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"value": "124000000", "decimals": -6, "dimensions": { "concept": "kingfisherplc:InterestElementOfLeaseRentalPaymentsClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2022-02-01T00:00:00/2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-423": { "value": "348000000", "decimals": -6, "dimensions": { "concept": "kingfisherplc:PrincipalElementOfLeaseRentalPaymentsClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-424": { "value": "329000000", "decimals": -6, "dimensions": { "concept": "kingfisherplc:PrincipalElementOfLeaseRentalPaymentsClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2022-02-01T00:00:00/2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-425": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-426": { "value": "99000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2022-02-01T00:00:00/2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-427": { "value": "4000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-428": { "value": "8000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800KBMEV7I92FY281", "period": "2022-02-01T00:00:00/2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-429": { "value": "160000000", "decimals": -6, "dimensions": { "concept": "kingfisherplc:PurchaseOfOwnSharesForCancellationClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-430": { "value": "337000000", "decimals": -6, "dimensions": { "concept": "kingfisherplc:PurchaseOfOwnSharesForCancellationClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2022-02-01T00:00:00/2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-431": { "value": "24000000", "decimals": -6, "dimensions": { "concept": "kingfisherplc:PurchaseOfOwnSharesForESOPTrustClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-432": { "value": "9000000", "decimals": -6, "dimensions": { "concept": "kingfisherplc:PurchaseOfOwnSharesForESOPTrustClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2022-02-01T00:00:00/2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-433": { "value": "237000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-434": { "value": "246000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2022-02-01T00:00:00/2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-435": { "value": "-898000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-436": { "value": "-943000000", "decimals": -6, "dimensions": { "concept": 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} }, "fact-440": { "value": "809000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KBMEV7I92FY281", "period": "2022-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-441": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-442": { "value": "16000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800KBMEV7I92FY281", "period": "2022-02-01T00:00:00/2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-443": { "value": "353000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-444": { "value": "270000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-450": { "value": "
1 General information
Kingfisher plc (\u2018the Company\u2019), its subsidiaries, joint ventures and
associates (together \u2018the Group\u2019) supply home improvement
products and services through a network of retail stores and other
channels, located mainly in the United Kingdom and continental
Europe. The nature of the Group\u2019s operations and its principal
activities are set out in the Strategic Report on pages 1 to 67.
The Company is incorporated in England and Wales, United
Kingdom, and is listed on the London Stock Exchange. The
address of its registered office is One Paddington Square,
London, W2 1GG. A full list of related undertakings of the
Company and their registered offices is given in note 14
of the Company\u2019s separate financial statements.
These consolidated financial statements have been approved
for issue by the Board of Directors on 24 March 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-445": { "value": "Kingfisher plc (\u2018the Company\u2019), its subsidiaries, joint ventures and associates (together \u2018the Group\u2019) supply home improvement products and services through a network of retail stores and other channels, located mainly in the United Kingdom and continental Europe.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-5": { "value": "Kingfisher plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-6": { "value": "United Kingdom and continental Europe", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-446": { "value": "England and Wales, United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-7": { "value": "England and Wales, United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-8": { "value": "One Paddington Square, London, W2 1GG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-449": { "value": "
2 Principal accounting policies
The principal accounting policies applied in the preparation of
these consolidated financial statements are set out below. These
policies have been consistently applied to the years presented.
a. Basis of preparation
The consolidated financial statements of the Company, its
subsidiaries, joint ventures and associates are made up to 31
January, except as disclosed in note 18 of the consolidated
financial statements. The current financial year is the year ended
31 January 2024 (\u2018the year\u2019 or \u20182023/24\u2019). The comparative
financial year is the year ended 31 January 2023 (\u2018the prior year\u2019
or \u20182022/23\u2019). The consolidated income statement and related
notes represent results from continuing operations, there being
no discontinued operations in the years presented.
The consolidated financial statements have been prepared
in accordance with international accounting standards in
conformity with the requirements of the Companies Act 2006
and International Financial Reporting Standards (IFRS Standards)
as issued by the IASB.
The consolidated financial statements have been prepared
under the historical cost convention, as modified by the use
of valuations for certain financial instruments, share-based
payments and post-employment benefits. A summary of
the Group\u2019s principal accounting policies is set out below.
The preparation of financial statements in accordance with
IFRS requires the use of certain accounting estimates and
assumptions. It also requires management to exercise its
judgement in the process of applying the Group\u2019s accounting
policies. The areas involving critical accounting judgements
and key estimation uncertainties, which are significant to the
consolidated financial statements, are outlined in note 3.
Going concern
Based on the Group\u2019s liquidity position and cash flow projections,
including a forward looking remote downside scenario, the
Directors have a reasonable expectation that the Company
and the Group have adequate resources to continue in
operational existence for the foreseeable future and they
continue to adopt the going concern basis of accounting in
preparing the consolidated financial statements for the year
ended 31 January 2024.
The Group\u2019s business activities, together with the factors likely
to affect its future development, performance and position are
set out in the Strategic Report on pages 1 to 67. The financial
position of the Group, its cash flows, liquidity position and
borrowing facilities are described in the financial review on pages
48 to 54. The principal risks and viability statement of the Group
are set out on pages 59 to 66. In addition, note 25 includes the
Group\u2019s financial risk management objectives and exposures to
liquidity and other financial risks. The Directors have considered
these areas alongside the principal risks and how they may
impact the going concern assessment.
As of 31 January 2024, Kingfisher had access to over \u00a3900m
of liquidity, comprising cash and cash equivalents (net of bank
overdrafts) of \u00a3353m and access to an undrawn Revolving Credit
Facility (RCF) of \u00a3550m (of which \u00a346m expires at the end of
May 2025, with the balance expiring at the end May 2026). The
ratio of net debt to EBITDA was 1.6 as of 31 January 2024.
In considering whether the Group\u2019s financial statements can be
prepared on a going concern basis, the Directors have reviewed
the Group\u2019s business activities together with factors likely to
affect its performance, financial position and access to liquidity
(including consideration of financial covenants and credit ratings).
The terms of the RCF require that the ratio of Group operating
profit (excluding adjusting items) to net interest payable
(excluding interest on lease liabilities) must be no less than 3:1 for
the preceding 12 months as at the half and full year-ends. As of
31 January 2024, Kingfisher was compliant with this requirement.
In forming their outlook on the future financial performance, the
Directors considered the risk of higher business volatility and the
potential negative impact of the general economic environment
on household and trade spend.
The Directors\u2019 review also included consideration of a remote
scenario that models the impact of a significant demand or
supply shock preventing the Group from realising a large part
of its sales over the period of a month, followed by subdued
demand for the remainder of the year. The total loss of sales
in this scenario is c.\u00a31.5bn (12% over the impacted period). The
scenario assumes the impact of lost sales is partially offset by a
limited set of mitigating actions on variable and discretionary
costs, capital expenditure and the suspension of capital returns
to shareholders. Even under this remote scenario, which requires
drawing on the RCF for a few months, the Group retains
headroom on its credit facilities.
Given current trading and expectations for the business, the
Directors believe that this scenario reflects a remote outcome
for the Group. Should a more extreme scenario occur than
currently modelled by the Directors under this remote scenario,
the Group would need to implement additional operational or
financial measures.
Changes to accounting policies as a result of new standards
issued and effective
The following new or amended accounting standards are in issue
and effective for the current reporting period:
\u2014 IFRS 17 (including the June 2020 Amendments to IFRS 17) \u2013
Insurance Contracts
\u2014 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013
Disclosure of Accounting Policies
\u2014 Amendments to IAS 12 \u2013 Deferred Tax related to Assets
and Liabilities arising from a Single Transaction
\u2014 Amendments to IAS 8 \u2013 Definition of Accounting Estimates
The above new or amended accounting standards did not have a
material impact on the consolidated financial statements.
Standards issued but not yet effective
At the date of the approval of these financial statements, the
following standards which have not been applied in these
financial statements were in issue, but not yet effective:
\u2014 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar
Two Model Rules
\u2014 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution
of Assets between an Investor and its Associate or Joint
Venture
\u2014 Amendments to IAS 1 \u2013 Classification of Liabilities as Current
or Non-current
\u2014 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and
Leaseback
\u2014 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance
Arrangements
\u2014 IFRS S1 \u2013 General Requirements for Disclosure of
Sustainability-related Financial Information and IFRS S2 \u2013
Climate-related Disclosures
\u2014 Amendments to IAS 21 \u2013 Lack of Exchangeability
These new standards are not expected to have a material impact
on the consolidated financial statements.
Risks and uncertainties
The principal risks and uncertainties to which the Group is exposed
are set out in the Strategic Report on pages 59 to 64.
Use of non-GAAP measures
In the reporting of financial information, the Group uses certain
measures that are not required under IFRS, the generally
accepted accounting principles (\u2018GAAP\u2019) under which the Group
reports. Kingfisher believes that retail profit, adjusted pre-tax
profit, adjusted effective tax rate, and adjusted earnings per
share provide additional useful information on performance and
trends to shareholders. These and other non-GAAP measures
(also known as \u2018Alternative Performance Measures\u2019), such as net
debt, are used by Kingfisher for internal performance analysis
and incentive compensation arrangements for employees. The
terms \u2018retail profit\u2019, \u2018adjusting items\u2019, \u2018adjusted\u2019, \u2018adjusted effective
tax rate\u2019, \u2018net cash flow\u2019 and \u2018net debt\u2019 are not defined terms
under IFRS and may therefore not be comparable with similarly
titled measures reported by other companies. They are not
intended to be a substitute for, or superior to, GAAP measures.
Retail profit is defined as continuing operating profit before
central costs, the Group\u2019s share of interest and tax of joint
ventures and associates and adjusting items. Central costs
principally comprise the costs of the Group\u2019s head office before
adjusting items.
Adjusting items, which are presented separately within their
relevant income statement category, include items which by
virtue of their size and/or nature, do not reflect the Group\u2019s
ongoing trading performance. Adjusting items may include, but
are not limited to:
\u2014 non-trading items included in operating profit such as profits
and losses on the disposal, closure, exit or impairment of
subsidiaries, joint ventures, associates and investments which
do not form part of the Group\u2019s ongoing trading activities;
\u2014 the costs of significant restructuring and incremental
acquisition integration costs;
\u2014 profits and losses on the disposal/exit of properties,
impairments of goodwill and significant impairments (or
impairment reversals) of other non-current assets;
\u2014 prior year tax items (including the impact of changes in tax
rates on deferred tax), significant one-off tax settlements
and provision charges/releases and the tax effects of other
adjusting items;
\u2014 financing fair value remeasurements i.e. changes in the fair
value of financing derivatives, excluding interest accruals,
offset by fair value adjustments to the carrying amount of
borrowings and other hedged items under fair value (or non-
designated) hedge relationships. Financing derivatives are
those that relate to hedged items of a financing nature.
The term \u2018adjusted\u2019 refers to the relevant measure being reported for continuing operations excluding adjusting items. The adjusted effective tax rate is calculated as continuing income tax expense excluding prior year tax items (including the impact of changes in tax rates on deferred tax), significant one- off tax settlements and provision charges/releases and the tax effects of other adjusting items, divided by continuing profit before taxation excluding adjusting items. Prior year tax items represent income statement tax relating to underlying items originally arising in prior years, including the impact of changes in tax rates on deferred tax. The exclusion of items relating to prior years, and those not in the ordinary course of business, helps provide a better indication of the Group\u2019s ongoing rate of tax. Net debt comprises lease liabilities, borrowings and financing derivatives (excluding accrued interest) less cash and cash equivalents and short-term deposits, including such balances classified as held for sale. Refer to the Financial Review for definitions of all of the Group\u2019s Alternative Performance Measures, including further information on why they are used and details of where reconciliations to statutory measures can be found where applicable. b. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, its subsidiaries, joint ventures and associates. (i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries acquired are recorded under the acquisition method of accounting and their results included from the date of acquisition. The results of subsidiaries which have been disposed are included up to the effective date of disposal. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non- controlling interests\u2019 share of subsequent changes in equity.
Total comprehensive income is attributed to non-controlling
interests even if this results in the non-controlling interests
having a deficit balance.
The excess of the consideration transferred, the amount of any
non-controlling interests in the acquiree and the acquisition-date
fair value of any previous equity interests in the acquiree over
the fair value of the identifiable net assets acquired is recorded
as goodwill. If this is less than the fair value of the net assets of
the subsidiary acquired in the case of a bargain purchase, the
difference is recognised directly in the income statement.
Intercompany transactions, balances and unrealised gains on
transactions between Group companies are eliminated on
consolidation. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred. Accounting policies of acquired subsidiaries have
been changed where necessary to ensure consistency with
the policies adopted by the Group.
(ii) Joint ventures and associates
Joint ventures are entities over which the Group has joint
control. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions
about the relevant activities require the unanimous consent of
the parties sharing control. The equity method is used to account
for the Group\u2019s investments in joint ventures.
Associates are entities over which the Group has the ability to
exercise significant influence but not control or joint control,
generally accompanied by a shareholding of between 20% and
50% of the voting rights. The equity method is used to account
for the Group\u2019s investments in associates.
Under the equity method, investments are initially recognised at
cost. The Group\u2019s share of post-acquisition profits or losses is
recognised in the income statement within operating profit, and
its share of post-acquisition movements in other comprehensive
income is recognised in other comprehensive income. The
cumulative post-acquisition movements are adjusted against the
carrying amount of the investment. When the Group\u2019s share of
losses equals or exceeds its interest, including any other long-
term receivables, the Group does not recognise any further
losses, unless it has incurred obligations or made payments on
behalf of the joint venture or associate.
Unrealised gains on transactions between the Group and its joint
ventures and associates are eliminated to the extent of the
Group\u2019s interest. Unrealised losses are also eliminated unless
the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures and associates
have been changed where necessary to ensure consistency with
the policies adopted by the Group.
The equity method of accounting is discontinued from the date
an investment ceases to be a joint venture or associate, that is
the date on which the Group ceases to have joint control or
significant influence over the investee or on the date it is
classified as held for sale.
In March 2022, the three-year cumulative inflation in Turkey
exceeded 100% and as a result, hyperinflationary accounting was
applied for the years ended 31 January 2023 and 31 January
2024 in respect of the Group\u2019s joint venture in Turkey.
The Group\u2019s consolidated financial statements include the equity
accounted results and financial position of its Turkish joint
venture restated to the current purchasing power as at the year-
end date, with hyperinflationary gains and losses in respect of
monetary items being reported in operating profit. Prior year
comparatives are not restated. Both the joint venture investment
and results are translated at the rate of exchange at the balance
sheet date.
c. Foreign currencies
(i) Presentation and functional currencies
The consolidated financial statements are presented in Sterling,
which is the Group\u2019s presentation currency. Items included in the
financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in which
the entity operates (i.e. its functional currency).
(ii) Transactions and balances
Transactions denominated in foreign currencies are translated into
the functional currency at the exchange rates prevailing on the
date of the transaction or, for practical reasons, at average
monthly rates where exchange rates do not fluctuate significantly.
Monetary assets and liabilities denominated in foreign currencies
are translated into Sterling at the rates of exchange at the balance
sheet date. Exchange differences on monetary items are taken to
the income statement. Exceptions to this are where the monetary
items form part of the net investment in a foreign operation or are
designated and effective net investment hedges. Such exchange
differences are initially deferred in equity.
(iii) Group companies
The balance sheets of overseas subsidiaries are expressed in
Sterling at the rates of exchange at the balance sheet date.
Profits and losses of overseas subsidiaries are expressed in
Sterling at average exchange rates for the period. Exchange
differences arising on the retranslation of foreign operations,
including joint ventures and associates, are recognised in a
separate component of equity.
On consolidation, exchange differences arising from the
retranslation of the net investment in foreign entities, and of
borrowings, lease liabilities and other currency instruments
designated as hedges of such investments, are taken to equity.
When a foreign operation is sold, such exchange differences
recorded since 1 February 2004 (being the date of transition to
IFRS) are recognised in the income statement as part of the gain
or loss on disposal.
Goodwill and fair value adjustments arising on the acquisition of a
foreign entity are treated as assets and liabilities of the foreign
entity and translated at the rates of exchange at the balance
sheet date. Goodwill arising prior to 1 February 2004 is
denominated in Sterling, and not subsequently retranslated.
(iv) Principal rates of exchange against Sterling
2023/24
2022/23
Average rate
Year end rate
Average rate
Year end rate
Euro
1.15
1.17
1.17
1.13
US Dollar
1.25
1.27
1.23
1.23
Polish Zloty
5.20
5.08
5.48
5.34
Romanian Leu
5.71
5.83
5.76
5.58
Turkish Lira
1
38.64
38.64
23.18
23.18
1. The Turkish Lira average exchange rates represent the closing rates for the
year, due to the application of hyperinflation accounting in Turkey.
d. Revenue recognition
Sales represent the supply of home improvement products and
services, including commission from sales of third-party
products through Kingfisher websites (i.e. \u2018marketplace\u2019
arrangements). Sales exclude transactions made between
companies within the Group, Value Added Tax, other sales-
related taxes and are net of returns, trade and staff discounts.
Revenue is recognised when control of the goods or services
are transferred to the customer at an amount that reflects the
consideration to which the Group expects to be entitled in
exchange for those goods or services.
Revenue from in-store product sales is recognised when the
customer takes possession of the products (i.e. on payment).
Revenue from online \u2018click & collect\u2019 product sales is recognised
on collection of the products. Where customers have a right to
return purchased goods in exchange for a refund, a liability for
returns is recognised based on historic trends and offset against
revenue in the period in which the sale was made. An asset (with
a corresponding adjustment to cost of sales) is also recognised
for goods expected to be returned from customers. Where
award credits such as vouchers or loyalty points are provided as
part of the sales transaction, the amount allocated to the credits
is deferred and recognised when the credits are redeemed and
the Group fulfils its obligations to supply the awards.
Revenue from sales of delivered products is recognised on
delivery. Supply of delivered products is judged to be one single
performance obligation.
Service sales typically comprise kitchen and bathroom
installations. Revenue from these services is recognised on
completion of the relevant installation.
Commission revenue is earned from the sale of third-party
products through Kingfisher websites. This is referred to as a
marketplace arrangement. Kingfisher acts as an agent in such
arrangements and recognises the net commission receivable
within sales, generally when an order is placed.
Sales from delivered products, installation services and marketplace arrangements represent only a small component of the Group\u2019s sales as the majority relates to in-store and online \u2018click & collect\u2019 purchases of products. Other income includes external rental income and gains on disposal of assets. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. e. Rebates Rebates received from suppliers mainly comprise volume related rebates on the purchase of inventories. Contractual volume related rebates are accrued as units are purchased based on the percentage rebate applicable to forecast total purchases over the rebate period, where it is probable the rebates will be received and the amounts can be estimated reliably. Discretionary rebates are not anticipated and only recognised once earned. Rebates relating to inventories purchased but still held at the balance sheet date are deducted from the carrying value so that the cost of inventories is recorded net of applicable rebates. Such rebates are credited to the cost of sales line in the income statement when the goods are sold. Other rebates received, such as those related to advertising and marketing, including retail media income from suppliers, are credited to cost of sales in the income statement when the relevant conditions have been fulfilled. f. Dividends Interim dividends are recognised when they are paid to the Company\u2019s shareholders. Final dividends are recognised when they are approved by the Company\u2019s shareholders. g. Intangible assets (i) Goodwill Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognised. Such benefits include future synergies expected from the combination and intangible assets not meeting the criteria for separate recognition. Goodwill is carried at cost less accumulated impairment losses. Goodwill is not amortised and is tested annually for impairment at country level (except for NeedHelp), representing the lowest level at which it is monitored for internal management purposes, by assessing the recoverable amount of each cash generating unit or groups of cash generating units to which the goodwill relates. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows (\u2018value- in-use\u2019) or fair value less costs to sell if higher. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country in which the cash generating unit (\u2018CGU\u2019) operates. Long-term growth rates are derived from external long-term inflation forecasts for the territories in which the businesses operate. When the recoverable amount of the
goodwill is less than its carrying amount, an impairment loss is
recognised immediately in the income statement which cannot
subsequently be reversed. Gains and losses on the disposal of
an entity include the carrying amount of goodwill relating to the
entity sold.
(ii) Computer software
Where software is not an integral part of a related item of
computer hardware, it is classified as an intangible asset. Costs
that are directly associated with the acquisition or production of
identifiable software products controlled by the Group, which
are expected to generate economic benefits exceeding costs
beyond one year, are recognised as intangible assets.
Capitalised costs include those of software licences and
development, including costs of employees, consultants and an
appropriate portion of relevant overheads.
Costs related to the configuration and customisation in cloud
computing arrangements, where they do not give the Group
power to control the future economic benefits and to restrict
access of others to those benefits, are not capitalised as they do
not meet the definition of intangible benefits under IAS 38. Such
costs are expensed as incurred. Configuration and customisation
in cloud computing arrangements are only capitalised where a
separate asset is created and capitalisable under IAS 38.
Costs associated with identifying, sourcing, evaluating or
maintaining computer software are recognised as an expense
as incurred.
Software under development is held at cost less any provisions
for impairment, with impairment reviews being performed
annually, or when there is an indication of impairment.
Amortisation commences when the software assets are available
for use and is over their estimated useful lives of two to ten years.
h. Property, plant and equipment
(i) Cost
Property, plant and equipment held for use in the business are
carried at cost less accumulated depreciation and any provisions
for impairment.
Properties that were held at 1 February 2004 are carried at
deemed cost, being the fair value of land and buildings as at the
transition date to IFRS. All property acquired after 1 February
2004 is carried at cost less accumulated depreciation.
(ii) Depreciation
Depreciation is provided to reflect a straight-line reduction from
cost to estimated residual value over the estimated useful life of
the asset as follows:
Freehold land
\u2013
not depreciated
Freehold buildings
\u2013
over remaining useful life
Leasehold improvements
\u2013
over remaining period
of the lease
Fixtures and fittings
\u2013
between 4 and 20 years
Computers and electronic equipment
\u2013 between 3 and 5 years
Motor
cars
\u2013
4 years
Commercial vehicles
\u2013
between 3 and 10 years
(iii) Impairment At each reporting date an assessment is performed as to whether there are any indicators that property, plant and equipment, including the Group\u2019s stores, may be impaired or whether there is any indication that an impairment loss recognised in a previous period either no longer exists or has decreased. Should such indicators exist, the assets\u2019 recoverable amounts are subsequently estimated. For store impairment testing, each individual store is determined to be a cash generating unit. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows (\u2018value-in-use\u2019) of the relevant cash generating unit or fair value less costs to sell if higher. A vacant possession valuation basis is used to approximate the fair value less costs to sell. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country. Long-term growth rates are derived from external long-term inflation forecasts for the territories in which the businesses operate. Any impairment or impairment reversal is charged or credited to the income statement in the period in which it occurs. (iv) Disposal The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sales proceeds and the carrying amount of the asset and is recognised in the income statement. Sales of land and buildings are accounted for when there is an unconditional exchange of contracts. (v) Subsequent costs Subsequent costs are included in the related asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement in the period in which they are incurred. i. Leased assets The Group assesses whether a contract is or contains a lease at inception of the contract. Typically, lease contracts relate to properties such as stores and distribution centres, and equipment leases such as mechanical handling equipment and vehicles. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease
arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets.
The liability is initially measured as the present value of the lease
payments not yet paid at the commencement date, discounted at
an appropriate discount rate. Where the implicit rate in the lease
is not readily determinable, an incremental borrowing rate is
calculated and applied. The calculation methodology is based upon
applying a financing spread to a risk-free rate, with the resulting
rate including the effect of the creditworthiness of the operating
company in which the lease is contracted, as well as the underlying
term, currency and start date of the lease agreement.
Lease payments used in the measurement of the lease liability
principally comprise fixed lease payments (subject to
indexation/rent reviews) less any incentives. The lease liability is
subsequently measured using an effective interest method
whereby the carrying amount of the lease liability is measured on
an amortised cost basis, and the interest expense is allocated
over the lease term. The lease term comprises the non-
cancellable lease term, in addition to optional periods when the
Group is reasonably certain to exercise an option to extend (or
not to terminate) a lease.
The Group remeasures the lease liability and makes a
corresponding adjustment to the related right-of-use asset
whenever an event occurs that changes the term or payment
profile of a lease, such as the renewal of an existing lease, the
exercise of lease term options, market rent reviews and
indexation. A lease liability which is denominated in a currency
that is not the functional currency of the relevant Group entity
(e.g. a Euro-denominated lease in Castorama Poland) is
translated into that entity\u2019s functional currency with foreign
exchange gains and losses recorded in the income statement,
unless the lease liability is designated as a net investment hedge
with foreign exchange gains and losses recorded in other
comprehensive income.
The right-of-use assets are initially measured at the amount equal
to the lease liability, adjusted by any upfront lease payments or
incentives and any initial direct costs incurred. Subsequently, the
assets are measured at cost less accumulated depreciation and
impairment losses. Right-of-use assets are depreciated on a
straight-line basis over the remaining lease term.
Lessor accounting
Leases for which the Group is a lessor are classified as finance
or operating leases. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee,
the contract is classified as a finance lease. All other leases are
classified as operating leases.
When the Group is an intermediate lessor, it accounts for the
head lease and the sub-lease as two separate contracts. The
sub-lease is classified as a finance or operating lease by
reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised on a straight- line basis over the term of the relevant lease. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. j. Investment property Investment property is property held by the Group to earn rental income or for capital appreciation. Investment properties are carried at cost less depreciation and provision for impairment. Depreciation is provided on a consistent basis with that applied to property, plant and equipment. k. Capitalisation of borrowing costs Interest on borrowings to finance the construction of properties held as non-current assets is capitalised from the date work starts on the property to the date when substantially all the activities which are necessary to get the property ready for use are complete. Where construction is completed in parts, each part is considered separately when capitalising interest. Interest is capitalised before any allowance for tax relief. l. Inventories Inventories are carried at the lower of cost and net realisable value, on a weighted average cost basis. Trade discounts and rebates received are deducted in determining the cost of purchase of inventories. Cost includes appropriate attributable overheads and direct expenditure incurred in the normal course of business in bringing goods to their present location and condition. Costs of inventories include the transfer from equity of any gains or losses on qualifying cash flow hedges relating to purchases. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Write downs to net realisable value are made for slow moving, display, damaged or obsolete items and other events or conditions resulting in expected selling prices being lower than cost. The carrying value of inventories reflects known and expected losses of product in the ordinary course of business. m. Employee benefits (i) Post-employment benefits The Group operates various defined benefit and defined contribution pension schemes for its employees, some of which are required by local legislation. A defined benefit scheme is a pension scheme which defines an amount of pension benefit which an employee will receive on retirement. A defined contribution scheme is a pension scheme under which the Group usually pays fixed contributions into a separate entity. In all cases other than some of the legally required schemes, a separate fund is being accumulated to meet the accruing liabilities. The assets of each of these funds are either held under trusts or managed
by insurance companies and are entirely separate from the
Group\u2019s assets.
The asset or liability recognised in the balance sheet in respect
of defined benefit pension schemes is the fair value of scheme
assets less the present value of the defined benefit obligation at
the balance sheet date. The defined benefit obligation is
calculated annually by independent actuaries using the projected
unit credit method. The present value of the defined benefit
obligation is determined by discounting the estimated future
cash outflows using interest rates of high-quality corporate
bonds which are denominated in the currency in which the
benefits will be paid and which have terms to maturity
approximating to the terms of the related pension liability.
Remeasurement gains and losses arising from experience
adjustments and changes in actuarial assumptions are credited or
charged to the statement of comprehensive income as they arise.
For defined contribution schemes, the Group has no further
payment obligations once the contributions have been paid. The
contributions are recognised as an employee benefit expense
when they are due.
(ii) Share-based compensation
The Group operates several equity-settled, share-based
compensation schemes. The fair value of the employee services
received in exchange for the grant of options or deferred shares
is recognised as an expense and is calculated using Black-
Scholes and stochastic models. The total amount to be
expensed over the vesting period is determined by reference to
the fair value of the options or deferred shares granted,
excluding the impact of any non-market vesting conditions. The
value of the charge is adjusted to reflect expected and actual
levels of options vesting due to non-market vesting conditions.
n. Taxation
The income tax expense represents the sum of the tax currently
payable and deferred tax. The tax currently payable is based on
taxable profit for the year.
The Group is subject to income taxes in numerous jurisdictions
and there are many transactions for which the ultimate tax
determination is uncertain during the ordinary course of
business. For uncertain tax positions, on the basis that tax
authorities have full knowledge of the relevant information it is
determined whether it is probable that, in aggregate, an outflow
of economic resources will occur following investigation. The
potential impact of the relevant tax authority\u2019s examination of the
uncertain tax positions is measured to make the best estimate of
the amount of the tax benefit that may be lost, for which liabilities
are then recorded. Where the final outcome of these matters is
different from the amounts which were initially recorded, such
differences will impact the income tax and deferred tax liabilities
in the period in which such determination is made. These
adjustments in respect of prior years are recorded in the
income statement, or directly in equity, as appropriate.
Taxable profit differs from profit before taxation as reported in
the income statement because it excludes items of income or
expense which are taxable or deductible in other years or which
are never taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable
on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit and is accounted
for using the balance sheet liability method.
Deferred tax liabilities are generally recognised for all taxable
temporary differences. Deferred tax assets are recognised to
the extent that it is probable that taxable profits will be available
against which deductible temporary differences or unused tax
losses can be utilised. Deferred tax liabilities are not recognised
if the temporary difference arises from the initial recognition of
goodwill in a business combination. Deferred tax assets and
liabilities are not recognised if the temporary difference arises
from the initial recognition (other than in a business combination)
of other assets and liabilities in a transaction which affects
neither the taxable profit nor the accounting profit. Deferred tax
liabilities are recognised for taxable temporary differences
arising on investments in subsidiaries, joint ventures and
associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all
or part of the asset to be recovered.
Current and deferred tax are calculated using tax rates which
have been enacted or substantively enacted by the balance
sheet date and are expected to apply in the period when the
liability is settled or the asset is realised.
Current and deferred tax are charged or credited to the income
statement, except when they relate to items charged or credited
to other comprehensive income or directly to equity, in which
case the current or deferred tax is also recognised in other
comprehensive income or directly in equity.
Current and deferred tax assets and liabilities are offset against
each other when they relate to income taxes levied by the same
tax jurisdiction and when the Group intends to settle its current
tax assets and liabilities on a net basis.
Operating levies, such as certain revenue, property and payroll-
based taxes, are not treated as income tax and are included within
operating profit. The timing of recognition of a liability to pay an
operating levy is determined by the event identified under the
relevant legislation that triggers the obligation to pay the levy.
o. Provisions and contingent liabilities
Provisions are recognised when the Group has a present legal or
constructive obligation as a result of past events, it is more likely
than not that an outflow of resources will be required to settle
the obligation and the amount can be reliably estimated.
A provision is recorded if the unavoidable costs of meeting the
obligations under a contract exceed the economic benefits
expected to be received under it. The unavoidable costs reflect
the net cost of exiting the contract.
If the effect of the time value of money is material, provisions are
determined by discounting the expected future cash flows at a pre-
tax rate which reflects current market assessments of the time
value of money and, where appropriate, the risks specific to the
liability. Credits or charges arising from changes in the rate used to
discount the provisions are recognised within net finance costs.
Contingent liabilities are possible obligations arising from past
events, whose existence will only be confirmed by future
uncertain events that are not wholly within the Group\u2019s control, or
present obligations where it is not probable that an outflow of
resources will be required or the amount of the obligation cannot
be reliably measured. If the outflow of economic resources is not
considered remote, contingent liabilities are disclosed but not
recognised in the financial statements.
p. Financial instruments
Financial assets and financial liabilities are recognised on the
Group\u2019s balance sheet when the Group becomes a party to the
contractual provisions of the financial instrument. Financial
assets are derecognised when the contractual rights to the cash
flows from the financial asset expire or the Group has
substantially transferred the risks and rewards of ownership.
Financial liabilities (or a part of a financial liability) are
derecognised when the obligation specified in the contract is
discharged or cancelled or expires or are substantially modified.
Financial assets and liabilities are offset only when the Group has
a currently enforceable legal right to set-off the respective
recognised amounts and intends either to settle on a net basis,
or to realise the asset and settle the liability simultaneously.
(i) Cash and cash equivalents
Cash and cash equivalents include cash in hand, uncleared credit
card receipts, deposits held on call with banks and other short-
term highly liquid investments with original maturities of three
months or less. For cash flow statement reporting purposes, the
Group considers bank overdrafts as part of cash and cash
equivalents because they are repayable on demand and form
part of the Group\u2019s cash management.
(ii) Borrowings
Interest bearing borrowings are recorded at fair value (which is
typically equivalent to the proceeds received) net of direct issue
costs and subsequently measured at amortised cost. Where
borrowings are in designated and effective fair value hedge
relationships, adjustments are made to their carrying amounts to
reflect the hedged risks. Finance charges, including premiums
payable on settlement or redemption and direct issue costs,
are amortised to the income statement using the effective
interest method.
(iii) Trade receivables
Trade receivables are initially recognised at their transaction
price and are subsequently measured at amortised cost less any
allowance for expected credit losses. To measure the expected
credit losses, trade receivables are grouped based on the days
past due. Trade receivables are written off when there is no
reasonable expectation of recovery.
(iv) Trade payables
Trade payables are initially recognised at fair value and are
subsequently measured at amortised cost.
(v) Derivatives and hedge accounting
Derivatives are initially recorded at fair value on the date a
derivative contract is entered into and are subsequently carried
at fair value.
Derivatives embedded in other financial instruments or other
host contracts are treated as separate derivatives when their
risks and characteristics are not closely related to those of host
contracts, and the host contracts are not carried at fair value
with unrealised gains or losses reported in the income statement.
Where hedge accounting is not applied, or to the extent to which
it is not effective, changes in the fair value of derivatives are
recognised in the income statement as they arise. Changes in
the fair value of derivatives transacted as hedges of operating
items and financing items are recognised in operating profit and
net finance costs respectively.
The accounting treatment of derivatives and other financial
instruments classified as hedges depends on their designation,
which occurs at the start of the hedge relationship. The Group
designates certain financial instruments as:
\u2014 a hedge of the fair value of an asset or liability or
unrecognised firm commitment (\u2018fair value hedge\u2019);
\u2014 a hedge of a highly probable forecast transaction or firm
commitment if foreign currency risk is hedged (\u2018cash flow
hedge\u2019); or
\u2014 a hedge of a net investment in a foreign operation (\u2018net
investment hedge\u2019).
Fair value hedges
For an effective hedge of an exposure to changes in fair value,
the hedged item is adjusted for changes in fair value attributable
to the risk being hedged with the corresponding entry being
recorded in the income statement. Gains or losses from
remeasuring the corresponding hedging instrument are
recognised in the same line of the income statement.
Cash flow hedges
Changes in the effective portion of the fair value of derivatives
that are designated as hedges of future cash flows are
recognised directly in other comprehensive income, with any
ineffective portion being recognised immediately in the income
statement where relevant. If the cash flow hedge of a firm
commitment or forecast transaction results in the recognition of
a non-financial asset or liability, then, at the time it is recognised,
the associated gains or losses on the derivative that had
previously been deferred in equity are included in the initial
measurement of the non-financial asset or liability. For all other
hedges, amounts deferred in equity are recognised in the
income statement in the same period in which the hedged item
affects net profit or loss.
Net investment hedges
Where the Group hedges net investments in foreign operations
through foreign currency borrowings or lease liabilities, the gains
or losses on retranslation are recognised in other
comprehensive income. If the Group uses derivatives as the
hedging instrument, the effective portion of the hedge is
recognised in other comprehensive income, with any ineffective
portion being recognised immediately in the income statement.
Gains and losses accumulated in equity are recycled through the
income statement on disposal of the foreign operation.
In order to qualify for hedge accounting, the Group documents in
advance the risk management objective and strategy for
undertaking the hedge and the relationship between the item
being hedged and the hedging instrument. The Group also
documents and demonstrates an assessment of the relationship
between the hedged item and the hedging instrument, which
shows that the hedge will be highly effective on an ongoing basis
and provides an analysis of the sources of hedge
ineffectiveness. The effectiveness testing is performed at half
year and year end or upon a significant change in circumstances
affecting the hedge effectiveness requirements.
Hedge accounting is discontinued when the hedging instrument
expires or is sold, terminated or exercised, or no longer qualifies
for hedge accounting. At that time, any cumulative gain or loss on
the hedging instrument is retained in equity until the highly
probable forecast transaction occurs. If a hedged transaction is
no longer expected to occur, the net cumulative gain or loss
deferred in equity is transferred to the income statement.
q. Assets and liabilities held for sale
Non-current assets and disposal groups are classified as held for
sale if their carrying amounts will be recovered through a sale
transaction rather than through continuing use. This condition is
regarded as met only when the sale is highly probable and the
asset or disposal group is available for immediate sale in its
present condition subject only to terms that are usual and
customary for sales of such assets.
Management must be committed to the sale, which should be
expected to qualify for recognition as a completed sale within
one year from the date of classification as held for sale.
Non-current assets and disposal groups classified as held for
sale are measured at the lower of carrying amount and fair value
less costs to sell. This excludes financial assets, deferred tax
assets and assets arising from employee benefits, which are
measured according to the relevant accounting policy.
Property, plant and equipment, right-of-use assets and intangible
assets are not depreciated once classified as held for sale. The
Group ceases to use the equity method of accounting from the
date on which an interest in a joint venture or an interest in an
associate becomes classified as held for sale.
r. Share repurchases
Shares purchased for cancellation are deducted from retained
earnings. The Group uses irrevocable closed period buyback
programmes. A liability to purchase shares is recognised at
inception of the programme with any subsequent reduction in
the obligation credited back to retained earnings at the end of
the programme. Share capital is reduced and credited to the
capital redemption reserve once shares are cancelled,
maintaining non-distributable reserves.
s. Reserves
The following describes the nature and purpose of each reserve
within equity:
(i) Share capital
The nominal value of proceeds received for shares issued.
(ii) Share premium
Proceeds received in excess of the nominal value of shares
issued, net of any transaction costs.
(iii) Own shares held
Shares held by The Employee Share Ownership Plan Trust.
(iv) Capital redemption reserve
Amounts transferred from share capital on repurchase of
issued shares.
(v) Other reserves, comprising:
\u2014 Translation reserve \u2013 Gains or losses arising on retranslating
the net assets of overseas operations into the Group\u2019s
presentation currency including gains or losses on net
investment hedges.
\u2014 Cash flow hedge reserve \u2013 Cumulative gains and losses on
\u2018effective\u2019 hedging instruments.
\u2014 Other \u2013 Represents the premium on the issue of convertible
loan stock in 1993 and the merger reserve relating to the
acquisition of Darty in 1993.
(vi) Retained earnings
All other net gains and losses and transactions with owners that
are not recognised elsewhere.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-451": { "value": "a. Basis of preparation The consolidated financial statements of the Company, its subsidiaries, joint ventures and associates are made up to 31 January, except as disclosed in note 18 of the consolidated financial statements. The current financial year is the year ended 31 January 2024 (\u2018the year\u2019 or \u20182023/24\u2019). The comparative financial year is the year ended 31 January 2023 (\u2018the prior year\u2019 or \u20182022/23\u2019). The consolidated income statement and related notes represent results from continuing operations, there being no discontinued operations in the years presented. The consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS Standards) as issued by the IASB. The consolidated financial statements have been prepared under the historical cost convention, as modified by the use of valuations for certain financial instruments, share-based payments and post-employment benefits. A summary of the Group\u2019s principal accounting policies is set out below. The preparation of financial statements in accordance with IFRS requires the use of certain accounting estimates and assumptions. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving critical accounting judgements and key estimation uncertainties, which are significant to the consolidated financial statements, are outlined in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-504": { "value": "The consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS Standards) as issued by the IASB. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-452": { "value": "Going concern Based on the Group\u2019s liquidity position and cash flow projections, including a forward looking remote downside scenario, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements for the year ended 31 January 2024. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 1 to 67. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial review on pages 48 to 54. The principal risks and viability statement of the Group are set out on pages 59 to 66. In addition, note 25 includes the Group\u2019s financial risk management objectives and exposures to liquidity and other financial risks. The Directors have considered these areas alongside the principal risks and how they may impact the going concern assessment. As of 31 January 2024, Kingfisher had access to over \u00a3900m of liquidity, comprising cash and cash equivalents (net of bank overdrafts) of \u00a3353m and access to an undrawn Revolving Credit Facility (RCF) of \u00a3550m (of which \u00a346m expires at the end of May 2025, with the balance expiring at the end May 2026). The ratio of net debt to EBITDA was 1.6 as of 31 January 2024. In considering whether the Group\u2019s financial statements can be prepared on a going concern basis, the Directors have reviewed the Group\u2019s business activities together with factors likely to affect its performance, financial position and access to liquidity (including consideration of financial covenants and credit ratings). The terms of the RCF require that the ratio of Group operating profit (excluding adjusting items) to net interest payable (excluding interest on lease liabilities) must be no less than 3:1 for the preceding 12 months as at the half and full year-ends. As of 31 January 2024, Kingfisher was compliant with this requirement. In forming their outlook on the future financial performance, the Directors considered the risk of higher business volatility and the potential negative impact of the general economic environment on household and trade spend. The Directors\u2019 review also included consideration of a remote scenario that models the impact of a significant demand or supply shock preventing the Group from realising a large part of its sales over the period of a month, followed by subdued demand for the remainder of the year. The total loss of sales in this scenario is c.\u00a31.5bn (12% over the impacted period). The scenario assumes the impact of lost sales is partially offset by a limited set of mitigating actions on variable and discretionary costs, capital expenditure and the suspension of capital returns to shareholders. Even under this remote scenario, which requires drawing on the RCF for a few months, the Group retains headroom on its credit facilities. Given current trading and expectations for the business, the Directors believe that this scenario reflects a remote outcome for the Group. Should a more extreme scenario occur than currently modelled by the Directors under this remote scenario, the Group would need to implement additional operational or financial measures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-505": { "value": "Changes to accounting policies as a result of new standards issued and effective The following new or amended accounting standards are in issue and effective for the current reporting period: \u2014 IFRS 17 (including the June 2020 Amendments to IFRS 17) \u2013 Insurance Contracts \u2014 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2014 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2014 Amendments to IAS 8 \u2013 Definition of Accounting Estimates The above new or amended accounting standards did not have a material impact on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-455": { "value": "Changes to accounting policies as a result of new standards issued and effective The following new or amended accounting standards are in issue and effective for the current reporting period: \u2014 IFRS 17 (including the June 2020 Amendments to IFRS 17) \u2013 Insurance Contracts \u2014 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2014 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2014 Amendments to IAS 8 \u2013 Definition of Accounting Estimates The above new or amended accounting standards did not have a material impact on the consolidated financial statements. Standards issued but not yet effective At the date of the approval of these financial statements, the following standards which have not been applied in these financial statements were in issue, but not yet effective: \u2014 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules \u2014 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2014 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current \u2014 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback \u2014 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements \u2014 IFRS S1 \u2013 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 \u2013 Climate-related Disclosures \u2014 Amendments to IAS 21 \u2013 Lack of Exchangeability These new standards are not expected to have a material impact on the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-506": { "value": "Standards issued but not yet effective At the date of the approval of these financial statements, the following standards which have not been applied in these financial statements were in issue, but not yet effective: \u2014 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules \u2014 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2014 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current \u2014 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback \u2014 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements \u2014 IFRS S1 \u2013 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 \u2013 Climate-related Disclosures \u2014 Amendments to IAS 21 \u2013 Lack of Exchangeability These new standards are not expected to have a material impact on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-454": { "value": "Risks and uncertainties The principal risks and uncertainties to which the Group is exposed are set out in the Strategic Report on pages 59 to 64.", "dimensions": { "concept": "kingfisherplc:DisclosureOfRisksAndUncertainties", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-453": { "value": "Use of non-GAAP measures In the reporting of financial information, the Group uses certain measures that are not required under IFRS, the generally accepted accounting principles (\u2018GAAP\u2019) under which the Group reports. Kingfisher believes that retail profit, adjusted pre-tax profit, adjusted effective tax rate, and adjusted earnings per share provide additional useful information on performance and trends to shareholders. These and other non-GAAP measures (also known as \u2018Alternative Performance Measures\u2019), such as net debt, are used by Kingfisher for internal performance analysis and incentive compensation arrangements for employees. The terms \u2018retail profit\u2019, \u2018adjusting items\u2019, \u2018adjusted\u2019, \u2018adjusted effective tax rate\u2019, \u2018net cash flow\u2019 and \u2018net debt\u2019 are not defined terms under IFRS and may therefore not be comparable with similarly titled measures reported by other companies. They are not intended to be a substitute for, or superior to, GAAP measures. Retail profit is defined as continuing operating profit before central costs, the Group\u2019s share of interest and tax of joint ventures and associates and adjusting items. Central costs principally comprise the costs of the Group\u2019s head office before adjusting items. Adjusting items, which are presented separately within their relevant income statement category, include items which by virtue of their size and/or nature, do not reflect the Group\u2019s ongoing trading performance. Adjusting items may include, but are not limited to: \u2014 non-trading items included in operating profit such as profits and losses on the disposal, closure, exit or impairment of subsidiaries, joint ventures, associates and investments which do not form part of the Group\u2019s ongoing trading activities; \u2014 the costs of significant restructuring and incremental acquisition integration costs; \u2014 profits and losses on the disposal/exit of properties, impairments of goodwill and significant impairments (or impairment reversals) of other non-current assets; \u2014 prior year tax items (including the impact of changes in tax rates on deferred tax), significant one-off tax settlements and provision charges/releases and the tax effects of other adjusting items; \u2014 financing fair value remeasurements i.e. changes in the fair value of financing derivatives, excluding interest accruals, offset by fair value adjustments to the carrying amount of borrowings and other hedged items under fair value (or non- designated) hedge relationships. Financing derivatives are those that relate to hedged items of a financing nature.
The term \u2018adjusted\u2019 refers to the relevant measure being
reported for continuing operations excluding adjusting items.
The adjusted effective tax rate is calculated as continuing
income tax expense excluding prior year tax items (including the
impact of changes in tax rates on deferred tax), significant one-
off tax settlements and provision charges/releases and the tax
effects of other adjusting items, divided by continuing profit
before taxation excluding adjusting items. Prior year tax items
represent income statement tax relating to underlying items
originally arising in prior years, including the impact of changes in
tax rates on deferred tax. The exclusion of items relating to prior
years, and those not in the ordinary course of business, helps
provide a better indication of the Group\u2019s ongoing rate of tax.
Net debt comprises lease liabilities, borrowings and financing
derivatives (excluding accrued interest) less cash and cash
equivalents and short-term deposits, including such balances
classified as held for sale.
Refer to the Financial Review for definitions of all of the Group\u2019s
Alternative Performance Measures, including further information
on why they are used and details of where reconciliations to
statutory measures can be found where applicable.
", "dimensions": { "concept": "kingfisherplc:DescriptionOfAccountingPolicyForUseOfNonGAAPMeasures", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-456": { "value": "
b. Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company, its subsidiaries, joint ventures
and associates.
(i) Subsidiaries
Subsidiaries are all entities (including structured entities) over
which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those
returns through its power over the entity.
Subsidiaries acquired are recorded under the acquisition method of
accounting and their results included from the date of acquisition.
The results of subsidiaries which have been disposed are
included up to the effective date of disposal.
The consideration transferred for the acquisition of a subsidiary
is the fair values of the assets transferred, the liabilities incurred
and the equity interests issued by the Group. The consideration
transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement.
Acquisition-related costs are expensed as incurred. Identifiable
assets acquired and liabilities and contingent liabilities assumed in
a business combination are measured initially at their fair values
at the acquisition date. On an acquisition-by-acquisition basis,
the Group recognises any non-controlling interest in the
acquiree either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets. Subsequent to
acquisition, the carrying amount of non-controlling interests is
the amount of those interests at initial recognition plus the non-
controlling interests\u2019 share of subsequent changes in equity.
Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interests in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of acquired subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. Under the equity method, investments are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement within operating profit, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest, including any other long- term receivables, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. The equity method of accounting is discontinued from the date an investment ceases to be a joint venture or associate, that is the date on which the Group ceases to have joint control or significant influence over the investee or on the date it is classified as held for sale. In March 2022, the three-year cumulative inflation in Turkey exceeded 100% and as a result, hyperinflationary accounting was applied for the years ended 31 January 2023 and 31 January 2024 in respect of the Group\u2019s joint venture in Turkey. The Group\u2019s consolidated financial statements include the equity accounted results and financial position of its Turkish joint venture restated to the current purchasing power as at the year- end date, with hyperinflationary gains and losses in respect of monetary items being reported in operating profit. Prior year comparatives are not restated. Both the joint venture investment and results are translated at the rate of exchange at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-507": { "value": "(i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries acquired are recorded under the acquisition method of accounting and their results included from the date of acquisition. The results of subsidiaries which have been disposed are included up to the effective date of disposal. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non- controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interests in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of acquired subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-508": { "value": "(ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. Under the equity method, investments are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement within operating profit, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest, including any other long- term receivables, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. The equity method of accounting is discontinued from the date an investment ceases to be a joint venture or associate, that is the date on which the Group ceases to have joint control or significant influence over the investee or on the date it is classified as held for sale. In March 2022, the three-year cumulative inflation in Turkey exceeded 100% and as a result, hyperinflationary accounting was applied for the years ended 31 January 2023 and 31 January 2024 in respect of the Group\u2019s joint venture in Turkey. The Group\u2019s consolidated financial statements include the equity accounted results and financial position of its Turkish joint venture restated to the current purchasing power as at the year- end date, with hyperinflationary gains and losses in respect of monetary items being reported in operating profit. Prior year comparatives are not restated. Both the joint venture investment and results are translated at the rate of exchange at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-547": { "value": "(ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. Under the equity method, investments are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement within operating profit, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest, including any other long- term receivables, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. The equity method of accounting is discontinued from the date an investment ceases to be a joint venture or associate, that is the date on which the Group ceases to have joint control or significant influence over the investee or on the date it is classified as held for sale. In March 2022, the three-year cumulative inflation in Turkey exceeded 100% and as a result, hyperinflationary accounting was applied for the years ended 31 January 2023 and 31 January 2024 in respect of the Group\u2019s joint venture in Turkey. The Group\u2019s consolidated financial statements include the equity accounted results and financial position of its Turkish joint venture restated to the current purchasing power as at the year- end date, with hyperinflationary gains and losses in respect of monetary items being reported in operating profit. Prior year comparatives are not restated. Both the joint venture investment and results are translated at the rate of exchange at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-560": { "value": "(ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. Under the equity method, investments are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement within operating profit, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest, including any other long- term receivables, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. The equity method of accounting is discontinued from the date an investment ceases to be a joint venture or associate, that is the date on which the Group ceases to have joint control or significant influence over the investee or on the date it is classified as held for sale. In March 2022, the three-year cumulative inflation in Turkey exceeded 100% and as a result, hyperinflationary accounting was applied for the years ended 31 January 2023 and 31 January 2024 in respect of the Group\u2019s joint venture in Turkey. The Group\u2019s consolidated financial statements include the equity accounted results and financial position of its Turkish joint venture restated to the current purchasing power as at the year- end date, with hyperinflationary gains and losses in respect of monetary items being reported in operating profit. Prior year comparatives are not restated. Both the joint venture investment and results are translated at the rate of exchange at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-457": { "value": "c. Foreign currencies (i) Presentation and functional currencies The consolidated financial statements are presented in Sterling, which is the Group\u2019s presentation currency. Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (i.e. its functional currency). (ii) Transactions and balances Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the date of the transaction or, for practical reasons, at average monthly rates where exchange rates do not fluctuate significantly. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rates of exchange at the balance sheet date. Exchange differences on monetary items are taken to the income statement. Exceptions to this are where the monetary items form part of the net investment in a foreign operation or are designated and effective net investment hedges. Such exchange differences are initially deferred in equity. (iii) Group companies The balance sheets of overseas subsidiaries are expressed in Sterling at the rates of exchange at the balance sheet date. Profits and losses of overseas subsidiaries are expressed in Sterling at average exchange rates for the period. Exchange differences arising on the retranslation of foreign operations, including joint ventures and associates, are recognised in a separate component of equity. On consolidation, exchange differences arising from the retranslation of the net investment in foreign entities, and of borrowings, lease liabilities and other currency instruments designated as hedges of such investments, are taken to equity. When a foreign operation is sold, such exchange differences recorded since 1 February 2004 (being the date of transition to IFRS) are recognised in the income statement as part of the gain or loss on disposal. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the rates of exchange at the balance sheet date. Goodwill arising prior to 1 February 2004 is denominated in Sterling, and not subsequently retranslated. (iv) Principal rates of exchange against Sterling
2023/24
2022/23
Average rate
Year end rate
Average rate
Year end rate
Euro
1.15
1.17
1.17
1.13
US Dollar
1.25
1.27
1.23
1.23
Polish Zloty
5.20
5.08
5.48
5.34
Romanian Leu
5.71
5.83
5.76
5.58
Turkish Lira
1
38.64
38.64
23.18
23.18
1. The Turkish Lira average exchange rates represent the closing rates for the year, due to the application of hyperinflation accounting in Turkey.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-509": { "value": "(i) Presentation and functional currencies The consolidated financial statements are presented in Sterling, which is the Group\u2019s presentation currency. Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (i.e. its functional currency). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-458": { "value": "d. Revenue recognition Sales represent the supply of home improvement products and services, including commission from sales of third-party products through Kingfisher websites (i.e. \u2018marketplace\u2019 arrangements). Sales exclude transactions made between companies within the Group, Value Added Tax, other sales- related taxes and are net of returns, trade and staff discounts. Revenue is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue from in-store product sales is recognised when the customer takes possession of the products (i.e. on payment). Revenue from online \u2018click & collect\u2019 product sales is recognised on collection of the products. Where customers have a right to return purchased goods in exchange for a refund, a liability for returns is recognised based on historic trends and offset against revenue in the period in which the sale was made. An asset (with a corresponding adjustment to cost of sales) is also recognised for goods expected to be returned from customers. Where award credits such as vouchers or loyalty points are provided as part of the sales transaction, the amount allocated to the credits is deferred and recognised when the credits are redeemed and the Group fulfils its obligations to supply the awards. Revenue from sales of delivered products is recognised on delivery. Supply of delivered products is judged to be one single performance obligation. Service sales typically comprise kitchen and bathroom installations. Revenue from these services is recognised on completion of the relevant installation. Commission revenue is earned from the sale of third-party products through Kingfisher websites. This is referred to as a marketplace arrangement. Kingfisher acts as an agent in such arrangements and recognises the net commission receivable within sales, generally when an order is placed. Sales from delivered products, installation services and marketplace arrangements represent only a small component of the Group\u2019s sales as the majority relates to in-store and online \u2018click & collect\u2019 purchases of products. Other income includes external rental income and gains on disposal of assets. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-459": { "value": "
e. Rebates
Rebates received from suppliers mainly comprise volume
related rebates on the purchase of inventories. Contractual
volume related rebates are accrued as units are purchased
based on the percentage rebate applicable to forecast total
purchases over the rebate period, where it is probable the
rebates will be received and the amounts can be estimated
reliably. Discretionary rebates are not anticipated and only
recognised once earned. Rebates relating to inventories
purchased but still held at the balance sheet date are deducted
from the carrying value so that the cost of inventories is
recorded net of applicable rebates. Such rebates are credited
to the cost of sales line in the income statement when the goods
are sold.
Other rebates received, such as those related to advertising and
marketing, including retail media income from suppliers, are
credited to cost of sales in the income statement when the
relevant conditions have been fulfilled.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-460": { "value": "
f. Dividends
Interim dividends are recognised when they are paid to the
Company\u2019s shareholders. Final dividends are recognised when
they are approved by the Company\u2019s shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-461": { "value": "
g. Intangible assets
(i) Goodwill
Goodwill represents the future economic benefits arising from
assets acquired in a business combination that are not individually
identified and separately recognised. Such benefits include future
synergies expected from the combination and intangible assets
not meeting the criteria for separate recognition.
Goodwill is carried at cost less accumulated impairment losses.
Goodwill is not amortised and is tested annually for impairment at
country level (except for NeedHelp), representing the lowest
level at which it is monitored for internal management purposes,
by assessing the recoverable amount of each cash generating
unit or groups of cash generating units to which the goodwill
relates. The recoverable amount is assessed by reference to the
net present value of expected future pre-tax cash flows (\u2018value-
in-use\u2019) or fair value less costs to sell if higher. The pre-tax
discount rates are derived from the Group\u2019s weighted average
cost of capital, taking into account the cost of equity and debt, to
which specific market-related premium adjustments are made
for each country in which the cash generating unit (\u2018CGU\u2019)
operates. Long-term growth rates are derived from external
long-term inflation forecasts for the territories in which the
businesses operate. When the recoverable amount of the
goodwill is less than its carrying amount, an impairment loss is recognised immediately in the income statement which cannot subsequently be reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. (ii) Computer software Where software is not an integral part of a related item of computer hardware, it is classified as an intangible asset. Costs that are directly associated with the acquisition or production of identifiable software products controlled by the Group, which
are expected to generate economic benefits exceeding costs
beyond one year, are recognised as intangible assets.
Capitalised costs include those of software licences and
development, including costs of employees, consultants and an
appropriate portion of relevant overheads.
Costs related to the configuration and customisation in cloud
computing arrangements, where they do not give the Group power to control the future economic benefits and to restrict access of others to those benefits, are not capitalised as they do not meet the definition of intangible benefits under IAS 38. Such costs are expensed as incurred. Configuration and customisation in cloud computing arrangements are only capitalised where a separate asset is created and capitalisable under IAS 38. Costs associated with identifying, sourcing, evaluating or maintaining computer software are recognised as an expense as incurred. Software under development is held at cost less any provisions for impairment, with impairment reviews being performed annually, or when there is an indication of impairment. Amortisation commences when the software assets are available for use and is over their estimated useful lives of two to ten years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-511": { "value": "(i) Goodwill Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognised. Such benefits include future synergies expected from the combination and intangible assets not meeting the criteria for separate recognition. Goodwill is carried at cost less accumulated impairment losses. Goodwill is not amortised and is tested annually for impairment at country level (except for NeedHelp), representing the lowest level at which it is monitored for internal management purposes, by assessing the recoverable amount of each cash generating unit or groups of cash generating units to which the goodwill relates. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows (\u2018value- in-use\u2019) or fair value less costs to sell if higher. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country in which the cash generating unit (\u2018CGU\u2019) operates. Long-term growth rates are derived from external long-term inflation forecasts for the territories in which the businesses operate. When the recoverable amount of the goodwill is less than its carrying amount, an impairment loss is recognised immediately in the income statement which cannot subsequently be reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-512": { "value": "(ii) Computer software Where software is not an integral part of a related item of computer hardware, it is classified as an intangible asset. Costs that are directly associated with the acquisition or production of identifiable software products controlled by the Group, which
are expected to generate economic benefits exceeding costs
beyond one year, are recognised as intangible assets.
Capitalised costs include those of software licences and
development, including costs of employees, consultants and an
appropriate portion of relevant overheads.
Costs related to the configuration and customisation in cloud
computing arrangements, where they do not give the Group power to control the future economic benefits and to restrict access of others to those benefits, are not capitalised as they do not meet the definition of intangible benefits under IAS 38. Such costs are expensed as incurred. Configuration and customisation in cloud computing arrangements are only capitalised where a separate asset is created and capitalisable under IAS 38. Costs associated with identifying, sourcing, evaluating or maintaining computer software are recognised as an expense as incurred. Software under development is held at cost less any provisions for impairment, with impairment reviews being performed annually, or when there is an indication of impairment. Amortisation commences when the software assets are available for use and is over their estimated useful lives of two to ten years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-462": { "value": "h. Property, plant and equipment (i) Cost Property, plant and equipment held for use in the business are carried at cost less accumulated depreciation and any provisions for impairment. Properties that were held at 1 February 2004 are carried at deemed cost, being the fair value of land and buildings as at the transition date to IFRS. All property acquired after 1 February 2004 is carried at cost less accumulated depreciation. (ii) Depreciation Depreciation is provided to reflect a straight-line reduction from cost to estimated residual value over the estimated useful life of the asset as follows:
Freehold land
\u2013
not depreciated
Freehold buildings
\u2013
over remaining useful life
Leasehold improvements
\u2013
over remaining period
of the lease
Fixtures and fittings
\u2013
between 4 and 20 years
Computers and electronic equipment
\u2013 between 3 and 5 years
Motor
cars
\u2013
4 years
Commercial vehicles
\u2013
between 3 and 10 years
(iii) Impairment At each reporting date an assessment is performed as to whether there are any indicators that property, plant and equipment, including the Group\u2019s stores, may be impaired or whether there is any indication that an impairment loss recognised in a previous period either no longer exists or has decreased. Should such indicators exist, the assets\u2019 recoverable amounts are subsequently estimated. For store impairment testing, each individual store is determined to be a cash generating unit. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows (\u2018value-in-use\u2019) of the relevant cash generating unit or fair value less costs to sell if higher. A vacant possession valuation basis is used to approximate the fair value less costs to sell. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country. Long-term growth rates are derived from external long-term inflation forecasts for the territories in which the businesses operate. Any impairment or impairment reversal is charged or credited to the income statement in the period in which it occurs. (iv) Disposal The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sales proceeds and the carrying amount of the asset and is recognised in the income statement. Sales of land and buildings are accounted for when there is an unconditional exchange of contracts. (v) Subsequent costs Subsequent costs are included in the related asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-510": { "value": "(ii) Depreciation Depreciation is provided to reflect a straight-line reduction from cost to estimated residual value over the estimated useful life of the asset as follows:
Freehold land
\u2013
not depreciated
Freehold buildings
\u2013
over remaining useful life
Leasehold improvements
\u2013
over remaining period
of the lease
Fixtures and fittings
\u2013
between 4 and 20 years
Computers and electronic equipment
\u2013 between 3 and 5 years
Motor
cars
\u2013
4 years
Commercial vehicles
\u2013
between 3 and 10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-548": { "value": "(ii) Depreciation Depreciation is provided to reflect a straight-line reduction from cost to estimated residual value over the estimated useful life of the asset as follows:
Freehold land
\u2013
not depreciated
Freehold buildings
\u2013
over remaining useful life
Leasehold improvements
\u2013
over remaining period
of the lease
Fixtures and fittings
\u2013
between 4 and 20 years
Computers and electronic equipment
\u2013 between 3 and 5 years
Motor
cars
\u2013
4 years
Commercial vehicles
\u2013
between 3 and 10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-513": { "value": "
(iii) Impairment
At each reporting date an assessment is performed as to
whether there are any indicators that property, plant and
equipment, including the Group\u2019s stores, may be impaired
or whether there is any indication that an impairment loss
recognised in a previous period either no longer exists or has
decreased. Should such indicators exist, the assets\u2019 recoverable
amounts are subsequently estimated. For store impairment
testing, each individual store is determined to be a cash
generating unit. The recoverable amount is assessed by
reference to the net present value of expected future pre-tax
cash flows (\u2018value-in-use\u2019) of the relevant cash generating unit
or fair value less costs to sell if higher. A vacant possession
valuation basis is used to approximate the fair value less costs
to sell. The pre-tax discount rates are derived from the Group\u2019s
weighted average cost of capital, taking into account the cost
of equity and debt, to which specific market-related premium
adjustments are made for each country. Long-term growth rates
are derived from external long-term inflation forecasts for the
territories in which the businesses operate. Any impairment or
impairment reversal is charged or credited to the income
statement in the period in which it occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-463": { "value": "
i. Leased assets
The Group assesses whether a contract is or contains a lease at
inception of the contract. Typically, lease contracts relate to
properties such as stores and distribution centres, and
equipment leases such as mechanical handling equipment and
vehicles. The Group recognises a right-of-use asset and a
corresponding lease liability with respect to all lease
arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The liability is initially measured as the present value of the lease payments not yet paid at the commencement date, discounted at an appropriate discount rate. Where the implicit rate in the lease is not readily determinable, an incremental borrowing rate is calculated and applied. The calculation methodology is based upon applying a financing spread to a risk-free rate, with the resulting rate including the effect of the creditworthiness of the operating company in which the lease is contracted, as well as the underlying term, currency and start date of the lease agreement. Lease payments used in the measurement of the lease liability principally comprise fixed lease payments (subject to indexation/rent reviews) less any incentives. The lease liability is subsequently measured using an effective interest method whereby the carrying amount of the lease liability is measured on an amortised cost basis, and the interest expense is allocated over the lease term. The lease term comprises the non- cancellable lease term, in addition to optional periods when the Group is reasonably certain to exercise an option to extend (or not to terminate) a lease. The Group remeasures the lease liability and makes a corresponding adjustment to the related right-of-use asset whenever an event occurs that changes the term or payment profile of a lease, such as the renewal of an existing lease, the exercise of lease term options, market rent reviews and indexation. A lease liability which is denominated in a currency that is not the functional currency of the relevant Group entity (e.g. a Euro-denominated lease in Castorama Poland) is translated into that entity\u2019s functional currency with foreign exchange gains and losses recorded in the income statement, unless the lease liability is designated as a net investment hedge with foreign exchange gains and losses recorded in other comprehensive income. The right-of-use assets are initially measured at the amount equal to the lease liability, adjusted by any upfront lease payments or incentives and any initial direct costs incurred. Subsequently, the assets are measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated on a straight-line basis over the remaining lease term. Lessor accounting Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised on a straight-
line basis over the term of the relevant lease.
Amounts due from lessees under finance leases are recognised
as receivables at the amount of the Group\u2019s net investment in
the leases. Finance lease income is allocated to accounting
periods so as to reflect a constant periodic rate of return on the
Group\u2019s net investment outstanding in respect of the leases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-464": { "value": "
j. Investment property
Investment property is property held by the Group to earn rental
income or for capital appreciation. Investment properties are
carried at cost less depreciation and provision for impairment.
Depreciation is provided on a consistent basis with that applied
to property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-465": { "value": "
k. Capitalisation of borrowing costs
Interest on borrowings to finance the construction of properties
held as non-current assets is capitalised from the date work
starts on the property to the date when substantially all the
activities which are necessary to get the property ready for use
are complete. Where construction is completed in parts, each
part is considered separately when capitalising interest. Interest
is capitalised before any allowance for tax relief.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-466": { "value": "
l. Inventories
Inventories are carried at the lower of cost and net realisable
value, on a weighted average cost basis.
Trade discounts and rebates received are deducted in
determining the cost of purchase of inventories. Cost includes
appropriate attributable overheads and direct expenditure
incurred in the normal course of business in bringing goods to
their present location and condition. Costs of inventories include
the transfer from equity of any gains or losses on qualifying cash
flow hedges relating to purchases.
Net realisable value represents the estimated selling price in the
ordinary course of business less the estimated costs necessary to
make the sale. Write downs to net realisable value are made for
slow moving, display, damaged or obsolete items and other events
or conditions resulting in expected selling prices being lower than
cost. The carrying value of inventories reflects known and
expected losses of product in the ordinary course of business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-467": { "value": "
m. Employee benefits
(i) Post-employment benefits
The Group operates various defined benefit and defined
contribution pension schemes for its employees, some of which
are required by local legislation. A defined benefit scheme is a
pension scheme which defines an amount of pension benefit
which an employee will receive on retirement. A defined
contribution scheme is a pension scheme under which the Group
usually pays fixed contributions into a separate entity. In all cases
other than some of the legally required schemes, a separate fund
is being accumulated to meet the accruing liabilities. The assets
of each of these funds are either held under trusts or managed
by insurance companies and are entirely separate from the Group\u2019s assets. The asset or liability recognised in the balance sheet in respect of defined benefit pension schemes is the fair value of scheme assets less the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds which are denominated in the currency in which the benefits will be paid and which have terms to maturity approximating to the terms of the related pension liability. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are credited or charged to the statement of comprehensive income as they arise. For defined contribution schemes, the Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. (ii) Share-based compensation The Group operates several equity-settled, share-based compensation schemes. The fair value of the employee services received in exchange for the grant of options or deferred shares is recognised as an expense and is calculated using Black- Scholes and stochastic models. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options or deferred shares granted, excluding the impact of any non-market vesting conditions. The value of the charge is adjusted to reflect expected and actual levels of options vesting due to non-market vesting conditions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-514": { "value": "(ii) Share-based compensation The Group operates several equity-settled, share-based compensation schemes. The fair value of the employee services received in exchange for the grant of options or deferred shares is recognised as an expense and is calculated using Black- Scholes and stochastic models. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options or deferred shares granted, excluding the impact of any non-market vesting conditions. The value of the charge is adjusted to reflect expected and actual levels of options vesting due to non-market vesting conditions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-515": { "value": "n. Taxation The income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. The Group is subject to income taxes in numerous jurisdictions and there are many transactions for which the ultimate tax determination is uncertain during the ordinary course of business. For uncertain tax positions, on the basis that tax authorities have full knowledge of the relevant information it is determined whether it is probable that, in aggregate, an outflow of economic resources will occur following investigation. The potential impact of the relevant tax authority\u2019s examination of the uncertain tax positions is measured to make the best estimate of the amount of the tax benefit that may be lost, for which liabilities are then recorded. Where the final outcome of these matters is different from the amounts which were initially recorded, such differences will impact the income tax and deferred tax liabilities in the period in which such determination is made. These adjustments in respect of prior years are recorded in the income statement, or directly in equity, as appropriate. Taxable profit differs from profit before taxation as reported in the income statement because it excludes items of income or expense which are taxable or deductible in other years or which are never taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences or unused tax losses can be utilised. Deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill in a business combination. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint ventures and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax are calculated using tax rates which have been enacted or substantively enacted by the balance sheet date and are expected to apply in the period when the liability is settled or the asset is realised. Current and deferred tax are charged or credited to the income statement, except when they relate to items charged or credited to other comprehensive income or directly to equity, in which case the current or deferred tax is also recognised in other comprehensive income or directly in equity. Current and deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends to settle its current tax assets and liabilities on a net basis. Operating levies, such as certain revenue, property and payroll- based taxes, are not treated as income tax and are included within operating profit. The timing of recognition of a liability to pay an operating levy is determined by the event identified under the relevant legislation that triggers the obligation to pay the levy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-468": { "value": "n. Taxation The income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. The Group is subject to income taxes in numerous jurisdictions and there are many transactions for which the ultimate tax determination is uncertain during the ordinary course of business. For uncertain tax positions, on the basis that tax authorities have full knowledge of the relevant information it is determined whether it is probable that, in aggregate, an outflow of economic resources will occur following investigation. The potential impact of the relevant tax authority\u2019s examination of the uncertain tax positions is measured to make the best estimate of the amount of the tax benefit that may be lost, for which liabilities are then recorded. Where the final outcome of these matters is different from the amounts which were initially recorded, such differences will impact the income tax and deferred tax liabilities in the period in which such determination is made. These adjustments in respect of prior years are recorded in the income statement, or directly in equity, as appropriate. Taxable profit differs from profit before taxation as reported in the income statement because it excludes items of income or expense which are taxable or deductible in other years or which are never taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences or unused tax losses can be utilised. Deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill in a business combination. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint ventures and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax are calculated using tax rates which have been enacted or substantively enacted by the balance sheet date and are expected to apply in the period when the liability is settled or the asset is realised. Current and deferred tax are charged or credited to the income statement, except when they relate to items charged or credited to other comprehensive income or directly to equity, in which case the current or deferred tax is also recognised in other comprehensive income or directly in equity. Current and deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends to settle its current tax assets and liabilities on a net basis. Operating levies, such as certain revenue, property and payroll- based taxes, are not treated as income tax and are included within operating profit. The timing of recognition of a liability to pay an operating levy is determined by the event identified under the relevant legislation that triggers the obligation to pay the levy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-469": { "value": "o. Provisions and contingent liabilities Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. A provision is recorded if the unavoidable costs of meeting the obligations under a contract exceed the economic benefits expected to be received under it. The unavoidable costs reflect the net cost of exiting the contract. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre- tax rate which reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Credits or charges arising from changes in the rate used to discount the provisions are recognised within net finance costs. Contingent liabilities are possible obligations arising from past events, whose existence will only be confirmed by future uncertain events that are not wholly within the Group\u2019s control, or present obligations where it is not probable that an outflow of resources will be required or the amount of the obligation cannot be reliably measured. If the outflow of economic resources is not considered remote, contingent liabilities are disclosed but not recognised in the financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-516": { "value": "o. Provisions and contingent liabilities Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. A provision is recorded if the unavoidable costs of meeting the obligations under a contract exceed the economic benefits expected to be received under it. The unavoidable costs reflect the net cost of exiting the contract. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre- tax rate which reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Credits or charges arising from changes in the rate used to discount the provisions are recognised within net finance costs. Contingent liabilities are possible obligations arising from past events, whose existence will only be confirmed by future uncertain events that are not wholly within the Group\u2019s control, or present obligations where it is not probable that an outflow of resources will be required or the amount of the obligation cannot be reliably measured. If the outflow of economic resources is not considered remote, contingent liabilities are disclosed but not recognised in the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-470": { "value": "p. Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group has substantially transferred the risks and rewards of ownership. Financial liabilities (or a part of a financial liability) are derecognised when the obligation specified in the contract is discharged or cancelled or expires or are substantially modified. Financial assets and liabilities are offset only when the Group has a currently enforceable legal right to set-off the respective recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. (i) Cash and cash equivalents Cash and cash equivalents include cash in hand, uncleared credit card receipts, deposits held on call with banks and other short- term highly liquid investments with original maturities of three months or less. For cash flow statement reporting purposes, the Group considers bank overdrafts as part of cash and cash equivalents because they are repayable on demand and form part of the Group\u2019s cash management. (ii) Borrowings Interest bearing borrowings are recorded at fair value (which is typically equivalent to the proceeds received) net of direct issue costs and subsequently measured at amortised cost. Where borrowings are in designated and effective fair value hedge relationships, adjustments are made to their carrying amounts to reflect the hedged risks. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are amortised to the income statement using the effective interest method. (iii) Trade receivables Trade receivables are initially recognised at their transaction price and are subsequently measured at amortised cost less any allowance for expected credit losses. To measure the expected credit losses, trade receivables are grouped based on the days past due. Trade receivables are written off when there is no reasonable expectation of recovery. (iv) Trade payables Trade payables are initially recognised at fair value and are subsequently measured at amortised cost. (v) Derivatives and hedge accounting Derivatives are initially recorded at fair value on the date a derivative contract is entered into and are subsequently carried at fair value. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts, and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. Where hedge accounting is not applied, or to the extent to which it is not effective, changes in the fair value of derivatives are recognised in the income statement as they arise. Changes in the fair value of derivatives transacted as hedges of operating items and financing items are recognised in operating profit and net finance costs respectively. The accounting treatment of derivatives and other financial instruments classified as hedges depends on their designation, which occurs at the start of the hedge relationship. The Group designates certain financial instruments as: \u2014 a hedge of the fair value of an asset or liability or unrecognised firm commitment (\u2018fair value hedge\u2019); \u2014 a hedge of a highly probable forecast transaction or firm commitment if foreign currency risk is hedged (\u2018cash flow hedge\u2019); or \u2014 a hedge of a net investment in a foreign operation (\u2018net investment hedge\u2019). Fair value hedges For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry being recorded in the income statement. Gains or losses from remeasuring the corresponding hedging instrument are recognised in the same line of the income statement. Cash flow hedges Changes in the effective portion of the fair value of derivatives that are designated as hedges of future cash flows are recognised directly in other comprehensive income, with any ineffective portion being recognised immediately in the income statement where relevant. If the cash flow hedge of a firm commitment or forecast transaction results in the recognition of a non-financial asset or liability, then, at the time it is recognised, the associated gains or losses on the derivative that had previously been deferred in equity are included in the initial measurement of the non-financial asset or liability. For all other hedges, amounts deferred in equity are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Net investment hedges Where the Group hedges net investments in foreign operations through foreign currency borrowings or lease liabilities, the gains or losses on retranslation are recognised in other comprehensive income. If the Group uses derivatives as the hedging instrument, the effective portion of the hedge is recognised in other comprehensive income, with any ineffective portion being recognised immediately in the income statement. Gains and losses accumulated in equity are recycled through the income statement on disposal of the foreign operation. In order to qualify for hedge accounting, the Group documents in advance the risk management objective and strategy for undertaking the hedge and the relationship between the item being hedged and the hedging instrument. The Group also documents and demonstrates an assessment of the relationship between the hedged item and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis and provides an analysis of the sources of hedge ineffectiveness. The effectiveness testing is performed at half year and year end or upon a significant change in circumstances affecting the hedge effectiveness requirements. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument is retained in equity until the highly probable forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is transferred to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-517": { "value": "(i) Cash and cash equivalents Cash and cash equivalents include cash in hand, uncleared credit card receipts, deposits held on call with banks and other short- term highly liquid investments with original maturities of three months or less. For cash flow statement reporting purposes, the Group considers bank overdrafts as part of cash and cash equivalents because they are repayable on demand and form part of the Group\u2019s cash management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-518": { "value": "(ii) Borrowings Interest bearing borrowings are recorded at fair value (which is typically equivalent to the proceeds received) net of direct issue costs and subsequently measured at amortised cost. Where borrowings are in designated and effective fair value hedge relationships, adjustments are made to their carrying amounts to reflect the hedged risks. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are amortised to the income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-549": { "value": "(ii) Borrowings Interest bearing borrowings are recorded at fair value (which is typically equivalent to the proceeds received) net of direct issue costs and subsequently measured at amortised cost. Where borrowings are in designated and effective fair value hedge relationships, adjustments are made to their carrying amounts to reflect the hedged risks. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are amortised to the income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-519": { "value": "(iii) Trade receivables Trade receivables are initially recognised at their transaction price and are subsequently measured at amortised cost less any allowance for expected credit losses. To measure the expected credit losses, trade receivables are grouped based on the days past due. Trade receivables are written off when there is no reasonable expectation of recovery. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-520": { "value": "(iv) Trade payables Trade payables are initially recognised at fair value and are subsequently measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-521": { "value": "(v) Derivatives and hedge accounting Derivatives are initially recorded at fair value on the date a derivative contract is entered into and are subsequently carried at fair value. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts, and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. Where hedge accounting is not applied, or to the extent to which it is not effective, changes in the fair value of derivatives are recognised in the income statement as they arise. Changes in the fair value of derivatives transacted as hedges of operating items and financing items are recognised in operating profit and net finance costs respectively. The accounting treatment of derivatives and other financial instruments classified as hedges depends on their designation, which occurs at the start of the hedge relationship. The Group designates certain financial instruments as: \u2014 a hedge of the fair value of an asset or liability or unrecognised firm commitment (\u2018fair value hedge\u2019); \u2014 a hedge of a highly probable forecast transaction or firm commitment if foreign currency risk is hedged (\u2018cash flow hedge\u2019); or \u2014 a hedge of a net investment in a foreign operation (\u2018net investment hedge\u2019). Fair value hedges For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry being recorded in the income statement. Gains or losses from remeasuring the corresponding hedging instrument are recognised in the same line of the income statement. Cash flow hedges Changes in the effective portion of the fair value of derivatives that are designated as hedges of future cash flows are recognised directly in other comprehensive income, with any ineffective portion being recognised immediately in the income statement where relevant. If the cash flow hedge of a firm commitment or forecast transaction results in the recognition of a non-financial asset or liability, then, at the time it is recognised, the associated gains or losses on the derivative that had previously been deferred in equity are included in the initial measurement of the non-financial asset or liability. For all other hedges, amounts deferred in equity are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Net investment hedges Where the Group hedges net investments in foreign operations through foreign currency borrowings or lease liabilities, the gains or losses on retranslation are recognised in other comprehensive income. If the Group uses derivatives as the hedging instrument, the effective portion of the hedge is recognised in other comprehensive income, with any ineffective portion being recognised immediately in the income statement. Gains and losses accumulated in equity are recycled through the income statement on disposal of the foreign operation. In order to qualify for hedge accounting, the Group documents in advance the risk management objective and strategy for undertaking the hedge and the relationship between the item being hedged and the hedging instrument. The Group also documents and demonstrates an assessment of the relationship between the hedged item and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis and provides an analysis of the sources of hedge ineffectiveness. The effectiveness testing is performed at half year and year end or upon a significant change in circumstances affecting the hedge effectiveness requirements. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument is retained in equity until the highly probable forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is transferred to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-550": { "value": "(v) Derivatives and hedge accounting Derivatives are initially recorded at fair value on the date a derivative contract is entered into and are subsequently carried at fair value. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts, and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. Where hedge accounting is not applied, or to the extent to which it is not effective, changes in the fair value of derivatives are recognised in the income statement as they arise. Changes in the fair value of derivatives transacted as hedges of operating items and financing items are recognised in operating profit and net finance costs respectively. The accounting treatment of derivatives and other financial instruments classified as hedges depends on their designation, which occurs at the start of the hedge relationship. The Group designates certain financial instruments as: \u2014 a hedge of the fair value of an asset or liability or unrecognised firm commitment (\u2018fair value hedge\u2019); \u2014 a hedge of a highly probable forecast transaction or firm commitment if foreign currency risk is hedged (\u2018cash flow hedge\u2019); or \u2014 a hedge of a net investment in a foreign operation (\u2018net investment hedge\u2019). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-561": { "value": "(v) Derivatives and hedge accounting Derivatives are initially recorded at fair value on the date a derivative contract is entered into and are subsequently carried at fair value. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts, and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. Where hedge accounting is not applied, or to the extent to which it is not effective, changes in the fair value of derivatives are recognised in the income statement as they arise. Changes in the fair value of derivatives transacted as hedges of operating items and financing items are recognised in operating profit and net finance costs respectively. The accounting treatment of derivatives and other financial instruments classified as hedges depends on their designation, which occurs at the start of the hedge relationship. The Group designates certain financial instruments as: \u2014 a hedge of the fair value of an asset or liability or unrecognised firm commitment (\u2018fair value hedge\u2019); \u2014 a hedge of a highly probable forecast transaction or firm commitment if foreign currency risk is hedged (\u2018cash flow hedge\u2019); or \u2014 a hedge of a net investment in a foreign operation (\u2018net investment hedge\u2019). Fair value hedges For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry being recorded in the income statement. Gains or losses from remeasuring the corresponding hedging instrument are recognised in the same line of the income statement. Cash flow hedges Changes in the effective portion of the fair value of derivatives that are designated as hedges of future cash flows are recognised directly in other comprehensive income, with any ineffective portion being recognised immediately in the income statement where relevant. If the cash flow hedge of a firm commitment or forecast transaction results in the recognition of a non-financial asset or liability, then, at the time it is recognised, the associated gains or losses on the derivative that had previously been deferred in equity are included in the initial measurement of the non-financial asset or liability. For all other hedges, amounts deferred in equity are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Net investment hedges Where the Group hedges net investments in foreign operations through foreign currency borrowings or lease liabilities, the gains or losses on retranslation are recognised in other comprehensive income. If the Group uses derivatives as the hedging instrument, the effective portion of the hedge is recognised in other comprehensive income, with any ineffective portion being recognised immediately in the income statement. Gains and losses accumulated in equity are recycled through the income statement on disposal of the foreign operation. In order to qualify for hedge accounting, the Group documents in advance the risk management objective and strategy for undertaking the hedge and the relationship between the item being hedged and the hedging instrument. The Group also documents and demonstrates an assessment of the relationship between the hedged item and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis and provides an analysis of the sources of hedge ineffectiveness. The effectiveness testing is performed at half year and year end or upon a significant change in circumstances affecting the hedge effectiveness requirements. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument is retained in equity until the highly probable forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is transferred to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-471": { "value": "q. Assets and liabilities held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale. Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. This excludes financial assets, deferred tax assets and assets arising from employee benefits, which are measured according to the relevant accounting policy. Property, plant and equipment, right-of-use assets and intangible assets are not depreciated once classified as held for sale. The Group ceases to use the equity method of accounting from the date on which an interest in a joint venture or an interest in an associate becomes classified as held for sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-522": { "value": "q. Assets and liabilities held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale. Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. This excludes financial assets, deferred tax assets and assets arising from employee benefits, which are measured according to the relevant accounting policy. Property, plant and equipment, right-of-use assets and intangible assets are not depreciated once classified as held for sale. The Group ceases to use the equity method of accounting from the date on which an interest in a joint venture or an interest in an associate becomes classified as held for sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-472": { "value": "r. Share repurchases Shares purchased for cancellation are deducted from retained earnings. The Group uses irrevocable closed period buyback programmes. A liability to purchase shares is recognised at inception of the programme with any subsequent reduction in the obligation credited back to retained earnings at the end of the programme. Share capital is reduced and credited to the capital redemption reserve once shares are cancelled, maintaining non-distributable reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-473": { "value": "s. Reserves The following describes the nature and purpose of each reserve within equity: (i) Share capital The nominal value of proceeds received for shares issued. (ii) Share premium Proceeds received in excess of the nominal value of shares issued, net of any transaction costs. (iii) Own shares held Shares held by The Employee Share Ownership Plan Trust. (iv) Capital redemption reserve Amounts transferred from share capital on repurchase of issued shares. (v) Other reserves, comprising: \u2014 Translation reserve \u2013 Gains or losses arising on retranslating the net assets of overseas operations into the Group\u2019s presentation currency including gains or losses on net investment hedges. \u2014 Cash flow hedge reserve \u2013 Cumulative gains and losses on \u2018effective\u2019 hedging instruments. \u2014 Other \u2013 Represents the premium on the issue of convertible loan stock in 1993 and the merger reserve relating to the acquisition of Darty in 1993. (vi) Retained earnings All other net gains and losses and transactions with owners that are not recognised elsewhere. ", "dimensions": { "concept": "kingfisherplc:DescriptionOfAccountingPolicyForReserves", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-523": { "value": "(i) Share capital The nominal value of proceeds received for shares issued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-474": { "value": "
3 Critical accounting judgements and key sources
of estimation uncertainty
The preparation of consolidated financial statements under IFRS
requires the Group to make estimates and assumptions that
affect the application of policies and reported amounts.
Estimates and judgements are continually evaluated and are
based on historical experience and other factors including
expectations of future events that are believed to be reasonable
under the circumstances. Actual results may differ from these
estimates. The significant judgements applied in the preparation
of the financial statements, along with estimates and assumptions
which have a significant risk of causing a material adjustment to
the carrying amount of assets and liabilities within the next
financial year, are discussed below.
Key sources of estimation uncertainty
Inventories
The carrying amount of inventories recognised on the balance
sheet, which are carried at the lower of cost and net realisable
value, are subject to estimates around rates of provision applied
to certain inventory items. The level of provisions recorded are
subject to estimation uncertainty in determining the eventual
sales price of goods to customers in the future, as well as
assessing which items may be slow-moving or obsolete. This is
impacted by factors such as stock turn, range or delisted status,
shrinkage, damage, obsolescence and range review activity.
Range reviews and resulting clearance activity adds additional
complexity to assessing the level of inventory that may become
obsolete and the expected net realisable value of inventory
which will be sold.
The carrying amount of inventories subject to estimation
uncertainty is \u00a32,914m (2022/23: \u00a33,070m). A 1% increase in the
provision as a percentage of gross inventory (before provisions
and a deduction for rebates), which based on management\u2019s
judgement represents a reasonably possible change, would
result in a \u00a332m decrease in the carrying amount of inventories
(2022/23: \u00a333m).
The quantity, age and condition of inventories are regularly
measured and assessed as part of range reviews and inventory
counts undertaken throughout the year and across the Group.
Impairment of store based assets
The Group applies procedures to ensure that its assets are
carried at no more than their recoverable amount. These
procedures, by their nature, require estimates and assumptions
to be made. The most significant are set out below.
Store assets are reviewed for impairment if events or changes in
circumstances indicate that their carrying amount may not be
recoverable, or where there is any indication that an impairment
loss recognised in a previous period either no longer exists or
has decreased. When a review for impairment is conducted, the
recoverable amount of an asset or a cash generating unit is
determined as the higher of fair value less costs to sell and
value-in-use.
The determination of value-in-use for store assets requires the
estimation of future cash flows expected to arise from the
continuing operation of the store and the determination of
suitable discount and long-term growth rates in order to
calculate the present value of the forecast cash flows.
Judgement is also required around the nature and level of
overheads that are necessarily incurred to generate cash inflows
in the context of allocation to individual store cash generating
units. Note that the estimation of future cash flows and
determination of suitable discount rates requires a greater level
of judgement than the determination of long-term growth rates.
Sales projections take into consideration both external factors
such as market expectations, and internal factors such as trading
plans. For certain stores, they assume sales increases that are
higher than recent experience and market growth expectations,
driven by an improved and differentiated offer. Assumed margin
percentage improvements reflect increased sales of the
Group\u2019s own exclusive brands (OEB) as well as lower cost of
sales from leveraging our key vendors, and better clearance
management. Higher assumed operating profit percentages
reflect operational leverage from increased sales as well as cost
savings through operational efficiencies, including more efficient
organisation and leveraging our goods not for resale (GNFR)
spend. Actual outcomes could vary significantly from these
estimates and sensitivity analyses are undertaken to assess the
impact of projected benefits not being realised.
The pre-tax discount rates applied to the cash flow forecasts are
derived from the post-tax weighted average cost of capital for
each of the territories in which the Group operates. The
assumptions used in the calculation of the weighted average
cost of capital are based on observable external market data.
Cash flows beyond the period of the strategic plans are
calculated using a long-term growth rate based on inflation
expectations which does not exceed the long-term average
growth rates for the countries in which the Group\u2019s stores
operate.
As a result of this review, the Group has recorded net store
asset impairment charges of \u00a376m (2022/23: \u00a3139m net charges)
as adjusting items, principally relating to revised financial
projections.
The following changes in assumptions, which based on the
Group\u2019s previous experience and management\u2019s judgement
represent reasonably possible changes, would lead to the
following impacts on the net impairment charge:
Assumption
Change in assumption
Impact on net impairment charge
Operating cash
\u2013
Decrease by 10%
Increase by \u00a3
49m
flows
\u2013
 Increase by 10%
Decrease by \u00a3
38m
Post
-tax
\u2013
Increase by 1%
Increase by \u00a3
42m
discount rate
\u2013
 Decrease by 1%
Decrease by \u00a3
38m
Further information relating to store assets is provided in notes 15
and 17.
Post-employment benefits
The present value of the defined benefit liabilities recognised on
the balance sheet is dependent on a number of market rates and
assumptions including interest rates of high-quality corporate
bonds, inflation and mortality rates. The net interest expense or
income is dependent on the interest rates of high-quality
corporate bonds and the net deficit or surplus position. The market
rates and assumptions are based on the conditions at the time and
changes in these can lead to significant movements in the
estimated obligations. During the year, changes in financial and
demographic assumptions have resulted in a decrease in defined
benefit liabilities of \u00a3188m (2022/23: \u00a3991m decrease). To help the
reader understand the impact of changes in the key market rates
and assumptions, a sensitivity analysis is provided in note 28.
Critical accounting judgements
Adjusting items
The Group separately reports adjusting items in order to
calculate adjusted results, as it believes these adjusted measures
provide additional useful information on continuing performance
and trends to shareholders.
Judgement is required in determining whether an item should be
classified as an adjusting item or included within adjusted results.
The Group\u2019s definition of adjusting items is outlined in note 2 (a).
During the year the Group has recorded, before taxation, a
charge for adjusting items of \u00a393m (2022/23: \u00a3147m charge).
Total adjusting items after taxation were a charge of \u00a370m
(2022/23: \u00a3118m charge). Refer to note 6 for further information
on adjusting items.
Income taxes
The Group is subject to income taxes in numerous jurisdictions in
which it operates and there are many transactions for which the
ultimate tax determination is open to differing interpretations
during the ordinary course of business. Significant judgement may
therefore be required in determining the liability for income taxes in
each of these territories. Where it is anticipated that additional
taxes are probable, the Group recognises liabilities for the estimate
of any potential exposure. These judgements are continually
reassessed, and where the final outcome of these matters is
different from the initially recorded amount, such differences will
impact the income tax and deferred tax liabilities in the period in
which such determination is made. These adjustments in respect
of prior years are recorded in the income statement, or directly in
other comprehensive income as appropriate, and are disclosed in
the notes to the accounts. Refer to notes 10 and 26.
Judgement has continued to be required in determining the
outcome of the European Commission\u2019s state aid investigation
into the Group Financing Exemption section of the UK controlled
foreign company rules. In January 2021, the Group received a
charging notice from HM Revenue & Customs (HMRC) for \u00a357m,
which was paid in February 2021, with a further \u00a37m interest paid
in April 2021.
The UK Government and the Group, along with other UK-based
multinational groups, appealed the European Commission
decision to the European Courts. On 8 June 2022, the General
Court of the European Union dismissed several of those appeals,
including the UK Government\u2019s. This decision has been appealed
to the European Court of Justice and the hearing took place on
10 January 2024. The Advocate General\u2019s opinion is expected on
11 April 2024 and the final decision will follow after that, the date
of which is not known.
The final impact on the Group remains uncertain but based upon
advice taken, the Group considers that the amount paid of \u00a364m
plus accrued interest of \u00a34m, which is included in non-current
assets, will ultimately be recovered. Further details are provided
in note 35.
Consideration of climate-related matters
In preparing these financial statements, the Group has considered
the inclusion of climate change as a \u2018principal risk\u2019 and the potential
impacts of climate change on these financials. The rationale for
this being included as a principal risk is included in the risks section
pages 59 to 64. Climate scenario analysis has been performed and
is set out in the TCFD disclosures on pages 28 to 46. The financial
impacts of these scenarios, once mitigating actions and
opportunities are taken into account over the respective time
horizons, are expected to be less than the results of the Group\u2019s
impairment sensitivity analysis on operating cash flows (see
impairment of store based assets above).
The potential impacts of climate change on the financials have
been considered in the following areas:
\u2014 Carrying value and remaining useful economic lives of
property, plant and equipment;
\u2014 Carrying value of inventories and valuations of other assets
and of provisions;
\u2014 Viability statement assessment of the Group over the next
three years; and
\u2014 Cash flow forecasts used for the purposes of impairment
assessments of store based assets and goodwill.
To support our net zero ambitions, the Group continues to invest
in more sustainable fixed assets. The Group has not recognised
any impairments or significant levels of accelerated depreciation
to existing fixed assets in the year resulting from such actual and
planned investments (i.e. due to a reduction in recoverable
amounts or expected remaining lives). Current assets including
trade receivables and inventories at the balance sheet date are
expected to be received and utilised respectively within a short
timeframe, and therefore no climate-related risks have been
identified for these balances, whilst the Group is not currently
aware of adverse exposures from climate-change requiring
provisions to be recognised.
The Group\u2019s internal three-year financial plans act as the basis for
the Viability Statement financial modelling and for impairment
reviews of non-current assets including store-based assets and
goodwill. They include consideration of climate-related risks and
opportunities expected within this internal financial planning time
horizon. Within this modelling, cash flow sensitivities are
performed, for which the most severe scenario in the Viability
Statement estimates the impact of a demand or supply shock
preventing the Group from realising a large part of its sales during
the peak trading period. The shock, as described in the Viability
Statement on pages 65 to 66, would go far beyond the expected
short-term impact from a remote climate-driven extreme weather
event, such as severe flooding and the resulting damage to one of
the group\u2019s distribution centres or network.
The financial modelling of climate change scenarios performed
by an external party, as described in the TCFD disclosure on
pages 28 to 46, identified the ten-year consumer preference risk
as having the largest gross adverse impact (before mitigating
actions) on the Group\u2019s discounted cash flows. Given this is a
gross and longer-term risk, before mitigating action and
opportunities, it is not deemed reasonably possible for it to have
an impact above 10%, which is the sensitivity performed for store
asset impairment purposes. It is therefore not judged to be a key
driver in determining the outcome of the impairment exercise,
nor that of the viability statement.
Therefore, the Group has concluded that climate change risk
does not represent a critical accounting judgement or key
source of estimation uncertainty for the current year financial
statements. This classification will be reassessed in future
reporting periods as we continue to review the impacts, risks and
opportunities presented by climate change and the Group's
commitments to address the challenges presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-475": { "value": "
4 Sales
\u00a3 millions
2023/24
2022/23
B&Q
3,849
3,835
Screwfix
2,538
2,365
Total UK & Ireland
6,387
6,200
Castorama
2,219
2,302
Brico D
\u00e9p\u00f4t
2,027
2,150
Total France
4,246
4,452
Poland
1,694
1,734
Iberia
371
373
Romania
269
285
Other
1
13
15
Other International
2,347
2,407
Total Group
12,980
13,059
1. Other\u2019 consists of the consolidated results of Screwfix International, NeedHelp and revenue from franchise and wholesale agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-476": { "value": "
5 Segmental analysis
Income statement
2023/24
Other
\u00a3 millions
UK & Ireland
France
Poland Other
International
Total
Sales
6,387
4,246
1,694
653
2,347
12,980
Retail profit/(loss)
555
139
82 (27)
55
749
Central costs
(60)
Share of interest and tax of joint ventures
and associates
 (16)
Adjusting items
(93)
Operating profit
 580
Net finance costs
 (105)
Profit before taxation
475
2022/23
Other
\u00a3 millions
UK & Ireland
France
Poland Other
International
Total
Sales
 6,200 4,452 1,734 673 2,407 13,059
Retail profit/(loss)
603
195
148 (23)
125
923
Central costs
(49)
Share of interest and tax of joint ventures
and associates
 (4)
Adjusting
items
(147)
Operating profit
723
Net finance costs
 (112)
Profit before taxation
611
Balance sheet
2023/24
Other
\u00a3 millions
UK & Ireland
France
Poland Other
International
Total
Segment assets
2,931
1,753
1,195 360
1,555
6,239
Central
assets
83
Goodwill
2,398
Net debt
(2,116)
Net assets
 6,604
2022/23
Other
\u00a3
millions
UK & Ireland
France
Poland Other
International
Total
Segment assets
3,084
1,914
1,106 366
1,472
6,470
Central
assets
59
Goodwill
2,408
Net debt
 (2,274)
Net assets
 6,663
Other segmental information
2023/24
Other
\u00a3 millions
UK & Ireland
France
Poland Other
International
Central
Total
Capital expenditure
182
88
70 22
92
1
363
Depreciation and amortisation
401
137
70 32
102
1
641
Impairment losses
21
44
11 39
50
\u2013
115
Impairment reversals
 (18) (8) \u2013
(29
)
(2)
\u2013
(28)
Non-current assets
1
4,480
2,127
1,005
279
1,284
8
7,899
2022/23
Other
\u00a3 millions
UK & Ireland France Poland Other International Central Total
Capital expenditure
 251 113 60 18 78 7 449
Depreciation and
amortisation
357
140 56 29 85 \u2013 582
Impairment losses
 64 70 1 30 31 \u2013 165
Impairment reversals
 \u2013 (10) \u2013 \u2013 \u2013 \u2013 (10)
Non
-current assets
1
 4,516 2,217 922 317 1,239 19 7,991
1. Non-current assets comprise goodwill, other intangible assets, property, plant and equipment, investment property, right-of-use assets and investments in joint
ventures and associates.
The operating segments disclosed above are based on the information reported internally to the Board of Directors and Group
Executive, representing the geographical areas in which the Group operates. The Group only has one reportable business segment,
being the supply of home improvement products and services. The majority of the sales in each geographical area are derived from
in-store and online sales of products.
The \u2018Other International\u2019 segment consists of Poland, Iberia, Romania, the joint venture Ko\u00e7ta\u015f in Turkey, NeedHelp, Screwfix
International and results from franchise and wholesale agreements. Poland has been shown separately due to its significance.
Central costs principally comprise the costs of the Group\u2019s head office before adjusting items. Central assets and liabilities comprise
unallocated head office and other central items including pensions, insurance, interest and tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-478": { "value": "
6 Adjusting items
\u00a3 millions
2023/24
2022/23
Included within selling and distribution expenses
Net store asset impairment losses
(76)
(139)
Operating model restructuring
(11)
\u2013
Release of France and other restructuring provisions
\u2013
3
(87)
(136)
Included within administrative expenses
NeedHelp
goodwill impairment
(8)
\u2013
Romania
goodwill impairment
\u2013
(16)
Release of Castorama Russia disposal warranty liability
\u2013
4
(8) (12)
Included within other income
Profit on disposal of Crealfi associate investment
2
\u2013
Profit on
exit of properties
\u2013
1
2
1
Adjusting
items before tax
(93)
(147)
Prior year and other adjusting tax items
23
29
Adjusting items
(70)
(118)
In consideration of 2023/24 performance, we have revised future projections for a number of stores across the Group\u2019s portfolio. This
has resulted in the recognition of \u00a376m of net store impairment charges in the year. Impairment charges of \u00a3104m have been recorded
principally in France, Romania and the UK, partially offset by impairment reversals of \u00a328m principally in the UK.
An impairment charge of \u00a38m has been recorded relating to the goodwill originally recorded on the acquisition of NeedHelp in 2020/21,
principally driven by revised financial projections.
During the year, the Group commenced formal consultation with employee representatives regarding a proposed Group Technology
operating model restructuring programme. Operating model restructuring costs of \u00a311m have been recorded in the year, primarily related
to this programme. The total cost is expected to be c.\u00a315m by FY 2024/25.
On 30 June 2023, the Group completed the disposal of its 49% interest in its French associate investment Crealfi S.A., for cash proceeds
of \u00a39m, resulting in a gain on disposal of \u00a32m.
Prior year and other adjusting tax items relate principally to deferred tax credits recorded in respect of the impairment and restructuring
expenses noted above, movements in prior year provisions to reflect a reassessment of expected outcomes, agreed positions with tax
authorities and items that have time-expired.
", "dimensions": { "concept": "kingfisherplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-477": { "value": "
7 Net finance costs
\u00a3 millions
2023/24
2022/23
Bank overdrafts
, bank loans and derivatives
\u2013
(3)
Fixed term debt
 (7) (2)
Lease liabilities
 (126) (124)
Finance costs
(133)
(129)
Cash and cash equivalents and short-term deposits
16
5
Net interest income on defined benefit pension schemes
7
11
Finance lease income
1
1
Other interest income
4
\u2013
Finance
income
28
17
Net finance costs
(105)
(112)
Interest on bank loans and fixed term debt interest includes amortisation of issue costs on borrowing facilities of \u00a3nil (2022/23: \u00a31m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-572": { "value": "7 Net finance costs
\u00a3 millions
2023/24
2022/23
Bank overdrafts
, bank loans and derivatives
\u2013
(3)
Fixed term debt
 (7) (2)
Lease liabilities
 (126) (124)
Finance costs
(133)
(129)
Cash and cash equivalents and short-term deposits
16
5
Net interest income on defined benefit pension schemes
7
11
Finance lease income
1
1
Other interest income
4
\u2013
Finance
income
28
17
Net finance costs
(105)
(112)
Interest on bank loans and fixed term debt interest includes amortisation of issue costs on borrowing facilities of \u00a3nil (2022/23: \u00a31m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-567": { "value": "7 Net finance costs
\u00a3 millions
2023/24
2022/23
Bank overdrafts
, bank loans and derivatives
\u2013
(3)
Fixed term debt
 (7) (2)
Lease liabilities
 (126) (124)
Finance costs
(133)
(129)
Cash and cash equivalents and short-term deposits
16
5
Net interest income on defined benefit pension schemes
7
11
Finance lease income
1
1
Other interest income
4
\u2013
Finance
income
28
17
Net finance costs
(105)
(112)
Interest on bank loans and fixed term debt interest includes amortisation of issue costs on borrowing facilities of \u00a3nil (2022/23: \u00a31m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-562": { "value": "7 Net finance costs
\u00a3 millions
2023/24
2022/23
Bank overdrafts
, bank loans and derivatives
\u2013
(3)
Fixed term debt
 (7) (2)
Lease liabilities
 (126) (124)
Finance costs
(133)
(129)
Cash and cash equivalents and short-term deposits
16
5
Net interest income on defined benefit pension schemes
7
11
Finance lease income
1
1
Other interest income
4
\u2013
Finance
income
28
17
Net finance costs
(105)
(112)
Interest on bank loans and fixed term debt interest includes amortisation of issue costs on borrowing facilities of \u00a3nil (2022/23: \u00a31m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-551": { "value": "7 Net finance costs
\u00a3 millions
2023/24
2022/23
Bank overdrafts
, bank loans and derivatives
\u2013
(3)
Fixed term debt
 (7) (2)
Lease liabilities
 (126) (124)
Finance costs
(133)
(129)
Cash and cash equivalents and short-term deposits
16
5
Net interest income on defined benefit pension schemes
7
11
Finance lease income
1
1
Other interest income
4
\u2013
Finance
income
28
17
Net finance costs
(105)
(112)
Interest on bank loans and fixed term debt interest includes amortisation of issue costs on borrowing facilities of \u00a3nil (2022/23: \u00a31m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-524": { "value": "7 Net finance costs
\u00a3 millions
2023/24
2022/23
Bank overdrafts
, bank loans and derivatives
\u2013
(3)
Fixed term debt
 (7) (2)
Lease liabilities
 (126) (124)
Finance costs
(133)
(129)
Cash and cash equivalents and short-term deposits
16
5
Net interest income on defined benefit pension schemes
7
11
Finance lease income
1
1
Other interest income
4
\u2013
Finance
income
28
17
Net finance costs
(105)
(112)
Interest on bank loans and fixed term debt interest includes amortisation of issue costs on borrowing facilities of \u00a3nil (2022/23: \u00a31m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-479": { "value": "
8 Profit before taxation
The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation:
\u00a3 millions
2023/24
2022/23
Research and development recognised as an expense
\u2013
1
Amortisation of intangible assets
1
111
84
Depreciation of property, plant and
equipment, investment property and right-of-use assets
530
498
Impairment of goodwill
8
16
Impairment of intangible assets
3
3
Impairment of property, plant and equipment, right
-of-use assets, investment property and assets held for sale
104
146
Reversal of impairment of property, plant and equipment and right
-of-use assets
(28)
(10)
Write
-down to recoverable amount of trade and other receivables
3
7
1. Of the amortisation of intangible assets charge, \u00a31m (2022/23: \u00a31m) and \u00a3110m (2022/23: \u00a383m) are included in selling and distribution expenses and
administrative expenses respectively.
Auditor\u2019s remuneration
\u00a3 millions
2023/24
2022/23
Fees payable for
the audit of the Company and consolidated financial statements
1.1
1.0
Fees payable to the Company\u2019s auditor and their associates for other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.7
1.7
Audit fees
2.8
2.7
Audit
-related assurance services
0.2
0.2
Other assurance services
0.1
0.1
Non
-audit fees
0.3
0.3
Auditor\u2019s remuneration
3.1
3.0
Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than another
supplier and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee report on page 82.
Audit-related assurance services relate to the interim review. No services were provided pursuant to contingent fee arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-525": { "value": "8 Profit before taxation The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation:
\u00a3 millions
2023/24
2022/23
Research and development recognised as an expense
\u2013
1
Amortisation of intangible assets
1
111
84
Depreciation of property, plant and
equipment, investment property and right-of-use assets
530
498
Impairment of goodwill
8
16
Impairment of intangible assets
3
3
Impairment of property, plant and equipment, right
-of-use assets, investment property and assets held for sale
104
146
Reversal of impairment of property, plant and equipment and right
-of-use assets
(28)
(10)
Write
-down to recoverable amount of trade and other receivables
3
7
1. Of the amortisation of intangible assets charge, \u00a31m (2022/23: \u00a31m) and \u00a3110m (2022/23: \u00a383m) are included in selling and distribution expenses and administrative expenses respectively. Auditor\u2019s remuneration
\u00a3 millions
2023/24
2022/23
Fees payable for
the audit of the Company and consolidated financial statements
1.1
1.0
Fees payable to the Company\u2019s auditor and their associates for other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.7
1.7
Audit fees
2.8
2.7
Audit
-related assurance services
0.2
0.2
Other assurance services
0.1
0.1
Non
-audit fees
0.3
0.3
Auditor\u2019s remuneration
3.1
3.0
Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee report on page 82. Audit-related assurance services relate to the interim review. No services were provided pursuant to contingent fee arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-563": { "value": "8 Profit before taxation The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation:
\u00a3 millions
2023/24
2022/23
Research and development recognised as an expense
\u2013
1
Amortisation of intangible assets
1
111
84
Depreciation of property, plant and
equipment, investment property and right-of-use assets
530
498
Impairment of goodwill
8
16
Impairment of intangible assets
3
3
Impairment of property, plant and equipment, right
-of-use assets, investment property and assets held for sale
104
146
Reversal of impairment of property, plant and equipment and right
-of-use assets
(28)
(10)
Write
-down to recoverable amount of trade and other receivables
3
7
1. Of the amortisation of intangible assets charge, \u00a31m (2022/23: \u00a31m) and \u00a3110m (2022/23: \u00a383m) are included in selling and distribution expenses and administrative expenses respectively. Auditor\u2019s remuneration
\u00a3 millions
2023/24
2022/23
Fees payable for
the audit of the Company and consolidated financial statements
1.1
1.0
Fees payable to the Company\u2019s auditor and their associates for other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.7
1.7
Audit fees
2.8
2.7
Audit
-related assurance services
0.2
0.2
Other assurance services
0.1
0.1
Non
-audit fees
0.3
0.3
Auditor\u2019s remuneration
3.1
3.0
Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee report on page 82. Audit-related assurance services relate to the interim review. No services were provided pursuant to contingent fee arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-568": { "value": "8 Profit before taxation The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation:
\u00a3 millions
2023/24
2022/23
Research and development recognised as an expense
\u2013
1
Amortisation of intangible assets
1
111
84
Depreciation of property, plant and
equipment, investment property and right-of-use assets
530
498
Impairment of goodwill
8
16
Impairment of intangible assets
3
3
Impairment of property, plant and equipment, right
-of-use assets, investment property and assets held for sale
104
146
Reversal of impairment of property, plant and equipment and right
-of-use assets
(28)
(10)
Write
-down to recoverable amount of trade and other receivables
3
7
1. Of the amortisation of intangible assets charge, \u00a31m (2022/23: \u00a31m) and \u00a3110m (2022/23: \u00a383m) are included in selling and distribution expenses and administrative expenses respectively. Auditor\u2019s remuneration
\u00a3 millions
2023/24
2022/23
Fees payable for
the audit of the Company and consolidated financial statements
1.1
1.0
Fees payable to the Company\u2019s auditor and their associates for other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.7
1.7
Audit fees
2.8
2.7
Audit
-related assurance services
0.2
0.2
Other assurance services
0.1
0.1
Non
-audit fees
0.3
0.3
Auditor\u2019s remuneration
3.1
3.0
Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee report on page 82. Audit-related assurance services relate to the interim review. No services were provided pursuant to contingent fee arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-552": { "value": "8 Profit before taxation The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation:
\u00a3 millions
2023/24
2022/23
Research and development recognised as an expense
\u2013
1
Amortisation of intangible assets
1
111
84
Depreciation of property, plant and
equipment, investment property and right-of-use assets
530
498
Impairment of goodwill
8
16
Impairment of intangible assets
3
3
Impairment of property, plant and equipment, right
-of-use assets, investment property and assets held for sale
104
146
Reversal of impairment of property, plant and equipment and right
-of-use assets
(28)
(10)
Write
-down to recoverable amount of trade and other receivables
3
7
1. Of the amortisation of intangible assets charge, \u00a31m (2022/23: \u00a31m) and \u00a3110m (2022/23: \u00a383m) are included in selling and distribution expenses and administrative expenses respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-553": { "value": "Auditor\u2019s remuneration
\u00a3 millions
2023/24
2022/23
Fees payable for
the audit of the Company and consolidated financial statements
1.1
1.0
Fees payable to the Company\u2019s auditor and their associates for other services to the Group:
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.7
1.7
Audit fees
2.8
2.7
Audit
-related assurance services
0.2
0.2
Other assurance services
0.1
0.1
Non
-audit fees
0.3
0.3
Auditor\u2019s remuneration
3.1
3.0
Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee report on page 82. Audit-related assurance services relate to the interim review. No services were provided pursuant to contingent fee arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-480": { "value": "
9 Employees and Directors
\u00a3 millions
2023/24
2022/23
Wages and salaries
1,687
1,628
Social
security costs
298
295
Post
-employment benefits
Defined contribution
50
47
Defined benefit (current service cost)
11
13
Share
-based compensation
22
19
Employee benefit expenses
2,068
2,002
Number thousands
2023/24
2022/23
Stores
69
73
Administration
7
7
Average number of persons employed
76
80
The average number of persons employed excludes those employed by the Group\u2019s joint ventures and associates.
Remuneration of key management personnel
\u00a3 millions
2023/24
2022/23
Short
-term employee benefits
8.4
9.1
Post
-employment benefits
0.5
1.0
Termination benefits
0.3
0.8
Share
-based compensation
6.5
4.3
15.7
15.2
The Group defines key management personnel as being those members of the Board of Directors and the Group Executive.
Further detail with respect to the Directors\u2019 remuneration is set out in the Directors\u2019 Remuneration Report on pages 84 to 109. Other
than as set out in the Directors\u2019 Remuneration Report, there have been no transactions with key management during the year
(2022/23: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-526": { "value": "Remuneration of key management personnel
\u00a3 millions
2023/24
2022/23
Short
-term employee benefits
8.4
9.1
Post
-employment benefits
0.5
1.0
Termination benefits
0.3
0.8
Share
-based compensation
6.5
4.3
15.7
15.2
The Group defines key management personnel as being those members of the Board of Directors and the Group Executive. Further detail with respect to the Directors\u2019 remuneration is set out in the Directors\u2019 Remuneration Report on pages 84 to 109. Other than as set out in the Directors\u2019 Remuneration Report, there have been no transactions with key management during the year (2022/23: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-481": { "value": "
10 Income tax expense
\u00a3 millions
2023/24
2022/23
UK corporation tax
Current tax on profits for the year
 (73) (44)
Adjustments in respect of
prior years
2
3
(71) (41)
Overseas tax
Current tax on profits for the year
(37)
(77)
Adjustments in respect of prior years
8
4
(29) (73)
Current tax
 (100) (114)
Deferred tax
Current year
(25)
(25)
Adjustments in respect of prior
years
(4)
(3)
Adjustments in respect of changes in tax rates
 (1) 2
Deferred tax
(30)
(26)
Income tax expense
(130)
(140)
Factors affecting tax charge for the year
The tax charge for the year differs from the standard rate of corporation tax in the UK of 25% (2022/23: 19%). The differences are
explained below:
\u00a3 millions
2023/24
2022/23
Profit before taxation
475
611
Profit multiplied by the standard rate of corporation tax in the UK of
24%
1
(2022/23: 19%)
(114)
(116)
Net expense not deductible for tax purposes
 (9) (18)
Temporary differences:
Losses not recognised
(12)
(6)
Foreign tax rate
differences
\u2013
(6)
Adjustments in respect of prior years
6
4
Adjustments in respect of changes in tax rates
 (1) 2
Income tax expense
(130)
(140)
1. The UK corporation tax rate increased from 19% to 25% with effect from 1 April 2023. A blended rate of 24% is used in the reconciliation above to reflect this change.
The adjusted effective tax rate on profit before adjusting items is 27% (2022/23: 22%). The effective tax rate calculation is set out in the
Financial Review on page 50.
The overall tax rate for the year is 27% (2022/23: 23%). This predominately reflects the blend of tax rates and profits in the Group\u2019s
various jurisdictions, the applicable tax treatment of adjusting items and losses made by companies which have not been recognised
for deferred tax. This has been partially offset by a release of prior year provisions which reflect a reassessment of expected
outcomes, agreed positions with tax authorities and items that have time expired. Net expense not deductible for tax purposes does
not include any significant values that have been netted off.
In addition to the amounts charged to the income statement, tax of \u00a319m has been credited directly to equity (2022/23: \u00a3110m credit)
of which \u00a3nil (2022/23: \u00a33m credit) is included in current tax and a \u00a319m credit (2022/23: \u00a3107m credit) is included in deferred tax. This
principally relates to post-employment benefits.
In July 2023 Finance (No.2) Act 2023 was enacted in the UK which implemented the global minimum tax rules, commonly referred to
as Pillar Two. The rules implement a domestic top-up tax and a multinational top-up tax in the UK which will be effective for the Group
with effect from 1 February 2024. The rules will require the Group to pay top-up taxes in the UK in respect of any operations in
territories where the minimum taxation level of 15% has not been met. Where overseas jurisdictions in which the Group operates have
implemented qualified domestic minimum top-up tax rules, any top-up tax due may be payable in that jurisdiction in part or in full. The
Group has applied the exception to IAS 12 in respect of recognising and disclosing information relating to deferred tax assets and
liabilities arising in respect of Pillar Two.
The Group has assessed the impact of Pillar Two to estimate the exposure to top-up taxes arising from 1 February 2024 and the
impact is expected to be negligible. The Group will continue to closely monitor further developments in respect of Pillar Two to
assess the impact on financial performance.
During the prior year, a payment of \u20ac40m (\u00a334m) was made to the French tax authorities relating to a historic tax liability. This amount
was fully provided for in previous years.
Changes in tax rates
The UK corporation tax rate increased from 19% to 25% on 1 April 2023. This increase was substantively enacted on 24 May 2021 and
as such the effect on deferred tax balances was reflected in prior year financial statements.
There were no significant changes to tax rates announced in the year relating to the overseas territories in which the Group operates.
26 Deferred tax
\u00a3 millions
2023/24
2022/23
Deferred tax assets
10
16
Deferred tax liabilities
 (207) (205)
(197)
(189)
Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and
when the Group intends, and has the legally enforceable right, to settle its current tax assets and liabilities on a net basis.
2023/24
Accelerated Short-term Post- Investment in
tax Gains on timing employment
\u00a3 millions
depreciation
property
Leases
differences
Tax losses
benefits subsidiaries
Other
Total
At 1 February 202
3
(215)
(56)
130
44
1
(99)
(1)
7
(189)
(Charge)/credit to income
statement
(15)
4
(10)
(7)
\u2013
(2)
1
(1)
(30)
(Charge)/c
redit to equity
\u2013
\u2013
(2)
1
\u2013
22
\u2013
(2)
19
Exchange differences
3
2
\u2013
\u2013
\u2013
(2)
\u2013
\u2013
3
At 31 January 2024
(227)
(50)
118
38
1
(81)
\u2013
4
(197)
2022/23
Accelerated Short-term Post- Investment in
tax Gains on timing employment
\u00a3 millions
depreciation property Leases differences Tax losses benefits subsidiaries Other Total
At 1 February 2022
(170)
(61)
127
42
1
(197)
(1)
(7)
(266)
(Charge)/credit to income
statement
 (38) 7 \u2013 2 \u2013 2 \u2013 1 (26)
Credit/(charge) to equity
 \u2013 \u2013 1 (1) \u2013 94 \u2013 13 107
Exchange differences
 (7) (2) 2 1 \u2013 2 \u2013 \u2013 (4)
At 31 January 202
3
(215)
(56) 130 44 1 (99) (1) 7 (189)
At the balance sheet date, the Group has unused trading tax losses of \u00a3223m (2022/23: \u00a3215m) available for offset against future profits. A
deferred tax asset has been recognised in respect of \u00a31m of such losses (2022/23: \u00a31m). No deferred tax asset has been recognised in
respect of the remaining \u00a3222m (2022/23: \u00a3214m) due to the unpredictability of future profit streams. Included in this amount there are tax
losses arising in Romania of \u00a3149m (2022/23: \u00a3141m) which can only be carried forward for a maximum of seven years. Of these, \u00a310m will
expire in the next twelve months, \u00a398m in the next two to five years, and \u00a341m in the next six to seven years. Other unrecognised losses
may be carried forward indefinitely.
At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2022/23: \u00a310m) available for offset against future
capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2022/23: \u00a3nil). All of these losses may
be carried forward indefinitely.
A deferred tax liability of \u00a31m (2022/23: \u00a31m) has been recognised in the period, reflecting the withholding tax anticipated to arise in
light of a planned repatriation of certain earnings that were generated in the current year. Except for this liability, all other unremitted
earnings of overseas subsidiaries and joint ventures are continually reinvested by the Group. Therefore, as no tax is expected to be
payable on these earnings in the foreseeable future, no deferred tax liabilities are recorded in relation to them. Additional earnings
which could be remitted on which there would be tax to pay total \u00a3241m (2022/23: \u00a3235m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-482": { "value": "
11 Earnings per share
Pence
2023/24
2022/23
Basic earnings per share
18.2
23.8
Effect of
dilutive share options per share
(0.2)
(0.3)
Diluted earnings per share
18.0
23.5
Basic earnings per share
18.2
23.8
Adjusting items before tax
per share
4.9
7.4
Prior year and other adjusting tax items
per share
(1.2)
(1.5)
Adjusted basic
earnings per share
21.9
29.7
Diluted earnings per share
18.0
23.5
Adjusting items before tax
per share
4.8
7.3
Prior year and other adjusting tax items
per share
(1.2)
(1.4)
Adjusted diluted earnings per share
21.6
29.4
Basic earnings per share is calculated by dividing the profit for the year attributable to equity shareholders of the Company by the
weighted average number of shares in issue during the year, excluding those held in the Employee Share Ownership Plan trust (\u2018ESOP
trust\u2019) which for the purpose of this calculation are treated as cancelled.
For diluted earnings per share, the weighted average number of shares is adjusted to assume conversion of all dilutive potential
ordinary shares. These represent share options granted to employees where both the exercise price is less than the average market
price of the Company\u2019s shares during the year and any related performance conditions have been met.
The calculation of basic and diluted earnings per share is based on the profit for the year attributable to equity shareholders of the
Company. A reconciliation of statutory earnings to adjusted earnings is set out below:
\u00a3 millions
2023/24
2022/23
Earnings
345
471
Adjusting items before tax
93
147
Prior year and other adjusting tax items
 (23) (29)
Adjusted earnings
415
589
The weighted average number of shares in issue during the year, excluding those held in the ESOP trust, is set out below:
Weighted average number of shares (millions)
2023/24
2022/23
Basic
1,898
1,980
Diluted
1,921
2,002
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-483": { "value": "
12 Dividends
\u00a3 millions
2023/24
2022/23
Dividends paid to equity shareholders of the Company
Ordinary interim dividend for the year ended 31
January 2024 of 3.80p per share
(year ended 31 January 2023: 3.80p per share)
72
74
Ordinary final dividend for the year ended 31 January 2023 of 8.60p per share
(year ended 31 January 2022: 8.60p per share)
165
172
237
246
The proposed dividend for the year ended 31 January 2024, subject to approval by shareholders at the Annual General Meeting, is 12.40p
per share, comprising an interim dividend of 3.80p in respect of the six months ended 31 July 2023 and a final dividend of 8.60p.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-484": { "value": "
13 Goodwill
\u00a3 millions
Cost
At 1 February 20
23
2,457
Exchange differences
(2)
At 31 January 202
4
2,455
Impairment
At 1 February 20
23
(49)
Charge for the year
 (8)
At 31 January 202
4
(57)
Net carrying amount
At 31 January 202
4
2,398
Cost
At 1 February 20
22
2,457
At 31 January 202
3
2,457
Impairment
At 1 February 20
22
(33)
Charge for the year
(16)
At 31 January 202
3
(49)
Net carrying amount
At 31 January 202
3
2,408
An impairment charge of \u00a38m has been recorded in the year relating to the goodwill originally recorded on the acquisition of NeedHelp in
2020/21, principally driven by revised financial projections. In the prior year, an impairment charge of \u00a316m was recorded relating to the
Romania business. This arose due to a significant increase in the discount rate and revised financial projections in the prior year. Both
NeedHelp and Romania are included within the \u2018Other International\u2019 operating segment.
Impairment tests for goodwill
Goodwill has been allocated for impairment testing purposes to groups of cash generating units (\u2018CGUs\u2019) as follows:
\u00a3 millions
 UK
France
Poland
Romania
NeedHelp
Total
At 31 January 202
4
Cost
1,796
521
81
49
8
2,455
Impairment
\u2013
\u2013
\u2013
(49)
(8)
(57)
Net carrying amount
1,796
521
81
\u2013
\u2013
2,398
At 31 January 202
3
Cost
1,796
523
81
49
8
2,457
Impairment
\u2013
\u2013
\u2013
(49)
\u2013
(49)
Net carrying amount
1,796
523
81
\u2013
8
2,408
The recoverable amounts of the CGUs have been determined based on value-in-use calculations.
The groups of CGUs for which the carrying amount of goodwill is deemed significant are the UK, France and Poland. The key
assumptions used for value-in-use calculations are set out below.
Assumptions
The cash flow projections are based on approved strategic plans covering a three-year period. These are based on both past
performance and expectations for future market development. The projections reflect the expected benefits from certain strategic
initiatives, including an increased offer, an improved digital journey and improved operational efficiency. As required under IFRS, cash
flows related to uncommitted future restructurings and enhancement capital expenditure are excluded from the projections for
impairment testing purposes. For further details, refer to the Strategic Report on pages 1 to 67.
Key drivers in the strategic plans are sales growth, margin and operating profit percentages. Sales projections take into consideration
both external factors such as market expectations, and internal factors such as execution on our strategy. They assume sales
increases in each country that are driven by an enlarged offer, an improved digital journey and local trading initiatives. Assumed gross
margin percentages benefit from increased sales of the Group\u2019s higher margin own exclusive brands (OEB), vendor negotiations and
operational leverage from increased sales on logistics and distribution costs. Assumed operating profit percentages reflect better
utilisation of fixed costs as well as cost savings through operational efficiencies, including a more efficient organisation and leveraging
our goods not for resale spend.
Cash flows beyond the period of the strategic plans are calculated using a long-term growth rate based on inflation expectations
which does not exceed the long-term average growth rate for the countries in which the Group\u2019s CGUs operate.
The Board has reviewed a sensitivity analysis and does not consider that a reasonably possible change in the assumptions used in the
value-in-use calculations would cause the carrying amounts of the UK, France and Poland CGUs to exceed their recoverable amounts.
The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and
debt, to which specific market-related premium adjustments are made for each country in which the CGU operates.
The risk adjusted nominal discount rates and long-term nominal growth rates used are as follows:
2023/24
2022/23
Annual % rate
UK
France
Poland
UK
France Poland
Pre
-tax discount rate
11.0
10.4
11.3
11.7 11.3 12.5
Post
-tax discount rate
8.8
8.2
9.7
9.3
9.0 10.8
Long
-term growth rate
2.0
1.6
2.5
2.0
2.3 3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-527": { "value": "13 Goodwill
\u00a3 millions
Cost
At 1 February 20
23
2,457
Exchange differences
(2)
At 31 January 202
4
2,455
Impairment
At 1 February 20
23
(49)
Charge for the year
 (8)
At 31 January 202
4
(57)
Net carrying amount
At 31 January 202
4
2,398
Cost
At 1 February 20
22
2,457
At 31 January 202
3
2,457
Impairment
At 1 February 20
22
(33)
Charge for the year
(16)
At 31 January 202
3
(49)
Net carrying amount
At 31 January 202
3
2,408
An impairment charge of \u00a38m has been recorded in the year relating to the goodwill originally recorded on the acquisition of NeedHelp in 2020/21, principally driven by revised financial projections. In the prior year, an impairment charge of \u00a316m was recorded relating to the Romania business. This arose due to a significant increase in the discount rate and revised financial projections in the prior year. Both NeedHelp and Romania are included within the \u2018Other International\u2019 operating segment. Impairment tests for goodwill Goodwill has been allocated for impairment testing purposes to groups of cash generating units (\u2018CGUs\u2019) as follows:
\u00a3 millions
 UK
France
Poland
Romania
NeedHelp
Total
At 31 January 202
4
Cost
1,796
521
81
49
8
2,455
Impairment
\u2013
\u2013
\u2013
(49)
(8)
(57)
Net carrying amount
1,796
521
81
\u2013
\u2013
2,398
At 31 January 202
3
Cost
1,796
523
81
49
8
2,457
Impairment
\u2013
\u2013
\u2013
(49)
\u2013
(49)
Net carrying amount
1,796
523
81
\u2013
8
2,408
The recoverable amounts of the CGUs have been determined based on value-in-use calculations. The groups of CGUs for which the carrying amount of goodwill is deemed significant are the UK, France and Poland. The key assumptions used for value-in-use calculations are set out below. Assumptions The cash flow projections are based on approved strategic plans covering a three-year period. These are based on both past performance and expectations for future market development. The projections reflect the expected benefits from certain strategic initiatives, including an increased offer, an improved digital journey and improved operational efficiency. As required under IFRS, cash flows related to uncommitted future restructurings and enhancement capital expenditure are excluded from the projections for impairment testing purposes. For further details, refer to the Strategic Report on pages 1 to 67. Key drivers in the strategic plans are sales growth, margin and operating profit percentages. Sales projections take into consideration both external factors such as market expectations, and internal factors such as execution on our strategy. They assume sales increases in each country that are driven by an enlarged offer, an improved digital journey and local trading initiatives. Assumed gross margin percentages benefit from increased sales of the Group\u2019s higher margin own exclusive brands (OEB), vendor negotiations and operational leverage from increased sales on logistics and distribution costs. Assumed operating profit percentages reflect better utilisation of fixed costs as well as cost savings through operational efficiencies, including a more efficient organisation and leveraging our goods not for resale spend. Cash flows beyond the period of the strategic plans are calculated using a long-term growth rate based on inflation expectations which does not exceed the long-term average growth rate for the countries in which the Group\u2019s CGUs operate. The Board has reviewed a sensitivity analysis and does not consider that a reasonably possible change in the assumptions used in the value-in-use calculations would cause the carrying amounts of the UK, France and Poland CGUs to exceed their recoverable amounts. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country in which the CGU operates. The risk adjusted nominal discount rates and long-term nominal growth rates used are as follows:
2023/24
2022/23
Annual % rate
UK
France
Poland
UK
France Poland
Pre
-tax discount rate
11.0
10.4
11.3
11.7 11.3 12.5
Post
-tax discount rate
8.8
8.2
9.7
9.3
9.0 10.8
Long
-term growth rate
2.0
1.6
2.5
2.0
2.3 3.5
14 Other intangible assets
Computer
\u00a3 millions
software
Other
Total
Cost
At 1 February 202
3
888
16
904
Additions
108
3
111
Disposals
 (2)
\u2013
(2)
Exchange differences
 (2)
\u2013
(2)
At 31 January 202
4
992
19
1,011
Amortisation
At 1 February 202
3
(520)
(13) (533)
Charge for the year
(111)
\u2013
(111)
Impairment losses
(3)
\u2013
(3)
Disposals
2
\u2013
2
Exchange differences
2
\u2013
2
At 31 January 202
4
(630)
(13) (643)
Net carrying amount
At 31
January 2024
362
6
368
Cost
At 1 February 2022
836
14
850
Additions
 127 \u2013 127
Disposals
 (78) \u2013 (78)
Exchange differences
3
2
5
At 31 January 202
3
888
16
904
Amortisation
At 1 February 202
2
(511)
(9) (520)
Charge for the year
 (84) \u2013 (84)
Impairment losses
\u2013
(3)
(3)
Disposals
78
\u2013
78
Exchange differences
 (3) (1) (4)
At 31 January 202
3
(520)
(13) (533)
Net carrying amount
At 31 January 202
3
368
3 371
Additions in the current and prior year primarily related to the development of IT infrastructure for the benefit of the Group. Computer software cost includes \u00a3457m (2022/23: \u00a3418m) of internally generated development costs with a \u00a3191m (2022/23: \u00a3202m) net carrying amount. None of the Group\u2019s other intangible assets have indefinite useful lives. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-485": { "value": "
14 Other intangible assets
Computer
\u00a3 millions
software
Other
Total
Cost
At 1 February 202
3
888
16
904
Additions
108
3
111
Disposals
 (2)
\u2013
(2)
Exchange differences
 (2)
\u2013
(2)
At 31 January 202
4
992
19
1,011
Amortisation
At 1 February 202
3
(520)
(13) (533)
Charge for the year
(111)
\u2013
(111)
Impairment losses
(3)
\u2013
(3)
Disposals
2
\u2013
2
Exchange differences
2
\u2013
2
At 31 January 202
4
(630)
(13) (643)
Net carrying amount
At 31
January 2024
362
6
368
Cost
At 1 February 2022
836
14
850
Additions
 127 \u2013 127
Disposals
 (78) \u2013 (78)
Exchange differences
3
2
5
At 31 January 202
3
888
16
904
Amortisation
At 1 February 202
2
(511)
(9) (520)
Charge for the year
 (84) \u2013 (84)
Impairment losses
\u2013
(3)
(3)
Disposals
78
\u2013
78
Exchange differences
 (3) (1) (4)
At 31 January 202
3
(520)
(13) (533)
Net carrying amount
At 31 January 202
3
368
3 371
Additions in the current and prior year primarily related to the development of IT infrastructure for the benefit of the Group.
Computer software cost includes \u00a3457m (2022/23: \u00a3418m) of internally generated development costs with a \u00a3191m (2022/23:
\u00a3202m) net carrying amount. None of the Group\u2019s other intangible assets have indefinite useful lives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-486": { "value": "
15 Property, plant and equipment
Land and Fixtures, fittings
\u00a3 millions
buildings
and equipment
Total
Cost
At 1 February 20
23
2,737
3,486
6,223
Additions
41
219
260
Disposals
 (11) (51) (62)
Reclassified from assets held for sale
17
\u2013
17
Exchange differences
(23)
(17)
(40)
At 31 January 202
4
2,761
3,637
6,398
Depreciation
At 1 February 20
23
(590) (2,428) (3,018)
Charge for the
year
(35)
(181) (216)
Impairment losses
 (28) (24) (52)
Impairment reversals
22
3
25
Disposals
11
50
61
Reclassified from assets held for sale
(17)
\u2013
(17)
Exchange differences
9
16
25
At 31 January 202
4
(628)
(2,564) (3,192)
Net carrying
amount
At 31 January 202
4
2,133
1,073
3,206
Cost
At 1 February 2022
2,596
3,186
5,782
Additions
45
280
325
Disposals
(2)
(40)
(42)
Exchange differences
 98 60 158
At 31 January 2023
 2,737 3,486 6,223
Depreciation
At 1
February 2022
(473)
(2,231) (2,704)
Charge for the year
 (35) (164) (199)
Impairment losses
 (67) (33) (100)
Impairment reversals
 5 \u2013 5
Disposals
 1 39 40
Exchange differences
(21)
(39)
(60)
At 31 January 2023
 (590) (2,428) (3,018)
Net carrying amount
At 31 January 2023
2,147 1,058 3,205
Assets in the course of construction included above at net carrying amount
At 31 January 202
4
22
147
169
At 31 January 20
23
24
195
219
Net impairment charges of \u00a327m have been recorded in the year (2022/23: \u00a395m) resulting from revised financial projections. Current
year impairment charges of \u00a352m (2022/23: \u00a3100m) principally relate to store property and equipment assets in France, Romania and the
UK, partially offset by impairment reversals of \u00a325m (2022/23: \u00a35m) principally in the UK. The net store impairment charges of \u00a327m have
been recorded as adjusting items. See note 6.
Total capitalised borrowing costs included within property, plant and equipment, net of depreciation, is \u00a316m (2022/23: \u00a316m).
The Group does not revalue properties within its financial statements. A formal valuation of the portfolio was undertaken by external
professional valuers in October 2023, with the valuations then reviewed for any significant updates to 31 January 2024. Based on this
exercise the value of property is \u00a32.7bn (2022/23: \u00a32.8bn) on a sale and leaseback basis with Kingfisher in occupancy. The key
assumption used in calculating this is the estimated yields. Property, plant and equipment market valuations are considered to have
been determined by level 3 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019. A vacant possession
valuation basis is used to approximate the fair value less costs to sell when reviewing for impairment.
Fixtures, fittings and equipment includes items such as store racking, computers and electronic equipment, motor cars and
commercial vehicles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-487": { "value": "
16 Investment property
\u00a3 millions
Cost
At 1 February 202
3
41
Disposals
(1)
At 31 January 2024
 40
Depreciation
At 1 February 2023
 (11)
Impairment losses
 (2)
At 31 January 2024
(13)
Net carrying amount
At 31 January 2024
27
Cost
At 1 February 2022
 39
Reclassified from assets held for sale
 2
At 31 January 2023
41
Depreciation
At 1 February 2022
 (6)
Impairment losses
 (5)
At 31 January 2023
 (11)
Net carrying amount
At 31 January 2023
 30
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-488": { "value": "
17 Leases
The Group is a lessee of various retail stores, offices, warehouses and plant and equipment under lease agreements with varying
terms, escalation clauses and renewal rights. The Group is also a lessor and sub-lessor of space with freehold and leasehold
properties respectively.
Right-of-use assets
\u00a3 millions
2023/24
2022/23
Land and buildings
1,772
1,873
Fixtures, fittings and equipment
109
74
Net carrying amount
1,881
1,947
Leased fixtures, fittings and equipment includes items such as mechanical handling equipment and vehicles.
\u00a3 millions
2023/24
2022/23
At beginning of year
1,947
1,885
Additions
1
253
339
Depreciation charge for the year
 (314) (299)
Impairment losses
 (50) (41)
Impairment reversals
3
5
Other movements
45
34
Exchange differences
(3)
24
At end of year
1,881
1,947
1. Right-of-use asset additions include new leases, lease renewals and increases in term and/or scope for existing leases.
Net right-of-use asset impairment charges of \u00a347m (2022/23: \u00a336m) relate to store based assets and are resulting from revised
financial projections. The net store impairment charges of \u00a347m have been recorded as adjusting items. See note 6.
Amounts included in profit and loss
\u00a3 millions
2023/24
2022/23
Short
-term rentals
(59)
(65)
Sublease income
1
1
Depreciation of right
-of-use assets
Property leases (276) (262)
Equipment leases
(38)
(37)
Interest on lease liabilities
Property leases
(121)
(120)
Equipment leases
(5)
(4)
Amounts recognised in the cash flow statement
\u00a3 millions
2023/24
2022/23
Interest element of lease rental payments
Property leases
(121)
(120)
Equipment leases
(5)
(4)
Principal element of lease rental payments
Property leases
(310)
(292)
Equipment leases
(38)
(37)
Total cash outflow for leases
(474)
(453)
Maturity analysis of operating lease receivables
Undiscounted total future minimum rentals receivable under non-cancellable operating leases are as follows:
\u00a3 millions
2023/24
2022/23
Year 1
5
4
Year 2
5
4
Year 3
4
3
Year 4
4
3
Year 5
3
3
Year 6 and onwards
18
16
39
33
Maturity analysis of finance lease receivables
The following table reconciles the undiscounted sublease rentals receivable under non-cancellable finance leases to the present
value of sublease receivables as disclosed as part of trade and other receivables (note 20):
\u00a3 millions
2023/24
2022/23
Year 1
3
4
Year 2
3
5
Year 3
2
3
Year 4
1
2
Year 5
1
1
Year 6 and onwards
1
1
Total undiscounted sublease receipts receivable
11
16
Unearned finance income
(2)
(3)
Sublease receivables
9
13
Other lease disclosures
The maturity analysis of lease liabilities has been reflected in note 25 Financial risk management.
Lease arrangements under which rental payments are contingent upon sales, other performance or usage are not significant for
the Group.
There are no corporate restrictions imposed by lease arrangements such as those concerning dividends, additional debt and
further leasing.
Sale and leaseback transactions
No sale and leaseback transactions were entered into in the current or prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-528": { "value": "Maturity analysis of operating lease receivables Undiscounted total future minimum rentals receivable under non-cancellable operating leases are as follows:
\u00a3 millions
2023/24
2022/23
Year 1
5
4
Year 2
5
4
Year 3
4
3
Year 4
4
3
Year 5
3
3
Year 6 and onwards
18
16
39
33
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-529": { "value": "Maturity analysis of finance lease receivables The following table reconciles the undiscounted sublease rentals receivable under non-cancellable finance leases to the present value of sublease receivables as disclosed as part of trade and other receivables (note 20):
\u00a3 millions
2023/24
2022/23
Year 1
3
4
Year 2
3
5
Year 3
2
3
Year 4
1
2
Year 5
1
1
Year 6 and onwards
1
1
Total undiscounted sublease receipts receivable
11
16
Unearned finance income
(2)
(3)
Sublease receivables
9
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-489": { "value": "
18 Investments in joint ventures and associates
\u00a3 millions
At 1 February 202
3
30
Share of post
-tax results
(1)
Disposals
1
(9)
Exchange differences
(1)
At 31 January 2024
19
\u00a3 millions
At 1 February 20
22
17
Share of post
-tax results
5
Dividends
 (3)
Exchange differences
 11
At 31 January 202
3
30
No goodwill is included in the carrying amount of investments in joint ventures and associates (2022/23: \u00a3nil).
Details of the Group\u2019s significant joint ventures and associates are shown below:
Principal place Class of
of business
% interest held
shares owned
Main activity
Principal joint ventures
Ko\u00e7ta\u015f Yap\u0131 Marketleri Ticaret A.\u015e.
Turkey
50%
Ordinary
Retailing
UNIO S.A.S.
France
50%
Ordinary
Sourcing
Principal associate
Crealfi S.A.
France
49%
Ordinary
Finance
2
2, 3
1, 2
1. The Group completed the disposal of its interest in Crealfi S.A. on 30 June 2023, resulting in a gain on disposal of \u00a32m.
2. The financial statements of these companies are prepared to 31 December.
3. The Group established UNIO S.A.S. in France on 31 May 2023 as a joint venture with Mr. Bricolage Group.
Aggregate amounts relating to joint ventures and associates:
2023/24
2022/23
\u00a3 millions
Joint ventures
Associates
Total
Joint ventures
Associates
Total
Non
-current assets
27
\u2013
27
24
2
26
Current assets
41
\u2013
41
48
43
91
Current liabilities
(43)
\u2013
(43)
(46)
(35)
(81)
Non-current liabilities
(6)
\u2013
(6)
(5)
(1)
(6)
Share of net assets
19
\u2013
19
21
9
30
Sales
163
\u2013
163
143
3
146
Operating expenses
(148)
\u2013
(148)
(135)
(2)
(137)
Operating profit
15
\u2013
15
8
1
9
Net finance costs
 (16)
\u2013
(16)
\u2013
\u2013
\u2013
Profit before taxation
(1)
\u2013
(1)
8
1
9
Income tax expense
\u2013
\u2013
\u2013
(4)
\u2013
(4)
Share of post-tax results
(1)
\u2013
(1)
4
1
5
The Group\u2019s Turkish joint venture, Ko\u00e7ta\u015f, has prepared its financial statements under IAS 29 \u2013 Financial reporting in hyperinflationary
economies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-530": { "value": "18 Investments in joint ventures and associates
\u00a3 millions
At 1 February 202
3
30
Share of post
-tax results
(1)
Disposals
1
(9)
Exchange differences
(1)
At 31 January 2024
19
\u00a3 millions
At 1 February 20
22
17
Share of post
-tax results
5
Dividends
 (3)
Exchange differences
 11
At 31 January 202
3
30
No goodwill is included in the carrying amount of investments in joint ventures and associates (2022/23: \u00a3nil). Details of the Group\u2019s significant joint ventures and associates are shown below:
Principal place Class of
of business
% interest held
shares owned
Main activity
Principal joint ventures
Ko\u00e7ta\u015f Yap\u0131 Marketleri Ticaret A.\u015e.
Turkey
50%
Ordinary
Retailing
UNIO S.A.S.
France
50%
Ordinary
Sourcing
Principal associate
Crealfi S.A.
France
49%
Ordinary
Finance
2 2, 3 1, 2 1. The Group completed the disposal of its interest in Crealfi S.A. on 30 June 2023, resulting in a gain on disposal of \u00a32m. 2. The financial statements of these companies are prepared to 31 December. 3. The Group established UNIO S.A.S. in France on 31 May 2023 as a joint venture with Mr. Bricolage Group. Aggregate amounts relating to joint ventures and associates:
2023/24
2022/23
\u00a3 millions
Joint ventures
Associates
Total
Joint ventures
Associates
Total
Non
-current assets
27
\u2013
27
24
2
26
Current assets
41
\u2013
41
48
43
91
Current liabilities
(43)
\u2013
(43)
(46)
(35)
(81)
Non-current liabilities
(6)
\u2013
(6)
(5)
(1)
(6)
Share of net assets
19
\u2013
19
21
9
30
Sales
163
\u2013
163
143
3
146
Operating expenses
(148)
\u2013
(148)
(135)
(2)
(137)
Operating profit
15
\u2013
15
8
1
9
Net finance costs
 (16)
\u2013
(16)
\u2013
\u2013
\u2013
Profit before taxation
(1)
\u2013
(1)
8
1
9
Income tax expense
\u2013
\u2013
\u2013
(4)
\u2013
(4)
Share of post-tax results
(1)
\u2013
(1)
4
1
5
The Group\u2019s Turkish joint venture, Ko\u00e7ta\u015f, has prepared its financial statements under IAS 29 \u2013 Financial reporting in hyperinflationary economies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-554": { "value": "18 Investments in joint ventures and associates
\u00a3 millions
At 1 February 202
3
30
Share of post
-tax results
(1)
Disposals
1
(9)
Exchange differences
(1)
At 31 January 2024
19
\u00a3 millions
At 1 February 20
22
17
Share of post
-tax results
5
Dividends
 (3)
Exchange differences
 11
At 31 January 202
3
30
No goodwill is included in the carrying amount of investments in joint ventures and associates (2022/23: \u00a3nil). Details of the Group\u2019s significant joint ventures and associates are shown below:
Principal place Class of
of business
% interest held
shares owned
Main activity
Principal joint ventures
Ko\u00e7ta\u015f Yap\u0131 Marketleri Ticaret A.\u015e.
Turkey
50%
Ordinary
Retailing
UNIO S.A.S.
France
50%
Ordinary
Sourcing
Principal associate
Crealfi S.A.
France
49%
Ordinary
Finance
2 2, 3 1, 2 1. The Group completed the disposal of its interest in Crealfi S.A. on 30 June 2023, resulting in a gain on disposal of \u00a32m. 2. The financial statements of these companies are prepared to 31 December. 3. The Group established UNIO S.A.S. in France on 31 May 2023 as a joint venture with Mr. Bricolage Group. Aggregate amounts relating to joint ventures and associates:
2023/24
2022/23
\u00a3 millions
Joint ventures
Associates
Total
Joint ventures
Associates
Total
Non
-current assets
27
\u2013
27
24
2
26
Current assets
41
\u2013
41
48
43
91
Current liabilities
(43)
\u2013
(43)
(46)
(35)
(81)
Non-current liabilities
(6)
\u2013
(6)
(5)
(1)
(6)
Share of net assets
19
\u2013
19
21
9
30
Sales
163
\u2013
163
143
3
146
Operating expenses
(148)
\u2013
(148)
(135)
(2)
(137)
Operating profit
15
\u2013
15
8
1
9
Net finance costs
 (16)
\u2013
(16)
\u2013
\u2013
\u2013
Profit before taxation
(1)
\u2013
(1)
8
1
9
Income tax expense
\u2013
\u2013
\u2013
(4)
\u2013
(4)
Share of post-tax results
(1)
\u2013
(1)
4
1
5
The Group\u2019s Turkish joint venture, Ko\u00e7ta\u015f, has prepared its financial statements under IAS 29 \u2013 Financial reporting in hyperinflationary economies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-491": { "value": "
19 Inventories
\u00a3 millions
2023/24
2022/23
Finished goods for resale
2,914
3,070
The cost of inventories recognised as an expense and included in cost of sales for the year ended 31 January 2024 is \u00a37,362m
(2022/23: \u00a37,437m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-531": { "value": "
20 Trade and other receivables
\u00a3 millions
2023/24
2022/23
Non-current
Prepayments
9
9
Sublease receivables
6
10
15
19
Current
Trade receivables
101
89
Allowance for expected credit losses
 (9) (8)
Net trade receivables
92
81
Property receivables
4
5
Sublease receivables
3
3
Merchandise returns asset
11
11
Prepayments
79
64
Rebates due from suppliers
119
143
Other receivables
36
40
344
347
Trade and other receivables
359
366
The fair values of trade and other receivables approximate to their carrying amounts. Refer to note 25 for further information on the credit
risk associated with trade and other receivables.
Other receivables include items related to other taxation and social security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-573": { "value": "20 Trade and other receivables
\u00a3 millions
2023/24
2022/23
Non-current
Prepayments
9
9
Sublease receivables
6
10
15
19
Current
Trade receivables
101
89
Allowance for expected credit losses
 (9) (8)
Net trade receivables
92
81
Property receivables
4
5
Sublease receivables
3
3
Merchandise returns asset
11
11
Prepayments
79
64
Rebates due from suppliers
119
143
Other receivables
36
40
344
347
Trade and other receivables
359
366
The fair values of trade and other receivables approximate to their carrying amounts. Refer to note 25 for further information on the credit risk associated with trade and other receivables. Other receivables include items related to other taxation and social security. 26 Deferred tax
\u00a3 millions
2023/24
2022/23
Deferred tax assets
10
16
Deferred tax liabilities
 (207) (205)
(197)
(189)
Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends, and has the legally enforceable right, to settle its current tax assets and liabilities on a net basis.
2023/24
Accelerated Short-term Post- Investment in
tax Gains on timing employment
\u00a3 millions
depreciation
property
Leases
differences
Tax losses
benefits subsidiaries
Other
Total
At 1 February 202
3
(215)
(56)
130
44
1
(99)
(1)
7
(189)
(Charge)/credit to income
statement
(15)
4
(10)
(7)
\u2013
(2)
1
(1)
(30)
(Charge)/c
redit to equity
\u2013
\u2013
(2)
1
\u2013
22
\u2013
(2)
19
Exchange differences
3
2
\u2013
\u2013
\u2013
(2)
\u2013
\u2013
3
At 31 January 2024
(227)
(50)
118
38
1
(81)
\u2013
4
(197)
2022/23
Accelerated Short-term Post- Investment in
tax Gains on timing employment
\u00a3 millions
depreciation property Leases differences Tax losses benefits subsidiaries Other Total
At 1 February 2022
(170)
(61)
127
42
1
(197)
(1)
(7)
(266)
(Charge)/credit to income
statement
 (38) 7 \u2013 2 \u2013 2 \u2013 1 (26)
Credit/(charge) to equity
 \u2013 \u2013 1 (1) \u2013 94 \u2013 13 107
Exchange differences
 (7) (2) 2 1 \u2013 2 \u2013 \u2013 (4)
At 31 January 202
3
(215)
(56) 130 44 1 (99) (1) 7 (189)
At the balance sheet date, the Group has unused trading tax losses of \u00a3223m (2022/23: \u00a3215m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a31m of such losses (2022/23: \u00a31m). No deferred tax asset has been recognised in respect of the remaining \u00a3222m (2022/23: \u00a3214m) due to the unpredictability of future profit streams. Included in this amount there are tax losses arising in Romania of \u00a3149m (2022/23: \u00a3141m) which can only be carried forward for a maximum of seven years. Of these, \u00a310m will expire in the next twelve months, \u00a398m in the next two to five years, and \u00a341m in the next six to seven years. Other unrecognised losses may be carried forward indefinitely. At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2022/23: \u00a310m) available for offset against future capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2022/23: \u00a3nil). All of these losses may be carried forward indefinitely. A deferred tax liability of \u00a31m (2022/23: \u00a31m) has been recognised in the period, reflecting the withholding tax anticipated to arise in light of a planned repatriation of certain earnings that were generated in the current year. Except for this liability, all other unremitted earnings of overseas subsidiaries and joint ventures are continually reinvested by the Group. Therefore, as no tax is expected to be payable on these earnings in the foreseeable future, no deferred tax liabilities are recorded in relation to them. Additional earnings which could be remitted on which there would be tax to pay total \u00a3241m (2022/23: \u00a3235m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-555": { "value": "20 Trade and other receivables
\u00a3 millions
2023/24
2022/23
Non-current
Prepayments
9
9
Sublease receivables
6
10
15
19
Current
Trade receivables
101
89
Allowance for expected credit losses
 (9) (8)
Net trade receivables
92
81
Property receivables
4
5
Sublease receivables
3
3
Merchandise returns asset
11
11
Prepayments
79
64
Rebates due from suppliers
119
143
Other receivables
36
40
344
347
Trade and other receivables
359
366
The fair values of trade and other receivables approximate to their carrying amounts. Refer to note 25 for further information on the credit risk associated with trade and other receivables. Other receivables include items related to other taxation and social security. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-564": { "value": "20 Trade and other receivables
\u00a3 millions
2023/24
2022/23
Non-current
Prepayments
9
9
Sublease receivables
6
10
15
19
Current
Trade receivables
101
89
Allowance for expected credit losses
 (9) (8)
Net trade receivables
92
81
Property receivables
4
5
Sublease receivables
3
3
Merchandise returns asset
11
11
Prepayments
79
64
Rebates due from suppliers
119
143
Other receivables
36
40
344
347
Trade and other receivables
359
366
The fair values of trade and other receivables approximate to their carrying amounts. Refer to note 25 for further information on the credit risk associated with trade and other receivables. Other receivables include items related to other taxation and social security. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-569": { "value": "20 Trade and other receivables
\u00a3 millions
2023/24
2022/23
Non-current
Prepayments
9
9
Sublease receivables
6
10
15
19
Current
Trade receivables
101
89
Allowance for expected credit losses
 (9) (8)
Net trade receivables
92
81
Property receivables
4
5
Sublease receivables
3
3
Merchandise returns asset
11
11
Prepayments
79
64
Rebates due from suppliers
119
143
Other receivables
36
40
344
347
Trade and other receivables
359
366
The fair values of trade and other receivables approximate to their carrying amounts. Refer to note 25 for further information on the credit risk associated with trade and other receivables. Other receivables include items related to other taxation and social security. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-490": { "value": "
21 Cash and cash equivalents
\u00a3 millions
2023/24
2022/23
Cash at bank and in hand
290
259
Cash equivalents
70
27
Cash and cash equivalents
360
286
Included in cash and cash equivalents is restricted cash of \u00a341m (2022/23: \u00a351m) relating to cash held by the Group\u2019s captive insurance
company and in virtual captive arrangements.
Other cash and cash equivalents, fixed for periods of up to three months, comprise bank deposits and investments in money market
funds. The carrying value of cash and cash equivalents are approximated to their fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-492": { "value": "
22 Trade and other payables
\u00a3 millions
2023/24
2022/23
Current
Trade payables
1,239
1,291
Other
taxation and social security
262
238
Deferred income
153
179
Contract to purchase own shares
for cancellation
\u2013
7
Merchandise returns provision
20
21
Payroll creditors and accruals
217
199
Accruals and other payables
554
548
2,445
2,483
Non-current
Accruals and other payables
3
4
Trade and other payables
2,448
2,487
The fair values of trade and other payables approximate to their carrying amounts.
Included in trade payables are amounts at 31 January 2024 of \u00a3122m (2022/23: \u00a3146m) for which suppliers have received payment
from finance providers. Suppliers choose to enter into these arrangements, which provide them with the option of access to earlier
payment at favourable interest rates from the finance providers based on Kingfisher\u2019s investment grade credit rating. The total
size of these facilities at the reporting date is \u00a3373m (2022/23: \u00a3385m). If suppliers do not choose early payment under these
arrangements, their invoices are settled in accordance with the originally agreed payment terms. Under certain of these
arrangements, the Group has agreed extended payment terms, however these arrangements do not provide the Group with a
significant benefit of additional financing and accordingly are classified as trade payables.
Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-574": { "value": "22 Trade and other payables
\u00a3 millions
2023/24
2022/23
Current
Trade payables
1,239
1,291
Other
taxation and social security
262
238
Deferred income
153
179
Contract to purchase own shares
for cancellation
\u2013
7
Merchandise returns provision
20
21
Payroll creditors and accruals
217
199
Accruals and other payables
554
548
2,445
2,483
Non-current
Accruals and other payables
3
4
Trade and other payables
2,448
2,487
The fair values of trade and other payables approximate to their carrying amounts. Included in trade payables are amounts at 31 January 2024 of \u00a3122m (2022/23: \u00a3146m) for which suppliers have received payment from finance providers. Suppliers choose to enter into these arrangements, which provide them with the option of access to earlier payment at favourable interest rates from the finance providers based on Kingfisher\u2019s investment grade credit rating. The total size of these facilities at the reporting date is \u00a3373m (2022/23: \u00a3385m). If suppliers do not choose early payment under these arrangements, their invoices are settled in accordance with the originally agreed payment terms. Under certain of these arrangements, the Group has agreed extended payment terms, however these arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-570": { "value": "22 Trade and other payables
\u00a3 millions
2023/24
2022/23
Current
Trade payables
1,239
1,291
Other
taxation and social security
262
238
Deferred income
153
179
Contract to purchase own shares
for cancellation
\u2013
7
Merchandise returns provision
20
21
Payroll creditors and accruals
217
199
Accruals and other payables
554
548
2,445
2,483
Non-current
Accruals and other payables
3
4
Trade and other payables
2,448
2,487
The fair values of trade and other payables approximate to their carrying amounts. Included in trade payables are amounts at 31 January 2024 of \u00a3122m (2022/23: \u00a3146m) for which suppliers have received payment from finance providers. Suppliers choose to enter into these arrangements, which provide them with the option of access to earlier payment at favourable interest rates from the finance providers based on Kingfisher\u2019s investment grade credit rating. The total size of these facilities at the reporting date is \u00a3373m (2022/23: \u00a3385m). If suppliers do not choose early payment under these arrangements, their invoices are settled in accordance with the originally agreed payment terms. Under certain of these arrangements, the Group has agreed extended payment terms, however these arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-565": { "value": "22 Trade and other payables
\u00a3 millions
2023/24
2022/23
Current
Trade payables
1,239
1,291
Other
taxation and social security
262
238
Deferred income
153
179
Contract to purchase own shares
for cancellation
\u2013
7
Merchandise returns provision
20
21
Payroll creditors and accruals
217
199
Accruals and other payables
554
548
2,445
2,483
Non-current
Accruals and other payables
3
4
Trade and other payables
2,448
2,487
The fair values of trade and other payables approximate to their carrying amounts. Included in trade payables are amounts at 31 January 2024 of \u00a3122m (2022/23: \u00a3146m) for which suppliers have received payment from finance providers. Suppliers choose to enter into these arrangements, which provide them with the option of access to earlier payment at favourable interest rates from the finance providers based on Kingfisher\u2019s investment grade credit rating. The total size of these facilities at the reporting date is \u00a3373m (2022/23: \u00a3385m). If suppliers do not choose early payment under these arrangements, their invoices are settled in accordance with the originally agreed payment terms. Under certain of these arrangements, the Group has agreed extended payment terms, however these arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-556": { "value": "22 Trade and other payables
\u00a3 millions
2023/24
2022/23
Current
Trade payables
1,239
1,291
Other
taxation and social security
262
238
Deferred income
153
179
Contract to purchase own shares
for cancellation
\u2013
7
Merchandise returns provision
20
21
Payroll creditors and accruals
217
199
Accruals and other payables
554
548
2,445
2,483
Non-current
Accruals and other payables
3
4
Trade and other payables
2,448
2,487
The fair values of trade and other payables approximate to their carrying amounts. Included in trade payables are amounts at 31 January 2024 of \u00a3122m (2022/23: \u00a3146m) for which suppliers have received payment from finance providers. Suppliers choose to enter into these arrangements, which provide them with the option of access to earlier payment at favourable interest rates from the finance providers based on Kingfisher\u2019s investment grade credit rating. The total size of these facilities at the reporting date is \u00a3373m (2022/23: \u00a3385m). If suppliers do not choose early payment under these arrangements, their invoices are settled in accordance with the originally agreed payment terms. Under certain of these arrangements, the Group has agreed extended payment terms, however these arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-532": { "value": "22 Trade and other payables
\u00a3 millions
2023/24
2022/23
Current
Trade payables
1,239
1,291
Other
taxation and social security
262
238
Deferred income
153
179
Contract to purchase own shares
for cancellation
\u2013
7
Merchandise returns provision
20
21
Payroll creditors and accruals
217
199
Accruals and other payables
554
548
2,445
2,483
Non-current
Accruals and other payables
3
4
Trade and other payables
2,448
2,487
The fair values of trade and other payables approximate to their carrying amounts. Included in trade payables are amounts at 31 January 2024 of \u00a3122m (2022/23: \u00a3146m) for which suppliers have received payment from finance providers. Suppliers choose to enter into these arrangements, which provide them with the option of access to earlier payment at favourable interest rates from the finance providers based on Kingfisher\u2019s investment grade credit rating. The total size of these facilities at the reporting date is \u00a3373m (2022/23: \u00a3385m). If suppliers do not choose early payment under these arrangements, their invoices are settled in accordance with the originally agreed payment terms. Under certain of these arrangements, the Group has agreed extended payment terms, however these arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-493": { "value": "
23 Borrowings
\u00a3 millions
2023/24
2022/23
Current
Bank o
verdrafts
7
16
7
16
Non
-current
Bank loans
3
3
Fixed term debt
99
99
102
102
Borrowings
109
118
Bank loans
Non-current bank loans have an average maturity of four years (2022/23: two years) and are arranged at fixed rates of interest with
an effective interest rate of 3.6% (2022/23: 1.8%).
Fixed term debt
2023/24
2022/23
Principal Effective Carrying amount Carrying amount
outstanding
Maturity date
Coupon
interest rate \u00a3m \u00a3m
GBP
Term Loan
\u00a350m
23/06/25
1
SONIA + 0.70%
5.9%
50
50
GBP Term Loan
\u00a350m
17/01/26
1
SONIA + 0.75%
6.0%
49
49
99
99
1. During the prior year the Group entered into two new \u00a350m bilateral term loans with a maturity tenor of two years. During the current year, these term loans
were extended by six months and one year respectively. Both loans were fully drawn at 31 January 2024.
As at 31 January 2024, the Group had an undrawn revolving credit facility (RCF) of \u00a3550m, of which \u00a346m expires in May 2025 and
\u00a3504m expires in May 2026.
The terms of the committed RCF and term loans require that the ratio of Group operating profit (excluding adjusting items) to net
interest payable (excluding interest on IFRS 16 lease liabilities) must be no less than 3:1 for the preceding 12 months as at the half
and full year-ends. At 31 January 2024, the Group was in compliance with this requirement.
Fair values
Fair value
\u00a3 millions
2023/24
2022/23
Bank o
verdrafts
7
16
Bank loans
3
3
Fixed term debt
101
102
Borrowings
111
121
Fair values of borrowings have been calculated by discounting cash flows at prevailing interest and foreign exchange rates. This has
resulted in level 2 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019.
24 Derivatives
\u00a3 millions
2023/24
2022/23
Current assets
2
16
Current liabilities
(23)
(47)
Non
-current liabilities
(1)
(5)
(22) (36)
The net fair value of derivatives by hedge designation at the balance sheet date is:
\u00a3 millions
2023/24
2022/23
Cash flow hedges
 (21) (36)
Non
-designated hedges
(1)
\u2013
(22)
(36)
The Group holds the following derivative financial instruments at fair value:
\u00a3 millions
2023/24
2022/23
Foreign exchange contracts
2
16
Derivative assets
2
16
Foreign exchange contracts
(24)
(52)
Derivative liabilities
(24) (52)
(22)
(36)
The fair values are calculated by discounting future cash flows arising from the instruments and adjusted for credit risk. These fair value measurements are all made using observable market rates of interest, foreign exchange and credit risk. All the derivatives held by the Group at fair value are considered to have fair values determined by level 2 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019, representing significant observable inputs other than quoted prices in active markets
for identical assets or liabilities. There are no non-recurring fair value measurements nor have there been any transfers of assets or
liabilities between levels of the fair value hierarchy.
At 31 January 2024, net financing derivative assets included in net debt amount to \u00a3nil (2022/23: \u00a32m).
Cash flow hedges
Forward foreign exchange contracts hedge currency exposures of forecast inventory purchases. At 31 January 2024 the Sterling
equivalent amount of such contracts is \u00a3822m (2022/23: \u00a31,276m). These are located in the derivative asset and derivative liability
lines in the consolidated balance sheet with carrying amounts of \u00a32m asset and \u00a323m liability. The associated fair value gains and
losses will be transferred to inventories when the purchases occur during the next 18 months. The amount recognised in other
comprehensive income during the year is a loss of \u00a332m (2022/23: \u00a358m gain). Losses of \u00a333m (2022/23: \u00a3117m gain) have been
transferred to inventories for contracts which matured during the year. During the year, losses of \u00a312m (2022/23: \u00a35m gain) have
been transferred to the income statement due to ineffectiveness arising from differences in timing and amount of forecast
transactions relating to foreign currency inventory purchases. The weighted average hedged rates for derivatives outstanding
at 31 January 2024 for our material currencies are EUR/USD 1.10 and GBP/USD 1.25.
Hedge effectiveness is assessed at the inception of the hedge relationship and on an ongoing basis to ensure that an economic
relationship exists between the hedged item and the hedging instrument. The Group enters into hedge relationships where the critical
terms of the hedging instrument match exactly with the terms of the hedged item. The Group performs a qualitative and, where
necessary, a quantitative assessment of effectiveness.
For foreign currency inventory purchases, ineffectiveness may arise if the timing or amount of the forecast transaction changes
from what was originally estimated or if there are changes in the credit risk of the Group or the derivative counterparty. Foreign
currency basis spread of the derivative has been excluded from the hedge designation. The non-designated element is immediately
recognised in the income statement. The amount is immaterial in both years.
Non-designated hedges
The Group has entered into certain derivatives to provide a hedge against fluctuations in the income statement arising from balance
sheet positions. At 31 January 2024, the Sterling equivalent amount of such contracts is \u00a3463m (2022/23: \u00a3481m). These have not
been accounted for as hedges, since the fair value movements of the derivatives in the income statement offset the retranslation of
the balance sheet positions. These include short-term foreign exchange contracts. These are located in the derivative liability line in
the consolidated balance sheet with a carrying amount of \u00a31m.
The Group has reviewed all significant contracts for embedded derivatives and none of these contracts has any embedded derivatives
which are not closely related to the host contract and therefore the Group is not required to account for these separately.
The Group enters into netting agreements with counterparties to manage the credit and settlement risks associated with over-the-
counter derivatives. These netting agreements and similar arrangements generally enable the Group and its counterparties to settle cash
flows on a net basis and set-off liabilities against available assets in the event that either party is unable to fulfil its contractual obligations.
Offsetting of derivative assets and liabilities:
Net amounts of Gross amounts
Gross amounts derivatives
of derivatives not
Gross amounts offset in the presented in the offset in the
of recognised consolidated consolidated consolidated
\u00a3 millions
derivatives balance sheet balance sheet
balance sheet
Net amount
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
At 31 January 20
23
Derivative assets
16
\u2013
16
(16)
\u2013
Derivative liabilities
(52)
\u2013
(52)
16
(36)
Net investment hedges
Foreign currency denominated lease liabilities are designated as hedging the exposure to movements in the spot retranslation of the
Group\u2019s investment in foreign subsidiaries. The gains and losses on retranslation of the hedging instruments are presented in the
translation reserve within other reserves to offset gains and losses on the hedged balance sheet exposure. The nominal values of
these lease liabilities is \u00a3232m (2022/23: \u00a3197m). The amount recognised in the translation reserve is a gain of \u00a39m (2022/23: \u00a33m
loss). There is no ineffectiveness for 2023/24. The cumulative total amount recognised in the translation reserve in relation to net
investment hedges is a loss of \u00a3103m (2022/23: \u00a3112m).
Categories of financial instruments
The table below sets out the carrying amount of financial assets and liabilities for each financial instrument category as defined by IFRS 9:
2023/24
2022/23
Fair value
Fair value
through other
Fair value
through other
Fair value
comprehensive
through
Amortised
comprehensive through profit Amortised
\u00a3 millions
income
profit or loss
cost
Total
income or loss
cost
Total
Cash and cash equivalents
\u2013
\u2013
360
360
\u2013
\u2013
286
286
Trade and other receivables
\u2013 current
2
\u2013
\u2013
254
254
\u2013
\u2013
10
10
Trade and other receivables
\u2013 non-current
2
\u2013
\u2013
6
6
\u2013
\u2013
272
272
Derivative assets
2
\u2013
\u2013
2
16
\u2013
\u2013
16
Trade and other payables \u2013 current
2
\u2013
\u2013
(1,793)
(1,793)
\u2013
\u2013
(1,846)
(1,846)
Trade and other payables
\u2013 non-current
2
\u2013
\u2013
(3)
(3)
\u2013
\u2013
(4)
(4)
Derivative liabilities
\u2013 current
(22)
(1)
\u2013
(23)
(47)
\u2013
\u2013
(47)
Derivative liabilities
\u2013 non-current
(1)
\u2013
\u2013
(1)
(5)
\u2013
\u2013
(5)
Borrowings
\u2013 current
\u2013
\u2013
(7)
(7)
\u2013
\u2013
(16)
(16)
Borrowings
\u2013 non-current
\u2013
\u2013
(102)
(102)
\u2013
\u2013
(102)
(102)
Lease liabilities
\u2013 current
\u2013
\u2013
(366)
(366)
\u2013
\u2013
(343)
(343)
Lease liabilities
\u2013 non-current
\u2013
\u2013
(2,001)
(2,001)
\u2013
\u2013
(2,101)
(2,101)
Financial assets and liabilities
(21)
(1)
(3,652)
(3,674)
(36)
\u2013
(3,844)
(3,880)
1
1
1. Relating to derivatives in designated hedge relationships.
2. Excluding non-financial items relating to prepayments, merchandise returns assets and provisions and deferred income, and non-contractual items relating to
other taxation and social security payables and payroll creditors and accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-533": { "value": "23 Borrowings
\u00a3 millions
2023/24
2022/23
Current
Bank o
verdrafts
7
16
7
16
Non
-current
Bank loans
3
3
Fixed term debt
99
99
102
102
Borrowings
109
118
Bank loans Non-current bank loans have an average maturity of four years (2022/23: two years) and are arranged at fixed rates of interest with an effective interest rate of 3.6% (2022/23: 1.8%). Fixed term debt
2023/24
2022/23
Principal Effective Carrying amount Carrying amount
outstanding
Maturity date
Coupon
interest rate \u00a3m \u00a3m
GBP
Term Loan
\u00a350m
23/06/25
1
SONIA + 0.70%
5.9%
50
50
GBP Term Loan
\u00a350m
17/01/26
1
SONIA + 0.75%
6.0%
49
49
99
99
1. During the prior year the Group entered into two new \u00a350m bilateral term loans with a maturity tenor of two years. During the current year, these term loans were extended by six months and one year respectively. Both loans were fully drawn at 31 January 2024. As at 31 January 2024, the Group had an undrawn revolving credit facility (RCF) of \u00a3550m, of which \u00a346m expires in May 2025 and \u00a3504m expires in May 2026. The terms of the committed RCF and term loans require that the ratio of Group operating profit (excluding adjusting items) to net interest payable (excluding interest on IFRS 16 lease liabilities) must be no less than 3:1 for the preceding 12 months as at the half and full year-ends. At 31 January 2024, the Group was in compliance with this requirement. Fair values
Fair value
\u00a3 millions
2023/24
2022/23
Bank o
verdrafts
7
16
Bank loans
3
3
Fixed term debt
101
102
Borrowings
111
121
Fair values of borrowings have been calculated by discounting cash flows at prevailing interest and foreign exchange rates. This has resulted in level 2 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-534": { "value": "
24 Derivatives
\u00a3 millions
2023/24
2022/23
Current assets
2
16
Current liabilities
(23)
(47)
Non
-current liabilities
(1)
(5)
(22) (36)
The net fair value of derivatives by hedge designation at the balance sheet date is:
\u00a3 millions
2023/24
2022/23
Cash flow hedges
 (21) (36)
Non
-designated hedges
(1)
\u2013
(22)
(36)
The Group holds the following derivative financial instruments at fair value:
\u00a3 millions
2023/24
2022/23
Foreign exchange contracts
2
16
Derivative assets
2
16
Foreign exchange contracts
(24)
(52)
Derivative liabilities
(24) (52)
(22)
(36)
The fair values are calculated by discounting future cash flows arising from the instruments and adjusted for credit risk. These fair value
measurements are all made using observable market rates of interest, foreign exchange and credit risk.
All the derivatives held by the Group at fair value are considered to have fair values determined by level 2 inputs as defined by the fair
value hierarchy of IFRS 13, \u2018Fair value measurement\u2019, representing significant observable inputs other than quoted prices in active markets
for identical assets or liabilities. There are no non-recurring fair value measurements nor have there been any transfers of assets or liabilities between levels of the fair value hierarchy. At 31 January 2024, net financing derivative assets included in net debt amount to \u00a3nil (2022/23: \u00a32m). Cash flow hedges Forward foreign exchange contracts hedge currency exposures of forecast inventory purchases. At 31 January 2024 the Sterling equivalent amount of such contracts is \u00a3822m (2022/23: \u00a31,276m). These are located in the derivative asset and derivative liability lines in the consolidated balance sheet with carrying amounts of \u00a32m asset and \u00a323m liability. The associated fair value gains and losses will be transferred to inventories when the purchases occur during the next 18 months. The amount recognised in other comprehensive income during the year is a loss of \u00a332m (2022/23: \u00a358m gain). Losses of \u00a333m (2022/23: \u00a3117m gain) have been transferred to inventories for contracts which matured during the year. During the year, losses of \u00a312m (2022/23: \u00a35m gain) have been transferred to the income statement due to ineffectiveness arising from differences in timing and amount of forecast transactions relating to foreign currency inventory purchases. The weighted average hedged rates for derivatives outstanding at 31 January 2024 for our material currencies are EUR/USD 1.10 and GBP/USD 1.25. Hedge effectiveness is assessed at the inception of the hedge relationship and on an ongoing basis to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group performs a qualitative and, where necessary, a quantitative assessment of effectiveness. For foreign currency inventory purchases, ineffectiveness may arise if the timing or amount of the forecast transaction changes from what was originally estimated or if there are changes in the credit risk of the Group or the derivative counterparty. Foreign currency basis spread of the derivative has been excluded from the hedge designation. The non-designated element is immediately recognised in the income statement. The amount is immaterial in both years. Non-designated hedges The Group has entered into certain derivatives to provide a hedge against fluctuations in the income statement arising from balance sheet positions. At 31 January 2024, the Sterling equivalent amount of such contracts is \u00a3463m (2022/23: \u00a3481m). These have not been accounted for as hedges, since the fair value movements of the derivatives in the income statement offset the retranslation of the balance sheet positions. These include short-term foreign exchange contracts. These are located in the derivative liability line in the consolidated balance sheet with a carrying amount of \u00a31m. The Group has reviewed all significant contracts for embedded derivatives and none of these contracts has any embedded derivatives which are not closely related to the host contract and therefore the Group is not required to account for these separately. The Group enters into netting agreements with counterparties to manage the credit and settlement risks associated with over-the- counter derivatives. These netting agreements and similar arrangements generally enable the Group and its counterparties to settle cash flows on a net basis and set-off liabilities against available assets in the event that either party is unable to fulfil its contractual obligations. Offsetting of derivative assets and liabilities:
Net amounts of Gross amounts
Gross amounts derivatives
of derivatives not
Gross amounts offset in the presented in the offset in the
of recognised consolidated consolidated consolidated
\u00a3 millions
derivatives balance sheet balance sheet
balance sheet
Net amount
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
At 31 January 20
23
Derivative assets
16
\u2013
16
(16)
\u2013
Derivative liabilities
(52)
\u2013
(52)
16
(36)
Net investment hedges Foreign currency denominated lease liabilities are designated as hedging the exposure to movements in the spot retranslation of the Group\u2019s investment in foreign subsidiaries. The gains and losses on retranslation of the hedging instruments are presented in the translation reserve within other reserves to offset gains and losses on the hedged balance sheet exposure. The nominal values of these lease liabilities is \u00a3232m (2022/23: \u00a3197m). The amount recognised in the translation reserve is a gain of \u00a39m (2022/23: \u00a33m loss). There is no ineffectiveness for 2023/24. The cumulative total amount recognised in the translation reserve in relation to net investment hedges is a loss of \u00a3103m (2022/23: \u00a3112m). Categories of financial instruments The table below sets out the carrying amount of financial assets and liabilities for each financial instrument category as defined by IFRS 9:
2023/24
2022/23
Fair value
Fair value
through other
Fair value
through other
Fair value
comprehensive
through
Amortised
comprehensive through profit Amortised
\u00a3 millions
income
profit or loss
cost
Total
income or loss
cost
Total
Cash and cash equivalents
\u2013
\u2013
360
360
\u2013
\u2013
286
286
Trade and other receivables
\u2013 current
2
\u2013
\u2013
254
254
\u2013
\u2013
10
10
Trade and other receivables
\u2013 non-current
2
\u2013
\u2013
6
6
\u2013
\u2013
272
272
Derivative assets
2
\u2013
\u2013
2
16
\u2013
\u2013
16
Trade and other payables \u2013 current
2
\u2013
\u2013
(1,793)
(1,793)
\u2013
\u2013
(1,846)
(1,846)
Trade and other payables
\u2013 non-current
2
\u2013
\u2013
(3)
(3)
\u2013
\u2013
(4)
(4)
Derivative liabilities
\u2013 current
(22)
(1)
\u2013
(23)
(47)
\u2013
\u2013
(47)
Derivative liabilities
\u2013 non-current
(1)
\u2013
\u2013
(1)
(5)
\u2013
\u2013
(5)
Borrowings
\u2013 current
\u2013
\u2013
(7)
(7)
\u2013
\u2013
(16)
(16)
Borrowings
\u2013 non-current
\u2013
\u2013
(102)
(102)
\u2013
\u2013
(102)
(102)
Lease liabilities
\u2013 current
\u2013
\u2013
(366)
(366)
\u2013
\u2013
(343)
(343)
Lease liabilities
\u2013 non-current
\u2013
\u2013
(2,001)
(2,001)
\u2013
\u2013
(2,101)
(2,101)
Financial assets and liabilities
(21)
(1)
(3,652)
(3,674)
(36)
\u2013
(3,844)
(3,880)
1 1 1. Relating to derivatives in designated hedge relationships. 2. Excluding non-financial items relating to prepayments, merchandise returns assets and provisions and deferred income, and non-contractual items relating to other taxation and social security payables and payroll creditors and accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-557": { "value": "24 Derivatives
\u00a3 millions
2023/24
2022/23
Current assets
2
16
Current liabilities
(23)
(47)
Non
-current liabilities
(1)
(5)
(22) (36)
The net fair value of derivatives by hedge designation at the balance sheet date is:
\u00a3 millions
2023/24
2022/23
Cash flow hedges
 (21) (36)
Non
-designated hedges
(1)
\u2013
(22)
(36)
The Group holds the following derivative financial instruments at fair value:
\u00a3 millions
2023/24
2022/23
Foreign exchange contracts
2
16
Derivative assets
2
16
Foreign exchange contracts
(24)
(52)
Derivative liabilities
(24) (52)
(22)
(36)
The fair values are calculated by discounting future cash flows arising from the instruments and adjusted for credit risk. These fair value measurements are all made using observable market rates of interest, foreign exchange and credit risk. All the derivatives held by the Group at fair value are considered to have fair values determined by level 2 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019, representing significant observable inputs other than quoted prices in active markets for identical assets or liabilities. There are no non-recurring fair value measurements nor have there been any transfers of assets or liabilities between levels of the fair value hierarchy. At 31 January 2024, net financing derivative assets included in net debt amount to \u00a3nil (2022/23: \u00a32m). Cash flow hedges Forward foreign exchange contracts hedge currency exposures of forecast inventory purchases. At 31 January 2024 the Sterling equivalent amount of such contracts is \u00a3822m (2022/23: \u00a31,276m). These are located in the derivative asset and derivative liability lines in the consolidated balance sheet with carrying amounts of \u00a32m asset and \u00a323m liability. The associated fair value gains and losses will be transferred to inventories when the purchases occur during the next 18 months. The amount recognised in other comprehensive income during the year is a loss of \u00a332m (2022/23: \u00a358m gain). Losses of \u00a333m (2022/23: \u00a3117m gain) have been transferred to inventories for contracts which matured during the year. During the year, losses of \u00a312m (2022/23: \u00a35m gain) have been transferred to the income statement due to ineffectiveness arising from differences in timing and amount of forecast transactions relating to foreign currency inventory purchases. The weighted average hedged rates for derivatives outstanding at 31 January 2024 for our material currencies are EUR/USD 1.10 and GBP/USD 1.25. Hedge effectiveness is assessed at the inception of the hedge relationship and on an ongoing basis to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group performs a qualitative and, where necessary, a quantitative assessment of effectiveness. For foreign currency inventory purchases, ineffectiveness may arise if the timing or amount of the forecast transaction changes from what was originally estimated or if there are changes in the credit risk of the Group or the derivative counterparty. Foreign currency basis spread of the derivative has been excluded from the hedge designation. The non-designated element is immediately recognised in the income statement. The amount is immaterial in both years. Non-designated hedges The Group has entered into certain derivatives to provide a hedge against fluctuations in the income statement arising from balance sheet positions. At 31 January 2024, the Sterling equivalent amount of such contracts is \u00a3463m (2022/23: \u00a3481m). These have not been accounted for as hedges, since the fair value movements of the derivatives in the income statement offset the retranslation of the balance sheet positions. These include short-term foreign exchange contracts. These are located in the derivative liability line in the consolidated balance sheet with a carrying amount of \u00a31m. The Group has reviewed all significant contracts for embedded derivatives and none of these contracts has any embedded derivatives which are not closely related to the host contract and therefore the Group is not required to account for these separately. The Group enters into netting agreements with counterparties to manage the credit and settlement risks associated with over-the- counter derivatives. These netting agreements and similar arrangements generally enable the Group and its counterparties to settle cash flows on a net basis and set-off liabilities against available assets in the event that either party is unable to fulfil its contractual obligations. Offsetting of derivative assets and liabilities:
Net amounts of Gross amounts
Gross amounts derivatives
of derivatives not
Gross amounts offset in the presented in the offset in the
of recognised consolidated consolidated consolidated
\u00a3 millions
derivatives balance sheet balance sheet
balance sheet
Net amount
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
At 31 January 20
23
Derivative assets
16
\u2013
16
(16)
\u2013
Derivative liabilities
(52)
\u2013
(52)
16
(36)
Net investment hedges Foreign currency denominated lease liabilities are designated as hedging the exposure to movements in the spot retranslation of the Group\u2019s investment in foreign subsidiaries. The gains and losses on retranslation of the hedging instruments are presented in the translation reserve within other reserves to offset gains and losses on the hedged balance sheet exposure. The nominal values of these lease liabilities is \u00a3232m (2022/23: \u00a3197m). The amount recognised in the translation reserve is a gain of \u00a39m (2022/23: \u00a33m loss). There is no ineffectiveness for 2023/24. The cumulative total amount recognised in the translation reserve in relation to net investment hedges is a loss of \u00a3103m (2022/23: \u00a3112m). Categories of financial instruments The table below sets out the carrying amount of financial assets and liabilities for each financial instrument category as defined by IFRS 9:
2023/24
2022/23
Fair value
Fair value
through other
Fair value
through other
Fair value
comprehensive
through
Amortised
comprehensive through profit Amortised
\u00a3 millions
income
profit or loss
cost
Total
income or loss
cost
Total
Cash and cash equivalents
\u2013
\u2013
360
360
\u2013
\u2013
286
286
Trade and other receivables
\u2013 current
2
\u2013
\u2013
254
254
\u2013
\u2013
10
10
Trade and other receivables
\u2013 non-current
2
\u2013
\u2013
6
6
\u2013
\u2013
272
272
Derivative assets
2
\u2013
\u2013
2
16
\u2013
\u2013
16
Trade and other payables \u2013 current
2
\u2013
\u2013
(1,793)
(1,793)
\u2013
\u2013
(1,846)
(1,846)
Trade and other payables
\u2013 non-current
2
\u2013
\u2013
(3)
(3)
\u2013
\u2013
(4)
(4)
Derivative liabilities
\u2013 current
(22)
(1)
\u2013
(23)
(47)
\u2013
\u2013
(47)
Derivative liabilities
\u2013 non-current
(1)
\u2013
\u2013
(1)
(5)
\u2013
\u2013
(5)
Borrowings
\u2013 current
\u2013
\u2013
(7)
(7)
\u2013
\u2013
(16)
(16)
Borrowings
\u2013 non-current
\u2013
\u2013
(102)
(102)
\u2013
\u2013
(102)
(102)
Lease liabilities
\u2013 current
\u2013
\u2013
(366)
(366)
\u2013
\u2013
(343)
(343)
Lease liabilities
\u2013 non-current
\u2013
\u2013
(2,001)
(2,001)
\u2013
\u2013
(2,101)
(2,101)
Financial assets and liabilities
(21)
(1)
(3,652)
(3,674)
(36)
\u2013
(3,844)
(3,880)
1 1 1. Relating to derivatives in designated hedge relationships. 2. Excluding non-financial items relating to prepayments, merchandise returns assets and provisions and deferred income, and non-contractual items relating to other taxation and social security payables and payroll creditors and accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-566": { "value": "Offsetting of derivative assets and liabilities:
Net amounts of Gross amounts
Gross amounts derivatives
of derivatives not
Gross amounts offset in the presented in the offset in the
of recognised consolidated consolidated consolidated
\u00a3 millions
derivatives balance sheet balance sheet
balance sheet
Net amount
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
At 31 January 20
23
Derivative assets
16
\u2013
16
(16)
\u2013
Derivative liabilities
(52)
\u2013
(52)
16
(36)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-571": { "value": "Offsetting of derivative assets and liabilities:
Net amounts of Gross amounts
Gross amounts derivatives
of derivatives not
Gross amounts offset in the presented in the offset in the
of recognised consolidated consolidated consolidated
\u00a3 millions
derivatives balance sheet balance sheet
balance sheet
Net amount
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
At 31 January 20
23
Derivative assets
16
\u2013
16
(16)
\u2013
Derivative liabilities
(52)
\u2013
(52)
16
(36)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-575": { "value": "Offsetting of derivative assets and liabilities:
Net amounts of Gross amounts
Gross amounts derivatives
of derivatives not
Gross amounts offset in the presented in the offset in the
of recognised consolidated consolidated consolidated
\u00a3 millions
derivatives balance sheet balance sheet
balance sheet
Net amount
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
At 31 January 20
23
Derivative assets
16
\u2013
16
(16)
\u2013
Derivative liabilities
(52)
\u2013
(52)
16
(36)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-494": { "value": "
25 Financial risk management
The Group\u2019s treasury function has primary responsibility for managing certain financial risks to which the Group is exposed. The Board
reviews the levels of exposure regularly and approves treasury policies covering the use of financial instruments required to manage
these risks. Kingfisher\u2019s treasury function is not run as a profit centre and does not enter into any transactions for speculative purposes.
In the normal course of business, the Group uses financial instruments including derivatives. The main types of financial instruments
used are fixed term debt, bank loans and deposits, money market funds, interest rate swaps and foreign exchange contracts.
Interest rate risk
Borrowings arranged at floating rates of interest expose the Group to cash flow interest rate risk, whereas those arranged at fixed
rates of interest expose the Group to fair value interest rate risk. The Group manages its interest rate risk by entering into certain
interest rate derivative contracts which modify the interest rate payable on the Group\u2019s underlying debt instruments.
Currency risk
The Group\u2019s principal currency exposures are to the Euro, US Dollar, Polish Zloty and Romanian Leu. The Euro, Polish Zloty and
Romanian Leu exposures are operational and arise through the ownership of retail businesses in France, Spain, Portugal, the Republic
of Ireland, Poland and Romania.
In particular, the Group generates a substantial part of its profit from the Eurozone and, as such, is exposed to the economic
uncertainty of its member states. The Group continues to monitor potential exposures and risks and consider effective risk
management solutions.
It is the Group\u2019s policy not to hedge the translation of overseas earnings into Sterling. In addition, the Group has significant
transactional exposure arising on the purchase of inventories denominated in US Dollars, which it hedges using forward foreign
exchange contracts. Under Group policies, the Group\u2019s operating companies are required to hedge committed inventory purchases
and a proportion of forecast inventory purchases arising in the next 18 months. This is monitored on an ongoing basis.
The Group also has exposure to certain leases denominated in currencies which are different from the functional (reporting)
currencies of the lessee. To reduce the Group\u2019s exposure to this, most of the affected lease liabilities have been designated as net
investment hedges of Group assets held in the same currency.
The Group\u2019s policy is to manage the interest rate and currency profile of its debt and cash using derivative contracts. The effect
of these contracts on the Group\u2019s net debt is as follows:
2023/24
Sterling
Euro
US Dollar
Other
\u00a3 millions
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
Floating
Total
At 31 January 2024
Net
(debt)/cash before financing
derivatives and lease liabilities
\u2013
(10)
(2)
135
\u2013
90
\u2013
38
251
Financing derivatives
\u2013
(391)
\u2013
85
\u2013
305
\u2013
1
\u2013
Lease liabilities
 (1,722)
\u2013
(596)
\u2013
\u2013
\u2013
(49)
\u2013
(2,367)
Net
(debt)/cash
(1,722)
(401) (598)
220
\u2013
395
(49)
39
(2,116)
2022/23
Sterling
Euro
US Dollar
Other
\u00a3 millions
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
Floating
Total
At 31 January 2023
Net
cash/(debt) before financing
derivatives and lease liabilities
 \u2013 9 (2) 105 \u2013 28 \u2013 28 168
Financing derivatives
 \u2013 (425) \u2013 39 \u2013 326 \u2013 62 2
Lease liabilities
 (1,821) \u2013 (582) \u2013 \u2013 \u2013 (41) \u2013 (2,444)
Net
(debt)/cash
(1,821)
(416) (584) 144 \u2013 354 (41) 90 (2,274)
Financial instruments principally affected by interest rate and currency risks, being the significant market risks impacting the Group, are
borrowings, deposits and derivatives. The following analysis illustrates the sensitivity of net finance costs (reflecting the impact on profit) and
derivative cash flow hedges (reflecting the impact on other comprehensive income) to changes in interest rates and foreign exchange rates.
2023/24
2022/23
Net finance Net finance
\u00a3 millions
costs costs
Effect of 1% rise in interest rates on net finance costs
Sterling
 (4) (4)
Euro
2
1
US Dollar
4
4
Other
\u2013
1
Due to the Group\u2019s hedging arrangements and offsetting foreign currency assets and liabilities, there is no significant impact on profit from
the retranslation of financial instruments.
2023/24
2022/23
Derivative Derivative
cash flow cash flow hedges
\u00a3 millions
hedges increase increase
Effect of 10% appreciation in foreign exchange rates on derivative cash flow hedges
US Dollar against Sterling
69
50
US Dollar against Euro
22
36
US Dollar against other
9
20
The impact of changes in foreign exchange rates on cash flow hedges results from retranslation of forward purchases of US Dollars used
to hedge forecast US Dollar purchases of inventories. The associated fair value gains and losses are deferred in equity until the purchases
occur. See note 24 for further details.
The sensitivity analysis excludes the impact of movements in market variables on the carrying amount of trade and other payables
and receivables, due to the low associated sensitivity, and are before the effect of tax. It has been prepared on the basis that the
Group\u2019s debt, hedging activities, hedge accounting designations, and foreign currency proportion of debt and derivative contracts
remain constant, reflecting the positions at 31 January 2024 and 31 January 2023 respectively. As a consequence, the analysis relates
to the position at those dates and is not necessarily representative of the years then ended. In preparing the sensitivity analysis it is
assumed that all hedges are fully effective. The effects shown above would be reversed in the event of an equal and opposite change
in interest rates and foreign exchange rates.
Liquidity risk
The Group regularly reviews the level of cash and debt facilities required to fund its activities. This involves preparing a prudent cash
flow forecast for the medium term, determining the level of debt facilities required to fund the business, planning for repayment of
debt at its maturity and identifying an appropriate amount of headroom to provide a reserve against unexpected outflows and/or
unexpected impacts to cash inflows.
At 31 January 2024, the Group had an undrawn revolving credit facility (RCF) of \u00a3550m, of which \u00a346m is due to expire in May 2025,
with the balance expiring in May 2026.
The following table analyses the Group\u2019s financial liabilities and derivatives into relevant maturity groupings based on the remaining
period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows (including interest) and as such may differ from the amounts disclosed on the balance sheet.
2023/24
Less than More than
\u00a3 millions
On demand 1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years Total
At 31 January 202
4
Bank overdrafts
(7)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(7)
Trade and other payables
1
\u2013
(1,793)
(3)
\u2013
\u2013
\u2013
\u2013
(1,796)
Bank loans
and fixed term debt
\u2013
(6)
(105)
(1)
(1)
\u2013
\u2013
(113)
Lease liabilities
\u2013
(470)
(439)
(395)
(339)
(283)
(1,107)
(3,033)
Derivative financial liabilities:
Derivative contracts
\u2013 receipts
\u2013
788
39
\u2013
\u2013
\u2013
\u2013
827
Derivative
contracts \u2013 payments
\u2013
(812)
(41)
\u2013
\u2013
\u2013
\u2013
(853)
Derivative financial assets:
Derivative contracts
\u2013 receipts
\u2013
442
16
\u2013
\u2013
\u2013
\u2013
458
Derivative contracts
\u2013 payments
\u2013
(439)
(15)
\u2013
\u2013
\u2013
\u2013
(454)
2022/23
Less than More than
\u00a3 millions
On demand
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
At 31 January 2023
Bank overdrafts
(16)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(16)
Trade and other payables
1
\u2013
(1,846)
(4)
\u2013
\u2013
\u2013
\u2013
(1,850)
Bank loans
and fixed term debt
\u2013
(5)
(105)
\u2013
\u2013
\u2013
\u2013
(110)
Lease
liabilities
\u2013
(456)
(439) (399) (353) (300) (1,241) (3,188)
Derivative financial liabilities:
Derivative contracts
\u2013 receipts
\u2013
996
100
\u2013
\u2013
\u2013
\u2013
1,096
Derivative contracts
\u2013 payments
\u2013
(1,043)
(107)
\u2013
\u2013
\u2013
\u2013
(1,150)
Derivative financial
assets:
Derivative contracts
\u2013 receipts
\u2013
658
3
\u2013
\u2013
\u2013
\u2013
661
Derivative contracts \u2013 payments
\u2013
(643)
(3)
\u2013
\u2013
\u2013
\u2013
(646)
1. Excluding non-financial items relating to deferred income and merchandise returns provisions and non-contractual items relating to other taxation and social
security payables and payroll creditors and accruals.
Credit risk
The Group manages credit risk from investing activities in accordance with treasury policy. The Group deposits surplus cash with a
number of banks with strong long-term credit ratings (BBB and above) and with money market funds with AAA credit ratings offering
same-day liquidity. An exposure limit for each counterparty is agreed by the Board covering the full value of deposits and the fair
value of derivative assets. Credit risk is also managed by spreading investments and entering into derivative contracts across several
counterparties. As of 31 January 2024 the highest total cash investment with a single counterparty was \u00a321m (2022/23: \u00a37m).
The table below analyses the Group\u2019s cash and cash equivalents and derivative assets by credit exposure, excluding cash held in
stores and cash in transit.
Credit rating of counterparty
\u00a3 millions
AAA
AA+
AA
AA-
A+
A
A-
BBB +/-
Other rating
Total
Cash
and cash equivalents
2
115
\u2013
\u2013
\u2013
145
13
1
5
2
281
Derivative assets
\u2013
\u2013
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
At 31 January 202
4
115
\u2013
\u2013
\u2013
147
13
1
5
2
283
1
Credit rating of counterparty
\u00a3 millions
AAA
AA+
AA
AA-
A+
A
A-
BBB +/-
Other rating
Total
Cash
and cash equivalents
2
1
\u2013
\u2013
\u2013
208
7
7
3
\u2013
226
Derivative assets
\u2013
\u2013
\u2013
\u2013
14
2
\u2013
\u2013
\u2013
16
At 31 January 202
3
1
\u2013
\u2013
\u2013
222
9
7
3
\u2013
242
1
1. Standard & Poor\u2019s equivalent rating shown. The Group determines this rating with reference to the majority credit rating from either Standard & Poor\u2019s,
Moody\u2019s or Fitch where applicable.
2. Cash and cash equivalents excludes cash held in stores and cash in transit balances of \u00a379m (2022/23: \u00a360m).
The Group applies the low credit risk simplification under IFRS 9 for expected credit losses relating to cash at bank, short-term
deposits and money market funds. The resulting expected credit losses are not significant.
The Group\u2019s exposure to credit risk at the reporting date is the carrying value of trade and other receivables, cash at bank, short-
term deposits and the fair value of derivative assets. Trade and other receivables mainly relate to trade receivables and rebates
which comprise low individual balances with short maturity spread across a large number of unrelated customers and suppliers,
resulting in low credit risk levels. They do not have a significant financing component and therefore the Group measures expected
credit losses using lifetime expected losses.
The estimated lifetime expected losses are based on historical loss rates adjusted where necessary for expected changes in
economic conditions.
At 31 January 2024, trade and other receivables that are past due amount to \u00a344m (2022/23: \u00a347m), of which \u00a34m (2022/23: \u00a37m)
are over 120 days past due.
Capital risk
Capital risk management disclosures are provided in the Financial Review on pages 53 to 54.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-535": { "value": "Interest rate risk Borrowings arranged at floating rates of interest expose the Group to cash flow interest rate risk, whereas those arranged at fixed rates of interest expose the Group to fair value interest rate risk. The Group manages its interest rate risk by entering into certain interest rate derivative contracts which modify the interest rate payable on the Group\u2019s underlying debt instruments. Currency risk The Group\u2019s principal currency exposures are to the Euro, US Dollar, Polish Zloty and Romanian Leu. The Euro, Polish Zloty and Romanian Leu exposures are operational and arise through the ownership of retail businesses in France, Spain, Portugal, the Republic of Ireland, Poland and Romania. In particular, the Group generates a substantial part of its profit from the Eurozone and, as such, is exposed to the economic uncertainty of its member states. The Group continues to monitor potential exposures and risks and consider effective risk management solutions. It is the Group\u2019s policy not to hedge the translation of overseas earnings into Sterling. In addition, the Group has significant transactional exposure arising on the purchase of inventories denominated in US Dollars, which it hedges using forward foreign exchange contracts. Under Group policies, the Group\u2019s operating companies are required to hedge committed inventory purchases and a proportion of forecast inventory purchases arising in the next 18 months. This is monitored on an ongoing basis. The Group also has exposure to certain leases denominated in currencies which are different from the functional (reporting) currencies of the lessee. To reduce the Group\u2019s exposure to this, most of the affected lease liabilities have been designated as net investment hedges of Group assets held in the same currency. The Group\u2019s policy is to manage the interest rate and currency profile of its debt and cash using derivative contracts. The effect of these contracts on the Group\u2019s net debt is as follows:
2023/24
Sterling
Euro
US Dollar
Other
\u00a3 millions
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
Floating
Total
At 31 January 2024
Net
(debt)/cash before financing
derivatives and lease liabilities
\u2013
(10)
(2)
135
\u2013
90
\u2013
38
251
Financing derivatives
\u2013
(391)
\u2013
85
\u2013
305
\u2013
1
\u2013
Lease liabilities
 (1,722)
\u2013
(596)
\u2013
\u2013
\u2013
(49)
\u2013
(2,367)
Net
(debt)/cash
(1,722)
(401) (598)
220
\u2013
395
(49)
39
(2,116)
2022/23
Sterling
Euro
US Dollar
Other
\u00a3 millions
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
Floating
Total
At 31 January 2023
Net
cash/(debt) before financing
derivatives and lease liabilities
 \u2013 9 (2) 105 \u2013 28 \u2013 28 168
Financing derivatives
 \u2013 (425) \u2013 39 \u2013 326 \u2013 62 2
Lease liabilities
 (1,821) \u2013 (582) \u2013 \u2013 \u2013 (41) \u2013 (2,444)
Net
(debt)/cash
(1,821)
(416) (584) 144 \u2013 354 (41) 90 (2,274)
Financial instruments principally affected by interest rate and currency risks, being the significant market risks impacting the Group, are borrowings, deposits and derivatives. The following analysis illustrates the sensitivity of net finance costs (reflecting the impact on profit) and derivative cash flow hedges (reflecting the impact on other comprehensive income) to changes in interest rates and foreign exchange rates.
2023/24
2022/23
Net finance Net finance
\u00a3 millions
costs costs
Effect of 1% rise in interest rates on net finance costs
Sterling
 (4) (4)
Euro
2
1
US Dollar
4
4
Other
\u2013
1
Due to the Group\u2019s hedging arrangements and offsetting foreign currency assets and liabilities, there is no significant impact on profit from the retranslation of financial instruments.
2023/24
2022/23
Derivative Derivative
cash flow cash flow hedges
\u00a3 millions
hedges increase increase
Effect of 10% appreciation in foreign exchange rates on derivative cash flow hedges
US Dollar against Sterling
69
50
US Dollar against Euro
22
36
US Dollar against other
9
20
The impact of changes in foreign exchange rates on cash flow hedges results from retranslation of forward purchases of US Dollars used to hedge forecast US Dollar purchases of inventories. The associated fair value gains and losses are deferred in equity until the purchases occur. See note 24 for further details. The sensitivity analysis excludes the impact of movements in market variables on the carrying amount of trade and other payables and receivables, due to the low associated sensitivity, and are before the effect of tax. It has been prepared on the basis that the Group\u2019s debt, hedging activities, hedge accounting designations, and foreign currency proportion of debt and derivative contracts remain constant, reflecting the positions at 31 January 2024 and 31 January 2023 respectively. As a consequence, the analysis relates to the position at those dates and is not necessarily representative of the years then ended. In preparing the sensitivity analysis it is assumed that all hedges are fully effective. The effects shown above would be reversed in the event of an equal and opposite change in interest rates and foreign exchange rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-536": { "value": "Liquidity risk The Group regularly reviews the level of cash and debt facilities required to fund its activities. This involves preparing a prudent cash flow forecast for the medium term, determining the level of debt facilities required to fund the business, planning for repayment of debt at its maturity and identifying an appropriate amount of headroom to provide a reserve against unexpected outflows and/or unexpected impacts to cash inflows. At 31 January 2024, the Group had an undrawn revolving credit facility (RCF) of \u00a3550m, of which \u00a346m is due to expire in May 2025, with the balance expiring in May 2026. The following table analyses the Group\u2019s financial liabilities and derivatives into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest) and as such may differ from the amounts disclosed on the balance sheet.
2023/24
Less than More than
\u00a3 millions
On demand 1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years Total
At 31 January 202
4
Bank overdrafts
(7)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(7)
Trade and other payables
1
\u2013
(1,793)
(3)
\u2013
\u2013
\u2013
\u2013
(1,796)
Bank loans
and fixed term debt
\u2013
(6)
(105)
(1)
(1)
\u2013
\u2013
(113)
Lease liabilities
\u2013
(470)
(439)
(395)
(339)
(283)
(1,107)
(3,033)
Derivative financial liabilities:
Derivative contracts
\u2013 receipts
\u2013
788
39
\u2013
\u2013
\u2013
\u2013
827
Derivative
contracts \u2013 payments
\u2013
(812)
(41)
\u2013
\u2013
\u2013
\u2013
(853)
Derivative financial assets:
Derivative contracts
\u2013 receipts
\u2013
442
16
\u2013
\u2013
\u2013
\u2013
458
Derivative contracts
\u2013 payments
\u2013
(439)
(15)
\u2013
\u2013
\u2013
\u2013
(454)
2022/23
Less than More than
\u00a3 millions
On demand
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
At 31 January 2023
Bank overdrafts
(16)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(16)
Trade and other payables
1
\u2013
(1,846)
(4)
\u2013
\u2013
\u2013
\u2013
(1,850)
Bank loans
and fixed term debt
\u2013
(5)
(105)
\u2013
\u2013
\u2013
\u2013
(110)
Lease
liabilities
\u2013
(456)
(439) (399) (353) (300) (1,241) (3,188)
Derivative financial liabilities:
Derivative contracts
\u2013 receipts
\u2013
996
100
\u2013
\u2013
\u2013
\u2013
1,096
Derivative contracts
\u2013 payments
\u2013
(1,043)
(107)
\u2013
\u2013
\u2013
\u2013
(1,150)
Derivative financial
assets:
Derivative contracts
\u2013 receipts
\u2013
658
3
\u2013
\u2013
\u2013
\u2013
661
Derivative contracts \u2013 payments
\u2013
(643)
(3)
\u2013
\u2013
\u2013
\u2013
(646)
1. Excluding non-financial items relating to deferred income and merchandise returns provisions and non-contractual items relating to other taxation and social security payables and payroll creditors and accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-539": { "value": "Credit risk The Group manages credit risk from investing activities in accordance with treasury policy. The Group deposits surplus cash with a number of banks with strong long-term credit ratings (BBB and above) and with money market funds with AAA credit ratings offering same-day liquidity. An exposure limit for each counterparty is agreed by the Board covering the full value of deposits and the fair value of derivative assets. Credit risk is also managed by spreading investments and entering into derivative contracts across several counterparties. As of 31 January 2024 the highest total cash investment with a single counterparty was \u00a321m (2022/23: \u00a37m). The table below analyses the Group\u2019s cash and cash equivalents and derivative assets by credit exposure, excluding cash held in stores and cash in transit.
Credit rating of counterparty
\u00a3 millions
AAA
AA+
AA
AA-
A+
A
A-
BBB +/-
Other rating
Total
Cash
and cash equivalents
2
115
\u2013
\u2013
\u2013
145
13
1
5
2
281
Derivative assets
\u2013
\u2013
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
At 31 January 202
4
115
\u2013
\u2013
\u2013
147
13
1
5
2
283
1
Credit rating of counterparty
\u00a3 millions
AAA
AA+
AA
AA-
A+
A
A-
BBB +/-
Other rating
Total
Cash
and cash equivalents
2
1
\u2013
\u2013
\u2013
208
7
7
3
\u2013
226
Derivative assets
\u2013
\u2013
\u2013
\u2013
14
2
\u2013
\u2013
\u2013
16
At 31 January 202
3
1
\u2013
\u2013
\u2013
222
9
7
3
\u2013
242
1 1. Standard & Poor\u2019s equivalent rating shown. The Group determines this rating with reference to the majority credit rating from either Standard & Poor\u2019s, Moody\u2019s or Fitch where applicable. 2. Cash and cash equivalents excludes cash held in stores and cash in transit balances of \u00a379m (2022/23: \u00a360m). The Group applies the low credit risk simplification under IFRS 9 for expected credit losses relating to cash at bank, short-term deposits and money market funds. The resulting expected credit losses are not significant. The Group\u2019s exposure to credit risk at the reporting date is the carrying value of trade and other receivables, cash at bank, short- term deposits and the fair value of derivative assets. Trade and other receivables mainly relate to trade receivables and rebates which comprise low individual balances with short maturity spread across a large number of unrelated customers and suppliers, resulting in low credit risk levels. They do not have a significant financing component and therefore the Group measures expected credit losses using lifetime expected losses. The estimated lifetime expected losses are based on historical loss rates adjusted where necessary for expected changes in economic conditions. At 31 January 2024, trade and other receivables that are past due amount to \u00a344m (2022/23: \u00a347m), of which \u00a34m (2022/23: \u00a37m) are over 120 days past due. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-537": { "value": "Capital risk Capital risk management disclosures are provided in the Financial Review on pages 53 to 54. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-558": { "value": "26 Deferred tax
\u00a3 millions
2023/24
2022/23
Deferred tax assets
10
16
Deferred tax liabilities
 (207) (205)
(197)
(189)
Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends, and has the legally enforceable right, to settle its current tax assets and liabilities on a net basis.
2023/24
Accelerated Short-term Post- Investment in
tax Gains on timing employment
\u00a3 millions
depreciation
property
Leases
differences
Tax losses
benefits subsidiaries
Other
Total
At 1 February 202
3
(215)
(56)
130
44
1
(99)
(1)
7
(189)
(Charge)/credit to income
statement
(15)
4
(10)
(7)
\u2013
(2)
1
(1)
(30)
(Charge)/c
redit to equity
\u2013
\u2013
(2)
1
\u2013
22
\u2013
(2)
19
Exchange differences
3
2
\u2013
\u2013
\u2013
(2)
\u2013
\u2013
3
At 31 January 2024
(227)
(50)
118
38
1
(81)
\u2013
4
(197)
2022/23
Accelerated Short-term Post- Investment in
tax Gains on timing employment
\u00a3 millions
depreciation property Leases differences Tax losses benefits subsidiaries Other Total
At 1 February 2022
(170)
(61)
127
42
1
(197)
(1)
(7)
(266)
(Charge)/credit to income
statement
 (38) 7 \u2013 2 \u2013 2 \u2013 1 (26)
Credit/(charge) to equity
 \u2013 \u2013 1 (1) \u2013 94 \u2013 13 107
Exchange differences
 (7) (2) 2 1 \u2013 2 \u2013 \u2013 (4)
At 31 January 202
3
(215)
(56) 130 44 1 (99) (1) 7 (189)
At the balance sheet date, the Group has unused trading tax losses of \u00a3223m (2022/23: \u00a3215m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a31m of such losses (2022/23: \u00a31m). No deferred tax asset has been recognised in respect of the remaining \u00a3222m (2022/23: \u00a3214m) due to the unpredictability of future profit streams. Included in this amount there are tax losses arising in Romania of \u00a3149m (2022/23: \u00a3141m) which can only be carried forward for a maximum of seven years. Of these, \u00a310m will expire in the next twelve months, \u00a398m in the next two to five years, and \u00a341m in the next six to seven years. Other unrecognised losses may be carried forward indefinitely. At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2022/23: \u00a310m) available for offset against future capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2022/23: \u00a3nil). All of these losses may be carried forward indefinitely. A deferred tax liability of \u00a31m (2022/23: \u00a31m) has been recognised in the period, reflecting the withholding tax anticipated to arise in light of a planned repatriation of certain earnings that were generated in the current year. Except for this liability, all other unremitted earnings of overseas subsidiaries and joint ventures are continually reinvested by the Group. Therefore, as no tax is expected to be payable on these earnings in the foreseeable future, no deferred tax liabilities are recorded in relation to them. Additional earnings which could be remitted on which there would be tax to pay total \u00a3241m (2022/23: \u00a3235m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-538": { "value": "26 Deferred tax
\u00a3 millions
2023/24
2022/23
Deferred tax assets
10
16
Deferred tax liabilities
 (207) (205)
(197)
(189)
Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends, and has the legally enforceable right, to settle its current tax assets and liabilities on a net basis.
2023/24
Accelerated Short-term Post- Investment in
tax Gains on timing employment
\u00a3 millions
depreciation
property
Leases
differences
Tax losses
benefits subsidiaries
Other
Total
At 1 February 202
3
(215)
(56)
130
44
1
(99)
(1)
7
(189)
(Charge)/credit to income
statement
(15)
4
(10)
(7)
\u2013
(2)
1
(1)
(30)
(Charge)/c
redit to equity
\u2013
\u2013
(2)
1
\u2013
22
\u2013
(2)
19
Exchange differences
3
2
\u2013
\u2013
\u2013
(2)
\u2013
\u2013
3
At 31 January 2024
(227)
(50)
118
38
1
(81)
\u2013
4
(197)
2022/23
Accelerated Short-term Post- Investment in
tax Gains on timing employment
\u00a3 millions
depreciation property Leases differences Tax losses benefits subsidiaries Other Total
At 1 February 2022
(170)
(61)
127
42
1
(197)
(1)
(7)
(266)
(Charge)/credit to income
statement
 (38) 7 \u2013 2 \u2013 2 \u2013 1 (26)
Credit/(charge) to equity
 \u2013 \u2013 1 (1) \u2013 94 \u2013 13 107
Exchange differences
 (7) (2) 2 1 \u2013 2 \u2013 \u2013 (4)
At 31 January 202
3
(215)
(56) 130 44 1 (99) (1) 7 (189)
At the balance sheet date, the Group has unused trading tax losses of \u00a3223m (2022/23: \u00a3215m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a31m of such losses (2022/23: \u00a31m). No deferred tax asset has been recognised in respect of the remaining \u00a3222m (2022/23: \u00a3214m) due to the unpredictability of future profit streams. Included in this amount there are tax losses arising in Romania of \u00a3149m (2022/23: \u00a3141m) which can only be carried forward for a maximum of seven years. Of these, \u00a310m will expire in the next twelve months, \u00a398m in the next two to five years, and \u00a341m in the next six to seven years. Other unrecognised losses may be carried forward indefinitely. At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2022/23: \u00a310m) available for offset against future capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2022/23: \u00a3nil). All of these losses may be carried forward indefinitely. A deferred tax liability of \u00a31m (2022/23: \u00a31m) has been recognised in the period, reflecting the withholding tax anticipated to arise in light of a planned repatriation of certain earnings that were generated in the current year. Except for this liability, all other unremitted earnings of overseas subsidiaries and joint ventures are continually reinvested by the Group. Therefore, as no tax is expected to be payable on these earnings in the foreseeable future, no deferred tax liabilities are recorded in relation to them. Additional earnings which could be remitted on which there would be tax to pay total \u00a3241m (2022/23: \u00a3235m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-495": { "value": "
27 Provisions
Onerous
property
\u00a3 millions
contracts
Restructuring
Total
At 1 February 2023
4
16
20
Charged
to income statement
\u2013
6
6
Released to income statement
(2)
\u2013
(2)
Utilised in the year
\u2013
(7)
(7)
Exchange differences
\u2013
(1)
(1)
At 31 January 202
4
2
14
16
Current liabilities
1
8
9
Non
-current liabilities
1
6
7
2
14
16
Onerous property contracts exclude contracts related to restructuring programmes which are included in the restructuring provisions.
The provisions are based on the present value of future cash outflows relating to rates and service charges. Rental obligations under
onerous property contracts are included within lease liabilities.
Restructuring provisions include both the cost of people change and the cost to exit stores and property contracts.
Restructuring provisions predominately relate to costs in France to restructure the business as part of the Group\u2019s legacy
transformation and store closure plans. Amounts charged to the income statement in the current year of \u00a36m are principally
related to operating model restructuring costs incurred in the year. Refer to note 6 for further details.
The ultimate costs and timing of cash flows related to the above provisions are largely dependent on the timing of the related
people costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-559": { "value": "27 Provisions
Onerous
property
\u00a3 millions
contracts
Restructuring
Total
At 1 February 2023
4
16
20
Charged
to income statement
\u2013
6
6
Released to income statement
(2)
\u2013
(2)
Utilised in the year
\u2013
(7)
(7)
Exchange differences
\u2013
(1)
(1)
At 31 January 202
4
2
14
16
Current liabilities
1
8
9
Non
-current liabilities
1
6
7
2
14
16
Onerous property contracts exclude contracts related to restructuring programmes which are included in the restructuring provisions. The provisions are based on the present value of future cash outflows relating to rates and service charges. Rental obligations under onerous property contracts are included within lease liabilities. Restructuring provisions include both the cost of people change and the cost to exit stores and property contracts. Restructuring provisions predominately relate to costs in France to restructure the business as part of the Group\u2019s legacy transformation and store closure plans. Amounts charged to the income statement in the current year of \u00a36m are principally related to operating model restructuring costs incurred in the year. Refer to note 6 for further details. The ultimate costs and timing of cash flows related to the above provisions are largely dependent on the timing of the related people costs. 35 Contingent liabilities The Group is subject to claims and litigation arising in the ordinary course of business and provision is made where liabilities are considered likely to arise on the basis of current information and legal advice. The Group files tax returns in many jurisdictions around the world and at any one time is subject to periodic tax audits in the ordinary course of its business. Applicable tax laws and regulations are subject to differing interpretations and the resolution of a final tax position can take several years to complete. Where it is considered that future tax liabilities are more likely than not to arise, an appropriate provision is recognised in the financial statements. In October 2017, the European Commission opened a state aid investigation into the Group Financing Exemption section of the UK controlled foreign company rules. While the Group has complied with the requirements of UK tax law in force at the time, in April 2019 the European Commission concluded that aspects of the UK controlled foreign company regime partially constitute illegal state aid. In January 2021, the Group received a charging notice from HM Revenue & Customs for \u00a357m, which was paid in February 2021, with a further \u00a37m interest paid in April 2021. The UK Government and the Group, along with other UK-based multinational groups, appealed the European Commission decision to the European Courts. In June 2022, the General Court of the European Union dismissed several of those appeals, including the UK Government\u2019s. This decision has been appealed to the European Court of Justice and the hearing took place on 10 January 2024. The Advocate General\u2019s opinion is expected on 11 April 2024 and the final decision will follow after that, the date of which is not known. The final impact on the Group remains uncertain but, based upon advice taken, the Group continues to consider that the amount paid of \u00a364m plus accrued interest of \u00a34m, which is included in non-current assets, will ultimately be recovered. Whilst the procedures that must be followed to resolve these types of tax issues make it likely that it will be some years before the eventual outcome is known, the Group does not currently consider the likelihood of adverse outcomes in relation to these matters (other than those matters for which liabilities have already been recorded) to be probable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-496": { "value": "
28 Post-employment benefits
The Group operates a variety of post-employment benefit arrangements covering both funded and unfunded defined benefit
schemes and defined contribution schemes. The most significant defined benefit and defined contribution schemes are in the UK.
The principal overseas defined benefit schemes are in France, where they are mainly retirement indemnity in nature.
Defined contribution schemes
Costs for the Group\u2019s defined contribution pension schemes, at rates specified in the individual schemes\u2019 rules, are as follows:
\u00a3 millions
2023/24
2022/23
Charge to operating profit
50
47
From July 2012, an enhanced defined contribution pension scheme was offered to all UK employees. Eligible UK employees have been
automatically enrolled into the scheme since 31 March 2013.
Defined benefit schemes
The Group\u2019s principal defined benefit arrangement is its funded, final salary pension scheme in the UK. This scheme was closed to
new entrants from April 2004 and was closed to future benefit accrual from July 2012.
The scheme operates under trust law and is managed and administered by the Trustee on behalf of members in accordance with the
terms of the Trust Deed and Rules and relevant legislation. The Trustee Board consists of ten Trustee Directors, made up of five
employer-appointed Directors, one independent Director and four member-nominated Directors. The Trustee Board delegates day-
to-day administration of the scheme to the Group pensions department of Kingfisher plc.
The main risk to the Group is that additional contributions are required if investment returns and demographic experience are worse
than expected. The scheme therefore exposes the Group to actuarial risks, such as longevity risk, currency risk, inflation risk, interest
rate risk and market (investment) risk. The Trustee Board regularly reviews such risks and mitigating controls, with a risk register being
formally approved on an annual basis. The assets of the scheme are held separately from the Group and the Trustee\u2019s investment
strategy includes a planned medium-term de-risking of assets, switching from return-seeking to liability-matching assets. Other de-
risking activities have included the scheme acquiring an interest in a property partnership, as set out further below, and entering into
bulk annuities.
A full actuarial valuation of the scheme is carried out every three years by an independent actuary for the Trustee and the last full
valuation was carried out as at 31 March 2022. Following this valuation and in accordance with the scheme\u2019s Statement of Funding
Principles, the Trustee and Kingfisher have agreed to cease annual employer contributions during the period from August 2022 to
July 2025. This agreement has been reached with reference to a funding objective that targets a longer-term, low risk funding
position in excess of the minimum statutory funding requirements. This longer-term objective is based on the principle of the scheme
reaching a point where it can provide benefits to members with a high level of security, thereby limiting its reliance on the employer
for future support. The Company monitors the scheme funding level on a regular basis and will reassess with the scheme Trustee the
appropriate level of contributions at future valuations.
The Trust Deed provides Kingfisher with an unconditional right to a refund of surplus assets assuming the full settlement of plan
liabilities in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustee has no rights to unilaterally wind
up, or otherwise augment the benefits due to members of, the scheme. Based on these rights, any net surplus in the UK scheme is
recognised in full.
The Group is aware of the High Court ruling in the case of Virgin Media Ltd v NTL Pension Trustees II Ltd & Ors and the subsequent
appeal by Virgin Media Ltd, scheduled for 25 June 2024. The Group is monitoring the outcome of the appeal, and any additional
hearings, as well as confirmation from the Government as to whether it will issue new regulations in response to this issue.
UK scheme interest in property partnership
In 2010/11, the Group established a partnership, Kingfisher Scottish Limited Partnership (\u2018Kingfisher SLP\u2019), as part of an arrangement
with the UK scheme Trustee to address an element of the scheme deficit and provide greater security to the Trustee. The
partnership interests are held by the Group and by the scheme, the latter resulting from investments of \u00a378m and \u00a3106m made by the
Trustee in January and June 2011 respectively. These investments followed Group contributions of the same amounts into the
scheme. In accordance with IAS 19, \u2018Employee benefits\u2019, the investments held by the scheme in Kingfisher SLP do not represent plan
assets for the purposes of the Group\u2019s consolidated financial statements. Accordingly, the reported pension position does not reflect
these investments.
UK property assets with market values of \u00a383m and \u00a3119m were transferred, in January 2011 and June 2011 respectively, into the
partnership and leased back to B&Q Limited. The Group retains control over these properties, including the flexibility to substitute
alternative properties. The Trustee has a first charge over the properties in the event that Kingfisher plc becomes insolvent. The
scheme\u2019s partnership interest entitles it to much of the income of the partnership over the 20-year period of the arrangement. At the
end of this term, Kingfisher plc has the option to acquire the Trustee\u2019s partnership interest in Kingfisher SLP.
The Group has control over the partnership and therefore it is consolidated in these Group financial statements. Accordingly,
advantage has been taken of the exemptions provided by Regulation 7 of the Partnerships (Accounts) Regulations 2008 from the
requirements for preparation, delivery and publication of the partnership\u2019s accounts.
Income statement
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Amounts charged
/(credited) to operating profit
Current service cost
3
8
11
3
10
13
Past service credit
\u2013
(3)
(3)
\u2013
\u2013
\u2013
Administration costs
4
\u2013
4
4
\u2013
4
7
5
12
7
10
17
Amounts
(credited)/charged to net finance costs
Net interest (income)/expense
 (11)
4
(7)
(12)
1
(11)
Total (credited)/charged to income statement
(4)
9
5
(5)
11
6
Of the net charge to operating profit, a \u00a38m charge (2022/23: \u00a313m) and \u00a34m charge (2022/23: \u00a34m) are included in selling and distribution
expenses and administrative expenses respectively. Remeasurement gains and losses have been reported in the statement of
comprehensive income.
Balance sheet
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations
 (1,826) (133) (1,959) (1,979) (134) (2,113)
Fair value of scheme assets
2,038
20
2,058
2,230
20
2,250
Net surplus/(deficit) in schemes
212
(113)
99
251
(114)
137
Movements in the surplus or deficit are as follows:
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Net
surplus/(deficit) in schemes at beginning of year
251
(114)
137
540
(130)
410
Current service cost
(3) (8) (11) (3) (10) (13)
Past service credit
\u2013
3
3
\u2013
\u2013
\u2013
Administration costs
(4)
\u2013
(4)
(4)
\u2013
(4)
Net interest income/(expense)
11
(4)
7
12
(1)
11
Net
remeasurement (losses)/gains
(43)
1
(42)
(308)
30
(278)
Contributions paid by employer
\u2013
5
5
14
4
18
Exchange differences
\u2013
4
4
\u2013
(7)
(7)
Net surplus/(deficit) in schemes at end of year
212
(113)
99
251
(114)
137
Movements in the present value of defined benefit obligations are as follows:
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations at beginning
of year
(1,979)
(134) (2,113) (2,934) (150) (3,084)
Current service cost
(3)
(8)
(11)
(3)
(10)
(13)
Past service credit
\u2013
3
3
\u2013
\u2013
\u2013
Interest expense
(87)
(4)
(91)
(63) (1) (64)
Remeasurement gains
/(losses) \u2013 changes in financial assumptions
136
(2)
134
1,003
32
1,035
Remeasurement gains
/(losses) \u2013 changes in demographic
assumptions
54
\u2013
54
(41)
(3)
(44)
Remeasurement (losses)/
gains \u2013 experience adjustments
(34)
3
(31)
(59)
1
(58)
Benefits paid
87
5
92
118
4
122
Exchange differences
\u2013
4
4
\u2013
(7)
(7)
Present value of defined benefit obligations at end of year
(1,826) (133) (1,959) (1,979) (134) (2,113)
The present value of UK scheme defined benefit obligations is 50% (2022/23: 51%) in respect of deferred members and 50% (2022/23:
49%) in respect of current pensioners.
The weighted average duration of the UK scheme obligations at the end of the year is 15 years (2022/23: 16 years).
Movements in the fair value of scheme assets are as follows:
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Fair value of scheme assets at beginning of year
2,230
20
2,250
3,474
20
3,494
Administration costs
 (4)
\u2013
(4)
(4)
\u2013
(4)
Interest income
98
\u2013
98
75
\u2013
75
Remeasurement losses
\u2013 actual return less interest income
(199)
\u2013
(199)
(1,211)
\u2013
(1,211)
Contributions paid by employer
\u2013
5
5
14
4
18
Benefits paid
(87)
(5)
(92)
(118) (4) (122)
Fair value of scheme assets at end of year
2,038
20
2,058
2,230
20
2,250
The fair value of scheme assets is analysed as follows:
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
% of total
UK
Overseas
Total
% of total
Government bonds
1
712
\u2013
712
34%
750
\u2013
750
33%
Corporate bonds
332
\u2013
332
16%
322
\u2013
322
14%
Derivatives
 (49)
\u2013
(49)
(2)%
(16)
\u2013
(16)
(1)%
Equities
33
\u2013
33
2%
46
\u2013
46
2%
Annuities
783
\u2013
783
38%
842
\u2013
842
38%
Cash and other
227
20
247
12%
286
20
306
14%
Total fair value of scheme assets
2,038
20
2,058
100%
2,230
20
2,250
100%
1. Including LDI repurchase agreement liabilities.
All UK scheme assets have quoted prices in active markets, except for \u00a3912m (2022/23: \u00a31,078m) of annuity and other assets.
To reduce volatility risk a liability driven investment (\u2018LDI\u2019) strategy forms part of the Trustee\u2019s management of the UK defined benefit
scheme\u2019s assets, including government bonds, corporate bonds and derivatives. The government bond assets category in the table
above includes gross assets of \u00a31.2bn (2022/23: \u00a31.2bn) and associated repurchase agreement liabilities of \u00a30.5bn (2022/23: \u00a30.4bn).
Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates,
whilst remaining invested in assets of a similar risk profile. Interest rate and inflation rate derivatives are also employed to
complement the use of fixed and index-linked bonds in matching the profile of the scheme\u2019s liabilities.
Following an agreement with the Trustee as part of the 2022 triennial funding valuation, no contributions are expected to be paid to
the UK and overseas pension schemes by the Group during the next financial year.
Principal actuarial valuation assumptions
The assumptions used in calculating the costs and obligations of the Group\u2019s defined benefit pension schemes are set by the Directors
after consultation with independent professionally qualified actuaries. The assumptions are based on the conditions at the time and
changes in these assumptions can lead to significant movements in the estimated obligations, as illustrated in the sensitivity analysis.
The UK scheme discount rate is derived using a single equivalent discount rate approach, based on the yields available on a portfolio
of high-quality Sterling corporate bonds with the same duration as that of the scheme liabilities.
2023/24
2022/23
Annual % rate
UK
Overseas
UK
Overseas
Discount rate
4.85
3.45
4.50
3.50
Price inflation
3.10
2.40
3.25
2.40
Rate of pension increases
2.95
\u2013
3.15
\u2013
Salary escalation
n/a
2.40
n/a
2.40
For the UK scheme, the mortality assumptions used for IAS 19 purposes have been selected with regard to the characteristics
and experience of the membership of the scheme as assessed from time to time relating to triennial funding valuations. The base
mortality assumptions have been derived using an analysis of current mortality rates carried out by Club Vita for the Trustee and
the CMI life expectancy projection model data published by the UK actuarial profession. The latter allowance is in line with CMI 2022
improvements subject to a long-term rate of 1.5% p.a. for both males and females. The assumptions for life expectancy of UK scheme
members are as follows:
Years
2023/24
2022/23
Age to which current pensioners are expected to live (60 now)
\u2013
Male
85.6
86.2
\u2013
Female
88.3
88.7
Age to which future pensioners are expected to live (60 in 15 years\u2019 time)
\u2013
Male
86.9
87.5
\u2013
Female
90.4
90.8
The following sensitivity analysis for the UK scheme shows the estimated impact on the obligation resulting from changes to key actuarial
assumptions, whilst holding all other assumptions constant.
Assumption
Change in assumption
Impact on defined benefit obligation
Discount rate
Increase/decrease by 0.5%
Decrease/increase by \u00a3137m
Price
inflation
Increase/decrease by 0.5%
Increase/decrease by \u00a3120m
Rate of pension increases
Increase/decrease by 0.5%
Increase/decrease by \u00a3113m
Mortality
Increase/decrease in life expectancy by one year
Increase/decrease by \u00a366m
Due to the asset-liability matching investment strategy, the above impacts on the obligations of changes in discount rate and price inflation
would be significantly offset by movements in the fair value of the scheme assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-540": { "value": "Defined contribution schemes Costs for the Group\u2019s defined contribution pension schemes, at rates specified in the individual schemes\u2019 rules, are as follows:
\u00a3 millions
2023/24
2022/23
Charge to operating profit
50
47
From July 2012, an enhanced defined contribution pension scheme was offered to all UK employees. Eligible UK employees have been automatically enrolled into the scheme since 31 March 2013. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-541": { "value": "Defined benefit schemes The Group\u2019s principal defined benefit arrangement is its funded, final salary pension scheme in the UK. This scheme was closed to new entrants from April 2004 and was closed to future benefit accrual from July 2012. The scheme operates under trust law and is managed and administered by the Trustee on behalf of members in accordance with the terms of the Trust Deed and Rules and relevant legislation. The Trustee Board consists of ten Trustee Directors, made up of five employer-appointed Directors, one independent Director and four member-nominated Directors. The Trustee Board delegates day- to-day administration of the scheme to the Group pensions department of Kingfisher plc. The main risk to the Group is that additional contributions are required if investment returns and demographic experience are worse than expected. The scheme therefore exposes the Group to actuarial risks, such as longevity risk, currency risk, inflation risk, interest rate risk and market (investment) risk. The Trustee Board regularly reviews such risks and mitigating controls, with a risk register being formally approved on an annual basis. The assets of the scheme are held separately from the Group and the Trustee\u2019s investment strategy includes a planned medium-term de-risking of assets, switching from return-seeking to liability-matching assets. Other de- risking activities have included the scheme acquiring an interest in a property partnership, as set out further below, and entering into bulk annuities. A full actuarial valuation of the scheme is carried out every three years by an independent actuary for the Trustee and the last full valuation was carried out as at 31 March 2022. Following this valuation and in accordance with the scheme\u2019s Statement of Funding Principles, the Trustee and Kingfisher have agreed to cease annual employer contributions during the period from August 2022 to July 2025. This agreement has been reached with reference to a funding objective that targets a longer-term, low risk funding position in excess of the minimum statutory funding requirements. This longer-term objective is based on the principle of the scheme reaching a point where it can provide benefits to members with a high level of security, thereby limiting its reliance on the employer for future support. The Company monitors the scheme funding level on a regular basis and will reassess with the scheme Trustee the appropriate level of contributions at future valuations. The Trust Deed provides Kingfisher with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustee has no rights to unilaterally wind up, or otherwise augment the benefits due to members of, the scheme. Based on these rights, any net surplus in the UK scheme is recognised in full. The Group is aware of the High Court ruling in the case of Virgin Media Ltd v NTL Pension Trustees II Ltd & Ors and the subsequent appeal by Virgin Media Ltd, scheduled for 25 June 2024. The Group is monitoring the outcome of the appeal, and any additional hearings, as well as confirmation from the Government as to whether it will issue new regulations in response to this issue. UK scheme interest in property partnership In 2010/11, the Group established a partnership, Kingfisher Scottish Limited Partnership (\u2018Kingfisher SLP\u2019), as part of an arrangement with the UK scheme Trustee to address an element of the scheme deficit and provide greater security to the Trustee. The partnership interests are held by the Group and by the scheme, the latter resulting from investments of \u00a378m and \u00a3106m made by the Trustee in January and June 2011 respectively. These investments followed Group contributions of the same amounts into the scheme. In accordance with IAS 19, \u2018Employee benefits\u2019, the investments held by the scheme in Kingfisher SLP do not represent plan assets for the purposes of the Group\u2019s consolidated financial statements. Accordingly, the reported pension position does not reflect these investments. UK property assets with market values of \u00a383m and \u00a3119m were transferred, in January 2011 and June 2011 respectively, into the partnership and leased back to B&Q Limited. The Group retains control over these properties, including the flexibility to substitute alternative properties. The Trustee has a first charge over the properties in the event that Kingfisher plc becomes insolvent. The scheme\u2019s partnership interest entitles it to much of the income of the partnership over the 20-year period of the arrangement. At the end of this term, Kingfisher plc has the option to acquire the Trustee\u2019s partnership interest in Kingfisher SLP. The Group has control over the partnership and therefore it is consolidated in these Group financial statements. Accordingly, advantage has been taken of the exemptions provided by Regulation 7 of the Partnerships (Accounts) Regulations 2008 from the requirements for preparation, delivery and publication of the partnership\u2019s accounts. Income statement
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Amounts charged
/(credited) to operating profit
Current service cost
3
8
11
3
10
13
Past service credit
\u2013
(3)
(3)
\u2013
\u2013
\u2013
Administration costs
4
\u2013
4
4
\u2013
4
7
5
12
7
10
17
Amounts
(credited)/charged to net finance costs
Net interest (income)/expense
 (11)
4
(7)
(12)
1
(11)
Total (credited)/charged to income statement
(4)
9
5
(5)
11
6
Of the net charge to operating profit, a \u00a38m charge (2022/23: \u00a313m) and \u00a34m charge (2022/23: \u00a34m) are included in selling and distribution expenses and administrative expenses respectively. Remeasurement gains and losses have been reported in the statement of comprehensive income. Balance sheet
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations
 (1,826) (133) (1,959) (1,979) (134) (2,113)
Fair value of scheme assets
2,038
20
2,058
2,230
20
2,250
Net surplus/(deficit) in schemes
212
(113)
99
251
(114)
137
Movements in the surplus or deficit are as follows:
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Net
surplus/(deficit) in schemes at beginning of year
251
(114)
137
540
(130)
410
Current service cost
(3) (8) (11) (3) (10) (13)
Past service credit
\u2013
3
3
\u2013
\u2013
\u2013
Administration costs
(4)
\u2013
(4)
(4)
\u2013
(4)
Net interest income/(expense)
11
(4)
7
12
(1)
11
Net
remeasurement (losses)/gains
(43)
1
(42)
(308)
30
(278)
Contributions paid by employer
\u2013
5
5
14
4
18
Exchange differences
\u2013
4
4
\u2013
(7)
(7)
Net surplus/(deficit) in schemes at end of year
212
(113)
99
251
(114)
137
Movements in the present value of defined benefit obligations are as follows:
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations at beginning
of year
(1,979)
(134) (2,113) (2,934) (150) (3,084)
Current service cost
(3)
(8)
(11)
(3)
(10)
(13)
Past service credit
\u2013
3
3
\u2013
\u2013
\u2013
Interest expense
(87)
(4)
(91)
(63) (1) (64)
Remeasurement gains
/(losses) \u2013 changes in financial assumptions
136
(2)
134
1,003
32
1,035
Remeasurement gains
/(losses) \u2013 changes in demographic
assumptions
54
\u2013
54
(41)
(3)
(44)
Remeasurement (losses)/
gains \u2013 experience adjustments
(34)
3
(31)
(59)
1
(58)
Benefits paid
87
5
92
118
4
122
Exchange differences
\u2013
4
4
\u2013
(7)
(7)
Present value of defined benefit obligations at end of year
(1,826) (133) (1,959) (1,979) (134) (2,113)
The present value of UK scheme defined benefit obligations is 50% (2022/23: 51%) in respect of deferred members and 50% (2022/23: 49%) in respect of current pensioners. The weighted average duration of the UK scheme obligations at the end of the year is 15 years (2022/23: 16 years). Movements in the fair value of scheme assets are as follows:
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Fair value of scheme assets at beginning of year
2,230
20
2,250
3,474
20
3,494
Administration costs
 (4)
\u2013
(4)
(4)
\u2013
(4)
Interest income
98
\u2013
98
75
\u2013
75
Remeasurement losses
\u2013 actual return less interest income
(199)
\u2013
(199)
(1,211)
\u2013
(1,211)
Contributions paid by employer
\u2013
5
5
14
4
18
Benefits paid
(87)
(5)
(92)
(118) (4) (122)
Fair value of scheme assets at end of year
2,038
20
2,058
2,230
20
2,250
The fair value of scheme assets is analysed as follows:
2023/24
2022/23
\u00a3 millions
UK
Overseas
Total
% of total
UK
Overseas
Total
% of total
Government bonds
1
712
\u2013
712
34%
750
\u2013
750
33%
Corporate bonds
332
\u2013
332
16%
322
\u2013
322
14%
Derivatives
 (49)
\u2013
(49)
(2)%
(16)
\u2013
(16)
(1)%
Equities
33
\u2013
33
2%
46
\u2013
46
2%
Annuities
783
\u2013
783
38%
842
\u2013
842
38%
Cash and other
227
20
247
12%
286
20
306
14%
Total fair value of scheme assets
2,038
20
2,058
100%
2,230
20
2,250
100%
1. Including LDI repurchase agreement liabilities. All UK scheme assets have quoted prices in active markets, except for \u00a3912m (2022/23: \u00a31,078m) of annuity and other assets. To reduce volatility risk a liability driven investment (\u2018LDI\u2019) strategy forms part of the Trustee\u2019s management of the UK defined benefit scheme\u2019s assets, including government bonds, corporate bonds and derivatives. The government bond assets category in the table above includes gross assets of \u00a31.2bn (2022/23: \u00a31.2bn) and associated repurchase agreement liabilities of \u00a30.5bn (2022/23: \u00a30.4bn). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. Interest rate and inflation rate derivatives are also employed to complement the use of fixed and index-linked bonds in matching the profile of the scheme\u2019s liabilities. Following an agreement with the Trustee as part of the 2022 triennial funding valuation, no contributions are expected to be paid to the UK and overseas pension schemes by the Group during the next financial year. Principal actuarial valuation assumptions The assumptions used in calculating the costs and obligations of the Group\u2019s defined benefit pension schemes are set by the Directors after consultation with independent professionally qualified actuaries. The assumptions are based on the conditions at the time and changes in these assumptions can lead to significant movements in the estimated obligations, as illustrated in the sensitivity analysis. The UK scheme discount rate is derived using a single equivalent discount rate approach, based on the yields available on a portfolio of high-quality Sterling corporate bonds with the same duration as that of the scheme liabilities.
2023/24
2022/23
Annual % rate
UK
Overseas
UK
Overseas
Discount rate
4.85
3.45
4.50
3.50
Price inflation
3.10
2.40
3.25
2.40
Rate of pension increases
2.95
\u2013
3.15
\u2013
Salary escalation
n/a
2.40
n/a
2.40
For the UK scheme, the mortality assumptions used for IAS 19 purposes have been selected with regard to the characteristics and experience of the membership of the scheme as assessed from time to time relating to triennial funding valuations. The base mortality assumptions have been derived using an analysis of current mortality rates carried out by Club Vita for the Trustee and the CMI life expectancy projection model data published by the UK actuarial profession. The latter allowance is in line with CMI 2022 improvements subject to a long-term rate of 1.5% p.a. for both males and females. The assumptions for life expectancy of UK scheme members are as follows:
Years
2023/24
2022/23
Age to which current pensioners are expected to live (60 now)
\u2013
Male
85.6
86.2
\u2013
Female
88.3
88.7
Age to which future pensioners are expected to live (60 in 15 years\u2019 time)
\u2013
Male
86.9
87.5
\u2013
Female
90.4
90.8
The following sensitivity analysis for the UK scheme shows the estimated impact on the obligation resulting from changes to key actuarial assumptions, whilst holding all other assumptions constant.
Assumption
Change in assumption
Impact on defined benefit obligation
Discount rate
Increase/decrease by 0.5%
Decrease/increase by \u00a3137m
Price
inflation
Increase/decrease by 0.5%
Increase/decrease by \u00a3120m
Rate of pension increases
Increase/decrease by 0.5%
Increase/decrease by \u00a3113m
Mortality
Increase/decrease in life expectancy by one year
Increase/decrease by \u00a366m
Due to the asset-liability matching investment strategy, the above impacts on the obligations of changes in discount rate and price inflation would be significantly offset by movements in the fair value of the scheme assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-497": { "value": "
29 Share capital
Number
of ordinary Ordinary
shares share capital
millions \u00a3 millions
Allotted, called up and fully paid:
At 1 February 2023
1,940
305
New shares issued under share schemes
2
\u2013
Purchase of own shares for cancellation
(67)
(11)
At 31 January 202
4
1,875
294
At 1 February 2022
2,066
325
New shares issued under share schemes
5
1
Purchase of own shares for cancellation
 (131) (21)
At
31 January 2023
1,940
305
Ordinary shares have a par value of 15
5/7
pence per share and carry full voting, dividend and capital distribution rights.
During the year the Group purchased 67 million (2022/23: 131 million) of the Company\u2019s own shares for cancellation at a cost of \u00a3160m
(2022/23: \u00a3337m) as part of its capital returns programme.
30 Other reserves
2023/24
Translation Cash flow hedge
\u00a3 millions
reserve
reserve
Other
Total
At 1 February 20
23
150
(24)
159
285
Inventory cash flow hedges
\u2013 fair value losses
\u2013
(32)
\u2013
(32)
Tax on items that will not be reclassified subsequently to profit or loss
\u2013
6
\u2013
6
Currency translation differences
Group
(3)
\u2013
\u2013
(3)
Joint ventures and associates
(1)
\u2013
\u2013
(1)
Transferred to income statement
(2)
\u2013
\u2013
(2)
Inventory cash flow hedges
\u2013 losses transferred to income statement
\u2013
12
\u2013
12
Tax on items that may be reclassified subsequently to profit or loss
\u2013
(2)
\u2013
(2)
Other comprehensive
expense for the year
(6)
(16)
\u2013
(22)
Inventory cash flow hedges
\u2013 losses transferred to inventories
\u2013
33
\u2013
33
Tax on equity items
\u2013
(6)
\u2013
(6)
At 31 January 2024
144
(13)
159
290
2022/23
Translation Cash flow hedge
\u00a3 millions
reserve
reserve
Other
Total
At 1 February 2022
10 27 159 196
Inventory cash flow hedges
\u2013 fair value gains
\u2013
58 \u2013 58
Tax on items that will not be reclassified subsequently to profit or loss
\u2013
(12)
\u2013
(12)
Currency translation differences
Group
129
\u2013 \u2013 129
Joint ventures and associates
11
\u2013 \u2013 11
Inventory cash flow hedges
\u2013 gains transferred to income statement
\u2013
(5) \u2013 (5)
Other comprehensive income for the year
140
41
\u2013
181
Inventory cash flow hedges
\u2013 gains transferred to inventories
\u2013 (117) \u2013 (117)
Tax on equity items
\u2013 25 \u2013 25
At 31 January 2023
150
(24)
159
285
The \u2018other\u2019 category of reserves represents the premium on the issue of convertible loan stock in 1993 and the merger reserve relating to
the acquisition of Darty in 1993.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-542": { "value": "29 Share capital
Number
of ordinary Ordinary
shares share capital
millions \u00a3 millions
Allotted, called up and fully paid:
At 1 February 2023
1,940
305
New shares issued under share schemes
2
\u2013
Purchase of own shares for cancellation
(67)
(11)
At 31 January 202
4
1,875
294
At 1 February 2022
2,066
325
New shares issued under share schemes
5
1
Purchase of own shares for cancellation
 (131) (21)
At
31 January 2023
1,940
305
Ordinary shares have a par value of 15 5/7 pence per share and carry full voting, dividend and capital distribution rights. During the year the Group purchased 67 million (2022/23: 131 million) of the Company\u2019s own shares for cancellation at a cost of \u00a3160m (2022/23: \u00a3337m) as part of its capital returns programme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-543": { "value": "30 Other reserves
2023/24
Translation Cash flow hedge
\u00a3 millions
reserve
reserve
Other
Total
At 1 February 20
23
150
(24)
159
285
Inventory cash flow hedges
\u2013 fair value losses
\u2013
(32)
\u2013
(32)
Tax on items that will not be reclassified subsequently to profit or loss
\u2013
6
\u2013
6
Currency translation differences
Group
(3)
\u2013
\u2013
(3)
Joint ventures and associates
(1)
\u2013
\u2013
(1)
Transferred to income statement
(2)
\u2013
\u2013
(2)
Inventory cash flow hedges
\u2013 losses transferred to income statement
\u2013
12
\u2013
12
Tax on items that may be reclassified subsequently to profit or loss
\u2013
(2)
\u2013
(2)
Other comprehensive
expense for the year
(6)
(16)
\u2013
(22)
Inventory cash flow hedges
\u2013 losses transferred to inventories
\u2013
33
\u2013
33
Tax on equity items
\u2013
(6)
\u2013
(6)
At 31 January 2024
144
(13)
159
290
2022/23
Translation Cash flow hedge
\u00a3 millions
reserve
reserve
Other
Total
At 1 February 2022
10 27 159 196
Inventory cash flow hedges
\u2013 fair value gains
\u2013
58 \u2013 58
Tax on items that will not be reclassified subsequently to profit or loss
\u2013
(12)
\u2013
(12)
Currency translation differences
Group
129
\u2013 \u2013 129
Joint ventures and associates
11
\u2013 \u2013 11
Inventory cash flow hedges
\u2013 gains transferred to income statement
\u2013
(5) \u2013 (5)
Other comprehensive income for the year
140
41
\u2013
181
Inventory cash flow hedges
\u2013 gains transferred to inventories
\u2013 (117) \u2013 (117)
Tax on equity items
\u2013 25 \u2013 25
At 31 January 2023
150
(24)
159
285
The \u2018other\u2019 category of reserves represents the premium on the issue of convertible loan stock in 1993 and the merger reserve relating to the acquisition of Darty in 1993. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-498": { "value": "
31 Share-based payments
2023/24
2022/23
Number of Weighted Number of Weighted
options average options average
thousands exercise price \u00a3 thousands exercise price \u00a3
Outstanding at beginning of year
58,946
0.52
50,503
0.62
Granted during the year
1
25,235
0.45
24,133
0.55
Forfeited and expired during the year
(5,470)
1.12
(3,445) 1.59
Exercised during the year
(7,375)
0.45
(12,245) 0.68
Outstanding at end of
year
71,336
0.46
58,946
0.52
Exercisable at end of year
6,854
0.52
5,976
0.45
1. The weighted average exercise price for options granted during the year represents a blend of nil price Performance Share Plan and Alignment Share awards,
and discounted Sharesave options (see below)
Information on the share schemes is given in note 12 of the Company\u2019s separate financial statements.
Options have been exercised on a regular basis throughout the year. On that basis, the average share price during the year, rather
than at the date of exercise, is \u00a32.41 (2022/23: \u00a32.53). The options outstanding at the end of the year have exercise prices ranging
from nil to \u00a32.75 and a weighted average remaining contractual life of 5.4 years (2022/23: 5.6 years).
The Group recognised a total expense of \u00a322m in the year ended 31 January 2024 (2022/23: \u00a319m) relating to equity-settled share-
based payment transactions.
The fair value of share options and deferred shares is determined by independent valuers using Black-Scholes and stochastic option
pricing models. The inputs of the principal schemes into these models are as follows:
Share price Exercise Expected Expected Dividend Risk free Fair
Date of at grant price life volatility yield rate value
grant \u00a3 \u00a3 years % % % \u00a3
Kingfisher Incentive Share
21/04/16
3.61
\u2013
7
\u2013
\u2013
\u2013
3.61
Plan
\u2013 Deferred Bonus
03/05/17
3.40
\u2013
7
\u2013
\u2013
\u2013
3.40
Awards
23/04/18
3.09
\u2013
7
\u2013
\u2013
\u2013
3.09
24/04/19
2.63
\u2013
7
\u2013
\u2013
\u2013
2.63
Performance Share Plan
24/06/22
2.43
\u2013
10
\u2013
\u2013
\u2013
2.43
21/10/22
2.04
\u2013
10
\u2013
\u2013
\u2013
2.43
20/04/23
2.57
\u2013
10
\u2013
\u2013
\u2013
2.57
18/10/23
2.04
\u2013
10
\u2013
\u2013
\u2013
2.57
UK and International
01/11/16
3.64
3.06
5.5
23.5%
2.8%
0.7%
0.39
Sharesave
31/10/17
3.13
2.42
3.5
22.8%
3.4%
0.6%
0.43
31/10/17
3.13
2.42
5.5
22.3%
3.4%
0.8%
0.34
01/11/18
2.62
2.06
3.5
23.2%
4.1%
1.1%
0.33
01/11/18
2.62
2.06
5.5
23.0%
4.1%
0.8%
0.27
01/11/19
2.07
1.59
3.5
25.7%
5.2%
0.4%
0.39
01/11/19
2.07
1.59
5.5
25.1%
5.2%
0.4%
0.35
29/10/20
2.88
2.37
3.5
37.0%
2.8%
0.0%
0.80
29/10/20
2.88
2.37
5.5
32.4%
2.8%
0.0%
0.77
28/10/21
3.31
2.75
3.5
37.4%
3.6%
0.7%
0.88
28/10/21
3.31
2.75
5.5
32.6%
3.6%
0.8%
0.82
28/10/22
2.15
1.77
3.5
38.1%
5.8%
3.3%
0.56
28/10/22
2.15
1.77
5.5
34.0%
5.8%
3.5%
0.53
27/10/23
2.05
1.77
3.5
28.3%
6.1%
4.5%
0.40
27/10/23
2.05
1.77
5.5
34.4%
6.1%
4.3%
0.48
Alignment Shares
19/07/16
3.32
\u2013
10
\u2013
\u2013
\u2013
3.32
24/04/17
3.37
\u2013
10
\u2013
\u2013
\u2013
3.37
23/10/17
3.03
\u2013
10
\u2013
\u2013
\u2013
3.03
23/04/18
3.09
\u2013
10
\u2013
\u2013
\u2013
3.09
29/10/18
2.50
\u2013
10
\u2013
\u2013
\u2013
2.50
24/04/19
2.63
\u2013
10
\u2013
\u2013
\u2013
2.55
30/07/19
2.23
\u2013
10
\u2013
\u2013
\u2013
2.04
21/10/19
2.15
\u2013
10
\u2013
\u2013
\u2013
2.05
28/07/20
2.49
\u2013
10
\u2013
\u2013
\u2013
2.38
23/10/20
3.20
\u2013
10
\u2013
\u2013
\u2013
3.20
22/04/21
3.60
\u2013
10
\u2013
\u2013
\u2013
3.46
21/10/21
3.41
\u2013
10
\u2013
\u2013
\u2013
3.41
Transformation Incentive
19/07/16
3.32
\u2013
10
\u2013
\u2013
\u2013
3.32
Delivering Value Incentive
30/07/19
2.24
\u2013
10
\u2013
\u2013
\u2013
1.75
04/05/21
3.57
\u2013
10
\u2013
\u2013
\u2013
3.19
1
2
3
4
1. Expected life is disclosed based on the UK schemes. For the Kingfisher Incentive Share Plan scheme in the UK, the expiry date is 7 years from the date of grant.
For the Performance Share Plan, Transformation Incentive award and Alignment Share award the expiry date is 10 years from the date of grant. Expiry of the
overseas Alignment Share award is 3 years from the date of grant.
2. Expected volatility was determined for each individual award (or relevant components of an award), by calculating the historical volatility of the Group\u2019s share
price (plus reinvested dividends) immediately prior to the grant of the award, over the same period as the vesting period of each award, adjusted by
expectations of future volatility.
3. As these awards are made under an approved SAYE scheme, option holders cannot be compensated for dividends foregone. As such the historical dividend
yield is used, calculated as dividends announced in the 12 months prior to grant as a percentage of the share price on the date of grant.
4. Risk free rate was determined for each individual award (or relevant components of an award).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-499": { "value": "
32 Cash generated by operations
\u00a3 millions
2023/24
2022/23
Operating profit
580
723
Share of post
-tax results of joint ventures and associates
1
(5)
Depreciation and amortisation
641
582
Net impairment
losses
87
155
Gain on disposal of investments in
associates
(2)
\u2013
Lease gains
(7) (2)
Share
-based compensation charge
22
19
Decrease/(i
ncrease) in inventories
132
(234)
Increase
in trade and other receivables
(6) (44)
Decrease in trade and other payables
(14)
(196)
Movement in provisions
(3)
(13)
Movement in post
-employment benefits
7
(1)
Cash generated by operations
1,438
984
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-500": { "value": "
33 Net debt
\u00a3 millions
2023/24
2022/23
Cash and cash equivalents
360
286
Bank overdrafts
(7) (16)
Cash and cash equivalents and bank overdrafts
353
270
Bank
loans
(3)
(3)
Fixed term debt
(99)
(99)
Lease liabilities
(2,367)
(2,444)
Net financing derivatives
\u2013
2
Net debt
(2,116)
(2,274)
\u00a3 millions
2023/24
2022/23
Net debt at beginning of year
 (2,274) (1,572)
Net
increase/(decrease) in cash and cash equivalents and bank overdrafts
84
(555)
Issue of fixed term debt
\u2013
(99)
Net cash flow
1
84
(654)
Movements in lease liabilities
71
(41)
Exchange differences
and other non-cash movements
3
(7)
Net debt at end of year
 (2,116) (2,274)
1. Refer to the glossary for the definition of net cash flow.
2023/24
Contract to
Borrowings purchase own Total
(excluding bank Net financing shares for financing
\u00a3 millions
overdrafts) derivatives Lease liabilities cancellation liabilities
At 1 February 202
3
(102)
2
(2,444)
(7) (2,551)
Lease rental payments
\u2013
\u2013
474
\u2013
474
Shares purchased for cancellation
\u2013
\u2013
\u2013
160
160
Interest paid
7
\u2013
\u2013
\u2013
7
Cash outflow relating to financing liabilities
7
\u2013
474
160
641
Interest charge
(7)
\u2013
(126)
\u2013
(133)
Lease liability additions
\u2013
\u2013
(253)
\u2013
(253)
Other movements in lease liabilities
\u2013
\u2013
(26)
\u2013
(26)
Recognised liability due to share purchase commitments
\u2013
\u2013
\u2013
(153)
(153)
Fair value movements and e
xchange differences
\u2013
(2)
8
\u2013
6
At 31 January 202
4
(102)
\u2013
(2,367)
\u2013
(2,469)
2022/23
Contract to
Borrowings purchase own Total
(excluding bank Net financing shares for financing
\u00a3 millions
overdrafts) derivatives Lease liabilities cancellation liabilities
At 1 February 202
2
(2)
(3) (2,376) (69) (2,450)
Issue of fixed term debt
(99) \u2013 \u2013 \u2013 (99)
Lease rental payments
\u2013 \u2013 453 \u2013 453
Shares purchased for cancellation
\u2013 \u2013 \u2013 337 337
Interest paid
1 3 \u2013 \u2013 4
Cash (inflow)/outflow relating to financing liabilities
(98)
3
453
337
695
Interest charge
(1)
(3)
(124)
\u2013
(128)
Lease liability additions
\u2013
\u2013
(335)
\u2013 (335)
Other movements in lease liabilities
\u2013
\u2013
(35)
\u2013 (35)
Recognised liability due to share
purchase commitments
\u2013
\u2013
\u2013
(275)
(275)
Amortisation of issue costs
(1)
\u2013
\u2013
\u2013 (1)
Fair value movements and e
xchange differences
\u2013 5 (27) \u2013 (22)
At 31 January 2023
(102) 2 (2,444) (7) (2,551)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-501": { "value": "
34 Commitments
Capital commitments contracted but not provided for by the Group at 31 January 2024 amount to \u00a331m (2022/23: \u00a319m).
35 Contingent liabilities
The Group is subject to claims and litigation arising in the ordinary course of business and provision is made where liabilities are
considered likely to arise on the basis of current information and legal advice.
The Group files tax returns in many jurisdictions around the world and at any one time is subject to periodic tax audits in the ordinary
course of its business. Applicable tax laws and regulations are subject to differing interpretations and the resolution of a final tax
position can take several years to complete. Where it is considered that future tax liabilities are more likely than not to arise, an
appropriate provision is recognised in the financial statements.
In October 2017, the European Commission opened a state aid investigation into the Group Financing Exemption section of the UK
controlled foreign company rules. While the Group has complied with the requirements of UK tax law in force at the time, in April 2019
the European Commission concluded that aspects of the UK controlled foreign company regime partially constitute illegal state aid.
In January 2021, the Group received a charging notice from HM Revenue & Customs for \u00a357m, which was paid in February 2021, with
a further \u00a37m interest paid in April 2021.
The UK Government and the Group, along with other UK-based multinational groups, appealed the European Commission decision to
the European Courts. In June 2022, the General Court of the European Union dismissed several of those appeals, including the UK
Government\u2019s. This decision has been appealed to the European Court of Justice and the hearing took place on 10 January 2024.
The Advocate General\u2019s opinion is expected on 11 April 2024 and the final decision will follow after that, the date of which is not known.
The final impact on the Group remains uncertain but, based upon advice taken, the Group continues to consider that the amount paid
of \u00a364m plus accrued interest of \u00a34m, which is included in non-current assets, will ultimately be recovered.
Whilst the procedures that must be followed to resolve these types of tax issues make it likely that it will be some years before the
eventual outcome is known, the Group does not currently consider the likelihood of adverse outcomes in relation to these matters
(other than those matters for which liabilities have already been recorded) to be probable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-544": { "value": "34 Commitments Capital commitments contracted but not provided for by the Group at 31 January 2024 amount to \u00a331m (2022/23: \u00a319m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-545": { "value": "35 Contingent liabilities The Group is subject to claims and litigation arising in the ordinary course of business and provision is made where liabilities are considered likely to arise on the basis of current information and legal advice. The Group files tax returns in many jurisdictions around the world and at any one time is subject to periodic tax audits in the ordinary course of its business. Applicable tax laws and regulations are subject to differing interpretations and the resolution of a final tax position can take several years to complete. Where it is considered that future tax liabilities are more likely than not to arise, an appropriate provision is recognised in the financial statements. In October 2017, the European Commission opened a state aid investigation into the Group Financing Exemption section of the UK controlled foreign company rules. While the Group has complied with the requirements of UK tax law in force at the time, in April 2019 the European Commission concluded that aspects of the UK controlled foreign company regime partially constitute illegal state aid. In January 2021, the Group received a charging notice from HM Revenue & Customs for \u00a357m, which was paid in February 2021, with a further \u00a37m interest paid in April 2021. The UK Government and the Group, along with other UK-based multinational groups, appealed the European Commission decision to the European Courts. In June 2022, the General Court of the European Union dismissed several of those appeals, including the UK Government\u2019s. This decision has been appealed to the European Court of Justice and the hearing took place on 10 January 2024. The Advocate General\u2019s opinion is expected on 11 April 2024 and the final decision will follow after that, the date of which is not known. The final impact on the Group remains uncertain but, based upon advice taken, the Group continues to consider that the amount paid of \u00a364m plus accrued interest of \u00a34m, which is included in non-current assets, will ultimately be recovered. Whilst the procedures that must be followed to resolve these types of tax issues make it likely that it will be some years before the eventual outcome is known, the Group does not currently consider the likelihood of adverse outcomes in relation to these matters (other than those matters for which liabilities have already been recorded) to be probable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-502": { "value": "
36 Related party transactions
During the year, the Group carried out a number of transactions with related parties in the normal course of business and on an arm\u2019s
length basis. The names of the related parties, the nature of these transactions and their total value are shown below:
2023/24
2022/23
\u00a3
millions
Income
Receivable
Income
Receivable
Transactions with
Ko\u00e7ta\u015f Yap\u0131 Marketleri Ticaret A.\u015e. in which the Group
holds a 50% interest
Commission and other income
0.5
\u2013
0.3
\u2013
Transactions with Crealfi S.A. in which the Group held a 49% interest
Provision of employee services
0.1
\u2013
0.2
\u2013
Commission and other income
1.5
\u2013
3.9
1.1
Transactions with the Kingfisher Pension Scheme
Provision of administrative services
0.8
0.2
0.9
0.2
Services are usually negotiated with related parties on a cost-plus basis. Goods are sold or bought on the basis of the price lists in force
with non-related parties.
The remuneration of key management personnel is given in note 9.
Other transactions with the Kingfisher Pension Scheme are detailed in note 28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-546": { "value": "36 Related party transactions During the year, the Group carried out a number of transactions with related parties in the normal course of business and on an arm\u2019s length basis. The names of the related parties, the nature of these transactions and their total value are shown below:
2023/24
2022/23
\u00a3
millions
Income
Receivable
Income
Receivable
Transactions with
Ko\u00e7ta\u015f Yap\u0131 Marketleri Ticaret A.\u015e. in which the Group
holds a 50% interest
Commission and other income
0.5
\u2013
0.3
\u2013
Transactions with Crealfi S.A. in which the Group held a 49% interest
Provision of employee services
0.1
\u2013
0.2
\u2013
Commission and other income
1.5
\u2013
3.9
1.1
Transactions with the Kingfisher Pension Scheme
Provision of administrative services
0.8
0.2
0.9
0.2
Services are usually negotiated with related parties on a cost-plus basis. Goods are sold or bought on the basis of the price lists in force with non-related parties. The remuneration of key management personnel is given in note 9. Other transactions with the Kingfisher Pension Scheme are detailed in note 28. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-503": { "value": "37 Post balance sheet events An accounting surplus is recognised for the UK defined benefit pension scheme \u2013 refer to note 28. The surplus has been recognised on the basis that the future economic benefits are unconditionally available to the Group, which is assumed to be via a refund assuming the full settlement of plan liabilities in the event of a plan wind-up. On 22 November 2023, the UK government announced that the authorised surplus payments charge would be reduced from 35% to 25% from 6 April 2024. The legislation had not been substantively enacted as at 31 January 2024 and the corresponding deferred tax liability therefore continues to be recognised at 35% at the balance sheet date, although this was enacted on 11 March 2024. Should this legislation have been enacted at the year-end this would have resulted in a reduction in the deferred tax liability of \u00a332m with a corresponding credit to other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-447": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-448": { "value": "Kingfisher plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-9": { "value": "Kingfisher plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } } } }