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"ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-453": { "value": "-11000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-454": { "value": "84000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-455": { "value": "353000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-456": { "value": "270000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KBMEV7I92FY281", "period": "2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-457": { "value": "-6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-458": { "value": "-1000000.0", "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-459": { "value": "336000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-460": { "value": "353000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-5": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "kingfisherplc:CashIncludedWithinAssetsHeldForSale", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-466": { "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 2
to 68.
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 1 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 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-461": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-6": { "value": "Kingfisher plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-7": { "value": "United Kingdom and continental Europe", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-462": { "value": "England and Wales, United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-8": { "value": "England and Wales, United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-9": { "value": "1 Paddington Square, London, W2 1GG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-465": { "value": "
2 Material accounting policies
The material 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 2025 (\u2018the year\u2019 or \u20182024/25\u2019). The comparative
financial year is the year ended 31 January 2024 (\u2018the prior year\u2019
or \u20182023/24\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 material 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, a period of at least 12
months from the date on which the financial statements are
authorised for issue, and they continue to adopt the going
concern basis of accounting in preparing the consolidated
financial statements for the year ended 31 January 2025.
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 2 to 68. 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 2025, Kingfisher had access to \u00a3986m of
liquidity, comprising cash and cash equivalents (net of bank
overdrafts and including cash held for sale) of \u00a3336m and access
to an undrawn Revolving Credit Facility (RCF) of \u00a3650m (which
expires at the end of May 2027). The ratio of net debt to
Adjusted EBITDA was 1.6 as of 31 January 2025.
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 2025, 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 Amendments to IAS 1 \u2013 Classification of Liabilities as
Current or Non-current and Non-current liabilities with
Covenants
\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
As a result of implementing the amendments to IAS 7 and IFRS 7,
the Group has provided additional disclosures about its supplier
finance arrangements. The Group has applied transitional relief
available under IAS 7 and has not provided comparative
information in the first year of adoption. Refer to note 22.
The other 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 amendments to standards which have not been
applied in these financial statements were also in issue, but not
yet effective:
\u2014 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective
from 1 January 2025)
\u2014 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and
Measurement of Financial Instruments, and Contracts
Referencing Nature-dependent Electricity (effective from 1
January 2026)
\u2014 Annual Improvements to IFRS Accounting Standards \u2013
Volume 11 (effective from 1 January 2026)
\u2014 IFRS 18 \u2013 Presentation and Disclosure in Financial
Statements (effective from 1 January 2027)
\u2014 IFRS 19 \u2013 Subsidiaries without Public Accountability:
Disclosures (effective from 1 January 2027)
IFRS 18 \u2013 Presentation and Disclosures in the Financial
Statements, effective from 1 January 2027, which has not been
applied in these financial statements, was issued by the IASB in
April 2024 and is expected to be endorsed by the UK
Endorsement Board in due course. The adoption of IFRS 18 is
expected to have a material impact on the presentation of the
Group\u2019s income statement and notes to the accounts. The
Group is currently assessing the implications of the adoption of
this new standard.
The other new amendments to 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 2 to 68.
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 profit before tax before
central costs, the Group\u2019s share of interest and tax of joint
ventures and associates, adjusting items and net finance costs.
Central costs principally comprise the costs of the Group\u2019s head
office before adjusting items. This is the Group's operating profit
measure used to report the performance of the Group\u2019s
retail businesses.
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
1
,
impairments of goodwill and significant impairments (or
impairment reversals) of other non-current assets, which
the Group identifies as adjusting due to volatility which can
arise year-on-year based on future forecasts and
assumptions;
\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.
1. The Group does not routinely dispose of or exit properties (i.e. other than
on expiry of a lease) and does not consider property disposals to form part
of its trading operations as a result. This includes profits or losses on
disposals of freehold properties, or lease gains or losses arising from the
exit of leased properties before the lease expiry date.
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 glossary 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.
Segmental analysis
Determination of operating segments
Kingfisher has historically determined its operating segments as
defined under \u2018IFRS 8 \u2013 Operating segments\u2019 to be the
geographical areas in which the Group operates. This
determination has been based on the information reported
internally to the Board of Directors and Group Executive, who
are collectively considered to be the \u2018Chief Operating Decision
Maker\u2019 (\u2018CODM\u2019), to assess business performance and make
decisions about resource allocation.
Following the dissolution of the \u2018France\u2019-level management
structure during the year, the change in internal reporting
structures, and in consideration of the increase in retail banner
autonomy under the Group\u2019s \u2018Powered by Kingfisher\u2019 strategy,
the Group has reassessed its determination of operating
segments against the IFRS 8 criteria.
Following this change in the management structure and resulting
reassessment, the Group has concluded that each retail banner
now represents a separate operating segment. In arriving at this
conclusion, the following has been taken into consideration:
\u2014
Revenues and expenses are generally earned and incurred
at the retail banner level (i.e. despite some overlap in
product ranges and customer base);
\u2014
Following the changes in internal structure, only limited
shared in-country activities remain for the UK & Ireland and
France retail banners, particularly following the dissolution
of the \u2018France\u2019-level management structure during the year;
and
\u2014
Based on the revised internal structure, discrete financial
information and operating results are available at a retail
banner level and are reviewed by the CODM when assessing
performance and making overarching resource allocation
decisions under the Group\u2019s \u2018Powered by Kingfisher\u2019
strategy.
The retail banner level determination of operating segments
primarily impacts the Groups\u2019 banners located in the UK & Ireland
(i.e. B&Q UK & Ireland and Screwfix UK & Ireland) and France (i.e.
Castorama France and Brico D\u00e9p\u00f4t France) where the operating
segments have historically been identified at a geographical
level. This change does not have any impact on the existing
determination of operating segments for the Group\u2019s retail
banners outside of the UK & Ireland and France as there is only
one retail banner within each of the geographical locations.
Determination of reportable segments
In consideration of the change in determination of operating
segments, the Group has reassessed its reportable segments in
line with the requirements of IFRS 8. Historically, the Group\u2019s
reportable segments consisted of the UK & Ireland and France
as these individually met the quantitative requirements set out in
IFRS. All other segments, which did not meet the individual
quantitative criteria to be defined as a reportable segment, were
combined and presented as \u2018Other International\u2019. In previous
periods, this combination included the results of Castorama
Poland, for which the individual segment results were separately
disclosed to provide additional information to users.
Following this reassessment and in consideration of the
quantitative results of the segments in the current period, it was
considered appropriate that the reportable segments should be
UK & Ireland, France and Poland. Within both the UK & Ireland and
France reportable segments, operating segments determined at
the retail banner level have been aggregated to form reportable
segments (i.e. B&Q and Screwfix in the UK & Ireland and
Castorama and Brico D\u00e9p\u00f4t in France). In arriving at this
conclusion, the following has been taken into consideration:
\u2014
Operating segments within the same geographical area
share similar economic characteristics in terms of sales
metrics, long-term average gross margins, levels of capital
investment and operating cash flows;
\u2014
Operating segments within the same geographical area
share similar risks, including market and competition risk,
supply chain risk, political and regulatory risk, legal and
compliance risk and currency risk; and
\u2014
The nature of products and services provided by each
operating segment within the same geographical area are
similar, with similar customer bases and target markets.
Upon aggregation, it was identified that the UK & Ireland and
France segments meet the quantitative criteria to be defined as
reportable segments. Screwfix France has not been aggregated
as part of the France reportable segment due to its level of
maturity relative to Castorama France and Brico D\u00e9p\u00f4t France.
As the Castorama Poland operating segment meets the IFRS 8
quantitative threshold to be a reportable segment it has been
separated from the \u2018Other International\u2019 combined segment and
presented as a separate reportable segment. Other operating
segments, which do not individually meet the definition of a
reportable segment, have been combined and are presented as
\u2018Other International\u2019.
Goodwill impairment testing implications For goodwill impairment testing, goodwill cannot be assessed for impairment at a level higher than an operating segment and which represents the lowest level within the entity at which goodwill is monitored for internal management purposes. Under the previous determination of operating segments by geographical area, goodwill was tested for impairment at the UK & Ireland, France and Poland levels respectively, representing the lowest level at which the goodwill was monitored for internal management purposes. As a result of the change to a retail banner level determination of operating segments, the goodwill balances previously allocated to the UK & Ireland and France group of CGUs have been reallocated to the retail banners within those geographical areas (i.e. B&Q and Screwfix in the UK & Ireland and Castorama and Brico D\u00e9p\u00f4t in France), and tested for impairment at that level. Within Poland there is only one retail banner and so no reallocation is required. In line with \u2018IAS 36 \u2013 Impairment of Assets\u2019, where undergoing reporting structure changes, goodwill should be reallocated using a \u2018relative value\u2019 approach. The Group has determined that each retail banner\u2019s relative value-in- use represents the most appropriate methodology to determine \u2018relative value\u2019. The relative value-in-use of each of the retail banners has been calculated utilising the long-term plan cash flows as at 30 November 2024, as well as discount rates and growth rates. The result of the relative value-in-use goodwill reallocation is set out below:
Relative Goodwill
UK & Ireland value-in-use % allocation \u00a3m
B&Q UK & Ireland
58
1,036
Screwfix UK & Ireland
42
760
Total
100
1,796
France
Castorama France
43
225
Brico D\u00e9p\u00f4t France
57
296
Total
100
521
Following the above reallocation of goodwill balances to retail banners, an impairment charge of \u00a384m was recorded in relation to the goodwill associated with Castorama France. In addition, impairment of Castorama France goodwill has been added as a new \u2018Key source of estimation uncertainty\u2019 given the risk of further material impairment over the next 12 months. This detail is set out in note 3. Refer to note 13 for further details of goodwill impairment testing and the impairment charge recorded in relation to Castorama France. 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.
An investment in an associate or a joint venture is accounted for
using the equity method from the date on which the investee
becomes an associate or a joint venture. On acquisition of the
investment in an associate or a joint venture, any excess of the
cost of the investment over the group's share of the net fair
value of the identifiable assets and liabilities of the investee is
recognised as goodwill, which is included within the carrying
amount of the investment. Any excess of the group's share of
the net fair value of the identifiable assets and liabilities over the
cost of the investment, after reassessment, is recognised
immediately in profit or loss in the period in which the investment
is acquired.
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.
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.
Investments in joint ventures and associates are reviewed for
impairment where there is an indication of impairment.
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 2024 and 31 January
2025 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. Equity
adjustments in relation to application of IAS 29 are recorded
within exchange differences on consolidation. 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 recorded in 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
2024/25
2023/24
Average rate
Year end rate
Average rate
Year end rate
Euro
1.18
1.20
1.15
1.17
US Dollar
1.28
1.24
1.25
1.27
Polish Zloty
5.08
5.04
5.20
5.08
Romanian Leu
5.89
5.95
5.71
5.83
Turkish Lira
1
44.38
44.38
38.64
38.64
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. Liabilities
for returns and award credits are measured using the expected
value method.
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. Where consideration is
received from customers before the installation service has
been completed, this amount is recorded as deferred income
within trade and other payables and is only recognised as
revenue once the installation service has been completed.
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 proportion of
the Group\u2019s total 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 are 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 the retail banner level, representing the lowest level at which it
is monitored for internal management purposes. See note 2(k)
for the accounting policy on impairment, including goodwill.
(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 assets under IAS 38; the
Group does not control the computer software being
configured or customised and the configuration or
customisation activities do not create a resource controlled by
the Group that is separate from the software. 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 are over their estimated useful lives of two
to 10 years.
Intangible assets are derecognised on disposal or when no
future economic benefits are expected from its use or disposal.
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
\u2014 not depreciated
Freehold buildings
\u2014 over remaining useful life
Leasehold improvements
\u2014 over remaining lease
period
Fixtures and fittings
\u2014 between 4 and 20 years
Computers and electronic equipment
\u2014 between 3 and 5 years
Motor cars & commercial vehicles
\u2014 between 3 and 10 years
(iii) 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.
(iv) 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.
See note 2(k) for the accounting policy on impairment, including
property, plant and equipment.
All other repairs and maintenance are charged to the income
statement in the period in which they are incurred.
i. Leased assets
(i) Lessee accounting
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. For these leases, the group
recognises the lease payments as an operating expense on a
straight-line basis over the term of the lease unless another
systematic basis is more representative of the time pattern in
which economic benefits from the leased assets are consumed.
The 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 break or extension options
when these additional periods are reasonably certain to arise at
the commencement of a lease. Typically, it is not considered to
be reasonably certain at the commencement of a lease that
such extension options will be exercised or that break options
will not be exercised, and these additional periods are only
recognised after they have been approved by the relevant
investment committee.
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, which is deemed to be the useful life. See
note 2(k) for the accounting policy on impairment, including
Right-of-use assets.
(ii) 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 sublease receivables within trade and other 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. Impairment
At each reporting date an assessment is performed as to
whether there are any indicators that property, plant and
equipment, right-of-use assets, and other intangible assets,
including the Group\u2019s store-based assets, 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. Goodwill is reviewed annually for impairment or
earlier if there is an indication of impairment.
For store-based assets, should such indicators of impairment or
impairment reversal exist, the assets\u2019 recoverable amounts are
subsequently estimated. 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. Cash flows used for the purposes of determining value-in-
use are based on the Group\u2019s most recent Board-approved
plans. The Group has fully attributed to stores all e-ecommerce
revenues (and related costs) relating to sales where stores are
involved in the fulfilment of those sales. This includes online
click-and-collect sales and online sales fulfilled by store-to-
home delivery. Other e-commerce related cash flows, including
direct-to-home delivery and marketplace sales (where there is
no store involvement) are not allocated to stores for impairment
testing purposes. 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.
Where a store\u2019s recoverable amount is less than its carrying
value, it is impaired down to its recoverable amount. Where a
store has been previously impaired and its recoverable amount
is higher than its carrying value, the previous impairment is
reversed to an amount in which its carrying amount cannot
exceed its recoverable amount, with reversals capped at the
amount of previous accumulated impairments, adjusted for
depreciation.
For the purposes of goodwill impairment testing, goodwill has
been allocated to each retail banner Group of CGUs,
representing the lowest level at which goodwill is monitored for
internal management purposes. The recoverable amount is
assessed by reference to the present value of expected future
cash flows (\u2018value-in-use\u2019). Cash flows used for the purposes of
determining value-in-use are based on the Group\u2019s most recent
Board-approved plans. 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.
Where the recoverable amount is less than the net assets of the
Group of CGUs and related goodwill, an impairment loss is
immediately recognised in the income statement. An impairment
loss is allocated first to reduce the carrying amount of any
goodwill and then to the other assets in the Group of CGUs on a
pro-rata basis, on the basis of the carrying amount of each asset
in the group of CGUs. A goodwill impairment cannot be reversed.
Profits or losses on the disposal of an entity include the carrying
amount of goodwill relating to the entity sold.
Other intangibles are reviewed annually for impairment, or earlier
where there is an indication of impairment.
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. Any surplus resulting from this calculation is limited to the
present value of any economic benefits available in the form of
refunds from the plans or reductions in future contributions to the
plans. 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.
iii) Employee Share Ownership Plan trust (\u2018ESOP trust\u2019)
The ESOP trust is a separately administered discretionary trust.
Liabilities of the ESOP trust are guaranteed by the Parent
Company, and the assets of the ESOP trust mainly comprise
shares in the Parent Company.
Own shares held by the ESOP trust are deducted from equity
and the shares are held at historical cost until they are sold.
The assets, liabilities, income and costs of the ESOP trust
are included in both the Company\u2019s and the consolidated
financial statements.
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. Receivables for amounts previously paid to tax
authorities are recognised to the extent that it is considered
probable that the Group will recover these amounts.
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.
Deferred tax assets and liabilities are offset against each other
when there is a legally enforceable right to offset current tax
assets against current tax liabilities and 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, cancelled, expires or is 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 that are readily convertible to a
known amount of cash, are subject to insignificant risk of
changes in value and which have original maturities of three
months or less. Cash equivalents are held for the purpose of
meeting short-term cash commitments rather than for
investment or other purposes. 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 which are subsequently cancelled.
(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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-467": { "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 2025 (\u2018the year\u2019 or \u20182024/25\u2019). The comparative financial year is the year ended 31 January 2024 (\u2018the prior year\u2019 or \u20182023/24\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 material 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, a period of at least 12 months from the date on which the financial statements are authorised for issue, and they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements for the year ended 31 January 2025. 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 2 to 68. 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 2025, Kingfisher had access to \u00a3986m of liquidity, comprising cash and cash equivalents (net of bank overdrafts and including cash held for sale) of \u00a3336m and access to an undrawn Revolving Credit Facility (RCF) of \u00a3650m (which expires at the end of May 2027). The ratio of net debt to Adjusted EBITDA was 1.6 as of 31 January 2025. 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 2025, 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 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current liabilities with Covenants \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 As a result of implementing the amendments to IAS 7 and IFRS 7, the Group has provided additional disclosures about its supplier finance arrangements. The Group has applied transitional relief available under IAS 7 and has not provided comparative information in the first year of adoption. Refer to note 22. The other 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 amendments to standards which have not been applied in these financial statements were also in issue, but not yet effective: \u2014 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025) \u2014 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments, and Contracts Referencing Nature-dependent Electricity (effective from 1 January 2026) \u2014 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (effective from 1 January 2026) \u2014 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements (effective from 1 January 2027) \u2014 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective from 1 January 2027) IFRS 18 \u2013 Presentation and Disclosures in the Financial Statements, effective from 1 January 2027, which has not been applied in these financial statements, was issued by the IASB in April 2024 and is expected to be endorsed by the UK Endorsement Board in due course. The adoption of IFRS 18 is expected to have a material impact on the presentation of the Group\u2019s income statement and notes to the accounts. The Group is currently assessing the implications of the adoption of this new standard. The other new amendments to 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 2 to 68. 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 profit before tax before central costs, the Group\u2019s share of interest and tax of joint ventures and associates, adjusting items and net finance costs. Central costs principally comprise the costs of the Group\u2019s head office before adjusting items. This is the Group's operating profit measure used to report the performance of the Group\u2019s retail businesses. 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 1 , impairments of goodwill and significant impairments (or impairment reversals) of other non-current assets, which the Group identifies as adjusting due to volatility which can arise year-on-year based on future forecasts and assumptions; \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. 1. The Group does not routinely dispose of or exit properties (i.e. other than on expiry of a lease) and does not consider property disposals to form part of its trading operations as a result. This includes profits or losses on disposals of freehold properties, or lease gains or losses arising from the exit of leased properties before the lease expiry date. 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 glossary 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. Segmental analysis Determination of operating segments Kingfisher has historically determined its operating segments as defined under \u2018IFRS 8 \u2013 Operating segments\u2019 to be the geographical areas in which the Group operates. This determination has been based on the information reported internally to the Board of Directors and Group Executive, who are collectively considered to be the \u2018Chief Operating Decision Maker\u2019 (\u2018CODM\u2019), to assess business performance and make decisions about resource allocation. Following the dissolution of the \u2018France\u2019-level management structure during the year, the change in internal reporting structures, and in consideration of the increase in retail banner autonomy under the Group\u2019s \u2018Powered by Kingfisher\u2019 strategy, the Group has reassessed its determination of operating segments against the IFRS 8 criteria. Following this change in the management structure and resulting reassessment, the Group has concluded that each retail banner now represents a separate operating segment. In arriving at this conclusion, the following has been taken into consideration: \u2014 Revenues and expenses are generally earned and incurred at the retail banner level (i.e. despite some overlap in product ranges and customer base); \u2014 Following the changes in internal structure, only limited shared in-country activities remain for the UK & Ireland and France retail banners, particularly following the dissolution of the \u2018France\u2019-level management structure during the year; and \u2014 Based on the revised internal structure, discrete financial information and operating results are available at a retail banner level and are reviewed by the CODM when assessing performance and making overarching resource allocation decisions under the Group\u2019s \u2018Powered by Kingfisher\u2019 strategy. The retail banner level determination of operating segments primarily impacts the Groups\u2019 banners located in the UK & Ireland (i.e. B&Q UK & Ireland and Screwfix UK & Ireland) and France (i.e. Castorama France and Brico D\u00e9p\u00f4t France) where the operating segments have historically been identified at a geographical level. This change does not have any impact on the existing determination of operating segments for the Group\u2019s retail banners outside of the UK & Ireland and France as there is only one retail banner within each of the geographical locations. Determination of reportable segments In consideration of the change in determination of operating segments, the Group has reassessed its reportable segments in line with the requirements of IFRS 8. Historically, the Group\u2019s reportable segments consisted of the UK & Ireland and France as these individually met the quantitative requirements set out in IFRS. All other segments, which did not meet the individual quantitative criteria to be defined as a reportable segment, were combined and presented as \u2018Other International\u2019. In previous periods, this combination included the results of Castorama Poland, for which the individual segment results were separately disclosed to provide additional information to users. Following this reassessment and in consideration of the quantitative results of the segments in the current period, it was considered appropriate that the reportable segments should be UK & Ireland, France and Poland. Within both the UK & Ireland and France reportable segments, operating segments determined at the retail banner level have been aggregated to form reportable segments (i.e. B&Q and Screwfix in the UK & Ireland and Castorama and Brico D\u00e9p\u00f4t in France). In arriving at this conclusion, the following has been taken into consideration: \u2014 Operating segments within the same geographical area share similar economic characteristics in terms of sales metrics, long-term average gross margins, levels of capital investment and operating cash flows; \u2014 Operating segments within the same geographical area share similar risks, including market and competition risk, supply chain risk, political and regulatory risk, legal and compliance risk and currency risk; and \u2014 The nature of products and services provided by each operating segment within the same geographical area are similar, with similar customer bases and target markets. Upon aggregation, it was identified that the UK & Ireland and France segments meet the quantitative criteria to be defined as reportable segments. Screwfix France has not been aggregated as part of the France reportable segment due to its level of maturity relative to Castorama France and Brico D\u00e9p\u00f4t France. As the Castorama Poland operating segment meets the IFRS 8 quantitative threshold to be a reportable segment it has been separated from the \u2018Other International\u2019 combined segment and presented as a separate reportable segment. Other operating segments, which do not individually meet the definition of a reportable segment, have been combined and are presented as \u2018Other International\u2019.
Goodwill impairment testing implications
For goodwill impairment testing, goodwill cannot be assessed for
impairment at a level higher than an operating segment and
which represents the lowest level within the entity at which
goodwill is monitored for internal management purposes. Under
the previous determination of operating segments by
geographical area, goodwill was tested for impairment at the UK
& Ireland, France and Poland levels respectively, representing
the lowest level at which the goodwill was monitored for internal
management purposes.
As a result of the change to a retail banner level determination of
operating segments, the goodwill balances previously allocated
to the UK & Ireland and France group of CGUs have been
reallocated to the retail banners within those geographical areas
(i.e. B&Q and Screwfix in the UK & Ireland and Castorama and
Brico D\u00e9p\u00f4t in France), and tested for impairment at that level.
Within Poland there is only one retail banner and so no
reallocation is required. In line with \u2018IAS 36 \u2013 Impairment of
Assets\u2019, where undergoing reporting structure changes, goodwill
should be reallocated using a \u2018relative value\u2019 approach. The
Group has determined that each retail banner\u2019s relative value-in-
use represents the most appropriate methodology to determine
\u2018relative value\u2019. The relative value-in-use of each of the retail
banners has been calculated utilising the long-term plan cash
flows as at 30 November 2024, as well as discount rates and
growth rates.
The result of the relative value-in-use goodwill reallocation is set
out below:
Relative Goodwill
UK & Ireland value-in-use % allocation \u00a3m
B&Q UK & Ireland
58
1,036
Screwfix UK & Ireland
42
760
Total
100
1,796
France
Castorama France
43
225
Brico D\u00e9p\u00f4t France
57
296
Total
100
521
Following the above reallocation of goodwill balances to retail
banners, an impairment charge of \u00a384m was recorded in relation
to the goodwill associated with Castorama France. In addition,
impairment of Castorama France goodwill has been added as
a new \u2018Key source of estimation uncertainty\u2019 given the risk of
further material impairment over the next 12 months. This detail
is set out in note 3.
Refer to note 13 for further details of goodwill impairment
testing and the impairment charge recorded in relation to
Castorama France.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-518": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-519": { "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, a period of at least 12 months from the date on which the financial statements are authorised for issue, and they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements for the year ended 31 January 2025. 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 2 to 68. 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 2025, Kingfisher had access to \u00a3986m of liquidity, comprising cash and cash equivalents (net of bank overdrafts and including cash held for sale) of \u00a3336m and access to an undrawn Revolving Credit Facility (RCF) of \u00a3650m (which expires at the end of May 2027). The ratio of net debt to Adjusted EBITDA was 1.6 as of 31 January 2025. 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 2025, 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-570": { "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 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current liabilities with Covenants \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 As a result of implementing the amendments to IAS 7 and IFRS 7, the Group has provided additional disclosures about its supplier finance arrangements. The Group has applied transitional relief available under IAS 7 and has not provided comparative information in the first year of adoption. Refer to note 22. The other 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 amendments to standards which have not been applied in these financial statements were also in issue, but not yet effective: \u2014 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025) \u2014 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments, and Contracts Referencing Nature-dependent Electricity (effective from 1 January 2026) \u2014 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (effective from 1 January 2026) \u2014 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements (effective from 1 January 2027) \u2014 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective from 1 January 2027) IFRS 18 \u2013 Presentation and Disclosures in the Financial Statements, effective from 1 January 2027, which has not been applied in these financial statements, was issued by the IASB in April 2024 and is expected to be endorsed by the UK Endorsement Board in due course. The adoption of IFRS 18 is expected to have a material impact on the presentation of the Group\u2019s income statement and notes to the accounts. The Group is currently assessing the implications of the adoption of this new standard. The other new amendments to 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-520": { "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 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current liabilities with Covenants \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 As a result of implementing the amendments to IAS 7 and IFRS 7, the Group has provided additional disclosures about its supplier finance arrangements. The Group has applied transitional relief available under IAS 7 and has not provided comparative information in the first year of adoption. Refer to note 22. The other 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-521": { "value": "Standards issued but not yet effective At the date of the approval of these financial statements, the following amendments to standards which have not been applied in these financial statements were also in issue, but not yet effective: \u2014 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from 1 January 2025) \u2014 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments, and Contracts Referencing Nature-dependent Electricity (effective from 1 January 2026) \u2014 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (effective from 1 January 2026) \u2014 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements (effective from 1 January 2027) \u2014 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective from 1 January 2027) IFRS 18 \u2013 Presentation and Disclosures in the Financial Statements, effective from 1 January 2027, which has not been applied in these financial statements, was issued by the IASB in April 2024 and is expected to be endorsed by the UK Endorsement Board in due course. The adoption of IFRS 18 is expected to have a material impact on the presentation of the Group\u2019s income statement and notes to the accounts. The Group is currently assessing the implications of the adoption of this new standard. The other new amendments to 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-522": { "value": "Risks and uncertainties The principal risks and uncertainties to which the Group is exposed are set out in the Strategic Report on pages 2 to 68. ", "dimensions": { "concept": "kingfisherplc:DescriptionOfAccountingPolicyForRisksAndUncertainties", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-523": { "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 profit before tax before central costs, the Group\u2019s share of interest and tax of joint ventures and associates, adjusting items and net finance costs. Central costs principally comprise the costs of the Group\u2019s head office before adjusting items. This is the Group's operating profit measure used to report the performance of the Group\u2019s retail businesses. 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 1 , impairments of goodwill and significant impairments (or impairment reversals) of other non-current assets, which the Group identifies as adjusting due to volatility which can arise year-on-year based on future forecasts and assumptions; \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. 1. The Group does not routinely dispose of or exit properties (i.e. other than on expiry of a lease) and does not consider property disposals to form part of its trading operations as a result. This includes profits or losses on disposals of freehold properties, or lease gains or losses arising from the exit of leased properties before the lease expiry date. 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 glossary 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-524": { "value": "Segmental analysis Determination of operating segments Kingfisher has historically determined its operating segments as defined under \u2018IFRS 8 \u2013 Operating segments\u2019 to be the geographical areas in which the Group operates. This determination has been based on the information reported internally to the Board of Directors and Group Executive, who are collectively considered to be the \u2018Chief Operating Decision Maker\u2019 (\u2018CODM\u2019), to assess business performance and make decisions about resource allocation. Following the dissolution of the \u2018France\u2019-level management structure during the year, the change in internal reporting structures, and in consideration of the increase in retail banner autonomy under the Group\u2019s \u2018Powered by Kingfisher\u2019 strategy, the Group has reassessed its determination of operating segments against the IFRS 8 criteria. Following this change in the management structure and resulting reassessment, the Group has concluded that each retail banner now represents a separate operating segment. In arriving at this conclusion, the following has been taken into consideration: \u2014 Revenues and expenses are generally earned and incurred at the retail banner level (i.e. despite some overlap in product ranges and customer base); \u2014 Following the changes in internal structure, only limited shared in-country activities remain for the UK & Ireland and France retail banners, particularly following the dissolution of the \u2018France\u2019-level management structure during the year; and \u2014 Based on the revised internal structure, discrete financial information and operating results are available at a retail banner level and are reviewed by the CODM when assessing performance and making overarching resource allocation decisions under the Group\u2019s \u2018Powered by Kingfisher\u2019 strategy. The retail banner level determination of operating segments primarily impacts the Groups\u2019 banners located in the UK & Ireland (i.e. B&Q UK & Ireland and Screwfix UK & Ireland) and France (i.e. Castorama France and Brico D\u00e9p\u00f4t France) where the operating segments have historically been identified at a geographical level. This change does not have any impact on the existing determination of operating segments for the Group\u2019s retail banners outside of the UK & Ireland and France as there is only one retail banner within each of the geographical locations. Determination of reportable segments In consideration of the change in determination of operating segments, the Group has reassessed its reportable segments in line with the requirements of IFRS 8. Historically, the Group\u2019s reportable segments consisted of the UK & Ireland and France as these individually met the quantitative requirements set out in IFRS. All other segments, which did not meet the individual quantitative criteria to be defined as a reportable segment, were combined and presented as \u2018Other International\u2019. In previous periods, this combination included the results of Castorama Poland, for which the individual segment results were separately disclosed to provide additional information to users. Following this reassessment and in consideration of the quantitative results of the segments in the current period, it was considered appropriate that the reportable segments should be UK & Ireland, France and Poland. Within both the UK & Ireland and France reportable segments, operating segments determined at the retail banner level have been aggregated to form reportable segments (i.e. B&Q and Screwfix in the UK & Ireland and Castorama and Brico D\u00e9p\u00f4t in France). In arriving at this conclusion, the following has been taken into consideration: \u2014 Operating segments within the same geographical area share similar economic characteristics in terms of sales metrics, long-term average gross margins, levels of capital investment and operating cash flows; \u2014 Operating segments within the same geographical area share similar risks, including market and competition risk, supply chain risk, political and regulatory risk, legal and compliance risk and currency risk; and \u2014 The nature of products and services provided by each operating segment within the same geographical area are similar, with similar customer bases and target markets. Upon aggregation, it was identified that the UK & Ireland and France segments meet the quantitative criteria to be defined as reportable segments. Screwfix France has not been aggregated as part of the France reportable segment due to its level of maturity relative to Castorama France and Brico D\u00e9p\u00f4t France. As the Castorama Poland operating segment meets the IFRS 8 quantitative threshold to be a reportable segment it has been separated from the \u2018Other International\u2019 combined segment and presented as a separate reportable segment. Other operating segments, which do not individually meet the definition of a reportable segment, have been combined and are presented as \u2018Other International\u2019. Goodwill impairment testing implications For goodwill impairment testing, goodwill cannot be assessed for impairment at a level higher than an operating segment and which represents the lowest level within the entity at which goodwill is monitored for internal management purposes. Under the previous determination of operating segments by geographical area, goodwill was tested for impairment at the UK & Ireland, France and Poland levels respectively, representing the lowest level at which the goodwill was monitored for internal management purposes. As a result of the change to a retail banner level determination of operating segments, the goodwill balances previously allocated to the UK & Ireland and France group of CGUs have been reallocated to the retail banners within those geographical areas (i.e. B&Q and Screwfix in the UK & Ireland and Castorama and Brico D\u00e9p\u00f4t in France), and tested for impairment at that level. Within Poland there is only one retail banner and so no reallocation is required. In line with \u2018IAS 36 \u2013 Impairment of Assets\u2019, where undergoing reporting structure changes, goodwill should be reallocated using a \u2018relative value\u2019 approach. The Group has determined that each retail banner\u2019s relative value-in- use represents the most appropriate methodology to determine \u2018relative value\u2019. The relative value-in-use of each of the retail banners has been calculated utilising the long-term plan cash flows as at 30 November 2024, as well as discount rates and growth rates. The result of the relative value-in-use goodwill reallocation is set out below:
Relative Goodwill
UK & Ireland value-in-use % allocation \u00a3m
B&Q UK & Ireland
58
1,036
Screwfix UK & Ireland
42
760
Total
100
1,796
France
Castorama France
43
225
Brico D\u00e9p\u00f4t France
57
296
Total
100
521
Following the above reallocation of goodwill balances to retail banners, an impairment charge of \u00a384m was recorded in relation to the goodwill associated with Castorama France. In addition, impairment of Castorama France goodwill has been added as a new \u2018Key source of estimation uncertainty\u2019 given the risk of further material impairment over the next 12 months. This detail is set out in note 3. Refer to note 13 for further details of goodwill impairment testing and the impairment charge recorded in relation to Castorama France. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-468": { "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. An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the group's share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the group's share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. 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. 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. Investments in joint ventures and associates are reviewed for impairment where there is an indication of impairment. 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 2024 and 31 January 2025 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. Equity adjustments in relation to application of IAS 29 are recorded within exchange differences on consolidation. 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-525": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-584": { "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. An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the group's share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the group's share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. 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. 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. Investments in joint ventures and associates are reviewed for impairment where there is an indication of impairment. 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 2024 and 31 January 2025 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. Equity adjustments in relation to application of IAS 29 are recorded within exchange differences on consolidation. 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-571": { "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. An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the group's share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the group's share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. 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. 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. Investments in joint ventures and associates are reviewed for impairment where there is an indication of impairment. 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 2024 and 31 January 2025 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. Equity adjustments in relation to application of IAS 29 are recorded within exchange differences on consolidation. 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-526": { "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. An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the group's share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the group's share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. 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. 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. Investments in joint ventures and associates are reviewed for impairment where there is an indication of impairment. 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 2024 and 31 January 2025 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. Equity adjustments in relation to application of IAS 29 are recorded within exchange differences on consolidation. 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-469": { "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 recorded in 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
2024/25
2023/24
Average rate
Year end rate
Average rate
Year end rate
Euro
1.18
1.20
1.15
1.17
US Dollar
1.28
1.24
1.25
1.27
Polish Zloty
5.08
5.04
5.20
5.08
Romanian Leu
5.89
5.95
5.71
5.83
Turkish Lira
1
44.38
44.38
38.64
38.64
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-527": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-470": { "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. Liabilities for returns and award credits are measured using the expected value method. 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. Where consideration is received from customers before the installation service has been completed, this amount is recorded as deferred income within trade and other payables and is only recognised as revenue once the installation service has been completed. 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 proportion of the Group\u2019s total 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-471": { "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 are 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-472": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-473": { "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 the retail banner level, representing the lowest level at which it is monitored for internal management purposes. See note 2(k) for the accounting policy on impairment, including goodwill. (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 assets under IAS 38; the Group does not control the computer software being configured or customised and the configuration or customisation activities do not create a resource controlled by the Group that is separate from the software. 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 are over their estimated useful lives of two to 10 years. Intangible assets are derecognised on disposal or when no future economic benefits are expected from its use or disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-528": { "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 the retail banner level, representing the lowest level at which it is monitored for internal management purposes. See note 2(k) for the accounting policy on impairment, including goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-529": { "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 assets under IAS 38; the Group does not control the computer software being configured or customised and the configuration or customisation activities do not create a resource controlled by the Group that is separate from the software. 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 are over their estimated useful lives of two to 10 years. Intangible assets are derecognised on disposal or when no future economic benefits are expected from its use or disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-474": { "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
\u2014 not depreciated
Freehold buildings
\u2014 over remaining useful life
Leasehold improvements
\u2014 over remaining lease
period
Fixtures and fittings
\u2014 between 4 and 20 years
Computers and electronic equipment
\u2014 between 3 and 5 years
Motor cars & commercial vehicles
\u2014 between 3 and 10 years
(iii) 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. (iv) 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. See note 2(k) for the accounting policy on impairment, including property, plant and equipment. 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-530": { "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
\u2014 not depreciated
Freehold buildings
\u2014 over remaining useful life
Leasehold improvements
\u2014 over remaining lease
period
Fixtures and fittings
\u2014 between 4 and 20 years
Computers and electronic equipment
\u2014 between 3 and 5 years
Motor cars & commercial vehicles
\u2014 between 3 and 10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-475": { "value": "i. Leased assets (i) Lessee accounting 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. For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The 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 break or extension options when these additional periods are reasonably certain to arise at the commencement of a lease. Typically, it is not considered to be reasonably certain at the commencement of a lease that such extension options will be exercised or that break options will not be exercised, and these additional periods are only recognised after they have been approved by the relevant investment committee. 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, which is deemed to be the useful life. See note 2(k) for the accounting policy on impairment, including Right-of-use assets. (ii) 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 sublease receivables within trade and other 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-476": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-477": { "value": "k. Impairment At each reporting date an assessment is performed as to whether there are any indicators that property, plant and equipment, right-of-use assets, and other intangible assets, including the Group\u2019s store-based assets, 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. Goodwill is reviewed annually for impairment or earlier if there is an indication of impairment. For store-based assets, should such indicators of impairment or impairment reversal exist, the assets\u2019 recoverable amounts are subsequently estimated. 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. Cash flows used for the purposes of determining value-in- use are based on the Group\u2019s most recent Board-approved plans. The Group has fully attributed to stores all e-ecommerce revenues (and related costs) relating to sales where stores are involved in the fulfilment of those sales. This includes online click-and-collect sales and online sales fulfilled by store-to- home delivery. Other e-commerce related cash flows, including direct-to-home delivery and marketplace sales (where there is no store involvement) are not allocated to stores for impairment testing purposes. 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. Where a store\u2019s recoverable amount is less than its carrying value, it is impaired down to its recoverable amount. Where a store has been previously impaired and its recoverable amount is higher than its carrying value, the previous impairment is reversed to an amount in which its carrying amount cannot exceed its recoverable amount, with reversals capped at the amount of previous accumulated impairments, adjusted for depreciation. For the purposes of goodwill impairment testing, goodwill has been allocated to each retail banner Group of CGUs, representing the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount is assessed by reference to the present value of expected future cash flows (\u2018value-in-use\u2019). Cash flows used for the purposes of determining value-in-use are based on the Group\u2019s most recent Board-approved plans. 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. Where the recoverable amount is less than the net assets of the Group of CGUs and related goodwill, an impairment loss is immediately recognised in the income statement. An impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets in the Group of CGUs on a pro-rata basis, on the basis of the carrying amount of each asset in the group of CGUs. A goodwill impairment cannot be reversed. Profits or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Other intangibles are reviewed annually for impairment, or earlier where there is an indication of impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-531": { "value": "k. Impairment At each reporting date an assessment is performed as to whether there are any indicators that property, plant and equipment, right-of-use assets, and other intangible assets, including the Group\u2019s store-based assets, 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. Goodwill is reviewed annually for impairment or earlier if there is an indication of impairment. For store-based assets, should such indicators of impairment or impairment reversal exist, the assets\u2019 recoverable amounts are subsequently estimated. 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. Cash flows used for the purposes of determining value-in- use are based on the Group\u2019s most recent Board-approved plans. The Group has fully attributed to stores all e-ecommerce revenues (and related costs) relating to sales where stores are involved in the fulfilment of those sales. This includes online click-and-collect sales and online sales fulfilled by store-to- home delivery. Other e-commerce related cash flows, including direct-to-home delivery and marketplace sales (where there is no store involvement) are not allocated to stores for impairment testing purposes. 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. Where a store\u2019s recoverable amount is less than its carrying value, it is impaired down to its recoverable amount. Where a store has been previously impaired and its recoverable amount is higher than its carrying value, the previous impairment is reversed to an amount in which its carrying amount cannot exceed its recoverable amount, with reversals capped at the amount of previous accumulated impairments, adjusted for depreciation. For the purposes of goodwill impairment testing, goodwill has been allocated to each retail banner Group of CGUs, representing the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount is assessed by reference to the present value of expected future cash flows (\u2018value-in-use\u2019). Cash flows used for the purposes of determining value-in-use are based on the Group\u2019s most recent Board-approved plans. 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. Where the recoverable amount is less than the net assets of the Group of CGUs and related goodwill, an impairment loss is immediately recognised in the income statement. An impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets in the Group of CGUs on a pro-rata basis, on the basis of the carrying amount of each asset in the group of CGUs. A goodwill impairment cannot be reversed. Profits or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Other intangibles are reviewed annually for impairment, or earlier where there is an indication of impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-478": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-479": { "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. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. 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. iii) Employee Share Ownership Plan trust (\u2018ESOP trust\u2019) The ESOP trust is a separately administered discretionary trust. Liabilities of the ESOP trust are guaranteed by the Parent Company, and the assets of the ESOP trust mainly comprise shares in the Parent Company. Own shares held by the ESOP trust are deducted from equity and the shares are held at historical cost until they are sold. The assets, liabilities, income and costs of the ESOP trust are included in both the Company\u2019s and the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-532": { "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. iii) Employee Share Ownership Plan trust (\u2018ESOP trust\u2019) The ESOP trust is a separately administered discretionary trust. Liabilities of the ESOP trust are guaranteed by the Parent Company, and the assets of the ESOP trust mainly comprise shares in the Parent Company. Own shares held by the ESOP trust are deducted from equity and the shares are held at historical cost until they are sold. The assets, liabilities, income and costs of the ESOP trust are included in both the Company\u2019s and the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-533": { "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. Receivables for amounts previously paid to tax authorities are recognised to the extent that it is considered probable that the Group will recover these amounts. 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. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to offset current tax assets against current tax liabilities and 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-480": { "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. Receivables for amounts previously paid to tax authorities are recognised to the extent that it is considered probable that the Group will recover these amounts. 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. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to offset current tax assets against current tax liabilities and 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-534": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-481": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-482": { "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, cancelled, expires or is 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 that are readily convertible to a known amount of cash, are subject to insignificant risk of changes in value and which have original maturities of three months or less. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-535": { "value": "Financial liabilities (or a part of a financial liability) are derecognised when the obligation specified in the contract is discharged, cancelled, expires or is substantially modified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-536": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-537": { "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 that are readily convertible to a known amount of cash, are subject to insignificant risk of changes in value and which have original maturities of three months or less. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-572": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-538": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-539": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-540": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-585": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-573": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-541": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-542": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-483": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-484": { "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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-485": { "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 which are subsequently cancelled. (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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-543": { "value": "(i) Share capital The nominal value of proceeds received for shares issued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-544": { "value": "(iii) Own shares held Shares held by The Employee Share Ownership Plan Trust. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-486": { "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.
Following the reallocation of goodwill balances to retail banners
(refer to note 2), an impairment charge of \u00a384m was recorded in
relation to the goodwill associated with Castorama France,
resulting from higher discount rates and revised financial
projections. In addition, impairment of Castorama France
goodwill has been added as a new \u2018Key source of estimation
uncertainty\u2019 given the risk of further material impairments over
the next 12 months.
In September 2024, the European Court of Justice annulled the
decision in relation to the European Commission\u2019s previous
ruling in relation to the state aid investigation into the Group
Financing Exemption section of the UK Controlled Foreign
Company rules. As a result, this is no longer considered to be a
critical accounting judgment.
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 add 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 \u00a32,719m (2023/24: \u00a32,914m). 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 \u00a330m decrease in the carrying amount of inventories
(2023/24: \u00a332m).
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 and Castorama
France goodwill
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 (CGU)
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. They assume sales increases that are higher than recent
experience and driven by an improved and differentiated offer,
and market growth expectations based on internal and external
forecasts. 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 of 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 \u00a394m (2023/24: \u00a376m net charges)
as adjusting items, principally relating to revised financial
projections, and the impact of higher discount rates in France.
The carrying amount of store-based assets subject to this
estimation uncertainty is \u00a34,278m (2023/24: \u00a34,416m). The
recoverable amount of impaired store-based assets for which
an impairment loss has been recognised or reversed, including
how the recoverable amount is supported, is as follows:
\u00a3 millions
2024/25
2023/24
Value-in-use
444
469
Fair value less costs to sell
205
136
649
605
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:
Impact on net
Assumption
Change in assumption
impairment charge
Operating
\u2014
Decrease by 10%
\u2014 Increase by \u00a341m
cash flows
\u2014
Increase by 10%
\u2014 Decrease by \u00a334m
Post-tax
\u2014
Increase by 1%
\u2014 Increase by \u00a337m
discount rate
\u2014
Decrease by 1%
\u2014 Decrease by \u00a337m
Further information relating to store assets is provided in notes
15 and 17.
Impairment of Castorama France goodwill
Goodwill is reviewed for impairment annually or earlier if
there is an indication of impairment. When a review for goodwill
impairment is performed, the recoverable amount of the
CGU to which goodwill is allocated is determined based on its
value-in-use. Where the recoverable amount is less than the net
assets of the CGU and related goodwill, an impairment of
goodwill is recorded.
Following the reallocation of goodwill balances to retail banners
(refer to note 2), goodwill of \u00a3225m was allocated to the
Castorama France group of CGUs. In the current year, the
Group has recorded an \u00a384m partial impairment of this balance,
principally related to higher discount rates in France and revised
cash flow projections. The carrying amount of the remaining
Castorama France goodwill balance of \u00a3140m is highly sensitive
to changes in assumptions, and reasonably possible changes
could result in further material impairment charges.
The determination of value-in-use for the Castorama France
group of CGUs requires the estimation of future cash flows
expected to arise from the continuing operation of the
Castorama France retail banner and the determination of
suitable discount and long-term growth rates. These estimations
are subject to a high degree of uncertainty, in line with those for
the store-based asset impairment review. The relevant cash
flows for the Castorama France group of CGUs are derived
from the same cash flow projections used as part of the store-
based asset impairment review, in addition to the same discount
and long-term growth rates. In line with the value-in-use
methodology used for store-based asset impairment reviews,
cash flows beyond the period of the strategic plans are
calculated using the long-term growth rate.
The Group has reviewed a sensitivity analysis and has
determined that a 10% decrease in operating cash flows,
which could be influenced by a deterioration in external market
conditions against forecasted assumptions or the Group\u2019s ability
to realise internal strategic initiatives, or a 1% increase in the
post-tax discount rate which, based on the Group\u2019s previous
experience and management\u2019s judgement represent reasonably
possible changes, would lead to an impairment of the remaining
\u00a3140m goodwill carrying amount.
Further information relating to goodwill is provided in note 13.
Post-employment benefits
The present value of the defined benefit obligations 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.
Due to the significance of the UK defined benefit obligation, the
carrying value of which is \u00a31,711m (2023/24: \u00a31,826m), reasonably
possible changes in financial and demographic assumptions (i.e.
discount rates, price inflation/rate of pension increases and
mortality assumptions) could result in a material adjustment to
the financial statements. During the year, changes in financial and
demographic assumptions have resulted in a decrease in the UK
defined benefit obligation of \u00a3120m (2023/24: \u00a3190m). 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 \u00a3221m (2023/24: \u00a393m charge).
Total adjusting items after taxation were a charge of \u00a3196m
(2023/24: \u00a370m charge). Refer to note 6 for further information
on adjusting items.
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 Risk section (pages 60 \u2013 65). Climate scenario analysis has
been performed and is set out in the TCFD disclosures on pages
30 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 below).
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 realised within a relatively 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 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 66 to 67 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, as
performed and described in the TCFD disclosure on pages
30 to 46 identified no risks that resulted in an adverse impact
on the Group\u2019s discounted cash flows above 10%, which is the
sensitivity performed for store asset and goodwill impairment
purposes. Climate change risks are therefore not judged to be
key drivers in determining the outcome of the impairment
exercise or the Viability Statement.
As a result, 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-545": { "value": "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 add 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 \u00a32,719m (2023/24: \u00a32,914m). 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 \u00a330m decrease in the carrying amount of inventories (2023/24: \u00a332m). 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 and Castorama France goodwill 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 (CGU) 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. They assume sales increases that are higher than recent experience and driven by an improved and differentiated offer, and market growth expectations based on internal and external forecasts. 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 of 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 \u00a394m (2023/24: \u00a376m net charges) as adjusting items, principally relating to revised financial projections, and the impact of higher discount rates in France. The carrying amount of store-based assets subject to this estimation uncertainty is \u00a34,278m (2023/24: \u00a34,416m). The recoverable amount of impaired store-based assets for which an impairment loss has been recognised or reversed, including how the recoverable amount is supported, is as follows: \u00a3 millions 2024/25 2023/24 Value-in-use 444 469 Fair value less costs to sell 205 136 649 605 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: Impact on net Assumption Change in assumption impairment charge Operating \u2014 Decrease by 10% \u2014 Increase by \u00a341m cash flows \u2014 Increase by 10% \u2014 Decrease by \u00a334m Post-tax \u2014 Increase by 1% \u2014 Increase by \u00a337m discount rate \u2014 Decrease by 1% \u2014 Decrease by \u00a337m Further information relating to store assets is provided in notes 15 and 17. Impairment of Castorama France goodwill Goodwill is reviewed for impairment annually or earlier if there is an indication of impairment. When a review for goodwill impairment is performed, the recoverable amount of the CGU to which goodwill is allocated is determined based on its value-in-use. Where the recoverable amount is less than the net assets of the CGU and related goodwill, an impairment of goodwill is recorded. Following the reallocation of goodwill balances to retail banners (refer to note 2), goodwill of \u00a3225m was allocated to the Castorama France group of CGUs. In the current year, the Group has recorded an \u00a384m partial impairment of this balance, principally related to higher discount rates in France and revised cash flow projections. The carrying amount of the remaining Castorama France goodwill balance of \u00a3140m is highly sensitive to changes in assumptions, and reasonably possible changes could result in further material impairment charges. The determination of value-in-use for the Castorama France group of CGUs requires the estimation of future cash flows expected to arise from the continuing operation of the Castorama France retail banner and the determination of suitable discount and long-term growth rates. These estimations are subject to a high degree of uncertainty, in line with those for the store-based asset impairment review. The relevant cash flows for the Castorama France group of CGUs are derived from the same cash flow projections used as part of the store- based asset impairment review, in addition to the same discount and long-term growth rates. In line with the value-in-use methodology used for store-based asset impairment reviews, cash flows beyond the period of the strategic plans are calculated using the long-term growth rate. The Group has reviewed a sensitivity analysis and has determined that a 10% decrease in operating cash flows, which could be influenced by a deterioration in external market conditions against forecasted assumptions or the Group\u2019s ability to realise internal strategic initiatives, or a 1% increase in the post-tax discount rate which, based on the Group\u2019s previous experience and management\u2019s judgement represent reasonably possible changes, would lead to an impairment of the remaining \u00a3140m goodwill carrying amount. Further information relating to goodwill is provided in note 13. Post-employment benefits The present value of the defined benefit obligations 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. Due to the significance of the UK defined benefit obligation, the carrying value of which is \u00a31,711m (2023/24: \u00a31,826m), reasonably possible changes in financial and demographic assumptions (i.e. discount rates, price inflation/rate of pension increases and mortality assumptions) could result in a material adjustment to the financial statements. During the year, changes in financial and demographic assumptions have resulted in a decrease in the UK defined benefit obligation of \u00a3120m (2023/24: \u00a3190m). To help the reader understand the impact of changes in the key market rates and assumptions, a sensitivity analysis is provided in note 28. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-487": { "value": "
4 Sales
2023/24
\u00a3 millions
2024/25
(re-presented
1
)
B&Q
3,820
3,849
Screwfix
2,636
2,538
Total UK & Ireland
6,456
6,387
Castorama
2,014
2,219
Brico D\u00e9p\u00f4t
1,869
2,027
Total France
3,883
4,246
Poland
1,788
1,694
Iberia
384
371
Romania
257
269
Screwfix France & Other
2
16
13
Other International
657
653
Total Group
12,784
12,980
1.
Poland is now determined to be a separate reportable segment and has been separated from the \u2018Other International\u2019 combination of operating segments.
Refer to note 2.
2.
\u2018Screwfix France & Other\u2019 consists of the consolidated results of Screwfix France, NeedHelp and revenue from franchise and wholesale agreements.
On 18 July 2024, the Group completed a divestment of our c.80% equity interest in NeedHelp.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-488": { "value": "5 Segmental analysis Income statement
2024/25
Other
\u00a3 millions
UK & Ireland
France
Poland
International Total
Sales
6,456
3,883
1,788
657
12,784
Retail profit/(loss)
558
95
90
(47)
696
Central costs
(62)
Share of interest and tax of joint ventures
and associates (6)
Adjusting items
(221)
Operating profit
407
Net finance costs
(100)
Profit before taxation
307
2023/24 (re-presented
1
)
Other
\u00a3 millions
UK & Ireland
France
Poland
 International Total
Sales
6,387
4,246
1,694
653
12,980
Retail profit/(loss)
555
139
82
(27)
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
Balance sheet Other segmental information
2024/25
Other
\u00a3 millions
UK & Ireland
France
Poland
International
Central
Total
Additions to property, plant & equipment, other
intangibles (excluding goodwill) and right-of-use assets
321
157
69
21
1
569
Depreciation and amortisation
413
137
77
27
2
656
Impairment losses
38
157
5
22
\u2013
222
Impairment reversals
(2)
(12)
(4)
(6)
\u2013
(24)
Non-current assets
2
4,362
1,968
999
216
18
7,563
2023/24 (re-presented
1
)
Other
\u00a3 millions
UK & Ireland
France
Poland
International
Central
Total
Additions to property, plant & equipment, other
intangibles (excluding goodwill) and right-of-use assets
321
146
106
48
3
624
Depreciation and amortisation
401
137
70
32
1
641
Impairment losses
21
44
11
39
\u2013
115
Impairment reversals
(18)
(8)
\u2013
(2)
\u2013
(28)
Non-current assets
2
4,480
2,127
1,005
279
8
7,899
1. The Group has reassessed its determination of operating and reportable segments in the year. Following this reassessment, Poland is now determined to be a separate reportable segment and has been separated from the \u2018Other International\u2019 combination of operating segments. Other operating segments, which do not individually meet the definition of a reportable segment, continue to be combined and are presented as \u2018Other International\u2019. As a result, the 2023/24 segmental disclosures presented above have been re-presented to reflect this revised determination of reportable segments. There are no changes to the Group\u2019s reportable segments in the UK & Ireland and France. Refer to note 2. 2. 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 Group\u2019s operating segments are based on the information reported internally to the Board of Directors and Group Executive, and are generally determined to be the retail banners operating in each geographical area (i.e. B&Q and Screwfix in the UK & Ireland, Castorama, Brico D\u00e9p\u00f4t and Screwfix in France, Castorama in Poland, Brico D\u00e9p\u00f4t in Iberia, Brico D\u00e9p\u00f4t in Romania and Ko\u00e7ta\u015f, the Group\u2019s joint venture in Turkey). NeedHelp, an online services marketplace, and the Group\u2019s franchising and wholesaling operation are also determined to be operating segments. On 18 July 2024, the Group completed the divestment of its c.80% equity interest in NeedHelp. The reportable segments disclosed above are based on the geographical areas in which the Group operates. Within both the UK & Ireland and France reportable segments, operating segments determined at the retail banner level have been aggregated to form reportable segments (i.e. B&Q and Screwfix in the UK & Ireland, and Castorama and Brico D\u00e9p\u00f4t in France). Other operating segments, which do not individually meet the definition of a reportable segment, are combined and presented as \u2018Other International\u2019, consisting of Brico D\u00e9p\u00f4t Iberia, Brico D\u00e9p\u00f4t Romania, Screwfix France, Ko\u00e7ta\u015f, NeedHelp and results from franchising and wholesaling operations. Screwfix France has not been aggregated as part of the France reportable segment due to its level of maturity relative to Castorama France and Brico D\u00e9p\u00f4t France. The principal activities of the Group are the supply of home improvement products and services. The majority of the sales in each segment are derived from in-store and online sales of products. Central costs principally comprise the costs of the Group\u2019s head office before adjusting items.
2024/25
Other
\u00a3 millions
UK & Ireland
France
Poland
International
Total
Segment net assets
2,833
1,660
1,168
319
5,980
Central assets
67
Goodwill
2,312
Net debt
(2,015)
Net assets
6,344
2023/24 (re-presented
1
)
Other
\u00a3 millions
UK & Ireland
France
Poland
International Total
Segment net assets
2,931
1,753
1,195
360
6,239
Central assets
83
Goodwill
2,398
Net debt
(2,116)
Net assets
6,604
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-489": { "value": "6 Adjusting items \u00a3 millions 2024/25 2023/24 Included within selling and distribution expenses Net store asset impairment losses (94) (76) Operating model restructuring (5) (11) (99) (87) Included within administrative expenses Castorama France goodwill impairment (84) \u2013 Castorama France head-office restructuring (15) \u2013 UK guaranteed minimum pension credit 2 \u2013 NeedHelp goodwill impairment \u2013 (8) (97) (8) Included within other income/expenses Impairments of Romania assets and other exit costs (22) \u2013 Loss on disposal of NeedHelp (3) \u2013 Profit on disposal of Crealfi associate investment \u2013 2 (25) 2 Adjusting items before tax (221) (93) Prior year and other adjusting tax items 25 23 Adjusting items (196) (70) Against the context of our performance in FY 24/25, we have revised future financial projections for a number of stores across the Group\u2019s portfolio. These revised projections, combined with the impact of higher discount rates in France, have resulted in the recognition of \u00a394m of net store impairment charges in the year. Impairment charges of \u00a3118m have been recorded principally in France and the UK, partially offset by impairment reversals of \u00a324m principally in France, driven by higher property market values. During the prior year, the Group commenced formal consultations with employee representatives regarding the Group\u2019s technology operating model restructuring programme. Charges of \u00a35m were recorded in the year relating to this programme, which has now been completed. Following the Group\u2019s reassessment of operating and reportable segments (refer to note 2) and the resulting reallocation of goodwill balances to retail banners, an impairment charge of \u00a384m was recorded in relation to the goodwill associated with Castorama France, resulting from increased discount rates and revised financial projections. During the year, the Group held formal consultations with employee representatives regarding a head office restructuring programme in Castorama France. Restructuring costs of \u00a315m have been recognised related to this programme, primarily relating to redundancy costs. No additional adjusting costs are expected to be incurred relating to this programme. During the year, we updated the methodology under which the liability relating to guaranteed minimum pension equalisation is calculated for the UK defined benefit scheme, to reflect the methodology chosen by the Trustees, resulting in a \u00a32m credit. In December 2024, the Group announced that it had reached an agreement to dispose of its 100% interest in its Brico D\u00e9p\u00f4t Romania business for an enterprise value of \u00a358m. The sale is expected to complete during the first half of 2025/26. Adjusting charges of \u00a322m have been recognised in the year relating to this disposal, principally relating to impairment charges recognised on classification of the business as held for sale, and other exit costs. During the year, the Group completed the disposal of its c.80% interest in NeedHelp for nil proceeds, resulting in a loss on disposal of \u00a33m. 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-490": { "value": "
7 Net finance costs
\u00a3 millions
2024/25
2023/24
Bank overdrafts, bank loans and derivatives
(1)
\u2013
Fixed term debt
(8)
(7)
Lease liabilities
(123)
(126)
Finance costs
(132)
(133)
Cash and cash equivalents and short-term deposits
22
16
Net interest income on defined benefit pension schemes
7
7
Finance lease income
1
1
Other interest income
2
4
Finance income
32
28
Net finance costs
(100)
(105)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-595": { "value": "7 Net finance costs
\u00a3 millions
2024/25
2023/24
Bank overdrafts, bank loans and derivatives
(1)
\u2013
Fixed term debt
(8)
(7)
Lease liabilities
(123)
(126)
Finance costs
(132)
(133)
Cash and cash equivalents and short-term deposits
22
16
Net interest income on defined benefit pension schemes
7
7
Finance lease income
1
1
Other interest income
2
4
Finance income
32
28
Net finance costs
(100)
(105)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-591": { "value": "7 Net finance costs
\u00a3 millions
2024/25
2023/24
Bank overdrafts, bank loans and derivatives
(1)
\u2013
Fixed term debt
(8)
(7)
Lease liabilities
(123)
(126)
Finance costs
(132)
(133)
Cash and cash equivalents and short-term deposits
22
16
Net interest income on defined benefit pension schemes
7
7
Finance lease income
1
1
Other interest income
2
4
Finance income
32
28
Net finance costs
(100)
(105)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-586": { "value": "7 Net finance costs
\u00a3 millions
2024/25
2023/24
Bank overdrafts, bank loans and derivatives
(1)
\u2013
Fixed term debt
(8)
(7)
Lease liabilities
(123)
(126)
Finance costs
(132)
(133)
Cash and cash equivalents and short-term deposits
22
16
Net interest income on defined benefit pension schemes
7
7
Finance lease income
1
1
Other interest income
2
4
Finance income
32
28
Net finance costs
(100)
(105)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-574": { "value": "7 Net finance costs
\u00a3 millions
2024/25
2023/24
Bank overdrafts, bank loans and derivatives
(1)
\u2013
Fixed term debt
(8)
(7)
Lease liabilities
(123)
(126)
Finance costs
(132)
(133)
Cash and cash equivalents and short-term deposits
22
16
Net interest income on defined benefit pension schemes
7
7
Finance lease income
1
1
Other interest income
2
4
Finance income
32
28
Net finance costs
(100)
(105)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-546": { "value": "7 Net finance costs
\u00a3 millions
2024/25
2023/24
Bank overdrafts, bank loans and derivatives
(1)
\u2013
Fixed term debt
(8)
(7)
Lease liabilities
(123)
(126)
Finance costs
(132)
(133)
Cash and cash equivalents and short-term deposits
22
16
Net interest income on defined benefit pension schemes
7
7
Finance lease income
1
1
Other interest income
2
4
Finance income
32
28
Net finance costs
(100)
(105)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-491": { "value": "
8 Profit before taxation
The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation:
\u00a3 millions
2024/25
2023/24
Amortisation of intangible assets
1
125
111
Depreciation of property, plant and equipment, investment property and right-of-use assets
531
530
Impairment of goodwill
84
8
Impairment of intangible assets
6
3
Impairment of property, plant and equipment, right-of-use assets, investment property and assets held for sale
132
104
Reversal of impairment of property, plant and equipment and right-of-use assets
(24)
(28)
Write-down to recoverable amount of trade and other receivables
2
3
1. Of the amortisation of intangible assets charge, \u00a32m (2023/24: \u00a31m) and \u00a3123m (2023/24: \u00a3110m) are included in selling and distribution expenses and
administrative expenses respectively.
Auditor\u2019s remuneration
\u00a3 millions
2024/25
2023/24
Fees payable for the audit of the Company and consolidated financial statements
1.1
1.1
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
2.2
1.7
Audit fees
3.3
2.8
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
3.6
3.1
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 83.
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-547": { "value": "8 Profit before taxation The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation:
\u00a3 millions
2024/25
2023/24
Amortisation of intangible assets
1
125
111
Depreciation of property, plant and equipment, investment property and right-of-use assets
531
530
Impairment of goodwill
84
8
Impairment of intangible assets
6
3
Impairment of property, plant and equipment, right-of-use assets, investment property and assets held for sale
132
104
Reversal of impairment of property, plant and equipment and right-of-use assets
(24)
(28)
Write-down to recoverable amount of trade and other receivables
2
3
1. Of the amortisation of intangible assets charge, \u00a32m (2023/24: \u00a31m) and \u00a3123m (2023/24: \u00a3110m) are included in selling and distribution expenses and administrative expenses respectively. Auditor\u2019s remuneration
\u00a3 millions
2024/25
2023/24
Fees payable for the audit of the Company and consolidated financial statements
1.1
1.1
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
2.2
1.7
Audit fees
3.3
2.8
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
3.6
3.1
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 83. Audit-related assurance services relate to the interim review. No services were provided pursuant to contingent fee arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-575": { "value": "
\u00a3 millions
2024/25
2023/24
Amortisation of intangible assets
1
125
111
Depreciation of property, plant and equipment, investment property and right-of-use assets
531
530
Impairment of goodwill
84
8
Impairment of intangible assets
6
3
Impairment of property, plant and equipment, right-of-use assets, investment property and assets held for sale
132
104
Reversal of impairment of property, plant and equipment and right-of-use assets
(24)
(28)
Write-down to recoverable amount of trade and other receivables
2
3
1. Of the amortisation of intangible assets charge, \u00a32m (2023/24: \u00a31m) and \u00a3123m (2023/24: \u00a3110m) are included in selling and distribution expenses and administrative expenses respectively.
15 Property, plant and equipment
Land and Fixtures, fittings
\u00a3 millions buildings
and equipment
Total
Cost
At 1 February 2024
2,761
3,637
6,398
Additions
32
206
238
Disposals
(11)
(52)
(63)
Eliminations and transfers
1
70
(820)
(750)
Transfers to assets held for sale
(73)
(27)
(100)
Exchange differences
(26)
(19)
(45)
At 31 January 2025
2,753
2,925
5,678
Depreciation
At 1 February 2024
(628)
(2,564)
(3,192)
Charge for the year
(29)
(177)
(206)
Impairment losses
(42)
(34)
(76)
Impairment reversals
14
2
16
Disposals
3
50
53
Eliminations and transfers
1
(2)
752
750
Transfers to assets held for sale
36
24
60
Exchange differences
7
15
22
At 31 January 2025
(641)
(1,932)
(2,573)
Net carrying amount
At 31 January 2025
2,112
993
3,105
Cost
At 1 February 2023
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 2024
2,761
3,637
6,398
Depreciation
At 1 February 2023
(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 2024
(628)
(2,564)
(3,192)
Net carrying amount
At 31 January 2024
2,133
1,073
3,206
Assets in the course of construction included above at net carrying amount
At 31 January 2025
35
160
195
At 31 January 2024
22
147
169
1.
Eliminations and transfers comprise of amounts in relation to nil net book value assets which have been eliminated from the asset register following a
verification project in the UK, in addition to other transfers across asset categories in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-587": { "value": "
\u00a3 millions
2024/25
2023/24
Amortisation of intangible assets
1
125
111
Depreciation of property, plant and equipment, investment property and right-of-use assets
531
530
Impairment of goodwill
84
8
Impairment of intangible assets
6
3
Impairment of property, plant and equipment, right-of-use assets, investment property and assets held for sale
132
104
Reversal of impairment of property, plant and equipment and right-of-use assets
(24)
(28)
Write-down to recoverable amount of trade and other receivables
2
3
1. Of the amortisation of intangible assets charge, \u00a32m (2023/24: \u00a31m) and \u00a3123m (2023/24: \u00a3110m) are included in selling and distribution expenses and administrative expenses respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-576": { "value": "Auditor\u2019s remuneration
\u00a3 millions
2024/25
2023/24
Fees payable for the audit of the Company and consolidated financial statements
1.1
1.1
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
2.2
1.7
Audit fees
3.3
2.8
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
3.6
3.1
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 83. 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-492": { "value": "
9 Employees and Directors
\u00a3 millions
2024/25
2023/24
Wages and salaries
1,729
1,687
Social security costs
311
298
Post-employment benefits
Defined contribution
55
50
Defined benefit - current service cost
10
11
Share-based compensation
20
22
Employee benefit expenses
2,125
2,068
Number thousands
2024/25
2023/24
Stores
66
69
Administration
8
7
Average number of persons employed
74
76
The average number of persons employed excludes those employed by the Group\u2019s joint ventures and associates.
Remuneration of directors
\u00a3 millions
2024/25
2023/24
Emoluments
4.3
3.5
Amounts received under incentive schemes
1
4.7
\u2013
9.0
3.5
1.
Excludes amounts relating to past directors.
Emoluments comprise fees paid to non-executive directors and, for executive directors, salary and benefits earned during the
relevant financial year, plus cash bonuses awarded for the year.
Remuneration of key management personnel
\u00a3 millions
2024/25
2023/24
Short-term employee benefits
11.0
8.4
Post-employment benefits
0.5
0.5
Termination benefits
0.1
0.3
Share-based compensation
3.6
6.5
15.2
15.7
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 88 to 119.
There have been no other transactions with key management during the year (2023/24: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-548": { "value": "Remuneration of key management personnel
\u00a3 millions
2024/25
2023/24
Short-term employee benefits
11.0
8.4
Post-employment benefits
0.5
0.5
Termination benefits
0.1
0.3
Share-based compensation
3.6
6.5
15.2
15.7
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 88 to 119. There have been no other transactions with key management during the year (2023/24: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-493": { "value": "
10 Income tax expense
\u00a3 millions
2024/25
2023/24
UK corporation tax
Current tax on profits for the year
(79)
(73)
Adjustments in respect of prior years
4
2
(75)
(71)
Overseas tax
Current tax on profits for the year
(26)
(37)
Adjustments in respect of prior years
4
8
(22)
(29)
Current tax
(97)
(100)
Deferred tax
Current year
(13)
(25)
Adjustments in respect of prior years
(12)
(4)
Adjustments in respect of changes in tax rates
\u2013
(1)
Deferred tax
(25)
(30)
Income tax expense
(122)
(130)
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% (2023/24: 25%). The differences are
explained below:
\u00a3 millions
2024/25
2023/24
Profit before taxation
307
475
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023/24: 24%
1
)
(77)
(114)
Net expense not deductible for tax purposes
(32)
(9)
Temporary differences:
Losses not recognised
(9)
(12)
Share of post-tax results of joint ventures
(4)
\u2013
Foreign tax rate differences
4
\u2013
Adjustments in respect of prior years
(4)
6
Adjustments in respect of changes in tax rates
\u2013
(1)
Income tax expense
(122)
(130)
1. The UK corporation tax rate increased from 19% to 25% with effect from 1 April 2023. A blended rate of 24% is used for 2023/24 in the reconciliation above to
reflect this change.
The adjusted effective tax rate on profit before adjusting items is 28% (2023/24: 27%). The effective tax rate calculation is set out in
the Financial Review on page 50.
The overall tax rate for the year is 40% (2023/24: 27%). This predominately reflects the blend of tax rates and profits in the Group\u2019s
various jurisdictions, and the applicable tax treatment of adjusting items and losses made by companies which have not been
recognised for deferred tax. This includes a charge in respect 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 \u00a330m has been credited directly to equity (2023/24: \u00a319m credit)
of which a \u00a31m charge (2023/24: \u00a3nil) is included in current tax and a \u00a331m credit (2023/24: \u00a319m credit) is included in deferred tax.
This principally relates to post-employment benefits.
In July 2023 the 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 are 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
associated tax charge included in the financial statements is negligible. The Group will continue to closely monitor further
developments in respect of Pillar Two.
Changes in tax rates
The UK corporation tax rate increased from 19% to 25% on 1 April 2023.
On 13 February 2025, the French government approved a temporary one-year CIT surcharge. Taxable profits will be subject to tax at
the headline statutory rate of 25.00%, plus an additional one-off liability at 41.20% of the average relevant CIT liabilities in respect of
the periods 2024/25 and 2025/26. The impact of the surcharge in 2025/26 on Kingfisher\u2019s French operations is estimated to be \u00a33m.
There were no other significant changes to tax rates announced in the year relating to the overseas territories in which the
Group operates.
26 Deferred tax
\u00a3 millions
2024/25
2023/24
Deferred tax assets
7
10
Deferred tax liabilities
(193)
(207)
(186)
(197)
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.
2024/25
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 2024
(227)
(50)
118
38
1
(81)
\u2013
4
(197)
(Charge)/credit to income
statement
(12)
5
(12)
\u2013
(1)
(4)
(1)
\u2013
(25)
Credit/(charge) to equity
\u2013
\u2013
\u2013
\u2013
\u2013
38
\u2013
(7)
31
Transfers to held for sale
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Exchange differences
3
1
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
3
At 31 January 2025
(236)
(42)
106
38
\u2013
(48)
(1)
(3)
(186)
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 2023
(215)
(56)
130
44
1
(99)
(1)
7
(189)
(Charge)/credit to income
statement
(15)
4
(10)
(7)
\u2013
(2)
1
(1)
(30)
(Charge)/credit 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)
At the balance sheet date, the Group has unused trading tax losses of \u00a3269m (2023/24: \u00a3223m) available for offset against future profits. Included in this amount there are tax losses arising in Romania of \u00a3182m (2023/24: \u00a3149m) which can only be carried forward for a maximum of seven years. Of these, \u00a320m will expire in the next twelve months, \u00a394m in the next two to five years, and \u00a368m in the next six to seven years. Other unrecognised losses may be carried forward indefinitely. No deferred tax asset has been recognised in respect of these losses (2023/24: \u00a31m) due to the unpredictability of future profit streams. At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2023/24: \u00a310m) available for offset against future capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2023/24: \u00a3nil). All of these losses may be carried forward indefinitely. A deferred tax liability of \u00a31m (2023/24: \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 \u00a3224m (2023/24: \u00a3241m). An accounting surplus is recognised for the UK defined benefit pension scheme (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. Following the enactment of this legislation on 11 March 2024, the deferred tax liability has been reduced by \u00a332m with a corresponding credit to other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-494": { "value": "
11 Earnings per share
Pence
2024/25
2023/24
Basic earnings per share
10.1
18.2
Effect of dilutive share options per share
(0.2)
(0.2)
Diluted earnings per share
9.9
18.0
Basic earnings per share
10.1
18.2
Adjusting items before tax per share
12.0
4.9
Prior year and other adjusting tax items per share
(1.4)
(1.2)
Adjusted basic earnings per share
20.7
21.9
Diluted earnings per share
9.9
18.0
Adjusting items before tax per share
11.8
4.8
Prior year and other adjusting tax items per share
(1.3)
(1.2)
Adjusted diluted earnings per share
20.4
21.6
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, including vested but contingently issuable shares and deferred shares
but 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 in connection with employee share-based payment plans that are yet
to vest.
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
2024/25
2023/24
Earnings
185
345
Adjusting items before tax
221
93
Prior year and other adjusting tax items
(25)
(23)
Adjusted earnings
381
415
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)
2024/25
2023/24
Basic
1,838
1,898
Effect of dilutive potential ordinary shares
29
23
Diluted
1,867
1,921
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-495": { "value": "
12 Dividends
\u00a3 millions
2024/25
2023/24
Dividends paid to equity shareholders of the Company
Ordinary interim dividend for the year ended 31 January 2025 of 3.80p per share
(year ended 31 January 2024: 3.80p per share)
69
72
Ordinary final dividend for the year ended 31 January 2024 of 8.60p per share
(year ended 31 January 2023: 8.60p per share)
159
165
228
237
The proposed dividend for the year ended 31 January 2025, 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 2024 and a final dividend of 8.60p.
The total final dividend for the year ended 31 January 2025, based on the issued share capital as at 31 January 2025, is expected to be
c.\u00a3154m. The final amount may vary depending on share movements between the balance sheet and payment date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-549": { "value": "0.124", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-550": { "value": "154000000.0", "decimals": 6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-551": { "value": "
13 Goodwill
\u00a3 millions
Cost
At 1 February 2024
2,455
Disposals
(8)
Transfers to held for sale
(49)
Exchange differences
(2)
At 31 January 2025
2,396
Impairment
At 1 February 2024
(57)
Charge for the year
(84)
Disposals
8
Transfers to held for sale
49
At 31 January 2025
(84)
Net carrying amount
At 31 January 2025
2,312
Cost
At 1 February 2023
2,457
Exchange differences
(2)
At 31 January 2024
2,455
Impairment
At 1 February 2023
(49)
Charge for the year
(8)
At 31 January 2024
(57)
Net carrying amount
At 31 January 2024
2,398
Impairment tests for goodwill
As a result of the change to a retail banner level determination of operating segments, the goodwill balances previously allocated to
the UK & Ireland and France groups of CGUs and have been reallocated to the groups of CGUs within the retail banners of those
geographical areas (i.e. B&Q and Screwfix in the UK & Ireland and Castorama and Brico D\u00e9p\u00f4t in France), and tested for impairment at
that level. In line with \u2018IAS 36 \u2013 Impairment of Assets\u2019, where undergoing reporting structure changes, goodwill should be reallocated
using a \u2018relative value\u2019 approach. The Group has determined that each retail banner\u2019s relative value-in-use represents the most
appropriate methodology to determine \u2018relative value\u2019. Refer to note 2 for further information on the change in determination of
operating segments and implications of this change on goodwill.
Following these changes, goodwill has been allocated for impairment testing purposes to groups of cash generating units ('CGU's)
as follows:
B&Q Screwfix Castorama Brico D\u00e9p\u00f4t
\u00a3 millions UK & Ireland UK & Ireland France
France
Poland
Total
At 31 January 2025
Cost
1,036
760
225
296
81
2,398
Impairment
\u2013
\u2013
(84)
\u2013
\u2013
(84)
Exchange differences
\u2013
\u2013
(1)
(1)
\u2013
(2)
Net carrying amount
1,036
760
140
295
81
2,312
\u00a3 millions
UK
France
Poland
Romania
NeedHelp
Total
At 31 January 2024
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
Goodwill impairment charges of \u00a384m have been recorded as adjusting items in relation to Castorama France goodwill. Refer to note
6. Following the reallocation of goodwill balances, impairment of Castorama France goodwill has been added as a new 'Key source of
estimation uncertainty' given the risk of further material impairment over the next 12 months. Refer to note 3.
The recoverable amounts of the groups of CGUs have been determined based on value-in-use calculations. 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 2 to 68.
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, supported by
structural changes in the growth of the home improvement market. 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 growth rate which does not exceed the long-term average
growth rate for the countries in which the Group\u2019s CGUs operate.
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:
2024/25
2023/24
Annual % rate
UK
France
Poland
UK
France
Poland
Pre-tax discount rate
11.0
11.2
11.7
11.0
10.4
11.3
Post-tax discount rate
8.8
8.9
10.0
8.8
8.2
9.7
Long-term growth rate
2.0
1.8
2.5
2.0
1.6
2.5
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 B&Q UK & Ireland, Screwfix UK & Ireland, Brico D\u00e9p\u00f4t France and
Castorama Poland groups of CGUs to exceed their recoverable amounts.
Refer to note 3, where impairment of Castorama France goodwill is included as a \u2018Key source of estimation uncertainty\u2019, for the
sensitivity analysis over the Castorama France goodwill showing the risk of future material impairment.
14 Other intangible assets
\u00a3 millions
Computer software
Other
Total
Cost
At 1 February 2024
992
19
1,011
Additions
78
\u2013
78
Disposals
(22)
(1)
(23)
Eliminations
1
(54)
\u2013
(54)
Transfers to held for sale
(4)
(1)
(5)
Exchange differences
(2)
\u2013
(2)
At 31 January 2025
988
17
1,005
Amortisation
At 1 February 2024
(630)
(13)
(643)
Charge for the year
(123)
(2)
(125)
Impairment losses
(6)
\u2013
(6)
Disposals
22
1
23
Eliminations
1
54
\u2013
54
Transfers to held for sale
2
1
3
Exchange differences
1
\u2013
1
At 31 January 2025
(680)
(13)
(693)
Net carrying amount
At 31 January 2025
308
4
312
Cost
At 1 February 2023
888
16
904
Additions
108
3
111
Disposals
(2)
\u2013
(2)
Exchange differences
(2)
\u2013
(2)
At 31 January 2024
992
19
1,011
Amortisation
At 1 February 2023
(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 2024
(630)
(13)
(643)
Net carrying amount
At 31 January 2024
362
6
368
1. Eliminations consist of amounts in relation to nil net book value assets which have been eliminated from the asset register following a verification project in
the UK.
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 \u00a3482m (2023/24: \u00a3457m) of internally generated development costs with a \u00a3171m (2023/24: \u00a3191m)
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-496": { "value": "13 Goodwill
\u00a3 millions
Cost
At 1 February 2024
2,455
Disposals
(8)
Transfers to held for sale
(49)
Exchange differences
(2)
At 31 January 2025
2,396
Impairment
At 1 February 2024
(57)
Charge for the year
(84)
Disposals
8
Transfers to held for sale
49
At 31 January 2025
(84)
Net carrying amount
At 31 January 2025
2,312
Cost
At 1 February 2023
2,457
Exchange differences
(2)
At 31 January 2024
2,455
Impairment
At 1 February 2023
(49)
Charge for the year
(8)
At 31 January 2024
(57)
Net carrying amount
At 31 January 2024
2,398
Impairment tests for goodwill As a result of the change to a retail banner level determination of operating segments, the goodwill balances previously allocated to the UK & Ireland and France groups of CGUs and have been reallocated to the groups of CGUs within the retail banners of those geographical areas (i.e. B&Q and Screwfix in the UK & Ireland and Castorama and Brico D\u00e9p\u00f4t in France), and tested for impairment at that level. In line with \u2018IAS 36 \u2013 Impairment of Assets\u2019, where undergoing reporting structure changes, goodwill should be reallocated using a \u2018relative value\u2019 approach. The Group has determined that each retail banner\u2019s relative value-in-use represents the most appropriate methodology to determine \u2018relative value\u2019. Refer to note 2 for further information on the change in determination of operating segments and implications of this change on goodwill. Following these changes, goodwill has been allocated for impairment testing purposes to groups of cash generating units ('CGU's) as follows:
B&Q Screwfix Castorama Brico D\u00e9p\u00f4t
\u00a3 millions UK & Ireland UK & Ireland France
France
Poland
Total
At 31 January 2025
Cost
1,036
760
225
296
81
2,398
Impairment
\u2013
\u2013
(84)
\u2013
\u2013
(84)
Exchange differences
\u2013
\u2013
(1)
(1)
\u2013
(2)
Net carrying amount
1,036
760
140
295
81
2,312
\u00a3 millions
UK
France
Poland
Romania
NeedHelp
Total
At 31 January 2024
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
Goodwill impairment charges of \u00a384m have been recorded as adjusting items in relation to Castorama France goodwill. Refer to note 6. Following the reallocation of goodwill balances, impairment of Castorama France goodwill has been added as a new 'Key source of estimation uncertainty' given the risk of further material impairment over the next 12 months. Refer to note 3. The recoverable amounts of the groups of CGUs have been determined based on value-in-use calculations. 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 2 to 68. 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, supported by structural changes in the growth of the home improvement market. 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 growth rate which does not exceed the long-term average growth rate for the countries in which the Group\u2019s CGUs operate. 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:
2024/25
2023/24
Annual % rate
UK
France
Poland
UK
France
Poland
Pre-tax discount rate
11.0
11.2
11.7
11.0
10.4
11.3
Post-tax discount rate
8.8
8.9
10.0
8.8
8.2
9.7
Long-term growth rate
2.0
1.8
2.5
2.0
1.6
2.5
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 B&Q UK & Ireland, Screwfix UK & Ireland, Brico D\u00e9p\u00f4t France and Castorama Poland groups of CGUs to exceed their recoverable amounts. Refer to note 3, where impairment of Castorama France goodwill is included as a \u2018Key source of estimation uncertainty\u2019, for the sensitivity analysis over the Castorama France goodwill showing the risk of future material impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-497": { "value": "14 Other intangible assets
\u00a3 millions
Computer software
Other
Total
Cost
At 1 February 2024
992
19
1,011
Additions
78
\u2013
78
Disposals
(22)
(1)
(23)
Eliminations
1
(54)
\u2013
(54)
Transfers to held for sale
(4)
(1)
(5)
Exchange differences
(2)
\u2013
(2)
At 31 January 2025
988
17
1,005
Amortisation
At 1 February 2024
(630)
(13)
(643)
Charge for the year
(123)
(2)
(125)
Impairment losses
(6)
\u2013
(6)
Disposals
22
1
23
Eliminations
1
54
\u2013
54
Transfers to held for sale
2
1
3
Exchange differences
1
\u2013
1
At 31 January 2025
(680)
(13)
(693)
Net carrying amount
At 31 January 2025
308
4
312
Cost
At 1 February 2023
888
16
904
Additions
108
3
111
Disposals
(2)
\u2013
(2)
Exchange differences
(2)
\u2013
(2)
At 31 January 2024
992
19
1,011
Amortisation
At 1 February 2023
(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 2024
(630)
(13)
(643)
Net carrying amount
At 31 January 2024
362
6
368
1. Eliminations consist of amounts in relation to nil net book value assets which have been eliminated from the asset register following a verification project in the UK. 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 \u00a3482m (2023/24: \u00a3457m) of internally generated development costs with a \u00a3171m (2023/24: \u00a3191m) 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-498": { "value": "15 Property, plant and equipment
Land and Fixtures, fittings
\u00a3 millions buildings
and equipment
Total
Cost
At 1 February 2024
2,761
3,637
6,398
Additions
32
206
238
Disposals
(11)
(52)
(63)
Eliminations and transfers
1
70
(820)
(750)
Transfers to assets held for sale
(73)
(27)
(100)
Exchange differences
(26)
(19)
(45)
At 31 January 2025
2,753
2,925
5,678
Depreciation
At 1 February 2024
(628)
(2,564)
(3,192)
Charge for the year
(29)
(177)
(206)
Impairment losses
(42)
(34)
(76)
Impairment reversals
14
2
16
Disposals
3
50
53
Eliminations and transfers
1
(2)
752
750
Transfers to assets held for sale
36
24
60
Exchange differences
7
15
22
At 31 January 2025
(641)
(1,932)
(2,573)
Net carrying amount
At 31 January 2025
2,112
993
3,105
Cost
At 1 February 2023
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 2024
2,761
3,637
6,398
Depreciation
At 1 February 2023
(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 2024
(628)
(2,564)
(3,192)
Net carrying amount
At 31 January 2024
2,133
1,073
3,206
Assets in the course of construction included above at net carrying amount
At 31 January 2025
35
160
195
At 31 January 2024
22
147
169
1.Eliminations and transfers comprise of amounts in relation to nil net book value assets which have been eliminated from the asset register following averification project in the UK, in addition to other transfers across asset categories in the year.
Net impairment charges of \u00a360m have been recorded in the year (2023/24: \u00a327m). Current year impairment charges of \u00a376m
(2023/24: \u00a352m) principally relate to store property and equipment assets in France and the UK, resulting from revised financial
projections and higher discount rates in France, as well as the impairment of Brico D\u00e9p\u00f4t Romania assets classified as held for sale.
These charges are partially offset by impairment reversals of \u00a316m (2023/24: \u00a325m) principally in France, driven by higher property
market values. The net store impairment charges of \u00a360m have been recorded as adjusting items (refer to note 6). Discount and
long-term growth rates are in line with those used for goodwill impairment testing (refer to note 13).
The Group does not revalue properties within its financial statements. A formal valuation of the portfolio was undertaken by external
professional valuers in October 2024, with the valuations then reviewed for any significant updates to 31 January 2025. Based on this
exercise the value of property is \u00a32.6bn (2023/24: \u00a32.7bn) on a sale and leaseback basis with Kingfisher in occupancy. A vacant
possession valuation basis is used to approximate the fair value less costs to sell when reviewing for impairment. The key assumption
used in calculating this is the estimated yields and market rents. Property, plant and equipment market valuations (including vacant
possession 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.
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-499": { "value": "
16 Investment property
\u00a3 millions
Cost
At 1 February 2024
40
Transfers from right of use assets
4
Transfers from assets held for sale
3
At 31 January 2025
47
Depreciation
At 1 February 2024
(13)
At 31 January 2025
(13)
Net carrying amount
At 31 January 2025
34
Cost
At 1 February 2023
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
A property valuation exercise is performed for internal purposes annually as described in note 15. Based on this exercise the fair
value of investment property is \u00a340m (2023/24: \u00a325m). All the investment property 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-500": { "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
2024/25
2023/24
Land and buildings
1,661
1,772
Fixtures, fittings and equipment
110
109
Net carrying amount
1,771
1,881
Leased fixtures, fittings and equipment includes items such as mechanical handling equipment and vehicles.
\u00a3 millions
2024/25
2023/24
At beginning of year
1,881
1,947
Additions
1
253
253
Depreciation charge for the year
(325)
(314)
Impairment losses
(56)
(50)
Impairment reversals
8
3
Transfers to held for sale
(17)
\u2013
Transfers to investment property
(3)
\u2013
Other movements
2
35
45
Exchange differences
(5)
(3)
At end of year
1,771
1,881
1.
Right-of-use asset additions include new leases, lease renewals and increases in term and/or scope for existing leases.
2.
Other movements principally comprise of amounts in relation to indexation, rent reviews and other changes in lease term and scope.
Net right-of-use asset impairment charges of \u00a348m (2023/24: \u00a347m) primarily relate to store-based assets and are resulting from
revised financial projections and higher discount rates in France. The net store impairment charges of \u00a348m have been recorded as
adjusting items. Refer to note 6.
Amounts included in profit and loss
\u00a3 millions
2024/25
2023/24
Short-term rentals
(43)
(59)
Sublease income
2
1
Depreciation of right-of-use assets
Property leases
(284)
(276)
Equipment leases
(41)
(38)
Interest on lease liabilities
Property leases
(116)
(121)
Equipment leases
(6)
(5)
Amounts recognised in the cash flow statement
\u00a3 millions
2024/25
2023/24
Interest element of lease rental payments
Property leases
(117)
(121)
Equipment leases
(6)
(5)
Principal element of lease rental payments
Property leases
(344)
(310)
Equipment leases
(43)
(38)
Total cash outflow for leases
(510)
(474)
Maturity analysis of operating lease receivables
Undiscounted total future minimum rentals receivable under non-cancellable operating leases are as follows:
\u00a3 millions
2024/25
2023/24
Year 1
5
5
Year 2
5
5
Year 3
4
4
Year 4
4
4
Year 5
4
3
Year 6 and onwards
21
18
43
39
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
2024/25
2023/24
Year 1
2
3
Year 2
2
3
Year 3
1
2
Year 4
1
1
Year 5
\u2013
1
Year 6 and onwards
\u2013
1
Total undiscounted sublease receipts receivable
6
11
Unearned finance income
(1)
(2)
Sublease receivables
5
9
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-552": { "value": "Right-of-use assets
\u00a3 millions
2024/25
2023/24
Land and buildings
1,661
1,772
Fixtures, fittings and equipment
110
109
Net carrying amount
1,771
1,881
Leased fixtures, fittings and equipment includes items such as mechanical handling equipment and vehicles.
\u00a3 millions
2024/25
2023/24
At beginning of year
1,881
1,947
Additions
1
253
253
Depreciation charge for the year
(325)
(314)
Impairment losses
(56)
(50)
Impairment reversals
8
3
Transfers to held for sale
(17)
\u2013
Transfers to investment property
(3)
\u2013
Other movements
2
35
45
Exchange differences
(5)
(3)
At end of year
1,771
1,881
1.Right-of-use asset additions include new leases, lease renewals and increases in term and/or scope for existing leases. 2.Other movements principally comprise of amounts in relation to indexation, rent reviews and other changes in lease term and scope. Net right-of-use asset impairment charges of \u00a348m (2023/24: \u00a347m) primarily relate to store-based assets and are resulting from revised financial projections and higher discount rates in France. The net store impairment charges of \u00a348m have been recorded as adjusting items. Refer to note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-553": { "value": "Maturity analysis of operating lease receivables Undiscounted total future minimum rentals receivable under non-cancellable operating leases are as follows:
\u00a3 millions
2024/25
2023/24
Year 1
5
5
Year 2
5
5
Year 3
4
4
Year 4
4
4
Year 5
4
3
Year 6 and onwards
21
18
43
39
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-554": { "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
2024/25
2023/24
Year 1
2
3
Year 2
2
3
Year 3
1
2
Year 4
1
1
Year 5
\u2013
1
Year 6 and onwards
\u2013
1
Total undiscounted sublease receipts receivable
6
11
Unearned finance income
(1)
(2)
Sublease receivables
5
9
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-555": { "value": "
18 Investments in joint ventures and associates
\u00a3 millions
At 1 February 2024
19
Share of post-tax results
(15)
Capital contribution
19
Exchange differences
1
 6
At 31 January 2025
29
\u00a3 millions
At 1 February 2023
30
Share of post-tax results
(1)
Disposals
2
 (9)
Exchange differences
1
 (1)
At 31 January 2024
19
No goodwill is included in the carrying amount of investments in joint ventures and associates (2023/24: \u00a3nil).
Details of the Group\u2019s significant joint ventures and associates are shown below:
Principal place of Class of shares
business
% interest held
owned
Main activity
Principal joint ventures
Ko\u00e7ta\u015f Yap Marketleri Ticaret A.\u015e.
2
Turkey
50%
Ordinary
Retailing
UNIO S.A.S.
2
France
50%
Ordinary
Sourcing
Principal associate
Crealfi S.A.
2,3
France
49%
Ordinary
Finance
Details of material joint ventures:
2024/25
2023/24
Ko\u00e7ta\u015f
4
Ko\u00e7ta\u015f
4
Ko\u00e7ta\u015f
4
Ko\u00e7ta\u015f
4
\u00a3 millions (100%) (50%) (100%) (50%)
Non-current assets
74
37
54
27
Current assets
5
82
41
82
41
Current liabilities
6
(96)
(48)
(86)
(43)
Non-current liabilities
7
(2)
(1)
(12)
(6)
Net assets
58
29
38
19
Sales
342
171
326
163
Operating expenses
8
(360)
(180)
(296)
(148)
Operating profit
(18)
(9)
30
15
Net finance costs
9
(28)
(14)
(32)
(16)
Profit before taxation
(46)
(23)
(2)
(1)
Income tax expense
16
8
\u2013
\u2013
Post-tax results
(30)
(15)
(2)
(1)
1.
Exchange differences include amounts in relation to IAS 29 equity adjustments for Ko\u00e7ta\u015f.
2.
The financial statements of these companies are prepared to 31 December.
3.
The Group completed the disposal of its interest in Crealfi S.A. on 30 June 2023, resulting in a gain on disposal of \u00a32m.
4.
The joint venture disclosures above relate to the Group\u2019s Turkish joint venture, Ko\u00e7ta\u015f Yap Marketleri Ticaret A.\u015e., which has prepared its financial statements
under IAS 29 \u2013 Financial reporting in hyperinflationary economies.
5.
Total current assets (i.e. 100%) include cash and cash equivalents of \u00a324m (2023/24: \u00a34m).
6.
Total current liabilities (i.e. 100%) include financial liabilities of \u00a312m (2023/24: \u00a36m).
7.
Total non-current liabilities (i.e. 100%) include financial liabilities of \u00a3nil (2023/24: \u00a3nil).
8.
Total operating expenses (i.e. 100%) include \u00a328m depreciation and amortisation charges (2023/24: \u00a314m).
9.
Total net finance costs (i.e. 100%) include \u00a336m finance expense (2023/24: \u00a332m) and \u00a38m finance income (2023/24: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-501": { "value": "18 Investments in joint ventures and associates
\u00a3 millions
At 1 February 2024
19
Share of post-tax results
(15)
Capital contribution
19
Exchange differences
1
 6
At 31 January 2025
29
\u00a3 millions
At 1 February 2023
30
Share of post-tax results
(1)
Disposals
2
 (9)
Exchange differences
1
 (1)
At 31 January 2024
19
No goodwill is included in the carrying amount of investments in joint ventures and associates (2023/24: \u00a3nil). Details of the Group\u2019s significant joint ventures and associates are shown below:
Principal place of Class of shares
business
% interest held
owned
Main activity
Principal joint ventures
Ko\u00e7ta\u015f Yap Marketleri Ticaret A.\u015e.
2
Turkey
50%
Ordinary
Retailing
UNIO S.A.S.
2
France
50%
Ordinary
Sourcing
Principal associate
Crealfi S.A.
2,3
France
49%
Ordinary
Finance
Details of material joint ventures:
2024/25
2023/24
Ko\u00e7ta\u015f
4
Ko\u00e7ta\u015f
4
Ko\u00e7ta\u015f
4
Ko\u00e7ta\u015f
4
\u00a3 millions (100%) (50%) (100%) (50%)
Non-current assets
74
37
54
27
Current assets
5
82
41
82
41
Current liabilities
6
(96)
(48)
(86)
(43)
Non-current liabilities
7
(2)
(1)
(12)
(6)
Net assets
58
29
38
19
Sales
342
171
326
163
Operating expenses
8
(360)
(180)
(296)
(148)
Operating profit
(18)
(9)
30
15
Net finance costs
9
(28)
(14)
(32)
(16)
Profit before taxation
(46)
(23)
(2)
(1)
Income tax expense
16
8
\u2013
\u2013
Post-tax results
(30)
(15)
(2)
(1)
1.Exchange differences include amounts in relation to IAS 29 equity adjustments for Ko\u00e7ta\u015f. 2.The financial statements of these companies are prepared to 31 December.3.The Group completed the disposal of its interest in Crealfi S.A. on 30 June 2023, resulting in a gain on disposal of \u00a32m.4.The joint venture disclosures above relate to the Group\u2019s Turkish joint venture, Ko\u00e7ta\u015f Yap Marketleri Ticaret A.\u015e., which has prepared its financial statementsunder IAS 29 \u2013 Financial reporting in hyperinflationary economies.5.Total current assets (i.e. 100%) include cash and cash equivalents of \u00a324m (2023/24: \u00a34m). 6.Total current liabilities (i.e. 100%) include financial liabilities of \u00a312m (2023/24: \u00a36m).7.Total non-current liabilities (i.e. 100%) include financial liabilities of \u00a3nil (2023/24: \u00a3nil). 8.Total operating expenses (i.e. 100%) include \u00a328m depreciation and amortisation charges (2023/24: \u00a314m). 9.Total net finance costs (i.e. 100%) include \u00a336m finance expense (2023/24: \u00a332m) and \u00a38m finance income (2023/24: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-502": { "value": "
19 Inventories
\u00a3 millions
2024/25
2023/24
Finished goods for resale
2,719
2,914
The cost of inventories recognised as an expense and included in cost of sales for the year ended 31 January 2025 is \u00a37,173m
(2023/24: \u00a37,362m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-577": { "value": "
20 Trade and other receivables
\u00a3 millions
2024/25
2023/24
Non-current
Prepayments
7
9
Sublease receivables
4
6
11
15
Current
Trade receivables
100
101
Allowance for expected credit losses
(12)
(9)
Net trade receivables
88
92
Property receivables
5
4
Sublease receivables
1
3
Merchandise returns asset
10
11
Prepayments
62
79
Rebates due from suppliers
66
119
Other taxation and social security
14
12
Other receivables
30
24
276
344
Trade and other receivables
287
359
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-592": { "value": "20 Trade and other receivables
\u00a3 millions
2024/25
2023/24
Non-current
Prepayments
7
9
Sublease receivables
4
6
11
15
Current
Trade receivables
100
101
Allowance for expected credit losses
(12)
(9)
Net trade receivables
88
92
Property receivables
5
4
Sublease receivables
1
3
Merchandise returns asset
10
11
Prepayments
62
79
Rebates due from suppliers
66
119
Other taxation and social security
14
12
Other receivables
30
24
276
344
Trade and other receivables
287
359
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-503": { "value": "20 Trade and other receivables
\u00a3 millions
2024/25
2023/24
Non-current
Prepayments
7
9
Sublease receivables
4
6
11
15
Current
Trade receivables
100
101
Allowance for expected credit losses
(12)
(9)
Net trade receivables
88
92
Property receivables
5
4
Sublease receivables
1
3
Merchandise returns asset
10
11
Prepayments
62
79
Rebates due from suppliers
66
119
Other taxation and social security
14
12
Other receivables
30
24
276
344
Trade and other receivables
287
359
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. Trade receivables The tables below present the ageing of trade receivables and related allowances for expected credit losses:
2024/25
2023/24
Carrying amount Carrying amount
Expected loss of trade Loss allowance Expected loss rate of trade Loss allowance
\u00a3 millions rate (%) receivables (\u00a3m) (\u00a3m) (%) receivables (\u00a3m) (\u00a3m)
Current
\u2013
65
\u2013
\u2013
69
\u2013
0-3 months past due
8%
24
2
8%
23
2
3-6 months past due
80%
3
3
45%
2
1
Over 6 months past due
94%
8
7
91%
7
6
Total
100
12
101
9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-588": { "value": "20 Trade and other receivables
\u00a3 millions
2024/25
2023/24
Non-current
Prepayments
7
9
Sublease receivables
4
6
11
15
Current
Trade receivables
100
101
Allowance for expected credit losses
(12)
(9)
Net trade receivables
88
92
Property receivables
5
4
Sublease receivables
1
3
Merchandise returns asset
10
11
Prepayments
62
79
Rebates due from suppliers
66
119
Other taxation and social security
14
12
Other receivables
30
24
276
344
Trade and other receivables
287
359
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-578": { "value": "
Trade receivables
The tables below present the ageing of trade receivables and related allowances for expected credit losses:
2024/25
2023/24
Carrying amount Carrying amount
Expected loss of trade Loss allowance Expected loss rate of trade Loss allowance
\u00a3 millions rate (%) receivables (\u00a3m) (\u00a3m) (%) receivables (\u00a3m) (\u00a3m)
Current
\u2013
65
\u2013
\u2013
69
\u2013
0-3 months past due
8%
24
2
8%
23
2
3-6 months past due
80%
3
3
45%
2
1
Over 6 months past due
94%
8
7
91%
7
6
Total
100
12
101
9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-504": { "value": "21 Cash and cash equivalents
\u00a3 millions
2024/25
2023/24
Cash at bank and in hand
263
290
Cash equivalents
73
70
Cash and cash equivalents
1
336
360
1. Excludes \u00a39m of cash and cash equivalents included within assets held for sale. Included in cash and cash equivalents is restricted cash of \u00a339m (2023/24: \u00a341m) relating to cash held by the Group\u2019s captive insurance company and in virtual captive arrangements. Cash equivalents include investments in money market funds, and bank deposits fixed for periods of up to three months. The carrying amount of cash and cash equivalents are approximate to their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-505": { "value": "
22 Trade and other payables
\u00a3 millions
2024/25
2023/24
Current
Trade payables
1,178
1,239
Other taxation and social security
272
262
Deferred income
145
153
Share purchase obligations
26
\u2013
Merchandise returns provision
17
20
Payroll creditors and accruals
224
217
Accruals and other payables
493
554
2,355
2,445
Non-current
Accruals and other payables
2
3
Trade and other payables
2,357
2,448
The fair values of trade and other payables approximate to their carrying amounts.
Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest.
The share repurchase obligations relate to a liability arising under an irrevocable closed season buyback of the Company\u2019s own
shares (refer to note 29).
The deferred income balance represents amounts received directly from customers for goods and services where the Group has
not yet fulfilled its performance obligations, including unfulfilled sales orders and installation sales. Performance obligations are
expected to be met within twelve months of the reporting date. In both the current and prior year, the total opening balance was
recognised in sales in the year.
\u00a3 millions
2024/25
2023/24
Opening balance
153
179
Revenue recognised which has previously been deferred
(153)
(179)
Revenue deferred
145
153
Closing balance
145
153
Included in trade payables are amounts at 31 January 2025 of \u00a3123m (2024/25: \u00a3122m) for which suppliers have received payment
from finance providers under trade finance facilities. Judgement is required to assess the payables subject to these arrangements
and whether they should continue to be classified as trade payables, and whether the cash flows should continue to be classified as
cash flows from operating activities. Suppliers choose to enter into these arrangements at their discretion for working capital
management purposes, which provide access to favourable interest rates from the finance providers based on Kingfisher\u2019s
investment grade credit rating. If suppliers do not choose early payment under these arrangements, their invoices are settled by the
finance providers in accordance with the originally agreed payment terms. In certain arrangements, Kingfisher has agreed extended
payment terms. Facilities are provided by approved bank counterparties and are uncommitted. The Group does not pay any
additional interest to the finance providers on the amounts owed to suppliers.
These arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade
payables. The total size of these facilities at the reporting date is \u00a3349m (2023/24: \u00a3373m). Of these facilities, \u00a3274m are subject to
payment terms which are in line with normal payment terms for the suppliers and are paid between 30 and 90 days.
For the remaining \u00a375m, Kingfisher has agreed extended payment terms with the finance providers. The carrying amount at 31
January 2025 of financial liabilities that have extended payment terms under these arrangements is \u00a319m. Without this facility, the
Group pays such suppliers on average 60 days after the invoice date. Payment terms for these financial liabilities that are part of the
arrangements are extended by an average of 10 days, and by no more than 20 days.
The arrangements do not result in concentration of liquidity risk because of the limited amount of liabilities subject to supplier finance
arrangements and the Group\u2019s access to other sources of finance. There were no significant non-cash changes in the carrying
amount of the trade payables included in the Group's supplier finance arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-596": { "value": "22 Trade and other payables
\u00a3 millions
2024/25
2023/24
Current
Trade payables
1,178
1,239
Other taxation and social security
272
262
Deferred income
145
153
Share purchase obligations
26
\u2013
Merchandise returns provision
17
20
Payroll creditors and accruals
224
217
Accruals and other payables
493
554
2,355
2,445
Non-current
Accruals and other payables
2
3
Trade and other payables
2,357
2,448
The fair values of trade and other payables approximate to their carrying amounts. Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. The share repurchase obligations relate to a liability arising under an irrevocable closed season buyback of the Company\u2019s own shares (refer to note 29). The deferred income balance represents amounts received directly from customers for goods and services where the Group has not yet fulfilled its performance obligations, including unfulfilled sales orders and installation sales. Performance obligations are expected to be met within twelve months of the reporting date. In both the current and prior year, the total opening balance was recognised in sales in the year.
\u00a3 millions
2024/25
2023/24
Opening balance
153
179
Revenue recognised which has previously been deferred
(153)
(179)
Revenue deferred
145
153
Closing balance
145
153
Included in trade payables are amounts at 31 January 2025 of \u00a3123m (2024/25: \u00a3122m) for which suppliers have received payment from finance providers under trade finance facilities. Judgement is required to assess the payables subject to these arrangements and whether they should continue to be classified as trade payables, and whether the cash flows should continue to be classified as cash flows from operating activities. Suppliers choose to enter into these arrangements at their discretion for working capital management purposes, which provide access to favourable interest rates from the finance providers based on Kingfisher\u2019s investment grade credit rating. If suppliers do not choose early payment under these arrangements, their invoices are settled by the finance providers in accordance with the originally agreed payment terms. In certain arrangements, Kingfisher has agreed extended payment terms. Facilities are provided by approved bank counterparties and are uncommitted. The Group does not pay any additional interest to the finance providers on the amounts owed to suppliers. These arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. The total size of these facilities at the reporting date is \u00a3349m (2023/24: \u00a3373m). Of these facilities, \u00a3274m are subject to payment terms which are in line with normal payment terms for the suppliers and are paid between 30 and 90 days. For the remaining \u00a375m, Kingfisher has agreed extended payment terms with the finance providers. The carrying amount at 31 January 2025 of financial liabilities that have extended payment terms under these arrangements is \u00a319m. Without this facility, the Group pays such suppliers on average 60 days after the invoice date. Payment terms for these financial liabilities that are part of the arrangements are extended by an average of 10 days, and by no more than 20 days. The arrangements do not result in concentration of liquidity risk because of the limited amount of liabilities subject to supplier finance arrangements and the Group\u2019s access to other sources of finance. There were no significant non-cash changes in the carrying amount of the trade payables included in the Group's supplier finance arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-593": { "value": "22 Trade and other payables
\u00a3 millions
2024/25
2023/24
Current
Trade payables
1,178
1,239
Other taxation and social security
272
262
Deferred income
145
153
Share purchase obligations
26
\u2013
Merchandise returns provision
17
20
Payroll creditors and accruals
224
217
Accruals and other payables
493
554
2,355
2,445
Non-current
Accruals and other payables
2
3
Trade and other payables
2,357
2,448
The fair values of trade and other payables approximate to their carrying amounts. Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. The share repurchase obligations relate to a liability arising under an irrevocable closed season buyback of the Company\u2019s own shares (refer to note 29). The deferred income balance represents amounts received directly from customers for goods and services where the Group has not yet fulfilled its performance obligations, including unfulfilled sales orders and installation sales. Performance obligations are expected to be met within twelve months of the reporting date. In both the current and prior year, the total opening balance was recognised in sales in the year.
\u00a3 millions
2024/25
2023/24
Opening balance
153
179
Revenue recognised which has previously been deferred
(153)
(179)
Revenue deferred
145
153
Closing balance
145
153
Included in trade payables are amounts at 31 January 2025 of \u00a3123m (2024/25: \u00a3122m) for which suppliers have received payment from finance providers under trade finance facilities. Judgement is required to assess the payables subject to these arrangements and whether they should continue to be classified as trade payables, and whether the cash flows should continue to be classified as cash flows from operating activities. Suppliers choose to enter into these arrangements at their discretion for working capital management purposes, which provide access to favourable interest rates from the finance providers based on Kingfisher\u2019s investment grade credit rating. If suppliers do not choose early payment under these arrangements, their invoices are settled by the finance providers in accordance with the originally agreed payment terms. In certain arrangements, Kingfisher has agreed extended payment terms. Facilities are provided by approved bank counterparties and are uncommitted. The Group does not pay any additional interest to the finance providers on the amounts owed to suppliers. These arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. The total size of these facilities at the reporting date is \u00a3349m (2023/24: \u00a3373m). Of these facilities, \u00a3274m are subject to payment terms which are in line with normal payment terms for the suppliers and are paid between 30 and 90 days. For the remaining \u00a375m, Kingfisher has agreed extended payment terms with the finance providers. The carrying amount at 31 January 2025 of financial liabilities that have extended payment terms under these arrangements is \u00a319m. Without this facility, the Group pays such suppliers on average 60 days after the invoice date. Payment terms for these financial liabilities that are part of the arrangements are extended by an average of 10 days, and by no more than 20 days. The arrangements do not result in concentration of liquidity risk because of the limited amount of liabilities subject to supplier finance arrangements and the Group\u2019s access to other sources of finance. There were no significant non-cash changes in the carrying amount of the trade payables included in the Group's supplier finance arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-589": { "value": "22 Trade and other payables
\u00a3 millions
2024/25
2023/24
Current
Trade payables
1,178
1,239
Other taxation and social security
272
262
Deferred income
145
153
Share purchase obligations
26
\u2013
Merchandise returns provision
17
20
Payroll creditors and accruals
224
217
Accruals and other payables
493
554
2,355
2,445
Non-current
Accruals and other payables
2
3
Trade and other payables
2,357
2,448
The fair values of trade and other payables approximate to their carrying amounts. Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. The share repurchase obligations relate to a liability arising under an irrevocable closed season buyback of the Company\u2019s own shares (refer to note 29). The deferred income balance represents amounts received directly from customers for goods and services where the Group has not yet fulfilled its performance obligations, including unfulfilled sales orders and installation sales. Performance obligations are expected to be met within twelve months of the reporting date. In both the current and prior year, the total opening balance was recognised in sales in the year.
\u00a3 millions
2024/25
2023/24
Opening balance
153
179
Revenue recognised which has previously been deferred
(153)
(179)
Revenue deferred
145
153
Closing balance
145
153
Included in trade payables are amounts at 31 January 2025 of \u00a3123m (2024/25: \u00a3122m) for which suppliers have received payment from finance providers under trade finance facilities. Judgement is required to assess the payables subject to these arrangements and whether they should continue to be classified as trade payables, and whether the cash flows should continue to be classified as cash flows from operating activities. Suppliers choose to enter into these arrangements at their discretion for working capital management purposes, which provide access to favourable interest rates from the finance providers based on Kingfisher\u2019s investment grade credit rating. If suppliers do not choose early payment under these arrangements, their invoices are settled by the finance providers in accordance with the originally agreed payment terms. In certain arrangements, Kingfisher has agreed extended payment terms. Facilities are provided by approved bank counterparties and are uncommitted. The Group does not pay any additional interest to the finance providers on the amounts owed to suppliers. These arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. The total size of these facilities at the reporting date is \u00a3349m (2023/24: \u00a3373m). Of these facilities, \u00a3274m are subject to payment terms which are in line with normal payment terms for the suppliers and are paid between 30 and 90 days. For the remaining \u00a375m, Kingfisher has agreed extended payment terms with the finance providers. The carrying amount at 31 January 2025 of financial liabilities that have extended payment terms under these arrangements is \u00a319m. Without this facility, the Group pays such suppliers on average 60 days after the invoice date. Payment terms for these financial liabilities that are part of the arrangements are extended by an average of 10 days, and by no more than 20 days. The arrangements do not result in concentration of liquidity risk because of the limited amount of liabilities subject to supplier finance arrangements and the Group\u2019s access to other sources of finance. There were no significant non-cash changes in the carrying amount of the trade payables included in the Group's supplier finance arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-579": { "value": "22 Trade and other payables
\u00a3 millions
2024/25
2023/24
Current
Trade payables
1,178
1,239
Other taxation and social security
272
262
Deferred income
145
153
Share purchase obligations
26
\u2013
Merchandise returns provision
17
20
Payroll creditors and accruals
224
217
Accruals and other payables
493
554
2,355
2,445
Non-current
Accruals and other payables
2
3
Trade and other payables
2,357
2,448
The fair values of trade and other payables approximate to their carrying amounts. Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. The share repurchase obligations relate to a liability arising under an irrevocable closed season buyback of the Company\u2019s own shares (refer to note 29). The deferred income balance represents amounts received directly from customers for goods and services where the Group has not yet fulfilled its performance obligations, including unfulfilled sales orders and installation sales. Performance obligations are expected to be met within twelve months of the reporting date. In both the current and prior year, the total opening balance was recognised in sales in the year.
\u00a3 millions
2024/25
2023/24
Opening balance
153
179
Revenue recognised which has previously been deferred
(153)
(179)
Revenue deferred
145
153
Closing balance
145
153
Included in trade payables are amounts at 31 January 2025 of \u00a3123m (2024/25: \u00a3122m) for which suppliers have received payment from finance providers under trade finance facilities. Judgement is required to assess the payables subject to these arrangements and whether they should continue to be classified as trade payables, and whether the cash flows should continue to be classified as cash flows from operating activities. Suppliers choose to enter into these arrangements at their discretion for working capital management purposes, which provide access to favourable interest rates from the finance providers based on Kingfisher\u2019s investment grade credit rating. If suppliers do not choose early payment under these arrangements, their invoices are settled by the finance providers in accordance with the originally agreed payment terms. In certain arrangements, Kingfisher has agreed extended payment terms. Facilities are provided by approved bank counterparties and are uncommitted. The Group does not pay any additional interest to the finance providers on the amounts owed to suppliers. These arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. The total size of these facilities at the reporting date is \u00a3349m (2023/24: \u00a3373m). Of these facilities, \u00a3274m are subject to payment terms which are in line with normal payment terms for the suppliers and are paid between 30 and 90 days. For the remaining \u00a375m, Kingfisher has agreed extended payment terms with the finance providers. The carrying amount at 31 January 2025 of financial liabilities that have extended payment terms under these arrangements is \u00a319m. Without this facility, the Group pays such suppliers on average 60 days after the invoice date. Payment terms for these financial liabilities that are part of the arrangements are extended by an average of 10 days, and by no more than 20 days. The arrangements do not result in concentration of liquidity risk because of the limited amount of liabilities subject to supplier finance arrangements and the Group\u2019s access to other sources of finance. There were no significant non-cash changes in the carrying amount of the trade payables included in the Group's supplier finance arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-506": { "value": "
23 Borrowings
\u00a3 millions
2024/25
2023/24
Current
Bank overdrafts
9
7
Fixed term debt
99
\u2013
108
7
Non-current
Bank loans
1
3
Fixed term debt
\u2013
99
1
102
Borrowings
109
109
Bank loans
Non-current bank loans have an average maturity of two years (2023/24: four years) and are arranged at fixed rates of interest with
an effective interest rate of 3.8% (2023/24: 3.6%).
Fixed term debt
2024/25
2023/24
Principal Effective Carrying amount Carrying amount
outstanding
Maturity date
Coupon
interest rate \u00a3m \u00a3m
GBP Term Loan
\u00a350m
17/01/26
SONIA + 0.725%
5.9%
50
50
GBP Term Loan
\u00a350m
23/06/25
SONIA + 0.725%
5.9%
49
49
99
99
As at 31 January 2025, the Group had an undrawn revolving credit facility (RCF) of \u00a3650m which expires at the end of May 2027.
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 2025, the Group was in compliance with this requirement.
Fair values
Fair value
\u00a3 millions
2024/25
2023/24
Bank overdrafts
9
7
Bank loans
2
3
Fixed term debt
102
101
Borrowings
113
111
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
2024/25
2023/24
Current assets
22
2
Non-current assets
2
\u2013
Current liabilities
(5)
(23)
Non-current liabilities
\u2013
(1)
19
(22)
The net fair value of derivatives by hedge designation at the balance sheet date is:
\u00a3 millions
2024/25
2023/24
Cash flow hedges
17
(21)
Non-designated hedges
2
(1)
19
(22)
The Group holds the following derivative financial instruments at fair value:
\u00a3 millions
2024/25
2023/24
Foreign exchange contracts
24
2
Derivative assets
24
2
Foreign exchange contracts
(5)
(24)
Derivative liabilities
(5)
(24)
19
(22)
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 2025, net financing derivative assets included in net debt amount to \u00a32m (2023/24: \u00a3nil).
Cash flow hedges
Forward foreign exchange contracts hedge currency exposures of forecast inventory purchases. At 31 January 2025, the Sterling
equivalent amount of such contracts is \u00a3959m (2023/24: \u00a3822m). These are located in the derivative asset and derivative liability lines
in the consolidated balance sheet with carrying amounts of \u00a321m asset and \u00a34m 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 gain of \u00a322m (2023/24: \u00a332m loss). A loss of \u00a315m (2023/24: \u00a333m) has been transferred to inventories
for contracts which matured during the year. During the year a loss of \u00a31m (2023/24: \u00a312m) has been transferred to the income
statement due to ineffectiveness arising from differences in timing and amount of forecast transaction relating to foreign currency
inventory purchases. The weighted average hedged rates for derivatives outstanding at 31 January 2025 for our material currencies
are EUR/USD 1.10 and GBP/USD 1.27.
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 therefore performs a qualitative
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, however this is judged to be immaterial and
no adjustment has been made to the income statement.
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 2025, the Sterling equivalent amount of such contracts is \u00a3706m (2023/24: \u00a3463m). 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.
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 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
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 are \u00a3233m (2023/24: \u00a3232m). The amount recognised in the translation reserve is a gain of \u00a3nil (2023/24: \u00a39m
gain). There is no ineffectiveness for 2024/25. The cumulative total amount recognised in the translation reserve in relation to net
investment hedges is a loss of \u00a3103m (2023/24: \u00a3103m).
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:
2024/25
1
 2023/24
Fair value
Fair value
through other
Fair value
through other
Fair value
comprehensive
through
Amortised
comprehensive through profit Amortised
\u00a3 millions
income
2
profit or loss
cost
Total
income
2
or loss cost Total
Cash and cash equivalents
\u2013
\u2013
336
336
\u2013
\u2013
360
360
Trade and other receivables \u2013 current
3
\u2013
\u2013
190
190
\u2013
\u2013
242
242
Trade and other receivables \u2013 non-current
3
\u2013
\u2013
4
4
\u2013
\u2013
6
6
Derivative assets \u2013 current
19
3
\u2013
22
2
\u2013
\u2013
2
Derivative assets \u2013 non-current
2
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
Trade and other payables \u2013 current
3
\u2013
\u2013
(1,697)
(1,697)
\u2013
\u2013
(1,793)
(1,793)
Trade and other payables \u2013 non-current
3
\u2013
\u2013
(2)
(2)
\u2013
\u2013
(3)
(3)
Derivative liabilities \u2013 current
(4)
(1)
\u2013
(5)
(22)
(1)
\u2013
(23)
Derivative liabilities \u2013 non-current
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
Borrowings \u2013 current
\u2013
\u2013
(108)
(108)
\u2013
\u2013
(7)
(7)
Borrowings \u2013 non-current
\u2013
\u2013
(1)
(1)
\u2013
\u2013
(102)
(102)
Lease liabilities \u2013 current
\u2013
\u2013
(345)
(345)
\u2013
\u2013
(366)
(366)
Lease liabilities \u2013 non-current
\u2013
\u2013
(1,866)
(1,866)
\u2013
\u2013
(2,001)
(2,001)
Financial assets and liabilities
17
2
(3,489)
(3,470)
(21)
(1)
(3,664)
(3,686)
1. Excludes Romania financial assets and liabilities which are classified as held for sale.
2. Relating to derivatives in designated hedge relationships.
3. 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 receivables and payroll creditors and accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-556": { "value": "23 Borrowings
\u00a3 millions
2024/25
2023/24
Current
Bank overdrafts
9
7
Fixed term debt
99
\u2013
108
7
Non-current
Bank loans
1
3
Fixed term debt
\u2013
99
1
102
Borrowings
109
109
Bank loans Non-current bank loans have an average maturity of two years (2023/24: four years) and are arranged at fixed rates of interest with an effective interest rate of 3.8% (2023/24: 3.6%). Fixed term debt
2024/25
2023/24
Principal Effective Carrying amount Carrying amount
outstanding
Maturity date
Coupon
interest rate \u00a3m \u00a3m
GBP Term Loan
\u00a350m
17/01/26
SONIA + 0.725%
5.9%
50
50
GBP Term Loan
\u00a350m
23/06/25
SONIA + 0.725%
5.9%
49
49
99
99
As at 31 January 2025, the Group had an undrawn revolving credit facility (RCF) of \u00a3650m which expires at the end of May 2027. 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 2025, the Group was in compliance with this requirement. Fair values
Fair value
\u00a3 millions
2024/25
2023/24
Bank overdrafts
9
7
Bank loans
2
3
Fixed term debt
102
101
Borrowings
113
111
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-580": { "value": "Fair values
Fair value
\u00a3 millions
2024/25
2023/24
Bank overdrafts
9
7
Bank loans
2
3
Fixed term debt
102
101
Borrowings
113
111
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:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-581": { "value": "24 Derivatives
\u00a3 millions
2024/25
2023/24
Current assets
22
2
Non-current assets
2
\u2013
Current liabilities
(5)
(23)
Non-current liabilities
\u2013
(1)
19
(22)
The net fair value of derivatives by hedge designation at the balance sheet date is:
\u00a3 millions
2024/25
2023/24
Cash flow hedges
17
(21)
Non-designated hedges
2
(1)
19
(22)
The Group holds the following derivative financial instruments at fair value:
\u00a3 millions
2024/25
2023/24
Foreign exchange contracts
24
2
Derivative assets
24
2
Foreign exchange contracts
(5)
(24)
Derivative liabilities
(5)
(24)
19
(22)
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 2025, net financing derivative assets included in net debt amount to \u00a32m (2023/24: \u00a3nil). Cash flow hedges Forward foreign exchange contracts hedge currency exposures of forecast inventory purchases. At 31 January 2025, the Sterling equivalent amount of such contracts is \u00a3959m (2023/24: \u00a3822m). These are located in the derivative asset and derivative liability lines in the consolidated balance sheet with carrying amounts of \u00a321m asset and \u00a34m 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 gain of \u00a322m (2023/24: \u00a332m loss). A loss of \u00a315m (2023/24: \u00a333m) has been transferred to inventories for contracts which matured during the year. During the year a loss of \u00a31m (2023/24: \u00a312m) has been transferred to the income statement due to ineffectiveness arising from differences in timing and amount of forecast transaction relating to foreign currency inventory purchases. The weighted average hedged rates for derivatives outstanding at 31 January 2025 for our material currencies are EUR/USD 1.10 and GBP/USD 1.27. 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 therefore performs a qualitative 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, however this is judged to be immaterial and no adjustment has been made to the income statement. 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 2025, the Sterling equivalent amount of such contracts is \u00a3706m (2023/24: \u00a3463m). 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. 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 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
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 are \u00a3233m (2023/24: \u00a3232m). The amount recognised in the translation reserve is a gain of \u00a3nil (2023/24: \u00a39m gain). There is no ineffectiveness for 2024/25. The cumulative total amount recognised in the translation reserve in relation to net investment hedges is a loss of \u00a3103m (2023/24: \u00a3103m). 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:
2024/25
1
 2023/24
Fair value
Fair value
through other
Fair value
through other
Fair value
comprehensive
through
Amortised
comprehensive through profit Amortised
\u00a3 millions
income
2
profit or loss
cost
Total
income
2
or loss cost Total
Cash and cash equivalents
\u2013
\u2013
336
336
\u2013
\u2013
360
360
Trade and other receivables \u2013 current
3
\u2013
\u2013
190
190
\u2013
\u2013
242
242
Trade and other receivables \u2013 non-current
3
\u2013
\u2013
4
4
\u2013
\u2013
6
6
Derivative assets \u2013 current
19
3
\u2013
22
2
\u2013
\u2013
2
Derivative assets \u2013 non-current
2
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
Trade and other payables \u2013 current
3
\u2013
\u2013
(1,697)
(1,697)
\u2013
\u2013
(1,793)
(1,793)
Trade and other payables \u2013 non-current
3
\u2013
\u2013
(2)
(2)
\u2013
\u2013
(3)
(3)
Derivative liabilities \u2013 current
(4)
(1)
\u2013
(5)
(22)
(1)
\u2013
(23)
Derivative liabilities \u2013 non-current
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
Borrowings \u2013 current
\u2013
\u2013
(108)
(108)
\u2013
\u2013
(7)
(7)
Borrowings \u2013 non-current
\u2013
\u2013
(1)
(1)
\u2013
\u2013
(102)
(102)
Lease liabilities \u2013 current
\u2013
\u2013
(345)
(345)
\u2013
\u2013
(366)
(366)
Lease liabilities \u2013 non-current
\u2013
\u2013
(1,866)
(1,866)
\u2013
\u2013
(2,001)
(2,001)
Financial assets and liabilities
17
2
(3,489)
(3,470)
(21)
(1)
(3,664)
(3,686)
1. Excludes Romania financial assets and liabilities which are classified as held for sale. 2. Relating to derivatives in designated hedge relationships. 3. 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 receivables and payroll creditors and accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-557": { "value": "24 Derivatives
\u00a3 millions
2024/25
2023/24
Current assets
22
2
Non-current assets
2
\u2013
Current liabilities
(5)
(23)
Non-current liabilities
\u2013
(1)
19
(22)
The net fair value of derivatives by hedge designation at the balance sheet date is:
\u00a3 millions
2024/25
2023/24
Cash flow hedges
17
(21)
Non-designated hedges
2
(1)
19
(22)
The Group holds the following derivative financial instruments at fair value:
\u00a3 millions
2024/25
2023/24
Foreign exchange contracts
24
2
Derivative assets
24
2
Foreign exchange contracts
(5)
(24)
Derivative liabilities
(5)
(24)
19
(22)
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 2025, net financing derivative assets included in net debt amount to \u00a32m (2023/24: \u00a3nil). Cash flow hedges Forward foreign exchange contracts hedge currency exposures of forecast inventory purchases. At 31 January 2025, the Sterling equivalent amount of such contracts is \u00a3959m (2023/24: \u00a3822m). These are located in the derivative asset and derivative liability lines in the consolidated balance sheet with carrying amounts of \u00a321m asset and \u00a34m 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 gain of \u00a322m (2023/24: \u00a332m loss). A loss of \u00a315m (2023/24: \u00a333m) has been transferred to inventories for contracts which matured during the year. During the year a loss of \u00a31m (2023/24: \u00a312m) has been transferred to the income statement due to ineffectiveness arising from differences in timing and amount of forecast transaction relating to foreign currency inventory purchases. The weighted average hedged rates for derivatives outstanding at 31 January 2025 for our material currencies are EUR/USD 1.10 and GBP/USD 1.27. 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 therefore performs a qualitative 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, however this is judged to be immaterial and no adjustment has been made to the income statement. 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 2025, the Sterling equivalent amount of such contracts is \u00a3706m (2023/24: \u00a3463m). 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. 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 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
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 are \u00a3233m (2023/24: \u00a3232m). The amount recognised in the translation reserve is a gain of \u00a3nil (2023/24: \u00a39m gain). There is no ineffectiveness for 2024/25. The cumulative total amount recognised in the translation reserve in relation to net investment hedges is a loss of \u00a3103m (2023/24: \u00a3103m). 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:
2024/25
1
 2023/24
Fair value
Fair value
through other
Fair value
through other
Fair value
comprehensive
through
Amortised
comprehensive through profit Amortised
\u00a3 millions
income
2
profit or loss
cost
Total
income
2
or loss cost Total
Cash and cash equivalents
\u2013
\u2013
336
336
\u2013
\u2013
360
360
Trade and other receivables \u2013 current
3
\u2013
\u2013
190
190
\u2013
\u2013
242
242
Trade and other receivables \u2013 non-current
3
\u2013
\u2013
4
4
\u2013
\u2013
6
6
Derivative assets \u2013 current
19
3
\u2013
22
2
\u2013
\u2013
2
Derivative assets \u2013 non-current
2
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
Trade and other payables \u2013 current
3
\u2013
\u2013
(1,697)
(1,697)
\u2013
\u2013
(1,793)
(1,793)
Trade and other payables \u2013 non-current
3
\u2013
\u2013
(2)
(2)
\u2013
\u2013
(3)
(3)
Derivative liabilities \u2013 current
(4)
(1)
\u2013
(5)
(22)
(1)
\u2013
(23)
Derivative liabilities \u2013 non-current
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
Borrowings \u2013 current
\u2013
\u2013
(108)
(108)
\u2013
\u2013
(7)
(7)
Borrowings \u2013 non-current
\u2013
\u2013
(1)
(1)
\u2013
\u2013
(102)
(102)
Lease liabilities \u2013 current
\u2013
\u2013
(345)
(345)
\u2013
\u2013
(366)
(366)
Lease liabilities \u2013 non-current
\u2013
\u2013
(1,866)
(1,866)
\u2013
\u2013
(2,001)
(2,001)
Financial assets and liabilities
17
2
(3,489)
(3,470)
(21)
(1)
(3,664)
(3,686)
1. Excludes Romania financial assets and liabilities which are classified as held for sale. 2. Relating to derivatives in designated hedge relationships. 3. 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 receivables and payroll creditors and accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-590": { "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 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-594": { "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 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-597": { "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 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
At 31 January 2024
Derivative assets
2
\u2013
2
(2)
\u2013
Derivative liabilities
(24)
\u2013
(24)
2
(22)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-507": { "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, 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. Where appropriate, 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:
2024/25
Sterling
Euro
US Dollar
Other
\u00a3 millions
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
Floating
Total
At 31 January 2025
Net cash/(debt) before financing
derivatives and lease liabilities
\u2013
23
(2)
81
\u2013
80
\u2013
54
236
Financing derivatives
\u2013
(591)
\u2013
201
\u2013
372
\u2013
20
2
Lease liabilities
(1,611)
\u2013
(553)
\u2013
\u2013
\u2013
(89)
\u2013
(2,253)
Net (debt)/cash
1
(1,611)
(568)
(555)
282
\u2013
452
(89)
74
(2,015)
1.Includes net debt held for sale.
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)
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.
2024/25
2023/24
Net finance Net finance
\u00a3 millions costs costs
Effect of 1% rise in interest rates on net finance costs
Sterling
(6)
(4)
Euro
3
2
US Dollar
5
4
Other
\u2013
\u2013
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.
2024/25
2023/24
Derivative cash Derivative cash
flow hedges flow hedges
\u00a3 millions increase increase
Effect of 10% appreciation in foreign exchange rates on derivative cash flow hedges
US Dollar against Sterling
80
69
US Dollar against Euro
21
22
US Dollar against other
10
9
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. Refer to 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 2025 and 31 January 2024 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 2025, the Group had an undrawn revolving credit facility (RCF) of \u00a3650m, which is due to expire in May 2027. 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.
2024/25
Less than 1 More than 5
\u00a3 millions On demand
year
1-2 years
2-3 years
3-4 years
4-5 years
years
Total
At 31 January 2025
Bank overdrafts
(9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9)
Trade and other payables
1
\u2013
(1,697)
(2)
\u2013
\u2013
\u2013
\u2013
(1,699)
Bank loans and fixed term debt
\u2013
(108)
(1)
\u2013
\u2013
\u2013
\u2013
(109)
Lease liabilities
\u2013
(446)
(425)
(373)
(319)
(269)
(996)
(2,828)
Derivative financial liabilities:
Derivative contracts \u2013 receipts
\u2013
276
25
\u2013
\u2013
\u2013
\u2013
301
Derivative contracts \u2013 payments
\u2013
(283)
(26)
\u2013
\u2013
\u2013
\u2013
(309)
Derivative financial assets:
Derivative contracts \u2013 receipts
\u2013
1,317
48
\u2013
\u2013
\u2013
\u2013
1,365
Derivative contracts \u2013 payments
\u2013
(1,294)
(46)
\u2013
\u2013
\u2013
\u2013
(1,340)
2023/24
Less than 1 More than 5
\u00a3 millions On demand year
1-2 years
2-3 years
3-4 years
4-5 years
years Total
At 31 January 2024
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)
1.Excluding non-financial items relating to deferred income and merchandise returns provisions and non-contractual items relating to other taxation and socialsecurity 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 2025, the highest total cash investment with a single counterparty was \u00a317m (2023/24: \u00a321m). 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
1
\u00a3 millions
AAA
AA+
AA
AA-
A+
A
A-
BBB +/-
Other rating
Total
Cash and cash equivalents
2
18
\u2013
\u2013
\u2013
192
22
21
1
\u2013
254
Derivative assets
\u2013
\u2013
\u2013
\u2013
14
5
5
\u2013
\u2013
24
At 31 January 2025
18
\u2013
\u2013
\u2013
206
27
26
1
\u2013
278
Credit rating of counterparty
1
\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 2024
115
\u2013
\u2013
\u2013
147
13
1
5
2
283
1.Standard & Poor\u2019s equivalent rating shown. The Group determines this rating with reference to the majority credit rating from Standard & Poor\u2019s, Moody\u2019s orFitch where applicable.2.Cash and cash equivalents excludes cash held in stores and cash in transit balances of \u00a382m (2023/24: \u00a379m). 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 2025, trade and other receivables that are past due amount to \u00a335m (2023/24: \u00a344m), of which \u00a31m (2023/24: \u00a34m) are over 120 days past due. Capital risk Capital risk management disclosures are provided in the Financial Review on pages 47 to 55.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-558": { "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. Where appropriate, 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:
2024/25
Sterling
Euro
US Dollar
Other
\u00a3 millions
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
Floating
Total
At 31 January 2025
Net cash/(debt) before financing
derivatives and lease liabilities
\u2013
23
(2)
81
\u2013
80
\u2013
54
236
Financing derivatives
\u2013
(591)
\u2013
201
\u2013
372
\u2013
20
2
Lease liabilities
(1,611)
\u2013
(553)
\u2013
\u2013
\u2013
(89)
\u2013
(2,253)
Net (debt)/cash
1
(1,611)
(568)
(555)
282
\u2013
452
(89)
74
(2,015)
1.
Includes net debt held for sale.
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)
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.
2024/25
2023/24
Net finance Net finance
\u00a3 millions costs costs
Effect of 1% rise in interest rates on net finance costs
Sterling
(6)
(4)
Euro
3
2
US Dollar
5
4
Other
\u2013
\u2013
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.
2024/25
2023/24
Derivative cash Derivative cash
flow hedges flow hedges
\u00a3 millions increase increase
Effect of 10% appreciation in foreign exchange rates on derivative cash flow hedges
US Dollar against Sterling
80
69
US Dollar against Euro
21
22
US Dollar against other
10
9
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. Refer to 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 2025 and 31 January 2024 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-559": { "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 2025, the Group had an undrawn revolving credit facility (RCF) of \u00a3650m, which is due to expire in May 2027.
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.
2024/25
Less than 1 More than 5
\u00a3 millions On demand
year
1-2 years
2-3 years
3-4 years
4-5 years
years
Total
At 31 January 2025
Bank overdrafts
(9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9)
Trade and other payables
1
\u2013
(1,697)
(2)
\u2013
\u2013
\u2013
\u2013
(1,699)
Bank loans and fixed term debt
\u2013
(108)
(1)
\u2013
\u2013
\u2013
\u2013
(109)
Lease liabilities
\u2013
(446)
(425)
(373)
(319)
(269)
(996)
(2,828)
Derivative financial liabilities:
Derivative contracts \u2013 receipts
\u2013
276
25
\u2013
\u2013
\u2013
\u2013
301
Derivative contracts \u2013 payments
\u2013
(283)
(26)
\u2013
\u2013
\u2013
\u2013
(309)
Derivative financial assets:
Derivative contracts \u2013 receipts
\u2013
1,317
48
\u2013
\u2013
\u2013
\u2013
1,365
Derivative contracts \u2013 payments
\u2013
(1,294)
(46)
\u2013
\u2013
\u2013
\u2013
(1,340)
2023/24
Less than 1 More than 5
\u00a3 millions On demand year
1-2 years
2-3 years
3-4 years
4-5 years
years Total
At 31 January 2024
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)
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-560": { "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 2025, the highest total cash investment with a single counterparty was \u00a317m (2023/24: \u00a321m).
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
1
\u00a3 millions
AAA
AA+
AA
AA-
A+
A
A-
BBB +/-
Other rating
Total
Cash and cash equivalents
2
18
\u2013
\u2013
\u2013
192
22
21
1
\u2013
254
Derivative assets
\u2013
\u2013
\u2013
\u2013
14
5
5
\u2013
\u2013
24
At 31 January 2025
18
\u2013
\u2013
\u2013
206
27
26
1
\u2013
278
Credit rating of counterparty
1
\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 2024
115
\u2013
\u2013
\u2013
147
13
1
5
2
283
1.
Standard & Poor\u2019s equivalent rating shown. The Group determines this rating with reference to the majority credit rating from 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 \u00a382m (2023/24: \u00a379m).
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 2025, trade and other receivables that are past due amount to \u00a335m (2023/24: \u00a344m), of which \u00a31m (2023/24: \u00a34m) are
over 120 days past due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-561": { "value": "
Capital risk
Capital risk management disclosures are provided in the Financial Review on pages 47 to 55.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-562": { "value": "
26 Deferred tax
\u00a3 millions
2024/25
2023/24
Deferred tax assets
7
10
Deferred tax liabilities
(193)
(207)
(186)
(197)
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.
2024/25
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 2024
(227)
(50)
118
38
1
(81)
\u2013
4
(197)
(Charge)/credit to income
statement
(12)
5
(12)
\u2013
(1)
(4)
(1)
\u2013
(25)
Credit/(charge) to equity
\u2013
\u2013
\u2013
\u2013
\u2013
38
\u2013
(7)
31
Transfers to held for sale
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Exchange differences
3
1
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
3
At 31 January 2025
(236)
(42)
106
38
\u2013
(48)
(1)
(3)
(186)
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 2023
(215)
(56)
130
44
1
(99)
(1)
7
(189)
(Charge)/credit to income
statement
(15)
4
(10)
(7)
\u2013
(2)
1
(1)
(30)
(Charge)/credit 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)
At the balance sheet date, the Group has unused trading tax losses of \u00a3269m (2023/24: \u00a3223m) available for offset against future
profits. Included in this amount there are tax losses arising in Romania of \u00a3182m (2023/24: \u00a3149m) which can only be carried forward
for a maximum of seven years. Of these, \u00a320m will expire in the next twelve months, \u00a394m in the next two to five years, and \u00a368m in
the next six to seven years. Other unrecognised losses may be carried forward indefinitely. No deferred tax asset has been
recognised in respect of these losses (2023/24: \u00a31m) due to the unpredictability of future profit streams.
At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2023/24: \u00a310m) available for offset against future
capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2023/24: \u00a3nil). All of these losses may
be carried forward indefinitely.
A deferred tax liability of \u00a31m (2023/24: \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 \u00a3224m (2023/24: \u00a3241m).
An accounting surplus is recognised for the UK defined benefit pension scheme (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. Following the enactment of
this legislation on 11 March 2024, the deferred tax liability has been reduced by \u00a332m with a corresponding credit to other
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-582": { "value": "26 Deferred tax
\u00a3 millions
2024/25
2023/24
Deferred tax assets
7
10
Deferred tax liabilities
(193)
(207)
(186)
(197)
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.
2024/25
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 2024
(227)
(50)
118
38
1
(81)
\u2013
4
(197)
(Charge)/credit to income
statement
(12)
5
(12)
\u2013
(1)
(4)
(1)
\u2013
(25)
Credit/(charge) to equity
\u2013
\u2013
\u2013
\u2013
\u2013
38
\u2013
(7)
31
Transfers to held for sale
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Exchange differences
3
1
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
3
At 31 January 2025
(236)
(42)
106
38
\u2013
(48)
(1)
(3)
(186)
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 2023
(215)
(56)
130
44
1
(99)
(1)
7
(189)
(Charge)/credit to income
statement
(15)
4
(10)
(7)
\u2013
(2)
1
(1)
(30)
(Charge)/credit 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)
At the balance sheet date, the Group has unused trading tax losses of \u00a3269m (2023/24: \u00a3223m) available for offset against future profits. Included in this amount there are tax losses arising in Romania of \u00a3182m (2023/24: \u00a3149m) which can only be carried forward for a maximum of seven years. Of these, \u00a320m will expire in the next twelve months, \u00a394m in the next two to five years, and \u00a368m in the next six to seven years. Other unrecognised losses may be carried forward indefinitely. No deferred tax asset has been recognised in respect of these losses (2023/24: \u00a31m) due to the unpredictability of future profit streams. At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2023/24: \u00a310m) available for offset against future capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2023/24: \u00a3nil). All of these losses may be carried forward indefinitely. A deferred tax liability of \u00a31m (2023/24: \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 \u00a3224m (2023/24: \u00a3241m). An accounting surplus is recognised for the UK defined benefit pension scheme (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. Following the enactment of this legislation on 11 March 2024, the deferred tax liability has been reduced by \u00a332m with a corresponding credit to other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-508": { "value": "
27 Provisions
\u00a3 millions
At 1 February 2024
16
Charged to income statement
18
Released to income statement
(1)
Utilised in the year
(8)
At 31 January 2025
25
Current liabilities
16
Non-current liabilities
9
25
Provisions are principally comprised of restructuring provisions relating to restructuring plans in France. Amounts charged to the
income statement in the current year of \u00a318m are principally related to the Castorama France head-office and 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-583": { "value": "27 Provisions
\u00a3 millions
At 1 February 2024
16
Charged to income statement
18
Released to income statement
(1)
Utilised in the year
(8)
At 31 January 2025
25
Current liabilities
16
Non-current liabilities
9
25
Provisions are principally comprised of restructuring provisions relating to restructuring plans in France. Amounts charged to the income statement in the current year of \u00a318m are principally related to the Castorama France head-office and 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. 36 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. 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. 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 had 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 constituted illegal state aid. In September 2024, the European Court of Justice annulled this decision, and repayment of the tax and interest, totalling \u00a369m, is expected in 2025/26. At the balance sheet date, the Group is recognising this amount as a current asset (2023/24: \u00a368m recognised as a non-current asset). Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act:
Company Company Company
Name
number
Name
Number
Name
Number
B&Q Properties Chesterfield Limited
07347750
B&Q Properties Swindon
07156385
Kingfisher Properties
07501852
Limited Investments Limited
B&Q Properties Farnborough Limited
07595097
B&Q Properties Witney
07595124
Kingfisher TMB Limited
03926623
Limited
B&Q Properties Investments Limited
SC389774
B&Q Properties Wrexham
07347678
New England Paint Company
04056989
Limited Limited
B&Q Properties Limited
03885270
Eijsvogel Finance Limited
02792015
Sheldon Poland Investments
08409745
Limited
B&Q Properties New Malden Limited
03926734
Kingfisher France Limited
04213347
Zeus Land Investments Limited
00601220
B&Q Properties South Shields Limited
07156522
Kingfisher Holdings Limited
09404258
B&Q Properties Sutton-In-Ashfield
07594922
Kingfisher International
02558762
Limited Holdings Limited
Kingfisher plc will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 31 January 2025 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-509": { "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
2024/25
2023/24
Charge to operating profit
55
50
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 as part of the 2025 valuation.
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. On 25 July 2024, in the case Virgin Media v NTL Pension Trustees II Limited (and others), the Court of Appeal upheld the High Court\u2019s 2023 decision which confirmed that certain rules of a contracted-out defined benefit scheme cannot be altered without the statutory actuarial confirmation having been obtained and that non-compliant alterations are void. The Company has commenced its assessment as to whether the ruling has any implications on the UK defined benefit scheme and whether or not the impact is material. The Company will continue to monitor further relevant court cases due to be heard in 2025, as well as updates 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 Kingfisher SLP is a structured entity, where voting rights are not the dominant factor in determining control, in which both the Group and the Trustee hold an interest. A general partner, \u2018Kingfisher Properties Investments Limited\u2019, wholly owned by the Group, has responsibility for the management and control of the Kingfisher SLP. As the Group can direct Kingfisher SLP\u2019s relevant activities and affect its returns, it has been concluded that the Group controls the partnership, despite not having a majority interest 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
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Amounts charged/(credited) to operating profit
Current service cost
3
7
10
3
8
11
Past service credit
(2)
(13)
(15)
\u2013
(3)
(3)
Administration costs
5
\u2013
5
4
\u2013
4
6
(6)
\u2013
7
5
12
Amounts (credited)/charged to net finance costs
Net interest (income)/expense
(10)
3
(7)
(11)
4
(7)
Total (credited)/charged to income statement
(4)
(3)
(7)
(4)
9
5
Of the net charge to operating profit, a \u00a35m credit (2023/24: \u00a38m charge) and \u00a35m charge (2023/24: \u00a34m charge) 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
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations
(1,711)
(121)
(1,832)
(1,826)
(133)
(1,959)
Fair value of scheme assets
1,913
20
1,933
2,038
20
2,058
Net surplus/(deficit)
202
(101)
101
212
(113)
99
Movements in the surplus or deficit are as follows:
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Net surplus/(deficit) at beginning of year
212
(113)
99
251
(114)
137
Current service cost
(3)
(7)
(10)
(3)
(8)
(11)
Past service credit
2
13
15
\u2013
3
3
Administration costs
(5)
\u2013
(5)
(4)
\u2013
(4)
Net interest income/(expense)
10
(3)
7
11
(4)
7
Net remeasurement (losses)/gains
(14)
3
(11)
(43)
1
(42)
Contributions paid by employer
\u2013
5
5
\u2013
5
5
Exchange differences
\u2013
1
1
\u2013
4
4
Net surplus/(deficit) at end of year
202
(101)
101
212
(113)
99
Movements in the present value of defined benefit obligations are as follows:
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations at beginning of year
(1,826)
(133)
(1,959)
(1,979)
(134)
(2,113)
Current service cost
(3)
(7)
(10)
(3)
(8)
(11)
Past service credit
2
13
15
\u2013
3
3
Interest expense
(87)
(3)
(90)
(87)
(4)
(91)
Remeasurement gains/(losses) \u2013 changes in financial assumptions
115
\u2013
115
136
(2)
134
Remeasurement gains \u2013 changes in demographic assumptions
5
3
8
54
\u2013
54
Remeasurement (losses)/gains \u2013 experience adjustments
(7)
\u2013
(7)
(34)
3
(31)
Benefits paid
90
5
95
87
5
92
Exchange differences
\u2013
1
1
\u2013
4
4
Present value of defined benefit obligations at end of year
(1,711)
(121)
(1,832)
(1,826)
(133)
(1,959)
The present value of UK scheme defined benefit obligations is 52% (2023/24: 50%) in respect of deferred members and 48% (2023/24: 50%) in respect of current pensioners. The weighted average duration of the UK scheme obligations at the end of the year is 14 years (2023/24: 15 years). Movements in the fair value of scheme assets are as follows:
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Fair value of scheme assets at beginning of year
2,038
20
2,058
2,230
20
2,250
Administration costs
(5)
\u2013
(5)
(4)
\u2013
(4)
Interest income
97
\u2013
97
98
\u2013
98
Remeasurement losses \u2013 actual return less interest income
(127)
\u2013
(127)
(199)
\u2013
(199)
Contributions paid by employer
\u2013
5
5
\u2013
5
5
Benefits paid
(90)
(5)
(95)
(87)
(5)
(92)
Fair value of scheme assets at end of year
1,913
20
1,933
2,038
20
2,058
The fair value of scheme assets is analysed as follows:
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
% of total
UK
Overseas
Total
% of total
Government bonds
1
642
\u2013
642
33%
712
\u2013
712
34%
Corporate bonds
358
\u2013
358
19%
332
\u2013
332
16%
Derivatives
(21)
\u2013
(21)
(1)%
(49)
\u2013
(49)
(2)%
Equities
15
\u2013
15
1%
33
\u2013
33
2%
Annuities
736
\u2013
736
38%
783
\u2013
783
38%
Cash
74
\u2013
74
4%
98
\u2013
98
5%
Other
109
20
129
6%
129
20
149
7%
Total fair value of scheme assets
1,913
20
1,933
100%
2,038
20
2,058
100%
1. Including LDI repurchase agreement liabilities. All UK scheme assets have quoted prices in active markets, except for \u00a3845m (2023/24: \u00a3912m) 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 \u00a31.0bn (2023/24: \u00a31.2bn) and associated repurchase agreement liabilities of \u00a30.4bn (2023/24: \u00a30.5bn). 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. 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.
2024/25
2023/24
Annual % rate
UK
Overseas
UK
Overseas
Discount rate
5.40
3.40
4.85
3.45
Price inflation
3.25
2.40
3.10
2.40
Rate of pension increases
3.05
\u2013
2.95
\u2013
Salary escalation
n/a
2.8
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 Continuous Mortality Investigation (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
2024/25
2023/24
Age to which current pensioners are expected to live (60 now)
\u2014 Male
85.6
85.6
\u2014 Female
88.3
88.3
Age to which future pensioners are expected to live (60 in 15 years\u2019 time)
\u2014 Male
86.9
86.9
\u2014 Female
90.4
90.4
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 \u00a3122m
Price inflation
Increase/decrease by 0.25%
Increase/decrease by \u00a353m
Rate of pension increases
Increase/decrease by 0.25%
Increase/decrease by \u00a350m
Mortality
Increase/decrease in life expectancy by one year
Increase/decrease by \u00a359m
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-563": { "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
2024/25
2023/24
Charge to operating profit
55
50
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-564": { "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 as part of the 2025 valuation.
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.
On 25 July 2024, in the case Virgin Media v NTL Pension Trustees II Limited (and others), the Court of Appeal upheld the High Court\u2019s
2023 decision which confirmed that certain rules of a contracted-out defined benefit scheme cannot be altered without the
statutory actuarial confirmation having been obtained and that non-compliant alterations are void. The Company has commenced its
assessment as to whether the ruling has any implications on the UK defined benefit scheme and whether or not the impact is material.
The Company will continue to monitor further relevant court cases due to be heard in 2025, as well as updates 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 Kingfisher SLP is a structured entity, where voting rights are not the dominant factor in determining control, in which both the
Group and the Trustee hold an interest. A general partner, \u2018Kingfisher Properties Investments Limited\u2019, wholly owned by the Group,
has responsibility for the management and control of the Kingfisher SLP. As the Group can direct Kingfisher SLP\u2019s relevant activities
and affect its returns, it has been concluded that the Group controls the partnership, despite not having a majority interest 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
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Amounts charged/(credited) to operating profit
Current service cost
3
7
10
3
8
11
Past service credit
(2)
(13)
(15)
\u2013
(3)
(3)
Administration costs
5
\u2013
5
4
\u2013
4
6
(6)
\u2013
7
5
12
Amounts (credited)/charged to net finance costs
Net interest (income)/expense
(10)
3
(7)
(11)
4
(7)
Total (credited)/charged to income statement
(4)
(3)
(7)
(4)
9
5
Of the net charge to operating profit, a \u00a35m credit (2023/24: \u00a38m charge) and \u00a35m charge (2023/24: \u00a34m charge) 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
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations
(1,711)
(121)
(1,832)
(1,826)
(133)
(1,959)
Fair value of scheme assets
1,913
20
1,933
2,038
20
2,058
Net surplus/(deficit)
202
(101)
101
212
(113)
99
Movements in the surplus or deficit are as follows:
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Net surplus/(deficit) at beginning of year
212
(113)
99
251
(114)
137
Current service cost
(3)
(7)
(10)
(3)
(8)
(11)
Past service credit
2
13
15
\u2013
3
3
Administration costs
(5)
\u2013
(5)
(4)
\u2013
(4)
Net interest income/(expense)
10
(3)
7
11
(4)
7
Net remeasurement (losses)/gains
(14)
3
(11)
(43)
1
(42)
Contributions paid by employer
\u2013
5
5
\u2013
5
5
Exchange differences
\u2013
1
1
\u2013
4
4
Net surplus/(deficit) at end of year
202
(101)
101
212
(113)
99
Movements in the present value of defined benefit obligations are as follows:
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations at beginning of year
(1,826)
(133)
(1,959)
(1,979)
(134)
(2,113)
Current service cost
(3)
(7)
(10)
(3)
(8)
(11)
Past service credit
2
13
15
\u2013
3
3
Interest expense
(87)
(3)
(90)
(87)
(4)
(91)
Remeasurement gains/(losses) \u2013 changes in financial assumptions
115
\u2013
115
136
(2)
134
Remeasurement gains \u2013 changes in demographic assumptions
5
3
8
54
\u2013
54
Remeasurement (losses)/gains \u2013 experience adjustments
(7)
\u2013
(7)
(34)
3
(31)
Benefits paid
90
5
95
87
5
92
Exchange differences
\u2013
1
1
\u2013
4
4
Present value of defined benefit obligations at end of year
(1,711)
(121)
(1,832)
(1,826)
(133)
(1,959)
The present value of UK scheme defined benefit obligations is 52% (2023/24: 50%) in respect of deferred members and 48%
(2023/24: 50%) in respect of current pensioners.
The weighted average duration of the UK scheme obligations at the end of the year is 14 years (2023/24: 15 years).
Movements in the fair value of scheme assets are as follows:
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Fair value of scheme assets at beginning of year
2,038
20
2,058
2,230
20
2,250
Administration costs
(5)
\u2013
(5)
(4)
\u2013
(4)
Interest income
97
\u2013
97
98
\u2013
98
Remeasurement losses \u2013 actual return less interest income
(127)
\u2013
(127)
(199)
\u2013
(199)
Contributions paid by employer
\u2013
5
5
\u2013
5
5
Benefits paid
(90)
(5)
(95)
(87)
(5)
(92)
Fair value of scheme assets at end of year
1,913
20
1,933
2,038
20
2,058
The fair value of scheme assets is analysed as follows:
2024/25
2023/24
\u00a3 millions
UK
Overseas
Total
% of total
UK
Overseas
Total
% of total
Government bonds
1
642
\u2013
642
33%
712
\u2013
712
34%
Corporate bonds
358
\u2013
358
19%
332
\u2013
332
16%
Derivatives
(21)
\u2013
(21)
(1)%
(49)
\u2013
(49)
(2)%
Equities
15
\u2013
15
1%
33
\u2013
33
2%
Annuities
736
\u2013
736
38%
783
\u2013
783
38%
Cash
74
\u2013
74
4%
98
\u2013
98
5%
Other
109
20
129
6%
129
20
149
7%
Total fair value of scheme assets
1,913
20
1,933
100%
2,038
20
2,058
100%
1. Including LDI repurchase agreement liabilities.
All UK scheme assets have quoted prices in active markets, except for \u00a3845m (2023/24: \u00a3912m) 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 \u00a31.0bn (2023/24: \u00a31.2bn) and associated repurchase agreement liabilities of \u00a30.4bn (2023/24: \u00a30.5bn).
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.
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.
2024/25
2023/24
Annual % rate
UK
Overseas
UK
Overseas
Discount rate
5.40
3.40
4.85
3.45
Price inflation
3.25
2.40
3.10
2.40
Rate of pension increases
3.05
\u2013
2.95
\u2013
Salary escalation
n/a
2.8
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
Continuous Mortality Investigation (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
2024/25
2023/24
Age to which current pensioners are expected to live (60 now)
\u2014 Male
85.6
85.6
\u2014 Female
88.3
88.3
Age to which future pensioners are expected to live (60 in 15 years\u2019 time)
\u2014 Male
86.9
86.9
\u2014 Female
90.4
90.4
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 \u00a3122m
Price inflation
Increase/decrease by 0.25%
Increase/decrease by \u00a353m
Rate of pension increases
Increase/decrease by 0.25%
Increase/decrease by \u00a350m
Mortality
Increase/decrease in life expectancy by one year
Increase/decrease by \u00a359m
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-565": { "value": "
29 Share capital
Number of
ordinary shares Ordinary share
millions capital \u00a3 millions
Allotted, called up and fully paid:
At 1 February 2024
1,875
294
New shares issued under share schemes
1
\u2013
Purchase of own shares for cancellation
(83)
(12)
At 31 January 2025
1,793
282
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 2024
1,875
294
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 83 million (2023/24: 67 million) of the Company\u2019s own shares for cancellation at a cost of \u00a3225m
(2023/24: \u00a3160m) as part of its capital returns programme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-510": { "value": "29 Share capital
Number of
ordinary shares Ordinary share
millions capital \u00a3 millions
Allotted, called up and fully paid:
At 1 February 2024
1,875
294
New shares issued under share schemes
1
\u2013
Purchase of own shares for cancellation
(83)
(12)
At 31 January 2025
1,793
282
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 2024
1,875
294
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 83 million (2023/24: 67 million) of the Company\u2019s own shares for cancellation at a cost of \u00a3225m (2023/24: \u00a3160m) as part of its capital returns programme.
30 Other reserves
2024/25
Translation Cash flow hedge
\u00a3 millions reserve reserve
Other
Total
At 1 February 2024
144
(13)
159
290
Inventory cash flow hedges \u2013 fair value gains
\u2013
22
\u2013
22
Tax on items that will not be reclassified subsequently to profit or loss
\u2013
(6)
\u2013
(6)
Currency translation differences
Group
(25)
\u2013
\u2013
(25)
Joint ventures and associates
6
\u2013
\u2013
6
Inventory cash flow hedges \u2013 losses transferred to income statement
\u2013
1
\u2013
1
Other comprehensive (expense)/income for the year
(19)
17
\u2013
(2)
Inventory cash flow hedges \u2013 losses transferred to inventories
\u2013
15
\u2013
15
Tax on equity items
(1)
(3)
\u2013
(4)
At 31 January 2025
124
16
159
299
2023/24
Translation Cash flow hedge
\u00a3 millions reserve reserve
Other
Total
At 1 February 2023
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
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-566": { "value": "30 Other reserves
2024/25
Translation Cash flow hedge
\u00a3 millions reserve reserve
Other
Total
At 1 February 2024
144
(13)
159
290
Inventory cash flow hedges \u2013 fair value gains
\u2013
22
\u2013
22
Tax on items that will not be reclassified subsequently to profit or loss
\u2013
(6)
\u2013
(6)
Currency translation differences
Group
(25)
\u2013
\u2013
(25)
Joint ventures and associates
6
\u2013
\u2013
6
Inventory cash flow hedges \u2013 losses transferred to income statement
\u2013
1
\u2013
1
Other comprehensive (expense)/income for the year
(19)
17
\u2013
(2)
Inventory cash flow hedges \u2013 losses transferred to inventories
\u2013
15
\u2013
15
Tax on equity items
(1)
(3)
\u2013
(4)
At 31 January 2025
124
16
159
299
2023/24
Translation Cash flow hedge
\u00a3 millions reserve reserve
Other
Total
At 1 February 2023
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
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-511": { "value": "
31 Share-based payments
2024/25
2023/24
Number of Weighted Number of Weighted
options average options average exercise
thousands exercise price \u00a3 thousands price \u00a3
Outstanding at beginning of year
71,336
0.46
58,946
0.52
Granted during the year
1
20,810
0.42
25,235
0.45
Forfeited and expired during the year
(14,252)
0.37
(5,470)
1.12
Exercised during the year
(10,298)
0.23
(7,375)
0.45
Outstanding at end of year
67,596
0.50
71,336
0.46
Exercisable at end of year
8,721
0.49
6,854
0.52
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 weighted average share price during the year,
rather than at the date of exercise, is \u00a32.63 (2023/24: \u00a32.41). 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 (2023/24: 5.4 years).
The Group recognised a total expense of \u00a320m in the year ended 31 January 2025 (2023/24: \u00a322m) 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 at
Expected life
1
Expected
Date of grant
grant \u00a3
Exercise price \u00a3
years
volatility
2
%
Dividend yield
3
%
Risk free rate
4
%
Fair value \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
2.04
20/04/23
2.57
\u2013
10
\u2013
\u2013
\u2013
2.57
18/10/23
2.04
\u2013
10
\u2013
\u2013
\u2013
2.04
25/04/24
2.47
\u2013
10
\u2013
\u2013
\u2013
2.47
17/10/24
3.17
\u2013
10
\u2013
\u2013
\u2013
3.17
UK and International
31/10/17
3.13
2.42
3.5
22.8%
3.4%
0.6%
0.43
Sharesave
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
25/10/24
3.10
2.60
3.5
27.9%
4.0%
4.0%
0.75
25/10/24
3.10
2.60
5.5
34.4%
4.0%
4.1%
0.94
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.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 ofgrant. For the Performance Share Plan, Transformation Incentive award and Alignment Share award the expiry date is 10 years from the date of grant. Expiryof 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 shareprice (plus reinvested dividends) immediately prior to the grant of the award, over the same period as the vesting period of each award, adjusted byexpectations 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 dividendyield 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-512": { "value": "
32 Cash generated by operations
\u00a3 millions
2024/25
2023/24
Operating profit
407
580
Share of post-tax results of joint ventures and associates
15
1
Depreciation and amortisation
656
641
Net impairment losses
198
87
Loss on disposal of property, plant & equipment and investment property
8
\u2013
Loss/(gain) on disposals of subsidiaries and associates
3
(2)
Lease gains
\u2013
(7)
Share-based compensation charge
20
22
Decrease in inventories
87
132
Decrease/(increase) in trade and other receivables
63
(6)
Decrease in trade and other payables
(50)
(14)
Movement in provisions
9
(3)
Movement in post-employment benefits
(5)
7
Cash generated by operations
1,411
1,438
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-513": { "value": "
33 Net debt
\u00a3 millions
2024/25
2023/24
Cash and cash equivalents
336
360
Cash and cash equivalents included within assets held for sale
9
\u2013
Bank overdrafts
(9)
(7)
Cash and cash equivalents and bank overdrafts (including cash and cash equivalents held for sale)
336
353
Bank loans
(1)
(3)
Fixed term debt
(99)
(99)
Lease liabilities
(2,211)
(2,367)
Lease liabilities included within assets held for sale
(42)
\u2013
Net financing derivatives
2
\u2013
Net debt (including net debt held for sale)
(2,015)
(2,116)
\u00a3 millions
2024/25
2023/24
Net debt at beginning of year
(2,116)
(2,274)
Net (decrease)/increase in cash and cash equivalents and bank overdrafts
(11)
84
Arrangement fees paid
2
\u2013
Net cash flow
1
(9)
84
Movements in lease liabilities
107
71
Exchange differences and other non-cash movements
3
3
Net debt at end of year
(2,015)
(2,116)
1. Refer to the glossary for the definition of net cash flow.
The table below sets out the movements in liabilities arising from financing activities:
2024/25
Borrowings
(excluding bank Net financing Share purchase Total financing
\u00a3 millions overdrafts) derivatives Lease liabilities
obligations
1
liabilities
At 1 February 2024
(102)
\u2013
(2,367)
\u2013
(2,469)
Principal repayments
\u2013
\u2013
387
\u2013
387
Arrangement fees paid
2
\u2013
\u2013
\u2013
2
Shares purchased for cancellation
\u2013
\u2013
\u2013
225
225
Interest paid
7
\u2013
123
\u2013
130
Cash outflow relating to financing liabilities
9
\u2013
510
225
744
Interest charge
(7)
\u2013
(123)
\u2013
(130)
Lease liability additions
\u2013
\u2013
(250)
\u2013
(250)
Transfers to liabilities directly associated with assets held for sale
\u2013
\u2013
42
\u2013
42
Other movements in lease liabilities
2
\u2013
\u2013
(30)
\u2013
(30)
Recognised liability due to share purchase commitments
\u2013
\u2013
\u2013
(251)
(251)
Fair value movements and exchange differences
\u2013
2
7
\u2013
9
At 31 January 2025
(100)
2
(2,211)
(26)
(2,335)
2023/24
Borrowings
(excluding bank Net financing Share purchase Total financing
\u00a3 millions overdrafts) derivatives Lease liabilities
obligations
1
liabilities
At 1 February 2023
(102)
2
(2,444)
(7)
(2,551)
Principal repayments
\u2013
\u2013
348
\u2013
348
Shares purchased for cancellation
\u2013
\u2013
\u2013
160
160
Interest paid
7
\u2013
126
\u2013
133
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
2
\u2013
\u2013
(26)
\u2013
(26)
Recognised liability due to share purchase commitments
\u2013
\u2013
\u2013
(153)
(153)
Fair value movements and exchange differences
\u2013
(2)
8
\u2013
6
At 31 January 2024
(102)
\u2013
(2,367)
\u2013
(2,469)
1.
Share purchase obligations are not included in the Group\u2019s net debt measure. Refer to the glossary for the definition of net debt.
2.
Other movements principally comprise of amounts in relation to indexation, rent reviews and other changes in lease term and scope.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-514": { "value": "
34 Assets and liabilities held for sale
\u00a3 millions
2024/25
2023/24
Assets held for sale
158
3
Liabilities directly associated with assets held for sale
(92)
\u2013
66
3
In December 2024, the Group announced that it had reached an agreement to dispose of its 100% interest in its Brico D\u00e9p\u00f4t Romania
business. The business\u2019s assets and liabilities were classified as a disposal group held for sale in the current year. Charges of \u00a322m
have been recognised in the year relating to this disposal, principally relating to impairment charges recognised on classification of
the business as held for sale, and other exit costs. The business is presented within the \u2018Other International\u2019 combination of segments.
The major classes of assets and liabilities comprising the Romania disposal group classified as held for sale are as follows:
\u00a3 millions
Total
Other intangible assets
2
Property, plant & equipment
37
Right-of-use assets
14
Inventories
87
Trade and other receivables
3
Cash and cash equivalents
9
Total assets classified as held for sale
152
Trade and other payables
(48)
Lease liabilities
(40)
Other liabilities
(2)
Total liabilities directly associated with assets held for sale
(90)
Net assets of disposal group
62
Assets held for sale also include \u00a36m freehold properties and right of use assets in Poland. In the prior year, assets held for sale
comprised freehold properties in Poland. Liabilities held for sale include \u00a32m lease liabilities held for sale in Poland.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-515": { "value": "
35 Commitments
Capital commitments contracted but not provided for by the Group at 31 January 2025 amount to \u00a314m (2023/24: \u00a331m).
36 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. 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. 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 had 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 constituted illegal state aid. In September 2024, the European Court of Justice annulled this decision, and repayment of the tax and interest, totalling \u00a369m, is expected in 2025/26. At the balance sheet date, the Group is recognising this amount as a current asset (2023/24: \u00a368m recognised as a non-current asset). Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act:
Company Company Company
Name
number
Name
Number
Name
Number
B&Q Properties Chesterfield Limited
07347750
B&Q Properties Swindon
07156385
Kingfisher Properties
07501852
Limited Investments Limited
B&Q Properties Farnborough Limited
07595097
B&Q Properties Witney
07595124
Kingfisher TMB Limited
03926623
Limited
B&Q Properties Investments Limited
SC389774
B&Q Properties Wrexham
07347678
New England Paint Company
04056989
Limited Limited
B&Q Properties Limited
03885270
Eijsvogel Finance Limited
02792015
Sheldon Poland Investments
08409745
Limited
B&Q Properties New Malden Limited
03926734
Kingfisher France Limited
04213347
Zeus Land Investments Limited
00601220
B&Q Properties South Shields Limited
07156522
Kingfisher Holdings Limited
09404258
B&Q Properties Sutton-In-Ashfield
07594922
Kingfisher International
02558762
Limited Holdings Limited
Kingfisher plc will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 31 January 2025 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-567": { "value": "35 Commitments Capital commitments contracted but not provided for by the Group at 31 January 2025 amount to \u00a314m (2023/24: \u00a331m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-568": { "value": "
36 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.
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.
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 had 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 constituted illegal
state aid. In September 2024, the European Court of Justice annulled this decision, and repayment of the tax and interest, totalling
\u00a369m, is expected in 2025/26. At the balance sheet date, the Group is recognising this amount as a current asset (2023/24: \u00a368m
recognised as a non-current asset).
Subsidiary audit exemptions
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit
of individual accounts by virtue of section 479A of the Act:
Company Company Company
Name
number
Name
Number
Name
Number
B&Q Properties Chesterfield Limited
07347750
B&Q Properties Swindon
07156385
Kingfisher Properties
07501852
Limited Investments Limited
B&Q Properties Farnborough Limited
07595097
B&Q Properties Witney
07595124
Kingfisher TMB Limited
03926623
Limited
B&Q Properties Investments Limited
SC389774
B&Q Properties Wrexham
07347678
New England Paint Company
04056989
Limited Limited
B&Q Properties Limited
03885270
Eijsvogel Finance Limited
02792015
Sheldon Poland Investments
08409745
Limited
B&Q Properties New Malden Limited
03926734
Kingfisher France Limited
04213347
Zeus Land Investments Limited
00601220
B&Q Properties South Shields Limited
07156522
Kingfisher Holdings Limited
09404258
B&Q Properties Sutton-In-Ashfield
07594922
Kingfisher International
02558762
Limited Holdings Limited
Kingfisher plc will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 31 January 2025
in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit
Exemptions and Change of Accounting Framework) Regulations 2012.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-569": { "value": "
37 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:
2024/25
2023/24
\u00a3 millions
Income
Receivable
Income
Receivable
Transactions with Ko\u00e7ta\u015f Yap Marketleri Ticaret A.\u015e. in which the Group
holds a 50% interest
Commission and other income
0.6
0.2
0.5
\u2013
Transactions with Crealfi S.A. in which the Group held a 49% interest
1
Provision of employee services
\u2013
\u2013
0.1
\u2013
Commission and other income
\u2013
\u2013
1.5
\u2013
Transactions with the Kingfisher Pension Scheme
Provision of administrative services
0.8
0.6
0.8
0.2
1. Crealfi S.A. was disposed of in the prior year.
In addition to the above arm\u2019s length transactions, during the year the Group made capital contributions totalling \u00a319m into the Ko\u00e7ta\u015f
joint venture. Refer to note 18 for further information.
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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-516": { "value": "37 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:
2024/25
2023/24
\u00a3 millions
Income
Receivable
Income
Receivable
Transactions with Ko\u00e7ta\u015f Yap Marketleri Ticaret A.\u015e. in which the Group
holds a 50% interest
Commission and other income
0.6
0.2
0.5
\u2013
Transactions with Crealfi S.A. in which the Group held a 49% interest
1
Provision of employee services
\u2013
\u2013
0.1
\u2013
Commission and other income
\u2013
\u2013
1.5
\u2013
Transactions with the Kingfisher Pension Scheme
Provision of administrative services
0.8
0.6
0.8
0.2
1. Crealfi S.A. was disposed of in the prior year. In addition to the above arm\u2019s length transactions, during the year the Group made capital contributions totalling \u00a319m into the Ko\u00e7ta\u015f joint venture. Refer to note 18 for further information. 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": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-517": { "value": "
38 Post balance sheet events
During the period since the balance sheet date, the Group purchased 10 million of the Company\u2019s own shares for cancellation at a
cost of \u00a326m. This amount was deducted from equity in 2024/25 as a result of an irrevocable buyback agreement which was in place
at 31 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-464": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-10": { "value": "Kingfisher plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "fact-463": { "value": "Kingfisher plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } } } }