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"2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-453": { "value": "218000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-454": { "value": "228000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-455": { "value": "-996000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-456": { "value": "-997000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800KBMEV7I92FY281", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-457": { "value": "106000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-458": { "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-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-461": { "value": "20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-462": { "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-463": { "value": "462000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KBMEV7I92FY281", "period": "2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-464": { "value": "336000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00", "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-470": { "value": "1 General information Kingfisher plc (\u2018the Company\u2019), its subsidiaries and joint ventures (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 51. 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 12 of the Company\u2019s separate financial statements. These consolidated financial statements have been approved for issue by the Board of Directors on 23 March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-465": { "value": "Kingfisher plc (\u2018the Company\u2019), its subsidiaries and joint ventures (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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-6": { "value": "Kingfisher plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-7": { "value": "United Kingdom and continental Europe", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-466": { "value": "England and Wales, United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-8": { "value": "England and Wales, United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-9": { "value": "1 Paddington Square, London, W2 1GG ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-469": { "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 Group are made
up to 31 January. The current financial year is the year ended
31 January 2026 (\u2018the year\u2019 or \u20182025/26\u2019). The comparative
financial year is the year ended 31 January 2025 (\u2018the prior year\u2019
or \u20182024/25\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 2026.
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 51. The financial position
of the Group, its cash flows, liquidity position and borrowing
facilities are described in the financial review on pages 31 to 37.
The principal risks and viability statement of the Group are set
out on pages 43 to 50. 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 2026, Kingfisher had access to \u00a31,112m of liquidity,
comprising cash and cash equivalents (net of bank overdrafts) of
\u00a3462m and access to an undrawn Revolving Credit Facility (RCF)
of \u00a3650m (which expires at the end of May 2028). The ratio of net
debt to Adjusted EBITDA was 1.4 as of 31 January 2026.
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 2026, 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.\u00a31.8bn (13% 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 would
require temporarily drawing on the RCF, the Group retains
adequate 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 21 \u2013 Amendments for currencies lacking
exchangeability
The above amended accounting standard did not have a material
impact on the consolidated financial statements.
Standards issued but not yet effective
As of the date these financial statements were approved, the
following new standards and amendments had been issued but
were not yet effective and have therefore not been applied in
these financial statements:
\u2014 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to
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 Disclosure in Financial Statements,
will replace IAS 1 and is effective for annual reporting periods
beginning on or after 1 January 2027. The Group will apply the
standard from its mandatory effective date and does not intend
to adopt early. The adoption of IFRS 18 will primarily impact the
presentation of the consolidated income statement and related
disclosures, as well as disclosure of management-defined
performance measures (MPMs) in a separate note to the accounts.
Based on the Group\u2019s current assessment, the most significant
presentation changes are expected to include:
\u2014 Share of results from equity accounted investments being
presented within the investing category, rather than within
operating profit as currently presented;
\u2014 Rental income and expenses from investment properties will
be presented within the investing category (currently
presented within operating profit); and
\u2014 Net finance income or expenses, as well as foreign exchange
differences, will be reallocated to the appropriate income
statement category in line with the requirements of the
new standard.
Certain Alternative Performance Measures (APMs) that meet the
definition of management-defined performance measures
(MPMs) under IFRS 18 will be disclosed in a single note to the
accounts, including reconciliations to the most directly
comparable IFRS subtotal.
IFRS 18 requires retrospective application. Accordingly,
comparative information for the financial year ending 31 January
2027 will be restated in the Group\u2019s 2027/28 financial statements.
The Group continues to assess the full impact of the new standard.
The other new standards and amendments 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 51.
Use of non-GAAP measures
In the reporting of financial information, the Group uses certain
measures that are not required under IFRS \u2013 the generally
accepted accounting principles (\u2018GAAP\u2019) under which the Group
reports. The Group 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 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 from equity accounted
investments, 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\u2019s 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; and
\u2014 financing fair value remeasurements i.e. changes in the fair
value of financing derivatives, excluding interest accruals,
offset by fair value adjustments to the carrying amount
of borrowings and other hedged items under fair value (or
non-designated) hedge relationships. Financing derivatives are
those that relate to hedged items of a financing nature.
The term \u2018adjusted\u2019 refers to the relevant measure being
reported for continuing operations excluding adjusting items.
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 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 an
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.
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 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 value of the assets transferred, the liabilities incurred
and the equity interests issued by the Group. The consideration
transferred includes the fair value of any asset or liability resulting
from a contingent consideration arrangement. Acquisition-
related costs are expensed as incurred. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a
business combination are measured initially at their fair values at
the acquisition date. On an acquisition-by-acquisition basis, the
Group recognises any non-controlling interest in the acquiree
either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets. Subsequent to
acquisition, the carrying amount of non-controlling interests is the
amount of those interests at initial recognition plus the non-
controlling interests\u2019 share of subsequent changes in equity.
Total comprehensive income is attributed to non-controlling
interests even if this results in the non-controlling interests
having a deficit balance.
The excess of the consideration transferred, the amount of any
non-controlling interests in the acquiree and the acquisition-date
fair value of any previous equity interests in the acquiree over
the fair value of the identifiable net assets acquired is recorded
as goodwill. If this is less than the fair value of the net assets of
the subsidiary acquired in the case of a bargain purchase, the
difference is recognised directly in the income statement.
Intercompany transactions, balances and unrealised gains on
transactions between Group companies are eliminated on
consolidation. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred. Accounting policies of acquired subsidiaries have
been changed where necessary to ensure consistency with the
policies adopted by the Group.
(ii) Joint ventures and associates
Joint ventures are entities over which the Group has joint control.
Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant
activities require the unanimous consent of the parties sharing
control. The equity method is used to account for the Group\u2019s
investments in joint ventures.
Associates are entities over which the Group has the ability to
exercise significant influence but not control or joint control,
generally accompanied by a shareholding of between 20% and
50% of the voting rights. The equity method is used to account
for the Group\u2019s investments in associates.
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\u2019s share of the net fair
value of the identifiable assets and liabilities of the investee is
recognised as goodwill, which is included within the carrying
amount of the investment. Any excess of the Group\u2019s 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.
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.
Equity accounted investments 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
under IAS 29 has been applied for reporting periods since that
date in respect of the Group\u2019s joint venture in Turkey (Ko\u00e7ta\u015f).
The equity accounted results and financial position of Ko\u00e7ta\u015f are
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. Both the equity
accounted 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
2025/26
2024/25
Average rate
Year end rate
Average rate
Year end rate
Euro
1.16
1.15
1.18
1.20
US Dollar
1.33
1.37
1.28
1.24
Polish Zloty
4.93
4.86
5.08
5.04
Romanian Leu
5.88
5.88
5.89
5.95
Turkish Lira
1
59.58
59.58
44.38
44.38
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. marketplace arrangements) and
income from franchise arrangements. Sales exclude transactions
made between companies within the Group, Value Added Tax or
other sales-related taxes and are net of returns, customer, trade
and staff discounts.
Revenue is recognised when control of the goods or services is
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 installation 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. The Group acts as an agent in such
arrangements and recognises the net commission receivable
within sales, generally when an order is placed.
The Group enters into franchise arrangements which entitle
other parties to operate under Kingfisher brand names for the
operation of stores. Under these arrangements, revenue is
recognised from the sale of products to franchisees, in addition
to franchise and royalty fee income. Revenue from the sale of
products is recognised when the franchisee takes control of the
products (i.e. on delivery to the franchisee). Franchise and royalty
fee income is recognised as the franchisee\u2019s sales occur, at the
rates specified in the franchise agreement, and once the Group
has performed its obligations to the franchisee.
Sales from delivered products, installation services, marketplace
and franchise 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
The majority of rebates received from suppliers 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 receipt
of rebates is probable and the amounts can be estimated reliably.
The majority of volume-related rebate arrangements are
coterminous with the calendar year; as a result, there is little
uncertainty over volume rebate income at 31 January, with the
majority finalised and requiring no estimation. Discretionary
rebates are not anticipated and are recognised only when
earned. Rebates relating to inventories purchased but still held at
the balance sheet date are deducted from the carrying value of
inventories, such that the cost of inventory is recorded net of
applicable rebates. These rebates are credited to cost of sales
in the income statement when the related goods are sold.
Rebate arrangements may include the right to net settle against
supplier payments; where this right exists, rebate receivables
are offset against the associated payable balance on the balance
sheet. Where this right does not exist, or where amounts have
not yet been invoiced, rebates are recorded in trade and
other receivables.
Other rebates, 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 and there is an agreement
for the income in place.
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.
Profits or losses on the disposal of an entity include the carrying
amount of goodwill relating to the entity sold. 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) Other intangible assets
Other intangible assets principally comprise 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 2 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
(iii) Disposals
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.
Repairs and maintenance costs 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 for 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.
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 lease 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-commerce
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. Cash flows beyond the
period of the strategic plans are calculated using a long-term
growth rate derived from external long-term inflation forecasts
and which do not exceed the long-term average growth rate for
the countries in which the Group\u2019s CGUs 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.
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 inventory purchases.
Net realisable value represents the estimated selling price in
the ordinary course of business less the estimated costs
necessary to make the sale. Provisions 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. 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 or issued to employees. 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 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-471": { "value": "a. Basis of preparation The consolidated financial statements of the Group are made up to 31 January. The current financial year is the year ended 31 January 2026 (\u2018the year\u2019 or \u20182025/26\u2019). The comparative financial year is the year ended 31 January 2025 (\u2018the prior year\u2019 or \u20182024/25\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 2026. 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 51. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial review on pages 31 to 37. The principal risks and viability statement of the Group are set out on pages 43 to 50. 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 2026, Kingfisher had access to \u00a31,112m of liquidity, comprising cash and cash equivalents (net of bank overdrafts) of \u00a3462m and access to an undrawn Revolving Credit Facility (RCF) of \u00a3650m (which expires at the end of May 2028). The ratio of net debt to Adjusted EBITDA was 1.4 as of 31 January 2026. 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 2026, 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.\u00a31.8bn (13% 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 would require temporarily drawing on the RCF, the Group retains adequate 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 21 \u2013 Amendments for currencies lacking exchangeability The above amended accounting standard did not have a material impact on the consolidated financial statements. Standards issued but not yet effective As of the date these financial statements were approved, the following new standards and amendments had been issued but were not yet effective and have therefore not been applied in these financial statements: \u2014 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to 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 Disclosure in Financial Statements, will replace IAS 1 and is effective for annual reporting periods beginning on or after 1 January 2027. The Group will apply the standard from its mandatory effective date and does not intend to adopt early. The adoption of IFRS 18 will primarily impact the presentation of the consolidated income statement and related disclosures, as well as disclosure of management-defined performance measures (MPMs) in a separate note to the accounts. Based on the Group\u2019s current assessment, the most significant presentation changes are expected to include: \u2014 Share of results from equity accounted investments being presented within the investing category, rather than within operating profit as currently presented; \u2014 Rental income and expenses from investment properties will be presented within the investing category (currently presented within operating profit); and \u2014 Net finance income or expenses, as well as foreign exchange differences, will be reallocated to the appropriate income statement category in line with the requirements of the new standard. Certain Alternative Performance Measures (APMs) that meet the definition of management-defined performance measures (MPMs) under IFRS 18 will be disclosed in a single note to the accounts, including reconciliations to the most directly comparable IFRS subtotal. IFRS 18 requires retrospective application. Accordingly, comparative information for the financial year ending 31 January 2027 will be restated in the Group\u2019s 2027/28 financial statements. The Group continues to assess the full impact of the new standard. The other new standards and amendments 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 51. Use of non-GAAP measures In the reporting of financial information, the Group uses certain measures that are not required under IFRS \u2013 the generally accepted accounting principles (\u2018GAAP\u2019) under which the Group reports. The Group 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 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 from equity accounted investments, 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\u2019s 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; and \u2014 financing fair value remeasurements i.e. changes in the fair value of financing derivatives, excluding interest accruals, offset by fair value adjustments to the carrying amount of borrowings and other hedged items under fair value (or non-designated) hedge relationships. Financing derivatives are those that relate to hedged items of a financing nature. The term \u2018adjusted\u2019 refers to the relevant measure being reported for continuing operations excluding adjusting items. 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 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 an 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": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-522": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-523": { "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 2026. 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 51. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial review on pages 31 to 37. The principal risks and viability statement of the Group are set out on pages 43 to 50. 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 2026, Kingfisher had access to \u00a31,112m of liquidity, comprising cash and cash equivalents (net of bank overdrafts) of \u00a3462m and access to an undrawn Revolving Credit Facility (RCF) of \u00a3650m (which expires at the end of May 2028). The ratio of net debt to Adjusted EBITDA was 1.4 as of 31 January 2026. 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 2026, 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.\u00a31.8bn (13% 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 would require temporarily drawing on the RCF, the Group retains adequate 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-572": { "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 21 \u2013 Amendments for currencies lacking exchangeability The above amended accounting standard did not have a material impact on the consolidated financial statements. Standards issued but not yet effective As of the date these financial statements were approved, the following new standards and amendments had been issued but were not yet effective and have therefore not been applied in these financial statements: \u2014 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to 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 Disclosure in Financial Statements, will replace IAS 1 and is effective for annual reporting periods beginning on or after 1 January 2027. The Group will apply the standard from its mandatory effective date and does not intend to adopt early. The adoption of IFRS 18 will primarily impact the presentation of the consolidated income statement and related disclosures, as well as disclosure of management-defined performance measures (MPMs) in a separate note to the accounts. Based on the Group\u2019s current assessment, the most significant presentation changes are expected to include: \u2014 Share of results from equity accounted investments being presented within the investing category, rather than within operating profit as currently presented; \u2014 Rental income and expenses from investment properties will be presented within the investing category (currently presented within operating profit); and \u2014 Net finance income or expenses, as well as foreign exchange differences, will be reallocated to the appropriate income statement category in line with the requirements of the new standard. Certain Alternative Performance Measures (APMs) that meet the definition of management-defined performance measures (MPMs) under IFRS 18 will be disclosed in a single note to the accounts, including reconciliations to the most directly comparable IFRS subtotal. IFRS 18 requires retrospective application. Accordingly, comparative information for the financial year ending 31 January 2027 will be restated in the Group\u2019s 2027/28 financial statements. The Group continues to assess the full impact of the new standard. The other new standards and amendments are not expected to have a material impact on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-524": { "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 21 \u2013 Amendments for currencies lacking exchangeability The above amended accounting standard did not have a material impact on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-525": { "value": "Standards issued but not yet effective As of the date these financial statements were approved, the following new standards and amendments had been issued but were not yet effective and have therefore not been applied in these financial statements: \u2014 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to 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 Disclosure in Financial Statements, will replace IAS 1 and is effective for annual reporting periods beginning on or after 1 January 2027. The Group will apply the standard from its mandatory effective date and does not intend to adopt early. The adoption of IFRS 18 will primarily impact the presentation of the consolidated income statement and related disclosures, as well as disclosure of management-defined performance measures (MPMs) in a separate note to the accounts. Based on the Group\u2019s current assessment, the most significant presentation changes are expected to include: \u2014 Share of results from equity accounted investments being presented within the investing category, rather than within operating profit as currently presented; \u2014 Rental income and expenses from investment properties will be presented within the investing category (currently presented within operating profit); and \u2014 Net finance income or expenses, as well as foreign exchange differences, will be reallocated to the appropriate income statement category in line with the requirements of the new standard. Certain Alternative Performance Measures (APMs) that meet the definition of management-defined performance measures (MPMs) under IFRS 18 will be disclosed in a single note to the accounts, including reconciliations to the most directly comparable IFRS subtotal. IFRS 18 requires retrospective application. Accordingly, comparative information for the financial year ending 31 January 2027 will be restated in the Group\u2019s 2027/28 financial statements. The Group continues to assess the full impact of the new standard. The other new standards and amendments are not expected to have a material impact on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-526": { "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 51. ", "dimensions": { "concept": "kingfisherplc:DescriptionOfAccountingPolicyForRisksAndUncertainties", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-527": { "value": "Use of non-GAAP measures In the reporting of financial information, the Group uses certain measures that are not required under IFRS \u2013 the generally accepted accounting principles (\u2018GAAP\u2019) under which the Group reports. The Group 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 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 from equity accounted investments, 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\u2019s 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; and \u2014 financing fair value remeasurements i.e. changes in the fair value of financing derivatives, excluding interest accruals, offset by fair value adjustments to the carrying amount of borrowings and other hedged items under fair value (or non-designated) hedge relationships. Financing derivatives are those that relate to hedged items of a financing nature. The term \u2018adjusted\u2019 refers to the relevant measure being reported for continuing operations excluding adjusting items. 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. ", "dimensions": { "concept": "kingfisherplc:DescriptionOfAccountingPolicyForUseOfNonGAAPMeasures", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-472": { "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 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 value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition- related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non- controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interests in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of acquired subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. 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\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s 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. 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. Equity accounted investments 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 under IAS 29 has been applied for reporting periods since that date in respect of the Group\u2019s joint venture in Turkey (Ko\u00e7ta\u015f). The equity accounted results and financial position of Ko\u00e7ta\u015f are 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. Both the equity accounted 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-528": { "value": "(i) Subsidiaries Subsidiaries are 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 value 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-529": { "value": "(ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. 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\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s 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. 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. Equity accounted investments 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 under IAS 29 has been applied for reporting periods since that date in respect of the Group\u2019s joint venture in Turkey (Ko\u00e7ta\u015f). The equity accounted results and financial position of Ko\u00e7ta\u015f are 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. Both the equity accounted 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-573": { "value": "(ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. 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\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s 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. 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. Equity accounted investments 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 under IAS 29 has been applied for reporting periods since that date in respect of the Group\u2019s joint venture in Turkey (Ko\u00e7ta\u015f). The equity accounted results and financial position of Ko\u00e7ta\u015f are 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. Both the equity accounted 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-587": { "value": "(ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. 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\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s 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. 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. Equity accounted investments 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 under IAS 29 has been applied for reporting periods since that date in respect of the Group\u2019s joint venture in Turkey (Ko\u00e7ta\u015f). The equity accounted results and financial position of Ko\u00e7ta\u015f are 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. Both the equity accounted 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-473": { "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
2025/26
2024/25
Average rate
Year end rate
Average rate
Year end rate
Euro
1.16
1.15
1.18
1.20
US Dollar
1.33
1.37
1.28
1.24
Polish Zloty
4.93
4.86
5.08
5.04
Romanian Leu
5.88
5.88
5.89
5.95
Turkish Lira
1
59.58
59.58
44.38
44.38
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-530": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-474": { "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. marketplace arrangements) and income from franchise arrangements. Sales exclude transactions made between companies within the Group, Value Added Tax or other sales-related taxes and are net of returns, customer, trade and staff discounts. Revenue is recognised when control of the goods or services is 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 installation 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. The Group acts as an agent in such arrangements and recognises the net commission receivable within sales, generally when an order is placed. The Group enters into franchise arrangements which entitle other parties to operate under Kingfisher brand names for the operation of stores. Under these arrangements, revenue is recognised from the sale of products to franchisees, in addition to franchise and royalty fee income. Revenue from the sale of products is recognised when the franchisee takes control of the products (i.e. on delivery to the franchisee). Franchise and royalty fee income is recognised as the franchisee\u2019s sales occur, at the rates specified in the franchise agreement, and once the Group has performed its obligations to the franchisee. Sales from delivered products, installation services, marketplace and franchise 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-475": { "value": "e. Rebates The majority of rebates received from suppliers 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 receipt of rebates is probable and the amounts can be estimated reliably. The majority of volume-related rebate arrangements are coterminous with the calendar year; as a result, there is little uncertainty over volume rebate income at 31 January, with the majority finalised and requiring no estimation. Discretionary rebates are not anticipated and are recognised only when earned. Rebates relating to inventories purchased but still held at the balance sheet date are deducted from the carrying value of inventories, such that the cost of inventory is recorded net of applicable rebates. These rebates are credited to cost of sales in the income statement when the related goods are sold. Rebate arrangements may include the right to net settle against supplier payments; where this right exists, rebate receivables are offset against the associated payable balance on the balance sheet. Where this right does not exist, or where amounts have not yet been invoiced, rebates are recorded in trade and other receivables. Other rebates, 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 and there is an agreement for the income in place. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-476": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-477": { "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. Profits or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. 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) Other intangible assets Other intangible assets principally comprise 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 2 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-531": { "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. Profits or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-532": { "value": "(ii) Other intangible assets Other intangible assets principally comprise 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 2 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-478": { "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
(iii) Disposals 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. Repairs and maintenance costs 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-533": { "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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-479": { "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 for 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. 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 lease 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-480": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-534": { "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-commerce 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. Cash flows beyond the period of the strategic plans are calculated using a long-term growth rate derived from external long-term inflation forecasts and which do not exceed the long-term average growth rate for the countries in which the Group\u2019s CGUs 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. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-481": { "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-commerce 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. Cash flows beyond the period of the strategic plans are calculated using a long-term growth rate derived from external long-term inflation forecasts and which do not exceed the long-term average growth rate for the countries in which the Group\u2019s CGUs 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. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-482": { "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 inventory purchases. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Provisions 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-483": { "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. 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 or issued
to employees. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-536": { "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. 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 or issued to employees. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-535": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-484": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-485": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-576": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-486": { "value": "
p. Financial instruments
Financial assets and financial liabilities are recognised on the
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-537": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-538": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-539": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-540": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-574": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-541": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-542": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-543": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-575": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-588": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-544": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-487": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-488": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-489": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-545": { "value": "(i) Share capital The nominal value of proceeds received for shares issued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-546": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-490": { "value": "
3 Critical accounting judgements and key
sources of estimation uncertainty
The preparation of consolidated financial statements under IFRS
requires the Group to make estimates and assumptions that
affect the application of policies and reported amounts.
Estimates and judgements are continually evaluated and are
based on historical experience and other factors including
expectations of future events that are believed to be reasonable
under the circumstances. Actual results may differ from these
estimates. The significant judgements applied in the preparation
of the financial statements, along with estimates and assumptions
which have a significant risk of causing a material adjustment to
the carrying amount of assets and liabilities within the next
financial year, are discussed below.
Key sources of estimation uncertainty
Inventories
The carrying amount of inventories recognised on the balance
sheet, which are carried at the lower of cost and net realisable
value, are subject to estimates around rates of provision applied
to certain inventory items. The level of provisions recorded are
subject to estimation uncertainty in determining the eventual
sales price of goods to customers in the future, as well as
assessing which items may be slow-moving or obsolete. This is
impacted by factors such as stock turn, range or delisted status,
shrinkage, damage, obsolescence and range review activity.
Range reviews and resulting clearance activity 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 \u00a32,768m (2024/25: \u00a32,719m). 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
(2024/25: \u00a330m).
The quantity, age and condition of inventories is 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
alongside trade and digital expansion, 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. 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 \u00a338m (2024/25: \u00a394m) as adjusting items,
reflecting store-level performance and revised future financial
projections, principally in France and the UK.
The carrying amount of store-based assets subject to this
estimation uncertainty is \u00a34,385m (2024/25: \u00a34,278m). 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
2025/26
2024/25
Value-in-use
538
444
Fair value less costs to sell
196
205
734
649
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 \u00a343m
c
ash flows
\u2014
Increase by 10%
\u2014
Decrease by \u00a331m
Post
-tax
\u2014
Increase by 1%
\u2014
Increase by \u00a333m
discount rate
\u2014
Decrease by 1%
\u2014 Decrease by \u00a331m
Further information relating to store assets is provided in notes
15, 16 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.
For the goodwill allocated to the Castorama France group of
CGUs, the Group recorded a partial impairment charge of \u00a384m
in the prior year, and disclosed that the carrying amount of the
remaining \u00a3140m is highly sensitive to changes in assumptions.
In the current year, the Group has recorded an impairment
charge of \u00a373m, driven by revised financial projections
which reflect a subdued French DIY market in 2025/26.
The remaining Castorama France goodwill balance of \u00a367m
continues to be 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 5% decrease in operating cash flows, or a 0.5% increase in
the post-tax discount rate, would lead to an impairment of the
remaining \u00a367m goodwill carrying amount. These changes in
assumptions are within the Group\u2019s reasonably possible changes
considered by management (see impairment of store-based
assets above) and could be influenced by a deterioration in
external market conditions against forecasted assumptions or
the Group\u2019s ability to realise internal strategic initiatives.
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 \u00a31,679m (2024/25: \u00a31,711m), 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 \u00a356m (2024/25: \u00a3120m). 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 \u00a3182m (2024/25: \u00a3221m). Total
adjusting items after taxation were a charge of \u00a3171m (2024/25:
\u00a3196m charge). Refer to note 6 for further information on
adjusting items.
Consideration of climate-related matters
The Group has considered the inclusion of climate change as a
\u2018principal risk\u2019 and the potential impacts of climate change in
preparing these financial statements . The rationale for this being
included as a principal risk is included in the Risks section (pages
43 to 48). Climate scenario analysis has been performed and is
set out in the TCFD disclosures on pages 28 to 30. The financial
impact of these scenarios, once mitigating actions and
opportunities are taken into account over the respective time
horizons, is 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 financial
statements have been considered in the following areas:
\u2014 Carrying value and remaining useful economic life 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 life). 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 49 to
50, 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 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\u2019s
commitments to address the challenges presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-547": { "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 \u00a32,768m (2024/25: \u00a32,719m). 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 (2024/25: \u00a330m). The quantity, age and condition of inventories is 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 alongside trade and digital expansion, 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. 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 \u00a338m (2024/25: \u00a394m) as adjusting items, reflecting store-level performance and revised future financial projections, principally in France and the UK. The carrying amount of store-based assets subject to this estimation uncertainty is \u00a34,385m (2024/25: \u00a34,278m). 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 2025/26 2024/25 Value-in-use 538 444 Fair value less costs to sell 196 205 734 649 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 \u00a343m c ash flows \u2014 Increase by 10% \u2014 Decrease by \u00a331m Post -tax \u2014 Increase by 1% \u2014 Increase by \u00a333m discount rate \u2014 Decrease by 1% \u2014 Decrease by \u00a331m Further information relating to store assets is provided in notes 15, 16 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. For the goodwill allocated to the Castorama France group of CGUs, the Group recorded a partial impairment charge of \u00a384m in the prior year, and disclosed that the carrying amount of the remaining \u00a3140m is highly sensitive to changes in assumptions. In the current year, the Group has recorded an impairment charge of \u00a373m, driven by revised financial projections which reflect a subdued French DIY market in 2025/26. The remaining Castorama France goodwill balance of \u00a367m continues to be 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 5% decrease in operating cash flows, or a 0.5% increase in the post-tax discount rate, would lead to an impairment of the remaining \u00a367m goodwill carrying amount. These changes in assumptions are within the Group\u2019s reasonably possible changes considered by management (see impairment of store-based assets above) and could be influenced by a deterioration in external market conditions against forecasted assumptions or the Group\u2019s ability to realise internal strategic initiatives. 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 \u00a31,679m (2024/25: \u00a31,711m), 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 \u00a356m (2024/25: \u00a3120m). 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-491": { "value": "
4 Sales
\u00a3 millions
2025/26
2024/25
B&Q
3,971
3,820
Screwfix
2,755
2,636
Total UK & Ireland
6,726
6,456
Castorama
2,000
2,014
Brico D\u00e9p\u00f4t
1,866
1,869
Total France
3,866
3,883
Poland
1,843
1,788
Iberia
 425 384
Romania
1
60
257
Screwfix France & Other
2
25
16
Other International
510
657
Total Group
12,945
12,784
The majority of the sales in each segment are derived from in-store and online sales of products.
1. On 2 May 2025 the Group completed the divestment of its 100% equity interest in Brico D\u00e9p\u00f4t Romania.
2. \u2018Screwfix France & Other\u2019 consists of the consolidated results of Screwfix France, results from franchise and wholesale agreements and, in the prior year,
NeedHelp (the Group completed the divestment of its c.80% equity interest in NeedHelp on 18 July 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-492": { "value": "
5 Segmental analysis
Income statement
2025/26
Other
\u00a3 millions
UK & Ireland
France
Poland
International Total
Sales
6,726
3,866
1,843
510
12,945
Retail profit/(loss)
575
97
87
(25)
734
Central costs
 (80)
Share of interest and tax of equity accounted investments
(3)
Adjusting
items
(182)
Operating profit
469
Net finance costs
(91)
Profit before taxation
 378
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 equity accounted investments
(6)
Adjusting
items
(221)
Operating profit
407
Net finance costs
 (100)
Profit before taxation
 307
Balance sheet Other segmental information
2025/26
Other
\u00a3 millions
UK & Ireland
France
Poland
International
Central
Total
Additions to property, plant
and equipment, investment
property,
other intangible assets and right-of-use assets
493
165
86
17
3
764
Depreciation and amortisation
423
142
82
18
2
667
Impairment losses
29
124
5
3
\u2013
161
Impairment reversals
 (16) (14) (4) (8)
\u2013
(42)
Non-current assets
1
4,452
1,926
1,040
191
15
7,624
2024/25
Other
\u00a3 millions
UK & Ireland
France
Poland
International
Central
Total
Additions to property, plant and equipment, investment
property,
other intangible assets 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
1
4,362
1,968
999
216
18
7,563
1. Non-current assets comprise goodwill, other intangible assets, property, plant and equipment, investment property, right-of-use assets and equity accounted investments. 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. On 2 May 2025, the Group completed the divestment of its 100% interest in Brico D\u00e9p\u00f4t Romania. 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, results from franchising and wholesaling operations, and in the prior year, NeedHelp. 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. Central costs principally comprise the costs of the Group\u2019s head office before adjusting items. Central assets and liabilities comprise unallocated head office and other central items, principally relating to central creditors and accruals (including insurance and payroll) and central tax assets.
2025/26
Other
\u00a3 millions
UK & Ireland
France
Poland
International Total
Segment net assets
2,833
1,698
1,156
186
5,873
Central
liabilities
(76)
Goodwill
2,239
Net debt
 (1,878)
Net assets
6,158
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-493": { "value": "
6 Adjusting items
\u00a3 millions
2025/26
2024/25
Included within selling and distribution expenses
Net store asset impairment losses
(38)
(94)
Operating model restructuring
(26)
(5)
Release of France restructuring provisions
3
\u2013
(61)
(99)
Included within administrative expenses
Castorama France goodwill impairment
(73)
(84)
Castorama France head
-office restructuring
\u2013
(15)
UK guaranteed minimum pension credit
\u2013
2
(73)
(97)
Included within other income/(expenses)
Loss on disposal of Brico D\u00e9p\u00f4t Romania
(31)
\u2013
Profit on disposal of properties
2
\u2013
Impairments of Romania assets and other exit costs
\u2013
(22)
Loss on disposal of NeedHelp
\u2013
(3)
(29) (25)
Included within share of post-tax results of equity accounted investments
Joint venture (Ko\u00e7ta\u015f) asset impairments
(19)
\u2013
Adjusting
items before tax
(182)
(221)
Prior year and other adjusting tax items
11
25
Adjusting items
(171)
(196)
Net store asset impairment charges of \u00a338m have been recognised in the year. Impairment charges of \u00a380m have been recorded
principally in France and the UK, partially offset by impairment reversals of \u00a342m in France, the UK and Iberia, reflecting store-level
performance and revised future financial projections.
Operating model restructuring costs of \u00a326m have been incurred relating to store operating model programmes in the UK & Ireland
and Poland. In the UK & Ireland, implementation of a new simplified retail leadership structure across all B&Q stores commenced during
the year, following a successful year-long test of the proposed structure. Total operating model restructuring costs of \u00a322m have
been incurred relating to this programme. In Poland, restructuring costs of \u00a34m have been incurred relating to store operating model
simplification programmes. Both the UK & Ireland and Poland programmes are expected to be completed in 2026/27, at a total cost
of c.\u00a330m.
A \u00a33m release of restructuring provisions was recognised in respect of legacy store closure programmes in France, following the
settlement of costs at amounts below those initially estimated.
An impairment charge of \u00a373m has been recorded relating to goodwill allocated to Castorama France, driven by revised financial
projections which reflect a subdued French DIY market in 2025/26.
The disposal of the Brico D\u00e9p\u00f4t Romania business was completed in May 2025, resulting in a loss on disposal of \u00a331m. See note 34 for
further details.
A profit of \u00a32m has been recorded on the exit of one property in France and one property in the UK.
A \u00a319m charge was recognised in respect of the Group\u2019s joint venture, Ko\u00e7ta\u015f, reflecting the continued challenging trading
environment and ongoing macro-economic uncertainty in Turkey.
Prior year and other adjusting tax items relate principally to current and deferred tax credits recorded in respect of the net store asset
impairment losses 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-494": { "value": "
7 Net finance costs
\u00a3 millions
2025/26
2024/25
Bank overdrafts, bank loans and derivatives
\u2013
(1)
Fixed term debt
(6)
(8)
Lease liabilities
(118)
(123)
Finance costs
 (124) (132)
Cash and cash equivalents and short-term deposits
22
22
Net interest income on defined benefit pension schemes
7
7
Finance lease income
\u2013
1
Other interest income
4
2
Finance income
33
32
Net finance costs
 (91) (100)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-598": { "value": "7 Net finance costs
\u00a3 millions
2025/26
2024/25
Bank overdrafts, bank loans and derivatives
\u2013
(1)
Fixed term debt
(6)
(8)
Lease liabilities
(118)
(123)
Finance costs
 (124) (132)
Cash and cash equivalents and short-term deposits
22
22
Net interest income on defined benefit pension schemes
7
7
Finance lease income
\u2013
1
Other interest income
4
2
Finance income
33
32
Net finance costs
 (91) (100)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-594": { "value": "7 Net finance costs
\u00a3 millions
2025/26
2024/25
Bank overdrafts, bank loans and derivatives
\u2013
(1)
Fixed term debt
(6)
(8)
Lease liabilities
(118)
(123)
Finance costs
 (124) (132)
Cash and cash equivalents and short-term deposits
22
22
Net interest income on defined benefit pension schemes
7
7
Finance lease income
\u2013
1
Other interest income
4
2
Finance income
33
32
Net finance costs
 (91) (100)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-589": { "value": "7 Net finance costs
\u00a3 millions
2025/26
2024/25
Bank overdrafts, bank loans and derivatives
\u2013
(1)
Fixed term debt
(6)
(8)
Lease liabilities
(118)
(123)
Finance costs
 (124) (132)
Cash and cash equivalents and short-term deposits
22
22
Net interest income on defined benefit pension schemes
7
7
Finance lease income
\u2013
1
Other interest income
4
2
Finance income
33
32
Net finance costs
 (91) (100)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-577": { "value": "7 Net finance costs
\u00a3 millions
2025/26
2024/25
Bank overdrafts, bank loans and derivatives
\u2013
(1)
Fixed term debt
(6)
(8)
Lease liabilities
(118)
(123)
Finance costs
 (124) (132)
Cash and cash equivalents and short-term deposits
22
22
Net interest income on defined benefit pension schemes
7
7
Finance lease income
\u2013
1
Other interest income
4
2
Finance income
33
32
Net finance costs
 (91) (100)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-548": { "value": "7 Net finance costs
\u00a3 millions
2025/26
2024/25
Bank overdrafts, bank loans and derivatives
\u2013
(1)
Fixed term debt
(6)
(8)
Lease liabilities
(118)
(123)
Finance costs
 (124) (132)
Cash and cash equivalents and short-term deposits
22
22
Net interest income on defined benefit pension schemes
7
7
Finance lease income
\u2013
1
Other interest income
4
2
Finance income
33
32
Net finance costs
 (91) (100)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-495": { "value": "
8 Profit before taxation
The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation:
\u00a3 millions
2025/26
2024/25
Amortisation of intangible assets
1
131
125
Depreciation of property, plant and equipment, investment property and right
-of-use assets
536
531
Impairment of goodwill
73
84
Impairment of intangible assets
8
6
Impairment of property, plant and equipment, right-of-use assets, investment property and assets held for sale
80
132
Reversal of impairment of property, plant and equipment
, right-of-use assets and investment property
(42)
(24)
Write-down to recoverable amount of trade and other receivables
3
2
1. Of the amortisation of intangible assets charge, \u00a33m (2024/25: \u00a32m) and \u00a3128m (2024/25: \u00a3123m) are included in selling and distribution expenses and
administrative expenses respectively.
Auditor\u2019s remuneration
\u00a3 millions
2025/26
2024/25
Fees payable for the audit of the Company and consolidated financial statements
1.2
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
2.3
2.2
Audit fees
3.5
3.3
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
3.8
3.6
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 pages 68 to 72. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-549": { "value": "8 Profit before taxation The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation:
\u00a3 millions
2025/26
2024/25
Amortisation of intangible assets
1
131
125
Depreciation of property, plant and equipment, investment property and right
-of-use assets
536
531
Impairment of goodwill
73
84
Impairment of intangible assets
8
6
Impairment of property, plant and equipment, right-of-use assets, investment property and assets held for sale
80
132
Reversal of impairment of property, plant and equipment
, right-of-use assets and investment property
(42)
(24)
Write-down to recoverable amount of trade and other receivables
3
2
1. Of the amortisation of intangible assets charge, \u00a33m (2024/25: \u00a32m) and \u00a3128m (2024/25: \u00a3123m) are included in selling and distribution expenses and administrative expenses respectively. Auditor\u2019s remuneration
\u00a3 millions
2025/26
2024/25
Fees payable for the audit of the Company and consolidated financial statements
1.2
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
2.3
2.2
Audit fees
3.5
3.3
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
3.8
3.6
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 pages 68 to 72. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-578": { "value": "
\u00a3 millions
2025/26
2024/25
Amortisation of intangible assets
1
131
125
Depreciation of property, plant and equipment, investment property and right
-of-use assets
536
531
Impairment of goodwill
73
84
Impairment of intangible assets
8
6
Impairment of property, plant and equipment, right-of-use assets, investment property and assets held for sale
80
132
Reversal of impairment of property, plant and equipment
, right-of-use assets and investment property
(42)
(24)
Write-down to recoverable amount of trade and other receivables
3
2
1. Of the amortisation of intangible assets charge, \u00a33m (2024/25: \u00a32m) and \u00a3128m (2024/25: \u00a3123m) are included in selling and distribution expenses and administrative expenses respectively. 15 Property, plant and equipment
Fixtures, fittings,
Land and equipment and
\u00a3 millions
buildings
other assets
Total
Cost
At 1 February 2025
2,753
2,925
5,678
Additions
64
239
303
Disposals
(2)
(116)
(118)
Transfers to investment properties
(47)
\u2013
(47)
Transfers to assets held for sale
(3)
\u2013
(3)
Exchange differences
75
47
122
At 31 January 202
6
2,840
3,095
5,935
Depreciation
At 1 February 2025
(641)
(1,932)
(2,573)
Charge for the year
(32)
(180)
(212)
Impairment losses
(24)
(22)
(46)
Impairment reversals
21
8
29
Disposals
1
114
115
Transfers to investment properties
10
\u2013
10
Exchange differences
(18)
(34)
(52)
At 31 January 2026
(683)
(2,046)
(2,729)
Net carrying amount
At 31 January 2026
2,157
1,049
3,206
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
Assets in the course of construction included above at net carrying amount
At 31 January 2026
39
213
252
At 31 January 2025
35
160
195
1. Eliminations and transfers comprise amounts in relation to nil net book value assets which were eliminated from the asset register following a verification project in the UK, in addition to other transfers across asset categories in the prior year. Fixtures, fittings, equipment and other assets includes fixtures and fittings with a net carrying value of \u00a3763m (2024/25: \u00a3769m), computers and electronic equipment with a net carrying value of \u00a355m (2024/25: \u00a346m) and motor cars and commercial vehicles with a net carrying value of \u00a318m (2024/25: \u00a318m). Net impairment charges of \u00a317m have been recorded in the year relating to store-based assets (2024/25: \u00a360m). Current year impairment charges of \u00a346m have been recorded principally in France and the UK, partially offset by impairment reversals of \u00a329m in France, the UK and Iberia, reflecting store-level performance and revised future financial projections. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-590": { "value": "
\u00a3 millions
2025/26
2024/25
Amortisation of intangible assets
1
131
125
Depreciation of property, plant and equipment, investment property and right
-of-use assets
536
531
Impairment of goodwill
73
84
Impairment of intangible assets
8
6
Impairment of property, plant and equipment, right-of-use assets, investment property and assets held for sale
80
132
Reversal of impairment of property, plant and equipment
, right-of-use assets and investment property
(42)
(24)
Write-down to recoverable amount of trade and other receivables
3
2
1. Of the amortisation of intangible assets charge, \u00a33m (2024/25: \u00a32m) and \u00a3128m (2024/25: \u00a3123m) are included in selling and distribution expenses and administrative expenses respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-579": { "value": "Auditor\u2019s remuneration
\u00a3 millions
2025/26
2024/25
Fees payable for the audit of the Company and consolidated financial statements
1.2
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
2.3
2.2
Audit fees
3.5
3.3
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
3.8
3.6
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 pages 68 to 72. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-496": { "value": "
9 Employees and Directors
\u00a3 millions
2025/26
2024/25
Wages and salaries
1,774
1,729
Social security costs
342
311
Post-employment benefits
Defined contribution
60
55
Defined benefit \u2013 current service cost
10
10
Share-based compensation
27
20
Employee benefit expenses
2,213
2,125
Number thousands
2025/26
2024/25
Stores
64
66
Administration
7
8
Average number of persons employed
71
74
The average number of persons employed excludes those employed by the Group\u2019s joint ventures and associates.
Remuneration of directors
\u00a3 millions
2025/26
2024/25
Emoluments
5.3
4.3
Amounts received under incentive schemes
1
\u2013
4.7
5.3
9.0
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
2025/26
2024/25
Short
-term employee benefits
13.2
11.0
Post-employment benefits
0.6
0.5
Termination benefits
0.4
0.1
Share-based compensation
8.2
3.6
22.4
15.2
The Group defines key management personnel as being those members of the Board of Directors and the Group Executive.
Further detail with respect to the Directors\u2019 remuneration is set out in the Directors\u2019 Remuneration Report on pages 73 to 98.
There have been no other transactions with key management during the year (2024/25: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-550": { "value": "Remuneration of key management personnel
\u00a3 millions
2025/26
2024/25
Short
-term employee benefits
13.2
11.0
Post-employment benefits
0.6
0.5
Termination benefits
0.4
0.1
Share-based compensation
8.2
3.6
22.4
15.2
The Group defines key management personnel as being those members of the Board of Directors and the Group Executive. Further detail with respect to the Directors\u2019 remuneration is set out in the Directors\u2019 Remuneration Report on pages 73 to 98. There have been no other transactions with key management during the year (2024/25: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-497": { "value": "
10 Income tax expense
\u00a3 millions
2025/26
2024/25
UK corporation tax
Current tax on profits for the year
(78)
(79)
Adjustments in respect of prior years
12
4
(66)
(75)
Overseas tax
Current tax on profits for the year
 (37) (26)
Adjustments in respect of prior years
(6)
4
(43)
(22)
Current tax
 (109) (97)
Deferred tax
Current year
(16)
(13)
Adjustments in respect of prior years
(8)
(12)
Deferred tax
 (24) (25)
Income tax expense
(133)
(122)
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% (2024/25: 25%). The differences are
explained below:
\u00a3 millions
2025/26
2024/25
Profit before taxation
378
307
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024/25: 25%)
(95)
(77)
Net expense not deductible for tax purposes
 (34) (32)
Temporary differences:
Losses not recognised
(3)
(9)
Share of post-tax results of joint ventures
(2)
(4)
Foreign tax rate differences
3
4
Adjustments in respect of prior years
(2)
(4)
Income tax expense
(133)
(122)
The adjusted effective tax rate on profit before adjusting items is 26% (2024/25: 28%). The adjusted effective tax rate calculation is set
out in the Financial Review on page 32.
The overall tax rate for the year is 35% (2024/25: 40%). 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 \u00a312m has been credited directly to equity (2024/25: \u00a330m credit)
of which \u00a3nil (2024/25: \u00a31m charge) is included in current tax and a \u00a312m credit (2024/25: \u00a331m credit) is included in deferred tax.
See note 26 for further details.
The Group is subject to the global minimum tax rules (Pillar Two). The legislation implementing Pillar Two in the UK was substantively
enacted on 20 June 2023 and applies to the Group for financial years ending 31 January 2025 onwards.
The Group has assessed the impact of the rules and the estimated exposure to Pillar Two top-up taxes is negligible. The Group will
continue to closely monitor developments in respect of the Pillar Two rules and assess any potential impact on future tax charges.
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.
Changes in tax rates
During the year the French government approved a temporary CIT surcharge. Taxable profits were subject to tax at the headline
statutory rate of 25.0%, plus an additional liability at 41.2% of the average relevant CIT liabilities in respect of the periods 2024/25 and
2025/26. The Group has recorded a current tax expense in this respect of \u00a31m (2024/25: \u00a3nil).
On 19 February 2026 the French government enacted legislation for the surcharge to be extended for a further year on the same basis
as above, with the additional liability of 41.2% calculated with reference to the average relevant CIT liabilities in respect of the periods
2025/26 and 2026/27. The impact of the surcharge in 2026/27 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
2025/26
2024/25
Deferred tax assets
6
7
Deferred tax liabilities
(207)
(193)
(201)
(186)
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.
2025/26
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 2025
(236)
(42)
106
38
\u2013
(48)
(1)
(3)
(186)
(Charge)/credit to income
statement
(9)
2
(14)
(5)
\u2013
2
\u2013
\u2013
(24)
Credit/(charge)
to equity
\u2013
\u2013
(2)
3
\u2013
2
\u2013
9
12
Exchange differences
(6)
(1)
1
2
\u2013
1
\u2013
\u2013
(3)
At 31 January 202
6
(251)
(41)
91
38
\u2013
(43)
(1)
6
(201)
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 202
5
(236)
(42)
106
38
\u2013
(48)
(1) (3) (186)
At the balance sheet date, the Group has unused trading tax losses of \u00a393m (2024/25: \u00a3269m) available for offset against future profits,
which may be carried forward indefinitely. No deferred tax asset has been recognised in respect of these losses (2024/25: \u00a3nil) due to
the unpredictability of future profit streams.
At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2024/25: \u00a310m) available for offset against future
capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2024/25: \u00a3nil). All of these losses may be
carried forward indefinitely.
A deferred tax liability of \u00a31m (2024/25: \u00a31m) has been recognised in the year, 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 \u00a3244m (2024/25: \u00a3224m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-551": { "value": "The Group is subject to the global minimum tax rules (Pillar Two). The legislation implementing Pillar Two in the UK was substantively enacted on 20 June 2023 and applies to the Group for financial years ending 31 January 2025 onwards. The Group has assessed the impact of the rules and the estimated exposure to Pillar Two top-up taxes is negligible. The Group will continue to closely monitor developments in respect of the Pillar Two rules and assess any potential impact on future tax charges. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-498": { "value": "
11 Earnings per share
Pence
2025/26
2024/25
Basic earnings per share
14.0
10.1
Effect of dilutive share options per share
(0.2)
(0.2)
Diluted earnings per share
13.8
9.9
Basic earnings per share
14.0
10.1
Adjusting items before tax per share
10.5
12.0
Prior year and other adjusting tax items per share
(0.7)
(1.4)
Adjusted basic earnings per share
23.8
20.7
Diluted earnings per share
13.8
9.9
Adjusting items before tax per share
10.2
11.8
Prior year and other adjusting tax items per share
(0.6)
(1.3)
Adjusted diluted earnings per share
23.4
20.4
Basic earnings per share is calculated by dividing the profit for the year attributable to equity shareholders of the Company by the
weighted average number of shares in issue during the year, 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
2025/26
2024/25
Earnings
245
185
Adjusting items before tax
182
221
Prior year and other adjusting tax items
(11)
(25)
Adjusted earnings
416
381
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)
2025/26
2024/25
Basic
1,748
1,838
Effect of dilutive potential ordinary shares
28
29
Diluted
1,776
1,867
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-499": { "value": "
12 Dividends
\u00a3 millions
2025/26
2024/25
Dividends paid to equity shareholders of the Company
Ordinary interim dividend for the year ended 31 January 2026 of 3.80p per share
(year ended 31 January 202
5: 3.80p per share)
66
69
Ordinary final dividend for the year ended 31 January 2025 of 8.60p per share
(year ended 31 January 202
4: 8.60p per share)
152
159
218
228
The proposed dividend for the year ended 31 January 2026, 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 2025 and a final dividend of 8.60p.
The total final dividend for the year ended 31 January 2026 based on the issued share capital as at 31 January 2026 is expected to be
c.\u00a3147m. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-552": { "value": "0.124", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-553": { "value": "147000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-500": { "value": "
13 Goodwill
\u00a3 millions
Cost
At 1 February 2025
2,396
At 31 January 2026
2,396
Impairment
At 1 February 2025
(84)
Charge for the year
(73)
At 31 January 202
6
(157)
Net carrying amount
At 31 January 2026
2,239
Cost
At 1 February 2024
2,455
Disposals
 (8)
Transfers to held for sale
(49)
Exchange differences
 (2)
At 31 January 202
5
2,396
Impairment
At 1 February 20
24
(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 202
5
2,312
An impairment charge of \u00a373m has been recorded in the year as an adjusting item in relation to the goodwill allocated to the Castorama
France group of CGUs. Refer to note 3.
Impairment tests for goodwill
Goodwill has been allocated for impairment testing purposes to groups of cash generating units (CGUs) as follows:
B&Q Screwfix Castorama Brico D\u00e9p\u00f4t
\u00a3 millions
UK & Ireland UK & Ireland France France
Poland
Total
At 31 January 2026
Cost
1,036
760
224
295
81
2,396
Impairment
\u2013
\u2013
(157)
\u2013
\u2013
(157)
Net carrying amount
1,036
760
67
295
81
2,239
B&Q Screwfix Castorama Brico D\u00e9p\u00f4t
\u00a3 millions
UK & Ireland UK & Ireland France France
Poland
Total
At 31 January 202
5
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
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 31 to 37.
Key outcomes of the strategic plans are reflected in sales growth, and increases in 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 CGU that are driven by an enlarged offer, an expansion of our trade business, improved
digital capabilities (including marketplaces) 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 benefits from increased sales on logistics and distribution costs. Assumed
operating profit percentages reflect better utilisation of fixed costs through higher sales densities and cost savings driven from
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:
2025/26
2024/25
Annual % rate
UK
France
Poland
UK
France
Poland
Pre-tax discount rate
10.5
10.7
10.9
11.0
11.2
11.7
Post
-tax discount rate
8.4
8.4
9.3
8.8
8.9
10.0
Long-term growth rate
2.0
1.9
2.5
2.0
1.8
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 disclosed as a \u2018Key source of estimation uncertainty\u2019, for the
sensitivity analysis over the remaining goodwill balance allocated to the Castorama France group of CGUs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-554": { "value": "13 Goodwill
\u00a3 millions
Cost
At 1 February 2025
2,396
At 31 January 2026
2,396
Impairment
At 1 February 2025
(84)
Charge for the year
(73)
At 31 January 202
6
(157)
Net carrying amount
At 31 January 2026
2,239
Cost
At 1 February 2024
2,455
Disposals
 (8)
Transfers to held for sale
(49)
Exchange differences
 (2)
At 31 January 202
5
2,396
Impairment
At 1 February 20
24
(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 202
5
2,312
An impairment charge of \u00a373m has been recorded in the year as an adjusting item in relation to the goodwill allocated to the Castorama France group of CGUs. Refer to note 3. Impairment tests for goodwill Goodwill has been allocated for impairment testing purposes to groups of cash generating units (CGUs) as follows:
B&Q Screwfix Castorama Brico D\u00e9p\u00f4t
\u00a3 millions
UK & Ireland UK & Ireland France France
Poland
Total
At 31 January 2026
Cost
1,036
760
224
295
81
2,396
Impairment
\u2013
\u2013
(157)
\u2013
\u2013
(157)
Net carrying amount
1,036
760
67
295
81
2,239
B&Q Screwfix Castorama Brico D\u00e9p\u00f4t
\u00a3 millions
UK & Ireland UK & Ireland France France
Poland
Total
At 31 January 202
5
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
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 31 to 37. Key outcomes of the strategic plans are reflected in sales growth, and increases in 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 CGU that are driven by an enlarged offer, an expansion of our trade business, improved digital capabilities (including marketplaces) 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 benefits from increased sales on logistics and distribution costs. Assumed operating profit percentages reflect better utilisation of fixed costs through higher sales densities and cost savings driven from 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:
2025/26
2024/25
Annual % rate
UK
France
Poland
UK
France
Poland
Pre-tax discount rate
10.5
10.7
10.9
11.0
11.2
11.7
Post
-tax discount rate
8.4
8.4
9.3
8.8
8.9
10.0
Long-term growth rate
2.0
1.9
2.5
2.0
1.8
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 disclosed as a \u2018Key source of estimation uncertainty\u2019, for the sensitivity analysis over the remaining goodwill balance allocated to the Castorama France group of CGUs.
14 Other intangible assets
Other intangible
\u00a3 millions
assets
Cost
At 1 February 2025
1,005
Additions
88
Disposals
(233)
Exchange differences
3
At 31 January 202
6
863
Amortisation
At 1 February 2025
(693)
Charge for the year
(131)
Impairment losses
(8)
Disposals
233
Exchange differences
(3)
At 31 January 2026
(602)
Net carrying amount
At 31 January 2026
261
Cost
At
1 February 2024
1,011
Additions
78
Disposals
 (23)
Eliminations
1
(54)
Transfers to held for sale
 (5)
Exchange differences
(2)
At 31 January 202
5
1,005
Amortisation
At 1 February 2024
(643)
Charge for the year
(125)
Impairment losses
(6)
Disposals
23
Eliminations
1
54
Transfers to held for sale
3
Exchange differences
1
At 31 January 2025
(693)
Net carrying amount
At 31 January 2025
312
1. Eliminations consist of amounts in relation to nil net book value assets which were eliminated from the asset register following a verification project in the UK in the
prior year.
Other intangible assets are principally comprised of computer software.
Additions in the current and prior year primarily related to the development of IT infrastructure for the benefit of the Group.
Other intangible assets cost include \u00a3530m (2024/25: \u00a3482m) of internally generated development costs with a \u00a3138m (2024/25:
\u00a3171m) 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-501": { "value": "14 Other intangible assets
Other intangible
\u00a3 millions
assets
Cost
At 1 February 2025
1,005
Additions
88
Disposals
(233)
Exchange differences
3
At 31 January 202
6
863
Amortisation
At 1 February 2025
(693)
Charge for the year
(131)
Impairment losses
(8)
Disposals
233
Exchange differences
(3)
At 31 January 2026
(602)
Net carrying amount
At 31 January 2026
261
Cost
At
1 February 2024
1,011
Additions
78
Disposals
 (23)
Eliminations
1
(54)
Transfers to held for sale
 (5)
Exchange differences
(2)
At 31 January 202
5
1,005
Amortisation
At 1 February 2024
(643)
Charge for the year
(125)
Impairment losses
(6)
Disposals
23
Eliminations
1
54
Transfers to held for sale
3
Exchange differences
1
At 31 January 2025
(693)
Net carrying amount
At 31 January 2025
312
1. Eliminations consist of amounts in relation to nil net book value assets which were eliminated from the asset register following a verification project in the UK in the prior year. Other intangible assets are principally comprised of computer software. Additions in the current and prior year primarily related to the development of IT infrastructure for the benefit of the Group. Other intangible assets cost include \u00a3530m (2024/25: \u00a3482m) of internally generated development costs with a \u00a3138m (2024/25: \u00a3171m) 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-502": { "value": "
15 Property, plant and equipment
Fixtures, fittings,
Land and equipment and
\u00a3 millions
buildings
other assets
Total
Cost
At 1 February 2025
2,753
2,925
5,678
Additions
64
239
303
Disposals
(2)
(116)
(118)
Transfers to investment properties
(47)
\u2013
(47)
Transfers to assets held for sale
(3)
\u2013
(3)
Exchange differences
75
47
122
At 31 January 202
6
2,840
3,095
5,935
Depreciation
At 1 February 2025
(641)
(1,932)
(2,573)
Charge for the year
(32)
(180)
(212)
Impairment losses
(24)
(22)
(46)
Impairment reversals
21
8
29
Disposals
1
114
115
Transfers to investment properties
10
\u2013
10
Exchange differences
(18)
(34)
(52)
At 31 January 2026
(683)
(2,046)
(2,729)
Net carrying amount
At 31 January 2026
2,157
1,049
3,206
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
Assets in the course of construction included above at net carrying amount
At 31 January 2026
39
213
252
At 31 January 2025
35
160
195
1. Eliminations and transfers comprise amounts in relation to nil net book value assets which were eliminated from the asset register following a verification project in
the UK, in addition to other transfers across asset categories in the prior year.
Fixtures, fittings, equipment and other assets includes fixtures and fittings with a net carrying value of \u00a3763m (2024/25: \u00a3769m),
computers and electronic equipment with a net carrying value of \u00a355m (2024/25: \u00a346m) and motor cars and commercial vehicles with
a net carrying value of \u00a318m (2024/25: \u00a318m).
Net impairment charges of \u00a317m have been recorded in the year relating to store-based assets (2024/25: \u00a360m). Current year
impairment charges of \u00a346m have been recorded principally in France and the UK, partially offset by impairment reversals of
\u00a329m in France, the UK and Iberia, reflecting store-level performance and revised future financial projections.
The net store impairment charges of \u00a317m 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 2025, with the valuations then reviewed for any significant updates to 31 January 2026. Based on this
exercise, the value of property is \u00a32.7bn (2024/25: \u00a32.6bn) 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-503": { "value": "
16 Investment property
\u00a3 millions
Cost
At 1 February 2025
47
Additions
 12
Disposals
(2)
Transfers from
property, plant and equipment
47
Transfers from assets held for sale
6
Transfers to assets held for sale
 (1)
Exchange differences
2
At 31 January 202
6
111
Depreciation
At 1 February 202
5
(13)
Disposals
1
Transfers from property
, plant and equipment
(10)
Impairment losses
(2)
Impairment reversals
 1
At 31 January 2026
(23)
Net carrying amount
At 31 January 2026
88
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 202
4
(13)
At 31 January 202
5
(13)
Net carrying amount
At 31 January 2025
34
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 \u00a3103m (2024/25: \u00a340m). 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-504": { "value": "
17 Leases
The Group is a lessee of 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
2025/26
2024/25
Land and buildings
1,733
1,661
Fixtures, fittings and equipment
97
110
Net carrying amount
1,830
1,771
Leased fixtures, fittings and equipment includes items such as mechanical handling equipment and vehicles.
\u00a3 millions
2025/26
2024/25
At beginning of year
1,771
1,881
Additions
1
361
253
Depreciation charge for the year
 (324) (325)
Impairment losses
(32)
(56)
Impairment reversals
12
8
Transfers to held for sale
\u2013
(17)
Transfers to investment property
\u2013
(3)
Other movements
2
24
35
Exchange differences
18
(5)
At end of year
1,830
1,771
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 amounts in relation to indexation, rent reviews and other changes in lease term and scope.
Net right-of-use asset impairment charges of \u00a320m (2024/25: \u00a348m) have been recorded in the year relating to store-based assets.
Current year impairment charges of \u00a332m have been recorded principally in France and the UK, partially offset by impairment
reversals of \u00a312m in the UK and Iberia, reflecting store-level performance and revised future financial projections. The net store
impairment charges of \u00a320m have been recorded as adjusting items. Refer to note 6.
Amounts included in profit and loss
\u00a3 millions
2025/26
2024/25
Short-term rentals
(44)
(43)
Depreciation of right
-of-use assets
Property leases
(285)
(284)
Equipment leases
(39)
(41)
Interest on lease liabilities
Property leases
(112)
(116)
Equipment leases
(6)
(6)
Amounts recognised in the cash flow statement
\u00a3 millions
2025/26
2024/25
Interest element of lease rental payments
Property leases
(112)
(117)
Equipment leases
(6)
(6)
Principal element of lease rental payments
Property leases
(336)
(344)
Equipment leases
(43)
(43)
Total cash outflow for leases
(497) (510)
Maturity analysis of operating lease receivables
Undiscounted total future minimum rentals receivable under non-cancellable operating leases are as follows:
\u00a3 millions
2025/26
2024/25
Year 1
6
5
Year 2
5
5
Year 3
5
4
Year 4
5
4
Year 5
5
4
Year 6 and onwards
22
21
48
43
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-555": { "value": "Right-of-use assets
\u00a3 millions
2025/26
2024/25
Land and buildings
1,733
1,661
Fixtures, fittings and equipment
97
110
Net carrying amount
1,830
1,771
Leased fixtures, fittings and equipment includes items such as mechanical handling equipment and vehicles.
\u00a3 millions
2025/26
2024/25
At beginning of year
1,771
1,881
Additions
1
361
253
Depreciation charge for the year
 (324) (325)
Impairment losses
(32)
(56)
Impairment reversals
12
8
Transfers to held for sale
\u2013
(17)
Transfers to investment property
\u2013
(3)
Other movements
2
24
35
Exchange differences
18
(5)
At end of year
1,830
1,771
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 amounts in relation to indexation, rent reviews and other changes in lease term and scope. Net right-of-use asset impairment charges of \u00a320m (2024/25: \u00a348m) have been recorded in the year relating to store-based assets. Current year impairment charges of \u00a332m have been recorded principally in France and the UK, partially offset by impairment reversals of \u00a312m in the UK and Iberia, reflecting store-level performance and revised future financial projections. The net store impairment charges of \u00a320m have been recorded as adjusting items. Refer to note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-556": { "value": "Maturity analysis of operating lease receivables Undiscounted total future minimum rentals receivable under non-cancellable operating leases are as follows:
\u00a3 millions
2025/26
2024/25
Year 1
6
5
Year 2
5
5
Year 3
5
4
Year 4
5
4
Year 5
5
4
Year 6 and onwards
22
21
48
43
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-505": { "value": "
18 Equity accounted investments
\u00a3 millions
At 1 February 2025
29
Share of post-tax results
1
(28)
Exchange differences
2
(1)
At 31 January 202
6
\u2013
\u00a3 millions
At 1 February 202
4
19
Share of post-tax results
(15)
Capital contribut
ion
19
Exchange differences
2
6
At 31 January 202
5
29
1. Includes an impairment charge of \u00a319m recorded within adjusting items (2024/25: \u00a3nil). Refer to note 6.
2. Exchange differences include amounts in relation to IAS 29 Equity adjustments for Ko\u00e7ta\u015f.
No goodwill is included in the carrying amount of equity accounted investments (2024/25: \u00a3nil).
Details of the Group\u2019s significant equity accounted investments are shown below:
Principal place of Class of shares
business % interest held owned Main activity
Principal joint venture
s
Ko\u00e7ta\u015f Yap\u0131 Marketleri Ticaret A.\u015e.
Turkey
50%
Ordinary
Retailing
UNIO S.A.S.
France
50%
Ordinary
Sourcing
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-557": { "value": "18 Equity accounted investments
\u00a3 millions
At 1 February 2025
29
Share of post-tax results
1
(28)
Exchange differences
2
(1)
At 31 January 202
6
\u2013
\u00a3 millions
At 1 February 202
4
19
Share of post-tax results
(15)
Capital contribut
ion
19
Exchange differences
2
6
At 31 January 202
5
29
1. Includes an impairment charge of \u00a319m recorded within adjusting items (2024/25: \u00a3nil). Refer to note 6. 2. Exchange differences include amounts in relation to IAS 29 Equity adjustments for Ko\u00e7ta\u015f. No goodwill is included in the carrying amount of equity accounted investments (2024/25: \u00a3nil). Details of the Group\u2019s significant equity accounted investments are shown below:
Principal place of Class of shares
business % interest held owned Main activity
Principal joint venture
s
Ko\u00e7ta\u015f Yap\u0131 Marketleri Ticaret A.\u015e.
Turkey
50%
Ordinary
Retailing
UNIO S.A.S.
France
50%
Ordinary
Sourcing
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-506": { "value": "
19 Inventories
\u00a3 millions
2025/26
2024/25
Finished goods for resale
2,768
2,719
The cost of inventories recognised as an expense and included in cost of sales for the year ended 31 January 2026 is \u00a37,128m
(2024/25: \u00a37,173m). The total amount of rebates deducted from the carrying value of inventories is \u00a3136m (2024/25: \u00a3123m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-507": { "value": "
20 Trade and other receivables
\u00a3 millions
2025/26
2024/25
Non-current
Trade receivables
4
\u2013
Prepayments
7
7
Sublease receivables
2
4
13
11
Current
Trade receivables
106
100
Allowance for expected credit losses
(10)
(12)
Net trade receivables
96
88
Property receivables
6
5
Sublease receivables
1
1
Merchandise returns asset
10
10
Prepayments
56
62
Rebates due from suppliers
71
66
Other taxation and social security
13
14
Other receivables
36
30
289
276
Trade and other receivables
302
287
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 table below presents the ageing of trade receivables and related allowances for expected credit losses:
2025/26
2024/25
Carrying amount of
Carrying amount of
Expected loss rate trade receivables Loss allowance Expected loss rate trade receivables Loss allowance
\u00a3 millions
(%) (\u00a3m) (\u00a3m) (%) (\u00a3m) (\u00a3m)
Current
\u2013
88
\u2013
\u2013
65
\u2013
0-3 months past due
\u2013
11
\u2013
8%
24
2
3
-6 months past due
67%
3
2
80%
3
3
Over 6 months past due
100%
8
8
94%
8
7
Total
110
10
100
12
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-580": { "value": "20 Trade and other receivables
\u00a3 millions
2025/26
2024/25
Non-current
Trade receivables
4
\u2013
Prepayments
7
7
Sublease receivables
2
4
13
11
Current
Trade receivables
106
100
Allowance for expected credit losses
(10)
(12)
Net trade receivables
96
88
Property receivables
6
5
Sublease receivables
1
1
Merchandise returns asset
10
10
Prepayments
56
62
Rebates due from suppliers
71
66
Other taxation and social security
13
14
Other receivables
36
30
289
276
Trade and other receivables
302
287
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-591": { "value": "20 Trade and other receivables
\u00a3 millions
2025/26
2024/25
Non-current
Trade receivables
4
\u2013
Prepayments
7
7
Sublease receivables
2
4
13
11
Current
Trade receivables
106
100
Allowance for expected credit losses
(10)
(12)
Net trade receivables
96
88
Property receivables
6
5
Sublease receivables
1
1
Merchandise returns asset
10
10
Prepayments
56
62
Rebates due from suppliers
71
66
Other taxation and social security
13
14
Other receivables
36
30
289
276
Trade and other receivables
302
287
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-595": { "value": "20 Trade and other receivables
\u00a3 millions
2025/26
2024/25
Non-current
Trade receivables
4
\u2013
Prepayments
7
7
Sublease receivables
2
4
13
11
Current
Trade receivables
106
100
Allowance for expected credit losses
(10)
(12)
Net trade receivables
96
88
Property receivables
6
5
Sublease receivables
1
1
Merchandise returns asset
10
10
Prepayments
56
62
Rebates due from suppliers
71
66
Other taxation and social security
13
14
Other receivables
36
30
289
276
Trade and other receivables
302
287
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-581": { "value": "Trade receivables The table below presents the ageing of trade receivables and related allowances for expected credit losses:
2025/26
2024/25
Carrying amount of
Carrying amount of
Expected loss rate trade receivables Loss allowance Expected loss rate trade receivables Loss allowance
\u00a3 millions
(%) (\u00a3m) (\u00a3m) (%) (\u00a3m) (\u00a3m)
Current
\u2013
88
\u2013
\u2013
65
\u2013
0-3 months past due
\u2013
11
\u2013
8%
24
2
3
-6 months past due
67%
3
2
80%
3
3
Over 6 months past due
100%
8
8
94%
8
7
Total
110
10
100
12
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-508": { "value": "
21 Cash and cash equivalents
\u00a3 millions
2025/26
2024/25
Cash at bank and in hand
255
263
Cash equivalents
210
73
Cash and cash equivalents
1
465
336
1. Excludes \u00a3nil of cash and cash equivalents included within assets held for sale (2024/25: \u00a39m).
Included in cash and cash equivalents is restricted cash of \u00a340m (2024/25: \u00a339m) 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-509": { "value": "
22 Trade and other payables
\u00a3 millions
2025/26
2024/25
Non-current
Other payables
2
2
Current
Trade payables
1,248
1,178
Other taxation and social security
271
272
Deferred revenue
156
145
Share purchase obligations
71
26
Merchandise returns provision
18
17
Payroll creditors and accruals
256
224
Accruals and other payables
504
493
2,524
2,355
Trade and other payables
2,526
2,357
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 revenue 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
2025/26
2024/25
At beginning of year
145
153
Revenue recognised
relating to deferred revenue at the beginning of the year
(145)
(153)
Increase due to cash received in the year
156
145
At end of year
156
145
Included in trade payables are amounts at 31 January 2026 of \u00a3138m (2024/25: \u00a3123m) 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 the Group\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, the Group has agreed extended payment terms.
Facilities are provided by approved bank counterparties and are uncommitted.
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 \u00a3336m (2024/25: \u00a3349m). Of these facilities, \u00a3201m (2024/25: \u00a3274m)
is subject to payment terms which is in line with normal payment terms for the suppliers and is paid between 30 and 90 days.
For the remaining \u00a3135m (2024/25: \u00a375m), Kingfisher has agreed extended payment terms with the finance providers. The carrying
amount at 31 January 2026 of financial liabilities that have extended payment terms under these arrangements is \u00a335m (2024/25:
\u00a319m). Without this facility, the Group pays such suppliers on average 30-60 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 the 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\u2019s supplier finance arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-599": { "value": "22 Trade and other payables
\u00a3 millions
2025/26
2024/25
Non-current
Other payables
2
2
Current
Trade payables
1,248
1,178
Other taxation and social security
271
272
Deferred revenue
156
145
Share purchase obligations
71
26
Merchandise returns provision
18
17
Payroll creditors and accruals
256
224
Accruals and other payables
504
493
2,524
2,355
Trade and other payables
2,526
2,357
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 revenue 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
2025/26
2024/25
At beginning of year
145
153
Revenue recognised
relating to deferred revenue at the beginning of the year
(145)
(153)
Increase due to cash received in the year
156
145
At end of year
156
145
Included in trade payables are amounts at 31 January 2026 of \u00a3138m (2024/25: \u00a3123m) 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 the Group\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, the Group has agreed extended payment terms. Facilities are provided by approved bank counterparties and are uncommitted. 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 \u00a3336m (2024/25: \u00a3349m). Of these facilities, \u00a3201m (2024/25: \u00a3274m) is subject to payment terms which is in line with normal payment terms for the suppliers and is paid between 30 and 90 days. For the remaining \u00a3135m (2024/25: \u00a375m), Kingfisher has agreed extended payment terms with the finance providers. The carrying amount at 31 January 2026 of financial liabilities that have extended payment terms under these arrangements is \u00a335m (2024/25: \u00a319m). Without this facility, the Group pays such suppliers on average 30-60 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 the 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\u2019s supplier finance arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-596": { "value": "22 Trade and other payables
\u00a3 millions
2025/26
2024/25
Non-current
Other payables
2
2
Current
Trade payables
1,248
1,178
Other taxation and social security
271
272
Deferred revenue
156
145
Share purchase obligations
71
26
Merchandise returns provision
18
17
Payroll creditors and accruals
256
224
Accruals and other payables
504
493
2,524
2,355
Trade and other payables
2,526
2,357
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 revenue 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
2025/26
2024/25
At beginning of year
145
153
Revenue recognised
relating to deferred revenue at the beginning of the year
(145)
(153)
Increase due to cash received in the year
156
145
At end of year
156
145
Included in trade payables are amounts at 31 January 2026 of \u00a3138m (2024/25: \u00a3123m) 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 the Group\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, the Group has agreed extended payment terms. Facilities are provided by approved bank counterparties and are uncommitted. 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 \u00a3336m (2024/25: \u00a3349m). Of these facilities, \u00a3201m (2024/25: \u00a3274m) is subject to payment terms which is in line with normal payment terms for the suppliers and is paid between 30 and 90 days. For the remaining \u00a3135m (2024/25: \u00a375m), Kingfisher has agreed extended payment terms with the finance providers. The carrying amount at 31 January 2026 of financial liabilities that have extended payment terms under these arrangements is \u00a335m (2024/25: \u00a319m). Without this facility, the Group pays such suppliers on average 30-60 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 the 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\u2019s supplier finance arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-592": { "value": "22 Trade and other payables
\u00a3 millions
2025/26
2024/25
Non-current
Other payables
2
2
Current
Trade payables
1,248
1,178
Other taxation and social security
271
272
Deferred revenue
156
145
Share purchase obligations
71
26
Merchandise returns provision
18
17
Payroll creditors and accruals
256
224
Accruals and other payables
504
493
2,524
2,355
Trade and other payables
2,526
2,357
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 revenue 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
2025/26
2024/25
At beginning of year
145
153
Revenue recognised
relating to deferred revenue at the beginning of the year
(145)
(153)
Increase due to cash received in the year
156
145
At end of year
156
145
Included in trade payables are amounts at 31 January 2026 of \u00a3138m (2024/25: \u00a3123m) 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 the Group\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, the Group has agreed extended payment terms. Facilities are provided by approved bank counterparties and are uncommitted. 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 \u00a3336m (2024/25: \u00a3349m). Of these facilities, \u00a3201m (2024/25: \u00a3274m) is subject to payment terms which is in line with normal payment terms for the suppliers and is paid between 30 and 90 days. For the remaining \u00a3135m (2024/25: \u00a375m), Kingfisher has agreed extended payment terms with the finance providers. The carrying amount at 31 January 2026 of financial liabilities that have extended payment terms under these arrangements is \u00a335m (2024/25: \u00a319m). Without this facility, the Group pays such suppliers on average 30-60 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 the 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\u2019s supplier finance arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-582": { "value": "22 Trade and other payables
\u00a3 millions
2025/26
2024/25
Non-current
Other payables
2
2
Current
Trade payables
1,248
1,178
Other taxation and social security
271
272
Deferred revenue
156
145
Share purchase obligations
71
26
Merchandise returns provision
18
17
Payroll creditors and accruals
256
224
Accruals and other payables
504
493
2,524
2,355
Trade and other payables
2,526
2,357
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 revenue 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
2025/26
2024/25
At beginning of year
145
153
Revenue recognised
relating to deferred revenue at the beginning of the year
(145)
(153)
Increase due to cash received in the year
156
145
At end of year
156
145
Included in trade payables are amounts at 31 January 2026 of \u00a3138m (2024/25: \u00a3123m) 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 the Group\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, the Group has agreed extended payment terms. Facilities are provided by approved bank counterparties and are uncommitted. 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 \u00a3336m (2024/25: \u00a3349m). Of these facilities, \u00a3201m (2024/25: \u00a3274m) is subject to payment terms which is in line with normal payment terms for the suppliers and is paid between 30 and 90 days. For the remaining \u00a3135m (2024/25: \u00a375m), Kingfisher has agreed extended payment terms with the finance providers. The carrying amount at 31 January 2026 of financial liabilities that have extended payment terms under these arrangements is \u00a335m (2024/25: \u00a319m). Without this facility, the Group pays such suppliers on average 30-60 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 the 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\u2019s supplier finance arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-510": { "value": "
23 Borrowings
\u00a3 millions
2025/26
2024/25
Non-current
Bank loans
1
1
Fixed term debt
99
\u2013
100
1
Current
Bank overdrafts
3
9
Fixed term debt
\u2013
99
3
108
Borrowings
103
109
Bank loans
Non-current bank loans have an average maturity of two years (2024/25: two years) and are arranged at fixed rates of interest with an
effective interest rate of 4.1% (2024/25: 3.8%).
Fixed term debt
2025/26
2024/25
Principal Effective Carrying amount Carrying amount
outstanding
Maturity date
Coupon
interest rate \u00a3m \u00a3m
GBP
Term Loan
\u00a350m
17/01/28
SONIA + 0.700%
4.4%
50
50
GBP Term Loan
\u00a350m
23/06/27
SONIA + 0.700%
4.4%
49
49
99
99
Each of the \u00a350m fixed term loans were refinanced during the year.
The Group has access to a committed revolving credit facility (RCF) of \u00a3650m, which was extended by one year in May 2025 and now
expires at the end of May 2028. As of 31 January 2026, this RCF was undrawn.
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 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 2026, the Group was in compliance with this requirement.
Fair values
Fair value
\u00a3 millions
2025/26
2024/25
Bank overdrafts
3
9
Bank loans
1
1
Fixed term debt
96
102
Borrowings
100
112
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
2025/26
2024/25
Non
-current assets
\u2013
2
Current assets
1
22
Non
-current liabilities
(1)
\u2013
Current liabilities
(22)
(5)
(22)
19
The net fair value of derivatives by hedge designation at the balance sheet date is:
\u00a3 millions
2025/26
2024/25
Cash flow hedges
 (20) 17
Non-designated hedges
(2)
2
(22)
19
The Group holds the following derivative financial instruments at fair value:
\u00a3 millions
2025/26
2024/25
Foreign exchange contracts
1
24
Derivative assets
1
24
Foreign exchange contracts
 (23) (5)
Derivative liabilities
(23) (5)
(22)
19
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 2026, net financing derivative liabilities included in net debt amount to \u00a32m (2024/25: \u00a32m asset).
Cash flow hedges
Forward foreign exchange contracts hedge currency exposures arising from forecast inventory purchases and IT contracts.
At 31 January 2026, the Sterling-equivalent amount of such contracts was \u00a3861m (2024/25: \u00a3959m) and the amount relating to IT
contracts was \u00a323m (2024/25: \u00a320m). These contracts are presented in the derivative asset and derivative liability lines in the
consolidated balance sheet with carrying amounts of \u00a31m (asset) and \u00a321m (liability) (2024/25: \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 was a loss of \u00a374m (2024/25: \u00a322m gain). For contracts
which matured during the year, a loss of \u00a336m (2024/25: \u00a315m) was transferred to inventories, and a loss of \u00a31m (2024/25: \u00a3nil) was
recognised in the income statement due to ineffectiveness arising from differences in timing and amount of forecast transactions
relating to foreign currency inventory purchases. The weighted average hedged rates for derivatives outstanding at 31 January 2026
for our material currencies are EUR/USD 1.17 and GBP/USD 1.34 (2024/25: 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 2026, the Sterling-equivalent amount of such contracts was \u00a3459m (2024/25: \u00a3706m). 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 does not 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 offset 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 202
6
Derivative assets
1
\u2013
1
(1)
\u2013
Derivative liabilities
 (23)
\u2013
(23)
1
(22)
At 31 January 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
Net investment hedges
Foreign currency denominated lease liabilities are designated as hedging the exposure to movements in the spot retranslation of the
Group\u2019s investment in foreign subsidiaries. The gains and losses on retranslation of the hedging instruments are presented in the
translation reserve within other reserves to offset gains and losses on the hedged balance sheet exposure. The nominal values of
these lease liabilities is \u00a3137m (2024/25: \u00a3187m). The amount recognised in the translation reserve is a loss of \u00a32m (2024/25: \u00a3nil).
There is no ineffectiveness for 2025/26. The cumulative total amount recognised in the translation reserve in relation to investment
hedges is a loss of \u00a3105m (2024/25: \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:
2025/26
2024/25
1
Fair value
Fair value
through other
Fair value
through other
Fair value
comprehensive
through profit
Amortised
comprehensive through profit Amortised
\u00a3 millions
income
2
or loss
cost
Total
income
2
or loss
cost
Total
Cash and cash equivalents
\u2013
\u2013
465
465
\u2013
\u2013
336
336
Trade and other receivables
\u2013 current
3
\u2013
\u2013
210
210
\u2013
\u2013
190
190
Trade and other receivables \u2013 non-current
3
\u2013
\u2013
6
6
\u2013
\u2013
4
4
Derivative assets
\u2013 current
\u2013
1
\u2013
1
19
3
\u2013
22
Derivative assets \u2013 non-current
\u2013
\u2013
\u2013
\u2013
2
\u2013
\u2013
2
Trade and other payables
\u2013 current
3
\u2013
\u2013
(1,823)
(1,823)
\u2013
\u2013
(1,697)
(1,697)
Trade and other payables \u2013 non-current
3
\u2013
\u2013
(2)
(2)
\u2013
\u2013
(2)
(2)
Derivative liabilities
\u2013 current
(20)
(2)
\u2013
(22)
(4) (1)
\u2013
(5)
Derivative liabilities \u2013 non-current
(1)
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
Borrowings
\u2013 current
\u2013
\u2013
(3)
(3)
\u2013
\u2013
(108)
(108)
Borrowings \u2013 non-current
\u2013
\u2013
(100)
(100)
\u2013
\u2013
(1)
(1)
Lease liabilities
\u2013 current
\u2013
\u2013
(351)
(351)
\u2013
\u2013
(345)
(345)
Lease liabilities \u2013 non-current
\u2013
\u2013
(1,887)
(1,887)
\u2013
\u2013
(1,866)
(1,866)
Financial assets and liabilities
(21)
(1)
(3,485)
(3,507)
17
2
(3,489)
(3,470)
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 revenue, 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-558": { "value": "23 Borrowings
\u00a3 millions
2025/26
2024/25
Non-current
Bank loans
1
1
Fixed term debt
99
\u2013
100
1
Current
Bank overdrafts
3
9
Fixed term debt
\u2013
99
3
108
Borrowings
103
109
Bank loans Non-current bank loans have an average maturity of two years (2024/25: two years) and are arranged at fixed rates of interest with an effective interest rate of 4.1% (2024/25: 3.8%). Fixed term debt
2025/26
2024/25
Principal Effective Carrying amount Carrying amount
outstanding
Maturity date
Coupon
interest rate \u00a3m \u00a3m
GBP
Term Loan
\u00a350m
17/01/28
SONIA + 0.700%
4.4%
50
50
GBP Term Loan
\u00a350m
23/06/27
SONIA + 0.700%
4.4%
49
49
99
99
Each of the \u00a350m fixed term loans were refinanced during the year. The Group has access to a committed revolving credit facility (RCF) of \u00a3650m, which was extended by one year in May 2025 and now expires at the end of May 2028. As of 31 January 2026, this RCF was undrawn. 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 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 2026, the Group was in compliance with this requirement. Fair values
Fair value
\u00a3 millions
2025/26
2024/25
Bank overdrafts
3
9
Bank loans
1
1
Fixed term debt
96
102
Borrowings
100
112
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-583": { "value": "Fair values
Fair value
\u00a3 millions
2025/26
2024/25
Bank overdrafts
3
9
Bank loans
1
1
Fixed term debt
96
102
Borrowings
100
112
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-584": { "value": "24 Derivatives
\u00a3 millions
2025/26
2024/25
Non
-current assets
\u2013
2
Current assets
1
22
Non
-current liabilities
(1)
\u2013
Current liabilities
(22)
(5)
(22)
19
The net fair value of derivatives by hedge designation at the balance sheet date is:
\u00a3 millions
2025/26
2024/25
Cash flow hedges
 (20) 17
Non-designated hedges
(2)
2
(22)
19
The Group holds the following derivative financial instruments at fair value:
\u00a3 millions
2025/26
2024/25
Foreign exchange contracts
1
24
Derivative assets
1
24
Foreign exchange contracts
 (23) (5)
Derivative liabilities
(23) (5)
(22)
19
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 2026, net financing derivative liabilities included in net debt amount to \u00a32m (2024/25: \u00a32m asset). Cash flow hedges Forward foreign exchange contracts hedge currency exposures arising from forecast inventory purchases and IT contracts. At 31 January 2026, the Sterling-equivalent amount of such contracts was \u00a3861m (2024/25: \u00a3959m) and the amount relating to IT contracts was \u00a323m (2024/25: \u00a320m). These contracts are presented in the derivative asset and derivative liability lines in the consolidated balance sheet with carrying amounts of \u00a31m (asset) and \u00a321m (liability) (2024/25: \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 was a loss of \u00a374m (2024/25: \u00a322m gain). For contracts which matured during the year, a loss of \u00a336m (2024/25: \u00a315m) was transferred to inventories, and a loss of \u00a31m (2024/25: \u00a3nil) was recognised in the income statement due to ineffectiveness arising from differences in timing and amount of forecast transactions relating to foreign currency inventory purchases. The weighted average hedged rates for derivatives outstanding at 31 January 2026 for our material currencies are EUR/USD 1.17 and GBP/USD 1.34 (2024/25: 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 2026, the Sterling-equivalent amount of such contracts was \u00a3459m (2024/25: \u00a3706m). 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 does not 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 offset 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 202
6
Derivative assets
1
\u2013
1
(1)
\u2013
Derivative liabilities
 (23)
\u2013
(23)
1
(22)
At 31 January 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
Net investment hedges Foreign currency denominated lease liabilities are designated as hedging the exposure to movements in the spot retranslation of the Group\u2019s investment in foreign subsidiaries. The gains and losses on retranslation of the hedging instruments are presented in the translation reserve within other reserves to offset gains and losses on the hedged balance sheet exposure. The nominal values of these lease liabilities is \u00a3137m (2024/25: \u00a3187m). The amount recognised in the translation reserve is a loss of \u00a32m (2024/25: \u00a3nil). There is no ineffectiveness for 2025/26. The cumulative total amount recognised in the translation reserve in relation to investment hedges is a loss of \u00a3105m (2024/25: \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:
2025/26
2024/25
1
Fair value
Fair value
through other
Fair value
through other
Fair value
comprehensive
through profit
Amortised
comprehensive through profit Amortised
\u00a3 millions
income
2
or loss
cost
Total
income
2
or loss
cost
Total
Cash and cash equivalents
\u2013
\u2013
465
465
\u2013
\u2013
336
336
Trade and other receivables
\u2013 current
3
\u2013
\u2013
210
210
\u2013
\u2013
190
190
Trade and other receivables \u2013 non-current
3
\u2013
\u2013
6
6
\u2013
\u2013
4
4
Derivative assets
\u2013 current
\u2013
1
\u2013
1
19
3
\u2013
22
Derivative assets \u2013 non-current
\u2013
\u2013
\u2013
\u2013
2
\u2013
\u2013
2
Trade and other payables
\u2013 current
3
\u2013
\u2013
(1,823)
(1,823)
\u2013
\u2013
(1,697)
(1,697)
Trade and other payables \u2013 non-current
3
\u2013
\u2013
(2)
(2)
\u2013
\u2013
(2)
(2)
Derivative liabilities
\u2013 current
(20)
(2)
\u2013
(22)
(4) (1)
\u2013
(5)
Derivative liabilities \u2013 non-current
(1)
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
Borrowings
\u2013 current
\u2013
\u2013
(3)
(3)
\u2013
\u2013
(108)
(108)
Borrowings \u2013 non-current
\u2013
\u2013
(100)
(100)
\u2013
\u2013
(1)
(1)
Lease liabilities
\u2013 current
\u2013
\u2013
(351)
(351)
\u2013
\u2013
(345)
(345)
Lease liabilities \u2013 non-current
\u2013
\u2013
(1,887)
(1,887)
\u2013
\u2013
(1,866)
(1,866)
Financial assets and liabilities
(21)
(1)
(3,485)
(3,507)
17
2
(3,489)
(3,470)
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 revenue, 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-559": { "value": "24 Derivatives
\u00a3 millions
2025/26
2024/25
Non
-current assets
\u2013
2
Current assets
1
22
Non
-current liabilities
(1)
\u2013
Current liabilities
(22)
(5)
(22)
19
The net fair value of derivatives by hedge designation at the balance sheet date is:
\u00a3 millions
2025/26
2024/25
Cash flow hedges
 (20) 17
Non-designated hedges
(2)
2
(22)
19
The Group holds the following derivative financial instruments at fair value:
\u00a3 millions
2025/26
2024/25
Foreign exchange contracts
1
24
Derivative assets
1
24
Foreign exchange contracts
 (23) (5)
Derivative liabilities
(23) (5)
(22)
19
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 2026, net financing derivative liabilities included in net debt amount to \u00a32m (2024/25: \u00a32m asset). Cash flow hedges Forward foreign exchange contracts hedge currency exposures arising from forecast inventory purchases and IT contracts. At 31 January 2026, the Sterling-equivalent amount of such contracts was \u00a3861m (2024/25: \u00a3959m) and the amount relating to IT contracts was \u00a323m (2024/25: \u00a320m). These contracts are presented in the derivative asset and derivative liability lines in the consolidated balance sheet with carrying amounts of \u00a31m (asset) and \u00a321m (liability) (2024/25: \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 was a loss of \u00a374m (2024/25: \u00a322m gain). For contracts which matured during the year, a loss of \u00a336m (2024/25: \u00a315m) was transferred to inventories, and a loss of \u00a31m (2024/25: \u00a3nil) was recognised in the income statement due to ineffectiveness arising from differences in timing and amount of forecast transactions relating to foreign currency inventory purchases. The weighted average hedged rates for derivatives outstanding at 31 January 2026 for our material currencies are EUR/USD 1.17 and GBP/USD 1.34 (2024/25: 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 2026, the Sterling-equivalent amount of such contracts was \u00a3459m (2024/25: \u00a3706m). 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 does not 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 offset 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 202
6
Derivative assets
1
\u2013
1
(1)
\u2013
Derivative liabilities
 (23)
\u2013
(23)
1
(22)
At 31 January 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
Net investment hedges Foreign currency denominated lease liabilities are designated as hedging the exposure to movements in the spot retranslation of the Group\u2019s investment in foreign subsidiaries. The gains and losses on retranslation of the hedging instruments are presented in the translation reserve within other reserves to offset gains and losses on the hedged balance sheet exposure. The nominal values of these lease liabilities is \u00a3137m (2024/25: \u00a3187m). The amount recognised in the translation reserve is a loss of \u00a32m (2024/25: \u00a3nil). There is no ineffectiveness for 2025/26. The cumulative total amount recognised in the translation reserve in relation to investment hedges is a loss of \u00a3105m (2024/25: \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:
2025/26
2024/25
1
Fair value
Fair value
through other
Fair value
through other
Fair value
comprehensive
through profit
Amortised
comprehensive through profit Amortised
\u00a3 millions
income
2
or loss
cost
Total
income
2
or loss
cost
Total
Cash and cash equivalents
\u2013
\u2013
465
465
\u2013
\u2013
336
336
Trade and other receivables
\u2013 current
3
\u2013
\u2013
210
210
\u2013
\u2013
190
190
Trade and other receivables \u2013 non-current
3
\u2013
\u2013
6
6
\u2013
\u2013
4
4
Derivative assets
\u2013 current
\u2013
1
\u2013
1
19
3
\u2013
22
Derivative assets \u2013 non-current
\u2013
\u2013
\u2013
\u2013
2
\u2013
\u2013
2
Trade and other payables
\u2013 current
3
\u2013
\u2013
(1,823)
(1,823)
\u2013
\u2013
(1,697)
(1,697)
Trade and other payables \u2013 non-current
3
\u2013
\u2013
(2)
(2)
\u2013
\u2013
(2)
(2)
Derivative liabilities
\u2013 current
(20)
(2)
\u2013
(22)
(4) (1)
\u2013
(5)
Derivative liabilities \u2013 non-current
(1)
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
Borrowings
\u2013 current
\u2013
\u2013
(3)
(3)
\u2013
\u2013
(108)
(108)
Borrowings \u2013 non-current
\u2013
\u2013
(100)
(100)
\u2013
\u2013
(1)
(1)
Lease liabilities
\u2013 current
\u2013
\u2013
(351)
(351)
\u2013
\u2013
(345)
(345)
Lease liabilities \u2013 non-current
\u2013
\u2013
(1,887)
(1,887)
\u2013
\u2013
(1,866)
(1,866)
Financial assets and liabilities
(21)
(1)
(3,485)
(3,507)
17
2
(3,489)
(3,470)
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 revenue, 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-593": { "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 202
6
Derivative assets
1
\u2013
1
(1)
\u2013
Derivative liabilities
 (23)
\u2013
(23)
1
(22)
At 31 January 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "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 202
6
Derivative assets
1
\u2013
1
(1)
\u2013
Derivative liabilities
 (23)
\u2013
(23)
1
(22)
At 31 January 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-600": { "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 202
6
Derivative assets
1
\u2013
1
(1)
\u2013
Derivative liabilities
 (23)
\u2013
(23)
1
(22)
At 31 January 2025
Derivative assets
24
\u2013
24
(5)
19
Derivative liabilities
(5)
\u2013
(5)
5
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-511": { "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. The Group\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 and Polish Zloty. The Euro and Polish Zloty exposures are
operational and arise through the ownership of retail businesses in France, Spain, Portugal, the Republic of Ireland and Poland.
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, with hedging horizons determined locally, generally within a range of 12 to 18 months. This is monitored on
an ongoing basis. The Group also has smaller USD exposures relating to certain IT contracts, which are hedged using the same approach.
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:
2025/26
Sterling
Euro
US Dollar
Other
\u00a3 millions
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
Floating
Total
At 31 January 2026
Net cash/(debt) before financing
derivatives and lease liabilities
\u2013
53
(2)
180
\u2013
61
\u2013
70
362
Financing derivatives
\u2013
(457)
\u2013
80
\u2013
345
\u2013
30
(2)
Lease liabilities
(1,614)
\u2013
(566)
\u2013
\u2013
\u2013
(58)
\u2013
(2,238)
Net (debt)/cash
(1,614)
(404)
(568)
260
\u2013
406
(58)
100
(1,878)
2024/25
Sterling
Euro
US Dollar
Other
\u00a3 millions
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
Floating
Total
At 31 January 202
5
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.
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.
2025/26
2024/25
Net finance Net finance
\u00a3 millions
costs costs
Effect of 1% rise in interest rates on net finance costs
Sterling
(4)
(6)
Euro
3
3
US Dollar
4
5
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.
2025/26
2024/25
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
78
80
US Dollar against Euro
20
21
US Dollar against other
8
10
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 2026 and 31 January 2025 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.
As at 31 January 2026, the Group had access to a committed undrawn revolving credit facility (RCF) of \u00a3650m, which was extended by
one year in May 2025 and now expires at the end of May 2028.
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.
2025/26
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 2026
Bank o
verdrafts
(3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3)
Trade and other payables
1
\u2013
(1,823)
(2)
\u2013
\u2013
\u2013
\u2013
(1,825)
Bank loans
and fixed term debt
\u2013
(5)
(104) (1)
\u2013
\u2013
\u2013
(110)
Lease liabilities
\u2013
(446)
(421)
(368)
(315)
(256)
(1,064)
(2,870)
Derivative financial liabilities:
Derivative contracts \u2013 receipts
\u2013
934
59
\u2013
\u2013
\u2013
\u2013
993
Derivative contracts \u2013 payments
\u2013
(958)
(61)
\u2013
\u2013
\u2013
\u2013
(1,019)
Derivative financial assets:
Derivative contracts \u2013 receipts
\u2013
340
8
\u2013
\u2013
\u2013
\u2013
348
Derivative contracts \u2013 payments
\u2013
(338)
(8)
\u2013
\u2013
\u2013
\u2013
(346)
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 202
5
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)
1. Excluding non-financial items relating to deferred income and merchandise returns provisions and non-contractual items relating to other taxation and social
security payables and payroll creditors and accruals.
Credit risk
The Group manages credit risk from investing activities in accordance with treasury policy. The Group deposits surplus cash with a
number of banks with strong long-term credit ratings (BBB and above) and with money market funds with AAA credit ratings offering
same-day liquidity. An exposure limit for each counterparty is agreed by the Board, covering the full value of deposits and the fair value
of derivative assets. Credit risk is also managed by spreading investments and entering into derivative contracts across several
counterparties. As of 31 January 2026, the highest total cash investment with a single counterparty was \u00a342m (2024/25: \u00a317m).
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
95
\u2013
\u2013
\u2013
218
9
14
5
1
342
Derivative assets
\u2013
\u2013
\u2013
\u2013
\u2013
1
\u2013
\u2013
\u2013
1
At 31 January 202
6
95
\u2013
\u2013
\u2013
218
10
14
5
1
343
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 202
5
18
\u2013
\u2013
\u2013
206
27
26
1
\u2013
278
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 \u00a3123m (2024/25: \u00a382m).
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.
Capital risk
Capital risk management disclosures are provided in the Financial Review on pages 31 to 37.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-560": { "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 and Polish Zloty. The Euro and Polish Zloty exposures are operational and arise through the ownership of retail businesses in France, Spain, Portugal, the Republic of Ireland and Poland. 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, with hedging horizons determined locally, generally within a range of 12 to 18 months. This is monitored on an ongoing basis. The Group also has smaller USD exposures relating to certain IT contracts, which are hedged using the same approach. 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:
2025/26
Sterling
Euro
US Dollar
Other
\u00a3 millions
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
Floating
Total
At 31 January 2026
Net cash/(debt) before financing
derivatives and lease liabilities
\u2013
53
(2)
180
\u2013
61
\u2013
70
362
Financing derivatives
\u2013
(457)
\u2013
80
\u2013
345
\u2013
30
(2)
Lease liabilities
(1,614)
\u2013
(566)
\u2013
\u2013
\u2013
(58)
\u2013
(2,238)
Net (debt)/cash
(1,614)
(404)
(568)
260
\u2013
406
(58)
100
(1,878)
2024/25
Sterling
Euro
US Dollar
Other
\u00a3 millions
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
Floating
Total
At 31 January 202
5
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. 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.
2025/26
2024/25
Net finance Net finance
\u00a3 millions
costs costs
Effect of 1% rise in interest rates on net finance costs
Sterling
(4)
(6)
Euro
3
3
US Dollar
4
5
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.
2025/26
2024/25
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
78
80
US Dollar against Euro
20
21
US Dollar against other
8
10
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 2026 and 31 January 2025 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-561": { "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. As at 31 January 2026, the Group had access to a committed undrawn revolving credit facility (RCF) of \u00a3650m, which was extended by one year in May 2025 and now expires at the end of May 2028. 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.
2025/26
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 2026
Bank o
verdrafts
(3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3)
Trade and other payables
1
\u2013
(1,823)
(2)
\u2013
\u2013
\u2013
\u2013
(1,825)
Bank loans
and fixed term debt
\u2013
(5)
(104) (1)
\u2013
\u2013
\u2013
(110)
Lease liabilities
\u2013
(446)
(421)
(368)
(315)
(256)
(1,064)
(2,870)
Derivative financial liabilities:
Derivative contracts \u2013 receipts
\u2013
934
59
\u2013
\u2013
\u2013
\u2013
993
Derivative contracts \u2013 payments
\u2013
(958)
(61)
\u2013
\u2013
\u2013
\u2013
(1,019)
Derivative financial assets:
Derivative contracts \u2013 receipts
\u2013
340
8
\u2013
\u2013
\u2013
\u2013
348
Derivative contracts \u2013 payments
\u2013
(338)
(8)
\u2013
\u2013
\u2013
\u2013
(346)
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 202
5
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)
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-562": { "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 2026, the highest total cash investment with a single counterparty was \u00a342m (2024/25: \u00a317m). 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
95
\u2013
\u2013
\u2013
218
9
14
5
1
342
Derivative assets
\u2013
\u2013
\u2013
\u2013
\u2013
1
\u2013
\u2013
\u2013
1
At 31 January 202
6
95
\u2013
\u2013
\u2013
218
10
14
5
1
343
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 202
5
18
\u2013
\u2013
\u2013
206
27
26
1
\u2013
278
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 \u00a3123m (2024/25: \u00a382m). 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-563": { "value": "Capital risk Capital risk management disclosures are provided in the Financial Review on pages 31 to 37.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-585": { "value": "26 Deferred tax
\u00a3 millions
2025/26
2024/25
Deferred tax assets
6
7
Deferred tax liabilities
(207)
(193)
(201)
(186)
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.
2025/26
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 2025
(236)
(42)
106
38
\u2013
(48)
(1)
(3)
(186)
(Charge)/credit to income
statement
(9)
2
(14)
(5)
\u2013
2
\u2013
\u2013
(24)
Credit/(charge)
to equity
\u2013
\u2013
(2)
3
\u2013
2
\u2013
9
12
Exchange differences
(6)
(1)
1
2
\u2013
1
\u2013
\u2013
(3)
At 31 January 202
6
(251)
(41)
91
38
\u2013
(43)
(1)
6
(201)
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 202
5
(236)
(42)
106
38
\u2013
(48)
(1) (3) (186)
At the balance sheet date, the Group has unused trading tax losses of \u00a393m (2024/25: \u00a3269m) available for offset against future profits, which may be carried forward indefinitely. No deferred tax asset has been recognised in respect of these losses (2024/25: \u00a3nil) due to the unpredictability of future profit streams. At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2024/25: \u00a310m) available for offset against future capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2024/25: \u00a3nil). All of these losses may be carried forward indefinitely. A deferred tax liability of \u00a31m (2024/25: \u00a31m) has been recognised in the year, 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 \u00a3244m (2024/25: \u00a3224m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-564": { "value": "26 Deferred tax
\u00a3 millions
2025/26
2024/25
Deferred tax assets
6
7
Deferred tax liabilities
(207)
(193)
(201)
(186)
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.
2025/26
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 2025
(236)
(42)
106
38
\u2013
(48)
(1)
(3)
(186)
(Charge)/credit to income
statement
(9)
2
(14)
(5)
\u2013
2
\u2013
\u2013
(24)
Credit/(charge)
to equity
\u2013
\u2013
(2)
3
\u2013
2
\u2013
9
12
Exchange differences
(6)
(1)
1
2
\u2013
1
\u2013
\u2013
(3)
At 31 January 202
6
(251)
(41)
91
38
\u2013
(43)
(1)
6
(201)
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 202
5
(236)
(42)
106
38
\u2013
(48)
(1) (3) (186)
At the balance sheet date, the Group has unused trading tax losses of \u00a393m (2024/25: \u00a3269m) available for offset against future profits, which may be carried forward indefinitely. No deferred tax asset has been recognised in respect of these losses (2024/25: \u00a3nil) due to the unpredictability of future profit streams. At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2024/25: \u00a310m) available for offset against future capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2024/25: \u00a3nil). All of these losses may be carried forward indefinitely. A deferred tax liability of \u00a31m (2024/25: \u00a31m) has been recognised in the year, 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 \u00a3244m (2024/25: \u00a3224m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-512": { "value": "
27 Provisions
\u00a3 millions
 2025/26
At 1 February 2025
25
Charged to income statement
25
Released to income statement
(4)
Utilised in the year
(13)
Exchange differences
(1)
At 31 January 202
6
32
Non-current liabilities
3
Current liabilities
29
32
Provisions principally consist of restructuring provisions relating to restructuring plans in the UK & Ireland, France and Poland. Amounts
charged to the income statement in the current year of \u00a325m are principally related to the UK & Ireland and Poland 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-586": { "value": "27 Provisions
\u00a3 millions
 2025/26
At 1 February 2025
25
Charged to income statement
25
Released to income statement
(4)
Utilised in the year
(13)
Exchange differences
(1)
At 31 January 202
6
32
Non-current liabilities
3
Current liabilities
29
32
Provisions principally consist of restructuring provisions relating to restructuring plans in the UK & Ireland, France and Poland. Amounts charged to the income statement in the current year of \u00a325m are principally related to the UK & Ireland and Poland 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, in March 2025, HMRC repaid the \u00a364m tax and interest previously assessed, plus an additional \u00a35m payment of repayment interest. 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 Marketplaces Limited
03257957
Limited
B&Q Properties Farnborough Limited
07595097
B&Q Properties Witney
07595124
Kingfisher Properties
07501852
Limited
Investment
s Limited
B&Q Properties Investments Limited
SC389774
B&Q Properties Wrexham
07347678
Kingfisher TMB Limited
03926623
Limited
B&Q Properties Limited
03885270
Eijsvogel Finance Limited
02792015
New England Paint Company
04056989
Limited
B&Q Properties New Malden Limited
03926734
Kingfisher France Limited
04213347
Sheldon Poland Investments
08409745
Limited
B&Q Properties South Shields Limited
07156522
Kingfisher Holdings Limited
09404258
Zeus
Land Investments Limited
00601220
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 2026 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-513": { "value": "
28 Post-employment benefits
The Group operates a number 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
2025/26
2024/25
Charge to operating profit
60
55
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, with the 2025 valuation currently ongoing. In accordance with the scheme\u2019s Statement
of Funding Principles, the Trustee and the Company agreed to cease annual employer contributions for the period from August 2022
to July 2025, and subsequently for the period from August 2025 to July 2028. This agreement was 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 principles of the scheme reaching a point where it can provide benefits to members with a high level of
security, thereby limiting its reliance on the employer for future support. The Company monitors the scheme funding level on a regular
basis and will reassess with the scheme Trustee the appropriate level of contributions at future valuations.
The Trust Deed provides Kingfisher with an unconditional right to a refund of surplus assets assuming the full settlement of plan
liabilities in the event of a plan wind up. Furthermore, in the ordinary course of business the Trustee has no rights to unilaterally wind up
or otherwise augment the benefits due to members of the scheme. Based on these rights, any net surplus in the UK scheme is
recognised in full.
On 25 July 2024, the Court of Appeal ruled in Virgin Media Ltd v NTL Pension Trustees II Ltd (and others) that certain historic
amendments to contracted out defined benefit schemes are void where the statutory actuarial confirmation was not obtained.
On 5 June 2025, the Government announced plans to legislate to allow retrospective actuarial confirmation of such amendments.
On 23 January 2026, the Financial Reporting Council issued Technical Actuarial Guidance to support confirmations. No adjustment has
been recognised in these financial statements in respect of this matter. The Group and the Trustee continue to monitor developments
and will assess any implications for the UK defined benefit scheme once further legislative detail and supporting guidance are finalised.
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
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Amounts charged/(credited) to operating profit
Current service cost
3
7
10
3
7
10
Past service
cost/(credit)
4
\u2013
4
(2) (13) (15)
Administration costs
6
\u2013
6
5
\u2013
5
13
7
20
6
(6)
\u2013
Amounts (credited)/charged to net finance costs
Net interest (income)/expense
(11)
4
(7)
(10)
3
(7)
Total charged /(credited) to income statement
2
11
13
(4) (3) (7)
Of the net charge to operating profit, a \u00a314m debit (2024/25: \u00a35m credit) and \u00a36m debit (2024/25: \u00a35m) 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
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations
(1,679)
(118)
(1,797)
(1,711)
(121)
(1,832)
Fair value of scheme assets
1,860
20
1,880
1,913
20 1,933
Net surplus/(deficit)
181
(98)
83
202
(101)
101
Movements in the surplus or deficit are as follows:
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Net surplus/(deficit) at beginning of year
202
(101)
101
212 (113) 99
Current service cost
(3)
(7)
(10)
(3)
(7)
(10)
Past service
(cost)/credit
(4)
\u2013
(4)
2
13
15
Administration costs
(6)
\u2013
(6)
(5)
\u2013
(5)
Net interest income/(expense)
11
(4)
7
10 (3) 7
Net remeasurement (losses)/gains
(19)
12
(7)
(14)
3
(11)
Contributions paid by employer
\u2013
5
5
\u2013
5
5
Exchange differences
\u2013
(3)
(3)
\u2013
1
1
Net surplus/(deficit) at end of year
181
(98)
83
202
(101)
101
Movements in the present value of defined benefit obligations are as follows:
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations at beginning
of year
(1,711)
(121) (1,832) (1,826) (133) (1,959)
Current service cost
(3)
(7)
(10)
(3)
(7)
(10)
Past service
(cost)/credit
(4)
\u2013
(4)
2 13 15
Interest expense
(90)
(4)
(94)
(87)
(3)
(90)
Remeasurement gains
\u2013 changes in financial assumptions
59
7
66
115
\u2013 115
Remeasurement (losses)/gains \u2013 changes in demographic assumptions
(3)
\u2013
(3)
5
3
8
Remeasurement (losses)/
gains \u2013 experience adjustments
(22)
5
(17)
(7)
\u2013
(7)
Benefits paid
95
5
100
90
5
95
Exchange differences
\u2013
(3)
(3)
\u2013
1
1
Present value of defined benefit obligations at end of year
(1,679)
(118)
(1,797)
(1,711)
(121)
(1,832)
The present value of UK scheme defined benefit obligations is 44% (2024/25: 52%) in respect of deferred members and 56% (2024/25:
48%) in respect of current pensioners.
The weighted average duration of the UK scheme obligations at the end of the year is 12 years (2024/25: 14 years).
Movements in the fair value of scheme assets are as follows:
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Fair value of scheme assets at beginning of year
1,913
20
1,933
2,038
20 2,058
Administration costs
(6)
\u2013
(6)
(5)
\u2013
(5)
Interest income
101
\u2013
101
97
\u2013
97
Remeasurement losses \u2013 actual return less interest income
(53)
\u2013
(53)
(127)
\u2013
(127)
Contributions paid by employer
\u2013
5
5
\u2013
5
5
Benefits paid
(95)
(5)
(100)
(90)
(5)
(95)
Fair value of scheme assets at end of year
1,860
20
1,880
1,913 20 1,933
The fair value of scheme assets is analysed as follows:
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
% of total
UK
Overseas
Total
% of total
Government bonds
1
620
\u2013
620
33%
642
\u2013
642
33%
Corporate bonds
385
\u2013
385
20%
358
\u2013
358
19%
Derivatives
(41)
\u2013
(41)
(2)%
(21)
\u2013
(21)
(1)%
Equities
11
\u2013
11
1%
15
\u2013
15
1%
Annuities
696
\u2013
696
37%
736
\u2013
736
38%
Cash
77
\u2013
77
4%
74
\u2013
74
4%
Other
112
20
132
7%
109
20
129
6%
Total fair value of scheme assets
1,860
20
1,880
100%
1,913
20
1,933
100%
1. Including LDI repurchase agreement liabilities.
All UK scheme assets have quoted prices in active markets, except for \u00a3808m (2024/25: \u00a3845m) 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 (2024/25: \u00a31.0bn) and associated repurchase agreement liabilities of \u00a30.4bn (2024/25: \u00a30.4bn).
Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates,
whilst remaining invested in assets of a similar risk profile. Interest rate and inflation rate derivatives are also employed to complement
the use of fixed and index-linked bonds in matching the profile of the scheme\u2019s liabilities.
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.
2025/26
2024/25
Annual % rate
UK
Overseas
UK
Overseas
Discount rate
5.60
3.80
5.40
3.40
Price inflation
3.10
2.40
3.25
2.40
Rate of pension increases
2.95
\u2013
3.05
\u2013
Salary escalation
n/a
2.8
n/a
2.8
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 during 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 2024 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
2025/26
2024/25
Age to which current pensioners are expected to live (60 now)
\u2014
Male
86.0
85.6
\u2014 Female
88.6
88.3
Age to which future pensioners are expected to live (60 in 15 years\u2019 time)
\u2014 Male
87.4
86.9
\u2014
Female
90.8
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 \u00a3103m
Price inflation
Increase/decrease by 0.25%
Increase/decrease by \u00a349m
Rate of pension increases
Increase/decrease by 0.25%
Increase/decrease by \u00a345m
Mortality
Increase/decrease in life expectancy by one year
Increase/decrease by \u00a352m
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-565": { "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
2025/26
2024/25
Charge to operating profit
60
55
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-566": { "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, with the 2025 valuation currently ongoing. In accordance with the scheme\u2019s Statement of Funding Principles, the Trustee and the Company agreed to cease annual employer contributions for the period from August 2022 to July 2025, and subsequently for the period from August 2025 to July 2028. This agreement was 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 principles of the scheme reaching a point where it can provide benefits to members with a high level of security, thereby limiting its reliance on the employer for future support. The Company monitors the scheme funding level on a regular basis and will reassess with the scheme Trustee the appropriate level of contributions at future valuations. The Trust Deed provides Kingfisher with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities in the event of a plan wind up. Furthermore, in the ordinary course of business the Trustee has no rights to unilaterally wind up or otherwise augment the benefits due to members of the scheme. Based on these rights, any net surplus in the UK scheme is recognised in full. On 25 July 2024, the Court of Appeal ruled in Virgin Media Ltd v NTL Pension Trustees II Ltd (and others) that certain historic amendments to contracted out defined benefit schemes are void where the statutory actuarial confirmation was not obtained. On 5 June 2025, the Government announced plans to legislate to allow retrospective actuarial confirmation of such amendments. On 23 January 2026, the Financial Reporting Council issued Technical Actuarial Guidance to support confirmations. No adjustment has been recognised in these financial statements in respect of this matter. The Group and the Trustee continue to monitor developments and will assess any implications for the UK defined benefit scheme once further legislative detail and supporting guidance are finalised. 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
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Amounts charged/(credited) to operating profit
Current service cost
3
7
10
3
7
10
Past service
cost/(credit)
4
\u2013
4
(2) (13) (15)
Administration costs
6
\u2013
6
5
\u2013
5
13
7
20
6
(6)
\u2013
Amounts (credited)/charged to net finance costs
Net interest (income)/expense
(11)
4
(7)
(10)
3
(7)
Total charged /(credited) to income statement
2
11
13
(4) (3) (7)
Of the net charge to operating profit, a \u00a314m debit (2024/25: \u00a35m credit) and \u00a36m debit (2024/25: \u00a35m) 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
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations
(1,679)
(118)
(1,797)
(1,711)
(121)
(1,832)
Fair value of scheme assets
1,860
20
1,880
1,913
20 1,933
Net surplus/(deficit)
181
(98)
83
202
(101)
101
Movements in the surplus or deficit are as follows:
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Net surplus/(deficit) at beginning of year
202
(101)
101
212 (113) 99
Current service cost
(3)
(7)
(10)
(3)
(7)
(10)
Past service
(cost)/credit
(4)
\u2013
(4)
2
13
15
Administration costs
(6)
\u2013
(6)
(5)
\u2013
(5)
Net interest income/(expense)
11
(4)
7
10 (3) 7
Net remeasurement (losses)/gains
(19)
12
(7)
(14)
3
(11)
Contributions paid by employer
\u2013
5
5
\u2013
5
5
Exchange differences
\u2013
(3)
(3)
\u2013
1
1
Net surplus/(deficit) at end of year
181
(98)
83
202
(101)
101
Movements in the present value of defined benefit obligations are as follows:
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Present value of defined benefit obligations at beginning
of year
(1,711)
(121) (1,832) (1,826) (133) (1,959)
Current service cost
(3)
(7)
(10)
(3)
(7)
(10)
Past service
(cost)/credit
(4)
\u2013
(4)
2 13 15
Interest expense
(90)
(4)
(94)
(87)
(3)
(90)
Remeasurement gains
\u2013 changes in financial assumptions
59
7
66
115
\u2013 115
Remeasurement (losses)/gains \u2013 changes in demographic assumptions
(3)
\u2013
(3)
5
3
8
Remeasurement (losses)/
gains \u2013 experience adjustments
(22)
5
(17)
(7)
\u2013
(7)
Benefits paid
95
5
100
90
5
95
Exchange differences
\u2013
(3)
(3)
\u2013
1
1
Present value of defined benefit obligations at end of year
(1,679)
(118)
(1,797)
(1,711)
(121)
(1,832)
The present value of UK scheme defined benefit obligations is 44% (2024/25: 52%) in respect of deferred members and 56% (2024/25: 48%) in respect of current pensioners. The weighted average duration of the UK scheme obligations at the end of the year is 12 years (2024/25: 14 years). Movements in the fair value of scheme assets are as follows:
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
UK
Overseas
Total
Fair value of scheme assets at beginning of year
1,913
20
1,933
2,038
20 2,058
Administration costs
(6)
\u2013
(6)
(5)
\u2013
(5)
Interest income
101
\u2013
101
97
\u2013
97
Remeasurement losses \u2013 actual return less interest income
(53)
\u2013
(53)
(127)
\u2013
(127)
Contributions paid by employer
\u2013
5
5
\u2013
5
5
Benefits paid
(95)
(5)
(100)
(90)
(5)
(95)
Fair value of scheme assets at end of year
1,860
20
1,880
1,913 20 1,933
The fair value of scheme assets is analysed as follows:
2025/26
2024/25
\u00a3 millions
UK
Overseas
Total
% of total
UK
Overseas
Total
% of total
Government bonds
1
620
\u2013
620
33%
642
\u2013
642
33%
Corporate bonds
385
\u2013
385
20%
358
\u2013
358
19%
Derivatives
(41)
\u2013
(41)
(2)%
(21)
\u2013
(21)
(1)%
Equities
11
\u2013
11
1%
15
\u2013
15
1%
Annuities
696
\u2013
696
37%
736
\u2013
736
38%
Cash
77
\u2013
77
4%
74
\u2013
74
4%
Other
112
20
132
7%
109
20
129
6%
Total fair value of scheme assets
1,860
20
1,880
100%
1,913
20
1,933
100%
1. Including LDI repurchase agreement liabilities. All UK scheme assets have quoted prices in active markets, except for \u00a3808m (2024/25: \u00a3845m) 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 (2024/25: \u00a31.0bn) and associated repurchase agreement liabilities of \u00a30.4bn (2024/25: \u00a30.4bn). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. Interest rate and inflation rate derivatives are also employed to complement the use of fixed and index-linked bonds in matching the profile of the scheme\u2019s liabilities. 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.
2025/26
2024/25
Annual % rate
UK
Overseas
UK
Overseas
Discount rate
5.60
3.80
5.40
3.40
Price inflation
3.10
2.40
3.25
2.40
Rate of pension increases
2.95
\u2013
3.05
\u2013
Salary escalation
n/a
2.8
n/a
2.8
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 during 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 2024 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
2025/26
2024/25
Age to which current pensioners are expected to live (60 now)
\u2014
Male
86.0
85.6
\u2014 Female
88.6
88.3
Age to which future pensioners are expected to live (60 in 15 years\u2019 time)
\u2014 Male
87.4
86.9
\u2014
Female
90.8
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 \u00a3103m
Price inflation
Increase/decrease by 0.25%
Increase/decrease by \u00a349m
Rate of pension increases
Increase/decrease by 0.25%
Increase/decrease by \u00a345m
Mortality
Increase/decrease in life expectancy by one year
Increase/decrease by \u00a352m
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-514": { "value": "
29 Share capital
Number of
ordinary shares Ordinary share
millions capital \u00a3 millions
Allotted, called up and fully paid:
At 1 February 20
25
1,793
282
New shares issued under share schemes
5
1
Purchase of own shares for cancellation
 (88) (14)
At 31 January 202
6
1,710
269
At 1 February 20
24
1,875
294
New shares issued under share schemes
1
\u2013
Purchase of own shares for cancellation
 (83) (12)
At 31 January 202
5
1,793
282
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 88 million (2024/25: 83 million) of the Company\u2019s own shares for cancellation at a cost of \u00a3256m
(2024/25: \u00a3225m) as part of its capital returns programme.
30 Other reserves
2025/26
Translation Cash flow hedge
\u00a3 millions
reserve
reserve
Other
Total
At
1 February 2025
124
16
159
299
Inventory cash flow hedges \u2013 fair value losses
\u2013
(74)
\u2013
(74)
Tax on items that will not be reclassified subsequently to profit or loss
\u2013
18
\u2013
18
Currency translation differences
Subsidiaries
97
\u2013
\u2013
97
Equity accounted investments
(1)
\u2013
\u2013
(1)
Transferred to income statement
14
\u2013
\u2013
14
Other comprehensive
income/(expense) for the year
110
(56)
\u2013
54
Inventory cash flow hedges \u2013 losses transferred to inventories
\u2013
36
\u2013
36
Tax on equity items
 (1) (9)
\u2013
(10)
At 31 January 2026
233
(13)
159
379
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
Subsidiaries
(25)
\u2013
\u2013
(25)
Equity accounted investments
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 202
5
124
16
159
299
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-567": { "value": "29 Share capital
Number of
ordinary shares Ordinary share
millions capital \u00a3 millions
Allotted, called up and fully paid:
At 1 February 20
25
1,793
282
New shares issued under share schemes
5
1
Purchase of own shares for cancellation
 (88) (14)
At 31 January 202
6
1,710
269
At 1 February 20
24
1,875
294
New shares issued under share schemes
1
\u2013
Purchase of own shares for cancellation
 (83) (12)
At 31 January 202
5
1,793
282
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 88 million (2024/25: 83 million) of the Company\u2019s own shares for cancellation at a cost of \u00a3256m (2024/25: \u00a3225m) as part of its capital returns programme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-568": { "value": "30 Other reserves
2025/26
Translation Cash flow hedge
\u00a3 millions
reserve
reserve
Other
Total
At
1 February 2025
124
16
159
299
Inventory cash flow hedges \u2013 fair value losses
\u2013
(74)
\u2013
(74)
Tax on items that will not be reclassified subsequently to profit or loss
\u2013
18
\u2013
18
Currency translation differences
Subsidiaries
97
\u2013
\u2013
97
Equity accounted investments
(1)
\u2013
\u2013
(1)
Transferred to income statement
14
\u2013
\u2013
14
Other comprehensive
income/(expense) for the year
110
(56)
\u2013
54
Inventory cash flow hedges \u2013 losses transferred to inventories
\u2013
36
\u2013
36
Tax on equity items
 (1) (9)
\u2013
(10)
At 31 January 2026
233
(13)
159
379
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
Subsidiaries
(25)
\u2013
\u2013
(25)
Equity accounted investments
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 202
5
124
16
159
299
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-515": { "value": "
31 Share-based payments
2025/26
2024/25
Number of Weighted Number of Weighted
options
average exercise
options average
thousands price \u00a3 thousands exercise price \u00a3
Outstanding at beginning of year
67,596
0.50
71,336
0.46
Granted during the year
1
22,482
0.47
20,810
0.42
Forfeited and expired during the year
(14,414)
0.20
(14,252)
0.37
Exercised during the year
(12,482)
0.74
(10,298)
0.23
Outstanding at end of year
63,182
0.47
67,596
0.50
Exercisable at end of year
6,736
0.18
8,721
0.49
1. The weighted average exercise price for options granted during the year represents a blend of nil price Performance Share Plan and discounted Sharesave
options (see below).
Information on the share schemes is given in note 10 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 \u00a32.83 (2024/25: \u00a32.63). 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 5.5 years (2024/25: 5.4 years).
The Group recognised a total expense of \u00a327m in the year ended 31 January 2026 (2024/25: \u00a320m) 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
03/05/17
3.40
\u2013
7
\u2013
\u2013
\u2013
3.40
Plan
\u2013 Deferred Bonus
23/04/18
3.09
\u2013
7
\u2013
\u2013
\u2013
3.09
Awards
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
24/04/25
2.67
\u2013
10
\u2013
\u2013
\u2013
2.67
23/10/25
3.11
\u2013
10
\u2013
\u2013
\u2013
3.11
UK and International
01/11/18
2.62
2.06
3.5
23.2%
4.1%
1.1%
0.33
Sharesave
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
24/10/25
3.17
2.37
3.5
30.2%
3.9%
3.7%
0.94
24/10/25
3.17
2.37
5.5
29.7%
3.9%
4.9%
0.98
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
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 seven years from the date of
grant. For the Performance Share Plan and the Alignment Share award the expiry date is 10 years from the date of grant. Expiry of the overseas Alignment Share
award is 3 years from the date of grant.
2. Expected volatility was determined for each individual award (or relevant components of an award), by calculating the historical volatility of the Group\u2019s share
price (plus reinvested dividends) immediately prior to the grant of the award, over the same period as the vesting period of each award, adjusted by expectations
of future volatility.
3. As these awards are made under an approved SAYE scheme, option holders cannot be compensated for dividends foregone. As such, the historical dividend yield
is used, calculated as dividends announced in the 12 months prior to grant as a percentage of the share price on the date of grant.
4. Risk-free rate was determined for each individual award (or relevant components of an award).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-516": { "value": "
32 Cash generated from operations
\u00a3 millions
2025/26
2024/25
Operating profit
469
407
Share of results of equity accounted investments
28
15
Depreciation and amortisation
667
656
Net impairment losses
119
198
Loss on disposal of property, plant and equipment and investment property
2
8
Gain on disposal of property assets held for sale
(2)
\u2013
Loss on disposal of subsidiaries
31
3
Lease gains
(4)
\u2013
Share-based compensation charge
27
20
(Increase)/decrease in inventories
(1)
87
(Increase)/decrease in trade and other receivables
(16)
63
Increase/(decrease) in trade and other payables
91
(50)
Movement in provisions
8
9
Movement in post-employment benefits
15
(5)
Cash generated from operations
1,434
1,411
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-517": { "value": "
33 Net debt
\u00a3 millions
2025/26
2024/25
Cash and cash equivalents
465
336
Cash and cash equivalents included within assets held for sale
\u2013
9
Bank overdrafts
(3)
(9)
Cash and cash equivalents
and bank overdrafts (including cash and cash equivalents held for sale)
462
336
Bank loans
(1)
(1)
Fixed term debt
 (99) (99)
Lease liabilities
(2,238)
(2,211)
Lease liabilities
directly associated with assets held for sale
\u2013
(42)
Net financing derivatives
(2)
2
Net debt (including net debt held for sale)
(1,878)
(2,015)
\u00a3 millions
2025/26
2024/25
Net debt at beginning of year
(2,015)
(2,116)
Net
increase/(decrease) in cash and cash equivalents and bank overdrafts
106
(11)
Arrangement fees paid
1
2
Net cash flow
1
107
(9)
Lease liabilities disposed
38
\u2013
M
ovements in lease liabilities
(1)
107
Exchange differences and other non-cash movements
(7)
3
Net debt at end of year
(1,878)
(2,015)
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:
2025/26
Borrowings
(excluding bank Net financing Share purchase Total financing
\u00a3 millions
overdrafts)
derivatives
Lease liabilities
obligations
1
liabilities
At 1 February 202
5
(100)
2
(2,211)
(26) (2,335)
Principal repayments
\u2013
\u2013
379
\u2013
379
Arrangement fees paid
1
\u2013
\u2013
\u2013
1
Shares purchased for cancellation
\u2013
\u2013
\u2013
256
256
Interest paid
6
\u2013
118
\u2013
124
Cash outflow relating to financing liabilities
7
\u2013
497
256
760
Interest charge
(6)
\u2013
(118)
\u2013
(124)
Lease liability additions
\u2013
\u2013
(359)
\u2013
(359)
Transfers from liabilities directly associated with assets held for sale
\u2013
\u2013
(2)
\u2013
(2)
Other movements in lease liabilities
2
\u2013
\u2013
(21)
\u2013
(21)
Recognised liability due to share purchase commitments
\u2013
\u2013
\u2013
(301)
(301)
Other non
-cash movements
3
 (1) (4) (24)
\u2013
(29)
At 31 January 2026
(100)
(2)
(2,238)
(71)
(2,411)
2024/25
Borrowings
(excluding bank Net financing Share purchase Total financing
\u00a3 millions
overdrafts) derivatives Lease liabilities
obligations
1
liabilities
At 1 February 202
4
(102)
\u2013
(2,367)
\u2013
(2,469)
Principal re
payments
\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)
Other non
-cash movements
3
\u2013
2
7
\u2013
9
At 31 January 202
5
(100)
2
(2,211)
(26) (2,335)
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 in lease liabilities principally consist of amounts in relation to indexation, rent reviews and other changes in lease term and scope.
3. Other non-cash movements consist of amortisation of arrangement fees paid, fair value movements and exchange differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-518": { "value": "
34 Disposals
In the prior year, following the announcement that the Group had reached an agreement to dispose of its interest in Brico D\u00e9p\u00f4t
Romania, the business was classified as held for sale. On 2 May 2025, the Group disposed of its 100% interest in the Brico D\u00e9p\u00f4t
Romania business to Altex Romania for a gross consideration of \u00a353m. Brico D\u00e9p\u00f4t Romania has not been classified as a discontinued
operation as it does not represent a major operation for the Group.
Brico D\u00e9p\u00f4t Romania was included within the Other International aggregation of operating segments.
The loss on disposal of \u00a331m, which arises due to the transfer of cumulative foreign exchange losses previously recorded in the
translation reserve on consolidation, as well as adjustments to the final proceeds received and net assets disposed compared with the
estimated values at 31 January 2025, is analysed as follows:
\u00a3 millions
 2025/26
Proceeds
 53
Net assets disposed (see below)
(68)
Transaction costs and warranties
 (2)
Loss on disposal before cumulative exchange losses
 (17)
Cumulative exchange losses transferred from translation reserve
(14)
Loss on disposal
(31)
The current year net cash flow effect of the disposal is analysed as follows:
\u00a3 millions
 2025/26
Cash proceeds
 53
Cash disposed
(17)
Disposal
and other costs
(3)
Net disposal proceeds received
 33
The major classes of assets and liabilities disposed are as follows:
\u00a3 millions
 2025/26
Other intangible assets
2
Property, plant and equipment
38
Right
-of-use assets
15
Inventories
94
Trade and other receivables
4
Cash and cash equivalents
17
Trade and other payables
(61)
Lease liabilities
(38)
Other liabilities
(3)
Net assets disposed
68
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-519": { "value": "
35 Commitments
Capital commitments contracted but not provided for by the Group at 31 January 2026 amount to \u00a325m (2024/25: \u00a314m).
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, in March 2025, HMRC repaid the \u00a364m tax and interest
previously assessed, plus an additional \u00a35m payment of repayment interest.
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 Marketplaces Limited
03257957
Limited
B&Q Properties Farnborough Limited
07595097
B&Q Properties Witney
07595124
Kingfisher Properties
07501852
Limited
Investment
s Limited
B&Q Properties Investments Limited
SC389774
B&Q Properties Wrexham
07347678
Kingfisher TMB Limited
03926623
Limited
B&Q Properties Limited
03885270
Eijsvogel Finance Limited
02792015
New England Paint Company
04056989
Limited
B&Q Properties New Malden Limited
03926734
Kingfisher France Limited
04213347
Sheldon Poland Investments
08409745
Limited
B&Q Properties South Shields Limited
07156522
Kingfisher Holdings Limited
09404258
Zeus
Land Investments Limited
00601220
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
2026 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-569": { "value": "35 Commitments Capital commitments contracted but not provided for by the Group at 31 January 2026 amount to \u00a325m (2024/25: \u00a314m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-570": { "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, in March 2025, HMRC repaid the \u00a364m tax and interest previously assessed, plus an additional \u00a35m payment of repayment interest. 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 Marketplaces Limited
03257957
Limited
B&Q Properties Farnborough Limited
07595097
B&Q Properties Witney
07595124
Kingfisher Properties
07501852
Limited
Investment
s Limited
B&Q Properties Investments Limited
SC389774
B&Q Properties Wrexham
07347678
Kingfisher TMB Limited
03926623
Limited
B&Q Properties Limited
03885270
Eijsvogel Finance Limited
02792015
New England Paint Company
04056989
Limited
B&Q Properties New Malden Limited
03926734
Kingfisher France Limited
04213347
Sheldon Poland Investments
08409745
Limited
B&Q Properties South Shields Limited
07156522
Kingfisher Holdings Limited
09404258
Zeus
Land Investments Limited
00601220
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 2026 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-521": { "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:
2025/26
2024/25
\u00a3 millions
Income
Receivable
Income
Receivable
Transactions with
Ko\u00e7ta\u015f Yap\u0131 Marketleri Ticaret A.\u015e. in which the Group
holds a 50% interest
Commission and other income
0.3
\u2013
0.6
0.2
Transactions with the Kingfisher Pension Scheme
Provision of administrative services
0.9
0.9
0.8
0.6
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. In the prior year, the Group made capital contributions totalling \u00a319m into the Ko\u00e7ta\u015f joint venture.
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-571": { "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:
2025/26
2024/25
\u00a3 millions
Income
Receivable
Income
Receivable
Transactions with
Ko\u00e7ta\u015f Yap\u0131 Marketleri Ticaret A.\u015e. in which the Group
holds a 50% interest
Commission and other income
0.3
\u2013
0.6
0.2
Transactions with the Kingfisher Pension Scheme
Provision of administrative services
0.9
0.9
0.8
0.6
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. In the prior year, the Group made capital contributions totalling \u00a319m into the Ko\u00e7ta\u015f joint venture. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-520": { "value": "
38 Post balance sheet events
During the period since the balance sheet date, the Group purchased 20 million of the Company\u2019s own shares for cancellation at a cost
of \u00a371m. This amount was deducted from equity in 2025/26 as a result of an irrevocable buyback agreement which was in place at
31 January 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-468": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-10": { "value": "Kingfisher plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-467": { "value": "Kingfisher plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800KBMEV7I92FY281", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } } } }