2022 The Group considered the location of the taxable entities, and the loss making companies were all located in the United Kingdom; for a full list of subsidiaries see note 14. \u2022 The Group has considered the approved budgeted information covering a five-year period that is consistent with the forecasts used for the Group\u2019s review of impairment, going concern and viability assessments. For details of the assumptions used and sensitivity analysis performed for the forecasts, see note 2b. Whilst the forecasts include inherent estimation uncertainty, the Group determined that there would be sufficient taxable income generated to realise the benefit of the deferred tax assets and no reasonably possible change to key assumptions would result in a material reduction in forecast headroom of tax profits. On this basis the Group concluded that there is not a significant risk of a material adjustment to the carrying amount of the deferred tax asset. \u2022 The Group has \u00a30.2m that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as they may not be used to offset taxable profits elsewhere in the Group, they have arisen in subsidiaries that have been loss-making for some time, and there are no other tax planning opportunities or other evidence of recoverability in the near future.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-352": { "value": "17 Trade, other payables and provisions
2024 2023
\u00a3m \u00a3m
Non-current
Lease liabilities (note 18)
2.1
2.6
Current
Trade payables
281.0
236.4
Accruals and other payables
22.3
17.0
Contract liabilities
0.3
5.9
Lease liabilities (note 18)
0.7
1.9
Provision
0.4
0.4
306.8
264.2
Accruals and other payables includes \u00a313.2m (2023: \u00a38.6m) for products or services received but not yet invoiced at the year end date. Contract balances The Group acts as principal when it is the primary party responsible for providing the components that make up the customer\u2019s booking and it controls the components before transferring to the customer. Revenue represents amounts received or receivable for the sale of package holidays and other services supplied to the customers. Revenue is recognised when the performance obligation of delivering an integrated package holiday is satisfied, usually over the duration of the holiday. Revenue is stated net of discounts, rebates, refunds and value added tax. A contract liability is recognised if a payment is received from a customer before the Group delivers its performance obligations. Contract liabilities are recognised as revenue when the Group delivers its performance obligations. Set below is the amount of revenue recognised from:
2024 2023
\u00a3m \u00a3m
Amounts included in contract liabilities at the beginning of the year
5.8
6.6
Performance obligations satisfied during previous years
1.0
0.9
Provisions
2024 2023
\u00a3m \u00a3m
At 1 October 2023
0.4
0.3
Arising during the year
0.4
0.4
Utilised
(0.3)
(0.3)
Unused amounts reversed
(0.1)
\u2013
At 30 September 2024
0.4
0.4
Current
0.4
0.4
Non-current
\u2013
\u2013
Cancellations A provision has been recognised in respect of expected future cancellations for supplier and customer cancellations on the forward order book for future departures. The Group expect this provision to be utilised over the next year. The provision is based on historical trends and best estimate of future expectation, there is inherent uncertainty in terms of the level and timing of future cancellations, which will depend on various factors including potential supplier disruption and customer requested cancellations. b) Contingencies In September 2010, proceedings were initiated against On the Beach Limited by Ryanair alleging infringement of, inter alia, its intellectual property rights. The amount of the claim is unquantified. In February 2024, On the Beach entered into a partnership with Ryanair and the legal proceedings in Ireland were placed on hold. On the Beach and Ryanair are working together to dispose of the proceedings permanently and an amicable resolution is expected in early 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-337": { "value": "17 Trade, other payables and provisions
2024 2023
\u00a3m \u00a3m
Non-current
Lease liabilities (note 18)
2.1
2.6
Current
Trade payables
281.0
236.4
Accruals and other payables
22.3
17.0
Contract liabilities
0.3
5.9
Lease liabilities (note 18)
0.7
1.9
Provision
0.4
0.4
306.8
264.2
Accruals and other payables includes \u00a313.2m (2023: \u00a38.6m) for products or services received but not yet invoiced at the year end date. Contract balances The Group acts as principal when it is the primary party responsible for providing the components that make up the customer\u2019s booking and it controls the components before transferring to the customer. Revenue represents amounts received or receivable for the sale of package holidays and other services supplied to the customers. Revenue is recognised when the performance obligation of delivering an integrated package holiday is satisfied, usually over the duration of the holiday. Revenue is stated net of discounts, rebates, refunds and value added tax. A contract liability is recognised if a payment is received from a customer before the Group delivers its performance obligations. Contract liabilities are recognised as revenue when the Group delivers its performance obligations. Set below is the amount of revenue recognised from:
2024 2023
\u00a3m \u00a3m
Amounts included in contract liabilities at the beginning of the year
5.8
6.6
Performance obligations satisfied during previous years
1.0
0.9
Provisions
2024 2023
\u00a3m \u00a3m
At 1 October 2023
0.4
0.3
Arising during the year
0.4
0.4
Utilised
(0.3)
(0.3)
Unused amounts reversed
(0.1)
\u2013
At 30 September 2024
0.4
0.4
Current
0.4
0.4
Non-current
\u2013
\u2013
Cancellations A provision has been recognised in respect of expected future cancellations for supplier and customer cancellations on the forward order book for future departures. The Group expect this provision to be utilised over the next year. The provision is based on historical trends and best estimate of future expectation, there is inherent uncertainty in terms of the level and timing of future cancellations, which will depend on various factors including potential supplier disruption and customer requested cancellations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-316": { "value": "17 Trade, other payables and provisions
2024 2023
\u00a3m \u00a3m
Non-current
Lease liabilities (note 18)
2.1
2.6
Current
Trade payables
281.0
236.4
Accruals and other payables
22.3
17.0
Contract liabilities
0.3
5.9
Lease liabilities (note 18)
0.7
1.9
Provision
0.4
0.4
306.8
264.2
Accruals and other payables includes \u00a313.2m (2023: \u00a38.6m) for products or services received but not yet invoiced at the year end date. Contract balances The Group acts as principal when it is the primary party responsible for providing the components that make up the customer\u2019s booking and it controls the components before transferring to the customer. Revenue represents amounts received or receivable for the sale of package holidays and other services supplied to the customers. Revenue is recognised when the performance obligation of delivering an integrated package holiday is satisfied, usually over the duration of the holiday. Revenue is stated net of discounts, rebates, refunds and value added tax. A contract liability is recognised if a payment is received from a customer before the Group delivers its performance obligations. Contract liabilities are recognised as revenue when the Group delivers its performance obligations. Set below is the amount of revenue recognised from:
2024 2023
\u00a3m \u00a3m
Amounts included in contract liabilities at the beginning of the year
5.8
6.6
Performance obligations satisfied during previous years
1.0
0.9
Provisions
2024 2023
\u00a3m \u00a3m
At 1 October 2023
0.4
0.3
Arising during the year
0.4
0.4
Utilised
(0.3)
(0.3)
Unused amounts reversed
(0.1)
\u2013
At 30 September 2024
0.4
0.4
Current
0.4
0.4
Non-current
\u2013
\u2013
Cancellations A provision has been recognised in respect of expected future cancellations for supplier and customer cancellations on the forward order book for future departures. The Group expect this provision to be utilised over the next year. The provision is based on historical trends and best estimate of future expectation, there is inherent uncertainty in terms of the level and timing of future cancellations, which will depend on various factors including potential supplier disruption and customer requested cancellations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-281": { "value": "
18 Leases
The Group as a lessee
The Group has leases for its head office and IT equipment, the lease term for the building is ten years and lease terms for the IT
equipment are between three and five years. For the year ending 30 September 2023, the Group was subject to a rent review
for the lease of the building, which resulted in the revaluation of the lease liability and a corresponding increase in the right-of-
use asset. Each lease generally imposes a restriction that, unless there is a contractual right for the Group to sublet the asset to
another party, the right-of-use asset can only be used by the Group.
With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet
as a right-of-use asset and a lease liability. The Group classifies its right-of-use assets in a consistent manner to its property, plant
and equipment (see note 13).
Amounts recognised in profit or loss
The following lease-related expenses were recognised under IFRS 16 in the profit or loss:
2024 2023
\u00a3m \u00a3m
Depreciation expense of right-of-use assets
1.4
1.4
Interest expense on lease liabilities
0.1
0.2
Total amount recognised in profit or loss
1.5
1.6
Set out below are the carrying amounts of lease liabilities (included trade and other payables) and the movements during
the period:
2024 2023
\u00a3m \u00a3m
As at 1 October
4.5
3.9
Additions
\u2013
1.0
Accretion of interest
0.1
0.2
Payments
(1.8)
(1.5)
Modification of lease
\u2013
0.9
As at 30 September
2.8
4.5
Current (note 17)
0.7
1.9
Non-current (note 17)
2.1
2.6
The Group had total cash outflows for leases of \u00a31.8m in 2024 (\u00a31.5m in 2023). The above table satisfies the requirements of IAS
7.44A to present a net debt reconciliation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-282": { "value": "
19 Borrowings
Bank facility
On 7 December 2022, the Group refinanced its credit facilities with Lloyds Bank PLC and National Westminster Bank PLC. This
included cancelling its previous facility of \u00a350m and \u00a325m CIBILS facility with Lloyds Bank and entering into a new facility for
\u00a360m expiring in December 2025. The purpose of the facility is to meet the day to day working capital requirements of the Group.
At the point of refinancing there was no cash balances drawn down.
The facility agreement included the option for two one-year extensions, both of which have now been exercised. The revised
expiry date is therefore December 2027. In January 2024, the facility was increased by \u00a325m until July 2025. The additional
facility was required to fund higher than excepted funding of our low deposit offering.
The total facility is \u00a385m and has two elements as follows:
\u2022 \u00a342.5m facility with Lloyds
\u2022 \u00a342.5m facility with NatWest
The interest rate payable is equal to SONIA plus a margin. The margin contained within the facility is dependent on net leverage
ratio and the rate per annum ranges from 2.00% to 2.75% for the facility or any unpaid sum.
The terms of the facility include the following key financial covenants:
(i) that the ratio of adjusted EBITDA to net finance charges in respect of any relevant period shall not be less than 5:1; and
(ii) that the ratio of total net debt to adjusted EBITDA shall not exceed 2.5:1
The Group did not breach the covenants during the period.
The RCF is available for other credit uses including currency hedging liabilities and corporate credit cards. At 30 September
2024, the liabilities recognised in trade and other payables for the other credit uses was \u00a311m, leaving \u00a374m of the Lloyds/
Natwest facility available for use. Card facilities with other providers remain available for use. The amount drawn down in cash at
30 September 2024 was \u00a3nil (2023: \u00a3nil).
23 Financial instruments
Details of significant accounting policies and methods adopted, including criteria for recognition, the basis of measurement and
the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity
instrument are disclosed in the statement of accounting policies.
At the balance sheet date the Group held the following:
2024 2023
FV Level \u00a3m \u00a3m
Financial assets
Derivative financial assets designated as hedging instruments
Forward exchange contracts
2
\u2013
0.9
Financial assets at amortised cost
Trust account
139.5
108.6
Cash at bank
96.2
75.8
Trade and other receivables (note 15)
184.3
157.9
Total financial assets
420.0
343.2
Financial liabilities
Derivatives designated as hedging instruments
Forward exchange contracts
2
(5.2)
(1.1)
Interest rate swaps
(0.1)
\u2013
Financial liabilities at amortised cost
Trade and other payables (note 17)
(281.0)
(236.4)
Accruals and other payables (note 17) (22.3) (17.0)
Contract liabilities (note 17) (0.3) (5.9)
Lease liabilities (note 18) (2.8) (4.5)
Provisions
(0.4)
(0.4)
Total financial liabilities
(312.1)
(265.3)
Derivative financial instruments
The Group enters into derivative financial instruments with various financial institutions which are valued using present value
calculations. The valuation methods incorporate various inputs including the foreign exchange spot and forward rates, yield
curves of the respective currencies and currency basis spreads between the respective currencies, as well as SONIA and other
interest rates.
Revolving credit facility
In order to fund seasonal working capital requirements the Group has a revolving credit facility with Lloyds and NatWest Banks.
The borrowing limits under the facility is \u00a385m in aggregate, subject to covenant compliance; at year end the facility was \u00a3nil
(2023: \u00a3nil). For details of the revolving credit facility, see note 19.
The following table provides the fair values of the Group\u2019s financial assets and liabilities:
2024 2023
FV Level \u00a3m \u00a3m
Forward exchange contracts
2
(5.2)
(0.2)
2024 2023
FV Level \u00a3m \u00a3m
Interest rate swaps
2
(0.1)
\u2013
There is no difference between the carrying value and fair value of cash and cash equivalents, trade and other receivables, trade
and other payables and the revolving credit facility.
a) Measurement of fair values
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined
as follows:
(i) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
(ii) Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(ie, as prices) or indirectly (ie, derived from prices)
(iii) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m
Forward Contracts
As at 30 September 2024
\u2013
(5.2)
\u2013
As at 30 September 2023
\u2013
(0.2)
\u2013
Interest Rate Swaps
As at 30 September 2024
\u2013
(0.1)
\u2013
As at 30 September 2023
\u2013
\u2013
\u2013
The forward contracts have been fair valued at 30 September 2024 with reference to forward exchange rates that are quoted in
an active market, with the resulting value discounted back to present value.
Interest rate swaps have been fair valued at 30 September 2024, being compared to SONIA, quoted by the Bank of England.
The resulting value is discounted back to present value.
b) Financial risk management
The Group\u2019s principal financial liabilities, other than derivatives, comprise revolving credit facility, and trade and other payables.
The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include
trade receivables, and cash at bank that derive directly from its operations.
In the course of its business the Group is exposed to market risk (including foreign exchange risk and interest rate risk), credit risk,
liquidity risk and technology risk. The Group\u2019s overall risk management strategy is to minimise potential adverse effects on the
financial performance and net assets of the Group. These policies are set and reviewed by senior finance management and all
significant financing transactions are authorised by the Board of Directors.
c) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices.
The Group\u2019s key financial market risks are in relation to foreign currency rates. Foreign currency risk results from the substantial
cross-border element of the Group\u2019s trading and arises on sales and purchases that are denominated in a currency other than
the functional currency of the business. Group cash resources are matched with the net funding requirements sourced from three
sources namely internally generated funds, loan facilities and bank funding arrangements.
The foreign currency risk is managed at Group level by the purchase of foreign currency contracts for use as a commercial hedge.
During the course of the period there have been no changes to the market risk or manner in which the Group manages
its exposure. The Group is exposed to interest rate risk that arises principally through the Group\u2019s revolving credit facility.
Liquidity risk, credit risk and capital risk is considered below. The Executive team is responsible for implementing the risk
management strategy to ensure that appropriate risk management framework is operating effectively, embedding a risk
mitigation culture throughout the Group. The Board are provided with a consolidated view of the risk profile of the Group.
All major exposures are identified and mitigating controls identified and implemented. Regular management reporting and
assessment of the effectiveness of controls provide a balanced assessment of the key risks and the effectiveness of controls.
The Group does not speculate with derivatives or other financial instruments.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates is through the revolving credit facility
which is subject to fluctuations in SONIA, and interest receivable namely on the ring fenced Trust account due to restrictions on
funds. The interest rate swaps acquired are used to hedge this interest receivable risk and reduce the overall interest rate risk of
the revolving credit facility.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The majority of the Group\u2019s purchases are sourced from outside the United Kingdom and as such the Group is
exposed to the fluctuation in exchange rates (currencies are principally sterling, US dollar and euro). The Group places forward
cover on the net foreign currency exposure of its purchases. The Group foreign currency requirement is reviewed twice weekly
and forward cover is purchased to cover expected usage.
The carrying amount of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date
is as follows:
2024 2023
Euro \u20acm \u20acm
Cash
37.4
28.5
Trade payables
(240.6)
(195.6)
Trade receivables
0.6
2.8
Prepayments
1.3
\u2013
Forward exchange contracts
193.9
163.4
Balance sheet exposure
(7.4)
(0.9)
2024 2023
US dollar $m $m
Cash
3.4
2.0
Trade payables
(32.3)
(23.0)
Forward exchange contracts
27.3
21.4
Balance sheet exposure
(1.6)
0.4
2024 2023
Swedish krona Kr\u2019m Kr\u2019m
Cash
0.7
28.8
Trade payables
(9.7)
\u2013
Trade receivables
\u2013
1.0
Balance sheet exposure
(9.0)
29.8
2024 2023
Norwegian krona Kr\u2019m Kr\u2019m
Cash
0.2
2.1
Trade payables
(1.0)
\u2013
Balance sheet exposure
(0.8)
2.1
2024 2023
Moroccan dirham MAD\u2019m MAD\u2019m
Cash
6.2
1.8
Trade payables
(6.3)
\u2013
Forward exchange contracts
1.9
(3.5)
Balance sheet exposure
1.8
(1.7)
2024 2023
United Arab Emirates dirham AED\u2019m AED\u2019m
Trade payables
(1.0)
(0.1)
Balance sheet exposure
(1.0)
(0.1)
2024 2023
Swiss franc CHF\u2019m CHF\u2019m
Cash
0.1
0.1
Balance sheet exposure
0.1
0.1
2024 2023
Thai baht THB\u2019m THB\u2019m
Trade payables
(2.2)
\u2013
Balance sheet exposure
(2.2)
\u2013
2024 2023
Malaysian ringgit MYR\u2019m MYR\u2019m
Trade payables
(1.1)
\u2013
Balance sheet exposure
(1.1)
\u2013
2024 2023
South African rand ZAR\u2019m ZAR\u2019m
Trade payables
(0.7)
\u2013
Balance sheet exposure
(0.7)
\u2013
Foreign currency sensitivity
The following table details the Group sensitivity to a percentage change in pounds sterling against these currencies with regards to
equity. The sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on
a 10% change taking place at the beginning of the financial period and held constant throughout the reporting period:
2024 2023
\u00a3m \u00a3m
Euro
Weakening \u2013 10%
10.0
0.9
Strengthening \u2013 10%
(10.0)
(0.9)
US dollar
Weakening \u2013 10%
1.0
\u2013
Strengthening \u2013 10%
(1.0)
\u2013
Swedish krona
Weakening \u2013 10%
\u2013
0.2
Strengthening \u2013 10%
\u2013
(0.2)
The Group uses forward exchange contracts to hedge its foreign currency risk against sterling. The forward contracts have
maturities of less than one year after the balance sheet date. Hedge ineffectiveness can arise from differences in timing of cash
flows of the hedged item and hedging instrument, the counterparties\u2019 credit risk differently impacting the fair value movements
of the hedging instrument and hedged item.
As a matter of policy the Group does not enter into derivative contracts for speculative purposes. The details of such contracts
at the year end, by currency were:
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
EUR \u20acm \u00a3m \u00a3m \u20acm \u00a3m \u00a3m
30 September
Less than 3 months
97.4
83.7
(2.5)
79.2
69.3
(0.5)
3 to 6 months
19.7
17.0
(0.5)
16.8
14.7
(0.1)
6 to 12 months
72.6
62.4
(1.1)
68.4
59.9
0.1
12+ months
4.2
3.6
(0.1)
3.9
3.4
\u2013
Total
193.9
166.7
(4.2)
168.3
147.3
(0.5)
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
USD $m \u00a3m \u00a3m $m \u00a3m \u00a3m
30 September
Less than 3 months
14.3
11.2
(0.6)
8.9
7.1
0.1
3 to 6 months
5.3
4.1
(0.2)
6.6
5.3
0.1
6 to 12 months
7.5
5.8
(0.2)
5.9
4.7
0.2
12+ months
0.2
0.2
\u2013
0.1
0.1
\u2013
Total
27.3
21.3
(1.0)
21.5
17. 2
0.4
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
MAD MAD\u2019m \u00a3m \u00a3m MAD\u2019m \u00a3m \u00a3m
30 September
Less than 3 months
1.7
0.1
\u2013
0.9
0.1
(0.1)
3 to 6 months
0.1
\u2013
\u2013
0.2
\u2013
\u2013
6 to 12 months
0.1
\u2013
\u2013
0.1
\u2013
\u2013
Total
1.9
0.1
\u2013
1.2
0.1
(0.1)
The impact of the hedging instruments on the statement of financial position is as follows:
Notional Carrying Line in the statement Change in
amount amount of financial position fair value
\u00a3m \u00a3m \u00a3m \u00a3m
As at 30 September 2024
Foreign exchange forward contracts
188.1
(5.2)
Derivative financial instruments
(5.0)
Interest Rate Swaps
60.0
(0.1)
Derivative financial instruments
(0.1)
As at 30 September 2023
Foreign exchange forward contracts
164.5
(0.2)
Derivative financial instruments
(2.0)
Interest Rate Swaps
\u2013
\u2013
Derivative financial instruments
\u2013
Credit risk Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises from cash balances and derivative financial instruments, as well as credit exposures to customers, including outstanding receivables, financial guarantees and committed transactions. Credit risk is managed separately for treasury and operating related credit exposures. Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls relating to customer credit risk management. Outstanding trade receivables balances are regularly reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group\u2019s customer base is large and unrelated. Trade receivables and other receivables The ageing of trade receivables at the balance sheet date was:
Past due Past due
Not past due 0\u201390 days >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2024
162.4
0.3
0.1
162.8
At 30 September 2023
146.7
0.4
0.3
147.4
The ageing of other receivables at the balance sheet date was:
Past due Past due
Not past due 0\u201390 days >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2024
21.5
\u2013
\u2013
21.5
At 30 September 2023
10.5
\u2013
\u2013
10.5
In line with IFRS 9, the Group applies the simplified approach for the impairment of trade and other receivables and therefore does not track changes in credit risk, instead a loss allowance is recognised based on lifetime expected credit losses at each reporting date. The Group uses a provision matrix to measure expected credit losses based on historical cancellation and recovery rates and considers forward-looking factors, including the impact of rising cost of living and inflation rates.
Financial instruments and cash deposits
As part of credit risk, the Group is subject to counterparty risk in respect of the cash and cash equivalents held on deposit with banks
and foreign currency financial instruments. The Group generally deposits cash and undertakes currency transactions with highly rated
banks, and considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties.
No collateral or credit enhancements are held in respect of any financial derivatives. The maximum exposure to credit risk at each
reporting date is the fair value of financial assets and trade receivables.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to
maintain a balance of funds, borrowing, committed bank loans and other facilities sufficient to meet anticipated short-term and
long-term financial requirements. In applying the policy the Group continuously monitors forecast and actual cash flows against
the maturity profiles of financial assets and liabilities. It is Group policy to ensure that a specific level of committed facilities is
always available based on forecast working capital requirements. Cash forecasts identifying the Group\u2019s liquidity requirements
are produced and are sensitised for different scenarios including, but not limited to, decreases in profit margins and weakening
of sterling against other functional currencies.
The following are the contractual maturities of financial liabilities:
Carrying Contractual
amount cash flows Within 1 year 1 to 5 years > 5 years
Financial liabilities at amortised cost\ue01d \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2024
Trade payables
281.0
281.0
281.0
\u2013
\u2013
Lease liabilities
2.8
2.9
1.1
1.8
\u2013
Contract liabilities
0.3
0.3
0.3
\u2013
\u2013
Other payables
22.3
22.3
22.3
\u2013
\u2013
306.4
306.5
304.7
1.8
\u2013
At 30 September 2023
Trade payables
236.4
236.4
236.4
\u2013
\u2013
Lease liabilities
4.5
4.7
1.8
2.9
\u2013
Contract liabilities
5.9
5.9
5.9
\u2013
\u2013
Other payables
17.0
17.0
17.0
\u2013
\u2013
263.8
264.0
261.1
2.9
\u2013
Capital management
It is the Group\u2019s policy to maintain an appropriate equity capital base so as to maintain investor, creditor and market confidence
and to sustain the future development of the business.
The capital structure of the Group consists of the net cash (borrowings disclosed in note 19) and equity of the Group as disclosed
in note 21.
The Group is not subject to any externally imposed capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-317": { "value": "19 Borrowings Bank facility On 7 December 2022, the Group refinanced its credit facilities with Lloyds Bank PLC and National Westminster Bank PLC. This included cancelling its previous facility of \u00a350m and \u00a325m CIBILS facility with Lloyds Bank and entering into a new facility for \u00a360m expiring in December 2025. The purpose of the facility is to meet the day to day working capital requirements of the Group. At the point of refinancing there was no cash balances drawn down. The facility agreement included the option for two one-year extensions, both of which have now been exercised. The revised expiry date is therefore December 2027. In January 2024, the facility was increased by \u00a325m until July 2025. The additional facility was required to fund higher than excepted funding of our low deposit offering. The total facility is \u00a385m and has two elements as follows: \u2022 \u00a342.5m facility with Lloyds \u2022 \u00a342.5m facility with NatWest The interest rate payable is equal to SONIA plus a margin. The margin contained within the facility is dependent on net leverage ratio and the rate per annum ranges from 2.00% to 2.75% for the facility or any unpaid sum. The terms of the facility include the following key financial covenants: (i) that the ratio of adjusted EBITDA to net finance charges in respect of any relevant period shall not be less than 5:1; and (ii) that the ratio of total net debt to adjusted EBITDA shall not exceed 2.5:1 The Group did not breach the covenants during the period. The RCF is available for other credit uses including currency hedging liabilities and corporate credit cards. At 30 September 2024, the liabilities recognised in trade and other payables for the other credit uses was \u00a311m, leaving \u00a374m of the Lloyds/ Natwest facility available for use. Card facilities with other providers remain available for use. The amount drawn down in cash at 30 September 2024 was \u00a3nil (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-338": { "value": "20 Deferred tax
Property, Losses and
Intangible plant and Share-based unused tax Tax assets/
assets equipment payments relief (liabilities)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Assets
\u2013
0.2
0.8
1.9
2.9
Liabilities
(3.3)
\u2013
\u2013
\u2013
(3.3)
Total
(3.3)
0.2
0.8
1.9
(0.4)
2023
Assets
\u2013
\u2013
0.4
6.3
6.7
Liabilities
(4.0)
(0.1)
\u2013
\u2013
(4.1)
Total
(4.0)
(0.1)
0.4
6.3
2.6
Losses and
Intangible Capital Acquired Share-based unused tax
assets allowances property payments relief Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2022
(5.2)
(0.1)
(0.2)
0.7
8.2
3.4
Recognised in income
1.2
0.2
\u2013
(0.3)
(1.9)
(0.8)
Recognised in equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
30 September 2023
(4.0)
0.1
(0.2)
0.4
6.3
2.6
Recognised in income
0.7
0.1
0.2
0.3
(4.4)
(3.1)
Recognised in equity
\u2013
\u2013
\u2013
0.1
\u2013
0.1
30 September 2024
(3.3)
0.2
\u2013
0.8
1.9
(0.4)
The deferred tax liability includes an amount of \u00a31.9m (2023: \u00a36.3m) which relates to carried forward tax losses. Deferred tax assets are recognised for tax losses carried forward only to the extent that realisation of the related tax benefit is probable, deferred tax assets are reviewed at each reporting date to assess the availability of sufficient taxable temporary differences and the probability that sufficient taxable profit will be available to allow all or part of deferred tax asset to be utilised. The Group determined that there would be sufficient taxable income generated to realise the benefit of the deferred tax assets and no reasonably possible change to key assumptions would result in a material reduction in forecast headroom of tax profits. In determining the recognition of deferred tax assets arising from the carry forward of unused tax losses, the Group considered the following: \u2022 The Group considered the location of the taxable entities, and the loss making companies were all located in the United Kingdom; for a full list of subsidiaries see note 14. \u2022 The Group has considered the approved budgeted information covering a five-year period that is consistent with the forecasts used for the Group\u2019s review of impairment, going concern and viability assessments. For details of the assumptions used and sensitivity analysis performed for the forecasts, see note 2b. Whilst the forecasts include inherent estimation uncertainty, the Group determined that there would be sufficient taxable income generated to realise the benefit of the deferred tax assets and no reasonably possible change to key assumptions would result in a material reduction in forecast headroom of tax profits. On this basis the Group concluded that there is not a significant risk of a material adjustment to the carrying amount of the deferred tax asset. \u2022 The Group has \u00a30.2m that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as they may not be used to offset taxable profits elsewhere in the Group, they have arisen in subsidiaries that have been loss-making for some time, and there are no other tax planning opportunities or other evidence of recoverability in the near future.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-318": { "value": "20 Deferred tax
Property, Losses and
Intangible plant and Share-based unused tax Tax assets/
assets equipment payments relief (liabilities)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Assets
\u2013
0.2
0.8
1.9
2.9
Liabilities
(3.3)
\u2013
\u2013
\u2013
(3.3)
Total
(3.3)
0.2
0.8
1.9
(0.4)
2023
Assets
\u2013
\u2013
0.4
6.3
6.7
Liabilities
(4.0)
(0.1)
\u2013
\u2013
(4.1)
Total
(4.0)
(0.1)
0.4
6.3
2.6
Losses and
Intangible Capital Acquired Share-based unused tax
assets allowances property payments relief Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
30 September 2022
(5.2)
(0.1)
(0.2)
0.7
8.2
3.4
Recognised in income
1.2
0.2
\u2013
(0.3)
(1.9)
(0.8)
Recognised in equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
30 September 2023
(4.0)
0.1
(0.2)
0.4
6.3
2.6
Recognised in income
0.7
0.1
0.2
0.3
(4.4)
(3.1)
Recognised in equity
\u2013
\u2013
\u2013
0.1
\u2013
0.1
30 September 2024
(3.3)
0.2
\u2013
0.8
1.9
(0.4)
The deferred tax liability includes an amount of \u00a31.9m (2023: \u00a36.3m) which relates to carried forward tax losses. Deferred tax
assets are recognised for tax losses carried forward only to the extent that realisation of the related tax benefit is probable,
deferred tax assets are reviewed at each reporting date to assess the availability of sufficient taxable temporary differences and
the probability that sufficient taxable profit will be available to allow all or part of deferred tax asset to be utilised. The Group
determined that there would be sufficient taxable income generated to realise the benefit of the deferred tax assets and no
reasonably possible change to key assumptions would result in a material reduction in forecast headroom of tax profits.
In determining the recognition of deferred tax assets arising from the carry forward of unused tax losses, the Group considered
the following:
\u2022 The Group considered the location of the taxable entities, and the loss making companies were all located in the United
Kingdom; for a full list of subsidiaries see note 14.
\u2022 The Group has considered the approved budgeted information covering a five-year period that is consistent with the forecasts
used for the Group\u2019s review of impairment, going concern and viability assessments. For details of the assumptions used and
sensitivity analysis performed for the forecasts, see note 2b. Whilst the forecasts include inherent estimation uncertainty, the
Group determined that there would be sufficient taxable income generated to realise the benefit of the deferred tax assets
and no reasonably possible change to key assumptions would result in a material reduction in forecast headroom of tax profits.
On this basis the Group concluded that there is not a significant risk of a material adjustment to the carrying amount of the
deferred tax asset.
\u2022 The Group has \u00a30.2m that are available indefinitely for offsetting against future taxable profits of the companies in which
the losses arose. Deferred tax assets have not been recognised in respect of these losses as they may not be used to offset
taxable profits elsewhere in the Group, they have arisen in subsidiaries that have been loss-making for some time, and there
are no other tax planning opportunities or other evidence of recoverability in the near future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-283": { "value": "
21 Share capital
2024 2023
\u00a3m \u00a3m
Allotted, called up and fully paid
166,991,435
Ordinary Shares @ \u00a30.01 each (2023: 166,640,480 Ordinary Shares @ \u00a30.01 each)
1.7
1.7
The Group issued 350,995 with a nominal value of \u00a30.01. The holders of Ordinary Shares are entitled to receive dividends as
declared from time to time and are entitled to one vote per share at meetings of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-319": { "value": "21 Share capital
2024 2023
\u00a3m \u00a3m
Allotted, called up and fully paid
166,991,435
Ordinary Shares @ \u00a30.01 each (2023: 166,640,480 Ordinary Shares @ \u00a30.01 each)
1.7
1.7
The Group issued 350,995 with a nominal value of \u00a30.01. The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Group. 22 Reserves The analysis of movements in reserves is shown in the statement of changes in equity. Details of the amounts included in other reserves are set out below. The merger reserve arose on the purchase of On the Beach TopCo Limited in the year ended 30 September 2015. During the year ended 30 September 2018, the Group issued 607,747 shares with a nominal value of \u00a30.01 each to form part of the acquisition of Classic Collection Holidays Limited. The consideration value of the shares issued was \u00a32.6m. The excess above the nominal value of the shares was credited to the merger reserve. The capital contribution reserve arose as a result of the redemption of preference shares in the year ended 30 September 2015.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-284": { "value": "
22 Reserves
The analysis of movements in reserves is shown in the statement of changes in equity.
Details of the amounts included in other reserves are set out below.
The merger reserve arose on the purchase of On the Beach TopCo Limited in the year ended 30 September 2015.
During the year ended 30 September 2018, the Group issued 607,747 shares with a nominal value of \u00a30.01 each to form part of
the acquisition of Classic Collection Holidays Limited. The consideration value of the shares issued was \u00a32.6m. The excess above
the nominal value of the shares was credited to the merger reserve.
The capital contribution reserve arose as a result of the redemption of preference shares in the year ended 30 September 2015.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-339": { "value": "Derivative financial instruments The Group enters into derivative financial instruments with various financial institutions which are valued using present value calculations. The valuation methods incorporate various inputs including the foreign exchange spot and forward rates, yield curves of the respective currencies and currency basis spreads between the respective currencies, as well as SONIA and other interest rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-320": { "value": "a) Measurement of fair values The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: (i) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities (ii) Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie, as prices) or indirectly (ie, derived from prices) (iii) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m
Forward Contracts
As at 30 September 2024
\u2013
(5.2)
\u2013
As at 30 September 2023
\u2013
(0.2)
\u2013
Interest Rate Swaps
As at 30 September 2024
\u2013
(0.1)
\u2013
As at 30 September 2023
\u2013
\u2013
\u2013
The forward contracts have been fair valued at 30 September 2024 with reference to forward exchange rates that are quoted in an active market, with the resulting value discounted back to present value. Interest rate swaps have been fair valued at 30 September 2024, being compared to SONIA, quoted by the Bank of England. The resulting value is discounted back to present value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-321": { "value": "b) Financial risk management The Group\u2019s principal financial liabilities, other than derivatives, comprise revolving credit facility, and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, and cash at bank that derive directly from its operations. In the course of its business the Group is exposed to market risk (including foreign exchange risk and interest rate risk), credit risk, liquidity risk and technology risk. The Group\u2019s overall risk management strategy is to minimise potential adverse effects on the financial performance and net assets of the Group. These policies are set and reviewed by senior finance management and all significant financing transactions are authorised by the Board of Directors.
2024 2023
Swedish krona Kr\u2019m Kr\u2019m
Cash
0.7
28.8
Trade payables
(9.7)
\u2013
Trade receivables
\u2013
1.0
Balance sheet exposure
(9.0)
29.8
2024 2023
Norwegian krona Kr\u2019m Kr\u2019m
Cash
0.2
2.1
Trade payables
(1.0)
\u2013
Balance sheet exposure
(0.8)
2.1
2024 2023
Moroccan dirham MAD\u2019m MAD\u2019m
Cash
6.2
1.8
Trade payables
(6.3)
\u2013
Forward exchange contracts
1.9
(3.5)
Balance sheet exposure
1.8
(1.7)
2024 2023
United Arab Emirates dirham AED\u2019m AED\u2019m
Trade payables
(1.0)
(0.1)
Balance sheet exposure
(1.0)
(0.1)
2024 2023
Swiss franc CHF\u2019m CHF\u2019m
Cash
0.1
0.1
Balance sheet exposure
0.1
0.1
2024 2023
Thai baht THB\u2019m THB\u2019m
Trade payables
(2.2)
\u2013
Balance sheet exposure
(2.2)
\u2013
2024 2023
Malaysian ringgit MYR\u2019m MYR\u2019m
Trade payables
(1.1)
\u2013
Balance sheet exposure
(1.1)
\u2013
2024 2023
South African rand ZAR\u2019m ZAR\u2019m
Trade payables
(0.7)
\u2013
Balance sheet exposure
(0.7)
\u2013
Foreign currency sensitivity The following table details the Group sensitivity to a percentage change in pounds sterling against these currencies with regards to equity. The sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on a 10% change taking place at the beginning of the financial period and held constant throughout the reporting period:
2024 2023
\u00a3m \u00a3m
Euro
Weakening \u2013 10%
10.0
0.9
Strengthening \u2013 10%
(10.0)
(0.9)
US dollar
Weakening \u2013 10%
1.0
\u2013
Strengthening \u2013 10%
(1.0)
\u2013
Swedish krona
Weakening \u2013 10%
\u2013
0.2
Strengthening \u2013 10%
\u2013
(0.2)
The Group uses forward exchange contracts to hedge its foreign currency risk against sterling. The forward contracts have maturities of less than one year after the balance sheet date. Hedge ineffectiveness can arise from differences in timing of cash flows of the hedged item and hedging instrument, the counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. As a matter of policy the Group does not enter into derivative contracts for speculative purposes. The details of such contracts at the year end, by currency were:
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
EUR \u20acm \u00a3m \u00a3m \u20acm \u00a3m \u00a3m
30 September
Less than 3 months
97.4
83.7
(2.5)
79.2
69.3
(0.5)
3 to 6 months
19.7
17.0
(0.5)
16.8
14.7
(0.1)
6 to 12 months
72.6
62.4
(1.1)
68.4
59.9
0.1
12+ months
4.2
3.6
(0.1)
3.9
3.4
\u2013
Total
193.9
166.7
(4.2)
168.3
147.3
(0.5)
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
USD $m \u00a3m \u00a3m $m \u00a3m \u00a3m
30 September
Less than 3 months
14.3
11.2
(0.6)
8.9
7.1
0.1
3 to 6 months
5.3
4.1
(0.2)
6.6
5.3
0.1
6 to 12 months
7.5
5.8
(0.2)
5.9
4.7
0.2
12+ months
0.2
0.2
\u2013
0.1
0.1
\u2013
Total
27.3
21.3
(1.0)
21.5
17. 2
0.4
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
MAD MAD\u2019m \u00a3m \u00a3m MAD\u2019m \u00a3m \u00a3m
30 September
Less than 3 months
1.7
0.1
\u2013
0.9
0.1
(0.1)
3 to 6 months
0.1
\u2013
\u2013
0.2
\u2013
\u2013
6 to 12 months
0.1
\u2013
\u2013
0.1
\u2013
\u2013
Total
1.9
0.1
\u2013
1.2
0.1
(0.1)
The impact of the hedging instruments on the statement of financial position is as follows:
Notional Carrying Line in the statement Change in
amount amount of financial position fair value
\u00a3m \u00a3m \u00a3m \u00a3m
As at 30 September 2024
Foreign exchange forward contracts
188.1
(5.2)
Derivative financial instruments
(5.0)
Interest Rate Swaps
60.0
(0.1)
Derivative financial instruments
(0.1)
As at 30 September 2023
Foreign exchange forward contracts
164.5
(0.2)
Derivative financial instruments
(2.0)
Interest Rate Swaps
\u2013
\u2013
Derivative financial instruments
\u2013
Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group.
Credit risk arises from cash balances and derivative financial instruments, as well as credit exposures to customers, including
outstanding receivables, financial guarantees and committed transactions. Credit risk is managed separately for treasury and
operating related credit exposures. Customer credit risk is managed by the Group\u2019s business units which each have policies,
procedures and controls relating to customer credit risk management. Outstanding trade receivables balances are regularly
reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group\u2019s
customer base is large and unrelated.
Trade receivables and other receivables
The ageing of trade receivables at the balance sheet date was:
Past due Past due
Not past due 0\u201390 days >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2024
162.4
0.3
0.1
162.8
At 30 September 2023
146.7
0.4
0.3
147.4
The ageing of other receivables at the balance sheet date was:
Past due Past due
Not past due 0\u201390 days >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2024
21.5
\u2013
\u2013
21.5
At 30 September 2023
10.5
\u2013
\u2013
10.5
In line with IFRS 9, the Group applies the simplified approach for the impairment of trade and other receivables and therefore
does not track changes in credit risk, instead a loss allowance is recognised based on lifetime expected credit losses at each
reporting date. The Group uses a provision matrix to measure expected credit losses based on historical cancellation and
recovery rates and considers forward-looking factors, including the impact of rising cost of living and inflation rates.
Financial instruments and cash deposits As part of credit risk, the Group is subject to counterparty risk in respect of the cash and cash equivalents held on deposit with banks and foreign currency financial instruments. The Group generally deposits cash and undertakes currency transactions with highly rated banks, and considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. No collateral or credit enhancements are held in respect of any financial derivatives. The maximum exposure to credit risk at each reporting date is the fair value of financial assets and trade receivables. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to maintain a balance of funds, borrowing, committed bank loans and other facilities sufficient to meet anticipated short-term and long-term financial requirements. In applying the policy the Group continuously monitors forecast and actual cash flows against the maturity profiles of financial assets and liabilities. It is Group policy to ensure that a specific level of committed facilities is always available based on forecast working capital requirements. Cash forecasts identifying the Group\u2019s liquidity requirements are produced and are sensitised for different scenarios including, but not limited to, decreases in profit margins and weakening of sterling against other functional currencies. The following are the contractual maturities of financial liabilities:
Carrying Contractual
amount cash flows Within 1 year 1 to 5 years > 5 years
Financial liabilities at amortised cost\ue01d \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2024
Trade payables
281.0
281.0
281.0
\u2013
\u2013
Lease liabilities
2.8
2.9
1.1
1.8
\u2013
Contract liabilities
0.3
0.3
0.3
\u2013
\u2013
Other payables
22.3
22.3
22.3
\u2013
\u2013
306.4
306.5
304.7
1.8
\u2013
At 30 September 2023
Trade payables
236.4
236.4
236.4
\u2013
\u2013
Lease liabilities
4.5
4.7
1.8
2.9
\u2013
Contract liabilities
5.9
5.9
5.9
\u2013
\u2013
Other payables
17.0
17.0
17.0
\u2013
\u2013
263.8
264.0
261.1
2.9
\u2013
Capital management It is the Group\u2019s policy to maintain an appropriate equity capital base so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The capital structure of the Group consists of the net cash (borrowings disclosed in note 19) and equity of the Group as disclosed in note 21. The Group is not subject to any externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-340": { "value": "c) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group\u2019s key financial market risks are in relation to foreign currency rates. Foreign currency risk results from the substantial cross-border element of the Group\u2019s trading and arises on sales and purchases that are denominated in a currency other than the functional currency of the business. Group cash resources are matched with the net funding requirements sourced from three sources namely internally generated funds, loan facilities and bank funding arrangements. The foreign currency risk is managed at Group level by the purchase of foreign currency contracts for use as a commercial hedge. During the course of the period there have been no changes to the market risk or manner in which the Group manages its exposure. The Group is exposed to interest rate risk that arises principally through the Group\u2019s revolving credit facility. Liquidity risk, credit risk and capital risk is considered below. The Executive team is responsible for implementing the risk management strategy to ensure that appropriate risk management framework is operating effectively, embedding a risk mitigation culture throughout the Group. The Board are provided with a consolidated view of the risk profile of the Group. All major exposures are identified and mitigating controls identified and implemented. Regular management reporting and assessment of the effectiveness of controls provide a balanced assessment of the key risks and the effectiveness of controls. The Group does not speculate with derivatives or other financial instruments. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates is through the revolving credit facility which is subject to fluctuations in SONIA, and interest receivable namely on the ring fenced Trust account due to restrictions on funds. The interest rate swaps acquired are used to hedge this interest receivable risk and reduce the overall interest rate risk of the revolving credit facility. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The majority of the Group\u2019s purchases are sourced from outside the United Kingdom and as such the Group is exposed to the fluctuation in exchange rates (currencies are principally sterling, US dollar and euro). The Group places forward cover on the net foreign currency exposure of its purchases. The Group foreign currency requirement is reviewed twice weekly and forward cover is purchased to cover expected usage. The carrying amount of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date is as follows:
2024 2023
Euro \u20acm \u20acm
Cash
37.4
28.5
Trade payables
(240.6)
(195.6)
Trade receivables
0.6
2.8
Prepayments
1.3
\u2013
Forward exchange contracts
193.9
163.4
Balance sheet exposure
(7.4)
(0.9)
2024 2023
US dollar $m $m
Cash
3.4
2.0
Trade payables
(32.3)
(23.0)
Forward exchange contracts
27.3
21.4
Balance sheet exposure
(1.6)
0.4
2024 2023
Swedish krona Kr\u2019m Kr\u2019m
Cash
0.7
28.8
Trade payables
(9.7)
\u2013
Trade receivables
\u2013
1.0
Balance sheet exposure
(9.0)
29.8
2024 2023
Norwegian krona Kr\u2019m Kr\u2019m
Cash
0.2
2.1
Trade payables
(1.0)
\u2013
Balance sheet exposure
(0.8)
2.1
2024 2023
Moroccan dirham MAD\u2019m MAD\u2019m
Cash
6.2
1.8
Trade payables
(6.3)
\u2013
Forward exchange contracts
1.9
(3.5)
Balance sheet exposure
1.8
(1.7)
2024 2023
United Arab Emirates dirham AED\u2019m AED\u2019m
Trade payables
(1.0)
(0.1)
Balance sheet exposure
(1.0)
(0.1)
2024 2023
Swiss franc CHF\u2019m CHF\u2019m
Cash
0.1
0.1
Balance sheet exposure
0.1
0.1
2024 2023
Thai baht THB\u2019m THB\u2019m
Trade payables
(2.2)
\u2013
Balance sheet exposure
(2.2)
\u2013
2024 2023
Malaysian ringgit MYR\u2019m MYR\u2019m
Trade payables
(1.1)
\u2013
Balance sheet exposure
(1.1)
\u2013
2024 2023
South African rand ZAR\u2019m ZAR\u2019m
Trade payables
(0.7)
\u2013
Balance sheet exposure
(0.7)
\u2013
Foreign currency sensitivity The following table details the Group sensitivity to a percentage change in pounds sterling against these currencies with regards to equity. The sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on a 10% change taking place at the beginning of the financial period and held constant throughout the reporting period:
2024 2023
\u00a3m \u00a3m
Euro
Weakening \u2013 10%
10.0
0.9
Strengthening \u2013 10%
(10.0)
(0.9)
US dollar
Weakening \u2013 10%
1.0
\u2013
Strengthening \u2013 10%
(1.0)
\u2013
Swedish krona
Weakening \u2013 10%
\u2013
0.2
Strengthening \u2013 10%
\u2013
(0.2)
The Group uses forward exchange contracts to hedge its foreign currency risk against sterling. The forward contracts have maturities of less than one year after the balance sheet date. Hedge ineffectiveness can arise from differences in timing of cash flows of the hedged item and hedging instrument, the counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. As a matter of policy the Group does not enter into derivative contracts for speculative purposes. The details of such contracts at the year end, by currency were:
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
EUR \u20acm \u00a3m \u00a3m \u20acm \u00a3m \u00a3m
30 September
Less than 3 months
97.4
83.7
(2.5)
79.2
69.3
(0.5)
3 to 6 months
19.7
17.0
(0.5)
16.8
14.7
(0.1)
6 to 12 months
72.6
62.4
(1.1)
68.4
59.9
0.1
12+ months
4.2
3.6
(0.1)
3.9
3.4
\u2013
Total
193.9
166.7
(4.2)
168.3
147.3
(0.5)
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
USD $m \u00a3m \u00a3m $m \u00a3m \u00a3m
30 September
Less than 3 months
14.3
11.2
(0.6)
8.9
7.1
0.1
3 to 6 months
5.3
4.1
(0.2)
6.6
5.3
0.1
6 to 12 months
7.5
5.8
(0.2)
5.9
4.7
0.2
12+ months
0.2
0.2
\u2013
0.1
0.1
\u2013
Total
27.3
21.3
(1.0)
21.5
17. 2
0.4
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
MAD MAD\u2019m \u00a3m \u00a3m MAD\u2019m \u00a3m \u00a3m
30 September
Less than 3 months
1.7
0.1
\u2013
0.9
0.1
(0.1)
3 to 6 months
0.1
\u2013
\u2013
0.2
\u2013
\u2013
6 to 12 months
0.1
\u2013
\u2013
0.1
\u2013
\u2013
Total
1.9
0.1
\u2013
1.2
0.1
(0.1)
The impact of the hedging instruments on the statement of financial position is as follows:
Notional Carrying Line in the statement Change in
amount amount of financial position fair value
\u00a3m \u00a3m \u00a3m \u00a3m
As at 30 September 2024
Foreign exchange forward contracts
188.1
(5.2)
Derivative financial instruments
(5.0)
Interest Rate Swaps
60.0
(0.1)
Derivative financial instruments
(0.1)
As at 30 September 2023
Foreign exchange forward contracts
164.5
(0.2)
Derivative financial instruments
(2.0)
Interest Rate Swaps
\u2013
\u2013
Derivative financial instruments
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-353": { "value": "Foreign currency sensitivity The following table details the Group sensitivity to a percentage change in pounds sterling against these currencies with regards to equity. The sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on a 10% change taking place at the beginning of the financial period and held constant throughout the reporting period:
2024 2023
\u00a3m \u00a3m
Euro
Weakening \u2013 10%
10.0
0.9
Strengthening \u2013 10%
(10.0)
(0.9)
US dollar
Weakening \u2013 10%
1.0
\u2013
Strengthening \u2013 10%
(1.0)
\u2013
Swedish krona
Weakening \u2013 10%
\u2013
0.2
Strengthening \u2013 10%
\u2013
(0.2)
The Group uses forward exchange contracts to hedge its foreign currency risk against sterling. The forward contracts have maturities of less than one year after the balance sheet date. Hedge ineffectiveness can arise from differences in timing of cash flows of the hedged item and hedging instrument, the counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. As a matter of policy the Group does not enter into derivative contracts for speculative purposes. The details of such contracts at the year end, by currency were:
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
EUR \u20acm \u00a3m \u00a3m \u20acm \u00a3m \u00a3m
30 September
Less than 3 months
97.4
83.7
(2.5)
79.2
69.3
(0.5)
3 to 6 months
19.7
17.0
(0.5)
16.8
14.7
(0.1)
6 to 12 months
72.6
62.4
(1.1)
68.4
59.9
0.1
12+ months
4.2
3.6
(0.1)
3.9
3.4
\u2013
Total
193.9
166.7
(4.2)
168.3
147.3
(0.5)
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
USD $m \u00a3m \u00a3m $m \u00a3m \u00a3m
30 September
Less than 3 months
14.3
11.2
(0.6)
8.9
7.1
0.1
3 to 6 months
5.3
4.1
(0.2)
6.6
5.3
0.1
6 to 12 months
7.5
5.8
(0.2)
5.9
4.7
0.2
12+ months
0.2
0.2
\u2013
0.1
0.1
\u2013
Total
27.3
21.3
(1.0)
21.5
17. 2
0.4
2024
2023
Foreign Notional Carrying Foreign Notional Carrying
currency value amount currency value amount
MAD MAD\u2019m \u00a3m \u00a3m MAD\u2019m \u00a3m \u00a3m
30 September
Less than 3 months
1.7
0.1
\u2013
0.9
0.1
(0.1)
3 to 6 months
0.1
\u2013
\u2013
0.2
\u2013
\u2013
6 to 12 months
0.1
\u2013
\u2013
0.1
\u2013
\u2013
Total
1.9
0.1
\u2013
1.2
0.1
(0.1)
The impact of the hedging instruments on the statement of financial position is as follows:
Notional Carrying Line in the statement Change in
amount amount of financial position fair value
\u00a3m \u00a3m \u00a3m \u00a3m
As at 30 September 2024
Foreign exchange forward contracts
188.1
(5.2)
Derivative financial instruments
(5.0)
Interest Rate Swaps
60.0
(0.1)
Derivative financial instruments
(0.1)
As at 30 September 2023
Foreign exchange forward contracts
164.5
(0.2)
Derivative financial instruments
(2.0)
Interest Rate Swaps
\u2013
\u2013
Derivative financial instruments
\u2013
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-341": { "value": "Credit risk Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises from cash balances and derivative financial instruments, as well as credit exposures to customers, including outstanding receivables, financial guarantees and committed transactions. Credit risk is managed separately for treasury and operating related credit exposures. Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls relating to customer credit risk management. Outstanding trade receivables balances are regularly reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group\u2019s customer base is large and unrelated. Trade receivables and other receivables The ageing of trade receivables at the balance sheet date was:
Past due Past due
Not past due 0\u201390 days >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2024
162.4
0.3
0.1
162.8
At 30 September 2023
146.7
0.4
0.3
147.4
The ageing of other receivables at the balance sheet date was:
Past due Past due
Not past due 0\u201390 days >90 days Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2024
21.5
\u2013
\u2013
21.5
At 30 September 2023
10.5
\u2013
\u2013
10.5
In line with IFRS 9, the Group applies the simplified approach for the impairment of trade and other receivables and therefore does not track changes in credit risk, instead a loss allowance is recognised based on lifetime expected credit losses at each reporting date. The Group uses a provision matrix to measure expected credit losses based on historical cancellation and recovery rates and considers forward-looking factors, including the impact of rising cost of living and inflation rates. Financial instruments and cash deposits As part of credit risk, the Group is subject to counterparty risk in respect of the cash and cash equivalents held on deposit with banks and foreign currency financial instruments. The Group generally deposits cash and undertakes currency transactions with highly rated banks, and considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. No collateral or credit enhancements are held in respect of any financial derivatives. The maximum exposure to credit risk at each reporting date is the fair value of financial assets and trade receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-342": { "value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to maintain a balance of funds, borrowing, committed bank loans and other facilities sufficient to meet anticipated short-term and long-term financial requirements. In applying the policy the Group continuously monitors forecast and actual cash flows against the maturity profiles of financial assets and liabilities. It is Group policy to ensure that a specific level of committed facilities is always available based on forecast working capital requirements. Cash forecasts identifying the Group\u2019s liquidity requirements are produced and are sensitised for different scenarios including, but not limited to, decreases in profit margins and weakening of sterling against other functional currencies. The following are the contractual maturities of financial liabilities:
Carrying Contractual
amount cash flows Within 1 year 1 to 5 years > 5 years
Financial liabilities at amortised cost\ue01d \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2024
Trade payables
281.0
281.0
281.0
\u2013
\u2013
Lease liabilities
2.8
2.9
1.1
1.8
\u2013
Contract liabilities
0.3
0.3
0.3
\u2013
\u2013
Other payables
22.3
22.3
22.3
\u2013
\u2013
306.4
306.5
304.7
1.8
\u2013
At 30 September 2023
Trade payables
236.4
236.4
236.4
\u2013
\u2013
Lease liabilities
4.5
4.7
1.8
2.9
\u2013
Contract liabilities
5.9
5.9
5.9
\u2013
\u2013
Other payables
17.0
17.0
17.0
\u2013
\u2013
263.8
264.0
261.1
2.9
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-343": { "value": "Capital management It is the Group\u2019s policy to maintain an appropriate equity capital base so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The capital structure of the Group consists of the net cash (borrowings disclosed in note 19) and equity of the Group as disclosed in note 21. The Group is not subject to any externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-285": { "value": "
24 Share-based payments
The following table illustrates the number of, and movements in, share options granted by the Group:
LTIP CSOP & RSA Total
No. of share options No. of share options No. of share options
(thousands) (thousands) (thousands)
Outstanding at the beginning of the year
3,899
1,045
4,944
Granted during the year
3,536
\u2013
3,536
Lapsed during the year
\u2013
\u2013
\u2013
Exercised during the year*
(1)
(350)
(351)
Forfeited during the year
(1,915)
(103)
(2,018)
Outstanding at the year end
5,519
592
6,111
Exercisable
259
592
851
* The weighted average share price at the date of exercise was \u00a31.502.
The weighted average remaining contractual life for the share options outstanding as at 30 September 2024 was 4.09 years
(2023: 4.21 years).
The exercise prices for options outstanding at the end of the year was \u00a3nil (2023: \u00a3nil).
LTIP
During the current and prior year, the Group awarded nil-cost options to certain key employees within the business. The vesting of
these awards will be subject to continued employment. The fair value of equity-settled share-based payments has been estimated
as at date of grant using the Black-Scholes model.
Share Non- Fair value
No. of price at Exercise Expected Option Risk free Dividend vesting at grant
options grant date price volatility Life rate yield conditions date
Award date awarded (\u00a3) (\u00a3) (%) (years) (%) (%) (%) (\u00a3)
24 Feb 2023 (no conditions)
2,221,629
1.610
Nil
0.00%
3.0
3.93%
0.00%
0.00
1.610
30 Jun 2023 (no conditions)
73,274
0.960
Nil
0.00%
0.5
4.93%
0.00%
0.00
0.960
3 Oct 2023 (no conditions)
3,536,050
1.004
Nil
0%
3.0
4.54%
0.00%
0.00
1.004
Expected volatility is estimated by considering historic average share price volatility at the grant date.
Restricted Share Award (nil-cost option) and CSOP
There were no new RSA or CSOP awards in the current or prior year.
The following has been recognised in the income statement during the year:
2024 2023*
\u00a3m \u00a3m
LTIP
2.2
0.4
RSA
0.1
0.7
Total share scheme charge
2.3
1.1
* The prior period is restated for the effects of discontinued operations (see note 10).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-286": { "value": "
25 Commitments and contingencies
a) Capital commitments
No new capital commitments.
b) Contingencies
In September 2010, proceedings were initiated against On the Beach Limited by Ryanair alleging infringement of, inter alia, its
intellectual property rights. The amount of the claim is unquantified. In February 2024, On the Beach entered into a partnership
with Ryanair and the legal proceedings in Ireland were placed on hold. On the Beach and Ryanair are working together to dispose
of the proceedings permanently and an amicable resolution is expected in early 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-322": { "value": "a) Capital commitments No new capital commitments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-323": { "value": "b) Contingencies In September 2010, proceedings were initiated against On the Beach Limited by Ryanair alleging infringement of, inter alia, its intellectual property rights. The amount of the claim is unquantified. In February 2024, On the Beach entered into a partnership with Ryanair and the legal proceedings in Ireland were placed on hold. On the Beach and Ryanair are working together to dispose of the proceedings permanently and an amicable resolution is expected in early 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-287": { "value": "
26 Related party transactions
No related party transactions have been entered into during the year.
Transactions with key management personnel have been disclosed in note 7(d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-324": { "value": "26 Related party transactions No related party transactions have been entered into during the year. Transactions with key management personnel have been disclosed in note 7(d).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-288": { "value": "
27 Dividends paid
2024 2023
\u00a3m \u00a3m
Cash dividends on ordinary shares declared and paid
Interim dividend for FY24: 0.9p per share (FY23: nil)
1.5
\u2013
2024 2023
\u00a3m \u00a3m
Proposed dividends on ordinary shares
Final cash dividend for FY24: 2. 1p per share (FY23: nil)
3.5
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-325": { "value": "0.021", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-235": { "value": "5 Adair Street, Manchester M1 2NQ United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-6": { "value": "5 Adair Street, Manchester M1 2NQ United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800K51Y9BZY7F9R69", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } } } }