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1 GENERAL INFORMATION
Applied Nutrition plc (the \u201cCompany\u201d)
is a public company limited by shares,
registered and incorporated in England
and Wales under the Companies Act 2006
(registered company number 09131749).
The Company re\u2011registered as a public
limited company on 1 October 2024
and its ordinary share capital was listed
on the Main Market of the London Stock
Exchange on 24 October 2024.
The address of the Company\u2019s registered
office is 2 Acornfield Road, Knowsley
Industrial Park, Liverpool, England,
L33 7UG. The Company is the parent
and ultimate parent of the Group;
the financial statements comprise
the results of the Company and its
subsidiary undertakings (the \u201cGroup\u201d).
The principal activities of the Group are
the formulation, manufacture, wholesale
and retail of sports nutrition, health and
wellness products.
The Group financial statements were
approved by the Board for issue on
7 November 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-6": { "value": "Applied Nutrition plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-190": { "value": "Applied Nutrition plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-193": { "value": "Applied Nutrition plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-7": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-8": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-9": { "value": "2 Acornfield Road, Knowsley Industrial Park, Liverpool, England, L33 7UG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-10": { "value": "The principal activities of the Group are the formulation, manufacture, wholesale and retail of sports nutrition, health and wellness products.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-194": { "value": "2 SUMMARY OF THE GROUP\u2019S MATERIAL ACCOUNTING POLICIES The Group\u2019s material accounting policies are set out below. 2.1 Basis of preparation The Group financial statements have been prepared in accordance with UK adopted International Accounting Standards (IFRS) and with the requirements of the Companies Act 2006 applicable to companies reporting under those standards. The Group financial statements have been prepared on a going concern basis and under the historical cost convention. The Directors consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates, which are outlined in the critical accounting estimates and judgements section of these accounting policies. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The accounting policies have been applied consistently to all periods presented, other than where new policies have been adopted. The consolidated financial statements are prepared in GBP. Amounts are rounded to the nearest million, unless otherwise stated. 2.2 Going concern The Group\u2019s profit before taxation for the period amounted to \u00a328.5 million (2024: \u00a324.3 million). The Group has net assets of \u00a354.3 million (2024: \u00a348.1 million), including cash and cash equivalents of \u00a318.5 million (being after the payment of a pre\u2011IPO dividend to shareholders) compared to \u00a318.7 million at 31 July 2024 (where there was no dividend paid). As at 31 July 2025, the Group also has \u00a310.0 million available loan finance in the form of a Revolving Credit Facility (RCF) which has not been drawn down. The Directors have considered the business activities as described in the Strategic Report on pages 1 to 49, including the organisation\u2019s principal risks and uncertainties disclosed on pages 42 to 48. With due consideration and review, the Directors have a reasonable expectation that the Group has adequate resources to operate over the assessment period, being the twelve months from the date of these financial statements. In addition, the Directors are not aware of any material uncertainties that may cast significant doubt upon the Company or Group to continue as a going concern. Consequently, the financial statements have been prepared on a going concern basis for the Group and the Company. The Directors have assessed the ability of the Company and the Group to continue as a going concern using three\u2011year cash flow forecasts prepared from 31 July 2025 to 31 July 2028. This is the timeframe of the Group\u2019s most recently approved strategic plan, as approved by the Board and in addition exceeds the period over which the Group can reasonably plan capital investment with certainty given the rapid growth of the Group and change in investment that may be required to meet such growth. The Directors have considered forecast expectations of performance, based on historic data, along with available funding options in case of unexpected, contingent requirements. The market in which the organisation operates is forecast to grow annually in the region of 8% or better.
The forecasts included several scenarios
including a base case and downside
case. The base case assumed revenue
growth during the next twelve months
on a customer\u2011by\u2011customer base for
the top ten customers, and then applied
a standard rate of growth in line with
market dynamics for the remainder of
the customer base and new potential
customers. Profitability and cash flow
assumptions were in line with recent
experience.
In the event of no further growth in the
business, it would remain profitable
and cash generative in the view of
management and therefore while
downside scenarios with no further
growth were considered, they did not
alter the view of management in terms
of going concern. Nor did scenarios
where the working capital requirement
of the business increased.
When conducting this assessment, the
Directors also considered the principal
risks and uncertainties that the Group\u2019s
risk management process had identified.
This risk management process and an
assessment of the principal risks and
uncertainties are detailed in the risk
management report. This assessment
considered the risks themselves in
addition to mitigating actions. Of the
principal risks and uncertainties, the
effect of a product safety event or
significant damage/disruption to the
Group\u2019s manufacturing facilities were
considered in detail. These are the
key risks that are believed to present
a risk to the going concern view of
management.
The successful initial public offering
(IPO) of the organisation on the London
Stock Exchange in late 2024 has provided
access to potential additional funding
streams and acts as a catalyst for further
controlled enhancement of the product
range with expansion across multiple
geographic locations. On 14 October
2024, the Company entered into a
sterling revolving credit facility (RCF)
agreement with The Royal Bank
of Scotland plc.
The purpose of the RCF is for general
corporate and working capital purposes
of the Group as well as to finance
permitted acquisitions and capital
expenditure of the Group.
The quantum of the RCF is \u00a310,000,000 with an uncommitted accordion option for up to \u00a310,000,000. The terms of the RCF include: (i) the Company as initial borrower; (ii) a term of 36 months; (iii) the margin being 1.7% above SONIA; (iv) the provision of quarterly financial information and an annual budget; (v) a net leverage covenant set at 2:1 (total debt to adjusted EBITDA) and interest cover (EBITDA to net finance charges) set at 3:1; (vi) the provision of guarantees by certain Group companies that become material from time to time in respect of the obligations under the RCF; and (vii) secured by all asset security granted by the Company and certain other material Group companies. The Company can terminate the RCF at any time without penalty and therefore, if other forms of debt finance are more commercially beneficial, the Company can do so and utilise those other forms without charge. Based on the assessment performed, and with no additional knowledge of any material uncertainty that may affect this assessment, the Directors believe it is appropriate to prepare the financial statements of the Group on a going concern basis. 2.3 New standards, amendments and interpretations not yet adopted The following standards and interpretations apply for the first time to financial reporting periods commencing on or after 1 January 2024, and became effective for the Group\u2019s consolidated financial statements for the year ended 31 July 2025, none of which have a material impact on the Group: \u2022 Non\u2011current Liabilities with Covenants (Amendments to IAS 1); \u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non\u2011current; \u2022 Amendments to IFRS 16 \u2013 Lease Liability in Sale and Leaseback; and \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). The following standards, amendments and interpretations are not yet effective and have not been early adopted by the Group: \u2022 Amendments to IAS 21 Lack of Exchangeability; \u2022 IFRS 18 Presentation and Disclosure in Financial Statements; \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures; and \u2022 Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments. Certain new standards, amendments to standards, and interpretations have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. These standards, amendments or interpretations are not expected to have a material impact on the Group. While IFRS 18 Presentation and Disclosure in Financial Statements will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These effects include changes to categorisation and sub\u2011totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management\u2011defined performance measures. The Group is currently assessing the impact of these changes. 2.4 Basis of consolidation Subsidiaries The Group financial statements incorporate the financial statements of Applied Nutrition plc and entities controlled by the Company (its \u201csubsidiaries\u201d) made up to 31 July each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date that control ceases. Intercompany transactions, balances and unrealised gains (or losses) on transactions between Group companies are eliminated in preparing the consolidated accounts. Accounting policies of subsidiaries are consistent with those policies adopted by the Group. The Group includes foreign entities whose functional currencies are not GBP. On consolidation, the assets and liabilities of those entities are translated at the exchange rates at the reporting date and income and expenses are translated at the weighted average rates during the period. Classification of costs Allocations of costs presented in the consolidated statement of comprehensive income are allocated to cost of sales when management deem costs are directly associated with fulfilling performance obligations under IFRS 15, including the creation of those products sold by the Group. Those costs which fall outside of these allocations, which includes all sales and marketing associated costs, are presented within administrative expenses, excluding finance expenses and taxation, in the consolidated statement of comprehensive income. 2.5 Revenue recognition Revenue comprises the fair value of the consideration received, or receivable, for the sale of goods in the ordinary course of the Group\u2019s activities. Revenue is shown net of value added tax, estimated returns, rebates and discounts, and after eliminating sales within the Group. IFRS 15 Revenue from Contracts with Customers is a principle\u2011based model of recognising revenue from contracts with customers. It has a five\u2011step model that requires revenue to be recognised when control over goods are transferred to the customer. Revenue represents amounts chargeable in respect of the manufacture, wholesale and retail of products. The Group operates through a range of business\u2011to\u2011business and direct\u2011to\u2011consumer channels, with all revenue recognised at a point of time, being when control has passed to the customer under Incoterms\u00ae. Payment of the transaction price is due immediately when the customer purchases the product, or in the case of certain trade transactions, payable on set credit terms. Rebates are volume based and are established on management\u2019s best estimate of the amounts necessary to meet claims by customers in respect of these rebates. A liability is calculated at the time of sale and updated at the end of each reporting period for changes in circumstances. Volume\u2011based rebates represent variable consideration for which the estimated variable consideration is constrained to ensure that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the rebate amount is realised. 2.6 Net finance costs Finance income Finance income comprises interest on bank deposits and is recognised on a time proportion basis using the effective interest rate method. Finance expense Finance expense comprises of interest payable and lease interest which are expensed in the period in which they are incurred. 2.7 Current and deferred taxation The tax expense for the period comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the UK and US, where the Group operates and generates taxable income and expenses. Deferred tax balances are recognised in respect of all temporary differences that have originated but not reversed by the reporting date, except: \u2022 the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; \u2022 any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and \u2022 where timing differences relate to interests in subsidiaries, the Group can control their reversal and such reversal is not considered probable in the foreseeable future. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax is charged or credited to the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Where applicable, the Group claims R&D tax reliefs in the UK in accordance with schemes set out by HM Revenue and Customs. Projects are assessed by management to ensure the claims made fit the criteria and definitions set out by HM Revenue and Customs. 2.8 Foreign currency translation Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the end of the reporting period. All differences are taken to the consolidated statement of comprehensive income. Details of how the Group accounts for subsidiaries operating in foreign currencies on consolidation is given in note 2.4. 2.9 Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and an allocation of those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated on a weighted average cost basis. Net realisable value is the amount that can be realised from the sale of the inventory in the normal course of business after allowing for the costs of realisation. Provision is made for obsolete, slow\u2011moving or defective items where appropriate. 2.10 Property, plant and equipment All property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly related to the acquisition of the items. Depreciation is charged to allocate the cost of assets less their residual value over their estimated useful lives, using the straight\u2011line method. Depreciation is provided on the following basis: \u2022 Plant and machinery 20% straight line \u2022 Fixtures and fittings 33% straight line \u2022 Motor vehicles 20% straight line \u2022 Computer equipment 33% straight line At each reporting period end date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. There have been no impairment indications; however, if any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income. Assets under construction are not depreciated until they are put into use. All other repairs and maintenance expenditure is charged to the consolidated statement of comprehensive income during the financial period in which it is incurred. 2.11 Exceptional and adjusting items Exceptional and adjusting items are material items of income and expense which, because of the nature and expected infrequency of events giving rise to them, merit separate presentation to allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison with prior years and to assess better trends in financial performance. Generally, the business is managed on a day\u2011to\u2011day basis on adjusted EBITDA and therefore these financial accounts provide an explanation of what management consider to be adjusted EBITDA and a reconciliation to statutory measures of profit performance. 2.12 Research and development Research and development expenditure that does not meet the criteria of an intangible asset is expensed as incurred. 2.13 Cash and cash equivalents Cash and cash equivalents are basic financial assets and comprise cash at bank and in hand and short\u2011term highly liquid deposits which are subject to an insignificant risk of changes in value. The Group recognises cash when it is within its control and, in accordance with IFRS 9, when it has the contractual right to obtain cash from the bank. Cash in transit between Group companies at a period end is recognised within the receiving company\u2019s statement of financial position. Cash in transit to or from external entities at a period end is not recognised where the Group does not have the contractual right to obtain the cash and is therefore not deemed to exercise control over it. The Group\u2019s cash recognition policies are aligned with IFRS 9 as follows: in respect of incoming receipts via electronic transfer, the Group recognises cash as a financial asset on the transfer settlement date, and not before. In respect of cheques received, the Group classifies these as \u2018promissory notes\u2019 and recognises within cash equivalents all cheques dated and deposited with the bank up to and including the reporting period end. In respect of card receipts, the Group recognises a cash equivalent on the transaction date as they are readily convertible to cash and the credit risk is deemed very low. In respect of outgoing electronic payments, where there is often a delay between the remittance date and the transfer settlement date, the Group de\u2011recognises the cash from financial assets (and de\u2011recognises the associated financial liability) on the transfer remittance date, and not after, when the following conditions exist: \u2022 there is no practical ability to withdraw, stop or cancel the payment instruction; \u2022 there is no practical ability to access the cash to be used for settlement as a result of the payment instruction; and \u2022 the settlement risk associated with the electronic payment system is insignificant. 2.14 Financial assets The Group classifies its financial assets at amortised cost. Management determines the classification of its financial assets at initial recognition. The Group\u2019s financial assets held at amortised cost comprise trade and other receivables and cash and cash equivalents in the consolidated statement of financial position. These assets are non\u2011derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold their assets in order to collect contractual cash flows and the contractual cash flows are solely payments of the principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. 2.15 Financial liabilities The Group measures its financial liabilities at amortised cost. All financial liabilities are recognised in the statement of financial position when the Group becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities held at amortised cost comprise trade and other payables and other short\u2011dated monetary liabilities in the consolidated statement of financial position. Trade payables and other short\u2011dated monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest rate method. Unless otherwise indicated, the carrying values of the Group\u2019s financial liabilities measured at amortised cost represents a reasonable approximation of their fair values. 2.16 Impairment of assets Carrying values of assets that are subject to depreciation or amortisation are periodically reviewed for any indicators of impairment. If an impairment indicator is identified, the carrying value of the asset (or cash\u2011generating units to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Non\u2011financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using the lifetime expected credit losses. During this process the probability of the non\u2011payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. 2.17 Equity instruments Equity is the residual interest in the assets of the Company after deducting all liabilities and comprises the following: \u2022 \u2018share capital\u2019 represents the nominal value of equity shares; \u2022 \u2018share\u2011based payment reserve\u2019 represents the cumulative fair value of options charged to the statement of profit or loss; \u2022 \u2018foreign exchange reserve\u2019 represents the cumulative value of foreign currency translation differences; and \u2022 \u2018retained earnings\u2019 represents retained earnings less retained losses net of dividends and other adjustments. 2.18 Employee benefits The costs of short\u2011term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as part of the cost of inventory or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee\u2019s services are received. Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 2.19 Retirement benefit plans The Group operates a defined contribution pension scheme. Contributions to the scheme are charged to the statement of profit or loss and other comprehensive income in the period to which the contributions relate. The assets of the scheme are held separately from those of the Group.
2.20 Provisions
Provisions are recognised when the
Group has a present or legal constructive
obligation as a result of past events, it is
probable that an outflow of resources will
be required to settle the obligation and
the amount can be reliably estimated.
Provisions are recorded for the estimated
ultimate liability that is expected to arise,
taking into account the time value of money.
A provision against lease dilapidations
has been made based on senior
management\u2019s assessment of likely costs
after assessing historical expenditure.
The amount recognised as a provision
is the best estimate of the consideration
required to settle the present obligation
at the reporting end date, taking into
account the risks and uncertainties
surrounding the obligation.
Where the effect of the time value of
money is material, the amount expected
to be required to settle the obligation
is recognised at present value. When
a provision is measured at present
value, the unwinding of the discount is
recognised as a finance cost in profit or
loss in the period in which it arises.
2.21 Leased assets
At inception of a contract, the Group
assesses whether a contract is, or
contains, a lease. A contract is, or
contains, a lease if the contract conveys
the right to control the use of an
identified asset for a period of time in
exchange for consideration.
To assess whether a contract conveys
the right to control the use of an
identified asset, the Group assesses
whether: an identified physically distinct
asset can be identified; and the Group
has the right to obtain substantially all
of the economic benefits from the asset
throughout the period of use and has the
ability to direct the use of the asset over
the lease term being able to restrict the
usage of third parties as applicable.
All leases are accounted for by
recognising a right\u2011of\u2011use asset and a
lease liability except for:
\u2022 leases of low\u2011value assets; and
\u2022 leases with a duration of twelve months
or less.
Lease liabilities are measured at
the present value of the contractual
payments due to the lessor over the
lease term, with the discount rate
determined by reference to the rate
inherent in the lease unless (as is
typically the case) this is not readily
determinable, in which case the
Group\u2019s incremental borrowing rate on
commencement of the lease is used.
On initial recognition, the carrying value
of the lease liability also includes:
\u2022 amounts expected to be payable under
any residual value guarantee;
\u2022 the exercise price of any purchase
option granted in favour of the Group if
it is reasonably certain to access that
option; and
\u2022 any penalties payable for terminating
the lease, if the term of the lease has
been estimated on the basis of the
termination option being exercised.
Right\u2011of\u2011use assets are initially
measured at the amount of the lease
liability, reduced for any lease incentives
received, and increased for:
\u2022 lease payments made at or before
commencement of the lease;
\u2022 initial direct costs incurred; and
\u2022 the amount of any provision recognised
where the Group is contractually
required to dismantle, remove or
restore the leased asset.
Subsequent to initial measurement lease
liabilities increase as a result of interest
charged at a constant rate on the balance
outstanding and are reduced for lease
payments made. Right\u2011of\u2011use assets are
amortised on a straight\u2011line basis over
the remaining term of the lease or over
the remaining economic life of the asset
if, rarely, this is judged to be shorter than
the lease term. When the Group revises
its estimate of the term of any lease
(because, for example, it re\u2011assesses
the probability of a lessee extension
or termination option being exercised),
it adjusts the carrying amount of the
lease liability to reflect the payments
to make over the revised term, which
are discounted at the revised discount
rate applicable at the date of estimation.
An equivalent adjustment is made to the
carrying value of the right\u2011of\u2011use asset,
with the revised carrying amount being
amortised over the remaining (revised)
lease term.
Where the Group\u2019s property leases contain variable payment terms, payments determined as variable are treated as a charge to the consolidated statement of comprehensive income and not capitalised. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. 2.22 Share\u2011based payments Details of the share\u2011based payment schemes the Group operated in the year can be found in note 22 of the Group financial statements. The fair value of employee services received in exchange for the grant of share awards is recognised as an expense. Equity\u2011settled share\u2011based payments are measured at fair value at the date of grant and expensed on a straight\u2011line basis over the vesting period, based on the Group\u2019s calculation of the value of shares that will vest. Cash\u2011settled share\u2011based payments are measured at fair value at each reporting period end and expensed on a straight\u2011line basis over the vesting period. The fair value of the cash\u2011settled share\u2011based payments is measured using a Probability\u2011Weighted Expected Return Method (PWERM) model. Employer social security contributions payable in connection with the grant of share awards are considered an integral part of the grant itself and the charge is treated as a cash\u2011settled transaction. 2.23 Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors of the Group. The CODM has determined that there is one single operating segment, the manufacture and sale of sports nutrition products.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-196": { "value": "2.1 Basis of preparation The Group financial statements have been prepared in accordance with UK adopted International Accounting Standards (IFRS) and with the requirements of the Companies Act 2006 applicable to companies reporting under those standards. The Group financial statements have been prepared on a going concern basis and under the historical cost convention. The Directors consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates, which are outlined in the critical accounting estimates and judgements section of these accounting policies. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The accounting policies have been applied consistently to all periods presented, other than where new policies have been adopted. The consolidated financial statements are prepared in GBP. Amounts are rounded to the nearest million, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-243": { "value": "
The Group financial statements have
been prepared in accordance with
UK adopted International Accounting
Standards (IFRS) and with the
requirements of the Companies Act 2006
applicable to companies reporting under
those standards. The Group financial
statements have been prepared on
a going concern basis and under the
historical cost convention. The Directors
consider it appropriate to adopt the going
concern basis of accounting in preparing
these financial statements.
The preparation of financial statements
in conformity with IFRS requires the use
of certain critical accounting estimates,
which are outlined in the critical
accounting estimates and judgements
section of these accounting policies.
It also requires management to
exercise its judgement in the process
of applying the Group\u2019s accounting
policies. The accounting policies have
been applied consistently to all periods
presented, other than where new policies
have been adopted.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-242": { "value": "
The consolidated financial statements
are prepared in GBP. Amounts are
rounded to the nearest million, unless
otherwise stated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-197": { "value": "
2.2 Going concern
The Group\u2019s profit before taxation for the
period amounted to \u00a328.5 million (2024:
\u00a324.3 million). The Group has net assets
of \u00a354.3 million (2024: \u00a348.1 million),
including cash and cash equivalents of
\u00a318.5 million (being after the payment
of a pre\u2011IPO dividend to shareholders)
compared to \u00a318.7 million at 31 July 2024
(where there was no dividend paid).
As at 31 July 2025, the Group also has
\u00a310.0 million available loan finance in the
form of a Revolving Credit Facility (RCF)
which has not been drawn down.
The Directors have considered the
business activities as described in
the Strategic Report on pages 1 to 49,
including the organisation\u2019s principal
risks and uncertainties disclosed on
pages 42 to 48. With due consideration
and review, the Directors have a
reasonable expectation that the Group
has adequate resources to operate over
the assessment period, being the twelve
months from the date of these financial
statements. In addition, the Directors are
not aware of any material uncertainties
that may cast significant doubt upon the
Company or Group to continue as a going
concern. Consequently, the financial
statements have been prepared on a
going concern basis for the Group and
the Company.
The Directors have assessed the
ability of the Company and the Group
to continue as a going concern using
three\u2011year cash flow forecasts prepared
from 31 July 2025 to 31 July 2028. This
is the timeframe of the Group\u2019s most
recently approved strategic plan, as
approved by the Board and in addition
exceeds the period over which the Group
can reasonably plan capital investment
with certainty given the rapid growth of
the Group and change in investment that
may be required to meet such growth.
The Directors have considered forecast
expectations of performance, based
on historic data, along with available
funding options in case of unexpected,
contingent requirements.
The market in which the organisation
operates is forecast to grow annually
in the region of 8% or better.
The forecasts included several scenarios including a base case and downside case. The base case assumed revenue growth during the next twelve months on a customer\u2011by\u2011customer base for the top ten customers, and then applied a standard rate of growth in line with market dynamics for the remainder of the customer base and new potential customers. Profitability and cash flow assumptions were in line with recent experience. In the event of no further growth in the business, it would remain profitable and cash generative in the view of management and therefore while downside scenarios with no further growth were considered, they did not alter the view of management in terms of going concern. Nor did scenarios where the working capital requirement of the business increased. When conducting this assessment, the Directors also considered the principal risks and uncertainties that the Group\u2019s risk management process had identified. This risk management process and an assessment of the principal risks and uncertainties are detailed in the risk management report. This assessment considered the risks themselves in addition to mitigating actions. Of the principal risks and uncertainties, the effect of a product safety event or significant damage/disruption to the Group\u2019s manufacturing facilities were considered in detail. These are the key risks that are believed to present a risk to the going concern view of management. The successful initial public offering (IPO) of the organisation on the London Stock Exchange in late 2024 has provided access to potential additional funding streams and acts as a catalyst for further controlled enhancement of the product range with expansion across multiple geographic locations. On 14 October 2024, the Company entered into a sterling revolving credit facility (RCF) agreement with The Royal Bank of Scotland plc. The purpose of the RCF is for general corporate and working capital purposes of the Group as well as to finance permitted acquisitions and capital expenditure of the Group.
The quantum of the RCF is \u00a310,000,000
with an uncommitted accordion option
for up to \u00a310,000,000. The terms of the
RCF include: (i) the Company as initial
borrower; (ii) a term of 36 months;
(iii) the margin being 1.7% above SONIA;
(iv) the provision of quarterly financial
information and an annual budget;
(v) a net leverage covenant set at 2:1 (total
debt to adjusted EBITDA) and interest
cover (EBITDA to net finance charges) set
at 3:1; (vi) the provision of guarantees by
certain Group companies that become
material from time to time in respect of
the obligations under the RCF; and (vii)
secured by all asset security granted by
the Company and certain other material
Group companies. The Company can
terminate the RCF at any time without
penalty and therefore, if other forms
of debt finance are more commercially
beneficial, the Company can do so and
utilise those other forms without charge.
Based on the assessment performed,
and with no additional knowledge of
any material uncertainty that may affect
this assessment, the Directors believe
it is appropriate to prepare the financial
statements of the Group on a going
concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-199": { "value": "2.3 New standards, amendments and interpretations not yet adopted The following standards and interpretations apply for the first time to financial reporting periods commencing on or after 1 January 2024, and became effective for the Group\u2019s consolidated financial statements for the year ended 31 July 2025, none of which have a material impact on the Group: \u2022 Non\u2011current Liabilities with Covenants (Amendments to IAS 1); \u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non\u2011current; \u2022 Amendments to IFRS 16 \u2013 Lease Liability in Sale and Leaseback; and \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). The following standards, amendments and interpretations are not yet effective and have not been early adopted by the Group: \u2022 Amendments to IAS 21 Lack of Exchangeability; \u2022 IFRS 18 Presentation and Disclosure in Financial Statements;
\u2022 IFRS 19 Subsidiaries without Public
Accountability: Disclosures; and
\u2022 Amendments to IFRS 9 and IFRS 7
Classification and Measurement of
Financial Instruments.
Certain new standards, amendments
to standards, and interpretations
have been issued by the IASB that are
effective in future accounting periods
that the Group has decided not to adopt
early. These standards, amendments or
interpretations are not expected to have
a material impact on the Group.
While IFRS 18 Presentation and
Disclosure in Financial Statements will
not have any effect on the recognition
and measurement of items in the
consolidated financial statements, it
is expected to have a significant effect
on the presentation and disclosure of
certain items. These effects include
changes to categorisation and
sub\u2011totals in the statement of profit or
loss, aggregation/disaggregation and
labelling of information, and disclosure
of management\u2011defined performance
measures. The Group is currently
assessing the impact of these changes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-244": { "value": "
The following standards and
interpretations apply for the first time to
financial reporting periods commencing
on or after 1 January 2024, and became
effective for the Group\u2019s consolidated
financial statements for the year ended
31 July 2025, none of which have a
material impact on the Group:
\u2022 Non\u2011current Liabilities with Covenants
(Amendments to IAS 1);
\u2022 Amendments to IAS 1 Presentation of
Financial Statements: Classification of
Liabilities as Current or Non\u2011current;
\u2022 Amendments to IFRS 16 \u2013 Lease
Liability in Sale and Leaseback; and
\u2022 Supplier Finance Arrangements
(Amendments to IAS 7 and IFRS 7).
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-246": { "value": "
The following standards, amendments
and interpretations are not yet effective
and have not been early adopted by the
Group:
\u2022 Amendments to IAS 21 Lack of
Exchangeability;
\u2022 IFRS 18 Presentation and Disclosure in
Financial Statements;
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures; and \u2022 Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments. Certain new standards, amendments to standards, and interpretations have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. These standards, amendments or interpretations are not expected to have a material impact on the Group. While IFRS 18 Presentation and Disclosure in Financial Statements will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These effects include changes to categorisation and sub\u2011totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management\u2011defined performance measures. The Group is currently assessing the impact of these changes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-200": { "value": "2.4 Basis of consolidation Subsidiaries The Group financial statements incorporate the financial statements of Applied Nutrition plc and entities controlled by the Company (its \u201csubsidiaries\u201d) made up to 31 July each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date that control ceases. Intercompany transactions, balances and unrealised gains (or losses) on transactions between Group companies are eliminated in preparing the consolidated accounts. Accounting policies of subsidiaries are consistent with those policies adopted by the Group. The Group includes foreign entities whose functional currencies are not GBP. On consolidation, the assets and liabilities of those entities are translated at the exchange rates at the reporting date and income and expenses are translated at the weighted average rates during the period.
Classification of costs
Allocations of costs presented
in the consolidated statement of
comprehensive income are allocated
to cost of sales when management
deem costs are directly associated with
fulfilling performance obligations under
IFRS 15, including the creation of those
products sold by the Group. Those costs
which fall outside of these allocations,
which includes all sales and marketing
associated costs, are presented within
administrative expenses, excluding
finance expenses and taxation,
in the consolidated statement of
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-245": { "value": "
Subsidiaries
The Group financial statements
incorporate the financial statements
of Applied Nutrition plc and entities
controlled by the Company (its
\u201csubsidiaries\u201d) made up to 31 July each
year. Control is achieved where the
Company has the power to govern the
financial and operating policies of an
investee entity so as to obtain benefits
from its activities.
Subsidiaries are fully consolidated from
the date on which control is transferred
to the Group until the date that control
ceases.
Intercompany transactions, balances
and unrealised gains (or losses) on
transactions between Group companies
are eliminated in preparing the
consolidated accounts. Accounting
policies of subsidiaries are consistent
with those policies adopted by the Group.
The Group includes foreign entities
whose functional currencies are not GBP.
On consolidation, the assets and liabilities
of those entities are translated at the
exchange rates at the reporting date and
income and expenses are translated at the
weighted average rates during the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-198": { "value": "
2.5 Revenue recognition
Revenue comprises the fair value of the
consideration received, or receivable, for
the sale of goods in the ordinary course
of the Group\u2019s activities. Revenue is
shown net of value added tax, estimated
returns, rebates and discounts, and after
eliminating sales within the Group.
IFRS 15 Revenue from Contracts with
Customers is a principle\u2011based model of
recognising revenue from contracts with
customers. It has a five\u2011step model that
requires revenue to be recognised when
control over goods are transferred to the
customer.
Revenue represents amounts chargeable
in respect of the manufacture,
wholesale and retail of products.
The Group operates through a
range of business\u2011to\u2011business and
direct\u2011to\u2011consumer channels, with all
revenue recognised at a point of time,
being when control has passed to the
customer under Incoterms\u00ae. Payment of
the transaction price is due immediately
when the customer purchases the
product, or in the case of certain trade
transactions, payable on set credit terms.
Rebates are volume based and are
established on management\u2019s best
estimate of the amounts necessary to
meet claims by customers in respect of
these rebates. A liability is calculated at
the time of sale and updated at the end
of each reporting period for changes in
circumstances. Volume\u2011based rebates
represent variable consideration
for which the estimated variable
consideration is constrained to ensure
that it is highly probable that a significant
reversal in the amount of cumulative
revenue recognised will not occur when
the rebate amount is realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-268": { "value": "
2.6 Net finance costs
Finance income
Finance income comprises interest on
bank deposits and is recognised on a
time proportion basis using the effective
interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-202": { "value": "2.6 Net finance costs Finance income Finance income comprises interest on bank deposits and is recognised on a time proportion basis using the effective interest rate method. Finance expense Finance expense comprises of interest payable and lease interest which are expensed in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-247": { "value": "
Finance expense
Finance expense comprises of interest
payable and lease interest which are
expensed in the period in which they are
incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-203": { "value": "
2.7 Current and deferred taxation
The tax expense for the period comprises
current and deferred tax. The current
income tax charge is calculated on the
basis of tax rates and laws that have
been enacted or substantively enacted
by the reporting date in the UK and US,
where the Group operates and generates
taxable income and expenses.
Deferred tax balances are recognised in
respect of all temporary differences that
have originated but not reversed by the
reporting date, except:
\u2022 the recognition of deferred tax assets is
limited to the extent that it is probable
that they will be recovered against the
reversal of deferred tax liabilities or
other future taxable profits;
\u2022 any deferred tax balances are reversed
if and when all conditions for retaining
associated tax allowances have been
met; and
\u2022 where timing differences relate to
interests in subsidiaries, the Group can
control their reversal and such reversal
is not considered probable in the
foreseeable future.
Deferred income tax is determined
using tax rates and laws that have
been enacted or substantively enacted
by the reporting date. Deferred tax is
charged or credited to the statement
of comprehensive income, except when
it relates to items charged or credited
directly to equity, in which case the
deferred tax is also dealt with in equity.
Where applicable, the Group claims
R&D tax reliefs in the UK in accordance
with schemes set out by HM Revenue
and Customs. Projects are assessed by
management to ensure the claims made
fit the criteria and definitions set out by
HM Revenue and Customs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-248": { "value": "2.7 Current and deferred taxation The tax expense for the period comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the UK and US, where the Group operates and generates taxable income and expenses. Deferred tax balances are recognised in respect of all temporary differences that have originated but not reversed by the reporting date, except: \u2022 the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; \u2022 any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and \u2022 where timing differences relate to interests in subsidiaries, the Group can control their reversal and such reversal is not considered probable in the foreseeable future. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax is charged or credited to the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Where applicable, the Group claims R&D tax reliefs in the UK in accordance with schemes set out by HM Revenue and Customs. Projects are assessed by management to ensure the claims made fit the criteria and definitions set out by HM Revenue and Customs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-206": { "value": "
2.8 Foreign currency translation
Transactions in foreign currencies are
recorded at the rate ruling at the date
of the transaction. Monetary assets
and liabilities denominated in foreign
currencies are retranslated at the rate
of exchange ruling at the end of the
reporting period. All differences are
taken to the consolidated statement
of comprehensive income.
Details of how the Group accounts
for subsidiaries operating in foreign
currencies on consolidation is given
in note 2.4.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-201": { "value": "
2.9 Inventories
Inventories are stated at the lower
of cost and net realisable value. Cost
comprises direct materials and, where
applicable, direct labour costs and an
allocation of those overheads that have
been incurred in bringing the inventories
to their present location and condition.
Cost is calculated on a weighted average
cost basis. Net realisable value is the
amount that can be realised from the
sale of the inventory in the normal
course of business after allowing for the
costs of realisation. Provision is made for
obsolete, slow\u2011moving or defective items
where appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-204": { "value": "
2.10 Property, plant and equipment
All property, plant and equipment is
stated at historical cost less accumulated
depreciation. Historical cost includes
expenditure that is directly related to
the acquisition of the items. Depreciation
is charged to allocate the cost of
assets less their residual value over
their estimated useful lives, using the
straight\u2011line method. Depreciation is
provided on the following basis:
\u2022 Plant and machinery 20%
straight line
\u2022 Fixtures and fittings 33%
straight line
\u2022 Motor vehicles 20%
straight line
\u2022 Computer equipment 33%
straight line
At each reporting period end date, the
Group reviews the carrying amounts of
its tangible assets to determine whether
there is any indication that those assets
have suffered an impairment loss. There
have been no impairment indications;
however, if any such indication exists,
the recoverable amount of the asset
is estimated in order to determine the
extent of the impairment loss.
Gains and losses on disposals
are determined by comparing the
proceeds with the carrying amount
and are recognised in the statement
of comprehensive income.
Assets under construction are
not depreciated until they are put
into use. All other repairs and
maintenance expenditure is charged
to the consolidated statement of
comprehensive income during the
financial period in which it is incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-249": { "value": "2.10 Property, plant and equipment All property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly related to the acquisition of the items. Depreciation is charged to allocate the cost of assets less their residual value over their estimated useful lives, using the straight\u2011line method. Depreciation is provided on the following basis: \u2022 Plant and machinery 20% straight line \u2022 Fixtures and fittings 33% straight line \u2022 Motor vehicles 20% straight line \u2022 Computer equipment 33% straight line At each reporting period end date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. There have been no impairment indications; however, if any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income. Assets under construction are not depreciated until they are put into use. All other repairs and maintenance expenditure is charged to the consolidated statement of comprehensive income during the financial period in which it is incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-207": { "value": "
2.11 Exceptional and
adjusting items
Exceptional and adjusting items
are material items of income and
expense which, because of the nature
and expected infrequency of events
giving rise to them, merit separate
presentation to allow shareholders
to understand better the elements of
financial performance in the year, so
as to facilitate comparison with prior
years and to assess better trends in
financial performance. Generally, the
business is managed on a day\u2011to\u2011day
basis on adjusted EBITDA and therefore
these financial accounts provide an
explanation of what management
consider to be adjusted EBITDA and a
reconciliation to statutory measures of
profit performance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-208": { "value": "
2.12 Research and development
Research and development expenditure
that does not meet the criteria of an
intangible asset is expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-205": { "value": "
2.13 Cash and cash equivalents
Cash and cash equivalents are basic
financial assets and comprise cash at
bank and in hand and short\u2011term highly
liquid deposits which are subject to an
insignificant risk of changes in value.
The Group recognises cash when it is
within its control and, in accordance with
IFRS 9, when it has the contractual right
to obtain cash from the bank.
Cash in transit between Group
companies at a period end is recognised
within the receiving company\u2019s statement
of financial position. Cash in transit to or
from external entities at a period end is
not recognised where the Group does
not have the contractual right to obtain
the cash and is therefore not deemed to
exercise control over it.
The Group\u2019s cash recognition policies
are aligned with IFRS 9 as follows:
in respect of incoming receipts via
electronic transfer, the Group recognises
cash as a financial asset on the transfer
settlement date, and not before. In
respect of cheques received, the Group
classifies these as \u2018promissory notes\u2019
and recognises within cash equivalents
all cheques dated and deposited with the
bank up to and including the reporting
period end. In respect of card receipts,
the Group recognises a cash equivalent
on the transaction date as they are
readily convertible to cash and the credit
risk is deemed very low.
In respect of outgoing electronic
payments, where there is often a delay
between the remittance date and the
transfer settlement date, the Group
de\u2011recognises the cash from financial
assets (and de\u2011recognises the associated
financial liability) on the transfer
remittance date, and not after, when the
following conditions exist:
\u2022 there is no practical ability to withdraw,
stop or cancel the payment instruction;
\u2022 there is no practical ability to access
the cash to be used for settlement as a
result of the payment instruction; and
\u2022 the settlement risk associated with
the electronic payment system is
insignificant.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-211": { "value": "
2.14 Financial assets
The Group classifies its financial
assets at amortised cost. Management
determines the classification of its
financial assets at initial recognition.
The Group\u2019s financial assets held
at amortised cost comprise trade
and other receivables and cash and
cash equivalents in the consolidated
statement of financial position.
These assets are non\u2011derivative financial
assets with fixed or determinable
payments that are not quoted in an
active market.
They arise principally through the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold their assets in order to collect contractual cash flows and the contractual cash flows are solely payments of the principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. 2.15 Financial liabilities The Group measures its financial liabilities at amortised cost. All financial liabilities are recognised in the statement of financial position when the Group becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities held at amortised cost comprise trade and other payables and other short\u2011dated monetary liabilities in the consolidated statement of financial position. Trade payables and other short\u2011dated monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest rate method. Unless otherwise indicated, the carrying values of the Group\u2019s financial liabilities measured at amortised cost represents a reasonable approximation of their fair values. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-251": { "value": "2.14 Financial assets The Group classifies its financial assets at amortised cost. Management determines the classification of its financial assets at initial recognition. The Group\u2019s financial assets held at amortised cost comprise trade and other receivables and cash and cash equivalents in the consolidated statement of financial position. These assets are non\u2011derivative financial assets with fixed or determinable payments that are not quoted in an active market.
They arise principally through the
provision of goods and services to
customers (e.g. trade receivables),
but also incorporate other types of
financial assets where the objective
is to hold their assets in order to
collect contractual cash flows and
the contractual cash flows are solely
payments of the principal and interest.
They are initially recognised at fair value
plus transaction costs that are directly
attributable to their acquisition or issue
and are subsequently carried at amortised
cost using the effective interest rate
method, less provision for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-250": { "value": "
2.15 Financial liabilities
The Group measures its financial
liabilities at amortised cost. All financial
liabilities are recognised in the statement
of financial position when the Group
becomes a party to the contractual
provision of the instrument.
The Group\u2019s financial liabilities held at
amortised cost comprise trade and other
payables and other short\u2011dated monetary
liabilities in the consolidated statement
of financial position. Trade payables and
other short\u2011dated monetary liabilities
are initially recognised at fair value and
subsequently carried at amortised cost
using the effective interest rate method.
Unless otherwise indicated, the carrying
values of the Group\u2019s financial liabilities
measured at amortised cost represents
a reasonable approximation of their fair
values.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-212": { "value": "
2.16 Impairment of assets
Carrying values of assets that are subject
to depreciation or amortisation are
periodically reviewed for any indicators
of impairment.
If an impairment indicator is identified,
the carrying value of the asset (or
cash\u2011generating units to which the
asset has been allocated) is tested
for impairment. An impairment loss
is recognised for the amount by which
the asset\u2019s carrying amount exceeds
its recoverable amount.
The recoverable amount is the higher
of an asset\u2019s fair value less costs to sell
and value in use. Non\u2011financial assets
that have been previously impaired
are reviewed at each reporting date to
assess whether there is any indication
that the impairment losses recognised in
prior periods may no longer exist or may
have decreased.
Impairment provisions for trade
receivables are recognised based on
the simplified approach within IFRS 9
using the lifetime expected credit losses.
During this process the probability of the
non\u2011payment of the trade receivables
is assessed. This probability is then
multiplied by the amount of the expected
loss arising from default to determine
the lifetime expected credit loss for the
trade receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-209": { "value": "
2.17 Equity instruments
Equity is the residual interest in the
assets of the Company after deducting
all liabilities and comprises the following:
\u2022 \u2018share capital\u2019 represents the nominal
value of equity shares;
\u2022 \u2018share\u2011based payment reserve\u2019
represents the cumulative fair value
of options charged to the statement of
profit or loss;
\u2022 \u2018foreign exchange reserve\u2019 represents
the cumulative value of foreign
currency translation differences; and
\u2022 \u2018retained earnings\u2019 represents retained
earnings less retained losses net of
dividends and other adjustments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-210": { "value": "
2.18 Employee benefits
The costs of short\u2011term employee
benefits are recognised as a liability
and an expense unless those costs are
required to be recognised as part of the
cost of inventory or fixed assets. The
cost of any unused holiday entitlement
is recognised in the period in which
the employee\u2019s services are received.
Termination benefits are recognised
immediately as an expense when the
Group is demonstrably committed
to terminate the employment of an
employee or to provide termination
benefits.
2.19 Retirement benefit plans
The Group operates a defined
contribution pension scheme.
Contributions to the scheme are charged
to the statement of profit or loss and
other comprehensive income in the
period to which the contributions relate.
The assets of the scheme are held
separately from those of the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-215": { "value": "2.20 Provisions Provisions are recognised when the Group has a present or legal constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are recorded for the estimated ultimate liability that is expected to arise, taking into account the time value of money. A provision against lease dilapidations has been made based on senior management\u2019s assessment of likely costs after assessing historical expenditure. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-216": { "value": "2.21 Leased assets At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: an identified physically distinct asset can be identified; and the Group has the right to obtain substantially all of the economic benefits from the asset throughout the period of use and has the ability to direct the use of the asset over the lease term being able to restrict the usage of third parties as applicable. All leases are accounted for by recognising a right\u2011of\u2011use asset and a lease liability except for: \u2022 leases of low\u2011value assets; and \u2022 leases with a duration of twelve months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group\u2019s incremental borrowing rate on commencement of the lease is used. On initial recognition, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase option granted in favour of the Group if it is reasonably certain to access that option; and \u2022 any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of the termination option being exercised. Right\u2011of\u2011use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 initial direct costs incurred; and \u2022 the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right\u2011of\u2011use assets are amortised on a straight\u2011line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. When the Group revises its estimate of the term of any lease (because, for example, it re\u2011assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the revised discount rate applicable at the date of estimation. An equivalent adjustment is made to the carrying value of the right\u2011of\u2011use asset, with the revised carrying amount being amortised over the remaining (revised) lease term.
Where the Group\u2019s property leases
contain variable payment terms,
payments determined as variable are
treated as a charge to the consolidated
statement of comprehensive income and
not capitalised. Variable lease payments
are only included in the measurement
of the lease liability if they depend
on an index or rate. In such cases,
the initial measurement of the lease
liability assumes the variable element
will remain unchanged throughout the
lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-213": { "value": "
2.22 Share\u2011based payments
Details of the share\u2011based payment
schemes the Group operated in the year
can be found in note 22 of the Group
financial statements.
The fair value of employee services
received in exchange for the grant
of share awards is recognised as an
expense. Equity\u2011settled share\u2011based
payments are measured at fair value
at the date of grant and expensed on
a straight\u2011line basis over the vesting
period, based on the Group\u2019s calculation
of the value of shares that will vest.
Cash\u2011settled share\u2011based payments
are measured at fair value at each
reporting period end and expensed on
a straight\u2011line basis over the vesting
period. The fair value of the cash\u2011settled
share\u2011based payments is measured
using a Probability\u2011Weighted Expected
Return Method (PWERM) model.
Employer social security contributions
payable in connection with the grant of
share awards are considered an integral
part of the grant itself and the charge is
treated as a cash\u2011settled transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-214": { "value": "
2.23 Segmental reporting
Operating segments are reported in
a manner consistent with the internal
reporting provided to the Chief Operating
Decision Maker (CODM). The CODM, who
is responsible for allocating resources
and assessing performance of the
operating segments, has been identified
as the Board of Directors of the Group.
The CODM has determined that there
is one single operating segment, the
manufacture and sale of sports nutrition
products.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-217": { "value": "
3 CRITICAL ACCOUNTING
ESTIMATES AND JUDGEMENTS
The preparation of the financial
information in compliance with IFRS
requires the use of certain critical
accounting estimates. It also requires
the Group management to exercise
judgement and use assumptions in
applying the Group\u2019s accounting policies.
The resulting accounting estimates
calculated using these judgements and
assumptions may, by definition, not equal
the related actual results but are based
on historical experience and expectations
of future events. Management believe
that the estimates utilised in preparing
the financial information are reasonable
and prudent.
Estimates and judgements are
continually evaluated based on historical
experience and other factors, including
expectations of future events that are
believed to be reasonable under the
circumstances. In the future, actual
experience may differ from these
estimates and assumptions.
The judgements and key sources
of estimation uncertainty that have
a significant effect on the amounts
recognised in the financial information
are discussed below:
Share\u2011based payments
In order to calculate the value of
employee share options as required
by IFRS 2, the Group makes estimates
principally relating to the assumptions
used in its option\u2011pricing model. This is
a key estimate used to value the share
options in issue both at grant date and
at the balance sheet date.
Deferred tax assets
Deferred tax assets are recognised if
sufficient taxable income is likely to
be available in the future based on
management estimates and judgements.
Among other factors, the forecast results
from operating activities are taken into
account and the Group assesses the
recoverability of deferred tax assets at
each balance sheet date. Since future
business developments are uncertain
and partly beyond the Group\u2019s control,
assumptions are required to estimate
future taxable income and the timing of
the realisation of deferred tax assets.
Estimates are adjusted in the period in
which there are sufficient indications for
an adjustment.
Discount rates
IFRS 16 states that the lease payments
shall be discounted using the lessee\u2019s
incremental borrowing rate where the
rate implicit in the lease cannot be
readily determined. Accordingly, all
lease payments have been discounted
using the incremental borrowing rate
(IBR). The IBR has been determined
by management using a range of data
including current economic and market
conditions, review of current debt and
capital within the Group, lease length and
comparisons against seasoned corporate
bond rates and other relevant data
points.
The Group makes judgements to
estimate the IBR used to measure lease
liabilities based on expected third\u2011party
financing costs when the interest
rate implicit in the lease cannot be
readily determined. The IBR has been
determined by management using a
range of data including current economic
and market conditions, review of current
debt and capital within the Group, lease
length and comparisons against other
relevant data points. Significant changes
in IBR would cause changes to both
the value of the right\u2011of\u2011use assets and
corresponding lease liabilities. Sensitivity
analysis on the IBR, along with lease
liabilities, are detailed in note 14.
Carrying value of trade receivables
The Group holds material trade
receivable balances and the calculations
of provisions for impairment are
estimates of future events and therefore
uncertain. IFRS 9 requires the Group to
consider forward\u2011looking information
and the probability of default when
calculating expected credit losses.
The Group considers reasonable and
supportable customer\u2011specific and
market information about past events,
current conditions and forecasts of future
economic conditions when measuring
expected credit losses.
The key areas of judgement are below:
Allocation of licensing, selling and
marketing costs
The Group allocates licensing, selling
and marketing costs to administrative
expenses rather than cost of sales, as
these are not costs directly associated
with fulfilling performance obligations
under IFRS 15. This is a key area
of judgement in the presentation of
costs in the consolidated statement
of comprehensive income. If this was
changed, the cost of sales figure would
be higher and overheads costs would be
lower (although the impact would not
be material), and there would be no net
impact on the profit of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-218": { "value": "
4 REVENUE
All Group revenue was generated from
the sale of goods and recognised at a
point of time, being when control has
passed to the customer. Management
considers that revenue derives from one
business stream, being the manufacture,
wholesale and retail of sports nutrition,
health and wellness products.
Volume\u2011based rebates are estimated
at each period end based on variable
consideration and recognised within
revenue. The Group anticipates all
rebates recognised will be payable
at the end of each financial year.
Revenue by geography
2025 2024
\u00a3m \u00a3m
United Kingdom
48.4
33.6
Europe
15.6
10.7
Rest of the World
43.1
41.9
107.1
86.2
Within the Group\u2019s single business stream, revenue can be disaggregated across six product categories for the purpose
of alignment with the Directors\u2019 internal reporting, being: protein, pre\u2011workout, grab\u2011and\u2011go, health and wellness, weight
management, and intra\u2011workout. An additional category is presented, being \u2018other\u2019, which includes sales of raw materials, white
label packaging and rebates where certain amounts are shown separately as they are unable to be allocated against specific
product ranges.
Revenue by product offering
2025 2024
\u00a3m \u00a3m
Protein
32.0
26.1
Pre\u2011workout
18.6
19.6
Grab\u2011and\u2011go
18.7
12.8
Health and wellness
18.2
9.7
Weight management
5.8
7.4
Intra\u2011workout
13.2
10.4
Other
0.6
0.2
107.1
86.2
The following table provides information about contract liabilities with customers. There were no contract assets as at
31 July 2025 and 31 July 2024.
2025 2024
\u00a3m \u00a3m
Deferred income
0.2
0.1
0.2
0.1
Revenue recognised in the year that was deferred from the previous year was \u00a30.1 million in year ended 31 July 2025
(31 July 2024: \u00a30.1 million). The contract liabilities relate to the deferred income in respect of the wholesale and retail of
sports nutritional, health and wellness products. Revenue is being recognised on the transfer of control to the customer.
The Group has taken the practical expedient under IFRS 15 to not disclose further details in respect of remaining revenue
performance obligations at each period end presented in the financial information, as all obligations are fulfilled within one year
or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-252": { "value": "Revenue by geography
2025 2024
\u00a3m \u00a3m
United Kingdom
48.4
33.6
Europe
15.6
10.7
Rest of the World
43.1
41.9
107.1
86.2
Within the Group\u2019s single business stream, revenue can be disaggregated across six product categories for the purpose of alignment with the Directors\u2019 internal reporting, being: protein, pre\u2011workout, grab\u2011and\u2011go, health and wellness, weight management, and intra\u2011workout. An additional category is presented, being \u2018other\u2019, which includes sales of raw materials, white label packaging and rebates where certain amounts are shown separately as they are unable to be allocated against specific product ranges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-269": { "value": "Within the Group\u2019s single business stream, revenue can be disaggregated across six product categories for the purpose of alignment with the Directors\u2019 internal reporting, being: protein, pre\u2011workout, grab\u2011and\u2011go, health and wellness, weight management, and intra\u2011workout. An additional category is presented, being \u2018other\u2019, which includes sales of raw materials, white label packaging and rebates where certain amounts are shown separately as they are unable to be allocated against specific product ranges. Revenue by product offering
2025 2024
\u00a3m \u00a3m
Protein
32.0
26.1
Pre\u2011workout
18.6
19.6
Grab\u2011and\u2011go
18.7
12.8
Health and wellness
18.2
9.7
Weight management
5.8
7.4
Intra\u2011workout
13.2
10.4
Other
0.6
0.2
107.1
86.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-219": { "value": "
5 SEGMENTAL REPORTING
The Chief Operating Decision Maker (CODM) has been identified as the Board of Directors. The CODM reviews the Group\u2019s internal
reporting in order to assess performance and allocate resources. The CODM has determined that there is one single operating
segment, the manufacture and sale of sports nutrition products.
Revenue by geography and products is set out in note 4, as required under entity\u2011wide disclosures when there is one single
operating segment. Assets held by the Company\u2019s foreign subsidiary AN USA Holdings Inc. are immaterial to be disclosed
separately.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-270": { "value": "
6 PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2025 2024
\u00a3m \u00a3m
Depreciation of owned property, plant and equipment
0.8
0.6
Depreciation of right\u2011of\u2011use assets
0.3
0.3
In reporting financial information, the Group presents alternative performance measures (APMs), which are not defined or
specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for
or superior to IFRS measures, provide depth and understanding to the users of the financial statements to allow for further
assessment of the underlying performance of the Group.
The Board considers that adjusted EBITDA is the most appropriate profit measure by which users of the financial statements
can assess the ongoing performance of the Group. EBITDA is a commonly used measure in which earnings are stated before net
finance income, amortisation and depreciation. The Group makes further adjustments to remove items that are exceptional or are
not reflective of the underlying operational performance either due to their nature or level of volatility.
Adjusting items and reconciliation of operating profit (an IFRS measure) to adjusted EBITDA:
2025 2024
\u00a3m \u00a3m
Operating profit
28.1
23.7
Adjusting items:
Costs relating to Initial Public Offering
1.7
1.2
Share\u2011based payment expense
\u2014
0.2
Adjusted operating profit
29.8
25.1
Depreciation and amortisation
1.1
0.9
Adjusted EBITDA
30.9
26.0
As a result of its admission to the London Stock Exchange, the Group incurred a total of \u00a32.9 million of costs associated with
the Initial Public Offering, of which \u00a31.2 million were recognised in the year ended 31 July 2024 and the remainder, \u00a31.7 million,
in the year ended 31 July 2025. These costs are considered exceptional in nature as a result of relating to a one\u2011off transaction.
In accordance with IFRS 2, a share\u2011based payment expense of \u00a3nil was recognised in the year ended 31 July 2025
(2024: \u00a30.2 million) in respect of a Director Share Option Plan created in FY21. There is not expected to be further costs in
relation to this scheme.
All adjusting items were recognised within administrative expenses.
Services provided by the Company\u2019s auditors
During the year, the Group obtained the following services from the Company\u2019s auditors:
2025 2024
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditors for the audit of the Company and
consolidated financial statements
0.3
0.1
Fees payable to the Company\u2019s auditors for other services:
\u2013 IPO\u2011related services
\u2014
0.6
Total auditors\u2019 remuneration
0.3
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-253": { "value": "6 PROFIT BEFORE TAXATION Profit before taxation is stated after charging:
2025 2024
\u00a3m \u00a3m
Depreciation of owned property, plant and equipment
0.8
0.6
Depreciation of right\u2011of\u2011use assets
0.3
0.3
In reporting financial information, the Group presents alternative performance measures (APMs), which are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide depth and understanding to the users of the financial statements to allow for further assessment of the underlying performance of the Group. The Board considers that adjusted EBITDA is the most appropriate profit measure by which users of the financial statements can assess the ongoing performance of the Group. EBITDA is a commonly used measure in which earnings are stated before net finance income, amortisation and depreciation. The Group makes further adjustments to remove items that are exceptional or are not reflective of the underlying operational performance either due to their nature or level of volatility. Adjusting items and reconciliation of operating profit (an IFRS measure) to adjusted EBITDA:
2025 2024
\u00a3m \u00a3m
Operating profit
28.1
23.7
Adjusting items:
Costs relating to Initial Public Offering
1.7
1.2
Share\u2011based payment expense
\u2014
0.2
Adjusted operating profit
29.8
25.1
Depreciation and amortisation
1.1
0.9
Adjusted EBITDA
30.9
26.0
As a result of its admission to the London Stock Exchange, the Group incurred a total of \u00a32.9 million of costs associated with the Initial Public Offering, of which \u00a31.2 million were recognised in the year ended 31 July 2024 and the remainder, \u00a31.7 million, in the year ended 31 July 2025. These costs are considered exceptional in nature as a result of relating to a one\u2011off transaction. In accordance with IFRS 2, a share\u2011based payment expense of \u00a3nil was recognised in the year ended 31 July 2025 (2024: \u00a30.2 million) in respect of a Director Share Option Plan created in FY21. There is not expected to be further costs in relation to this scheme. All adjusting items were recognised within administrative expenses. Services provided by the Company\u2019s auditors During the year, the Group obtained the following services from the Company\u2019s auditors:
2025 2024
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditors for the audit of the Company and
consolidated financial statements
0.3
0.1
Fees payable to the Company\u2019s auditors for other services:
\u2013 IPO\u2011related services
\u2014
0.6
Total auditors\u2019 remuneration
0.3
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-220": { "value": "6 PROFIT BEFORE TAXATION Profit before taxation is stated after charging:
2025 2024
\u00a3m \u00a3m
Depreciation of owned property, plant and equipment
0.8
0.6
Depreciation of right\u2011of\u2011use assets
0.3
0.3
In reporting financial information, the Group presents alternative performance measures (APMs), which are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide depth and understanding to the users of the financial statements to allow for further assessment of the underlying performance of the Group. The Board considers that adjusted EBITDA is the most appropriate profit measure by which users of the financial statements can assess the ongoing performance of the Group. EBITDA is a commonly used measure in which earnings are stated before net finance income, amortisation and depreciation. The Group makes further adjustments to remove items that are exceptional or are not reflective of the underlying operational performance either due to their nature or level of volatility. Adjusting items and reconciliation of operating profit (an IFRS measure) to adjusted EBITDA:
2025 2024
\u00a3m \u00a3m
Operating profit
28.1
23.7
Adjusting items:
Costs relating to Initial Public Offering
1.7
1.2
Share\u2011based payment expense
\u2014
0.2
Adjusted operating profit
29.8
25.1
Depreciation and amortisation
1.1
0.9
Adjusted EBITDA
30.9
26.0
As a result of its admission to the London Stock Exchange, the Group incurred a total of \u00a32.9 million of costs associated with the Initial Public Offering, of which \u00a31.2 million were recognised in the year ended 31 July 2024 and the remainder, \u00a31.7 million, in the year ended 31 July 2025. These costs are considered exceptional in nature as a result of relating to a one\u2011off transaction. In accordance with IFRS 2, a share\u2011based payment expense of \u00a3nil was recognised in the year ended 31 July 2025 (2024: \u00a30.2 million) in respect of a Director Share Option Plan created in FY21. There is not expected to be further costs in relation to this scheme. All adjusting items were recognised within administrative expenses. Services provided by the Company\u2019s auditors During the year, the Group obtained the following services from the Company\u2019s auditors:
2025 2024
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditors for the audit of the Company and
consolidated financial statements
0.3
0.1
Fees payable to the Company\u2019s auditors for other services:
\u2013 IPO\u2011related services
\u2014
0.6
Total auditors\u2019 remuneration
0.3
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-279": { "value": "Services provided by the Company\u2019s auditors During the year, the Group obtained the following services from the Company\u2019s auditors:
2025 2024
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditors for the audit of the Company and
consolidated financial statements
0.3
0.1
Fees payable to the Company\u2019s auditors for other services:
\u2013 IPO\u2011related services
\u2014
0.6
Total auditors\u2019 remuneration
0.3
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-221": { "value": "
7 STAFF COSTS
The average monthly number of persons (including Directors) employed by the Group during the year was:
2025 2024
No. No.
Directors
6
4
Warehouse/production
150
147
Office
51
44
207
195
Staff costs (including Directors) are outlined below.
2025 2024
\u00a3m \u00a3m
Wages and salaries
9.7
7.8
Social security contributions and similar taxes
0.9
0.8
Share\u2011based payment expense (note 22)
\u2014
0.2
Other pension costs
0.2
0.1
10.8
8.9
8 DIRECTOR REMUNERATION
Director remuneration comprised:
2025 2024
\u00a3m \u00a3m
Wages and salaries
0.8
0.6
Gains on exercise of share options
2.8
\u2014
3.6
0.6
There were two Directors participating in money purchase pension schemes as at the year ended 31 July 2025 (2024: two).
Key management personnel include all of the Directors, who together have authority and responsibility for planning, directing and
controlling the activities of the Group\u2019s business. There are no key management personnel other than the Directors of the Group.
Directors\u2019 remuneration is also set out in the Directors\u2019 remuneration report on pages 66 to 81.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-255": { "value": "Key management personnel include all of the Directors, who together have authority and responsibility for planning, directing and controlling the activities of the Group\u2019s business. There are no key management personnel other than the Directors of the Group. Key management compensation The remuneration of key management personnel, comprising the Executive and Non\u2011Executive Directors of the Company, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures:
2025 2024
\u00a3m \u00a3m
Short\u2011term employee benefits (salary and bonus)
0.9
0.6
Share\u2011based payment expense
\u2014
0.2
0.9
0.8
Further information on remuneration of Directors can be found in the Directors\u2019 Remuneration Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-222": { "value": "
9 FINANCE INCOME AND EXPENSE
2025 2024
\u00a3m \u00a3m
Finance income
Interest receivable
0.5
0.7
0.5
0.7
Finance expense
Interest on lease liabilities and dilapidations
0.1
0.1
0.1
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-285": { "value": "9 FINANCE INCOME AND EXPENSE
2025 2024
\u00a3m \u00a3m
Finance income
Interest receivable
0.5
0.7
0.5
0.7
Finance expense
Interest on lease liabilities and dilapidations
0.1
0.1
0.1
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-284": { "value": "9 FINANCE INCOME AND EXPENSE
2025 2024
\u00a3m \u00a3m
Finance income
Interest receivable
0.5
0.7
0.5
0.7
Finance expense
Interest on lease liabilities and dilapidations
0.1
0.1
0.1
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-280": { "value": "9 FINANCE INCOME AND EXPENSE
2025 2024
\u00a3m \u00a3m
Finance income
Interest receivable
0.5
0.7
0.5
0.7
Finance expense
Interest on lease liabilities and dilapidations
0.1
0.1
0.1
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-271": { "value": "9 FINANCE INCOME AND EXPENSE
2025 2024
\u00a3m \u00a3m
Finance income
Interest receivable
0.5
0.7
0.5
0.7
Finance expense
Interest on lease liabilities and dilapidations
0.1
0.1
0.1
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-254": { "value": "9 FINANCE INCOME AND EXPENSE
2025 2024
\u00a3m \u00a3m
Finance income
Interest receivable
0.5
0.7
0.5
0.7
Finance expense
Interest on lease liabilities and dilapidations
0.1
0.1
0.1
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-223": { "value": "
10 TAXATION
Analysis of charge in year
2025 2024
\u00a3m \u00a3m
Total current tax
8.0
6.4
Adjustments in respect of prior periods
0.1
(0.2)
Total current tax
8.1
6.2
Deferred tax credit
Origination and reversal of timing differences
(0.6)
(0.3)
Adjustment in respect of prior periods
(0.1)
(0.3)
Total deferred tax
(0.7)
(0.6)
Tax charge per statement of comprehensive income
7.4
5.6
Deferred tax charge/(credit) on share\u2011based payments
0.4
(0.4)
Tax charge/(credit) per statement of other comprehensive income
0.4
(0.4)
Tax credit on share\u2011based payments
(0.6)
\u2014
Tax credit recognised directly in equity
(0.6)
\u2014
The tax charges for the years presented differ from the standard rate of corporation tax in the UK. The differences are
explained below:
2025 2024
\u00a3m \u00a3m
Profit on ordinary activities before tax
28.5
24.3
Tax using the Group\u2019s domestic tax rates
7.1
6.1
Effects of:
Expenses not deductible for tax purposes
0.3
0.3
Movement on unrecognised deferred tax
\u2014
(0.1)
R&D tax claim
0.1
(0.3)
Effect of tax rates in foreign jurisdictions
0.1
\u2014
Adjustments in respect of prior periods to current tax
0.1
(0.2)
Adjustments in respect of prior periods to deferred tax
(0.1)
(0.2)
Income not taxable
(0.1)
\u2014
Other differences
(0.1)
\u2014
Total tax charge
7.4
5.6
The applicable standard rate of corporation tax in the UK in the year ended 31 July 2025 was 25% (2024: 25%). The tax charge in
the current year is higher than (2024: lower than) the standard tax charge.
Deferred taxation assets and liabilities
Deferred taxation is calculated in full using a tax rate of 25% (2024: 25%). The following are the principal categories of deferred
taxation assets and liabilities recognised by the Group and the movements thereon during the current and prior year.
2025 2024
\u00a3m \u00a3m
Opening balance
0.6
(0.3)
Adjustments in respect of prior periods
0.1
\u2014
Credited to the income statement
0.6
0.5
(Charged)/credited in other comprehensive income
(0.4)
0.4
0.9
0.6
2025 2024
\u00a3m \u00a3m
Accelerated capital allowances
(0.3)
(0.4)
Share\u2011based payment timing differences (note 22)
\u2014
0.5
Tax losses
1.0
0.5
Other differences
0.2
\u2014
0.9
0.6
The net position of \u00a30.9 million (2024: \u00a30.6 million) is reflected in the statement of financial position as:
2025 2024
\u00a3m \u00a3m
Deferred tax assets
1.2
0.6
Deferred tax liabilities
(0.3)
\u2014
0.9
0.6
As permitted by IAS 12, deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current
taxation assets against current taxation liabilities and when the deferred taxes relate to the same fiscal authority. The deferred
taxation assets disclosed above are deemed to be recoverable.
The majority of the deferred taxation balance is expected to reverse after more than twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-256": { "value": "Deferred taxation assets and liabilities Deferred taxation is calculated in full using a tax rate of 25% (2024: 25%). The following are the principal categories of deferred taxation assets and liabilities recognised by the Group and the movements thereon during the current and prior year.
2025 2024
\u00a3m \u00a3m
Opening balance
0.6
(0.3)
Adjustments in respect of prior periods
0.1
\u2014
Credited to the income statement
0.6
0.5
(Charged)/credited in other comprehensive income
(0.4)
0.4
0.9
0.6
2025 2024
\u00a3m \u00a3m
Accelerated capital allowances
(0.3)
(0.4)
Share\u2011based payment timing differences (note 22)
\u2014
0.5
Tax losses
1.0
0.5
Other differences
0.2
\u2014
0.9
0.6
The net position of \u00a30.9 million (2024: \u00a30.6 million) is reflected in the statement of financial position as:
2025 2024
\u00a3m \u00a3m
Deferred tax assets
1.2
0.6
Deferred tax liabilities
(0.3)
\u2014
0.9
0.6
As permitted by IAS 12, deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current taxation assets against current taxation liabilities and when the deferred taxes relate to the same fiscal authority. The deferred taxation assets disclosed above are deemed to be recoverable. The majority of the deferred taxation balance is expected to reverse after more than twelve months.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-224": { "value": "
11 EARNINGS PER SHARE
Basic and diluted
2025
2024
Earnings
Earnings for the purposes of basic and diluted earnings per share, being profit
for the year attributable to equity shareholders (\u00a3m)
21.1
18.7
Number of shares
Weighted average number of shares (No. of shares)
1
250,000,000
250,000,000
Basic and diluted earnings per share (pence)
8.4
7.5
1. As a result of the sub\u2011division and re\u2011designation of ordinary shares which took place on 23 October 2024, immediately prior to the Company\u2019s admission to the Main Market
of the London Stock Exchange, the basic and diluted earnings per share have been calculated based on a total of 250 million ordinary shares.
The calculation of adjusted basic and diluted EPS is based on the following:
2025
2024
Profit for the period (\u00a3m)
21.1
18.7
Adjusted for:
Costs relating to Initial Public Offering (\u00a3m)
1.7
1.2
Share\u2011based payment expense (\u00a3m)
\u2014
0.2
Tax effect of the above (\u00a3m)
(0.2)
(0.1)
Adjusted earnings (\u00a3m)
22.6
20.0
Adjusted basic and diluted earnings per share (pence)
9.1
8.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-225": { "value": "
12 DIVIDENDS
2025 2024
\u00a3m \u00a3m
Dividend declared before admission to the Main Market of the London Stock Exchange
14.7
\u2014
14.7
\u2014
There is no final dividend for the year ended 31 July 2025 (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-226": { "value": "
13 PROPERTY, PLANT AND EQUIPMENT
Plant and Fixtures and Motor Computer
machinery fittings vehicles equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 August 2023
1.2
0.7
0.1
0.2
2.2
Additions
0.8
0.2
\u2014
\u2014
1.0
At 31 July 2024
2.0
0.9
0.1
0.2
3.2
Depreciation
At 1 August 2023
0.6
0.3
\u2014
\u2014
0.9
Charge for the year
0.3
0.2
\u2014
0.1
0.6
At 31 July 2024
0.9
0.5
\u2014
0.1
1.5
Net book amount
At 31 July 2024
1.1
0.4
0.1
0.1
1.7
Cost
At 1 August 2024
2.0
0.9
0.1
0.2
3.2
Additions
0.8
0.1
\u2014
0.1
1.0
FX differences
(0.1)
\u2014
\u2014
\u2014
(0.1)
At 31 July 2025
2.7
1.0
0.1
0.3
4.1
Depreciation
At 1 August 2024
0.9
0.5
\u2014
0.1
1.5
Charge for the year
0.4
0.2
0.1
0.1
0.8
FX differences
(0.1)
(0.1)
\u2014
\u2014
(0.2)
At 31 July 2025
1.2
0.6
0.1
0.2
2.1
Net book amount
At 31 July 2025
1.5
0.4
\u2014
0.1
2.0
Depreciation charges are recognised in administrative expenses in the consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-281": { "value": "13 PROPERTY, PLANT AND EQUIPMENT
Plant and Fixtures and Motor Computer
machinery fittings vehicles equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 August 2023
1.2
0.7
0.1
0.2
2.2
Additions
0.8
0.2
\u2014
\u2014
1.0
At 31 July 2024
2.0
0.9
0.1
0.2
3.2
Depreciation
At 1 August 2023
0.6
0.3
\u2014
\u2014
0.9
Charge for the year
0.3
0.2
\u2014
0.1
0.6
At 31 July 2024
0.9
0.5
\u2014
0.1
1.5
Net book amount
At 31 July 2024
1.1
0.4
0.1
0.1
1.7
Cost
At 1 August 2024
2.0
0.9
0.1
0.2
3.2
Additions
0.8
0.1
\u2014
0.1
1.0
FX differences
(0.1)
\u2014
\u2014
\u2014
(0.1)
At 31 July 2025
2.7
1.0
0.1
0.3
4.1
Depreciation
At 1 August 2024
0.9
0.5
\u2014
0.1
1.5
Charge for the year
0.4
0.2
0.1
0.1
0.8
FX differences
(0.1)
(0.1)
\u2014
\u2014
(0.2)
At 31 July 2025
1.2
0.6
0.1
0.2
2.1
Net book amount
At 31 July 2025
1.5
0.4
\u2014
0.1
2.0
Depreciation charges are recognised in administrative expenses in the consolidated statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-227": { "value": "14 LEASED ASSETS
2025
2024
Number of active leases
3
3
The Group\u2019s leases include leasehold properties for commercial and head office use. Extension, termination and break options The Group sometimes negotiates extension, termination or break clauses in its leases. In determining the lease term, management consider all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). On a case\u2011by\u2011case basis, the Group will consider whether the absence of a break clause would expose the Group to excessive risk. Typically, factors considered in deciding to negotiate a break clause include: \u2022 the length of the lease term; \u2022 the economic stability of the environment in which the property is located; and \u2022 whether the location represents a new area of operations for the Group. Incremental borrowing rate The Group has adopted a rate with a range of 3.25% to 5.00% as its incremental borrowing rate (IBR), being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right\u2011of\u2011use asset in a similar economic environment with similar terms, security and conditions. This rate is used to reflect the risk premium over the borrowing cost of the Group measured by reference to the Group\u2019s facilities. Sensitivity analysis has been performed that shows that the effect of a 1% decrease in the IBR used will cause an increase in lease liabilities of below \u00a30.1 million as at 31 July 2025 (2024: \u00a30.1 million) and an increase in right\u2011of\u2011use assets of \u00a30.1 million (2024: \u00a30.1 million). An increase of 1% in the IBR used will cause a decrease in lease liabilities of below \u00a30.1 million as at 31 July 2025 (2024: same) and a decrease in right\u2011of\u2011use assets of \u00a30.1 million (2024: \u00a30.1 million). Right\u2011of\u2011use assets
Leasehold
property Total
\u00a3m \u00a3m
Cost
At 1 August 2023
2.5
2.5
At 31 July 2024
2.5
2.5
Depreciation
At 1 August 2023
0.4
0.4
Charge for the period
0.3
0.3
At 31 July 2024
0.7
0.7
Net book amount
At 31 July 2024
1.8
1.8
Cost
At 1 August 2024
2.5
2.5
Addition \u2013 rent modification
1.5
1.5
At 31 July 2025
4.0
4.0
Depreciation
At 1 August 2024
0.7
0.7
Charge for the period
0.3
0.3
At 31 July 2025
1.0
1.0
Net book amount
At 31 July 2025
3.0
3.0
Depreciation charges are recognised in administrative expenses in the consolidated statement of comprehensive income.
Lease liabilities
Leasehold
property Total
\u00a3m \u00a3m
At 1 August 2023
2.1
2.1
Lease payments
(0.3)
(0.3)
At 31 July 2024
1.8
1.8
At 1 August 2024
1.8
1.8
Addition \u2013 rent modification
1.5
1.5
Interest expense
0.1
0.1
Lease payments
(0.4)
(0.4)
At 31 July 2025
3.0
3.0
The Group recognises non\u2011current provisions for dilapidations in respect of leased properties, details of which are shown in note
20. Movement on the provisions for dilapidations has been recognised in the consolidated statement of comprehensive income.
Lease liabilities are as follows:
2025 2024
\u00a3m \u00a3m
Within one year
0.7
0.4
Later than one year and less than five years
2.6
1.3
After five years
\u2014
0.3
Total including interest cash flows
3.3
2.0
Less: interest cash flows
(0.3)
(0.2)
Total principal cash flows
3.0
1.8
Lease liabilities are comprised of the following current and non\u2011current amounts:
2025 2024
\u00a3m \u00a3m
Current
Amounts due within one year
0.6
0.3
Non\u2011current
Amounts due after more than one year
2.4
1.5
Total lease liability
3.0
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-257": { "value": "
Right\u2011of\u2011use assets
Leasehold
property Total
\u00a3m \u00a3m
Cost
At 1 August 2023
2.5
2.5
At 31 July 2024
2.5
2.5
Depreciation
At 1 August 2023
0.4
0.4
Charge for the period
0.3
0.3
At 31 July 2024
0.7
0.7
Net book amount
At 31 July 2024
1.8
1.8
Cost
At 1 August 2024
2.5
2.5
Addition \u2013 rent modification
1.5
1.5
At 31 July 2025
4.0
4.0
Depreciation
At 1 August 2024
0.7
0.7
Charge for the period
0.3
0.3
At 31 July 2025
1.0
1.0
Net book amount
At 31 July 2025
3.0
3.0
Depreciation charges are recognised in administrative expenses in the consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-229": { "value": "
15 INTANGIBLE ASSETS
All values (cost, amortisation and net book) relating to intangible assets for the current and prior reporting year were below
\u00a30.1 million.
Addition of costs relating to intangible assets during 2025 was below \u00a30.1 million, but taken together with the brought\u2011forward
costs of intangible assets as at 1 August 2024, the closing cost of intangible assets was \u00a30.1 million.
Amortisation as at 1 August 2024 and charged during 2025 totals less than \u00a30.1 million.
All intangible assets during the current and prior periods related to patents and licences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-258": { "value": "15 INTANGIBLE ASSETS All values (cost, amortisation and net book) relating to intangible assets for the current and prior reporting year were below \u00a30.1 million. Addition of costs relating to intangible assets during 2025 was below \u00a30.1 million, but taken together with the brought\u2011forward costs of intangible assets as at 1 August 2024, the closing cost of intangible assets was \u00a30.1 million. Amortisation as at 1 August 2024 and charged during 2025 totals less than \u00a30.1 million. All intangible assets during the current and prior periods related to patents and licences.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-228": { "value": "
16 INVENTORIES
2025 2024
\u00a3m \u00a3m
Raw materials
12.8
10.7
Finished goods and goods for resale
10.0
8.8
22.8
19.5
The cost of Group inventories recognised as an expense in year to 31 July 2025 amounted to \u00a351.4 million (2024: \u00a340.7 million).
This is included in cost of sales. Inventory write\u2011offs and inventory provisions netted from gross inventory were \u00a30.4 million for
the year to 31 July 2025 (2024: \u00a30.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-230": { "value": "
17 TRADE AND OTHER RECEIVABLES
2025 2024
\u00a3m \u00a3m
Amounts falling due within one year:
Trade receivables
26.4
17.1
Less: provision for impairment
(0.7)
(0.8)
Trade receivables \u2013 net
25.7
16.3
Corporation tax
\u2014
0.5
Prepayments
1.7
0.5
27.4
17.3
Trade receivables are amounts due from customers for goods sold in the ordinary course of business. They are generally due
for settlement within 30 to 60 days for certain credit customers and therefore are all classified as current. Trade receivables are
non\u2011interest bearing. The fair value of trade and other receivables is equivalent to their carrying amount.
Under IFRS 9, the Group is required to utilise objective evidence as well as consider forward\u2011looking information and the
probability of default when calculating expected credit losses. The maturity of assets and history of write\u2011offs is therefore used as
an indicator as to the probability of default. Trade receivables are written off if the customer has entered into insolvency, or in the
view of management there is no expectation of recovery.
The loss allowance as at 31 July 2025 and 31 July 2024 was determined as follows for trade receivables:
Current <30 days 31\u201160 days 61+ days Total
As at 31 July 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
\u2014
4.8%
10.3%
29.2%
4.8%
Total gross carrying amount
10.1
3.7
1.7
1.6
17.1
Expected credit loss
\u2014
(0.2)
(0.2)
(0.4)
(0.8)
Total
10.1
3.5
1.5
1.2
16.3
Current <30 days 31\u201160 days 61+ days Total
As at 31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
\u2014
5.8%
14.0%
12.2%
2.7%
Total gross carrying amount
19.4
2.9
1.0
3.1
26.4
Expected credit loss
\u2014
(0.2)
(0.1)
(0.4)
(0.7)
Total
19.4
2.7
0.9
2.7
25.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-272": { "value": "17 TRADE AND OTHER RECEIVABLES
2025 2024
\u00a3m \u00a3m
Amounts falling due within one year:
Trade receivables
26.4
17.1
Less: provision for impairment
(0.7)
(0.8)
Trade receivables \u2013 net
25.7
16.3
Corporation tax
\u2014
0.5
Prepayments
1.7
0.5
27.4
17.3
Trade receivables are amounts due from customers for goods sold in the ordinary course of business. They are generally due for settlement within 30 to 60 days for certain credit customers and therefore are all classified as current. Trade receivables are non\u2011interest bearing. The fair value of trade and other receivables is equivalent to their carrying amount. Under IFRS 9, the Group is required to utilise objective evidence as well as consider forward\u2011looking information and the probability of default when calculating expected credit losses. The maturity of assets and history of write\u2011offs is therefore used as an indicator as to the probability of default. Trade receivables are written off if the customer has entered into insolvency, or in the view of management there is no expectation of recovery. The loss allowance as at 31 July 2025 and 31 July 2024 was determined as follows for trade receivables:
Current <30 days 31\u201160 days 61+ days Total
As at 31 July 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
\u2014
4.8%
10.3%
29.2%
4.8%
Total gross carrying amount
10.1
3.7
1.7
1.6
17.1
Expected credit loss
\u2014
(0.2)
(0.2)
(0.4)
(0.8)
Total
10.1
3.5
1.5
1.2
16.3
Current <30 days 31\u201160 days 61+ days Total
As at 31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
\u2014
5.8%
14.0%
12.2%
2.7%
Total gross carrying amount
19.4
2.9
1.0
3.1
26.4
Expected credit loss
\u2014
(0.2)
(0.1)
(0.4)
(0.7)
Total
19.4
2.7
0.9
2.7
25.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-259": { "value": "
2025 2024
\u00a3m \u00a3m
Amounts falling due within one year:
Trade receivables
26.4
17.1
Less: provision for impairment
(0.7)
(0.8)
Trade receivables \u2013 net
25.7
16.3
Corporation tax
\u2014
0.5
Prepayments
1.7
0.5
27.4
17.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-282": { "value": "Under IFRS 9, the Group is required to utilise objective evidence as well as consider forward\u2011looking information and the probability of default when calculating expected credit losses. The maturity of assets and history of write\u2011offs is therefore used as an indicator as to the probability of default. Trade receivables are written off if the customer has entered into insolvency, or in the view of management there is no expectation of recovery. The loss allowance as at 31 July 2025 and 31 July 2024 was determined as follows for trade receivables:
Current <30 days 31\u201160 days 61+ days Total
As at 31 July 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
\u2014
4.8%
10.3%
29.2%
4.8%
Total gross carrying amount
10.1
3.7
1.7
1.6
17.1
Expected credit loss
\u2014
(0.2)
(0.2)
(0.4)
(0.8)
Total
10.1
3.5
1.5
1.2
16.3
Current <30 days 31\u201160 days 61+ days Total
As at 31 July 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
\u2014
5.8%
14.0%
12.2%
2.7%
Total gross carrying amount
19.4
2.9
1.0
3.1
26.4
Expected credit loss
\u2014
(0.2)
(0.1)
(0.4)
(0.7)
Total
19.4
2.7
0.9
2.7
25.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-231": { "value": "
18 CASH AND CASH EQUIVALENTS
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
18.5
18.7
18.5
18.7
The fair value of cash and cash equivalents is equivalent to their carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-233": { "value": "
19 TRADE AND OTHER PAYABLES
2025 2024
\u00a3m \u00a3m
Amounts falling due within one year:
Trade payables
10.6
3.8
Corporation tax
0.5
\u2014
Social security and other taxes
0.3
0.2
VAT
0.5
0.6
Deferred income
0.2
0.1
Accruals
5.0
4.8
17.1
9.5
Trade payables are non\u2011interest bearing and are normally settled monthly. The fair value of trade and other payables is equivalent
to their carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-261": { "value": "19 TRADE AND OTHER PAYABLES
2025 2024
\u00a3m \u00a3m
Amounts falling due within one year:
Trade payables
10.6
3.8
Corporation tax
0.5
\u2014
Social security and other taxes
0.3
0.2
VAT
0.5
0.6
Deferred income
0.2
0.1
Accruals
5.0
4.8
17.1
9.5
Trade payables are non\u2011interest bearing and are normally settled monthly. The fair value of trade and other payables is equivalent to their carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-273": { "value": "
2025 2024
\u00a3m \u00a3m
Amounts falling due within one year:
Trade payables
10.6
3.8
Corporation tax
0.5
\u2014
Social security and other taxes
0.3
0.2
VAT
0.5
0.6
Deferred income
0.2
0.1
Accruals
5.0
4.8
17.1
9.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-283": { "value": "
2025 2024
\u00a3m \u00a3m
Amounts falling due within one year:
Trade payables
10.6
3.8
Corporation tax
0.5
\u2014
Social security and other taxes
0.3
0.2
VAT
0.5
0.6
Deferred income
0.2
0.1
Accruals
5.0
4.8
17.1
9.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-232": { "value": "
20 PROVISIONS
Non\u2011current
Leasehold
property
dilapidations Total
\u00a3m \u00a3m
At 1 August 2023
0.2
0.2
At 31 July 2024
0.2
0.2
At 1 August 2024
0.2
0.2
Interest expense
0.1
0.1
At 31 July 2025
0.3
0.3
As part of the Group\u2019s property leasing arrangements there is an obligation to repair damage which occurs during the life of
the lease, such as wear and tear. These costs have been shown separately to the lease obligation liability as detailed in note 14.
The provisions are expected to be utilised by 2030 as the leases terminate. The dilapidations provision is considered a source
of estimation. The provision has been calculated using historical experience of actual expenditure incurred on dilapidations and
estimated lease termination dates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-260": { "value": "20 PROVISIONS Non\u2011current
Leasehold
property
dilapidations Total
\u00a3m \u00a3m
At 1 August 2023
0.2
0.2
At 31 July 2024
0.2
0.2
At 1 August 2024
0.2
0.2
Interest expense
0.1
0.1
At 31 July 2025
0.3
0.3
As part of the Group\u2019s property leasing arrangements there is an obligation to repair damage which occurs during the life of the lease, such as wear and tear. These costs have been shown separately to the lease obligation liability as detailed in note 14. The provisions are expected to be utilised by 2030 as the leases terminate. The dilapidations provision is considered a source of estimation. The provision has been calculated using historical experience of actual expenditure incurred on dilapidations and estimated lease termination dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-234": { "value": "
21 SHARE CAPITAL
Allotted, called up and fully paid
2025 2024
Shares Shares
Ordinary shares of \u00a30.0002 each
Opening number of ordinary shares
\u2014
\u2014
Sub\u2011division and re\u2011designation of shares
250,000,000
\u2014
Closing number of ordinary shares
250,000,000
\u2014
A1 ordinary shares of \u00a30.01 each
Opening number of A1 ordinary shares
5,433
5,800
Bonus issue
2,711,067
\u2014
Re\u2011designation of shares
(2,716,500)
(367)
Closing number of A1 ordinary shares
\u2014
5,433
A2 ordinary shares of \u00a30.01 each
Opening number of A2 ordinary shares
943
1,000
Bonus issue
470,557
\u2014
Re\u2011designation of shares
(471,500)
(57)
Closing number of A2 ordinary shares
\u2014
943
B ordinary shares of \u00a30.01 each
Opening number of B ordinary shares
3,136
3,200
Bonus issue
1,564,864
\u2014
Re\u2011designation of shares
(1,568,000)
(64)
Closing number of B ordinary shares
\u2014
3,136
D ordinary shares of \u00a30.01 each
Opening number of D ordinary shares
488
\u2014
Bonus issue
243,512
\u2014
Re\u2011designation of shares
(244,000)
488
Closing number of D ordinary shares
\u2014
488
Closing number of shares
250,000,000
10,000
2025 2024
\u00a3 \u00a3
Ordinary shares of \u00a30.0002 each
Opening value of ordinary shares
\u2014
\u2014
Sub\u2011division and re\u2011designation of shares
50,000.00
\u2014
Closing value of ordinary shares
50,000.00
\u2014
A1 ordinary shares of \u00a30.01 each
Opening value of A1 ordinary shares
54.33
58.00
Bonus issue
27,110.67
\u2014
Re\u2011designation of shares
(27,165.00)
(3.67)
Closing value of A1 ordinary shares
\u2014
54.33
A2 ordinary shares of \u00a30.01 each
Opening value of A2 ordinary shares
9.43
10.00
Bonus issue
4,705.57
\u2014
Re\u2011designation of shares
(4,715.00)
(0.57)
Closing value of A2 ordinary shares
\u2014
9.43
B ordinary shares of \u00a30.01 each
Opening value of B ordinary shares
31.36
32.00
Bonus issue
15,648.64
\u2014
Re\u2011designation of shares
(15,680.00)
(0.64)
Closing value of B ordinary shares
\u2014
31.36
D ordinary shares of \u00a30.01 each
Opening value of D ordinary shares
4.88
\u2014
Bonus issue
2,435.12
\u2014
Re\u2011designation of shares
(2,440.00)
4.88
Closing value of D ordinary shares
\u2014
4.88
Closing value of share capital
50,000.00
100.00
There is a single class of ordinary shares in issue. There are no restrictions on dividends or the repayment of capital.
Shareholders are entitled to one voting right per share.
Re\u2011designation of shares
On 31 January 2024, 116 A1 ordinary shares, 20 A2 ordinary shares and 64 B ordinary shares were re\u2011designated into
200 D ordinary shares of \u00a30.01 each.
On 18 April 2024, 171 A1 ordinary shares and 29 A2 ordinary shares were re\u2011designated into 200 D shares of \u00a30.01 each.
On 6 June 2024, 42 A1 ordinary shares and 8 A2 ordinary shares were re\u2011designated into 50 D ordinary shares of \u00a30.01 each.
On 7 June 2024, 38 A1 ordinary shares were re\u2011designated into 38 D ordinary shares of \u00a30.01 each.
On 24 September 2024, a shareholders\u2019 resolution was passed in respect of a bonus issue of 4,990,000 new ordinary shares.
A sum of \u00a349,900 was capitalised from the Company\u2019s distributable reserves and appropriated to the shareholders of the
Company in proportion to the number of ordinary shares (A1, A2, B and D) in the Company held by them respectively. As a result
of the bonus issue, the total number of ordinary shares in issue increased to 5,000,000 and the resultant share capital increased
to \u00a350,000. This transaction was required to facilitate the Company\u2019s re\u2011registration as a PLC.
On 23 October 2024, immediately prior to the Company\u2019s admission to the Main Market of the London Stock Exchange, each of the
2,716,500 A1 ordinary shares of \u00a30.01 each, 471,500 A2 ordinary shares of \u00a30.01 each, 1,568,000 B ordinary shares of \u00a30.01 each
and 244,000 D ordinary shares of \u00a30.01 each in the capital of the Company were sub\u2011divided and re\u2011designated as 250,000,000
ordinary shares of \u00a30.0002 each in the capital of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-262": { "value": "21 SHARE CAPITAL Allotted, called up and fully paid
2025 2024
Shares Shares
Ordinary shares of \u00a30.0002 each
Opening number of ordinary shares
\u2014
\u2014
Sub\u2011division and re\u2011designation of shares
250,000,000
\u2014
Closing number of ordinary shares
250,000,000
\u2014
A1 ordinary shares of \u00a30.01 each
Opening number of A1 ordinary shares
5,433
5,800
Bonus issue
2,711,067
\u2014
Re\u2011designation of shares
(2,716,500)
(367)
Closing number of A1 ordinary shares
\u2014
5,433
A2 ordinary shares of \u00a30.01 each
Opening number of A2 ordinary shares
943
1,000
Bonus issue
470,557
\u2014
Re\u2011designation of shares
(471,500)
(57)
Closing number of A2 ordinary shares
\u2014
943
B ordinary shares of \u00a30.01 each
Opening number of B ordinary shares
3,136
3,200
Bonus issue
1,564,864
\u2014
Re\u2011designation of shares
(1,568,000)
(64)
Closing number of B ordinary shares
\u2014
3,136
D ordinary shares of \u00a30.01 each
Opening number of D ordinary shares
488
\u2014
Bonus issue
243,512
\u2014
Re\u2011designation of shares
(244,000)
488
Closing number of D ordinary shares
\u2014
488
Closing number of shares
250,000,000
10,000
2025 2024
\u00a3 \u00a3
Ordinary shares of \u00a30.0002 each
Opening value of ordinary shares
\u2014
\u2014
Sub\u2011division and re\u2011designation of shares
50,000.00
\u2014
Closing value of ordinary shares
50,000.00
\u2014
A1 ordinary shares of \u00a30.01 each
Opening value of A1 ordinary shares
54.33
58.00
Bonus issue
27,110.67
\u2014
Re\u2011designation of shares
(27,165.00)
(3.67)
Closing value of A1 ordinary shares
\u2014
54.33
A2 ordinary shares of \u00a30.01 each
Opening value of A2 ordinary shares
9.43
10.00
Bonus issue
4,705.57
\u2014
Re\u2011designation of shares
(4,715.00)
(0.57)
Closing value of A2 ordinary shares
\u2014
9.43
B ordinary shares of \u00a30.01 each
Opening value of B ordinary shares
31.36
32.00
Bonus issue
15,648.64
\u2014
Re\u2011designation of shares
(15,680.00)
(0.64)
Closing value of B ordinary shares
\u2014
31.36
D ordinary shares of \u00a30.01 each
Opening value of D ordinary shares
4.88
\u2014
Bonus issue
2,435.12
\u2014
Re\u2011designation of shares
(2,440.00)
4.88
Closing value of D ordinary shares
\u2014
4.88
Closing value of share capital
50,000.00
100.00
There is a single class of ordinary shares in issue. There are no restrictions on dividends or the repayment of capital. Shareholders are entitled to one voting right per share. Re\u2011designation of shares On 31 January 2024, 116 A1 ordinary shares, 20 A2 ordinary shares and 64 B ordinary shares were re\u2011designated into 200 D ordinary shares of \u00a30.01 each. On 18 April 2024, 171 A1 ordinary shares and 29 A2 ordinary shares were re\u2011designated into 200 D shares of \u00a30.01 each. On 6 June 2024, 42 A1 ordinary shares and 8 A2 ordinary shares were re\u2011designated into 50 D ordinary shares of \u00a30.01 each. On 7 June 2024, 38 A1 ordinary shares were re\u2011designated into 38 D ordinary shares of \u00a30.01 each. On 24 September 2024, a shareholders\u2019 resolution was passed in respect of a bonus issue of 4,990,000 new ordinary shares. A sum of \u00a349,900 was capitalised from the Company\u2019s distributable reserves and appropriated to the shareholders of the Company in proportion to the number of ordinary shares (A1, A2, B and D) in the Company held by them respectively. As a result of the bonus issue, the total number of ordinary shares in issue increased to 5,000,000 and the resultant share capital increased to \u00a350,000. This transaction was required to facilitate the Company\u2019s re\u2011registration as a PLC. On 23 October 2024, immediately prior to the Company\u2019s admission to the Main Market of the London Stock Exchange, each of the 2,716,500 A1 ordinary shares of \u00a30.01 each, 471,500 A2 ordinary shares of \u00a30.01 each, 1,568,000 B ordinary shares of \u00a30.01 each and 244,000 D ordinary shares of \u00a30.01 each in the capital of the Company were sub\u2011divided and re\u2011designated as 250,000,000 ordinary shares of \u00a30.0002 each in the capital of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-235": { "value": "
22 SHARE-BASED PAYMENTS
In the year ended 31 July 2025, the Group operated one equity\u2011settled share\u2011based payment plan established following the
Company\u2019s admission to the London Stock Exchange and described below. In the year ended 31 July 2024, the Group operated one
equity\u2011settled share\u2011based payment plan, all open options of which were exercised in the year to 31 July 2025 and the scheme is
now closed. The Group recognised a total charge of \u00a30.2 million in respect of the equity\u2011settled share\u2011based payment transactions
in the year ended 31 July 2024. As a result of the exercise and closing of the scheme, there are no outstanding share options at
31 July 2025.
In the year ended 31 July 2025, the Group operated one cash\u2011settled share\u2011based payment plan (2024: one).
The Group recognised a total charge of \u00a3nil in respect of the cash\u2011settled share\u2011based payment transactions in the year ended
31 July 2025 (2024: \u00a3nil). The fair value of the cash\u2011settled share\u2011based payments is measured using a Probability\u2011Weighted
Expected Return Method (PWERM) model which resulted in an outcome that was deemed not material. As at 31 July 2025,
AN USA Holdings Inc.\u2019s CEO owned 10% of the shares in issue of AN USA Holdings Inc. as the shares held no rights to vote,
or receive dividends, and could only be bought back by AN USA Holdings Inc. at a predetermined formulaic price and is therefore
treated as a cash\u2011settled share\u2011based payment scheme.
Long\u2011term Incentive Plan (LTIP)
In the year ended 31 July 2025, the Group established an equity\u2011settled LTIP which forms a key component of the overall
remuneration package for Executive Directors, further details of which can be found in the Directors\u2019 Remuneration Report.
The scheme will apply from the year ending 31 July 2026 and therefore in the year to 31 July 2025, no share awards were
made and the Group recognised a total charge of \u00a3nil in respect of the LTIP\u2019s equity\u2011settled share\u2011based payment transactions
(2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-236": { "value": "
23 FINANCIAL INSTRUMENTS
Financial assets
The Group\u2019s financial instruments comprise cash and cash equivalents, lease liabilities and items such as trade and other
receivables and trade and other payables, which arise from its operations. The carrying amounts of all of the Group\u2019s financial
instruments are measured at amortised cost. Financial assets do not include prepayments. Financial liabilities do not include
deferred income and other taxation and social security.
2025 2024
\u00a3m \u00a3m
Trade receivables
25.7
16.3
Cash and cash equivalents
18.5
18.7
44.2
35.0
Financial liabilities
Financial liabilities measured at amortised cost comprise trade payables, other payables, and accruals. It does not include
deferred income and other taxation and social security.
2025 2024
\u00a3m \u00a3m
Trade payables
10.6
3.8
Accruals
5.0
4.8
Lease liabilities
3.0
1.8
18.6
10.4
Financial risk management
The Group is exposed through its
operation to the following financial
risks: credit risk, interest rate risk,
foreign exchange risk and liquidity
risk. Risk management is carried
out by the Directors. The Group uses
financial instruments to provide
flexibility regarding its working capital
requirements and to enable it to manage
specific financial risks to which it is
exposed.
The Group finances its operations
through cash and liquid resources and
various items such as trade debtors and
trade payables which arise directly from
the Group\u2019s operations.
Credit risk
Credit risk is the risk of financial loss to
the Group if a customer or counterparty
to a financial instrument fails to meet
its contractual obligations. In order to
minimise the risk, the Group endeavours
only to deal with companies which are
demonstrably creditworthy and this,
together with the aggregate financial
exposure, is continuously monitored. The
Group\u2019s review includes external ratings,
where available, and purchase limits are
established for each customer, which
represents the maximum open amount
without requiring approval from the
Group\u2019s finance function. The maximum
exposure to credit risk is the carrying
value of its financial receivables, trade
and other receivables and cash and cash
equivalents as disclosed in the notes to
the Group financial statements.
The aged receivables analysis is
evaluated on a regular basis for potential
doubtful debts, considering historic,
current and forward\u2011looking information.
No impairments to trade receivables
have been made to date. Further
disclosures regarding trade and other
receivables are provided within the notes
to the Group financial statements.
Credit risk also arises on cash and cash
equivalents and deposits with banks
and financial institutions. For banks and
financial institutions, only independently
rated parties with minimum rating \u2018B+\u2019
are accepted. Currently, the financial
institution where the Group holds
significant levels of cash is The Royal
Bank of Scotland plc, which is rated
higher than B+ by all four major credit
reference agencies.
Interest and market rate risk
As at 31 July 2025, the Group had no
current borrowings and used no finance
facilities or debt structures to co\u2011ordinate
business. Therefore, interest and market
rate risk exposure for the Group is
minimal. The Group\u2019s policy aims to
manage the interest cost of the Group
within the constraints of its financial
borrowings.
The Group has entered into significant
leases for assets, namely leasehold
properties, under fixed interest rate
terms. This means that the interest rate
charged on these leases is fixed for the
entire term of the lease, regardless of
changes in market interest rates.
If market interest rates rise, the Group\u2019s
fixed\u2011rate leases will become less
attractive to potential lessors, as they
would be able to obtain better rates
elsewhere. On renewal of these leases,
this could result in the Group having to
renew or renegotiate these leases at
higher rates, which would increase its
operating costs and potentially reduce
its profitability.
The Group looks to mitigate this risk
by committing to lease agreements
in respect of leasehold properties in
advance of the end of lease terms,
ensuring management can manage
and plan for interest rate change.
Foreign exchange risk
Foreign exchange risk arises when
the Group enters into transactions in
a currency other than their functional
currency. The Group\u2019s policy is, where
possible, to settle liabilities denominated
in a currency other than its functional
currency with cash already denominated
in that currency. Where Group entities
have liabilities denominated in a
currency other than their functional
currency (and have insufficient reserves
of that currency to settle them), cash
already denominated in that currency
will, where possible, be transferred from
elsewhere in the Group.
The Group\u2019s exposure to foreign currency risk at the end of the respective reporting period was as follows:
2025 2024
\u00a3m \u00a3m
Cash
USD
0.5
0.3
Total cash
0.5
0.3
Trade receivables
USD
0.8
0.5
Total trade receivables
0.8
0.5
Trade payables
USD
0.6
0.3
Total trade payables
0.6
0.3
The effect of a 10% strengthening and 10% weakening of the US dollar against sterling would result in the following impact to the consolidated statement of profit or loss and other comprehensive income:
2025 2024
\u00a3m \u00a3m
10% strengthening
(0.1)
(0.1)
10% weakening
0.1
0.1
Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and the finance charges and repayments of its financial liabilities. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group seeks to maintain sufficient cash balances and management review cash flow forecasts on a regular basis to determine whether the Group has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities. A maturity analysis of the Group\u2019s financial liabilities and lease liabilities is shown below:
2025 2024
\u00a3m \u00a3m
Less than one year:
Trade and other payables
10.6
3.8
Accruals
5.0
4.8
Lease liability
0.7
0.4
16.3
9.0
Later than one year and less than five years:
Lease liability
2.6
1.3
After five years:
Lease liability
\u2014
0.3
18.9
10.6
Less: interest cash flows:
Lease liability
(0.3)
(0.2)
Total less interest cash flows
18.6
10.4
Capital risk management
The capital structure of the business consists of cash and cash equivalents and equity. Equity comprises share capital and
retained earnings and is equal to the amount shown as \u2018Equity\u2019 in the balance sheet.
The Group\u2019s current objectives when maintaining capital are to:
\u2022 safeguard the Group\u2019s ability as a going concern so that it can continue to pursue its growth plans;
\u2022 provide a reasonable expectation of future returns to shareholders; and
\u2022 maintain adequate financial flexibility to preserve its ability to meet financial obligations, both current and long term.
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and adjusts it in the
light of changes in economic conditions and the risk characteristics of underlying assets. In order to maintain or adjust the capital
structure, the Group may issue new shares or sell assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-264": { "value": "Financial assets The Group\u2019s financial instruments comprise cash and cash equivalents, lease liabilities and items such as trade and other receivables and trade and other payables, which arise from its operations. The carrying amounts of all of the Group\u2019s financial instruments are measured at amortised cost. Financial assets do not include prepayments. Financial liabilities do not include deferred income and other taxation and social security.
2025 2024
\u00a3m \u00a3m
Trade receivables
25.7
16.3
Cash and cash equivalents
18.5
18.7
44.2
35.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-263": { "value": "Financial liabilities Financial liabilities measured at amortised cost comprise trade payables, other payables, and accruals. It does not include deferred income and other taxation and social security.
2025 2024
\u00a3m \u00a3m
Trade payables
10.6
3.8
Accruals
5.0
4.8
Lease liabilities
3.0
1.8
18.6
10.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-265": { "value": "Financial risk management The Group is exposed through its operation to the following financial risks: credit risk, interest rate risk, foreign exchange risk and liquidity risk. Risk management is carried out by the Directors. The Group uses financial instruments to provide flexibility regarding its working capital requirements and to enable it to manage specific financial risks to which it is exposed. The Group finances its operations through cash and liquid resources and various items such as trade debtors and trade payables which arise directly from the Group\u2019s operations. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. In order to minimise the risk, the Group endeavours only to deal with companies which are demonstrably creditworthy and this, together with the aggregate financial exposure, is continuously monitored. The Group\u2019s review includes external ratings, where available, and purchase limits are established for each customer, which represents the maximum open amount without requiring approval from the Group\u2019s finance function. The maximum exposure to credit risk is the carrying value of its financial receivables, trade and other receivables and cash and cash equivalents as disclosed in the notes to the Group financial statements. The aged receivables analysis is evaluated on a regular basis for potential doubtful debts, considering historic, current and forward\u2011looking information. No impairments to trade receivables have been made to date. Further disclosures regarding trade and other receivables are provided within the notes to the Group financial statements. Credit risk also arises on cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with minimum rating \u2018B+\u2019 are accepted. Currently, the financial institution where the Group holds significant levels of cash is The Royal Bank of Scotland plc, which is rated higher than B+ by all four major credit reference agencies. Interest and market rate risk As at 31 July 2025, the Group had no current borrowings and used no finance facilities or debt structures to co\u2011ordinate business. Therefore, interest and market rate risk exposure for the Group is minimal. The Group\u2019s policy aims to manage the interest cost of the Group within the constraints of its financial borrowings. The Group has entered into significant leases for assets, namely leasehold properties, under fixed interest rate terms. This means that the interest rate charged on these leases is fixed for the entire term of the lease, regardless of changes in market interest rates. If market interest rates rise, the Group\u2019s fixed\u2011rate leases will become less attractive to potential lessors, as they would be able to obtain better rates elsewhere. On renewal of these leases, this could result in the Group having to renew or renegotiate these leases at higher rates, which would increase its operating costs and potentially reduce its profitability. The Group looks to mitigate this risk by committing to lease agreements in respect of leasehold properties in advance of the end of lease terms, ensuring management can manage and plan for interest rate change. Foreign exchange risk Foreign exchange risk arises when the Group enters into transactions in a currency other than their functional currency. The Group\u2019s policy is, where possible, to settle liabilities denominated in a currency other than its functional currency with cash already denominated in that currency. Where Group entities have liabilities denominated in a currency other than their functional currency (and have insufficient reserves of that currency to settle them), cash already denominated in that currency will, where possible, be transferred from elsewhere in the Group. The Group\u2019s exposure to foreign currency risk at the end of the respective reporting period was as follows:
2025 2024
\u00a3m \u00a3m
Cash
USD
0.5
0.3
Total cash
0.5
0.3
Trade receivables
USD
0.8
0.5
Total trade receivables
0.8
0.5
Trade payables
USD
0.6
0.3
Total trade payables
0.6
0.3
The effect of a 10% strengthening and 10% weakening of the US dollar against sterling would result in the following impact to the consolidated statement of profit or loss and other comprehensive income:
2025 2024
\u00a3m \u00a3m
10% strengthening
(0.1)
(0.1)
10% weakening
0.1
0.1
Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and the finance charges and repayments of its financial liabilities. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group seeks to maintain sufficient cash balances and management review cash flow forecasts on a regular basis to determine whether the Group has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities. A maturity analysis of the Group\u2019s financial liabilities and lease liabilities is shown below:
2025 2024
\u00a3m \u00a3m
Less than one year:
Trade and other payables
10.6
3.8
Accruals
5.0
4.8
Lease liability
0.7
0.4
16.3
9.0
Later than one year and less than five years:
Lease liability
2.6
1.3
After five years:
Lease liability
\u2014
0.3
18.9
10.6
Less: interest cash flows:
Lease liability
(0.3)
(0.2)
Total less interest cash flows
18.6
10.4
Capital risk management The capital structure of the business consists of cash and cash equivalents and equity. Equity comprises share capital and retained earnings and is equal to the amount shown as \u2018Equity\u2019 in the balance sheet. The Group\u2019s current objectives when maintaining capital are to: \u2022 safeguard the Group\u2019s ability as a going concern so that it can continue to pursue its growth plans; \u2022 provide a reasonable expectation of future returns to shareholders; and \u2022 maintain adequate financial flexibility to preserve its ability to meet financial obligations, both current and long term. The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and adjusts it in the light of changes in economic conditions and the risk characteristics of underlying assets. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-274": { "value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. In order to minimise the risk, the Group endeavours only to deal with companies which are demonstrably creditworthy and this, together with the aggregate financial exposure, is continuously monitored. The Group\u2019s review includes external ratings, where available, and purchase limits are established for each customer, which represents the maximum open amount without requiring approval from the Group\u2019s finance function. The maximum exposure to credit risk is the carrying value of its financial receivables, trade and other receivables and cash and cash equivalents as disclosed in the notes to the Group financial statements. The aged receivables analysis is evaluated on a regular basis for potential doubtful debts, considering historic, current and forward\u2011looking information. No impairments to trade receivables have been made to date. Further disclosures regarding trade and other receivables are provided within the notes to the Group financial statements. Credit risk also arises on cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with minimum rating \u2018B+\u2019 are accepted. Currently, the financial institution where the Group holds significant levels of cash is The Royal Bank of Scotland plc, which is rated higher than B+ by all four major credit reference agencies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-275": { "value": "Interest and market rate risk As at 31 July 2025, the Group had no current borrowings and used no finance facilities or debt structures to co\u2011ordinate business. Therefore, interest and market rate risk exposure for the Group is minimal. The Group\u2019s policy aims to manage the interest cost of the Group within the constraints of its financial borrowings. The Group has entered into significant leases for assets, namely leasehold properties, under fixed interest rate terms. This means that the interest rate charged on these leases is fixed for the entire term of the lease, regardless of changes in market interest rates. If market interest rates rise, the Group\u2019s fixed\u2011rate leases will become less attractive to potential lessors, as they would be able to obtain better rates elsewhere. On renewal of these leases, this could result in the Group having to renew or renegotiate these leases at higher rates, which would increase its operating costs and potentially reduce its profitability. The Group looks to mitigate this risk by committing to lease agreements in respect of leasehold properties in advance of the end of lease terms, ensuring management can manage and plan for interest rate change. Foreign exchange risk Foreign exchange risk arises when the Group enters into transactions in a currency other than their functional currency. The Group\u2019s policy is, where possible, to settle liabilities denominated in a currency other than its functional currency with cash already denominated in that currency. Where Group entities have liabilities denominated in a currency other than their functional currency (and have insufficient reserves of that currency to settle them), cash already denominated in that currency will, where possible, be transferred from elsewhere in the Group.
The Group\u2019s exposure to foreign currency risk at the end of the respective reporting period was as follows:
2025 2024
\u00a3m \u00a3m
Cash
USD
0.5
0.3
Total cash
0.5
0.3
Trade receivables
USD
0.8
0.5
Total trade receivables
0.8
0.5
Trade payables
USD
0.6
0.3
Total trade payables
0.6
0.3
The effect of a 10% strengthening and 10% weakening of the US dollar against sterling would result in the following impact to the
consolidated statement of profit or loss and other comprehensive income:
2025 2024
\u00a3m \u00a3m
10% strengthening
(0.1)
(0.1)
10% weakening
0.1
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-276": { "value": "
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital and the finance charges and repayments of its financial
liabilities. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group seeks
to maintain sufficient cash balances and management review cash flow forecasts on a regular basis to determine whether the
Group has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities.
A maturity analysis of the Group\u2019s financial liabilities and lease liabilities is shown below:
2025 2024
\u00a3m \u00a3m
Less than one year:
Trade and other payables
10.6
3.8
Accruals
5.0
4.8
Lease liability
0.7
0.4
16.3
9.0
Later than one year and less than five years:
Lease liability
2.6
1.3
After five years:
Lease liability
\u2014
0.3
18.9
10.6
Less: interest cash flows:
Lease liability
(0.3)
(0.2)
Total less interest cash flows
18.6
10.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-277": { "value": "Capital risk management The capital structure of the business consists of cash and cash equivalents and equity. Equity comprises share capital and retained earnings and is equal to the amount shown as \u2018Equity\u2019 in the balance sheet. The Group\u2019s current objectives when maintaining capital are to: \u2022 safeguard the Group\u2019s ability as a going concern so that it can continue to pursue its growth plans; \u2022 provide a reasonable expectation of future returns to shareholders; and \u2022 maintain adequate financial flexibility to preserve its ability to meet financial obligations, both current and long term. The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and adjusts it in the light of changes in economic conditions and the risk characteristics of underlying assets. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-237": { "value": "
24 INVESTMENTS IN SUBSIDIARIES
The subsidiaries of the Group, all of which have been included in these consolidated financial statements, are as follows:
Percentage of voting Proportion of ordinary shares
Subsidiary
Principal activity
Country of incorporation
rights held held by Group
AN USA Holdings Inc.
Sale of sports
United States of America
2025: 100%
2025: 90%
nutrition products
(2024:
100%)
(2024: 90%)
Applied Nutrition
Dormant
Colombia, South America 2025: 100%
2025: 100%
Colombia SAS
(2024:
100%)
(2024: 100%)
The Group holds direct investments in all subsidiaries.
On 4 June 2024, AN USA Holdings Inc.\u2019s CEO was issued 10,000 class A shares. The shares held required employment of the
individual in years one, two and three, with a further option contained with the ability to sell one\u2011third of the shares per annum,
starting from the fourth year of service thereafter to AN USA Holdings Inc. at a set predetermined formulaic price (based on the
financial performance/a financial metric rather than equity value). The class A shareholders held no rights to vote, nor receive
dividends.
The A shares represent a long\u2011term employment benefit under IAS 19 across the service of employment. As at 31 July 2025,
the employee benefit expense accrued was \u00a3nil, as the potential liability was immaterial.
As at 31 July 2025, AN USA Holdings Inc.\u2019s CEO owned 10% of the shares in issue of AN USA Holdings Inc.; as the shares held no
rights to vote, or receive dividends, and could only be bought back by AN USA Holdings Inc. at a predetermined formulaic price,
it is concluded the AN USA Holdings Inc.\u2019s CEO held no rights to AN USA Holdings Inc.\u2019s equity outside of the predetermined
formula, and thus no non\u2011controlling interest (NCI) existed. No recognition of NCI was recognised as at 31 July 2025, nor was
any recognised as at 31 July 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-266": { "value": "24 INVESTMENTS IN SUBSIDIARIES The subsidiaries of the Group, all of which have been included in these consolidated financial statements, are as follows:
Percentage of voting Proportion of ordinary shares
Subsidiary
Principal activity
Country of incorporation
rights held held by Group
AN USA Holdings Inc.
Sale of sports
United States of America
2025: 100%
2025: 90%
nutrition products
(2024:
100%)
(2024: 90%)
Applied Nutrition
Dormant
Colombia, South America 2025: 100%
2025: 100%
Colombia SAS
(2024:
100%)
(2024: 100%)
The Group holds direct investments in all subsidiaries. On 4 June 2024, AN USA Holdings Inc.\u2019s CEO was issued 10,000 class A shares. The shares held required employment of the individual in years one, two and three, with a further option contained with the ability to sell one\u2011third of the shares per annum, starting from the fourth year of service thereafter to AN USA Holdings Inc. at a set predetermined formulaic price (based on the financial performance/a financial metric rather than equity value). The class A shareholders held no rights to vote, nor receive dividends. The A shares represent a long\u2011term employment benefit under IAS 19 across the service of employment. As at 31 July 2025, the employee benefit expense accrued was \u00a3nil, as the potential liability was immaterial. As at 31 July 2025, AN USA Holdings Inc.\u2019s CEO owned 10% of the shares in issue of AN USA Holdings Inc.; as the shares held no rights to vote, or receive dividends, and could only be bought back by AN USA Holdings Inc. at a predetermined formulaic price, it is concluded the AN USA Holdings Inc.\u2019s CEO held no rights to AN USA Holdings Inc.\u2019s equity outside of the predetermined formula, and thus no non\u2011controlling interest (NCI) existed. No recognition of NCI was recognised as at 31 July 2025, nor was any recognised as at 31 July 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-238": { "value": "
25 RELATED PARTY TRANSACTIONS
The Group\u2019s related parties include its subsidiary undertakings, key management personnel (comprising the Executive and
Non\u2011Executive Directors), their closely related family members and shareholders with significant influence. Transactions and
balances between the parent and its subsidiaries have been eliminated upon consolidation and are not disclosed.
Key management compensation
The remuneration of key management personnel, comprising the Executive and Non\u2011Executive Directors of the Company, is set
out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures:
2025 2024
\u00a3m \u00a3m
Short\u2011term employee benefits (salary and bonus)
0.9
0.6
Share\u2011based payment expense
\u2014
0.2
0.9
0.8
Further information on remuneration of Directors can be found in the Directors\u2019 Remuneration Report.
Dividend
The following dividends were paid to Directors of the Company during their term of office, or other related party:
2025 2024
\u00a3m \u00a3m
Thomas Ryder
7.9
\u2014
Steven Granite
1.4
\u2014
Blythe Investments
0.3
\u2014
Scate Limited
0.1
\u2014
Joe Pollard
0.1
\u2014
JD Sports Fashion plc
4.6
\u2014
Blythe Investments and Scate Limited are related parties by virtue of the fact they are considered to be controlled by Directors of
the Company.
Shareholders with significant influence
As a result of the Group\u2019s IPO on 24 October 2024, JD Sports Fashion plc reduced its shareholding from 31.36% to less than 10%
of the issued shared capital of Applied Nutrition plc. As such, the entity no longer meets the definition of an associate company as
described by IAS 28 Investments in Associates and Joint Ventures. Similarly, JD Sports Fashion plc no longer meets the definition
of related party, as described by IAS 24 Related Party Disclosures.
Other related party transactions
2025 2024
\u00a3m \u00a3m
Sales (during the period of being a related party)
0.3
1.2
Amount due at period end
n/a
0.1
The above transactions were with JD Sports Gyms Limited, which was considered a related party by virtue of its ownership via JD
Sports Fashion plc. This ceased to be the case after the IPO of the Group and therefore the above disclosure relates only to the
period it was considered to be a related party.
There were no other amounts due to or from related parties as at 31 July 2025 (2024: none). The Group has not made any
allowance for bad or doubtful debts in respect of related party debtors nor has any guarantee been given or received during the
historical financial period regarding related party transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-278": { "value": "25 RELATED PARTY TRANSACTIONS The Group\u2019s related parties include its subsidiary undertakings, key management personnel (comprising the Executive and Non\u2011Executive Directors), their closely related family members and shareholders with significant influence. Transactions and balances between the parent and its subsidiaries have been eliminated upon consolidation and are not disclosed. Key management compensation The remuneration of key management personnel, comprising the Executive and Non\u2011Executive Directors of the Company, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures:
2025 2024
\u00a3m \u00a3m
Short\u2011term employee benefits (salary and bonus)
0.9
0.6
Share\u2011based payment expense
\u2014
0.2
0.9
0.8
Further information on remuneration of Directors can be found in the Directors\u2019 Remuneration Report. Dividend The following dividends were paid to Directors of the Company during their term of office, or other related party:
2025 2024
\u00a3m \u00a3m
Thomas Ryder
7.9
\u2014
Steven Granite
1.4
\u2014
Blythe Investments
0.3
\u2014
Scate Limited
0.1
\u2014
Joe Pollard
0.1
\u2014
JD Sports Fashion plc
4.6
\u2014
Blythe Investments and Scate Limited are related parties by virtue of the fact they are considered to be controlled by Directors of the Company. Shareholders with significant influence As a result of the Group\u2019s IPO on 24 October 2024, JD Sports Fashion plc reduced its shareholding from 31.36% to less than 10% of the issued shared capital of Applied Nutrition plc. As such, the entity no longer meets the definition of an associate company as described by IAS 28 Investments in Associates and Joint Ventures. Similarly, JD Sports Fashion plc no longer meets the definition of related party, as described by IAS 24 Related Party Disclosures. Other related party transactions
2025 2024
\u00a3m \u00a3m
Sales (during the period of being a related party)
0.3
1.2
Amount due at period end
n/a
0.1
The above transactions were with JD Sports Gyms Limited, which was considered a related party by virtue of its ownership via JD Sports Fashion plc. This ceased to be the case after the IPO of the Group and therefore the above disclosure relates only to the period it was considered to be a related party. There were no other amounts due to or from related parties as at 31 July 2025 (2024: none). The Group has not made any allowance for bad or doubtful debts in respect of related party debtors nor has any guarantee been given or received during the historical financial period regarding related party transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-239": { "value": "
26 RETIREMENT BENEFIT PLANS
The Group operates a defined contribution retirement benefit plan for all qualifying employees. The assets of the plan are held
separately from those of the Group in funds under the control of trustees. The total expense recognised in the statement of profit
or loss and other comprehensive income of \u00a30.2 million (2024: \u00a30.1 million) represents contributions payable to this plan by
the Group at rates specified in the rules of the plan. Amounts totalling less than \u00a30.1 million (2024: less than \u00a30.1 million) were
outstanding at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-267": { "value": "26 RETIREMENT BENEFIT PLANS The Group operates a defined contribution retirement benefit plan for all qualifying employees. The assets of the plan are held separately from those of the Group in funds under the control of trustees. The total expense recognised in the statement of profit or loss and other comprehensive income of \u00a30.2 million (2024: \u00a30.1 million) represents contributions payable to this plan by the Group at rates specified in the rules of the plan. Amounts totalling less than \u00a30.1 million (2024: less than \u00a30.1 million) were outstanding at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-240": { "value": "
27 CHANGES IN LIABILITIES FROM FINANCING ACTIVITIES
Financing New borrowings Non\u2011cash
2023 cash flows Interest non\u2011cash changes 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
2.1
(0.3)
\u2014
\u2014
\u2014
1.8
Total liabilities from
financing activities
2.1
(0.3)
\u2014
\u2014
\u2014
1.8
Financing New borrowings Non\u2011cash
2024 cash flows Interest non\u2011cash changes 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
1.8
(0.4)
0.1
\u2014
1.5
3.0
Total liabilities from
financing activities
1.8
(0.4)
0.1
\u2014
1.5
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-241": { "value": "
28 POST BALANCE SHEET EVENTS
There have been no material post balance sheet events that would require disclosure or adjustment to these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800KCP1IDX51ZHE47", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } } } }